Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 29, 2014 | 6-May-14 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 29-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'SMG | ' |
Entity Registrant Name | 'SCOTTS MIRACLE-GRO CO | ' |
Entity Central Index Key | '0000825542 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 61,283,532 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Net sales | $1,081 | $1,007.90 | $1,270.60 | $1,203 |
Cost of sales | 647.2 | 630.6 | 802.9 | 795.1 |
Cost of sales- impairment, restructuring and other | 0 | 0.1 | 0 | 0.1 |
Gross profit | 433.8 | 377.2 | 467.7 | 407.8 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 212.2 | 206.7 | 336.6 | 330.8 |
Impairment, restructuring and other | 6.1 | 0.1 | 6.4 | -0.3 |
Other income, net | -1.6 | -1.5 | -2.7 | -2.6 |
Income from operations | 217.1 | 171.9 | 127.4 | 79.9 |
Costs related to refinancing | 10.7 | 0 | 10.7 | 0 |
Interest expense | 12 | 17.9 | 25.9 | 31.1 |
Income from continuing operations before income taxes | 194.4 | 154 | 90.8 | 48.8 |
Income tax expense from continuing operations | 68.7 | 54.9 | 30.9 | 18 |
Income from continuing operations | 125.7 | 99.1 | 59.9 | 30.8 |
Income from discontinued operations, net of tax | 0 | 0.9 | 0.1 | 1.5 |
Net Income | $125.70 | $100 | $60 | $32.30 |
Basic income per common share: | ' | ' | ' | ' |
Income from continuing operations | $2.03 | $1.61 | $0.97 | $0.50 |
Income from discontinued operations | $0 | $0.01 | $0 | $0.02 |
Basic income per common share | $2.03 | $1.62 | $0.97 | $0.52 |
Weighted-average common shares outstanding during the period | 61.9 | 61.6 | 62 | 61.5 |
Diluted income per common share: | ' | ' | ' | ' |
Income from continuing operations | $2 | $1.59 | $0.95 | $0.49 |
Income from discontinued operations | $0 | $0.01 | $0 | $0.02 |
Diluted income per common share | $2 | $1.60 | $0.95 | $0.51 |
Weighted-average common shares outstanding during the period plus dilutive potential common shares | 62.9 | 62.4 | 63.1 | 62.3 |
Dividends declared per common share | $0.44 | $0.33 | $0.88 | $0.65 |
Condensed_Statement_of_Compreh
Condensed Statement of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Net Income | $125.70 | $100 | $60 | $32.30 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Net foreign currency translation adjustment | -2.7 | -1.2 | -4.1 | -4.9 |
Net unrealized gain (loss) on derivative instruments, net of tax of $2.0, $0.6, $1.8 and $1.8, respectively | -3.3 | -1 | -2.9 | -2.9 |
Reclassification of net unrealized loss on derivatives to net income, net of tax of $2.4, $2.1, $4.3 and $2.8, respectively | 3.9 | 3.4 | 7 | 4.5 |
Net unrealized loss in pension and other post-retirement benefits, net of tax of $0, $0, $0.2 and $0, respectively | 0 | 0 | -0.3 | 0 |
Reclassification of net pension and post-retirement benefit loss to net income, net of tax of $0.5, $1.9, $1.0 and $2.6, respectively | 0.7 | 3 | 1.5 | 4.2 |
Total other comprehensive income (loss) | -1.4 | 4.2 | 1.2 | 0.9 |
Comprehensive income | $124.30 | $104.20 | $61.20 | $33.20 |
Condensed_Statement_of_Compreh1
Condensed Statement of Comprehensive Income (Unaudited) Condensed Statement of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Net unrealized gains (losses) on derivatives - tax impact | $2 | $0.60 | $1.80 | $1.80 |
Reclassification of derivatives - tax impact | 2.4 | 2.1 | 4.3 | 2.8 |
Net unrealized gain (loss) in pension - tax impact | 0 | 0 | 0.2 | 0 |
Reclassification of pension - tax impact | $0.50 | $1.90 | $1 | $2.60 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income | $60 | $32.30 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Impairment, restructuring and other | 0 | 4.6 |
Costs related to refinancing | 3.5 | 0 |
Share-based compensation expense | 6.4 | 8.5 |
Depreciation | 25.7 | 27.4 |
Amortization | 6.4 | 5.4 |
Loss on sale of long-lived assets | -0.2 | 0 |
Gain on sale of business | 0.2 | 0 |
Equity in net loss of unconsolidated affiliates | -0.1 | 0 |
Changes in assets and liabilities, net of acquired businesses: | ' | ' |
Accounts receivable | -775.3 | -638.8 |
Inventories | -222.7 | -201.2 |
Prepaid and other assets | -39.5 | -38.1 |
Accounts payable | 208.8 | 192 |
Other current liabilities | 116.9 | 78 |
Restructuring reserves | -0.9 | -4.1 |
Other non-current items | -2.9 | -8.3 |
Other, net | -0.9 | -3 |
Net cash used in operating activities | -614.6 | -545.3 |
INVESTING ACTIVITIES | ' | ' |
Proceeds from sale of long-lived assets | 0 | 0.1 |
Proceeds from sale of business, net of transaction costs | 4.1 | 0 |
Investments in property, plant and equipment | -53 | -34.6 |
Investment in acquired business, net of cash acquired | -60 | -3.2 |
Net cash used in investing activities | -108.9 | -37.7 |
FINANCING ACTIVITIES | ' | ' |
Borrowings under revolving and bank lines of credit | 1,715.50 | 1,166.80 |
Repayments under revolving and bank lines of credit | -661.3 | -572.9 |
Repayments of Senior Notes | -200 | 0 |
Financing and issuance fees | -6.1 | 0 |
Dividends paid | -54.5 | -40.6 |
Purchase of common shares | -59.6 | 0 |
Payments on sellers notes | -0.8 | -0.8 |
Excess tax benefits from share-based payment arrangements | 3.8 | 0.7 |
Cash received from the exercise of stock options | 7.9 | 2.7 |
Net cash provided by financing activities | 744.9 | 555.9 |
Effect of exchange rate changes on cash | 1.5 | -5.7 |
Net decrease in cash and cash equivalents | 22.9 | -32.8 |
Cash and cash equivalents, beginning of period | 129.8 | 131.9 |
Cash and cash equivalents, end of period | 152.7 | 99.1 |
SUPPLEMENTAL CASH FLOW INFORMATION | ' | ' |
Interest paid | -24.6 | -27.2 |
Premium on Bond Call | -7.3 | 0 |
Income taxes paid | $13.20 | $36.10 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 |
In Millions, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $152.70 | $129.80 | $99.10 |
Accounts receivable, less allowances of $17.7, $9.5 and $13.3, respectively | 746.9 | 206.6 | 713.9 |
Accounts receivable pledged | 341.9 | 106.7 | 252.7 |
Inventories | 546.2 | 324.9 | 613 |
Prepaid and other current assets | 149.9 | 113 | 158 |
Total current assets | 1,937.60 | 881 | 1,836.70 |
Property, plant and equipment, net of accumulated depreciation of $593.8, $573.4 and $565.9 respectively | 443.6 | 422.3 | 417.8 |
Goodwill | 333.3 | 315.1 | 314.5 |
Intangible assets, net | 318.5 | 284.4 | 299.2 |
Other assets | 38.2 | 34.4 | 28.7 |
Total assets | 3,071.20 | 1,937.20 | 2,896.90 |
Current liabilities: | ' | ' | ' |
Current portion of debt | 278.6 | 92.4 | 208 |
Accounts payable | 342.5 | 137.7 | 327.5 |
Other current liabilities | 397 | 279.7 | 352.7 |
Total current liabilities | 1,018.10 | 509.8 | 888.2 |
Long-term debt | 1,145.30 | 478.1 | 1,163 |
Other liabilities | 232.1 | 238.8 | 238.8 |
Total liabilities | 2,395.50 | 1,226.70 | 2,290 |
Contingencies (note 11) | ' | ' | ' |
Shareholders' equity: | ' | ' | ' |
Common shares and capital in excess of $.01 stated value per share, 61.5, 62.0 and 61.7 shares issued and outstanding, respectively | 395 | 397.5 | 402.7 |
Retained earnings | 708.5 | 703.4 | 622.2 |
Treasury shares, at cost: 6.7, 6.1 and 6.5 shares, respectively | -351.2 | -312.6 | -331.6 |
Accumulated other comprehensive loss | -76.6 | -77.8 | -86.4 |
Total shareholders' equity | 675.7 | 710.5 | 606.9 |
Total liabilities and shareholders' equity | $3,071.20 | $1,937.20 | $2,896.90 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 |
In Millions, except Per Share data, unless otherwise specified | |||
Accounts receivable, allowances | $17.70 | $9.50 | $13.30 |
Property, plant and equipment, accumulated depreciation | $593.80 | $573.40 | $565.90 |
Common shares, stated value per share | $0.01 | $0.01 | $0.01 |
Common shares, shares issued | 61.5 | 62 | 61.7 |
Common shares, shares outstanding | 61.5 | 62 | 61.7 |
Treasury shares, at cost | 6.7 | 6.1 | 6.5 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies (Notes) | 6 Months Ended |
Mar. 29, 2014 | |
Significant Accounting Policies [Text Block] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Operations | |
The Scotts Miracle-Gro Company (“Scotts Miracle-Gro”) and its subsidiaries (collectively, together with Scotts Miracle-Gro, the “Company”) are engaged in the manufacturing, marketing and sale of consumer branded products for lawn and garden care. The Company’s primary customers include home centers, mass merchandisers, warehouse clubs, large hardware chains, independent hardware stores, nurseries, garden centers and food and drug stores. The Company’s products are sold primarily in North America and the European Union. The Company also operates the Scotts LawnService® business, which provides residential and commercial lawn care, tree and shrub care and limited pest control services in the United States. | |
Organization and Basis of Presentation | |
The Company’s unaudited condensed consolidated financial statements for the three and six months ended March 29, 2014 and March 30, 2013 are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of Scotts Miracle-Gro and its subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. The Company’s consolidation criteria are based on majority ownership (as evidenced by a majority voting interest in the entity) and an objective evaluation and determination of effective management control. In the opinion of management, interim results reflect all normal and recurring adjustments and are not necessarily indicative of results for a full year. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted or condensed pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, this report should be read in conjunction with Scotts Miracle-Gro’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013, which includes a complete set of footnote disclosures, including the Company’s significant accounting policies. | |
The Company’s Condensed Consolidated Balance Sheet at September 30, 2013 has been derived from the Company’s audited Consolidated Balance Sheet at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. | |
Use of Estimates | |
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and related disclosures. Although these estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future, actual results ultimately may differ from the estimates. | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
Discontinued Operations Reporting | |
In April 2014, the FASB issued an accounting standard update that amends the accounting guidance related to discontinued operations. This amendment defines discontinued operations as a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. This amendment also introduces new disclosures for disposals that do not meet the criteria of discontinued operations. The provisions are effective for fiscal years beginning after December 15, 2014 and applies to new disposals and new classifications of disposal groups as held for sale after the effective date. The adoption of the amended guidance impacts presentation and disclosure and will not have a significant impact on the Company's consolidated financial position, results of operations or cash flows. | |
Balance Sheet Offsetting | |
In December 2011, the FASB issued an amendment to accounting guidance on the presentation of offsetting of derivatives, and financial assets and liabilities. The amended guidance requires quantitative disclosures regarding the gross amounts and their location within the statement of financial position. The provisions are effective for the Company's financial statements for the fiscal year beginning October 1, 2013. The adoption of the amended guidance did not have a significant impact on the Company's financial statements and related disclosures. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||
In March 2014, the Company completed the sale of its U.S. and Canadian wild bird food business, including intangible assets, certain on-hand inventory and fixed assets, for $4.1 million in cash and an estimated $1.0 million in future earn-out payments. As a result, effective in the second quarter of fiscal 2014, the Company classified its results of operations for all periods presented to reflect the wild bird food business as a discontinued operation. | |||||||||||||||||
The following table summarizes the results of the wild bird food business within discontinued operations for the periods presented: | |||||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||||||||||||
MARCH 29, | MARCH 30, | MARCH 29, | MARCH 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Net sales | $ | 11.2 | $ | 11.7 | $ | 18 | $ | 22.4 | |||||||||
Operating costs | 11 | 10.5 | 17.6 | 20.2 | |||||||||||||
Gain on sale of business | (0.2 | ) | — | (0.2 | ) | — | |||||||||||
Income from discontinued operations before income taxes | 0.4 | 1.2 | 0.6 | 2.2 | |||||||||||||
Income tax expense from discontinued operations | 0.4 | 0.3 | 0.5 | 0.7 | |||||||||||||
Income from discontinued operations, net of tax | $ | — | $ | 0.9 | $ | 0.1 | $ | 1.5 | |||||||||
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Mar. 29, 2014 | |
Business Combinations [Abstract] | ' |
ACQUISITIONS | ' |
ACQUISITIONS | |
During the first quarter of fiscal 2014, the Company completed the $60.0 million all-cash acquisition of the Tomcat® consumer rodent control business from Bell Laboratories, Inc. located in Madison, Wisconsin. Tomcat® consumer products are sold at home centers, mass retailers, grocery, drug and general merchandise stores across the U.S., Canada, Europe and Australia. The assessment of fair value is preliminary and is based on information that was available at the time the consolidated financial statements were prepared. During the second quarter of fiscal 2014, the valuation of acquired assets was updated based on actual results, which resulted in a reallocation of approximately $1.7 million to finite-lived intangibles from goodwill. The revised valuation of acquired assets included finite-lived identifiable intangible assets of $39.8 million, goodwill of $18.2 million. Also, the Company received a $2.0 million credit toward the purchase of finished goods in the months subsequent to acquisition date. Identifiable intangible assets included tradename, technology, customer relationships, product registrations and non-compete agreements with useful lives ranging between 10 - 30 years. The estimated fair values of the identifiable intangible assets were determined using an income-based approach, which includes market participant expectations of cash flows that an asset will generate over the remaining useful life discounted to present value using an appropriate rate of return. Net sales for the Tomcat® rodent control business for the three and six months ended March 29, 2014 were $6.6 million and $12.2 million, respectively. | |
During the first quarter of fiscal 2013, Scotts LawnService® completed the acquisition of two franchisee businesses that individually and in the aggregate were not significant. The aggregate purchase price of these acquisitions was $7.2 million. | |
The condensed consolidated financial statements include the results of operations from these business combinations from the date of each acquisition. |
IMPAIRMENT_RESTRUCTURING_AND_O
IMPAIRMENT, RESTRUCTURING AND OTHER | 6 Months Ended | |||
Mar. 29, 2014 | ||||
IMPAIRMENT, RESTRUCTURING AND OTHER CHARGES | ' | |||
IMPAIRMENT, RESTRUCTURING AND OTHER | ||||
Activity described herein is classified within the “Impairment, restructuring and other” line in the Condensed Consolidated Statements of Operations. | ||||
During the three months ended March 29, 2014, the Company recognized $3.9 million in restructuring costs related to termination benefits provided to U.S. marketing personnel as part of the Company's restructuring of its U.S. marketing group. In addition, for the three months ended March 29, 2014, the Company recognized $2.0 million in additional ongoing monitoring and remediation costs for the Company's turfgrass biotechnology program. | ||||
The Company also recognized $0.2 million and $0.5 million of international restructuring costs during the three and six months ended March 29, 2014 and $0.2 million during the three months ended March 30, 2013, respectively. The restructuring costs related to termination benefits provided to international employees as part of the profitability improvement initiative announced in December 2012, associated with the international restructuring plan to reduce headcount and streamline management decision making within the Global Consumer segment. | ||||
During the first quarter of fiscal 2013, the Company recognized income of $4.7 million related to the reimbursement by a vendor of a portion of the costs incurred for the development and commercialization of products including the active ingredient MAT 28 for the Global Consumer segment. During the first quarter of fiscal 2013, the Company also recognized a $4.3 million asset impairment charge as a result of issues with the commercialization of an insect repellent technology for the Global Consumer segment. | ||||
The following table summarizes the activity related to liabilities associated with the restructuring and other charges during the six months ended March 29, 2014 (in millions): | ||||
Amounts reserved for restructuring and other charges at September 30, 2013 | $ | 11.1 | ||
Restructuring and other charges | 6.4 | |||
Payments and other | (7.3 | ) | ||
Amounts reserved for restructuring and other charges at March 29, 2014 | $ | 10.2 | ||
Payments and other for the three months ended March 29, 2014 were $3.1 million. Included in the restructuring reserves as of March 29, 2014 is $3.1 million that is classified as long-term. Payments against the long-term reserves will be incurred as the employees covered by the 2012 restructuring plan retire. The remaining amounts reserved will continue to be paid out over the course of the remainder of fiscal 2014. |
INVENTORIES
INVENTORIES | 6 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
INVENTORIES | ' | |||||||||||
INVENTORIES | ||||||||||||
Inventories consisted of the following for each of the periods presented: | ||||||||||||
MARCH 29, | MARCH 30, | SEPTEMBER 30, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
(In millions) | ||||||||||||
Finished goods | $ | 376.8 | $ | 410.3 | $ | 182.6 | ||||||
Work-in-process | 43.7 | 53.6 | 42.7 | |||||||||
Raw materials | 125.7 | 149.1 | 99.6 | |||||||||
Total inventories | $ | 546.2 | $ | 613 | $ | 324.9 | ||||||
Adjustments to reflect inventories at net realizable values were $20.4 million at March 29, 2014, $18.5 million at March 30, 2013 and $19.7 million at September 30, 2013. |
MARKETING_AGREEMENT
MARKETING AGREEMENT | 6 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
MARKETING AGREEMENT | ' | |||||||||||||||
MARKETING AGREEMENT | ||||||||||||||||
The Company is Monsanto’s exclusive agent for the marketing and distribution of consumer Roundup® herbicide products (with additional rights to new products containing glyphosate or other similar non-selective herbicides) in the consumer lawn and garden market within the United States and other specified countries, including Australia, Austria, Belgium, Canada, France, Germany, the Netherlands and the United Kingdom. Under the terms of the Marketing Agreement, the Company is entitled to receive an annual commission from Monsanto as consideration for the performance of the Company’s duties as agent. The annual gross commission under the Marketing Agreement is calculated as a percentage of the actual earnings before interest and income taxes of the consumer Roundup® business in the markets covered by the Marketing Agreement and is based on the achievement of two earnings thresholds, as defined in the Marketing Agreement. The Marketing Agreement also requires the Company to make annual payments to Monsanto as a contribution against the overall expenses of the consumer Roundup® business. The annual contribution payment is defined in the Marketing Agreement as $20 million. | ||||||||||||||||
In consideration for the rights granted to the Company under the Marketing Agreement for North America, the Company was required to pay a marketing fee of $32 million to Monsanto. The Company has deferred this amount on the basis that the payment will provide a future benefit through commissions that will be earned under the Marketing Agreement. The economic useful life over which the marketing fee is being amortized is 20 years, with a remaining amortization period of less than five years as of March 29, 2014. | ||||||||||||||||
Under the terms of the Marketing Agreement, the Company performs certain functions, primarily manufacturing conversion, distribution and logistics, and selling and marketing support, on behalf of Monsanto in the conduct of the consumer Roundup® business. The actual costs incurred for these activities are charged to and reimbursed by Monsanto. The Company records costs incurred under the Marketing Agreement for which the Company is the primary obligor on a gross basis, recognizing such costs in “Cost of sales” and the reimbursement of these costs in “Net sales,” with no effect on gross profit dollars or net income. | ||||||||||||||||
The gross commission earned under the Marketing Agreement, the contribution payments to Monsanto and the amortization of the initial marketing fee paid to Monsanto are included in the calculation of net sales in the Company’s Consolidated Statements of Operations. The elements of the net commission and reimbursements earned under the Marketing Agreement and included in “Net sales” are as follows: | ||||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||
MARCH 29, | MARCH 30, | MARCH 29, | MARCH 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Gross commission | $ | 33.1 | $ | 27.4 | $ | 33.1 | $ | 27.4 | ||||||||
Contribution expenses | (5.0 | ) | (5.0 | ) | (10.0 | ) | (10.0 | ) | ||||||||
Amortization of marketing fee | (0.2 | ) | (0.2 | ) | (0.4 | ) | (0.4 | ) | ||||||||
Net commission income | 27.9 | 22.2 | 22.7 | 17 | ||||||||||||
Reimbursements associated with Marketing Agreement | 18.7 | 20.9 | 33.8 | 34.6 | ||||||||||||
Total net sales associated with Marketing Agreement | $ | 46.6 | $ | 43.1 | $ | 56.5 | $ | 51.6 | ||||||||
The Marketing Agreement has no definite term except as it relates to the European Union countries (the “EU term”). The EU term extends through September 30, 2015. Thereafter, the Marketing Agreement provides that the parties may agree to renew the EU term for an additional three years. | ||||||||||||||||
The Marketing Agreement provides Monsanto with the right to terminate the Marketing Agreement upon an event of default (as defined in the Marketing Agreement) by the Company, a change in control of Monsanto or the sale of the consumer Roundup® business. The Marketing Agreement provides the Company with the right to terminate the Marketing Agreement in certain circumstances, including an event of default by Monsanto or the sale of the consumer Roundup® business. Unless Monsanto terminates the Marketing Agreement due to an event of default by the Company, Monsanto is required to pay a termination fee to the Company that varies by program year. The termination fee is calculated as a percentage of the value of the Roundup® business exceeding a certain threshold, but in no event will the termination fee be less than $16 million. If Monsanto were to terminate the Marketing Agreement for cause, the Company would not be entitled to any termination fee. Monsanto may also be able to terminate the Marketing Agreement within a given region, including North America, without paying a termination fee if unit volume sales to consumers in that region decline: (1) over a cumulative three-fiscal-year period; or (2) by more than 5% for each of two consecutive years. If the Marketing Agreement was terminated for any reason, the Company would also lose all, or a substantial portion, of the significant source of earnings and overhead expense absorption the Marketing Agreement provides. | ||||||||||||||||
Under the Marketing Agreement, Monsanto must provide the Company with notice of any proposed sale of the consumer Roundup business, allow the Company to participate in the sale process and negotiate in good faith with the Company with respect to any such proposed sale. In the event the Company acquires the consumer Roundup® business in such a sale, the Company would receive as a credit against the purchase price the amount of the termination fee that would have been paid to the Company if Monsanto had exercised its right to terminate the Marketing Agreement in connection with a sale to another party. If Monsanto decides to sell the consumer Roundup® business to another party, the Company must let Monsanto know whether the Company intends to terminate the Marketing Agreement and forfeit any right to a termination fee. |
DEBT
DEBT | 6 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
DEBT | ' | |||||||||||
DEBT | ||||||||||||
The components of long-term debt are as follows: | ||||||||||||
MARCH 29, | MARCH 30, | SEPTEMBER 30, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
(In millions) | ||||||||||||
Credit facility – Revolving loans | $ | 941.3 | $ | 757.5 | $ | 73 | ||||||
Senior Notes – 7.25% | — | 200 | 200 | |||||||||
Senior Notes – 6.625% | 200 | 200 | 200 | |||||||||
Master Accounts Receivable Purchase Agreement | 273.5 | 202.1 | 85.3 | |||||||||
Other | 9.1 | 11.4 | 12.2 | |||||||||
1,423.90 | 1,371.00 | 570.5 | ||||||||||
Less current portions | 278.6 | 208 | 92.4 | |||||||||
Total long-term debt | $ | 1,145.30 | $ | 1,163.00 | $ | 478.1 | ||||||
On January 15, 2014, the Company redeemed all of its outstanding $200.0 million aggregate principal amount of 7.25% senior notes due 2018 (the “7.25% Senior Notes”) paying a redemption price of $214.5 million, which included $7.25 million of accrued and unpaid interest, $7.25 million of call premium, and $200.0 million for outstanding principal amount. The $7.25 million call premium charge was recognized within the “Costs related to refinancing” line on the Condensed Consolidated Statement of Operations in the Company's second quarter of fiscal 2014. Additionally, the Company had $3.5 million in unamortized bond discount and issuance costs associated with the 7.25% senior notes that were written-off and recognized in the “Costs related to refinancing” line on the Condensed Consolidated Statement of Operations in the Company's second quarter of fiscal 2014. | ||||||||||||
On December 20, 2013, the Company entered into a third amended and restated senior secured credit agreement (“credit facility”), providing the Company and certain of its subsidiaries with a five-year senior secured revolving loan facility in the aggregate principal amount of up to $1.7 billion. The third amended and restated senior secured credit agreement also provides the Company with the right to seek to increase the credit facility by an aggregate amount of up to $450.0 million, subject to certain specified conditions. The credit agreement replaces the Company’s second amended and restated senior secured credit agreement, which was entered into on June 30, 2011, and would have terminated on June 30, 2016 if it had not been terminated early pursuant to the credit facility. | ||||||||||||
The terms of the third amended and restated credit agreement include customary representations and warranties, customary affirmative and negative covenants, customary financial covenants and customary events of default. The proceeds of borrowings on the credit facility may be used: (i) to finance working capital requirements and other general corporate purposes of the Company and its subsidiaries; and (ii) to refinance the amounts outstanding under the previous credit agreement. The Company may use the credit facility for issuance of up to $75 million of letters of credit and for borrowings under swing line loans of up to $100 million. The credit facility will terminate on December 20, 2018. | ||||||||||||
Under the terms of the third amended and restated credit agreement, loans made under the credit facility bear interest, at the Company’s election, at a rate per annum equal to either the ABR or LIBOR (both as defined in the credit agreement) plus the applicable margin. The credit facility is guaranteed by substantially all of the Company's domestic subsidiaries. The credit facility is secured by (1) a perfected first priority security interest in all of the accounts receivable, inventory and equipment of the Company and those of the Company’s domestic subsidiaries that are parties to the third amended and restated guarantee and collateral agreement and (2) the pledge of all of the capital stock of the Company’s domestic subsidiaries that are parties to the third amended and restated guarantee and collateral agreement. | ||||||||||||
As of March 29, 2014, there was $735.4 million of availability under the Company’s credit facility, including availability under letters of credit. Under the credit facility, the Company has the ability to obtain letters of credit up to $75 million outstanding. At March 29, 2014, the Company had letters of credit in the aggregate face amount of $23.3 million outstanding on the credit facility. | ||||||||||||
The third amended and restated credit agreement contains, among other obligations, an affirmative covenant regarding the Company’s leverage ratio, calculated as average total indebtedness, as described in the Company’s credit facility, relative to the Company’s earnings before interest, taxes, depreciation and amortization (“EBITDA”), as adjusted pursuant to the terms of the credit facility (“Adjusted EBITDA”). Under the terms of the credit facility, the maximum leverage ratio was 4.00 as of March 29, 2014. The Company’s leverage ratio was 1.83 at March 29, 2014. The Company’s credit facility also includes an affirmative covenant regarding its interest coverage ratio. The interest coverage ratio is calculated as Adjusted EBITDA divided by interest expense, as described in the credit facility, and excludes costs related to refinancings. Under the terms of the credit facility, the minimum interest coverage ratio was 3.50 for the twelve months ended March 29, 2014. The Company’s interest coverage ratio was 7.18 for the twelve months ended March 29, 2014. The Company may make restricted payments (as defined in the third amended and restated credit agreement); provided that if after giving effect to any such restricted payment the leverage ratio is not greater than 3.00. Otherwise the Company may only make restricted payments in an aggregate amount for each fiscal year not to exceed the amount set forth for such fiscal year ($150.0 million for 2014 and 2015 and $175.0 million for 2016 and in each fiscal year thereafter). | ||||||||||||
The Company accounts for the sale of receivables under the Master Accounts Receivable Purchase Agreement (“MARP Agreement”) as short-term debt and continues to carry the receivables on its Consolidated Balance Sheet, primarily as a result of the Company’s right to repurchase receivables sold. Refer to “NOTE 10. DEBT” in the Company's Form 10-K for the year ended September 30, 2013 for more information regarding the MARP Agreement. There were $273.5 million in borrowings under the MARP Agreement as of March 29, 2014 and $202.1 million in borrowings as of March 30, 2013. The carrying value of the receivables pledged as collateral was $341.9 million as of March 29, 2014 and $252.7 million as of March 30, 2013. As of March 29, 2014, there was $126.5 million of availability under the MARP Agreement. | ||||||||||||
Estimated Fair Values | ||||||||||||
A description of the methods and assumptions used to estimate the fair values of the Company’s debt instruments is as follows: | ||||||||||||
Credit Facility | ||||||||||||
The interest rate currently available to the Company fluctuates with the applicable LIBOR rate, prime rate or Federal Funds Effective Rate and thus the carrying value is a reasonable estimate of fair value. The fair value measurement for the credit facility was classified in Level 2 of the fair value hierarchy. | ||||||||||||
6.625% Senior Notes | ||||||||||||
The fair value of Scotts Miracle-Gro’s 6.625% Senior Notes due 2020 (the “6.625% Senior Notes”) can be determined based on the trading of the 6.625% Senior Notes in the open market. The difference between the carrying value and the fair value of the 6.625% Senior Notes represents the premium or discount on that date. Based on the trading value on or around March 29, 2014, March 30, 2013 and September 30, 2013, the fair value of the 6.625% Senior Notes was approximately $217.2 million, $219.1 million and $213.5 million, respectively. The fair value measurement for the 6.625% Senior Notes was classified in Level 1 of the fair value hierarchy. | ||||||||||||
Accounts Receivable Pledged | ||||||||||||
The interest rate on the short-term debt associated with accounts receivable pledged under the MARP Agreement fluctuates with the applicable LIBOR rate and thus the carrying value is a reasonable estimate of fair value. The fair value measurement for the MARP Agreement was classified in Level 2 of the fair value hierarchy. | ||||||||||||
Interest Rate Swap Agreements | ||||||||||||
At March 29, 2014, March 30, 2013 and September 30, 2013, the Company had outstanding interest rate swap agreements with major financial institutions that effectively converted a portion of the Company’s variable-rate debt to a fixed rate. The swap agreements had a total U.S. dollar equivalent notional amount of $1,300.0 million at March 29, 2014, and $1,100.0 million at March 30, 2013 and September 30, 2013. Interest payments made between the effective date and expiration date are hedged by the swap agreements, except as noted below. The notional amount, effective date, expiration date and rate of each of these swap agreements are shown in the table below. | ||||||||||||
Notional Amount | Effective | Expiration | Fixed | |||||||||
(in millions) | Date (a) | Date | Rate | |||||||||
$ | 50 | 2/14/12 | 2/14/16 | 3.78% | ||||||||
200 | 2/7/14 | 11/7/17 | 1.28% | |||||||||
150 | (b) | 2/7/12 | 5/7/16 | 2.42% | ||||||||
150 | (c) | 11/16/09 | 5/16/16 | 3.26% | ||||||||
50 | (b) | 2/16/10 | 5/16/16 | 3.05% | ||||||||
100 | (b) | 2/21/12 | 5/23/16 | 2.40% | ||||||||
150 | (c) | 12/20/11 | 6/20/16 | 2.61% | ||||||||
50 | (d) | 12/6/12 | 9/6/17 | 2.96% | ||||||||
150 | (b) | 2/7/17 | 5/7/19 | 2.12% | ||||||||
50 | (c) | 2/7/17 | 5/7/19 | 2.25% | ||||||||
200 | (c) | 12/20/16 | 6/20/19 | 2.12% | ||||||||
(a) | The effective date refers to the date on which interest payments were, or will be, first hedged by the applicable swap agreement. | |||||||||||
(b) | Interest payments made during the three-month period of each year that begins with the month and day of the effective date are hedged by the swap agreement. | |||||||||||
(c) | Interest payments made during the six-month period of each year that begins with the month and day of the effective date are hedged by the swap agreement. | |||||||||||
(d) | Interest payments made during the nine-month period of each year that begins with the month and day of the effective date are hedged by the swap agreement. | |||||||||||
Weighted Average Interest Rate | ||||||||||||
The weighted average interest rates on average debt were 5.7% and 6.0% for the six months ended March 29, 2014 and March 30, 2013, respectively. |
RETIREMENT_AND_RETIREE_MEDICAL
RETIREMENT AND RETIREE MEDICAL PLANS | 6 Months Ended | |||||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||||
RETIREMENT AND RETIREE MEDICAL PLANS | ' | |||||||||||||||||||||||
RETIREMENT AND RETIREE MEDICAL PLANS | ||||||||||||||||||||||||
The following summarizes the components of net periodic benefit cost for the retirement and retiree medical plans sponsored by the Company: | ||||||||||||||||||||||||
THREE MONTHS ENDED | ||||||||||||||||||||||||
MARCH 29, 2014 | MARCH 30, 2013 | |||||||||||||||||||||||
U.S. | International | U.S. | U.S. | International | U.S. | |||||||||||||||||||
Pension | Pension | Medical | Pension | Pension | Medical | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Service cost | $ | — | $ | 0.3 | $ | 0.1 | $ | — | $ | 0.4 | $ | 0.1 | ||||||||||||
Interest cost | 1.1 | 1.9 | 0.4 | 1 | 2.5 | 0.3 | ||||||||||||||||||
Expected return on plan assets | (1.3 | ) | (2.2 | ) | — | (1.3 | ) | (2.7 | ) | — | ||||||||||||||
Net amortization | 0.9 | 0.3 | — | 1.2 | 0.4 | 0.1 | ||||||||||||||||||
Net periodic benefit cost | $ | 0.7 | $ | 0.3 | $ | 0.5 | $ | 0.9 | $ | 0.6 | $ | 0.5 | ||||||||||||
SIX MONTHS ENDED | ||||||||||||||||||||||||
MARCH 29, 2014 | MARCH 30, 2013 | |||||||||||||||||||||||
U.S. | International | U.S. | U.S. | International | U.S. | |||||||||||||||||||
Pension | Pension | Medical | Pension | Pension | Medical | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Service cost | $ | — | $ | 0.8 | $ | 0.2 | $ | — | $ | 0.8 | $ | 0.2 | ||||||||||||
Interest cost | 2.2 | 5.1 | 0.7 | 2 | 5 | 0.6 | ||||||||||||||||||
Expected return on plan assets | (2.6 | ) | (5.8 | ) | — | (2.6 | ) | (5.4 | ) | — | ||||||||||||||
Net amortization | 1.9 | 0.8 | — | 2.4 | 0.8 | 0.2 | ||||||||||||||||||
Net periodic benefit cost | $ | 1.5 | $ | 0.9 | $ | 0.9 | $ | 1.8 | $ | 1.2 | $ | 1 | ||||||||||||
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 6 Months Ended | ||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||
Shareholders' Equity and Share-based Payments | ' | ||||||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||
During the six months ended March 29, 2014, Scotts Miracle-Gro repurchased 1.1 million of its common shares (the “Common Shares”) for $59.6 million. These repurchases were made pursuant to the $700 million share repurchase program approved by the Scotts Miracle-Gro Board of Directors. Since the inception of the program in the fourth quarter of fiscal 2010 through March 29, 2014, Scotts Miracle-Gro has repurchased approximately 8.9 million Common Shares for $460.8 million to be held in treasury. | |||||||||||||||||||
Share-Based Awards | |||||||||||||||||||
The following is a summary of the share-based awards granted during the periods indicated: | |||||||||||||||||||
SIX MONTHS ENDED | |||||||||||||||||||
MARCH 29, 2014 | MARCH 30, 2013 | ||||||||||||||||||
Employees | |||||||||||||||||||
Restricted stock units | 105,365 | 129,069 | |||||||||||||||||
Performance units | 161,229 | 178,321 | |||||||||||||||||
Board of Directors | |||||||||||||||||||
Deferred stock units | 20,894 | 29,443 | |||||||||||||||||
Total share-based awards | 287,488 | 336,833 | |||||||||||||||||
Aggregate fair value at grant dates (in millions) | $ | 17.1 | $ | 15.2 | |||||||||||||||
Total share-based compensation recognized was as follows for the periods indicated: | |||||||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||||||||||||||
MARCH 29, 2014 | MARCH 30, 2013 | MARCH 29, 2014 | MARCH 30, 2013 | ||||||||||||||||
(In millions) | |||||||||||||||||||
Share-based compensation | $ | 4.6 | $ | 6.6 | $ | 6.4 | $ | 8.5 | |||||||||||
Tax benefit recognized | 1.8 | 2.5 | 2.4 | 3.3 | |||||||||||||||
As of March 29, 2014, total unrecognized compensation cost related to non-vested share-based awards amounted to $17.4 million. This cost is expected to be recognized over a weighted-average period of 2.2 years. The tax benefit realized from the tax deductions associated with the exercise of share-based awards and the vesting of restricted stock totaled $3.8 million for the first six months of fiscal 2014. | |||||||||||||||||||
Stock Options/SARs | |||||||||||||||||||
Aggregate stock option and SARs activity consisted of the following (options/SARs in millions): | |||||||||||||||||||
No. of | WTD. | ||||||||||||||||||
Options/SARs | Avg. | ||||||||||||||||||
Exercise | |||||||||||||||||||
Price | |||||||||||||||||||
Awards outstanding at September 30, 2013 | 2.7 | $ | 37.6 | ||||||||||||||||
Granted | — | — | |||||||||||||||||
Exercised | (0.4 | ) | 29.04 | ||||||||||||||||
Forfeited | — | — | |||||||||||||||||
Awards outstanding at March 29, 2014 | 2.3 | 39.05 | |||||||||||||||||
Exercisable | 1.9 | 37.5 | |||||||||||||||||
At March 29, 2014, the Company expects 0.3 million stock options (after forfeitures), with a weighted-average exercise price of $47.66, intrinsic value of $4.2 million and average remaining term of 7.8 years, to vest in the future. The following summarizes certain information pertaining to stock option and SAR awards outstanding and exercisable at March 29, 2014 (options/SARs in millions): | |||||||||||||||||||
Awards Outstanding | Awards Exercisable | ||||||||||||||||||
Range of | No. of | WTD. | WTD. | No. of | WTD. | WTD. | |||||||||||||
Exercise Price | Options/ | Avg. | Avg. | Options/ | Avg. | Avg. | |||||||||||||
SARs | Remaining | Exercise | SARS | Remaining | Exercise | ||||||||||||||
Life | Price | Life | Price | ||||||||||||||||
$20.12 – $28.72 | 0.3 | 4.33 | $ | 22.02 | 0.3 | 4.33 | $ | 22.02 | |||||||||||
$29.01 – $31.62 | 0.2 | 0.84 | 29.17 | 0.2 | 0.84 | 29.17 | |||||||||||||
$33.25 – $37.48 | 0.2 | 1.54 | 35.74 | 0.2 | 1.54 | 35.74 | |||||||||||||
$37.89 – $38.90 | 0.6 | 3.1 | 38.56 | 0.6 | 3.1 | 38.56 | |||||||||||||
$40.81 – $51.73 | 1 | 6.61 | 47.37 | 0.6 | 5.94 | 47.21 | |||||||||||||
2.3 | 4.34 | $ | 39.05 | 1.9 | 3.72 | $ | 37.5 | ||||||||||||
The intrinsic value of the stock option and SAR awards outstanding and exercisable at March 29, 2014 were as follows: | |||||||||||||||||||
(In millions) | |||||||||||||||||||
Outstanding | $ | 47.5 | |||||||||||||||||
Exercisable | 43.3 | ||||||||||||||||||
Restricted share-based awards | |||||||||||||||||||
Restricted share-based award activity (including restricted stock, restricted stock units and deferred stock units) was as follows: | |||||||||||||||||||
No. of | WTD. Avg. | ||||||||||||||||||
Shares | Grant Date | ||||||||||||||||||
Fair Value | |||||||||||||||||||
per Share | |||||||||||||||||||
Awards outstanding at September 30, 2013 | 409,651 | $ | 47.36 | ||||||||||||||||
Granted | 126,259 | 59.41 | |||||||||||||||||
Vested | (78,874 | ) | 42.26 | ||||||||||||||||
Forfeited | (29,479 | ) | 45.89 | ||||||||||||||||
Awards outstanding at March 29, 2014 | 427,557 | 51.96 | |||||||||||||||||
For the six months ended March 29, 2014, the total fair value of restricted stock units vested was $3.3 million. | |||||||||||||||||||
Performance-based awards | |||||||||||||||||||
Performance-based award activity was as follows: | |||||||||||||||||||
No. of | WTD. Avg. | ||||||||||||||||||
Units | Grant Date | ||||||||||||||||||
Fair Value | |||||||||||||||||||
per Unit | |||||||||||||||||||
Awards outstanding at September 30, 2013 | 261,917 | $ | 46.81 | ||||||||||||||||
Granted | 161,229 | 59.39 | |||||||||||||||||
Vested | — | — | |||||||||||||||||
Forfeited | (55,778 | ) | 50.88 | ||||||||||||||||
Awards outstanding at March 29, 2014 | 367,368 | 51.71 | |||||||||||||||||
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Mar. 29, 2014 | |
INCOME TAXES | ' |
INCOME TAXES | |
The effective tax rate related to continuing operations for the six months ended March 29, 2014 was 34.0%, compared to 36.9% for the six months ended March 30, 2013. The Company recognized discrete tax benefits of $1.6 million for the three months ended March 29, 2014. The effective tax rate used for interim reporting purposes is based on management’s best estimate of factors impacting the effective tax rate for the full fiscal year. An allocation of the income tax expense has been separately determined to report the discontinued operations, net of tax. There can be no assurance that the effective tax rate estimated for interim financial reporting purposes will approximate the effective tax rate determined at fiscal year end. | |
Scotts Miracle-Gro or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state, local and foreign jurisdictions. With few exceptions, which are discussed further below, the Company is no longer subject to examination by these tax authorities for fiscal years prior to 2010. The Company is currently under examination by the Internal Revenue Service and certain foreign and U.S. state and local tax authorities. The U.S. federal examination is limited to fiscal year 2011. Regarding the foreign jurisdictions, an audit is currently underway in France covering fiscal years 2010 through 2012. In regard to the multiple U.S., state and local audits, the tax periods under examination are limited to fiscal years 2007 through 2012. In addition to the aforementioned audits, certain other tax deficiency notices and refund claims for previous years remain unresolved. | |
The Company currently anticipates that few of its open and active audits will be resolved within the next 12 months. The Company is unable to make a reasonably reliable estimate as to when or if cash settlements with taxing authorities may occur. Although audit outcomes and the timing of audit payments are subject to significant uncertainty, the Company does not anticipate that the resolution of these tax matters or any events related thereto will result in a material change to its consolidated financial position, results of operations or cash flows. |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Mar. 29, 2014 | |
CONTINGENCIES | ' |
CONTINGENCIES | |
Management regularly evaluates the Company’s contingencies, including various lawsuits and claims which arise in the normal course of business, product and general liabilities, workers’ compensation, property losses and other liabilities for which the Company is self-insured or retains a high exposure limit. Self-insurance reserves are established based on actuarial loss estimates for specific individual claims plus actuarially estimated amounts for incurred but not reported claims and adverse development factors applied to existing claims. Legal costs incurred in connection with the resolution of claims, lawsuits and other contingencies generally are expensed as incurred. In the opinion of management, the assessment of contingencies is reasonable and related reserves, in the aggregate, are adequate; however, there can be no assurance that final resolution of these matters will not have a material effect on the Company’s financial condition, results of operations or cash flows. | |
Regulatory Matters | |
At March 29, 2014, $6.1 million was accrued in the “Other liabilities” line in the Consolidated Balance Sheet for environmental actions, the majority of which are for site remediation. The amounts accrued are believed to be adequate to cover such known environmental exposures based on current facts and estimates of likely outcomes. Although it is reasonably possible that the costs to resolve such known environmental exposures will exceed the amounts accrued, any variation from accrued amounts is not expected to be material. | |
Other | |
The Company has been named as a defendant in a number of cases alleging injuries that the lawsuits claim resulted from exposure to asbestos-containing products, apparently based on the Company’s historic use of vermiculite in certain of its products. In many of these cases, the complaints are not specific about the plaintiffs’ contacts with the Company or its products. The Company believes that the claims against it are without merit and is vigorously defending against them. It is not currently possible to reasonably estimate a probable loss, if any, associated with these cases and, accordingly, no reserves have been recorded in the Company’s Consolidated Financial Statements. The Company is reviewing agreements and policies that may provide insurance coverage or indemnity as to these claims and is pursuing coverage under some of these agreements and policies, although there can be no assurance of the results of these efforts. There can be no assurance that these cases, whether as a result of adverse outcomes or as a result of significant defense costs, will not have a material effect on the Company’s financial condition, results of operations or cash flows. | |
In connection with the sale of wild bird food products that were the subject of a voluntary recall in 2008, the Company has been named as a defendant in four putative class actions filed on and after June 27, 2012, which have now been consolidated in the United States District Court for the Southern District of California as In re Morning Song Bird Food Litigation, Lead Case No. 3:12-cv-01592-JAH-RBB. The plaintiffs allege various statutory and common law claims associated with the Company's sale of wild bird food products and a plea agreement entered into in previously pending government proceedings associated with such sales. The plaintiffs allege, among other things, a purported class action on behalf of all persons and entities in the United States who purchased certain bird food products. The plaintiffs seek monetary damages (actual, compensatory, consequential, punitive, and treble); reimbursement, restitution, and disgorgement for benefits unjustly conferred; injunctive and declaratory relief; pre-judgment and post-judgment interest; and costs and attorneys' fees. The Company intends to vigorously defend the consolidated action. Given the early stages of the action, the Company cannot make a determination as to whether it could have a material effect on the Company's financial condition, results of operations or cash flows and the Company has not recorded any accruals with respect thereto. | |
The Company is involved in other lawsuits and claims which arise in the normal course of business. These claims individually and in the aggregate are not expected to result in a material effect on the Company’s financial condition, results of operations or cash flows. |
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 6 Months Ended | ||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | ||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||||||||
The Company is exposed to market risks, such as changes in interest rates, currency exchange rates and commodity prices. To manage a portion of the volatility related to these exposures, the Company enters into various financial transactions. The utilization of these financial transactions is governed by policies covering acceptable counterparty exposure, instrument types and other hedging practices. The Company does not hold or issue derivative financial instruments for speculative trading purposes. | |||||||||||||||||||
Exchange Rate Risk Management | |||||||||||||||||||
The Company periodically uses foreign currency forward contracts to manage the exchange rate risk associated with intercompany loans with foreign subsidiaries that are denominated in local currencies. At March 29, 2014, the notional amount of outstanding foreign currency forward contracts was $197.8 million, with a negative fair value of $0.2 million. At March 30, 2013, the notional amount of outstanding foreign currency forward contracts was $266.8 million, with a fair value of $7.1 million. At September 30, 2013, the notional amount of outstanding foreign currency forward contracts was $80.4 million, with a negative fair value of $2.1 million. The fair value of foreign currency forward contracts is determined based on changes in spot rates. The outstanding contracts will mature over the next fiscal year. | |||||||||||||||||||
Interest Rate Risk Management | |||||||||||||||||||
The Company enters into interest rate swap agreements as a means to hedge its variable interest rate risk on debt instruments. The fair values are reflected in the Company’s Condensed Consolidated Balance Sheets. Net amounts to be received or paid under the swap agreements are reflected as adjustments to interest expense. Since the interest rate swap agreements have been designated as hedging instruments, unrealized gains or losses resulting from adjusting these swaps to fair value are recorded as elements of accumulated other comprehensive income (loss) (“AOCI”) within the Condensed Consolidated Balance Sheets except for any ineffective portion of the change in fair value, which is immediately recorded in interest expense. The fair value of the swap agreements is determined based on the present value of the estimated future net cash flows using implied rates in the applicable yield curve as of the valuation date. On December 20, 2013, in conjunction with entering into the third amended and restated senior secured credit facility, the Company recognized hedge ineffectiveness of $2.0 million which was recorded to interest expense. | |||||||||||||||||||
At March 29, 2014, March 30, 2013 and September 30, 2013, the Company had outstanding interest rate swap agreements with major financial institutions that effectively converted a portion of the Company’s variable-rate debt to a fixed rate. The swap agreements had a total U.S. dollar equivalent notional amount of $1,300.0 million at March 29, 2014 and $1,100.0 million at March 30, 2013 and September 30, 2013, respectively. Included in the AOCI balance at March 29, 2014 was a loss of $5.3 million related to interest rate swap agreements that is expected to be reclassified to earnings during the next 12 months, consistent with the timing of the underlying hedged transactions. | |||||||||||||||||||
Commodity Price Risk Management | |||||||||||||||||||
The Company had outstanding hedging arrangements at March 29, 2014 designed to fix the price of a portion of its projected future urea requirements. The contracts are designated as hedges of the Company’s exposure to future cash flow fluctuations associated with the cost of urea. The objective of the hedges is to mitigate the earnings and cash flow volatility attributable to the risk of changing prices. Unrealized gains or losses in the fair value of these contracts are recorded to the AOCI within the Condensed Consolidated Balance Sheets. Realized gains or losses remain as a component of AOCI until the related inventory is sold. Upon sale of the underlying inventory, the gain or loss is reclassified to cost of sales. Included in the AOCI balance at March 29, 2014 was a gain of $0.4 million related to urea derivatives that is expected to be reclassified to earnings during the next 12 months, consistent with the timing of the underlying hedged transactions. | |||||||||||||||||||
Periodically, the Company also uses derivatives to partially mitigate the effect of fluctuating diesel and gasoline costs on operating results. Any such derivatives that do not qualify for hedge accounting treatment in accordance with GAAP are recorded at fair value, with unrealized gains and losses on open contracts and realized gains or losses on settled contracts recorded as an element of cost of sales. Unrealized gains or losses in the fair value of contracts that do qualify for hedge accounting are recorded in AOCI except for any ineffective portion of the change in fair value, which is immediately recorded in earnings. For the effective portion of the change in fair value, realized gains or losses remain as a component of AOCI until the related fuel is consumed. Upon consumption of the fuel, the gain or loss is reclassified to cost of sales. Included in the AOCI balance at March 29, 2014 was a gain of $0.1 million related to fuel derivatives that is expected to be reclassified to earnings during the next 12 months, consistent with the timing of the underlying hedged transactions. | |||||||||||||||||||
The Company had the following outstanding commodity contracts that were entered into to hedge forecasted purchases: | |||||||||||||||||||
Commodity | MARCH 29, 2014 | MARCH 30, 2013 | SEPTEMBER 30, 2013 | ||||||||||||||||
Urea | 15,000 tons | 22,500 tons | 49,500 tons | ||||||||||||||||
Diesel | 2,940,000 gallons | 3,738,000 gallons | 3,528,000 gallons | ||||||||||||||||
Gasoline | 756,000 gallons | 644,000 gallons | 630,000 gallons | ||||||||||||||||
Heating Oil | 2,730,000 gallons | 2,856,000 gallons | 2,940,000 gallons | ||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||
The fair values of the Company’s derivative instruments were as follows: | |||||||||||||||||||
ASSETS / (LIABILITIES) | |||||||||||||||||||
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | MARCH 29, | MARCH 30, | SEPTEMBER 30, | ||||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||||
BALANCE SHEET LOCATION | FAIR VALUE | ||||||||||||||||||
(In millions) | |||||||||||||||||||
Interest rate swap agreements | Other assets | $ | 5.1 | $ | — | $ | 3.7 | ||||||||||||
Other current liabilities | (10.6 | ) | (8.2 | ) | (8.3 | ) | |||||||||||||
Other liabilities | (9.4 | ) | (17.6 | ) | (12.1 | ) | |||||||||||||
Commodity hedging instruments | Prepaid and other current assets | 0.5 | 0.3 | 0.1 | |||||||||||||||
Other current liabilities | — | (0.2 | ) | (2.0 | ) | ||||||||||||||
Total derivatives designated as hedging instruments | $ | (14.4 | ) | $ | (25.7 | ) | $ | (18.6 | ) | ||||||||||
DERIVATIVES NOT DESIGNATED AS | BALANCE SHEET LOCATION | ||||||||||||||||||
HEDGING INSTRUMENTS | |||||||||||||||||||
Foreign currency forward contracts | Prepaid and other current assets | $ | 0.3 | $ | 7.3 | $ | — | ||||||||||||
Other current liabilities | (0.5 | ) | (0.2 | ) | (2.1 | ) | |||||||||||||
Commodity hedging instruments | Prepaid and other current assets | — | 0.3 | — | |||||||||||||||
Other current liabilities | — | — | (0.3 | ) | |||||||||||||||
Total derivatives not designated as hedging instruments | $ | (0.2 | ) | $ | 7.4 | $ | (2.4 | ) | |||||||||||
Total derivatives | $ | (14.6 | ) | $ | (18.3 | ) | $ | (21.0 | ) | ||||||||||
The effect of derivative instruments on AOCI and the Condensed Consolidated Statements of Operations was as follows: | |||||||||||||||||||
DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS | AMOUNT OF GAIN / (LOSS) RECOGNIZED IN AOCI | ||||||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||||||||||||||
MARCH 29, | MARCH 30, | MARCH 29, | MARCH 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(In millions) | |||||||||||||||||||
Interest rate swap agreements | $ | (4.0 | ) | $ | (1.0 | ) | $ | (4.8 | ) | $ | (1.9 | ) | |||||||
Commodity hedging instruments | 0.7 | — | 1.9 | (1.0 | ) | ||||||||||||||
Total | $ | (3.3 | ) | $ | (1.0 | ) | $ | (2.9 | ) | $ | (2.9 | ) | |||||||
DERIVATIVES IN CASH FLOW | RECLASSIFIED FROM AOCI INTO STATEMENT OF OPERATIONS | AMOUNT OF GAIN / (LOSS) | |||||||||||||||||
HEDGING RELATIONSHIPS | THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||||
MARCH 29, | MARCH 30, | MARCH 29, | MARCH 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(In millions) | |||||||||||||||||||
Interest rate swap agreements | Interest expense | $ | (4.0 | ) | $ | (3.5 | ) | $ | (7.1 | ) | $ | (4.7 | ) | ||||||
Commodity hedging instruments | Cost of sales | 0.1 | 0.1 | 0.1 | 0.2 | ||||||||||||||
Total | $ | (3.9 | ) | $ | (3.4 | ) | $ | (7.0 | ) | $ | (4.5 | ) | |||||||
DERIVATIVES NOT DESIGNATED | RECOGNIZED IN | AMOUNT OF GAIN / (LOSS) | |||||||||||||||||
AS HEDGING INSTRUMENTS | STATEMENT OF OPERATIONS | THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||||||||||||
MARCH 29, | MARCH 30, | MARCH 29, | MARCH 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(In millions) | |||||||||||||||||||
Foreign currency forward contracts | Interest expense | $ | (1.1 | ) | $ | 11.2 | $ | (2.4 | ) | $ | 9.6 | ||||||||
Commodity hedging instruments | Cost of sales | (0.3 | ) | 0.4 | 0.3 | (0.1 | ) | ||||||||||||
Total | $ | (1.4 | ) | $ | 11.6 | $ | (2.1 | ) | $ | 9.5 | |||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or the most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | ||||||||||||||||
Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||||||||||||||||
The following describes the valuation methodologies used for financial assets and liabilities measured at fair value on a recurring basis, as well as the general classification within the valuation hierarchy. | ||||||||||||||||
Derivatives | ||||||||||||||||
Derivatives consist of foreign currency, interest rate and commodity derivative instruments. Foreign currency forward contracts are valued using observable forward rates in commonly quoted intervals for the full term of the contracts. Interest rate swap agreements are valued based on the present value of the estimated future net cash flows using implied rates in the applicable yield curve as of the valuation date. Commodity contracts are measured using observable commodity exchange prices in active markets. | ||||||||||||||||
These derivative instruments are classified within Level 2 of the valuation hierarchy and are included within other assets and other liabilities in the Company’s Condensed Consolidated Balance Sheets, except for derivative instruments expected to be settled within the next 12 months, which are included within prepaid and other current assets and other current liabilities. | ||||||||||||||||
Cash Equivalents | ||||||||||||||||
Cash equivalents consist of highly liquid investments purchased with a maturity of three months or less. The carrying value of these cash equivalents approximates fair value due to their short-term maturities. | ||||||||||||||||
Other | ||||||||||||||||
Other financial assets consist of investment securities in non-qualified retirement plan assets. These securities are valued using observable market prices in active markets. | ||||||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 29, 2014: | ||||||||||||||||
Quoted Prices in Active | Significant Other | Unobservable | Total | |||||||||||||
Markets for Identical Assets | Observable Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(In millions) | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 86.3 | $ | — | $ | — | $ | 86.3 | ||||||||
Derivatives | ||||||||||||||||
Interest rate swap agreements | — | 5.1 | — | 5.1 | ||||||||||||
Foreign currency forward contracts | — | 0.3 | — | 0.3 | ||||||||||||
Commodity hedging instruments | — | 0.5 | — | 0.5 | ||||||||||||
Other | 8.3 | — | — | 8.3 | ||||||||||||
Total | $ | 94.6 | $ | 5.9 | $ | — | $ | 100.5 | ||||||||
Liabilities | ||||||||||||||||
Derivatives | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | (20.0 | ) | $ | — | $ | (20.0 | ) | ||||||
Foreign currency forward contracts | — | (0.5 | ) | — | (0.5 | ) | ||||||||||
Total | $ | — | $ | (20.5 | ) | $ | — | $ | (20.5 | ) | ||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 30, 2013: | ||||||||||||||||
Quoted Prices in Active | Significant Other | Unobservable | Total | |||||||||||||
Markets for Identical Assets | Observable Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(In millions) | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 78.3 | $ | — | $ | — | $ | 78.3 | ||||||||
Derivatives | ||||||||||||||||
Foreign currency forward contracts | — | 7.3 | — | 7.3 | ||||||||||||
Commodity hedging instruments | — | 0.6 | — | 0.6 | ||||||||||||
Other | 6.8 | — | — | 6.8 | ||||||||||||
Total | $ | 85.1 | $ | 7.9 | $ | — | $ | 93 | ||||||||
Liabilities | ||||||||||||||||
Derivatives | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | (25.8 | ) | $ | — | $ | (25.8 | ) | ||||||
Foreign currency forward contracts | — | (0.2 | ) | — | (0.2 | ) | ||||||||||
Commodity hedging instruments | — | (0.2 | ) | — | (0.2 | ) | ||||||||||
Total | $ | — | $ | (26.2 | ) | $ | — | $ | (26.2 | ) | ||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2013: | ||||||||||||||||
Quoted Prices in Active | Significant Other | Unobservable | Total | |||||||||||||
Markets for Identical Assets | Observable Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(In millions) | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 83.9 | $ | — | $ | — | $ | 83.9 | ||||||||
Derivatives | ||||||||||||||||
Interest rate swap agreements | — | 3.7 | — | 3.7 | ||||||||||||
Commodity hedging instruments | — | 0.1 | — | 0.1 | ||||||||||||
Other | 7 | — | — | 7 | ||||||||||||
Total | $ | 90.9 | $ | 3.8 | $ | — | $ | 94.7 | ||||||||
Liabilities | ||||||||||||||||
Derivatives | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | (20.4 | ) | $ | — | $ | (20.4 | ) | ||||||
Foreign currency forward contracts | — | (2.1 | ) | — | (2.1 | ) | ||||||||||
Commodity hedging instruments | — | (2.3 | ) | — | (2.3 | ) | ||||||||||
Total | $ | — | $ | (24.8 | ) | $ | — | $ | (24.8 | ) | ||||||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 6 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
The Company divides its business into the following segments — Global Consumer and Scotts LawnService®. This division of reportable segments is consistent with how the segments report to and are managed by the chief operating decision maker of the Company. | ||||||||||||||||
Segment performance is evaluated based on several factors, including income from continuing operations before amortization and impairment, restructuring and other charges, which is not a GAAP measure. Senior management of the Company uses this measure of operating profit to gauge segment performance because the Company believes this measure is the most indicative of performance trends and the overall earnings potential of each segment. | ||||||||||||||||
Corporate & Other consists of revenues and expenses associated with the Company’s supply agreements with Israel Chemicals, Ltd. (“ICL”) and the amortization related to the Roundup® Marketing Agreement, as well as corporate, general and administrative expenses and certain other income/expense items not allocated to the business segments. Corporate & Other assets primarily include deferred financing and debt issuance costs and corporate intangible assets, as well as deferred tax assets. | ||||||||||||||||
The following tables present summarized financial information concerning the Company’s reportable segments for the periods indicated: | ||||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||
MARCH 29, | MARCH 30, | MARCH 29, | MARCH 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Net sales: | ||||||||||||||||
Global Consumer | $ | 1,046.00 | $ | 962.8 | $ | 1,184.40 | $ | 1,105.40 | ||||||||
Scotts LawnService® | 28.9 | 32.9 | 75.2 | 77.7 | ||||||||||||
Segment total | 1,074.90 | 995.7 | 1,259.60 | 1,183.10 | ||||||||||||
Corporate & Other | 6.1 | 12.2 | 11 | 19.9 | ||||||||||||
Consolidated | $ | 1,081.00 | $ | 1,007.90 | $ | 1,270.60 | $ | 1,203.00 | ||||||||
Income (loss) from continuing operations before income taxes: | ||||||||||||||||
Global Consumer | $ | 269.5 | $ | 218.9 | $ | 202.1 | $ | 150.2 | ||||||||
Scotts LawnService® | (20.3 | ) | (17.0 | ) | (17.7 | ) | (17.9 | ) | ||||||||
Segment total | 249.2 | 201.9 | 184.4 | 132.3 | ||||||||||||
Corporate & Other | (23.0 | ) | (27.3 | ) | (44.7 | ) | (47.6 | ) | ||||||||
Intangible asset amortization | (3.0 | ) | (2.5 | ) | (5.9 | ) | (5.0 | ) | ||||||||
Impairment, restructuring and other | (6.1 | ) | (0.2 | ) | (6.4 | ) | 0.2 | |||||||||
Costs related to refinancing | (10.7 | ) | — | (10.7 | ) | — | ||||||||||
Interest expense | (12.0 | ) | (17.9 | ) | (25.9 | ) | (31.1 | ) | ||||||||
Consolidated | $ | 194.4 | $ | 154 | $ | 90.8 | $ | 48.8 | ||||||||
MARCH 29, | MARCH 30, | SEPTEMBER 30, | ||||||||||||||
2014 | 2013 | 2013 | ||||||||||||||
(In millions) | ||||||||||||||||
Total assets: | ||||||||||||||||
Global Consumer | $ | 2,721.60 | $ | 2,517.10 | $ | 1,564.20 | ||||||||||
Scotts LawnService® | 181 | 180.1 | 189.8 | |||||||||||||
Corporate & Other | 168.6 | 199.7 | 183.2 | |||||||||||||
Consolidated | $ | 3,071.20 | $ | 2,896.90 | $ | 1,937.20 | ||||||||||
FINANCIAL_INFORMATION_FOR_SUBS
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND NON-GUARANTORS | 6 Months Ended | |||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND NON-GUARANTORS | ' | |||||||||||||||||||
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND NON-GUARANTORS | ||||||||||||||||||||
The 6.625% Senior Notes (the “Senior Notes”) issued by Scotts Miracle-Gro on December 16, 2010 are guaranteed at March 29, 2014 by certain of its domestic subsidiaries and, therefore, the Company has disclosed condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. On January 15, 2014, the Company redeemed all of its outstanding $200 million aggregate principal amount of the 7.25% Senior Notes which were previously guaranteed by certain of its domestic subsidiaries. The guarantees are “full and unconditional,” as those terms are used in Regulation S-X Rule 3-10, except that a subsidiary’s guarantee will be automatically released in certain customary circumstances, such as (1) upon any sale or other disposition of all or substantially all of the assets of the subsidiary (including by way of merger or consolidation) to any person other than Scotts Miracle-Gro or any “restricted subsidiary” under the applicable indenture; (2) if the subsidiary merges with and into Scotts Miracle-Gro, with Scotts Miracle-Gro surviving such merger; (3) if the subsidiary is designated an “unrestricted subsidiary” in accordance with the applicable indenture or otherwise ceases to be a “restricted subsidiary” (including by way of liquidation or dissolution) in a transaction permitted by such indenture; (4) upon legal or covenant defeasance; (5) upon satisfaction and discharge of the Senior Notes; or (6) if the subsidiary ceases to be a “wholly owned restricted subsidiary” and the subsidiary is not otherwise required to provide a guarantee of the Senior Notes pursuant to the applicable indenture. The following 100% directly or indirectly owned subsidiaries fully and unconditionally guarantee at March 29, 2014 the Senior Notes on a joint and several basis: EG Systems, Inc., dba Scotts LawnService®; Gutwein & Co., Inc.; Hyponex Corporation; Miracle-Gro Lawn Products, Inc.; OMS Investments, Inc.; Rod McLellan Company; Sanford Scientific, Inc.; Scotts Temecula Operations, LLC; Scotts Manufacturing Company; Scotts Products Co.; Scotts Professional Products Co.; Scotts-Sierra Investments LLC; SMG Growing Media, Inc.; Swiss Farms Products, Inc.; SMGM LLC; SLS Franchise Systems, LLC; and The Scotts Company LLC (collectively, the “Guarantors”). SLS Franchise Systems, LLC was added as a guarantor to The Scotts Miracle-Gro Company indenture governing its 6.625% Notes on February 25, 2014. Accordingly, SLS Franchise Systems, LLC has been added as a Guarantor for the three month period ending March 29, 2014. | ||||||||||||||||||||
The following information presents Condensed Consolidating Statements of Operations for the three and six months ended March 29, 2014 and March 30, 2013, Condensed Consolidating Statements of Comprehensive Income (Loss) for the three and six months ended March 29, 2014 and March 30, 2013, Condensed Consolidating Statements of Cash Flows for the six months ended March 29, 2014 and March 30, 2013, and Condensed Consolidating Balance Sheets as of March 29, 2014, March 30, 2013 and September 30, 2013. The condensed consolidating financial information presents, in separate columns, financial information for: Scotts Miracle-Gro on a Parent-only basis, carrying its investment in subsidiaries under the equity method; Guarantors on a combined basis, carrying their investments in subsidiaries which do not guarantee the debt (collectively, the “Non-Guarantors”) under the equity method; Non-Guarantors on a combined basis; and eliminating entries. The eliminating entries primarily reflect intercompany transactions, such as interest expense, accounts receivable and payable, short and long-term debt, and the elimination of equity investments, return on investments and income in subsidiaries. Because the Parent is obligated to pay the unpaid principal amount and interest on all amounts borrowed by the Guarantors or Non-Guarantors under the credit facility (and was obligated to pay the unpaid principal amount and interest on all amounts borrowed by the Guarantors and Non-Guarantors under the previous senior secured five-year revolving loan facility), the borrowings and related interest expense for the loans outstanding of the Guarantors and Non-Guarantors are also presented in the accompanying Parent-only financial information, and are then eliminated. Included in the Parent Condensed Consolidating Statement of Cash Flow for March 29, 2014 and March 30, 2013, respectively are $128.6 million and $40.6 million of dividends paid by the Guarantors to the Parent. | ||||||||||||||||||||
In the Condensed Consolidating Statement of Cash Flows for the six months ended March 30, 2013 (which was previously presented in our Form 10-Q dated May 7, 2013 and is presented herein), the Company reclassified intercompany dividends received by Parent from Guarantors from “Net Cash (Used In) Provided By Financing Activities” to “Net Cash (Used In) Provided By Operating Activities.” In the Condensed Consolidating Balance Sheet as of September 30, 2013 (which was previously presented in our Form 10-K dated November 20, 2013 and is presented herein), the Company made a correction to properly reflect the Senior Notes and the credit agreement as Parent debt and the Company made related correcting adjustments to Parent intercompany assets and the elimination entries. The Company believes these changes are immaterial. | ||||||||||||||||||||
Similarly, the Company has identified adjustments in the classification of intercompany dividends received by Parent from Guarantors between “Net Cash (Used In) Provided By Financing Activities” and “Net Cash (Used In) Provided By Operating Activities” in the Condensed Consolidating Statements of Cash Flows for the each of the three years ended September 30, 2013. The amounts of such dividends for the fiscal years ended September 30, 2013, 2012, and 2011 were $87.8 million, $75.4 million and $67.9 million, respectively. As the Company believes these amounts are immaterial, the disclosures will be corrected in future filings. | ||||||||||||||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
for the three months ended March 29, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net sales | $ | — | $ | 899 | $ | 182 | $ | — | $ | 1,081.00 | ||||||||||
Cost of sales | — | 527 | 120.2 | — | 647.2 | |||||||||||||||
Gross profit | — | 372 | 61.8 | — | 433.8 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | — | 170.5 | 41.7 | — | 212.2 | |||||||||||||||
Impairment, restructuring and other | — | 5.9 | 0.2 | — | 6.1 | |||||||||||||||
Other income, net | — | (1.0 | ) | (0.6 | ) | — | (1.6 | ) | ||||||||||||
Income from operations | — | 196.6 | 20.5 | — | 217.1 | |||||||||||||||
Equity income in subsidiaries | (143.5 | ) | (7.4 | ) | — | 150.9 | — | |||||||||||||
Other non-operating income | (5.1 | ) | — | (5.7 | ) | 10.8 | — | |||||||||||||
Costs related to refinancing | 10.7 | — | — | 10.7 | ||||||||||||||||
Interest expense | 12.5 | 9.9 | 0.4 | (10.8 | ) | 12 | ||||||||||||||
Income from continuing operations before income taxes | 125.4 | 194.1 | 25.8 | (150.9 | ) | 194.4 | ||||||||||||||
Income tax expense (benefit) from continuing operations | (0.3 | ) | 59.9 | 9.1 | — | 68.7 | ||||||||||||||
Income from continuing operations | 125.7 | 134.2 | 16.7 | (150.9 | ) | 125.7 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | — | (0.2 | ) | 0.2 | — | — | ||||||||||||||
Net income | $ | 125.7 | $ | 134 | $ | 16.9 | $ | (150.9 | ) | $ | 125.7 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
for the six months ended March 29, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net sales | $ | — | $ | 1,043.60 | $ | 227 | $ | — | $ | 1,270.60 | ||||||||||
Cost of sales | — | 645.1 | 157.8 | — | 802.9 | |||||||||||||||
Gross profit | — | 398.5 | 69.2 | — | 467.7 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | — | 268.4 | 68.2 | — | 336.6 | |||||||||||||||
Impairment, restructuring and other | — | 5.9 | 0.5 | — | 6.4 | |||||||||||||||
Other income, net | — | (2.1 | ) | (0.6 | ) | — | (2.7 | ) | ||||||||||||
Income from operations | — | 126.3 | 1.1 | — | 127.4 | |||||||||||||||
Equity income in subsidiaries | (87.6 | ) | (3.5 | ) | — | 91.1 | — | |||||||||||||
Other non-operating income | (9.5 | ) | — | (11.0 | ) | 20.5 | — | |||||||||||||
Costs related to refinancing | 10.7 | — | — | — | 10.7 | |||||||||||||||
Interest expense | 26.6 | 19.4 | 0.4 | (20.5 | ) | 25.9 | ||||||||||||||
Income from continuing operations before income taxes | 59.8 | 110.4 | 11.7 | (91.1 | ) | 90.8 | ||||||||||||||
Income tax expense (benefit) from continuing operations | (0.2 | ) | 27.1 | 4 | — | 30.9 | ||||||||||||||
Income from continuing operations | 60 | 83.3 | 7.7 | (91.1 | ) | 59.9 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | — | (0.3 | ) | 0.4 | — | 0.1 | ||||||||||||||
Net income | $ | 60 | $ | 83 | $ | 8.1 | $ | (91.1 | ) | $ | 60 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ||||||||||||||||||||
for the three months ended March 29, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net income | $ | 125.7 | $ | 134 | $ | 16.9 | $ | (150.9 | ) | $ | 125.7 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Net foreign currency translation adjustment | (2.7 | ) | — | (2.7 | ) | 2.7 | (2.7 | ) | ||||||||||||
Net change in derivatives | 0.6 | (0.6 | ) | — | 0.6 | 0.6 | ||||||||||||||
Net change in pension and other post retirement benefits | 0.7 | 0.5 | 0.2 | (0.7 | ) | 0.7 | ||||||||||||||
Total other comprehensive loss | (1.4 | ) | (0.1 | ) | (2.5 | ) | 2.6 | (1.4 | ) | |||||||||||
Comprehensive income | $ | 124.3 | $ | 133.9 | $ | 14.4 | $ | (148.3 | ) | $ | 124.3 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidated Statement of Comprehensive Income (Loss) | ||||||||||||||||||||
for the six months ended March 29, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net income | $ | 60 | $ | 83 | $ | 8.1 | $ | (91.1 | ) | $ | 60 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Net foreign currency translation adjustment | (4.1 | ) | — | (4.1 | ) | 4.1 | (4.1 | ) | ||||||||||||
Net change in derivatives | 4.1 | 1.8 | — | (1.8 | ) | 4.1 | ||||||||||||||
Net change in pension and other post retirement benefits | 1.2 | 1.1 | 0.1 | (1.2 | ) | 1.2 | ||||||||||||||
Total other comprehensive income (loss) | 1.2 | 2.9 | (4.0 | ) | 1.1 | 1.2 | ||||||||||||||
Comprehensive income | $ | 61.2 | $ | 85.9 | $ | 4.1 | $ | (90.0 | ) | $ | 61.2 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
for the six months ended March 29, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 110.3 | $ | (474.1 | ) | $ | (122.2 | ) | $ | (128.6 | ) | $ | (614.6 | ) | ||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Proceeds from sale of business, net of transaction costs | — | 3.1 | 1 | — | 4.1 | |||||||||||||||
Investments in property, plant and equipment | — | (50.1 | ) | (2.9 | ) | — | (53.0 | ) | ||||||||||||
Investment in acquired business, net of cash acquired | — | (60.0 | ) | — | — | (60.0 | ) | |||||||||||||
Net cash used in investing activities | — | (107.0 | ) | (1.9 | ) | — | (108.9 | ) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Borrowings under revolving and bank lines of credit | — | 1,482.40 | 233.1 | — | 1,715.50 | |||||||||||||||
Repayments under revolving and bank lines of credit | — | (448.4 | ) | (212.9 | ) | — | (661.3 | ) | ||||||||||||
Repayment of Senior Notes | (200.0 | ) | — | — | — | (200.0 | ) | |||||||||||||
Financing and issuance fees | (6.1 | ) | — | — | — | (6.1 | ) | |||||||||||||
Dividends paid | (54.5 | ) | (128.6 | ) | — | 128.6 | (54.5 | ) | ||||||||||||
Purchase of common shares | (59.6 | ) | — | — | — | (59.6 | ) | |||||||||||||
Payments on seller notes | — | (0.8 | ) | — | — | (0.8 | ) | |||||||||||||
Excess tax benefits from share-based payment arrangements | — | 3.8 | — | — | 3.8 | |||||||||||||||
Cash received from the exercise of stock options | 7.9 | — | — | — | 7.9 | |||||||||||||||
Intercompany financing | 202 | (326.8 | ) | 124.8 | — | — | ||||||||||||||
Net cash (used in) provided by financing activities | (110.3 | ) | 581.6 | 145 | 128.6 | 744.9 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | 1.5 | — | 1.5 | |||||||||||||||
Net increase in cash and cash equivalents | — | 0.5 | 22.4 | — | 22.9 | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 2.6 | 127.2 | — | 129.8 | |||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 3.1 | $ | 149.6 | $ | — | $ | 152.7 | ||||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of March 29, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 3.1 | $ | 149.6 | $ | — | $ | 152.7 | ||||||||||
Accounts receivable, net | — | 516.4 | 230.5 | — | 746.9 | |||||||||||||||
Accounts receivable pledged | — | 341.9 | — | — | 341.9 | |||||||||||||||
Inventories | — | 433 | 113.2 | — | 546.2 | |||||||||||||||
Prepaid and other current assets | — | 113.7 | 36.2 | — | 149.9 | |||||||||||||||
Total current assets | — | 1,408.10 | 529.5 | — | 1,937.60 | |||||||||||||||
Property, plant and equipment, net | — | 400.8 | 42.8 | — | 443.6 | |||||||||||||||
Goodwill | — | 332.7 | 0.6 | — | 333.3 | |||||||||||||||
Intangible assets, net | — | 280.8 | 37.7 | — | 318.5 | |||||||||||||||
Other assets | 28.2 | 17.5 | 26.6 | (34.1 | ) | 38.2 | ||||||||||||||
Equity investment in subsidiaries | 417.1 | — | — | (417.1 | ) | — | ||||||||||||||
Intercompany assets | 1,398.10 | — | — | (1,398.1 | ) | — | ||||||||||||||
Total assets | $ | 1,843.40 | $ | 2,439.90 | $ | 637.2 | $ | (1,849.3 | ) | $ | 3,071.20 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of debt | $ | — | $ | 275.2 | $ | 3.4 | $ | — | $ | 278.6 | ||||||||||
Accounts payable | — | 263.4 | 79.1 | — | 342.5 | |||||||||||||||
Other current liabilities | 16.9 | 279.2 | 100.9 | — | 397 | |||||||||||||||
Total current liabilities | 16.9 | 817.8 | 183.4 | — | 1,018.10 | |||||||||||||||
Long-term debt | 1,141.30 | 913.2 | 32.2 | (941.4 | ) | 1,145.30 | ||||||||||||||
Other liabilities | 9.5 | 212.5 | 44.2 | (34.1 | ) | 232.1 | ||||||||||||||
Equity investment in subsidiaries | — | 171.7 | — | (171.7 | ) | — | ||||||||||||||
Intercompany liabilities | — | 178.9 | 277.8 | (456.7 | ) | — | ||||||||||||||
Total liabilities | 1,167.70 | 2,294.10 | 537.6 | (1,603.9 | ) | 2,395.50 | ||||||||||||||
Shareholders’ equity | 675.7 | 145.8 | 99.6 | (245.4 | ) | 675.7 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,843.40 | $ | 2,439.90 | $ | 637.2 | $ | (1,849.3 | ) | $ | 3,071.20 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
for the three months ended March 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net sales | $ | — | $ | 833.4 | $ | 174.5 | $ | — | $ | 1,007.90 | ||||||||||
Cost of sales | — | 514.2 | 116.4 | — | 630.6 | |||||||||||||||
Cost of sales—impairment, restructuring and other | — | — | 0.1 | — | 0.1 | |||||||||||||||
Gross profit | — | 319.2 | 58 | — | 377.2 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | — | 164.9 | 41.8 | — | 206.7 | |||||||||||||||
Impairment, restructuring and other | — | — | 0.1 | — | 0.1 | |||||||||||||||
Other income, net | — | (0.6 | ) | (0.9 | ) | — | (1.5 | ) | ||||||||||||
Income from operations | — | 154.9 | 17 | — | 171.9 | |||||||||||||||
Equity income in subsidiaries | (107.7 | ) | (10.8 | ) | — | 118.5 | — | |||||||||||||
Other non-operating income | (8.3 | ) | — | — | 8.3 | — | ||||||||||||||
Interest expense | 16.3 | 9.3 | 0.6 | (8.3 | ) | 17.9 | ||||||||||||||
Income from continuing operations before income taxes | 99.7 | 156.4 | 16.4 | (118.5 | ) | 154 | ||||||||||||||
Income tax expense (benefit) from continuing operations | (0.3 | ) | 49.4 | 5.8 | — | 54.9 | ||||||||||||||
Income from continuing operations | 100 | 107 | 10.6 | (118.5 | ) | 99.1 | ||||||||||||||
Income from discontinued operations, net of tax | — | 0.8 | 0.1 | — | 0.9 | |||||||||||||||
Net income | $ | 100 | $ | 107.8 | $ | 10.7 | $ | (118.5 | ) | $ | 100 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
for the six months ended March 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net sales | $ | — | $ | 977.9 | $ | 225.1 | $ | — | $ | 1,203.00 | ||||||||||
Cost of sales | — | 637.5 | 157.6 | — | 795.1 | |||||||||||||||
Cost of sales—impairment, restructuring, and other charges | — | — | 0.1 | — | 0.1 | |||||||||||||||
Gross profit | — | 340.4 | 67.4 | — | 407.8 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | — | 262.3 | 68.5 | — | 330.8 | |||||||||||||||
Impairment, restructuring and other | — | (0.4 | ) | 0.1 | — | (0.3 | ) | |||||||||||||
Other income, net | — | (1.5 | ) | (1.1 | ) | — | (2.6 | ) | ||||||||||||
Income (loss) from operations | — | 80 | (0.1 | ) | — | 79.9 | ||||||||||||||
Equity income in subsidiaries | (47.8 | ) | 1 | — | 46.8 | — | ||||||||||||||
Other non-operating income | (12.3 | ) | — | — | 12.3 | — | ||||||||||||||
Interest expense | 28.3 | 13.1 | 1.9 | (12.2 | ) | 31.1 | ||||||||||||||
Income (loss) from continuing operations before income taxes | 31.8 | 65.9 | (2.0 | ) | (46.9 | ) | 48.8 | |||||||||||||
Income tax expense (benefit) from continuing operations | (0.5 | ) | 19.3 | (0.8 | ) | — | 18 | |||||||||||||
Income (loss) from continuing operations | 32.3 | 46.6 | (1.2 | ) | (46.9 | ) | 30.8 | |||||||||||||
Income from discontinued operations, net of tax | — | 1.2 | 0.3 | — | 1.5 | |||||||||||||||
Net income (loss) | $ | 32.3 | $ | 47.8 | $ | (0.9 | ) | $ | (46.9 | ) | $ | 32.3 | ||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ||||||||||||||||||||
for the three months ended March 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net income | $ | 100 | $ | 107.8 | $ | 10.7 | $ | (118.5 | ) | $ | 100 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Net foreign currency translation adjustment | — | — | (1.2 | ) | — | (1.2 | ) | |||||||||||||
Net change in derivatives | 2.5 | (0.1 | ) | — | — | 2.4 | ||||||||||||||
Net change in pension and other post retirement benefits | — | 0.7 | 2.3 | — | 3 | |||||||||||||||
Total other comprehensive income | 2.5 | 0.6 | 1.1 | — | 4.2 | |||||||||||||||
Comprehensive income | $ | 102.5 | $ | 108.4 | $ | 11.8 | $ | (118.5 | ) | $ | 104.2 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidated Statement of Comprehensive Income (Loss) | ||||||||||||||||||||
for the six months ended March 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net income | $ | 32.3 | $ | 47.8 | $ | (0.9 | ) | $ | (46.9 | ) | $ | 32.3 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Net foreign currency translation adjustment | — | — | (4.9 | ) | — | (4.9 | ) | |||||||||||||
Net change in derivatives | 2.8 | (1.2 | ) | — | — | 1.6 | ||||||||||||||
Net change in pension and other post retirement benefits | — | 2 | 2.2 | — | 4.2 | |||||||||||||||
Total other comprehensive income (loss) | 2.8 | 0.8 | (2.7 | ) | — | 0.9 | ||||||||||||||
Comprehensive income (loss) | $ | 35.1 | $ | 48.6 | $ | (3.6 | ) | $ | (46.9 | ) | $ | 33.2 | ||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
for the six months ended March 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | 82.5 | $ | (581.8 | ) | $ | (5.4 | ) | $ | (40.6 | ) | $ | (545.3 | ) | ||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Proceeds from sale of long-lived assets | — | 0.1 | — | — | 0.1 | |||||||||||||||
Investments in property, plant and equipment | — | (30.3 | ) | (4.3 | ) | — | (34.6 | ) | ||||||||||||
Investment in acquired business, net of cash acquired | — | (3.2 | ) | — | — | (3.2 | ) | |||||||||||||
Net cash used in investing activities | — | (33.4 | ) | (4.3 | ) | — | (37.7 | ) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Borrowings under revolving and bank lines of credit | — | 949.7 | 217.1 | — | 1,166.80 | |||||||||||||||
Repayments under revolving and bank lines of credit | — | (112.0 | ) | (460.9 | ) | — | (572.9 | ) | ||||||||||||
Dividends paid | (40.6 | ) | (40.6 | ) | — | 40.6 | (40.6 | ) | ||||||||||||
Payment on seller notes | — | (0.8 | ) | — | — | (0.8 | ) | |||||||||||||
Excess tax benefits from share-based payment arrangements | — | 0.7 | — | — | 0.7 | |||||||||||||||
Cash received from the exercise of stock options | 2.7 | — | — | — | 2.7 | |||||||||||||||
Intercompany financing | (44.6 | ) | (181.5 | ) | 226.1 | — | — | |||||||||||||
Net cash (used in) provided by financing activities | (82.5 | ) | 615.5 | (17.7 | ) | 40.6 | 555.9 | |||||||||||||
Effect of exchange rate changes on cash | — | — | (5.7 | ) | — | (5.7 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 0.3 | (33.1 | ) | — | (32.8 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | — | 2.6 | 129.3 | — | 131.9 | |||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 2.9 | $ | 96.2 | $ | — | $ | 99.1 | ||||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of March 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2.9 | $ | 96.2 | $ | — | $ | 99.1 | ||||||||||
Accounts receivable, net | — | 497.6 | 216.3 | — | 713.9 | |||||||||||||||
Accounts receivable pledged | — | 252.7 | — | — | 252.7 | |||||||||||||||
Inventories | — | 492.9 | 120.1 | — | 613 | |||||||||||||||
Prepaid and other current assets | — | 115.4 | 42.6 | — | 158 | |||||||||||||||
Total current assets | — | 1,361.50 | 475.2 | — | 1,836.70 | |||||||||||||||
Property, plant and equipment, net | — | 368.1 | 49.7 | — | 417.8 | |||||||||||||||
Goodwill | — | 313.8 | 0.7 | — | 314.5 | |||||||||||||||
Intangible assets, net | — | 259.1 | 40.1 | — | 299.2 | |||||||||||||||
Other assets | 26.5 | 11.5 | 30.2 | (39.5 | ) | 28.7 | ||||||||||||||
Equity investment in subsidiaries | 849.1 | — | — | (849.1 | ) | — | ||||||||||||||
Intercompany assets | 921.2 | 185.2 | — | (1,106.4 | ) | — | ||||||||||||||
Total assets | $ | 1,796.80 | $ | 2,499.20 | $ | 595.9 | $ | (1,995.0 | ) | $ | 2,896.90 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of debt | $ | — | $ | 204.3 | $ | 3.7 | $ | — | $ | 208 | ||||||||||
Accounts payable | — | 250.6 | 76.9 | — | 327.5 | |||||||||||||||
Other current liabilities | 15.5 | 234.5 | 102.7 | — | 352.7 | |||||||||||||||
Total current liabilities | 15.5 | 689.4 | 183.3 | — | 888.2 | |||||||||||||||
Long-term debt | 1,157.50 | 736.6 | 26.4 | (757.5 | ) | 1,163.00 | ||||||||||||||
Other liabilities | 16.9 | 213.7 | 47.7 | (39.5 | ) | 238.8 | ||||||||||||||
Equity investment in subsidiaries | — | 180.7 | — | (180.7 | ) | — | ||||||||||||||
Intercompany liabilities | — | — | 348.9 | (348.9 | ) | — | ||||||||||||||
Total liabilities | 1,189.90 | 1,820.40 | 606.3 | (1,326.6 | ) | 2,290.00 | ||||||||||||||
Shareholders’ equity | 606.9 | 678.8 | (10.4 | ) | (668.4 | ) | 606.9 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 1,796.80 | $ | 2,499.20 | $ | 595.9 | $ | (1,995.0 | ) | $ | 2,896.90 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2.6 | $ | 127.2 | $ | — | $ | 129.8 | ||||||||||
Accounts receivable, net | — | 119.7 | 86.9 | — | 206.6 | |||||||||||||||
Accounts receivable pledged | — | 106.7 | — | — | 106.7 | |||||||||||||||
Inventories | — | 247.2 | 77.7 | — | 324.9 | |||||||||||||||
Prepaid and other current assets | — | 76.4 | 36.6 | — | 113 | |||||||||||||||
Total current assets | — | 552.6 | 328.4 | — | 881 | |||||||||||||||
Property, plant and equipment, net | — | 377.9 | 44.4 | — | 422.3 | |||||||||||||||
Goodwill | — | 314.4 | 0.7 | — | 315.1 | |||||||||||||||
Intangible assets, net | — | 244.8 | 39.6 | — | 284.4 | |||||||||||||||
Other assets | 22.4 | 19.5 | 26.5 | (34.0 | ) | 34.4 | ||||||||||||||
Equity investment in subsidiaries | 317.1 | — | — | (317.1 | ) | — | ||||||||||||||
Intercompany assets | 871.7 | — | — | (871.7 | ) | — | ||||||||||||||
Total assets | $ | 1,211.20 | $ | 1,509.20 | $ | 439.6 | $ | (1,222.8 | ) | $ | 1,937.20 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of debt | $ | — | $ | 87.3 | $ | 5.1 | $ | — | $ | 92.4 | ||||||||||
Accounts payable | — | 83.9 | 53.8 | — | 137.7 | |||||||||||||||
Other current liabilities | 16 | 183.4 | 80.3 | — | 279.7 | |||||||||||||||
Total current liabilities | 16 | 354.6 | 139.2 | — | 509.8 | |||||||||||||||
Long-term debt | 473 | 67.9 | 10.2 | (73.0 | ) | 478.1 | ||||||||||||||
Other liabilities | 11.7 | 213.3 | 47.8 | (34.0 | ) | 238.8 | ||||||||||||||
Equity investment in subsidiaries | — | 173.3 | — | (173.3 | ) | — | ||||||||||||||
Intercompany liabilities | — | 652.1 | 146.6 | (798.7 | ) | — | ||||||||||||||
Total liabilities | 500.7 | 1,461.20 | 343.8 | (1,079.0 | ) | 1,226.70 | ||||||||||||||
Shareholders’ equity | 710.5 | 48 | 95.8 | (143.8 | ) | 710.5 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,211.20 | $ | 1,509.20 | $ | 439.6 | $ | (1,222.8 | ) | $ | 1,937.20 | |||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 29, 2014 | |
Nature of Operations | ' |
Nature of Operations | |
The Scotts Miracle-Gro Company (“Scotts Miracle-Gro”) and its subsidiaries (collectively, together with Scotts Miracle-Gro, the “Company”) are engaged in the manufacturing, marketing and sale of consumer branded products for lawn and garden care. The Company’s primary customers include home centers, mass merchandisers, warehouse clubs, large hardware chains, independent hardware stores, nurseries, garden centers and food and drug stores. The Company’s products are sold primarily in North America and the European Union. The Company also operates the Scotts LawnService® business, which provides residential and commercial lawn care, tree and shrub care and limited pest control services in the United States. | |
Organization and Basis of Presentation | ' |
Organization and Basis of Presentation | |
The Company’s unaudited condensed consolidated financial statements for the three and six months ended March 29, 2014 and March 30, 2013 are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements include the accounts of Scotts Miracle-Gro and its subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. The Company’s consolidation criteria are based on majority ownership (as evidenced by a majority voting interest in the entity) and an objective evaluation and determination of effective management control. In the opinion of management, interim results reflect all normal and recurring adjustments and are not necessarily indicative of results for a full year. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted or condensed pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, this report should be read in conjunction with Scotts Miracle-Gro’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013, which includes a complete set of footnote disclosures, including the Company’s significant accounting policies. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and related disclosures. Although these estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future, actual results ultimately may differ from the estimates. | |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
Discontinued Operations Reporting | |
In April 2014, the FASB issued an accounting standard update that amends the accounting guidance related to discontinued operations. This amendment defines discontinued operations as a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. This amendment also introduces new disclosures for disposals that do not meet the criteria of discontinued operations. The provisions are effective for fiscal years beginning after December 15, 2014 and applies to new disposals and new classifications of disposal groups as held for sale after the effective date. The adoption of the amended guidance impacts presentation and disclosure and will not have a significant impact on the Company's consolidated financial position, results of operations or cash flows. | |
Balance Sheet Offsetting | |
In December 2011, the FASB issued an amendment to accounting guidance on the presentation of offsetting of derivatives, and financial assets and liabilities. The amended guidance requires quantitative disclosures regarding the gross amounts and their location within the statement of financial position. The provisions are effective for the Company's financial statements for the fiscal year beginning October 1, 2013. The adoption of the amended guidance did not have a significant impact on the Company's financial statements and related disclosures. |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||
Results of Discontinued Operations | ' | ||||||||||||||||
The following table summarizes the results of the wild bird food business within discontinued operations for the periods presented: | |||||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||||||||||||
MARCH 29, | MARCH 30, | MARCH 29, | MARCH 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In millions) | |||||||||||||||||
Net sales | $ | 11.2 | $ | 11.7 | $ | 18 | $ | 22.4 | |||||||||
Operating costs | 11 | 10.5 | 17.6 | 20.2 | |||||||||||||
Gain on sale of business | (0.2 | ) | — | (0.2 | ) | — | |||||||||||
Income from discontinued operations before income taxes | 0.4 | 1.2 | 0.6 | 2.2 | |||||||||||||
Income tax expense from discontinued operations | 0.4 | 0.3 | 0.5 | 0.7 | |||||||||||||
Income from discontinued operations, net of tax | $ | — | $ | 0.9 | $ | 0.1 | $ | 1.5 | |||||||||
IMPAIRMENT_RESTRUCTURING_AND_O1
IMPAIRMENT, RESTRUCTURING AND OTHER (Tables) | 6 Months Ended | |||
Mar. 29, 2014 | ||||
Summary of Activities Related to Liabilities Associated with Restructuring and Other Charges | ' | |||
The following table summarizes the activity related to liabilities associated with the restructuring and other charges during the six months ended March 29, 2014 (in millions): | ||||
Amounts reserved for restructuring and other charges at September 30, 2013 | $ | 11.1 | ||
Restructuring and other charges | 6.4 | |||
Payments and other | (7.3 | ) | ||
Amounts reserved for restructuring and other charges at March 29, 2014 | $ | 10.2 | ||
INVENTORIES_Tables
INVENTORIES (Tables) | 6 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Inventories | ' | |||||||||||
Inventories consisted of the following for each of the periods presented: | ||||||||||||
MARCH 29, | MARCH 30, | SEPTEMBER 30, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
(In millions) | ||||||||||||
Finished goods | $ | 376.8 | $ | 410.3 | $ | 182.6 | ||||||
Work-in-process | 43.7 | 53.6 | 42.7 | |||||||||
Raw materials | 125.7 | 149.1 | 99.6 | |||||||||
Total inventories | $ | 546.2 | $ | 613 | $ | 324.9 | ||||||
MARKETING_AGREEMENT_Tables
MARKETING AGREEMENT (Tables) | 6 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
Net Commission and Reimbursements Earned Under Marketing Agreement | ' | |||||||||||||||
The elements of the net commission and reimbursements earned under the Marketing Agreement and included in “Net sales” are as follows: | ||||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||
MARCH 29, | MARCH 30, | MARCH 29, | MARCH 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Gross commission | $ | 33.1 | $ | 27.4 | $ | 33.1 | $ | 27.4 | ||||||||
Contribution expenses | (5.0 | ) | (5.0 | ) | (10.0 | ) | (10.0 | ) | ||||||||
Amortization of marketing fee | (0.2 | ) | (0.2 | ) | (0.4 | ) | (0.4 | ) | ||||||||
Net commission income | 27.9 | 22.2 | 22.7 | 17 | ||||||||||||
Reimbursements associated with Marketing Agreement | 18.7 | 20.9 | 33.8 | 34.6 | ||||||||||||
Total net sales associated with Marketing Agreement | $ | 46.6 | $ | 43.1 | $ | 56.5 | $ | 51.6 | ||||||||
DEBT_Tables
DEBT (Tables) | 6 Months Ended | |||||||||||
Mar. 29, 2014 | ||||||||||||
Components of Long-Term Debt | ' | |||||||||||
The components of long-term debt are as follows: | ||||||||||||
MARCH 29, | MARCH 30, | SEPTEMBER 30, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
(In millions) | ||||||||||||
Credit facility – Revolving loans | $ | 941.3 | $ | 757.5 | $ | 73 | ||||||
Senior Notes – 7.25% | — | 200 | 200 | |||||||||
Senior Notes – 6.625% | 200 | 200 | 200 | |||||||||
Master Accounts Receivable Purchase Agreement | 273.5 | 202.1 | 85.3 | |||||||||
Other | 9.1 | 11.4 | 12.2 | |||||||||
1,423.90 | 1,371.00 | 570.5 | ||||||||||
Less current portions | 278.6 | 208 | 92.4 | |||||||||
Total long-term debt | $ | 1,145.30 | $ | 1,163.00 | $ | 478.1 | ||||||
Schedule of Interest Rate Swap Agreements | ' | |||||||||||
The notional amount, effective date, expiration date and rate of each of these swap agreements are shown in the table below. | ||||||||||||
Notional Amount | Effective | Expiration | Fixed | |||||||||
(in millions) | Date (a) | Date | Rate | |||||||||
$ | 50 | 2/14/12 | 2/14/16 | 3.78% | ||||||||
200 | 2/7/14 | 11/7/17 | 1.28% | |||||||||
150 | (b) | 2/7/12 | 5/7/16 | 2.42% | ||||||||
150 | (c) | 11/16/09 | 5/16/16 | 3.26% | ||||||||
50 | (b) | 2/16/10 | 5/16/16 | 3.05% | ||||||||
100 | (b) | 2/21/12 | 5/23/16 | 2.40% | ||||||||
150 | (c) | 12/20/11 | 6/20/16 | 2.61% | ||||||||
50 | (d) | 12/6/12 | 9/6/17 | 2.96% | ||||||||
150 | (b) | 2/7/17 | 5/7/19 | 2.12% | ||||||||
50 | (c) | 2/7/17 | 5/7/19 | 2.25% | ||||||||
200 | (c) | 12/20/16 | 6/20/19 | 2.12% | ||||||||
(a) | The effective date refers to the date on which interest payments were, or will be, first hedged by the applicable swap agreement. | |||||||||||
(b) | Interest payments made during the three-month period of each year that begins with the month and day of the effective date are hedged by the swap agreement. | |||||||||||
(c) | Interest payments made during the six-month period of each year that begins with the month and day of the effective date are hedged by the swap agreement. | |||||||||||
(d) | Interest payments made during the nine-month period of each year that begins with the month and day of the effective date are hedged by the swap agreement. |
RETIREMENT_AND_RETIREE_MEDICAL1
RETIREMENT AND RETIREE MEDICAL PLANS (Tables) | 6 Months Ended | |||||||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||||||
Net Periodic Benefit Cost | ' | |||||||||||||||||||||||
The following summarizes the components of net periodic benefit cost for the retirement and retiree medical plans sponsored by the Company: | ||||||||||||||||||||||||
THREE MONTHS ENDED | ||||||||||||||||||||||||
MARCH 29, 2014 | MARCH 30, 2013 | |||||||||||||||||||||||
U.S. | International | U.S. | U.S. | International | U.S. | |||||||||||||||||||
Pension | Pension | Medical | Pension | Pension | Medical | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Service cost | $ | — | $ | 0.3 | $ | 0.1 | $ | — | $ | 0.4 | $ | 0.1 | ||||||||||||
Interest cost | 1.1 | 1.9 | 0.4 | 1 | 2.5 | 0.3 | ||||||||||||||||||
Expected return on plan assets | (1.3 | ) | (2.2 | ) | — | (1.3 | ) | (2.7 | ) | — | ||||||||||||||
Net amortization | 0.9 | 0.3 | — | 1.2 | 0.4 | 0.1 | ||||||||||||||||||
Net periodic benefit cost | $ | 0.7 | $ | 0.3 | $ | 0.5 | $ | 0.9 | $ | 0.6 | $ | 0.5 | ||||||||||||
SIX MONTHS ENDED | ||||||||||||||||||||||||
MARCH 29, 2014 | MARCH 30, 2013 | |||||||||||||||||||||||
U.S. | International | U.S. | U.S. | International | U.S. | |||||||||||||||||||
Pension | Pension | Medical | Pension | Pension | Medical | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Service cost | $ | — | $ | 0.8 | $ | 0.2 | $ | — | $ | 0.8 | $ | 0.2 | ||||||||||||
Interest cost | 2.2 | 5.1 | 0.7 | 2 | 5 | 0.6 | ||||||||||||||||||
Expected return on plan assets | (2.6 | ) | (5.8 | ) | — | (2.6 | ) | (5.4 | ) | — | ||||||||||||||
Net amortization | 1.9 | 0.8 | — | 2.4 | 0.8 | 0.2 | ||||||||||||||||||
Net periodic benefit cost | $ | 1.5 | $ | 0.9 | $ | 0.9 | $ | 1.8 | $ | 1.2 | $ | 1 | ||||||||||||
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended | ||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||
Share-based Awards Granted | ' | ||||||||||||||||||
The following is a summary of the share-based awards granted during the periods indicated: | |||||||||||||||||||
SIX MONTHS ENDED | |||||||||||||||||||
MARCH 29, 2014 | MARCH 30, 2013 | ||||||||||||||||||
Employees | |||||||||||||||||||
Restricted stock units | 105,365 | 129,069 | |||||||||||||||||
Performance units | 161,229 | 178,321 | |||||||||||||||||
Board of Directors | |||||||||||||||||||
Deferred stock units | 20,894 | 29,443 | |||||||||||||||||
Total share-based awards | 287,488 | 336,833 | |||||||||||||||||
Aggregate fair value at grant dates (in millions) | $ | 17.1 | $ | 15.2 | |||||||||||||||
Total Share-based Compensation Recognized | ' | ||||||||||||||||||
Total share-based compensation recognized was as follows for the periods indicated: | |||||||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||||||||||||||
MARCH 29, 2014 | MARCH 30, 2013 | MARCH 29, 2014 | MARCH 30, 2013 | ||||||||||||||||
(In millions) | |||||||||||||||||||
Share-based compensation | $ | 4.6 | $ | 6.6 | $ | 6.4 | $ | 8.5 | |||||||||||
Tax benefit recognized | 1.8 | 2.5 | 2.4 | 3.3 | |||||||||||||||
Aggregate Stock Option and SARs Activity | ' | ||||||||||||||||||
Aggregate stock option and SARs activity consisted of the following (options/SARs in millions): | |||||||||||||||||||
No. of | WTD. | ||||||||||||||||||
Options/SARs | Avg. | ||||||||||||||||||
Exercise | |||||||||||||||||||
Price | |||||||||||||||||||
Awards outstanding at September 30, 2013 | 2.7 | $ | 37.6 | ||||||||||||||||
Granted | — | — | |||||||||||||||||
Exercised | (0.4 | ) | 29.04 | ||||||||||||||||
Forfeited | — | — | |||||||||||||||||
Awards outstanding at March 29, 2014 | 2.3 | 39.05 | |||||||||||||||||
Exercisable | 1.9 | 37.5 | |||||||||||||||||
Certain Information Pertaining to Stock Option and SAR Awards Outstanding and Exercisable | ' | ||||||||||||||||||
The following summarizes certain information pertaining to stock option and SAR awards outstanding and exercisable at March 29, 2014 (options/SARs in millions): | |||||||||||||||||||
Awards Outstanding | Awards Exercisable | ||||||||||||||||||
Range of | No. of | WTD. | WTD. | No. of | WTD. | WTD. | |||||||||||||
Exercise Price | Options/ | Avg. | Avg. | Options/ | Avg. | Avg. | |||||||||||||
SARs | Remaining | Exercise | SARS | Remaining | Exercise | ||||||||||||||
Life | Price | Life | Price | ||||||||||||||||
$20.12 – $28.72 | 0.3 | 4.33 | $ | 22.02 | 0.3 | 4.33 | $ | 22.02 | |||||||||||
$29.01 – $31.62 | 0.2 | 0.84 | 29.17 | 0.2 | 0.84 | 29.17 | |||||||||||||
$33.25 – $37.48 | 0.2 | 1.54 | 35.74 | 0.2 | 1.54 | 35.74 | |||||||||||||
$37.89 – $38.90 | 0.6 | 3.1 | 38.56 | 0.6 | 3.1 | 38.56 | |||||||||||||
$40.81 – $51.73 | 1 | 6.61 | 47.37 | 0.6 | 5.94 | 47.21 | |||||||||||||
2.3 | 4.34 | $ | 39.05 | 1.9 | 3.72 | $ | 37.5 | ||||||||||||
The Intrinsic Value Of Stock Option And SAR Awards Outstanding And Exercisable | ' | ||||||||||||||||||
The intrinsic value of the stock option and SAR awards outstanding and exercisable at March 29, 2014 were as follows: | |||||||||||||||||||
(In millions) | |||||||||||||||||||
Outstanding | $ | 47.5 | |||||||||||||||||
Exercisable | 43.3 | ||||||||||||||||||
Restricted Share-based Award Activity (Including Restricted Stock, Restricted Stock Units and Deferred Stock Units) | ' | ||||||||||||||||||
Restricted share-based award activity (including restricted stock, restricted stock units and deferred stock units) was as follows: | |||||||||||||||||||
No. of | WTD. Avg. | ||||||||||||||||||
Shares | Grant Date | ||||||||||||||||||
Fair Value | |||||||||||||||||||
per Share | |||||||||||||||||||
Awards outstanding at September 30, 2013 | 409,651 | $ | 47.36 | ||||||||||||||||
Granted | 126,259 | 59.41 | |||||||||||||||||
Vested | (78,874 | ) | 42.26 | ||||||||||||||||
Forfeited | (29,479 | ) | 45.89 | ||||||||||||||||
Awards outstanding at March 29, 2014 | 427,557 | 51.96 | |||||||||||||||||
Performance-based Award Activity | ' | ||||||||||||||||||
Performance-based award activity was as follows: | |||||||||||||||||||
No. of | WTD. Avg. | ||||||||||||||||||
Units | Grant Date | ||||||||||||||||||
Fair Value | |||||||||||||||||||
per Unit | |||||||||||||||||||
Awards outstanding at September 30, 2013 | 261,917 | $ | 46.81 | ||||||||||||||||
Granted | 161,229 | 59.39 | |||||||||||||||||
Vested | — | — | |||||||||||||||||
Forfeited | (55,778 | ) | 50.88 | ||||||||||||||||
Awards outstanding at March 29, 2014 | 367,368 | 51.71 | |||||||||||||||||
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended | ||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||
Outstanding Commodity Contracts that Hedge Forecasted Purchases | ' | ||||||||||||||||||
The Company had the following outstanding commodity contracts that were entered into to hedge forecasted purchases: | |||||||||||||||||||
Commodity | MARCH 29, 2014 | MARCH 30, 2013 | SEPTEMBER 30, 2013 | ||||||||||||||||
Urea | 15,000 tons | 22,500 tons | 49,500 tons | ||||||||||||||||
Diesel | 2,940,000 gallons | 3,738,000 gallons | 3,528,000 gallons | ||||||||||||||||
Gasoline | 756,000 gallons | 644,000 gallons | 630,000 gallons | ||||||||||||||||
Heating Oil | 2,730,000 gallons | 2,856,000 gallons | 2,940,000 gallons | ||||||||||||||||
Fair Values of Company's Derivative Instruments | ' | ||||||||||||||||||
The fair values of the Company’s derivative instruments were as follows: | |||||||||||||||||||
ASSETS / (LIABILITIES) | |||||||||||||||||||
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | MARCH 29, | MARCH 30, | SEPTEMBER 30, | ||||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||||
BALANCE SHEET LOCATION | FAIR VALUE | ||||||||||||||||||
(In millions) | |||||||||||||||||||
Interest rate swap agreements | Other assets | $ | 5.1 | $ | — | $ | 3.7 | ||||||||||||
Other current liabilities | (10.6 | ) | (8.2 | ) | (8.3 | ) | |||||||||||||
Other liabilities | (9.4 | ) | (17.6 | ) | (12.1 | ) | |||||||||||||
Commodity hedging instruments | Prepaid and other current assets | 0.5 | 0.3 | 0.1 | |||||||||||||||
Other current liabilities | — | (0.2 | ) | (2.0 | ) | ||||||||||||||
Total derivatives designated as hedging instruments | $ | (14.4 | ) | $ | (25.7 | ) | $ | (18.6 | ) | ||||||||||
DERIVATIVES NOT DESIGNATED AS | BALANCE SHEET LOCATION | ||||||||||||||||||
HEDGING INSTRUMENTS | |||||||||||||||||||
Foreign currency forward contracts | Prepaid and other current assets | $ | 0.3 | $ | 7.3 | $ | — | ||||||||||||
Other current liabilities | (0.5 | ) | (0.2 | ) | (2.1 | ) | |||||||||||||
Commodity hedging instruments | Prepaid and other current assets | — | 0.3 | — | |||||||||||||||
Other current liabilities | — | — | (0.3 | ) | |||||||||||||||
Total derivatives not designated as hedging instruments | $ | (0.2 | ) | $ | 7.4 | $ | (2.4 | ) | |||||||||||
Total derivatives | $ | (14.6 | ) | $ | (18.3 | ) | $ | (21.0 | ) | ||||||||||
Effect of Derivative Instruments on AOCI and Condensed, Consolidated Statements of Operations | ' | ||||||||||||||||||
The effect of derivative instruments on AOCI and the Condensed Consolidated Statements of Operations was as follows: | |||||||||||||||||||
DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS | AMOUNT OF GAIN / (LOSS) RECOGNIZED IN AOCI | ||||||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||||||||||||||
MARCH 29, | MARCH 30, | MARCH 29, | MARCH 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(In millions) | |||||||||||||||||||
Interest rate swap agreements | $ | (4.0 | ) | $ | (1.0 | ) | $ | (4.8 | ) | $ | (1.9 | ) | |||||||
Commodity hedging instruments | 0.7 | — | 1.9 | (1.0 | ) | ||||||||||||||
Total | $ | (3.3 | ) | $ | (1.0 | ) | $ | (2.9 | ) | $ | (2.9 | ) | |||||||
DERIVATIVES IN CASH FLOW | RECLASSIFIED FROM AOCI INTO STATEMENT OF OPERATIONS | AMOUNT OF GAIN / (LOSS) | |||||||||||||||||
HEDGING RELATIONSHIPS | THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||||
MARCH 29, | MARCH 30, | MARCH 29, | MARCH 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(In millions) | |||||||||||||||||||
Interest rate swap agreements | Interest expense | $ | (4.0 | ) | $ | (3.5 | ) | $ | (7.1 | ) | $ | (4.7 | ) | ||||||
Commodity hedging instruments | Cost of sales | 0.1 | 0.1 | 0.1 | 0.2 | ||||||||||||||
Total | $ | (3.9 | ) | $ | (3.4 | ) | $ | (7.0 | ) | $ | (4.5 | ) | |||||||
DERIVATIVES NOT DESIGNATED | RECOGNIZED IN | AMOUNT OF GAIN / (LOSS) | |||||||||||||||||
AS HEDGING INSTRUMENTS | STATEMENT OF OPERATIONS | THREE MONTHS ENDED | SIX MONTHS ENDED | ||||||||||||||||
MARCH 29, | MARCH 30, | MARCH 29, | MARCH 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(In millions) | |||||||||||||||||||
Foreign currency forward contracts | Interest expense | $ | (1.1 | ) | $ | 11.2 | $ | (2.4 | ) | $ | 9.6 | ||||||||
Commodity hedging instruments | Cost of sales | (0.3 | ) | 0.4 | 0.3 | (0.1 | ) | ||||||||||||
Total | $ | (1.4 | ) | $ | 11.6 | $ | (2.1 | ) | $ | 9.5 | |||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 29, 2014: | ||||||||||||||||
Quoted Prices in Active | Significant Other | Unobservable | Total | |||||||||||||
Markets for Identical Assets | Observable Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(In millions) | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 86.3 | $ | — | $ | — | $ | 86.3 | ||||||||
Derivatives | ||||||||||||||||
Interest rate swap agreements | — | 5.1 | — | 5.1 | ||||||||||||
Foreign currency forward contracts | — | 0.3 | — | 0.3 | ||||||||||||
Commodity hedging instruments | — | 0.5 | — | 0.5 | ||||||||||||
Other | 8.3 | — | — | 8.3 | ||||||||||||
Total | $ | 94.6 | $ | 5.9 | $ | — | $ | 100.5 | ||||||||
Liabilities | ||||||||||||||||
Derivatives | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | (20.0 | ) | $ | — | $ | (20.0 | ) | ||||||
Foreign currency forward contracts | — | (0.5 | ) | — | (0.5 | ) | ||||||||||
Total | $ | — | $ | (20.5 | ) | $ | — | $ | (20.5 | ) | ||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 30, 2013: | ||||||||||||||||
Quoted Prices in Active | Significant Other | Unobservable | Total | |||||||||||||
Markets for Identical Assets | Observable Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(In millions) | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 78.3 | $ | — | $ | — | $ | 78.3 | ||||||||
Derivatives | ||||||||||||||||
Foreign currency forward contracts | — | 7.3 | — | 7.3 | ||||||||||||
Commodity hedging instruments | — | 0.6 | — | 0.6 | ||||||||||||
Other | 6.8 | — | — | 6.8 | ||||||||||||
Total | $ | 85.1 | $ | 7.9 | $ | — | $ | 93 | ||||||||
Liabilities | ||||||||||||||||
Derivatives | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | (25.8 | ) | $ | — | $ | (25.8 | ) | ||||||
Foreign currency forward contracts | — | (0.2 | ) | — | (0.2 | ) | ||||||||||
Commodity hedging instruments | — | (0.2 | ) | — | (0.2 | ) | ||||||||||
Total | $ | — | $ | (26.2 | ) | $ | — | $ | (26.2 | ) | ||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2013: | ||||||||||||||||
Quoted Prices in Active | Significant Other | Unobservable | Total | |||||||||||||
Markets for Identical Assets | Observable Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(In millions) | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 83.9 | $ | — | $ | — | $ | 83.9 | ||||||||
Derivatives | ||||||||||||||||
Interest rate swap agreements | — | 3.7 | — | 3.7 | ||||||||||||
Commodity hedging instruments | — | 0.1 | — | 0.1 | ||||||||||||
Other | 7 | — | — | 7 | ||||||||||||
Total | $ | 90.9 | $ | 3.8 | $ | — | $ | 94.7 | ||||||||
Liabilities | ||||||||||||||||
Derivatives | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | (20.4 | ) | $ | — | $ | (20.4 | ) | ||||||
Foreign currency forward contracts | — | (2.1 | ) | — | (2.1 | ) | ||||||||||
Commodity hedging instruments | — | (2.3 | ) | — | (2.3 | ) | ||||||||||
Total | $ | — | $ | (24.8 | ) | $ | — | $ | (24.8 | ) | ||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 6 Months Ended | |||||||||||||||
Mar. 29, 2014 | ||||||||||||||||
Segment Financial Information | ' | |||||||||||||||
The following tables present summarized financial information concerning the Company’s reportable segments for the periods indicated: | ||||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||||
MARCH 29, | MARCH 30, | MARCH 29, | MARCH 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Net sales: | ||||||||||||||||
Global Consumer | $ | 1,046.00 | $ | 962.8 | $ | 1,184.40 | $ | 1,105.40 | ||||||||
Scotts LawnService® | 28.9 | 32.9 | 75.2 | 77.7 | ||||||||||||
Segment total | 1,074.90 | 995.7 | 1,259.60 | 1,183.10 | ||||||||||||
Corporate & Other | 6.1 | 12.2 | 11 | 19.9 | ||||||||||||
Consolidated | $ | 1,081.00 | $ | 1,007.90 | $ | 1,270.60 | $ | 1,203.00 | ||||||||
Income (loss) from continuing operations before income taxes: | ||||||||||||||||
Global Consumer | $ | 269.5 | $ | 218.9 | $ | 202.1 | $ | 150.2 | ||||||||
Scotts LawnService® | (20.3 | ) | (17.0 | ) | (17.7 | ) | (17.9 | ) | ||||||||
Segment total | 249.2 | 201.9 | 184.4 | 132.3 | ||||||||||||
Corporate & Other | (23.0 | ) | (27.3 | ) | (44.7 | ) | (47.6 | ) | ||||||||
Intangible asset amortization | (3.0 | ) | (2.5 | ) | (5.9 | ) | (5.0 | ) | ||||||||
Impairment, restructuring and other | (6.1 | ) | (0.2 | ) | (6.4 | ) | 0.2 | |||||||||
Costs related to refinancing | (10.7 | ) | — | (10.7 | ) | — | ||||||||||
Interest expense | (12.0 | ) | (17.9 | ) | (25.9 | ) | (31.1 | ) | ||||||||
Consolidated | $ | 194.4 | $ | 154 | $ | 90.8 | $ | 48.8 | ||||||||
MARCH 29, | MARCH 30, | SEPTEMBER 30, | ||||||||||||||
2014 | 2013 | 2013 | ||||||||||||||
(In millions) | ||||||||||||||||
Total assets: | ||||||||||||||||
Global Consumer | $ | 2,721.60 | $ | 2,517.10 | $ | 1,564.20 | ||||||||||
Scotts LawnService® | 181 | 180.1 | 189.8 | |||||||||||||
Corporate & Other | 168.6 | 199.7 | 183.2 | |||||||||||||
Consolidated | $ | 3,071.20 | $ | 2,896.90 | $ | 1,937.20 | ||||||||||
FINANCIAL_INFORMATION_FOR_SUBS1
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND NON-GUARANTORS (Tables) | 6 Months Ended | |||||||||||||||||||
Mar. 29, 2014 | ||||||||||||||||||||
CONDENSED FINANCIAL INFORMATION OF PARENT SUBSIDIARY GUARANTORS AND SUBSIDIARY NONGUARANTORS | ' | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ' | |||||||||||||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
for the three months ended March 29, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net sales | $ | — | $ | 899 | $ | 182 | $ | — | $ | 1,081.00 | ||||||||||
Cost of sales | — | 527 | 120.2 | — | 647.2 | |||||||||||||||
Gross profit | — | 372 | 61.8 | — | 433.8 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | — | 170.5 | 41.7 | — | 212.2 | |||||||||||||||
Impairment, restructuring and other | — | 5.9 | 0.2 | — | 6.1 | |||||||||||||||
Other income, net | — | (1.0 | ) | (0.6 | ) | — | (1.6 | ) | ||||||||||||
Income from operations | — | 196.6 | 20.5 | — | 217.1 | |||||||||||||||
Equity income in subsidiaries | (143.5 | ) | (7.4 | ) | — | 150.9 | — | |||||||||||||
Other non-operating income | (5.1 | ) | — | (5.7 | ) | 10.8 | — | |||||||||||||
Costs related to refinancing | 10.7 | — | — | 10.7 | ||||||||||||||||
Interest expense | 12.5 | 9.9 | 0.4 | (10.8 | ) | 12 | ||||||||||||||
Income from continuing operations before income taxes | 125.4 | 194.1 | 25.8 | (150.9 | ) | 194.4 | ||||||||||||||
Income tax expense (benefit) from continuing operations | (0.3 | ) | 59.9 | 9.1 | — | 68.7 | ||||||||||||||
Income from continuing operations | 125.7 | 134.2 | 16.7 | (150.9 | ) | 125.7 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | — | (0.2 | ) | 0.2 | — | — | ||||||||||||||
Net income | $ | 125.7 | $ | 134 | $ | 16.9 | $ | (150.9 | ) | $ | 125.7 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
for the six months ended March 29, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net sales | $ | — | $ | 1,043.60 | $ | 227 | $ | — | $ | 1,270.60 | ||||||||||
Cost of sales | — | 645.1 | 157.8 | — | 802.9 | |||||||||||||||
Gross profit | — | 398.5 | 69.2 | — | 467.7 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | — | 268.4 | 68.2 | — | 336.6 | |||||||||||||||
Impairment, restructuring and other | — | 5.9 | 0.5 | — | 6.4 | |||||||||||||||
Other income, net | — | (2.1 | ) | (0.6 | ) | — | (2.7 | ) | ||||||||||||
Income from operations | — | 126.3 | 1.1 | — | 127.4 | |||||||||||||||
Equity income in subsidiaries | (87.6 | ) | (3.5 | ) | — | 91.1 | — | |||||||||||||
Other non-operating income | (9.5 | ) | — | (11.0 | ) | 20.5 | — | |||||||||||||
Costs related to refinancing | 10.7 | — | — | — | 10.7 | |||||||||||||||
Interest expense | 26.6 | 19.4 | 0.4 | (20.5 | ) | 25.9 | ||||||||||||||
Income from continuing operations before income taxes | 59.8 | 110.4 | 11.7 | (91.1 | ) | 90.8 | ||||||||||||||
Income tax expense (benefit) from continuing operations | (0.2 | ) | 27.1 | 4 | — | 30.9 | ||||||||||||||
Income from continuing operations | 60 | 83.3 | 7.7 | (91.1 | ) | 59.9 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | — | (0.3 | ) | 0.4 | — | 0.1 | ||||||||||||||
Net income | $ | 60 | $ | 83 | $ | 8.1 | $ | (91.1 | ) | $ | 60 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
for the three months ended March 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net sales | $ | — | $ | 833.4 | $ | 174.5 | $ | — | $ | 1,007.90 | ||||||||||
Cost of sales | — | 514.2 | 116.4 | — | 630.6 | |||||||||||||||
Cost of sales—impairment, restructuring and other | — | — | 0.1 | — | 0.1 | |||||||||||||||
Gross profit | — | 319.2 | 58 | — | 377.2 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | — | 164.9 | 41.8 | — | 206.7 | |||||||||||||||
Impairment, restructuring and other | — | — | 0.1 | — | 0.1 | |||||||||||||||
Other income, net | — | (0.6 | ) | (0.9 | ) | — | (1.5 | ) | ||||||||||||
Income from operations | — | 154.9 | 17 | — | 171.9 | |||||||||||||||
Equity income in subsidiaries | (107.7 | ) | (10.8 | ) | — | 118.5 | — | |||||||||||||
Other non-operating income | (8.3 | ) | — | — | 8.3 | — | ||||||||||||||
Interest expense | 16.3 | 9.3 | 0.6 | (8.3 | ) | 17.9 | ||||||||||||||
Income from continuing operations before income taxes | 99.7 | 156.4 | 16.4 | (118.5 | ) | 154 | ||||||||||||||
Income tax expense (benefit) from continuing operations | (0.3 | ) | 49.4 | 5.8 | — | 54.9 | ||||||||||||||
Income from continuing operations | 100 | 107 | 10.6 | (118.5 | ) | 99.1 | ||||||||||||||
Income from discontinued operations, net of tax | — | 0.8 | 0.1 | — | 0.9 | |||||||||||||||
Net income | $ | 100 | $ | 107.8 | $ | 10.7 | $ | (118.5 | ) | $ | 100 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
for the six months ended March 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net sales | $ | — | $ | 977.9 | $ | 225.1 | $ | — | $ | 1,203.00 | ||||||||||
Cost of sales | — | 637.5 | 157.6 | — | 795.1 | |||||||||||||||
Cost of sales—impairment, restructuring, and other charges | — | — | 0.1 | — | 0.1 | |||||||||||||||
Gross profit | — | 340.4 | 67.4 | — | 407.8 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling, general and administrative | — | 262.3 | 68.5 | — | 330.8 | |||||||||||||||
Impairment, restructuring and other | — | (0.4 | ) | 0.1 | — | (0.3 | ) | |||||||||||||
Other income, net | — | (1.5 | ) | (1.1 | ) | — | (2.6 | ) | ||||||||||||
Income (loss) from operations | — | 80 | (0.1 | ) | — | 79.9 | ||||||||||||||
Equity income in subsidiaries | (47.8 | ) | 1 | — | 46.8 | — | ||||||||||||||
Other non-operating income | (12.3 | ) | — | — | 12.3 | — | ||||||||||||||
Interest expense | 28.3 | 13.1 | 1.9 | (12.2 | ) | 31.1 | ||||||||||||||
Income (loss) from continuing operations before income taxes | 31.8 | 65.9 | (2.0 | ) | (46.9 | ) | 48.8 | |||||||||||||
Income tax expense (benefit) from continuing operations | (0.5 | ) | 19.3 | (0.8 | ) | — | 18 | |||||||||||||
Income (loss) from continuing operations | 32.3 | 46.6 | (1.2 | ) | (46.9 | ) | 30.8 | |||||||||||||
Income from discontinued operations, net of tax | — | 1.2 | 0.3 | — | 1.5 | |||||||||||||||
Net income (loss) | $ | 32.3 | $ | 47.8 | $ | (0.9 | ) | $ | (46.9 | ) | $ | 32.3 | ||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ' | |||||||||||||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ||||||||||||||||||||
for the three months ended March 29, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net income | $ | 125.7 | $ | 134 | $ | 16.9 | $ | (150.9 | ) | $ | 125.7 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Net foreign currency translation adjustment | (2.7 | ) | — | (2.7 | ) | 2.7 | (2.7 | ) | ||||||||||||
Net change in derivatives | 0.6 | (0.6 | ) | — | 0.6 | 0.6 | ||||||||||||||
Net change in pension and other post retirement benefits | 0.7 | 0.5 | 0.2 | (0.7 | ) | 0.7 | ||||||||||||||
Total other comprehensive loss | (1.4 | ) | (0.1 | ) | (2.5 | ) | 2.6 | (1.4 | ) | |||||||||||
Comprehensive income | $ | 124.3 | $ | 133.9 | $ | 14.4 | $ | (148.3 | ) | $ | 124.3 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidated Statement of Comprehensive Income (Loss) | ||||||||||||||||||||
for the six months ended March 29, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net income | $ | 60 | $ | 83 | $ | 8.1 | $ | (91.1 | ) | $ | 60 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Net foreign currency translation adjustment | (4.1 | ) | — | (4.1 | ) | 4.1 | (4.1 | ) | ||||||||||||
Net change in derivatives | 4.1 | 1.8 | — | (1.8 | ) | 4.1 | ||||||||||||||
Net change in pension and other post retirement benefits | 1.2 | 1.1 | 0.1 | (1.2 | ) | 1.2 | ||||||||||||||
Total other comprehensive income (loss) | 1.2 | 2.9 | (4.0 | ) | 1.1 | 1.2 | ||||||||||||||
Comprehensive income | $ | 61.2 | $ | 85.9 | $ | 4.1 | $ | (90.0 | ) | $ | 61.2 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) | ||||||||||||||||||||
for the three months ended March 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net income | $ | 100 | $ | 107.8 | $ | 10.7 | $ | (118.5 | ) | $ | 100 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Net foreign currency translation adjustment | — | — | (1.2 | ) | — | (1.2 | ) | |||||||||||||
Net change in derivatives | 2.5 | (0.1 | ) | — | — | 2.4 | ||||||||||||||
Net change in pension and other post retirement benefits | — | 0.7 | 2.3 | — | 3 | |||||||||||||||
Total other comprehensive income | 2.5 | 0.6 | 1.1 | — | 4.2 | |||||||||||||||
Comprehensive income | $ | 102.5 | $ | 108.4 | $ | 11.8 | $ | (118.5 | ) | $ | 104.2 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidated Statement of Comprehensive Income (Loss) | ||||||||||||||||||||
for the six months ended March 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
Net income | $ | 32.3 | $ | 47.8 | $ | (0.9 | ) | $ | (46.9 | ) | $ | 32.3 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Net foreign currency translation adjustment | — | — | (4.9 | ) | — | (4.9 | ) | |||||||||||||
Net change in derivatives | 2.8 | (1.2 | ) | — | — | 1.6 | ||||||||||||||
Net change in pension and other post retirement benefits | — | 2 | 2.2 | — | 4.2 | |||||||||||||||
Total other comprehensive income (loss) | 2.8 | 0.8 | (2.7 | ) | — | 0.9 | ||||||||||||||
Comprehensive income (loss) | $ | 35.1 | $ | 48.6 | $ | (3.6 | ) | $ | (46.9 | ) | $ | 33.2 | ||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
for the six months ended March 29, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 110.3 | $ | (474.1 | ) | $ | (122.2 | ) | $ | (128.6 | ) | $ | (614.6 | ) | ||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Proceeds from sale of business, net of transaction costs | — | 3.1 | 1 | — | 4.1 | |||||||||||||||
Investments in property, plant and equipment | — | (50.1 | ) | (2.9 | ) | — | (53.0 | ) | ||||||||||||
Investment in acquired business, net of cash acquired | — | (60.0 | ) | — | — | (60.0 | ) | |||||||||||||
Net cash used in investing activities | — | (107.0 | ) | (1.9 | ) | — | (108.9 | ) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Borrowings under revolving and bank lines of credit | — | 1,482.40 | 233.1 | — | 1,715.50 | |||||||||||||||
Repayments under revolving and bank lines of credit | — | (448.4 | ) | (212.9 | ) | — | (661.3 | ) | ||||||||||||
Repayment of Senior Notes | (200.0 | ) | — | — | — | (200.0 | ) | |||||||||||||
Financing and issuance fees | (6.1 | ) | — | — | — | (6.1 | ) | |||||||||||||
Dividends paid | (54.5 | ) | (128.6 | ) | — | 128.6 | (54.5 | ) | ||||||||||||
Purchase of common shares | (59.6 | ) | — | — | — | (59.6 | ) | |||||||||||||
Payments on seller notes | — | (0.8 | ) | — | — | (0.8 | ) | |||||||||||||
Excess tax benefits from share-based payment arrangements | — | 3.8 | — | — | 3.8 | |||||||||||||||
Cash received from the exercise of stock options | 7.9 | — | — | — | 7.9 | |||||||||||||||
Intercompany financing | 202 | (326.8 | ) | 124.8 | — | — | ||||||||||||||
Net cash (used in) provided by financing activities | (110.3 | ) | 581.6 | 145 | 128.6 | 744.9 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | 1.5 | — | 1.5 | |||||||||||||||
Net increase in cash and cash equivalents | — | 0.5 | 22.4 | — | 22.9 | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 2.6 | 127.2 | — | 129.8 | |||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 3.1 | $ | 149.6 | $ | — | $ | 152.7 | ||||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
for the six months ended March 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | 82.5 | $ | (581.8 | ) | $ | (5.4 | ) | $ | (40.6 | ) | $ | (545.3 | ) | ||||||
INVESTING ACTIVITIES | ||||||||||||||||||||
Proceeds from sale of long-lived assets | — | 0.1 | — | — | 0.1 | |||||||||||||||
Investments in property, plant and equipment | — | (30.3 | ) | (4.3 | ) | — | (34.6 | ) | ||||||||||||
Investment in acquired business, net of cash acquired | — | (3.2 | ) | — | — | (3.2 | ) | |||||||||||||
Net cash used in investing activities | — | (33.4 | ) | (4.3 | ) | — | (37.7 | ) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||
Borrowings under revolving and bank lines of credit | — | 949.7 | 217.1 | — | 1,166.80 | |||||||||||||||
Repayments under revolving and bank lines of credit | — | (112.0 | ) | (460.9 | ) | — | (572.9 | ) | ||||||||||||
Dividends paid | (40.6 | ) | (40.6 | ) | — | 40.6 | (40.6 | ) | ||||||||||||
Payment on seller notes | — | (0.8 | ) | — | — | (0.8 | ) | |||||||||||||
Excess tax benefits from share-based payment arrangements | — | 0.7 | — | — | 0.7 | |||||||||||||||
Cash received from the exercise of stock options | 2.7 | — | — | — | 2.7 | |||||||||||||||
Intercompany financing | (44.6 | ) | (181.5 | ) | 226.1 | — | — | |||||||||||||
Net cash (used in) provided by financing activities | (82.5 | ) | 615.5 | (17.7 | ) | 40.6 | 555.9 | |||||||||||||
Effect of exchange rate changes on cash | — | — | (5.7 | ) | — | (5.7 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 0.3 | (33.1 | ) | — | (32.8 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | — | 2.6 | 129.3 | — | 131.9 | |||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 2.9 | $ | 96.2 | $ | — | $ | 99.1 | ||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of March 29, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 3.1 | $ | 149.6 | $ | — | $ | 152.7 | ||||||||||
Accounts receivable, net | — | 516.4 | 230.5 | — | 746.9 | |||||||||||||||
Accounts receivable pledged | — | 341.9 | — | — | 341.9 | |||||||||||||||
Inventories | — | 433 | 113.2 | — | 546.2 | |||||||||||||||
Prepaid and other current assets | — | 113.7 | 36.2 | — | 149.9 | |||||||||||||||
Total current assets | — | 1,408.10 | 529.5 | — | 1,937.60 | |||||||||||||||
Property, plant and equipment, net | — | 400.8 | 42.8 | — | 443.6 | |||||||||||||||
Goodwill | — | 332.7 | 0.6 | — | 333.3 | |||||||||||||||
Intangible assets, net | — | 280.8 | 37.7 | — | 318.5 | |||||||||||||||
Other assets | 28.2 | 17.5 | 26.6 | (34.1 | ) | 38.2 | ||||||||||||||
Equity investment in subsidiaries | 417.1 | — | — | (417.1 | ) | — | ||||||||||||||
Intercompany assets | 1,398.10 | — | — | (1,398.1 | ) | — | ||||||||||||||
Total assets | $ | 1,843.40 | $ | 2,439.90 | $ | 637.2 | $ | (1,849.3 | ) | $ | 3,071.20 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of debt | $ | — | $ | 275.2 | $ | 3.4 | $ | — | $ | 278.6 | ||||||||||
Accounts payable | — | 263.4 | 79.1 | — | 342.5 | |||||||||||||||
Other current liabilities | 16.9 | 279.2 | 100.9 | — | 397 | |||||||||||||||
Total current liabilities | 16.9 | 817.8 | 183.4 | — | 1,018.10 | |||||||||||||||
Long-term debt | 1,141.30 | 913.2 | 32.2 | (941.4 | ) | 1,145.30 | ||||||||||||||
Other liabilities | 9.5 | 212.5 | 44.2 | (34.1 | ) | 232.1 | ||||||||||||||
Equity investment in subsidiaries | — | 171.7 | — | (171.7 | ) | — | ||||||||||||||
Intercompany liabilities | — | 178.9 | 277.8 | (456.7 | ) | — | ||||||||||||||
Total liabilities | 1,167.70 | 2,294.10 | 537.6 | (1,603.9 | ) | 2,395.50 | ||||||||||||||
Shareholders’ equity | 675.7 | 145.8 | 99.6 | (245.4 | ) | 675.7 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,843.40 | $ | 2,439.90 | $ | 637.2 | $ | (1,849.3 | ) | $ | 3,071.20 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of March 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2.9 | $ | 96.2 | $ | — | $ | 99.1 | ||||||||||
Accounts receivable, net | — | 497.6 | 216.3 | — | 713.9 | |||||||||||||||
Accounts receivable pledged | — | 252.7 | — | — | 252.7 | |||||||||||||||
Inventories | — | 492.9 | 120.1 | — | 613 | |||||||||||||||
Prepaid and other current assets | — | 115.4 | 42.6 | — | 158 | |||||||||||||||
Total current assets | — | 1,361.50 | 475.2 | — | 1,836.70 | |||||||||||||||
Property, plant and equipment, net | — | 368.1 | 49.7 | — | 417.8 | |||||||||||||||
Goodwill | — | 313.8 | 0.7 | — | 314.5 | |||||||||||||||
Intangible assets, net | — | 259.1 | 40.1 | — | 299.2 | |||||||||||||||
Other assets | 26.5 | 11.5 | 30.2 | (39.5 | ) | 28.7 | ||||||||||||||
Equity investment in subsidiaries | 849.1 | — | — | (849.1 | ) | — | ||||||||||||||
Intercompany assets | 921.2 | 185.2 | — | (1,106.4 | ) | — | ||||||||||||||
Total assets | $ | 1,796.80 | $ | 2,499.20 | $ | 595.9 | $ | (1,995.0 | ) | $ | 2,896.90 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of debt | $ | — | $ | 204.3 | $ | 3.7 | $ | — | $ | 208 | ||||||||||
Accounts payable | — | 250.6 | 76.9 | — | 327.5 | |||||||||||||||
Other current liabilities | 15.5 | 234.5 | 102.7 | — | 352.7 | |||||||||||||||
Total current liabilities | 15.5 | 689.4 | 183.3 | — | 888.2 | |||||||||||||||
Long-term debt | 1,157.50 | 736.6 | 26.4 | (757.5 | ) | 1,163.00 | ||||||||||||||
Other liabilities | 16.9 | 213.7 | 47.7 | (39.5 | ) | 238.8 | ||||||||||||||
Equity investment in subsidiaries | — | 180.7 | — | (180.7 | ) | — | ||||||||||||||
Intercompany liabilities | — | — | 348.9 | (348.9 | ) | — | ||||||||||||||
Total liabilities | 1,189.90 | 1,820.40 | 606.3 | (1,326.6 | ) | 2,290.00 | ||||||||||||||
Shareholders’ equity | 606.9 | 678.8 | (10.4 | ) | (668.4 | ) | 606.9 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 1,796.80 | $ | 2,499.20 | $ | 595.9 | $ | (1,995.0 | ) | $ | 2,896.90 | |||||||||
THE SCOTTS MIRACLE-GRO COMPANY | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Parent | Subsidiary | Non- | Eliminations | Consolidated | ||||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 2.6 | $ | 127.2 | $ | — | $ | 129.8 | ||||||||||
Accounts receivable, net | — | 119.7 | 86.9 | — | 206.6 | |||||||||||||||
Accounts receivable pledged | — | 106.7 | — | — | 106.7 | |||||||||||||||
Inventories | — | 247.2 | 77.7 | — | 324.9 | |||||||||||||||
Prepaid and other current assets | — | 76.4 | 36.6 | — | 113 | |||||||||||||||
Total current assets | — | 552.6 | 328.4 | — | 881 | |||||||||||||||
Property, plant and equipment, net | — | 377.9 | 44.4 | — | 422.3 | |||||||||||||||
Goodwill | — | 314.4 | 0.7 | — | 315.1 | |||||||||||||||
Intangible assets, net | — | 244.8 | 39.6 | — | 284.4 | |||||||||||||||
Other assets | 22.4 | 19.5 | 26.5 | (34.0 | ) | 34.4 | ||||||||||||||
Equity investment in subsidiaries | 317.1 | — | — | (317.1 | ) | — | ||||||||||||||
Intercompany assets | 871.7 | — | — | (871.7 | ) | — | ||||||||||||||
Total assets | $ | 1,211.20 | $ | 1,509.20 | $ | 439.6 | $ | (1,222.8 | ) | $ | 1,937.20 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of debt | $ | — | $ | 87.3 | $ | 5.1 | $ | — | $ | 92.4 | ||||||||||
Accounts payable | — | 83.9 | 53.8 | — | 137.7 | |||||||||||||||
Other current liabilities | 16 | 183.4 | 80.3 | — | 279.7 | |||||||||||||||
Total current liabilities | 16 | 354.6 | 139.2 | — | 509.8 | |||||||||||||||
Long-term debt | 473 | 67.9 | 10.2 | (73.0 | ) | 478.1 | ||||||||||||||
Other liabilities | 11.7 | 213.3 | 47.8 | (34.0 | ) | 238.8 | ||||||||||||||
Equity investment in subsidiaries | — | 173.3 | — | (173.3 | ) | — | ||||||||||||||
Intercompany liabilities | — | 652.1 | 146.6 | (798.7 | ) | — | ||||||||||||||
Total liabilities | 500.7 | 1,461.20 | 343.8 | (1,079.0 | ) | 1,226.70 | ||||||||||||||
Shareholders’ equity | 710.5 | 48 | 95.8 | (143.8 | ) | 710.5 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,211.20 | $ | 1,509.20 | $ | 439.6 | $ | (1,222.8 | ) | $ | 1,937.20 | |||||||||
DISCONTINUED_OPERATIONS_DISCON
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS ADDITIONAL INFORMATION (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Results of discontinued operations [Line Items] | ' | ' |
Proceeds from sale of business, net of transaction costs | $4.10 | $0 |
Wild Bird Food [Member] | ' | ' |
Results of discontinued operations [Line Items] | ' | ' |
Proceeds from sale of business, net of transaction costs | 4.1 | ' |
Future Earn Out from Sale of Business | $1 | ' |
Results_of_Discontinued_Operat
Results of Discontinued Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Results of discontinued operations [Line Items] | ' | ' | ' | ' |
Income from discontinued operations, net of tax | $0 | $0.90 | $0.10 | $1.50 |
Wild Bird Food [Member] | ' | ' | ' | ' |
Results of discontinued operations [Line Items] | ' | ' | ' | ' |
Net sales | 11.2 | 11.7 | 18 | 22.4 |
Operating costs | 11 | 10.5 | 17.6 | 20.2 |
Gain on sale of business | -0.2 | 0 | -0.2 | 0 |
Income from discontinued operations before income taxes | 0.4 | 1.2 | 0.6 | 2.2 |
Income tax expense from discontinued operations | 0.4 | 0.3 | 0.5 | 0.7 |
Income from discontinued operations, net of tax | $0 | $0.90 | $0.10 | $1.50 |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
ACQUISITIONS | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | $60 | $7.20 |
Valuation update, asset reallocation, intangibles | 1.7 | ' | ' | ' |
Finite-lived identifiable intangible assets, acquired | 39.8 | ' | ' | ' |
Goodwill, acquired | 18.2 | ' | ' | ' |
Inventory, acquired | 2 | ' | 2 | ' |
Net sales | 1,081 | 1,007.90 | 1,270.60 | 1,203 |
Tomcat Consumer Rodent Control Business [Member] | ' | ' | ' | ' |
ACQUISITIONS | ' | ' | ' | ' |
Net sales | $6.60 | ' | $12.20 | ' |
Minimum | ' | ' | ' | ' |
ACQUISITIONS | ' | ' | ' | ' |
Finite-lived intangible assets, useful life | '10 years | ' | ' | ' |
Maximum | ' | ' | ' | ' |
ACQUISITIONS | ' | ' | ' | ' |
Finite-lived intangible assets, useful life | '30 years | ' | ' | ' |
IMPAIRMENT_RESTRUCTURING_AND_O2
IMPAIRMENT, RESTRUCTURING AND OTHER - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 30, 2013 | Mar. 30, 2013 |
Voluntary Retirement | NA Consumer [Member] | International [Member] | International [Member] | Global Consumer [Member] | Global Consumer [Member] | Global Consumer [Member] | |||
Active Ingredient MAT28 [Member] | Technology [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring costs | ' | ' | ' | $3.90 | $0.20 | $0.50 | $0.20 | ' | ' |
Other Restructuring Costs | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment, restructuring and other | ' | ' | ' | ' | ' | ' | ' | -4.7 | ' |
Asset Impairment Charges | ' | ' | ' | ' | ' | ' | ' | ' | 4.3 |
Payments and other | 3.1 | 7.3 | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve, long term | ' | ' | $3.10 | ' | ' | ' | ' | ' | ' |
Summary_of_Activities_Related_
Summary of Activities Related to Liabilities Associated with Restructuring and Other (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 29, 2014 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Amounts reserved for restructuring and other charges at September 30, 2013 | ' | $11.10 |
Restructuring and other charges | ' | 6.4 |
Payments and other | -3.1 | -7.3 |
Amounts reserved for restructuring and other charges at March 29, 2014 | $10.20 | $10.20 |
Inventories_for_Continuing_Ope
Inventories for Continuing Operations, net of Reserves for Excess and Obsolete Inventories (Detail) (USD $) | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 |
In Millions, unless otherwise specified | |||
Inventory Disclosure [Line Items] | ' | ' | ' |
Finished goods | $376.80 | $182.60 | $410.30 |
Work-in-process | 43.7 | 42.7 | 53.6 |
Raw materials | 125.7 | 99.6 | 149.1 |
Total inventories | $546.20 | $324.90 | $613 |
INVENTORIES_Additional_Informa
INVENTORIES - Additional Information (Detail) (USD $) | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 |
In Millions, unless otherwise specified | |||
Inventory Disclosure [Line Items] | ' | ' | ' |
Adjustments to reflect inventories at net realizeable values | $20.40 | $19.70 | $18.50 |
MARKETING_AGREEMENT_Additional
MARKETING AGREEMENT - Additional Information (Detail) (Monsanto Marketing Agreement, USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 29, 2014 |
Marketing Agreement [Line Items] | ' | ' |
Annual contribution payment | 20 | 20 |
Initial consideration for marketing rights | 32 | 32 |
Termination provision | ' | 'Monsanto may also be able to terminate the Marketing Agreement within a given region, including North America, without paying a termination fee if unit volume sales to consumers in that region decline: (1)B over a cumulative three-fiscal-year period; or (2)B by more than 5% for each of two consecutive years. |
Minimum | ' | ' |
Marketing Agreement [Line Items] | ' | ' |
Termination fee received except in an event of default by the Company | 16 | 16 |
Contingency A | ' | ' |
Marketing Agreement [Line Items] | ' | ' |
Termination criteria period | '3 years | ' |
Contingency, B | ' | ' |
Marketing Agreement [Line Items] | ' | ' |
Termination criteria period | '2 years | ' |
Contingency, B | Minimum | ' | ' |
Marketing Agreement [Line Items] | ' | ' |
Contingency percentage of unit volume sales decline, 2 consecutive years | 5.00% | ' |
NA Consumer [Member] | ' | ' |
Marketing Agreement [Line Items] | ' | ' |
Useful life of Marketing Agreement | '20 years | '20 years |
Remaining amortization period of Marketing Agreement | ' | '5 years |
European Union | ' | ' |
Marketing Agreement [Line Items] | ' | ' |
Expiration of current term | ' | 30-Sep-15 |
European Union | Additional Renewal | ' | ' |
Marketing Agreement [Line Items] | ' | ' |
Renewal term | '3 years | ' |
Net_Commission_Earned_Under_Ma
Net Commission Earned Under Marketing Agreement (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Gross commission | $33.10 | $27.40 | $33.10 | $27.40 |
Contribution expenses | -5 | -5 | -10 | -10 |
Amortization of marketing fee | -0.2 | -0.2 | -0.4 | -0.4 |
Net commission expense | 27.9 | 22.2 | 22.7 | 17 |
Reimbursements associated with Marketing Agreement | 18.7 | 20.9 | 33.8 | 34.6 |
Total net sales associated with Marketing Agreement | $46.60 | $43.10 | $56.50 | $51.60 |
Components_of_LongTerm_Debt_De
Components of Long-Term Debt (Detail) (USD $) | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | $1,423.90 | $570.50 | $1,371 |
Less current portions | 278.6 | 92.4 | 208 |
Total long-term debt | 1,145.30 | 478.1 | 1,163 |
Credit Facilities | Secured Revolving Loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | 941.3 | 73 | 757.5 |
Senior Notes 7.25% Due 2018 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | 0 | 200 | 200 |
Senior Notes - 6.625% | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | 200 | 200 | 200 |
Master Accounts Receivable Purchase Agreement [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | 273.5 | 85.3 | 202.1 |
Other | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt | $9.10 | $12.20 | $11.40 |
Components_of_LongTerm_Debt_Pa
Components of Long-Term Debt (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Mar. 30, 2013 | Jan. 14, 2010 | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 | Dec. 16, 2010 | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 |
In Millions, unless otherwise specified | Senior Notes 7.25% Due 2018 [Member] | Senior Notes 7.25% Due 2018 [Member] | Senior Notes 7.25% Due 2018 [Member] | Senior Notes 6.625 Percent Due 2020 [Member] | Senior Notes 6.625 Percent Due 2020 [Member] | Senior Notes 6.625 Percent Due 2020 [Member] | Senior Notes 6.625 Percent Due 2020 [Member] | DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | 7.25% | 6.63% | 6.63% | 6.63% | 6.63% | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | $1,300 | $1,100 | $1,100 |
DEBT_Additional_Information_De
DEBT - Additional Information (Detail) (USD $) | 6 Months Ended | 1 Months Ended | ||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Jan. 15, 2014 | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 | Jan. 14, 2010 | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Dec. 20, 2013 | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 |
Minimum | Maximum | Letter of Credit | Short-term Debt [Member] | Senior Notes 7.25% Due 2018 [Member] | Senior Notes 7.25% Due 2018 [Member] | Senior Notes 7.25% Due 2018 [Member] | Senior Notes 7.25% Due 2018 [Member] | Senior Notes 7.25% Due 2018 [Member] | Senior Notes, 6.625% Due 2020 [Member] | Senior Notes, 6.625% Due 2020 [Member] | Senior Notes, 6.625% Due 2020 [Member] | Master Accounts Receivable Purchase Agreement [Member] | Master Accounts Receivable Purchase Agreement [Member] | Master Accounts Receivable Purchase Agreement [Member] | Fiscal Years Through 2015 [Member] | Beginning Fiscal Year 2016 [Member] | Secured Revolving Loan [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | ||||||||||||||||||||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | ' | $200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | 5.70% | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 1,423.90 | 570.5 | 1,371 | ' | ' | ' | ' | ' | 0 | 200 | 200 | ' | ' | ' | ' | 273.5 | 85.3 | 202.1 | ' | ' | ' | ' | ' | ' |
7.25% senior notes redemption price | ' | ' | ' | ' | ' | ' | ' | 214.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued and unpaid interest | ' | ' | ' | ' | ' | ' | ' | 7.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Call premium | ' | ' | ' | ' | ' | ' | ' | 7.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized bond issuance costs | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured credit facilities, maximum borrowing capacity | ' | ' | ' | ' | ' | 75 | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700 | ' | ' | ' |
Debt, Additional Maximum Borrowing Capacity With Restrictions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450 | ' | ' | ' |
Senior secured credit facilities, available borrowing capacity | 735.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate face amount of letters of credit outstanding | 23.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | 1.83 | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | 7.18 | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Restrictive Covenants | 'The Company may make restricted payments (as defined in the third amended and restated credit agreement); provided that if after giving effect to any such restricted payment the leverage ratio is not greater than 3.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Restrictive Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | 175 | ' | ' | ' | ' |
Accounts receivable pledged | 341.9 | 106.7 | 252.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Master Accounts Receivable Purchase Agreement, remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | 7.25% | 7.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217.2 | 213.5 | 219.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,300 | $1,100 | $1,100 |
Notional_Amount_Effective_Date
Notional Amount, Effective Date, Expiration Date and Rate of Interest Rate Swap Agreements (Details) (Interest Rate Swap [Member], USD $) | 6 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 |
Group 1 [Member] | Group 2 [Member] | Group 3 [Member] | Group 4 [Member] | Group 5 [Member] | Group 6 [Member] | Group 7 [Member] | Group 8 [Member] | Group 9 [Member] | Group 10 [Member] | Group 11 [Member] | DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | $50 | $150 | $150 | $50 | $100 | $150 | $50 | $200 | $150 | $50 | $200 | $1,300 | $1,100 | $1,100 |
Derivative, Effective Date | 14-Feb-12 | 7-Feb-12 | 16-Nov-09 | 16-Feb-10 | 21-Feb-12 | 20-Dec-11 | 6-Dec-12 | 7-Feb-14 | 7-Feb-17 | 7-Feb-17 | 20-Dec-16 | ' | ' | ' |
Derivative, Expiration Date | 14-Feb-16 | 7-May-16 | 16-May-16 | 16-May-16 | 23-May-16 | 20-Jun-16 | 6-Sep-17 | 7-Nov-17 | 7-May-19 | 7-May-19 | 20-Jun-19 | ' | ' | ' |
Derivative, Fixed Rate | 3.78% | 2.42% | 3.26% | 3.05% | 2.40% | 2.61% | 2.96% | 1.28% | 2.12% | 2.25% | 2.12% | ' | ' | ' |
Net_Periodic_Benefit_Cost_Deta
Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
U.S. Pension | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $0 | $0 | $0 | $0 |
Interest cost | 1.1 | 1 | 2.2 | 2 |
Expected return on plan assets | -1.3 | -1.3 | -2.6 | -2.6 |
Net amortization | 0.9 | 1.2 | 1.9 | 2.4 |
Defined Benefit Plan, Net Periodic Benefit Cost | 0.7 | 0.9 | 1.5 | 1.8 |
International Pension | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.3 | 0.4 | 0.8 | 0.8 |
Interest cost | 1.9 | 2.5 | 5.1 | 5 |
Expected return on plan assets | -2.2 | -2.7 | -5.8 | -5.4 |
Net amortization | 0.3 | 0.4 | 0.8 | 0.8 |
Defined Benefit Plan, Net Periodic Benefit Cost | 0.3 | 0.6 | 0.9 | 1.2 |
U.S. Medical | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.1 | 0.1 | 0.2 | 0.2 |
Interest cost | 0.4 | 0.3 | 0.7 | 0.6 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Net amortization | 0 | 0.1 | 0 | 0.2 |
Defined Benefit Plan, Net Periodic Benefit Cost | $0.50 | $0.50 | $0.90 | $1 |
SHAREHOLDERS_EQUITY_SHARE_REPU
SHAREHOLDERS' EQUITY SHARE REPURCHASE PROGRAM (Details) (USD $) | 6 Months Ended | 45 Months Ended |
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 29, 2014 |
Common share repurchases [Line Items] | ' | ' |
Aggregate Stock Repurchase Program Authorized Repurchase Amount | $700 | ' |
Stock Repurchased During Period, Shares | 1.1 | 8.9 |
Stock Repurchased During Period, Value | $59.60 | $460.80 |
SHAREBASED_COMPENSATION_AWARDS
SHARE-BASED COMPENSATION AWARDS GRANTED (Details) (USD $) | 6 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Grant Of Share Based Compensation Awards | 287,488 | 336,833 |
Aggregate fair value at grant (in millions) | $17.10 | $15.20 |
Board of Directors Chairman [Member] | Deferred Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total share-based awards | 20,894 | 29,443 |
Key Employees [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total share-based awards | 105,365 | 129,069 |
Key Employees [Member] | Performance Based Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total share-based awards | 161,229 | 178,321 |
SHAREHOLDERS_EQUITY_COMPENSATI
SHAREHOLDERS' EQUITY COMPENSATION COSTS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation | $4.60 | $6.60 | $6.40 | $8.50 |
Tax benefit recognized | 1.8 | 2.5 | 2.4 | 3.3 |
Unrecognized compensation cost | 17.4 | ' | 17.4 | ' |
Weighted average period unrecognized compensation costs are to be recognized | ' | ' | '2 years 2 months 25 days | ' |
Tax benefit realized from the tax deductions associated with exercises and vesting | ' | ' | $3.80 | ' |
SHAREHOLDERS_EQUITY_Stock_Opti
SHAREHOLDERS' EQUITY Stock Options/SARs Activity (Details) (USD $) | 6 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 29, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Awards outstanding at March 29, 2014 | 2.3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' |
Awards outstanding at March 29, 2014 | $39.05 |
Share-based Compensation [Abstract] | ' |
Stock options expected to vest (after forfeitures) | $0.30 |
Weighted average exercise price of options expected to vest | $47.66 |
Intrinsic value of options expected to vest | $4.20 |
Average remaining term of stock options expected to vest | '7 years 9 months 22 days |
Stock Option Program And Stock Appreciation Rights Program (SARs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Awards Outstanding at September 30, 2013 | 2.7 |
Granted | 0 |
Exercised | -0.4 |
Forfeited | 0 |
Awards outstanding at March 29, 2014 | 2.3 |
Exercisable | 1.9 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' |
Awards outstanding at September 30, 2013 | $37.60 |
Granted | $0 |
Exercised | $29.04 |
Forfeited | $0 |
Awards outstanding at March 29, 2014 | $39.05 |
Exercisable | $37.50 |
SHAREHOLDERS_EQUITY_Summary_of
SHAREHOLDERS' EQUITY Summary of Certain Information Pertaining to Stock Option and SAR Awards Outstanding and Exercisable (Details) (USD $) | 6 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 29, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Awards Outstanding, No. of Options/SARs | 2.3 |
Awards Outstanding, WTD. Avg. Remaining Life | '4 years 4 months 4 days |
Awards Outstanding, WTD. Avg. Exercise Price | $39.05 |
Awards Exercisable, No. of Options/SARs | 1.9 |
Awards Exercisable, WTD. Avg. Exercise Price | '3 years 8 months 18 days |
Awards Exercisable, WTD. Avg. Remaining Life | $37.50 |
Range 1 $20.12 - $28.72 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price (lower limit) | $20.12 |
Range of Exercise Price (upper limit) | $28.72 |
Awards Outstanding, No. of Options/SARs | 0.3 |
Awards Outstanding, WTD. Avg. Remaining Life | '4 years 3 months 28 days |
Awards Outstanding, WTD. Avg. Exercise Price | $22.02 |
Awards Exercisable, No. of Options/SARs | 0.3 |
Awards Exercisable, WTD. Avg. Exercise Price | '4 years 3 months 28 days |
Awards Exercisable, WTD. Avg. Remaining Life | $22.02 |
Range 2 $29.01 -$31.62 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price (lower limit) | $29.01 |
Range of Exercise Price (upper limit) | $31.62 |
Awards Outstanding, No. of Options/SARs | 0.2 |
Awards Outstanding, WTD. Avg. Remaining Life | '10 months 2 days |
Awards Outstanding, WTD. Avg. Exercise Price | $29.17 |
Awards Exercisable, No. of Options/SARs | 0.2 |
Awards Exercisable, WTD. Avg. Exercise Price | '10 months 2 days |
Awards Exercisable, WTD. Avg. Remaining Life | $29.17 |
Range 3 $33.25 - $37.48 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price (lower limit) | $33.25 |
Range of Exercise Price (upper limit) | $37.48 |
Awards Outstanding, No. of Options/SARs | 0.2 |
Awards Outstanding, WTD. Avg. Remaining Life | '1 year 6 months 15 days |
Awards Outstanding, WTD. Avg. Exercise Price | $35.74 |
Awards Exercisable, No. of Options/SARs | 0.2 |
Awards Exercisable, WTD. Avg. Exercise Price | '1 year 6 months 15 days |
Awards Exercisable, WTD. Avg. Remaining Life | $35.74 |
Range 4 $37.89 - $38.90 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price (lower limit) | $37.89 |
Range of Exercise Price (upper limit) | $38.90 |
Awards Outstanding, No. of Options/SARs | 0.6 |
Awards Outstanding, WTD. Avg. Remaining Life | '3 years 1 month 7 days |
Awards Outstanding, WTD. Avg. Exercise Price | $38.56 |
Awards Exercisable, No. of Options/SARs | 0.6 |
Awards Exercisable, WTD. Avg. Exercise Price | '3 years 1 month 7 days |
Awards Exercisable, WTD. Avg. Remaining Life | $38.56 |
Range 5 $40.81 - 51.73 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Price (lower limit) | $40.81 |
Range of Exercise Price (upper limit) | $51.73 |
Awards Outstanding, No. of Options/SARs | 1 |
Awards Outstanding, WTD. Avg. Remaining Life | '6 years 7 months 10 days |
Awards Outstanding, WTD. Avg. Exercise Price | $47.37 |
Awards Exercisable, No. of Options/SARs | 0.6 |
Awards Exercisable, WTD. Avg. Exercise Price | '5 years 11 months 8 days |
Awards Exercisable, WTD. Avg. Remaining Life | $47.21 |
SHAREHOLDERS_EQUITY_Intrinsic_
SHAREHOLDERS' EQUITY Intrinsic Value of Stock Option and SAR Awards Outstanding and Exercisable (Details) (Stock Option Program And Stock Appreciation Rights Program (SARs) [Member], USD $) | Mar. 29, 2014 |
In Millions, unless otherwise specified | |
Stock Option Program And Stock Appreciation Rights Program (SARs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding stock option and SAR awards intrinsic value | $47.50 |
Exercisable stock option and SAR awards intrinsic value | $43.30 |
SHAREHOLDERS_EQUITY_Restricted
SHAREHOLDERS' EQUITY Restricted Share-Based Award Activity (including restricted stock, restricted stock units and deferred stock units) (Details) (Restricted Stock, Restricted Stock Units and Deferred Stock Units [Member], USD $) | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 29, 2014 |
Restricted Stock, Restricted Stock Units and Deferred Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Awards outstanding at September 30, 2013 | 409,651 |
Granted | 126,259 |
Vested | -78,874 |
Forfeited | -29,479 |
Awards outstanding at March 29, 2014 | 427,557 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' |
Awards outstanding at September 30, 2013 | $47.36 |
Granted | $59.41 |
Vested | $42.26 |
Forfeited | $45.89 |
Awards outstanding at March 29, 2014 | $51.96 |
Share-based Compensation [Abstract] | ' |
Total fair value of restricted stock units vested | $3.30 |
SHAREHOLDERS_EQUITY_Performanc
SHAREHOLDERS' EQUITY Performance-based Award Activity (Details) (Performance Based Units [Member], USD $) | 6 Months Ended |
Mar. 29, 2014 | |
Performance Based Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Awards outstanding at September 30, 2013 | 261,917 |
Granted | 161,229 |
Vested | 0 |
Forfeited | -55,778 |
Awards outstanding at March 29, 2014 | 367,368 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' |
Awards outstanding at September 30, 2013 | $46.81 |
Granted | $59.39 |
Vested | $0 |
Forfeited | $50.88 |
Awards outstanding at March 29, 2014 | $51.71 |
INCOME_TAXES_Additional_Inform
INCOME TAXES - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 |
Income Taxes [Line Items] | ' | ' | ' |
Effective tax rate related to continuing operations | ' | 34.00% | 36.90% |
Discrete tax benefits | $1.60 | ' | ' |
US Federal Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax years under examination | ' | '2011 | ' |
Foreign Country [Member] | Minimum Tax Year [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax years under examination | ' | '2010 | ' |
Foreign Country [Member] | Maximum Tax Year [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax years under examination | ' | '2012 | ' |
U.S. state and local tax authorities [Member] | Minimum Tax Year [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax years under examination | ' | '2007 | ' |
U.S. state and local tax authorities [Member] | Maximum Tax Year [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax years under examination | ' | '2012 | ' |
CONTINGENCIES_Additional_Infor
CONTINGENCIES - Additional Information (Detail) (USD $) | Mar. 29, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Line Items] | ' |
Environmental actions accrued in the Other liabilities | $6.10 |
DERIVATIVE_INSTRUMENTS_AND_HED2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Detail) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | Foreign currency swap contracts | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' |
Derivative, Notional Amount | $197.80 | $80.40 | $266.80 |
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | Interest Rate Swap [Member] | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' |
Derivative, Notional Amount | 1,300 | 1,100 | 1,100 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -2 | ' | ' |
Interest rate swap loss amount expected to be reclassified to earnings during the next 12 months | 5.3 | ' | ' |
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | Commodity hedging instruments | Urea | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' |
Pre-tax price risk gain amount expected to be reclassified to earnings during the next 12 months | 0.4 | ' | ' |
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | Commodity hedging instruments | Diesel | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' |
Pre-tax price risk gain amount expected to be reclassified to earnings during the next 12 months | 0.1 | ' | ' |
Other Current Liabilities [Member] | DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | Foreign currency swap contracts | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -0.2 | -2.1 | ' |
Prepaid Expenses And Other Current Assets [Member] | DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | Foreign currency swap contracts | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | ' | ' | $7.10 |
Outstanding_Commodity_Contract
Outstanding Commodity Contracts that Hedge Forecasted Purchases (Detail) | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 |
tons | T | tons | |
Urea (in tons) | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Outstanding commodity contracts | 15,000 | 49,500 | 22,500 |
Diesel (in gallons) | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Outstanding commodity contracts | 2,940,000 | 3,528,000 | 3,738,000 |
Gasoline (in gallons) | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Outstanding commodity contracts | 756,000 | 630,000 | 644,000 |
Heating Oil (in gallons) | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Outstanding commodity contracts | 2,730,000 | 2,940,000 | 2,856,000 |
Fair_Values_of_Companys_Deriva
Fair Values of Company's Derivative Instruments (Detail) (USD $) | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 |
In Millions, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivatives instruments | ($14.60) | ($21) | ($18.30) |
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivatives instruments | -14.4 | -18.6 | -25.7 |
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | Interest Rate Swap [Member] | Other Asset [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative asset | 5.1 | 3.7 | 0 |
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | Interest Rate Swap [Member] | Other Current Liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative liability | -10.6 | -8.3 | -8.2 |
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | Interest Rate Swap [Member] | Other Liabilities | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative liability | -9.4 | -12.1 | -17.6 |
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | Commodity hedging instruments | Prepaid Expenses And Other Current Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative asset | 0.5 | 0.1 | 0.3 |
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS | Commodity hedging instruments | Other Current Liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative liability | 0 | -2 | -0.2 |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivatives instruments | -0.2 | -2.4 | 7.4 |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | Foreign currency swap contracts | Prepaid Expenses And Other Current Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative asset | 0.3 | 0 | 7.3 |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | Foreign currency swap contracts | Other Current Liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative liability | -0.5 | -2.1 | -0.2 |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | Commodity hedging instruments | Prepaid Expenses And Other Current Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative asset | 0 | 0 | 0.3 |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | Commodity hedging instruments | Other Current Liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative liability | $0 | ($0.30) | $0 |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments on OCI and Condensed, Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain / (Loss) Recognized in AOCI | ($3.30) | ($1) | ($2.90) | ($2.90) |
Amount of Gain / (Loss) Reclassified From AOCI Into Earnings | -3.9 | -3.4 | -7 | -4.5 |
Cash Flow Hedging | Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain / (Loss) Recognized in AOCI | -4 | -1 | -4.8 | -1.9 |
Cash Flow Hedging | Interest Rate Swap [Member] | Interest expenses | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain / (Loss) Reclassified From AOCI Into Earnings | -4 | -3.5 | -7.1 | -4.7 |
Cash Flow Hedging | Commodity hedging instruments | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain / (Loss) Recognized in AOCI | 0.7 | 0 | 1.9 | -1 |
Cash Flow Hedging | Commodity hedging instruments | Cost of sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain / (Loss) Reclassified From AOCI Into Earnings | 0.1 | 0.1 | 0.1 | 0.2 |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain / (Loss) Recognized in Earnings | -1.4 | 11.6 | -2.1 | 9.5 |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | Commodity hedging instruments | Cost of sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain / (Loss) Recognized in Earnings | -0.3 | 0.4 | 0.3 | -0.1 |
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | Foreign currency swap contracts | Interest expenses | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain / (Loss) Recognized in Earnings | ($1.10) | $11.20 | ($2.40) | $9.60 |
Financial_Assets_and_Liabiliti
Financial Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 |
In Millions, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | $86.30 | $83.90 | $78.30 |
Other | 8.3 | 7 | 6.8 |
Total assets | 100.5 | 94.7 | 93 |
Total liabilities | -20.5 | -24.8 | -26.2 |
Interest Rate Swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 5.1 | ' | ' |
Derivative liabilities | -20 | -20.4 | -25.8 |
Foreign currency swap contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 0.3 | 3.7 | 7.3 |
Derivative liabilities | -0.5 | -2.1 | -0.2 |
Commodity hedging instruments | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 0.5 | 0.1 | 0.6 |
Derivative liabilities | -2.3 | ' | -0.2 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | 86.3 | 83.9 | 78.3 |
Other | 8.3 | 7 | 6.8 |
Total assets | 94.6 | 90.9 | 85.1 |
Total liabilities | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 0 | ' | ' |
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign currency swap contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 0 | 0 | 0 |
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commodity hedging instruments | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 0 | 0 | 0 |
Derivative liabilities | 0 | ' | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Total assets | 5.9 | 3.8 | 7.9 |
Total liabilities | -20.5 | -24.8 | -26.2 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 5.1 | ' | ' |
Derivative liabilities | -20 | -20.4 | -25.8 |
Fair Value, Inputs, Level 2 [Member] | Foreign currency swap contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 0.3 | 3.7 | 7.3 |
Derivative liabilities | -0.5 | -2.1 | -0.2 |
Fair Value, Inputs, Level 2 [Member] | Commodity hedging instruments | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 0.5 | 0.1 | 0.6 |
Derivative liabilities | -2.3 | ' | -0.2 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Total liabilities | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 0 | ' | ' |
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Foreign currency swap contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 0 | 0 | 0 |
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Commodity hedging instruments | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative assets | 0 | 0 | 0 |
Derivative liabilities | $0 | ' | $0 |
Segment_Financial_Information_
Segment Financial Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $1,081 | $1,007.90 | $1,270.60 | $1,203 | ' |
Loss (income) from continuing operations before income taxes | 194.4 | 154 | 90.8 | 48.8 | ' |
Total assets | 3,071.20 | 2,896.90 | 3,071.20 | 2,896.90 | 1,937.20 |
Corporate and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 6.1 | 12.2 | 11 | 19.9 | ' |
Total assets | 168.6 | 199.7 | 168.6 | 199.7 | 183.2 |
Continuing Operations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Loss (income) from continuing operations before income taxes | 194.4 | 154 | 90.8 | 48.8 | ' |
Continuing Operations [Member] | Corporate and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Loss (income) from continuing operations before income taxes | -23 | -27.3 | -44.7 | -47.6 | ' |
Continuing Operations [Member] | Intangible Asset Amortization [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Loss (income) from continuing operations before income taxes | -3 | -2.5 | -5.9 | -5 | ' |
Continuing Operations [Member] | Impairment Restructuring And Other Costs [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Loss (income) from continuing operations before income taxes | -6.1 | -0.2 | -6.4 | 0.2 | ' |
Continuing Operations [Member] | Interest Expense [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Loss (income) from continuing operations before income taxes | -12 | -17.9 | -25.9 | -31.1 | ' |
Continuing Operations [Member] | Deferred Debt Issuance Costs [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Loss (income) from continuing operations before income taxes | -10.7 | 0 | -10.7 | 0 | ' |
Global Consumer [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 1,046 | 962.8 | 1,184.40 | 1,105.40 | ' |
Total assets | 2,721.60 | 2,517.10 | 2,721.60 | 2,517.10 | 1,564.20 |
Global Consumer [Member] | Continuing Operations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Loss (income) from continuing operations before income taxes | 269.5 | 218.9 | 202.1 | 150.2 | ' |
Scotts Lawnservice [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 28.9 | 32.9 | 75.2 | 77.7 | ' |
Total assets | 181 | 180.1 | 181 | 180.1 | 189.8 |
Scotts Lawnservice [Member] | Continuing Operations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Loss (income) from continuing operations before income taxes | -20.3 | -17 | -17.7 | -17.9 | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 1,074.90 | 995.7 | 1,259.60 | 1,183.10 | ' |
Operating Segments [Member] | Continuing Operations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Loss (income) from continuing operations before income taxes | $249.20 | $201.90 | $184.40 | $132.30 | ' |
FINANCIAL_INFORMATION_FOR_SUBS2
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND NON-GUARANTORS FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND NON-GUARANTORS - Additional information (Details) (Guarantor Subsidiaries [Member], USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Disclosure of Dividends Paid | ' | ' | ' | ' | ' |
Dividends paid by subsidiary guarantors | $128.60 | $40.60 | $87.80 | $75.40 | $67.90 |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ' | ' | ' | ' |
Net sales | $1,081 | $1,007.90 | $1,270.60 | $1,203 |
Cost of sales | 647.2 | 630.6 | 802.9 | 795.1 |
Cost of sales- impairment, restructuring and other | 0 | 0.1 | 0 | 0.1 |
Gross profit | 433.8 | 377.2 | 467.7 | 407.8 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 212.2 | 206.7 | 336.6 | 330.8 |
Impairment, restructuring and other | 6.1 | 0.1 | 6.4 | -0.3 |
Other income, net | -1.6 | -1.5 | -2.7 | -2.6 |
Income from operations | 217.1 | 171.9 | 127.4 | 79.9 |
Equity income in subsidiaries | 0 | 0 | 0 | 0 |
Other non-operating income | 0 | 0 | 0 | ' |
Debt Related Commitment Fees and Debt Issuance Costs | 10.7 | 0 | 10.7 | 0 |
Interest expense | 12 | 17.9 | 25.9 | 31.1 |
Income from continuing operations before income taxes | 194.4 | 154 | 90.8 | 48.8 |
Income tax expense (benefit) from continuing operations | 68.7 | 54.9 | 30.9 | 18 |
Income from continuing operations | 125.7 | 99.1 | 59.9 | 30.8 |
Income from discontinued operations, net of tax | 0 | 0.9 | 0.1 | 1.5 |
Net income | 125.7 | 100 | 60 | 32.3 |
Eliminations [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | ' |
Cost of sales | 0 | 0 | 0 | ' |
Cost of sales- impairment, restructuring and other | ' | 0 | ' | ' |
Gross profit | 0 | 0 | 0 | 0 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 0 | 0 | 0 | ' |
Impairment, restructuring and other | 0 | 0 | 0 | ' |
Other income, net | 0 | 0 | 0 | ' |
Income from operations | 0 | 0 | 0 | 0 |
Equity income in subsidiaries | 150.9 | 118.5 | 91.1 | 46.8 |
Other non-operating income | 10.8 | 8.3 | 20.5 | 12.3 |
Debt Related Commitment Fees and Debt Issuance Costs | ' | ' | 0 | ' |
Interest expense | -10.8 | -8.3 | -20.5 | -12.2 |
Income from continuing operations before income taxes | -150.9 | -118.5 | -91.1 | -46.9 |
Income tax expense (benefit) from continuing operations | 0 | 0 | 0 | ' |
Income from continuing operations | -150.9 | -118.5 | -91.1 | -46.9 |
Income from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income | -150.9 | -118.5 | -91.1 | -46.9 |
Parent [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | ' |
Cost of sales | 0 | 0 | 0 | ' |
Cost of sales- impairment, restructuring and other | ' | 0 | ' | ' |
Gross profit | 0 | 0 | 0 | 0 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 0 | 0 | 0 | ' |
Impairment, restructuring and other | 0 | 0 | 0 | ' |
Other income, net | 0 | 0 | 0 | ' |
Income from operations | 0 | 0 | 0 | 0 |
Equity income in subsidiaries | -143.5 | -107.7 | -87.6 | -47.8 |
Other non-operating income | -5.1 | -8.3 | -9.5 | -12.3 |
Debt Related Commitment Fees and Debt Issuance Costs | 10.7 | ' | 10.7 | ' |
Interest expense | 12.5 | 16.3 | 26.6 | 28.3 |
Income from continuing operations before income taxes | 125.4 | 99.7 | 59.8 | 31.8 |
Income tax expense (benefit) from continuing operations | -0.3 | -0.3 | -0.2 | -0.5 |
Income from continuing operations | 125.7 | 100 | 60 | 32.3 |
Income from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income | 125.7 | 100 | 60 | 32.3 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ' | ' | ' | ' |
Net sales | 899 | 833.4 | 1,043.60 | 977.9 |
Cost of sales | 527 | 514.2 | 645.1 | 637.5 |
Cost of sales- impairment, restructuring and other | ' | 0 | ' | ' |
Gross profit | 372 | 319.2 | 398.5 | 340.4 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 170.5 | 164.9 | 268.4 | 262.3 |
Impairment, restructuring and other | 5.9 | 0 | 5.9 | -0.4 |
Other income, net | -1 | -0.6 | -2.1 | -1.5 |
Income from operations | 196.6 | 154.9 | 126.3 | 80 |
Equity income in subsidiaries | -7.4 | -10.8 | -3.5 | 1 |
Other non-operating income | 0 | 0 | 0 | ' |
Debt Related Commitment Fees and Debt Issuance Costs | 0 | ' | 0 | ' |
Interest expense | 9.9 | 9.3 | 19.4 | 13.1 |
Income from continuing operations before income taxes | 194.1 | 156.4 | 110.4 | 65.9 |
Income tax expense (benefit) from continuing operations | 59.9 | 49.4 | 27.1 | 19.3 |
Income from continuing operations | 134.2 | 107 | 83.3 | 46.6 |
Income from discontinued operations, net of tax | -0.2 | 0.8 | -0.3 | 1.2 |
Net income | 134 | 107.8 | 83 | 47.8 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ' | ' | ' | ' |
Net sales | 182 | 174.5 | 227 | 225.1 |
Cost of sales | 120.2 | 116.4 | 157.8 | 157.6 |
Cost of sales- impairment, restructuring and other | ' | 0.1 | ' | 0.1 |
Gross profit | 61.8 | 58 | 69.2 | 67.4 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 41.7 | 41.8 | 68.2 | 68.5 |
Impairment, restructuring and other | 0.2 | 0.1 | 0.5 | 0.1 |
Other income, net | -0.6 | -0.9 | -0.6 | -1.1 |
Income from operations | 20.5 | 17 | 1.1 | -0.1 |
Equity income in subsidiaries | 0 | 0 | 0 | 0 |
Other non-operating income | -5.7 | 0 | -11 | ' |
Debt Related Commitment Fees and Debt Issuance Costs | 0 | ' | 0 | ' |
Interest expense | 0.4 | 0.6 | 0.4 | 1.9 |
Income from continuing operations before income taxes | 25.8 | 16.4 | 11.7 | -2 |
Income tax expense (benefit) from continuing operations | 9.1 | 5.8 | 4 | -0.8 |
Income from continuing operations | 16.7 | 10.6 | 7.7 | -1.2 |
Income from discontinued operations, net of tax | 0.2 | 0.1 | 0.4 | 0.3 |
Net income | $16.90 | $10.70 | $8.10 | ($0.90) |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Comprenhensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 |
Schedule of Condensed Consolidating Statement of Comprehensive Income (Loss) | ' | ' | ' | ' |
Net income | $125.70 | $100 | $60 | $32.30 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Net foreign currency translation adjustment | -2.7 | -1.2 | -4.1 | -4.9 |
Net change in derivatives | 0.6 | 2.4 | 4.1 | 1.6 |
Net change in pension and other post retirement benefits | 0.7 | 3 | 1.2 | 4.2 |
Total other comprehensive income (loss) | -1.4 | 4.2 | 1.2 | 0.9 |
Comprehensive income (loss) | 124.3 | 104.2 | 61.2 | 33.2 |
Eliminations [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income (Loss) | ' | ' | ' | ' |
Net income | -150.9 | -118.5 | -91.1 | -46.9 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Net foreign currency translation adjustment | 2.7 | 0 | 4.1 | 0 |
Net change in derivatives | 0.6 | 0 | -1.8 | 0 |
Net change in pension and other post retirement benefits | -0.7 | 0 | -1.2 | 0 |
Total other comprehensive income (loss) | 2.6 | 0 | 1.1 | 0 |
Comprehensive income (loss) | -148.3 | -118.5 | -90 | -46.9 |
Parent [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income (Loss) | ' | ' | ' | ' |
Net income | 125.7 | 100 | 60 | 32.3 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Net foreign currency translation adjustment | -2.7 | 0 | -4.1 | 0 |
Net change in derivatives | 0.6 | 2.5 | 4.1 | 2.8 |
Net change in pension and other post retirement benefits | 0.7 | 0 | 1.2 | 0 |
Total other comprehensive income (loss) | -1.4 | 2.5 | 1.2 | 2.8 |
Comprehensive income (loss) | 124.3 | 102.5 | 61.2 | 35.1 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income (Loss) | ' | ' | ' | ' |
Net income | 134 | 107.8 | 83 | 47.8 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Net foreign currency translation adjustment | 0 | 0 | 0 | 0 |
Net change in derivatives | -0.6 | -0.1 | 1.8 | -1.2 |
Net change in pension and other post retirement benefits | 0.5 | 0.7 | 1.1 | 2 |
Total other comprehensive income (loss) | -0.1 | 0.6 | 2.9 | 0.8 |
Comprehensive income (loss) | 133.9 | 108.4 | 85.9 | 48.6 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income (Loss) | ' | ' | ' | ' |
Net income | 16.9 | 10.7 | 8.1 | -0.9 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Net foreign currency translation adjustment | -2.7 | -1.2 | -4.1 | -4.9 |
Net change in derivatives | 0 | 0 | 0 | 0 |
Net change in pension and other post retirement benefits | 0.2 | 2.3 | 0.1 | 2.2 |
Total other comprehensive income (loss) | -2.5 | 1.1 | -4 | -2.7 |
Comprehensive income (loss) | $14.40 | $11.80 | $4.10 | ($3.60) |
Condensed_Consolidating_Statem2
Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Schedule of Condensed Consolidating Statement of Cash Flows [Line Items] | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ($614.60) | ($545.30) |
INVESTING ACTIVITIES | ' | ' |
Proceeds from sale of long-lived assets | ' | 0.1 |
Proceeds from sale of business, net of transaction costs | 4.1 | 0 |
Investments in property, plant and equipment | -53 | -34.6 |
Investment in acquired business, net of cash acquired | -60 | -3.2 |
Net cash used in investing activities | -108.9 | -37.7 |
FINANCING ACTIVITIES | ' | ' |
Borrowings under revolving and bank lines of credit | 1,715.50 | 1,166.80 |
Repayments under revolving and bank lines of credit | -661.3 | -572.9 |
Repayments of Senior Notes | -200 | 0 |
Financing and issuance fees | -6.1 | 0 |
Dividends paid | -54.5 | -40.6 |
Purchase of common shares | -59.6 | 0 |
Payments on sellers notes | -0.8 | -0.8 |
Excess tax benefits from share-based payment arrangements | 3.8 | 0.7 |
Cash received from the exercise of stock options | 7.9 | 2.7 |
Intercompany financing | 0 | ' |
Net cash (used in) provided by financing activities | 744.9 | 555.9 |
Effect of exchange rate changes on cash | 1.5 | -5.7 |
Net decrease in cash and cash equivalents | 22.9 | -32.8 |
Cash and cash equivalents, beginning of period | 129.8 | 131.9 |
Cash and cash equivalents, end of period | 152.7 | 99.1 |
Eliminations [Member] | ' | ' |
Schedule of Condensed Consolidating Statement of Cash Flows [Line Items] | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | -128.6 | -40.6 |
INVESTING ACTIVITIES | ' | ' |
Proceeds from sale of long-lived assets | ' | 0 |
Proceeds from sale of business, net of transaction costs | 0 | ' |
Investments in property, plant and equipment | 0 | 0 |
Investment in acquired business, net of cash acquired | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
FINANCING ACTIVITIES | ' | ' |
Borrowings under revolving and bank lines of credit | 0 | 0 |
Repayments under revolving and bank lines of credit | 0 | 0 |
Repayments of Senior Notes | 0 | ' |
Financing and issuance fees | 0 | ' |
Dividends paid | 128.6 | 40.6 |
Purchase of common shares | 0 | ' |
Payments on sellers notes | 0 | 0 |
Excess tax benefits from share-based payment arrangements | 0 | 0 |
Cash received from the exercise of stock options | 0 | 0 |
Intercompany financing | 0 | 0 |
Net cash (used in) provided by financing activities | 128.6 | 40.6 |
Effect of exchange rate changes on cash | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Parent [Member] | ' | ' |
Schedule of Condensed Consolidating Statement of Cash Flows [Line Items] | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 110.3 | 82.5 |
INVESTING ACTIVITIES | ' | ' |
Proceeds from sale of long-lived assets | ' | 0 |
Proceeds from sale of business, net of transaction costs | 0 | ' |
Investments in property, plant and equipment | 0 | 0 |
Investment in acquired business, net of cash acquired | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
FINANCING ACTIVITIES | ' | ' |
Borrowings under revolving and bank lines of credit | 0 | 0 |
Repayments under revolving and bank lines of credit | 0 | 0 |
Repayments of Senior Notes | -200 | ' |
Financing and issuance fees | -6.1 | ' |
Dividends paid | -54.5 | -40.6 |
Purchase of common shares | -59.6 | ' |
Payments on sellers notes | 0 | 0 |
Excess tax benefits from share-based payment arrangements | 0 | 0 |
Cash received from the exercise of stock options | 7.9 | 2.7 |
Intercompany financing | 202 | -44.6 |
Net cash (used in) provided by financing activities | -110.3 | -82.5 |
Effect of exchange rate changes on cash | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Condensed Consolidating Statement of Cash Flows [Line Items] | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | -474.1 | -581.8 |
INVESTING ACTIVITIES | ' | ' |
Proceeds from sale of long-lived assets | ' | 0.1 |
Proceeds from sale of business, net of transaction costs | 3.1 | ' |
Investments in property, plant and equipment | -50.1 | -30.3 |
Investment in acquired business, net of cash acquired | -60 | -3.2 |
Net cash used in investing activities | -107 | -33.4 |
FINANCING ACTIVITIES | ' | ' |
Borrowings under revolving and bank lines of credit | 1,482.40 | 949.7 |
Repayments under revolving and bank lines of credit | -448.4 | -112 |
Repayments of Senior Notes | 0 | ' |
Financing and issuance fees | 0 | ' |
Dividends paid | -128.6 | -40.6 |
Purchase of common shares | 0 | ' |
Payments on sellers notes | -0.8 | -0.8 |
Excess tax benefits from share-based payment arrangements | 3.8 | 0.7 |
Cash received from the exercise of stock options | 0 | 0 |
Intercompany financing | -326.8 | -181.5 |
Net cash (used in) provided by financing activities | 581.6 | 615.5 |
Effect of exchange rate changes on cash | 0 | 0 |
Net decrease in cash and cash equivalents | 0.5 | 0.3 |
Cash and cash equivalents, beginning of period | 2.6 | 2.6 |
Cash and cash equivalents, end of period | 3.1 | 2.9 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Condensed Consolidating Statement of Cash Flows [Line Items] | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | -122.2 | -5.4 |
INVESTING ACTIVITIES | ' | ' |
Proceeds from sale of long-lived assets | ' | ' |
Proceeds from sale of business, net of transaction costs | 1 | ' |
Investments in property, plant and equipment | -2.9 | -4.3 |
Investment in acquired business, net of cash acquired | 0 | 0 |
Net cash used in investing activities | -1.9 | -4.3 |
FINANCING ACTIVITIES | ' | ' |
Borrowings under revolving and bank lines of credit | 233.1 | 217.1 |
Repayments under revolving and bank lines of credit | -212.9 | -460.9 |
Repayments of Senior Notes | 0 | ' |
Financing and issuance fees | 0 | ' |
Dividends paid | 0 | 0 |
Purchase of common shares | 0 | ' |
Payments on sellers notes | 0 | 0 |
Excess tax benefits from share-based payment arrangements | 0 | 0 |
Cash received from the exercise of stock options | 0 | 0 |
Intercompany financing | 124.8 | 226.1 |
Net cash (used in) provided by financing activities | 145 | -17.7 |
Effect of exchange rate changes on cash | 1.5 | -5.7 |
Net decrease in cash and cash equivalents | 22.4 | -33.1 |
Cash and cash equivalents, beginning of period | 127.2 | 129.3 |
Cash and cash equivalents, end of period | $149.60 | $96.20 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Mar. 29, 2014 | Sep. 30, 2013 | Mar. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $152.70 | $129.80 | $99.10 | $131.90 |
Accounts receivable, less allowances | 746.9 | 206.6 | 713.9 | ' |
Accounts receivable pledged | 341.9 | 106.7 | 252.7 | ' |
Inventories | 546.2 | 324.9 | 613 | ' |
Prepaid and other current assets | 149.9 | 113 | 158 | ' |
Total current assets | 1,937.60 | 881 | 1,836.70 | ' |
Property, plant and equipment, net | 443.6 | 422.3 | 417.8 | ' |
Goodwill | 333.3 | 315.1 | 314.5 | ' |
Intangible assets, net | 318.5 | 284.4 | 299.2 | ' |
Other assets | 38.2 | 34.4 | 28.7 | ' |
Equity investment in subsidiaries | 0 | 0 | 0 | ' |
Intercompany assets | 0 | 0 | 0 | ' |
Total assets | 3,071.20 | 1,937.20 | 2,896.90 | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt | 278.6 | 92.4 | 208 | ' |
Accounts payable | 342.5 | 137.7 | 327.5 | ' |
Other current liabilities | 397 | 279.7 | 352.7 | ' |
Total current liabilities | 1,018.10 | 509.8 | 888.2 | ' |
Long-term debt | 1,145.30 | 478.1 | 1,163 | ' |
Other liabilities | 232.1 | 238.8 | 238.8 | ' |
Equity investment in subsidiaries | 0 | 0 | 0 | ' |
Intercompany liabilities | 0 | 0 | 0 | ' |
Total liabilities | 2,395.50 | 1,226.70 | 2,290 | ' |
Shareholders' equity | 675.7 | 710.5 | 606.9 | ' |
Total liabilities and shareholders' equity | 3,071.20 | 1,937.20 | 2,896.90 | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, less allowances | 0 | 0 | 0 | ' |
Accounts receivable pledged | 0 | 0 | ' | ' |
Inventories | 0 | 0 | 0 | ' |
Prepaid and other current assets | 0 | 0 | 0 | ' |
Total current assets | 0 | 0 | 0 | ' |
Property, plant and equipment, net | 0 | 0 | 0 | ' |
Goodwill | 0 | 0 | 0 | ' |
Intangible assets, net | 0 | 0 | 0 | ' |
Other assets | -34.1 | -34 | -39.5 | ' |
Equity investment in subsidiaries | -417.1 | -317.1 | -849.1 | ' |
Intercompany assets | -1,398.10 | -871.7 | -1,106.40 | ' |
Total assets | -1,849.30 | -1,222.80 | -1,995 | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt | 0 | 0 | 0 | ' |
Accounts payable | 0 | 0 | 0 | ' |
Other current liabilities | 0 | 0 | 0 | ' |
Total current liabilities | 0 | 0 | 0 | ' |
Long-term debt | -941.4 | -73 | -757.5 | ' |
Other liabilities | -34.1 | -34 | -39.5 | ' |
Equity investment in subsidiaries | -171.7 | -173.3 | -180.7 | ' |
Intercompany liabilities | -456.7 | -798.7 | -348.9 | ' |
Total liabilities | -1,603.90 | -1,079 | -1,326.60 | ' |
Shareholders' equity | -245.4 | -143.8 | -668.4 | ' |
Total liabilities and shareholders' equity | -1,849.30 | -1,222.80 | -1,995 | ' |
Parent [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, less allowances | 0 | 0 | 0 | ' |
Accounts receivable pledged | 0 | 0 | 0 | ' |
Inventories | 0 | 0 | 0 | ' |
Prepaid and other current assets | 0 | 0 | 0 | ' |
Total current assets | 0 | 0 | 0 | ' |
Property, plant and equipment, net | 0 | 0 | 0 | ' |
Goodwill | 0 | 0 | 0 | ' |
Intangible assets, net | 0 | 0 | 0 | ' |
Other assets | 28.2 | 22.4 | 26.5 | ' |
Equity investment in subsidiaries | 417.1 | 317.1 | 849.1 | ' |
Intercompany assets | 1,398.10 | 871.7 | 921.2 | ' |
Total assets | 1,843.40 | 1,211.20 | 1,796.80 | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt | 0 | 0 | 0 | ' |
Accounts payable | 0 | 0 | 0 | ' |
Other current liabilities | 16.9 | 16 | 15.5 | ' |
Total current liabilities | 16.9 | 16 | 15.5 | ' |
Long-term debt | 1,141.30 | 473 | 1,157.50 | ' |
Other liabilities | 9.5 | 11.7 | 16.9 | ' |
Equity investment in subsidiaries | 0 | 0 | 0 | ' |
Intercompany liabilities | 0 | 0 | 0 | ' |
Total liabilities | 1,167.70 | 500.7 | 1,189.90 | ' |
Shareholders' equity | 675.7 | 710.5 | 606.9 | ' |
Total liabilities and shareholders' equity | 1,843.40 | 1,211.20 | 1,796.80 | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 3.1 | 2.6 | 2.9 | 2.6 |
Accounts receivable, less allowances | 516.4 | 119.7 | 497.6 | ' |
Accounts receivable pledged | 341.9 | 106.7 | ' | ' |
Inventories | 433 | 247.2 | 492.9 | ' |
Prepaid and other current assets | 113.7 | 76.4 | 115.4 | ' |
Total current assets | 1,408.10 | 552.6 | 1,361.50 | ' |
Property, plant and equipment, net | 400.8 | 377.9 | 368.1 | ' |
Goodwill | 332.7 | 314.4 | 313.8 | ' |
Intangible assets, net | 280.8 | 244.8 | 259.1 | ' |
Other assets | 17.5 | 19.5 | 11.5 | ' |
Equity investment in subsidiaries | 0 | 0 | 0 | ' |
Intercompany assets | 0 | 0 | 185.2 | ' |
Total assets | 2,439.90 | 1,509.20 | 2,499.20 | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt | 275.2 | 87.3 | 204.3 | ' |
Accounts payable | 263.4 | 83.9 | 250.6 | ' |
Other current liabilities | 279.2 | 183.4 | 234.5 | ' |
Total current liabilities | 817.8 | 354.6 | 689.4 | ' |
Long-term debt | 913.2 | 67.9 | 736.6 | ' |
Other liabilities | 212.5 | 213.3 | 213.7 | ' |
Equity investment in subsidiaries | 171.7 | 173.3 | 180.7 | ' |
Intercompany liabilities | 178.9 | 652.1 | 0 | ' |
Total liabilities | 2,294.10 | 1,461.20 | 1,820.40 | ' |
Shareholders' equity | 145.8 | 48 | 678.8 | ' |
Total liabilities and shareholders' equity | 2,439.90 | 1,509.20 | 2,499.20 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 149.6 | 127.2 | 96.2 | 129.3 |
Accounts receivable, less allowances | 230.5 | 86.9 | 216.3 | ' |
Accounts receivable pledged | 0 | 0 | ' | ' |
Inventories | 113.2 | 77.7 | 120.1 | ' |
Prepaid and other current assets | 36.2 | 36.6 | 42.6 | ' |
Total current assets | 529.5 | 328.4 | 475.2 | ' |
Property, plant and equipment, net | 42.8 | 44.4 | 49.7 | ' |
Goodwill | 0.6 | 0.7 | 0.7 | ' |
Intangible assets, net | 37.7 | 39.6 | 40.1 | ' |
Other assets | 26.6 | 26.5 | 30.2 | ' |
Equity investment in subsidiaries | 0 | 0 | 0 | ' |
Intercompany assets | 0 | 0 | 0 | ' |
Total assets | 637.2 | 439.6 | 595.9 | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt | 3.4 | 5.1 | 3.7 | ' |
Accounts payable | 79.1 | 53.8 | 76.9 | ' |
Other current liabilities | 100.9 | 80.3 | 102.7 | ' |
Total current liabilities | 183.4 | 139.2 | 183.3 | ' |
Long-term debt | 32.2 | 10.2 | 26.4 | ' |
Other liabilities | 44.2 | 47.8 | 47.7 | ' |
Equity investment in subsidiaries | 0 | 0 | 0 | ' |
Intercompany liabilities | 277.8 | 146.6 | 348.9 | ' |
Total liabilities | 537.6 | 343.8 | 606.3 | ' |
Shareholders' equity | 99.6 | 95.8 | -10.4 | ' |
Total liabilities and shareholders' equity | $637.20 | $439.60 | $595.90 | ' |