Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |||
Dec. 28, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | |
Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-Q | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' | ' |
Trading Symbol | 'CENT | ' | ' | ' |
Entity Registrant Name | 'CENTRAL GARDEN & PET CO | ' | ' | ' |
Entity Central Index Key | '0000887733 | ' | ' | ' |
Current Fiscal Year End Date | '--09-27 | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 12,246,751 | 35,481,461 | 1,652,262 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $16,711 | $15,156 | $12,591 |
Short term investments | 14,220 | 17,820 | 17,820 |
Accounts receivable (less allowance for doubtful accounts of $20,547, $18,555 and $21,158) | 143,105 | 194,260 | 150,767 |
Inventories | 427,439 | 391,934 | 397,725 |
Prepaid expenses and other | 69,100 | 53,484 | 66,629 |
Total current assets | 670,575 | 672,654 | 645,532 |
Land, buildings, improvements and equipment-net | 187,138 | 188,913 | 192,486 |
Goodwill | 205,756 | 205,756 | 210,223 |
Other intangible assets-net | 78,856 | 79,868 | 77,790 |
Deferred income taxes and other assets | 13,643 | 13,969 | 20,041 |
Total | 1,155,968 | 1,161,160 | 1,146,072 |
Current liabilities: | ' | ' | ' |
Accounts payable | 120,548 | 103,569 | 130,484 |
Accrued expenses | 88,512 | 78,618 | 83,580 |
Current portion of long-term debt | 73 | 142 | 309 |
Total current liabilities | 209,133 | 182,329 | 214,373 |
Long-term debt | 449,465 | 472,445 | 450,446 |
Other long-term obligations | 38,867 | 36,362 | 30,968 |
Equity: | ' | ' | ' |
Common stock | 122 | 122 | 122 |
Additional paid-in capital | 390,991 | 389,153 | 383,615 |
Accumulated earnings | 64,884 | 77,592 | 64,449 |
Accumulated other comprehensive income | 1,527 | 1,442 | 1,497 |
Total Central Garden & Pet Company shareholders' equity | 457,894 | 468,678 | 450,046 |
Noncontrolling interest | 609 | 1,346 | 239 |
Total equity | 458,503 | 470,024 | 450,285 |
Total | 1,155,968 | 1,161,160 | 1,146,072 |
Class A Common Stock [Member] | ' | ' | ' |
Equity: | ' | ' | ' |
Common stock | 354 | 353 | 347 |
Class B Common Stock [Member] | ' | ' | ' |
Equity: | ' | ' | ' |
Common stock | $16 | $16 | $16 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, except Share data, unless otherwise specified | |||
Accounts receivable allowance for doubtful accounts | $20,547 | $21,158 | $18,555 |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares outstanding | 12,246,751 | 12,246,751 | 12,247,359 |
Class A Common Stock [Member] | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares outstanding | 35,423,560 | 35,291,001 | 34,765,783 |
Class B Common Stock [Member] | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares outstanding | 1,652,262 | 1,652,262 | 1,652,262 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Income Statement [Abstract] | ' | ' |
Net sales | $290,521 | $292,497 |
Cost of goods sold and occupancy | 210,780 | 215,538 |
Gross profit | 79,741 | 76,959 |
Selling, general and administrative expenses | 88,096 | 90,053 |
Loss from operations | -8,355 | -13,094 |
Interest expense | -12,217 | -10,315 |
Interest income | 13 | 65 |
Other expense | -168 | -981 |
Loss before income taxes and noncontrolling interest | -20,727 | -24,325 |
Income tax benefit | -7,915 | -8,978 |
Loss including noncontrolling interest | -12,812 | -15,347 |
Net loss attributable to noncontrolling interest | -104 | -78 |
Net loss attributable to Central Garden & Pet Company | ($12,708) | ($15,269) |
Net loss per share attributable to Central Garden & Pet Company: | ' | ' |
Basic and diluted | ($0.26) | ($0.32) |
Weighted average shares used in the computation of net loss per share: | ' | ' |
Basic and diluted | 48,368 | 47,871 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net loss | ($12,812) | ($15,347) |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation | 85 | -42 |
Total comprehensive loss | -12,727 | -15,389 |
Comprehensive loss attributable to noncontrolling interests | -104 | -78 |
Comprehensive loss attributable to Central Garden & Pet Company | ($12,623) | ($15,311) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Cash flows from operating activities: | ' | ' |
Net loss | ($12,812) | ($15,347) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 8,320 | 8,016 |
Stock-based compensation | 1,780 | 1,576 |
Excess tax benefits from stock-based awards | -171 | -74 |
Deferred income taxes | 2,361 | 2,820 |
Unrealized losses on derivative financial instruments | 0 | 627 |
Write-off of deferred financing costs | 1,731 | 0 |
Loss on sale of property and equipment | 23 | 149 |
Change in assets and liabilities: | ' | ' |
Accounts receivable | 51,255 | 51,655 |
Inventories | -35,340 | -67,473 |
Prepaid expenses and other assets | -13,743 | -15,171 |
Accounts payable | 16,952 | 3,625 |
Accrued expenses | 9,972 | 3,463 |
Other long-term obligations | -319 | -1,907 |
Net cash provided by (used in) operating activities | 30,009 | -28,041 |
Cash flows from investing activities: | ' | ' |
Additions to property and equipment | -5,377 | -8,025 |
Payments to acquire companies, net of cash acquired | 0 | -4,835 |
Proceeds from short term investments | 3,600 | 4,885 |
Net cash used in investing activities | -1,777 | -7,975 |
Cash flows from financing activities: | ' | ' |
Repayments of long-term debt | -76 | -84 |
Proceeds from issuance of common stock | 200 | 97 |
Borrowings under revolving line of credit | 45,000 | 4,000 |
Repayments under revolving line of credit | -68,000 | -3,000 |
Payment of deferred financing costs | -2,985 | 0 |
Repurchase of common stock | -401 | -327 |
Distribution to noncontrolling interest | -633 | -629 |
Excess tax benefits from stock-based awards | 171 | 74 |
Net cash (used) provided by financing activities | -26,724 | 131 |
Effect of exchange rate changes on cash and cash equivalents | 47 | 1 |
Net increase (decrease) in cash and cash equivalents | 1,555 | -35,884 |
Cash and cash equivalents at beginning of period | 15,156 | 48,475 |
Cash and cash equivalents at end of period | 16,711 | 12,591 |
Supplemental information: | ' | ' |
Cash paid for interest | 2,998 | 1,001 |
Cash paid for income taxes, net of refunds | -1,063 | 46 |
Non-cash investing activities: | ' | ' |
Capital expenditures incurred but not paid | $938 | $1,494 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Dec. 28, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The condensed consolidated balance sheets of Central Garden & Pet Company and subsidiaries (the “Company” or “Central”) as of December 28, 2013 and December 29, 2012, the condensed consolidated statements of operations for the three months ended December 28, 2013 and December 29, 2012, the condensed consolidated statements of comprehensive income (loss) for the three months ended December 28, 2013 and December 29, 2012 and the condensed consolidated statements of cash flows for the three months ended December 28, 2013 and December 29, 2012 have been prepared by the Company, without audit. In the opinion of management, the interim financial statements include all normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. | |
For the Company’s foreign business in the UK, the local currency is the functional currency. Assets and liabilities are translated using the exchange rate in effect at the balance sheet date. Income and expenses are translated at the average exchange rate for the period. Deferred taxes are not provided on translation gains and losses because the Company expects earnings of its foreign subsidiary to be permanently reinvested. Transaction gains and losses are included in results of operations. See Note 9, Supplemental Equity Information, for further detail. | |
Due to the seasonal nature of the Company’s garden business, the results of operations for the three month period ended December 28, 2013 are not indicative of the operating results that may be expected for the entire fiscal year. These interim financial statements should be read in conjunction with the annual audited financial statements, accounting policies and financial notes thereto, included in the Company’s 2013 Annual Report on Form 10-K, which has previously been filed with the Securities and Exchange Commission. The September 28, 2013 balance sheet presented herein was derived from the audited statements. | |
Noncontrolling Interest | |
Noncontrolling interest in the Company’s condensed consolidated financial statements represents the 20% interest not owned by Central in a consolidated subsidiary. Since the Company controls this subsidiary, its financial statements are consolidated with those of the Company, and the noncontrolling owner’s 20% share of the subsidiary’s net assets and results of operations is deducted and reported as noncontrolling interest on the consolidated balance sheets and as net income (loss) attributable to noncontrolling interest in the consolidated statements of operations. See Note 9, Supplemental Equity Information, for additional information. | |
Derivative Instruments | |
The Company principally uses a combination of purchase orders and various short and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities. The Company also enters into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of corn, which impacts the cost of raw materials. The Company’s primary objective when entering into these derivative contracts is to achieve greater certainty with regard to the future price of commodities purchased for use in its supply chain. These derivative contracts are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. The Company does not enter into derivative contracts for speculative purposes and does not use leveraged instruments. | |
The Company does not perform the assessments required to achieve hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded currently in other income (expense) in its condensed consolidated statements of operations. See Note 4, Derivative Instruments, for additional information. | |
Recent Accounting Pronouncements | |
Comprehensive Income | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). This guidance requires entities to disclose, either in the notes to the consolidated financial statements or parenthetically on the face of the statement that reports comprehensive income (loss), items reclassified out of accumulated other comprehensive income (loss) and into net earnings in their entirety and the effect of the reclassification on each affected statement of operations line item. In addition, for accumulated other comprehensive income (loss) reclassification items that are not reclassified in their entirety into net earnings, a cross reference to other required accounting standard disclosures is required. This guidance became effective for the Company on September 29, 2013. This new guidance did not have a material impact on the Company’s condensed consolidated financial statements. |
Business_Combinations
Business Combinations | 3 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Business Combinations | ' | ||||||||||||
2. Business Combinations | |||||||||||||
In December 2012, the Company acquired the remaining majority interest in FourStar Microbial Products, LLC (Four Star Microbial) for approximately $4.8 million in cash and approximately $4.2 million of contingent future performance-based payments. The purchase price exceeded the estimated fair value of the tangible and intangible assets acquired by $3.2 million, which was recorded as goodwill. The operating results of FourStar Microbial had no material impact on the consolidated financial statements. In the future, we expect the acquisition will enhance the Company’s capability to service professional providers of mosquito abatement. | |||||||||||||
The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date: | |||||||||||||
(In thousands) | Amounts | Measurement | Amounts | ||||||||||
Previously | Period | Recognized as of | |||||||||||
Recognized as of | Adjustments | Acquisition | |||||||||||
Acquisition Date (1) | Date | ||||||||||||
(as Adjusted) | |||||||||||||
Current assets, net of cash and cash equivalents acquired | $ | 220 | $ | 0 | $ | 220 | |||||||
Fixed assets | 40 | 0 | 40 | ||||||||||
Goodwill | 0 | 3,243 | 3,243 | ||||||||||
Intangible assets | 1,144 | 5,958 | 7,102 | ||||||||||
Other long-term assets | 5,406 | (5,406 | ) | 0 | |||||||||
Current liabilities | (13 | ) | 0 | (13 | ) | ||||||||
Current portion of long-term debt | 0 | 0 | 0 | ||||||||||
Other long-term liabilities | 0 | (4,165 | ) | (4,165 | ) | ||||||||
6,797 | (370 | )(2) | 6,427 | ||||||||||
Assets of aquiree recorded prior to purchase of majority interest | (1,962 | ) | 370 | (1,592 | ) | ||||||||
Net assets acquired, less cash and cash equivalents | $ | 4,835 | $ | 0 | $ | 4,835 | |||||||
-1 | As previously reported in our Form 10-Q for the period ended December 29, 2012. | ||||||||||||
-2 | The Company recognized a loss of approximately $370 on its prior ownership interest in the acquiree. | ||||||||||||
During fiscal 2013, the fair value measurements of assets acquired and liabilities assumed of FourStar Microbial as of the acquisition date were refined. This refinement did not have a significant impact on our condensed consolidated statements of operations, balance sheets or cash flows in any period and, therefore, we have not retrospectively adjusted our financial statements. These fair value assessments were finalized and reflected in our Form 10-K for the year ended September 28, 2013. Financial results for FourStar Microbial have been included in the results of operations within our Pet segment since the date of acquisition. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
3. Fair Value Measurements | |||||||||||||||||
ASC 820 establishes a single authoritative definition of fair value, a framework for measuring fair value and expands disclosure of fair value measurements. ASC 820 requires financial assets and liabilities to be categorized based on the inputs used to calculate their fair values as follows: | |||||||||||||||||
Level 1—Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||||||||||
Level 3—Unobservable inputs for the asset or liability, which reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). | |||||||||||||||||
The Company’s financial instruments include cash and equivalents, short term investments consisting of bank certificates of deposit, accounts receivable and payable, derivative instruments, short-term borrowings, and accrued liabilities. The carrying amount of these instruments approximates fair value because of their short-term nature. | |||||||||||||||||
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 based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 28, 2013 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Certificates of deposit (a) | $ | 0 | $ | 14,220 | $ | 0 | $ | 14,220 | |||||||||
Total assets | $ | 0 | $ | 14,220 | $ | 0 | $ | 14,220 | |||||||||
Liabilities: | |||||||||||||||||
Liability for contingent consideration (c) | $ | 0 | $ | 0 | $ | 4,165 | $ | 4,165 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,165 | $ | 4,165 | |||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 29, 2012: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Certificates of deposit (a) | $ | 0 | $ | 17,820 | $ | 0 | $ | 17,820 | |||||||||
Derivative assets (b) | 0 | 18 | 0 | 18 | |||||||||||||
Total assets | $ | 0 | $ | 17,838 | $ | 0 | $ | 17,838 | |||||||||
Liabilities: | |||||||||||||||||
Derivative liabilities (b) | $ | 0 | $ | 548 | $ | 0 | $ | 548 | |||||||||
Total liabilities | $ | 0 | $ | 548 | $ | 0 | $ | 548 | |||||||||
The following table presents our financial assets and liabilities at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of September 28, 2013: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Certificates of deposit (a) | $ | 0 | $ | 17,820 | $ | 0 | $ | 17,820 | |||||||||
Total assets | $ | 0 | $ | 17,820 | $ | 0 | $ | 17,820 | |||||||||
Liabilities: | |||||||||||||||||
Liability for contingent consideration (c) | $ | 0 | $ | 0 | $ | 4,165 | $ | 4,165 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,165 | $ | 4,165 | |||||||||
(a) | The fair value of our time deposits is based on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable. These are presented as short term investments in our condensed consolidated balance sheets. | ||||||||||||||||
(b) | Derivative assets and liabilities were valued using quoted forward pricing from bank counterparties and are presented as other current assets and liabilities in our condensed consolidated balance sheets. | ||||||||||||||||
(c) | The liability for contingent consideration relates to an earn-out for B2E, acquired in December 2012. The fair value of the contingent consideration arrangement is determined based on the Company’s evaluation as to the probability and discounted amount of any earn-out that will be achieved based on expected future performance by the acquired entity. This is presented as part of long-term liabilities in our condensed consolidated balance sheets. | ||||||||||||||||
The following table provides a summary of changes in fair value of our Level 3 financial instruments for the period ended September 28, 2013 and December 28, 2013 (in thousands): | |||||||||||||||||
Amount | |||||||||||||||||
Balance as of September 28, 2013 | $ | 4,165 | |||||||||||||||
Changes in the fair value of contingent performance-based payments established at the time of acquisition | 0 | ||||||||||||||||
Balance as of December 28, 2013 | $ | 4,165 | |||||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||
The Company measures certain non-financial assets and liabilities, including long-lived assets, goodwill and intangible assets, at fair value on a non-recurring basis. Fair value measurements of non-financial assets and non-financial liabilities are used primarily in the impairment analyses of long-lived assets, goodwill and other intangible assets. During the period ended December 28, 2013, the Company was not required to measure any significant non-financial assets and liabilities at fair value. | |||||||||||||||||
Fair Value of Other Financial Instruments | |||||||||||||||||
The estimated fair value of the Company’s $450.0 million 8.25% senior subordinated notes due 2018 as of December 28, 2013, December 29, 2012 and September 28, 2013, was $434.3 million, $481.5 million and $449.5 million, respectively, compared to a carrying value of $449.4 million, $449.3 million and $449.4 million, respectively. The estimated fair value is based on quoted market prices for these notes, which are Level 1 inputs within the fair value hierarchy. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||
4. Derivative Instruments | |||||||||||||||||||||||||
Our operations are exposed to market risks from adverse changes in commodity prices affecting the cost of raw materials. In the normal course of business, these risks are managed through a variety of strategies, including the use of derivatives. The utilization of these financial transactions is governed by policies covering acceptable counterparty exposure, instrument types and other practices. The Company does not enter into derivative contracts for speculative purposes. The Company performs assessments of its counterparty credit risk regularly, including a review of credit ratings and potential nonperformance of the counterparty, and minimizes counterparty concentrations. | |||||||||||||||||||||||||
Commodity and commodity index futures, swaps and option contracts are used to economically hedge commodity input prices on grains and proteins. These derivative contracts are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. Generally, the Company economically hedges a portion of its anticipated consumption of commodity inputs for periods of up to 12 months. As of September 28, 2013 and December 28, 2013, the Company had no outstanding derivative instruments. As of December 29, 2012, the Company had economically hedged certain portions of its anticipated consumption of commodity inputs using derivative instruments with expiration dates through July 2013. | |||||||||||||||||||||||||
The Company recognizes all derivative instruments as either assets or liabilities at fair value in the condensed consolidated balance sheets, with the exception of normal purchases and normal sales expected to result in physical delivery. The Company’s derivative financial instruments have not been designated as hedging instruments for accounting purposes. The Company recognizes realized and unrealized gains and losses from derivatives used to economically hedge anticipated commodity consumption in other income (expense) on the condensed consolidated statement of operations. | |||||||||||||||||||||||||
The following table presents the fair value of all derivative instruments outstanding in the condensed consolidated balance sheets (in thousands): | |||||||||||||||||||||||||
December 28, 2013 | December 29, 2012 | September 28, 2013 | |||||||||||||||||||||||
Other Current | Other Current | Other Current | Other Current | Other Current | Other Current | ||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Commodity contracts | $ | 0 | $ | 0 | $ | 18 | $ | 548 | $ | 0 | $ | 0 | |||||||||||||
Total derivative instruments | $ | 0 | $ | 0 | $ | 18 | $ | 548 | $ | 0 | $ | 0 | |||||||||||||
The following table presents the effect of derivative instruments recorded in other income (expense) on the condensed consolidated statements of operations (in thousands): | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | December 28, 2013 | December 29, 2012 | |||||||||||||||||||||||
Commodity contracts | $ | 0 | $ | (805 | ) | ||||||||||||||||||||
Total derivative instruments | $ | 0 | $ | (805 | ) | ||||||||||||||||||||
The following table presents the gross contract notional volume of outstanding derivative contracts: | |||||||||||||||||||||||||
Commodity | Metric | December 28, 2013 | December 29, 2012 | September 28, 2013 | |||||||||||||||||||||
Corn | Bushels | 0 | 1,449,000 | 0 | |||||||||||||||||||||
Soy Meal | Tons | 0 | 3,500 | 0 |
Inventories_net
Inventories, net | 3 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Inventories, net | ' | ||||||||||||
5. Inventories, net | |||||||||||||
Inventories, net of allowance for obsolescence, consist of the following (in thousands): | |||||||||||||
December 28, 2013 | December 29, 2012 | September 28, 2013 | |||||||||||
Raw materials | $ | 120,382 | $ | 121,875 | $ | 121,695 | |||||||
Work in progress | 17,531 | 17,291 | 19,856 | ||||||||||
Finished goods | 275,425 | 246,464 | 236,322 | ||||||||||
Supplies | 14,101 | 12,095 | 14,060 | ||||||||||
Total inventories, net | $ | 427,439 | $ | 397,725 | $ | 391,934 | |||||||
Goodwill
Goodwill | 3 Months Ended |
Dec. 28, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Goodwill | ' |
6. Goodwill | |
The Company accounts for goodwill in accordance with ASC 350, “Intangibles – Goodwill and Other,” and tests goodwill for impairment annually, or whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. This assessment involves the use of significant accounting judgments and estimates as to future operating results and discount rates. Changes in estimates or use of different assumptions could produce significantly different results. An impairment loss is generally recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit. The Company uses discounted cash flow analysis to estimate the fair value of our reporting units. The Company’s goodwill impairment analysis also includes a comparison of the aggregate estimated fair value of its reporting units to the Company’s total market capitalization. Based on the Company’s annual analysis of goodwill performed during the fourth quarter of fiscal 2013, it concluded the carrying value of the Company’s Garden segment goodwill was impaired, resulting in a non-cash goodwill impairment charge of $7.7 million. |
Other_Intangible_Assets
Other Intangible Assets | 3 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Other Intangible Assets | ' | ||||||||||||||||
7. Other Intangible Assets | |||||||||||||||||
The following table summarizes the components of gross and net acquired intangible assets: | |||||||||||||||||
Gross | Accumulated | Impairment | Net | ||||||||||||||
Amortization | Carrying | ||||||||||||||||
Value | |||||||||||||||||
(in millions) | |||||||||||||||||
December 28, 2013 | |||||||||||||||||
Marketing-related intangible assets – amortizable | $ | 12.5 | $ | (9.1 | ) | $ | 0 | $ | 3.4 | ||||||||
Marketing-related intangible assets – nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 72.1 | (9.1 | ) | (16.9 | ) | 46.1 | |||||||||||
Customer-related intangible assets – amortizable | 42.8 | (18.5 | ) | 0 | 24.3 | ||||||||||||
Other acquired intangible assets – amortizable | 16.6 | (8.1 | ) | 0 | 8.5 | ||||||||||||
Other acquired intangible assets – nonamortizable | 1.2 | 0 | (1.2 | ) | 0 | ||||||||||||
Total | 17.8 | (8.1 | ) | (1.2 | ) | 8.5 | |||||||||||
Total other intangible assets | $ | 132.7 | $ | (35.7 | ) | $ | (18.1 | ) | $ | 78.9 | |||||||
Gross | Accumulated | Impairment | Net | ||||||||||||||
Amortization | Carrying | ||||||||||||||||
Value | |||||||||||||||||
(in millions) | |||||||||||||||||
December 29, 2012 | |||||||||||||||||
Marketing-related intangible assets – amortizable | $ | 12.3 | $ | (7.7 | ) | $ | 0 | $ | 4.6 | ||||||||
Marketing-related intangible assets – nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 71.9 | (7.7 | ) | (16.9 | ) | 47.3 | |||||||||||
Customer-related intangible assets – amortizable | 42.7 | (16.0 | ) | 0 | 26.7 | ||||||||||||
Other acquired intangible assets – amortizable | 10.8 | (7.0 | ) | 0 | 3.8 | ||||||||||||
Other acquired intangible assets – nonamortizable | 1.2 | 0 | (1.2 | ) | 0 | ||||||||||||
Total | 12 | (7.0 | ) | (1.2 | ) | 3.8 | |||||||||||
Total other intangible assets | $ | 126.6 | $ | (30.7 | ) | $ | (18.1 | ) | $ | 77.8 | |||||||
Gross | Accumulated | Impairment | Net | ||||||||||||||
Amortization | Carrying | ||||||||||||||||
Value | |||||||||||||||||
(in millions) | |||||||||||||||||
September 28, 2013 | |||||||||||||||||
Marketing-related intangible assets – amortizable | $ | 12.5 | $ | (8.9 | ) | $ | 0 | $ | 3.6 | ||||||||
Marketing-related intangible assets – nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 72.1 | (8.9 | ) | (16.9 | ) | 46.3 | |||||||||||
Customer-related intangible assets – amortizable | 42.8 | (17.9 | ) | 0 | 24.9 | ||||||||||||
Other acquired intangible assets – amortizable | 16.6 | (7.9 | ) | 0 | 8.7 | ||||||||||||
Other acquired intangible assets – nonamortizable | 1.2 | 0 | (1.2 | ) | 0 | ||||||||||||
Total | 17.8 | (7.9 | ) | (1.2 | ) | 8.7 | |||||||||||
Total other intangible assets | $ | 132.7 | $ | (34.7 | ) | $ | (18.1 | ) | $ | 79.9 | |||||||
Other intangible assets acquired include contract-based and technology-based intangible assets. | |||||||||||||||||
As part of its acquisition of the remaining majority interest in FourStar Microbial during the first quarter of fiscal 2013, the Company acquired approximately $0.1 million of marketing-related intangible assets, $0.1 million of customer-related intangible assets and $6.9 million of other intangible assets. | |||||||||||||||||
The Company evaluates long-lived assets, including amortizable and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. The Company evaluates indefinite-lived intangible assets on an annual basis. In fiscal 2013, the Company tested its indefinite-lived intangible assets and no impairment was indicated. Other factors indicating the carrying value of the Company’s amortizable intangible assets may not be recoverable were not present in fiscal 2013 or during the three months ended December 28, 2013, and accordingly, no impairment testing was performed on these assets. | |||||||||||||||||
The Company is currently amortizing its acquired intangible assets with definite lives over periods ranging from 1 to 25 years; over weighted average remaining lives of six years for marketing-related intangibles, 15 years for customer-related intangibles and 15 years for other acquired intangibles. Amortization expense for intangibles subject to amortization was approximately $1.0 million and $1.1 million for the three months ended December 28, 2013 and December 29, 2012, respectively, and is classified within operating expenses in the condensed consolidated statements of operations. Estimated annual amortization expense related to acquired intangible assets in each of the succeeding five years is estimated to be approximately $5 million per year from fiscal 2014 through fiscal 2018. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Long-Term Debt | ' | ||||||||||||
8. Long-Term Debt | |||||||||||||
Long-term debt consists of the following: | |||||||||||||
December 28, | December 29, | September 28, | |||||||||||
2013 | 2012 | 2013 | |||||||||||
(in thousands) | |||||||||||||
Senior subordinated notes, net of unamortized discount (1), interest at 8.25%, payable semi-annually, principal due March 2018 | $ | 449,444 | $ | 449,337 | $ | 449,417 | |||||||
Asset-based revolving credit facility, interest at LIBOR plus a margin of 1.25% to 1.75%, or Base Rate plus a margin of 0.25% to 0.75%, final maturity December 2018 | 0 | 0 | 0 | ||||||||||
Revolving credit facility, interest at Alternate Base Rate plus a margin of 0.75% to 1.75%, or LIBOR plus a margin of 1.75% to 2.75%, final maturity June 2016 | 0 | 1,000 | 23,000 | ||||||||||
Other notes payable | 94 | 418 | 170 | ||||||||||
Total | 449,538 | 450,755 | 472,587 | ||||||||||
Less current portion | (73 | ) | (309 | ) | (142 | ) | |||||||
Long-term portion | $ | 449,465 | $ | 450,446 | $ | 472,445 | |||||||
-1 | Represents unamortized original issue discount of $556, $663 and $583, as of December 28, 2013, December 29, 2012 and September 28, 2013, respectively, which is amortizable until March 2018. | ||||||||||||
Asset Backed Loan Facility | |||||||||||||
On December 5, 2013, the Company entered into a credit agreement which provides up to a $390 million principal amount senior secured asset-based revolving credit facility, with up to an additional $200 million principal amount available with the consent of the Lenders if the Company exercises the accordion feature set forth therein (collectively, the “Credit Facility”). The Credit Facility matures on December 5, 2018 and replaced the Company’s prior revolving credit facility. The Company may borrow, repay and reborrow amounts under the Credit Facility until its maturity date, at which time all amounts outstanding under the Credit Facility must be repaid in full. As of December 28, 2013, there were no borrowings outstanding under the Credit Facility. There were no letters of credit outstanding under the Credit Facility as of December 28, 2013. There were other letters of credit of $13.1 million outstanding as of December 28, 2013. | |||||||||||||
The Credit Facility is subject to a borrowing base, calculated using a formula based upon eligible receivables and inventory, minus certain reserves and subject to restrictions. The borrowing base as of December 28, 2013 was approximately $302.2 million. Borrowings under the Credit Facility will bear interest at an index based on LIBOR or, at the option of the Company, the Base Rate (defined as the highest of (a) the SunTrust prime rate, (b) the Federal Funds Rate plus 0.5% and (c) one-month LIBOR plus 1.00%), plus, in either case, an applicable margin based on the Company’s total outstanding borrowings. Such applicable margin for LIBOR-based borrowings fluctuates between 1.25%-1.75% (and was 1.25% at December 28, 2013) and such applicable margin for Base Rate borrowings fluctuates between 0.25%-0.75% (and was 0.25% at December 28, 2013). As of December 28, 2013, the applicable interest rate related to Base Rate borrowings, had any been outstanding, was 3.5%, and the applicable interest rate related to LIBOR-based borrowings, had any been outstanding, was 1.4%. | |||||||||||||
The Credit Facility contains customary covenants, including financial covenants which require the Company to maintain a minimum fixed charge coverage ratio of 1.00:1.00 upon reaching certain borrowing levels. The Credit Facility is secured by substantially all assets of the Company. The Company was in compliance with all covenants under the Credit Facility during the period ended December 28, 2013. | |||||||||||||
The Company incurred approximately $3.0 million of costs in conjunction with this transaction, which included banking fees and legal expenses. These costs will be amortized over the term of the Credit Facility. | |||||||||||||
The Company recorded a non-cash charge of $1.7 million for the period ended December 28, 2013, as part of interest expense, related to the unamortized deferred financing costs under the prior revolving credit facility. | |||||||||||||
Senior Subordinated Notes | |||||||||||||
On March 8, 2010, the Company issued $400 million aggregate principal amount of 8.25% senior subordinated notes due March 1, 2018 (the “2018 Notes”). On February 13, 2012, the Company issued an additional $50 million aggregate principal amount of its 2018 Notes at a price of 98.501%, plus accrued interest from September 1, 2011, in a private placement. The Company used the net proceeds from the offering to pay a portion of the outstanding balance under its prior revolving credit facility. | |||||||||||||
The estimated fair value of our $450 million of 2018 Notes as of December 28, 2013 was approximately $434.3 million. The estimated fair value is based on quoted market prices for these notes. | |||||||||||||
The 2018 Notes require semiannual interest payments, which commenced on September 1, 2010. The 2018 Notes are unsecured senior subordinated obligations and are subordinated to all of the Company’s existing and future senior debt, including the Company’s prior revolving credit facility and Credit Facility. The obligations under the 2018 Notes are fully and unconditionally guaranteed on a senior subordinated basis by each of the Company’s existing and future domestic restricted subsidiaries with certain exceptions. The guarantees are general unsecured senior subordinated obligations of the guarantors and are subordinated to all existing and future senior debt of the guarantors. | |||||||||||||
The Company may redeem some or all of the 2018 Notes at any time prior to March 1, 2014 at the principal amount plus a “make whole” premium. The Company may redeem some or all of the 2018 Notes at any time on or after March 1, 2014 for 104.125%, after March 1, 2015 for 102.063% and after March 1, 2016 for 100%, plus accrued and unpaid interest. The holders of the 2018 Notes have the right to require the Company to repurchase all or a portion of the 2018 Notes at a purchase price equal to 101% of the principal amount of the notes repurchased, plus accrued and unpaid interest upon the occurrence of a change of control. | |||||||||||||
The 2018 Notes contain customary high yield covenants, including covenants limiting debt incurrence and restricted payments, subject to certain baskets and exceptions. The Company was in compliance with all financial covenants in the 2018 Notes indenture as of December 28, 2013. |
Supplemental_Equity_Informatio
Supplemental Equity Information | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Supplemental Equity Information | ' | ||||||||||||||||||||||||||||||||||||
9. Supplemental Equity Information | |||||||||||||||||||||||||||||||||||||
The following table provides a summary of the changes in the carrying amounts of equity attributable to controlling interest and noncontrolling interest for the three months ended December 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||||||||||||||
Controlling Interest | |||||||||||||||||||||||||||||||||||||
(in thousands) | Common | Class A | Class | Aditional | Retained | Accumulated | Total | Noncontrolling | Total | ||||||||||||||||||||||||||||
Stock | Common | B | Paid In | Earnings | Other | Interest | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | Comprehensive | ||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
Balance September 28, 2013 | $ | 122 | $ | 353 | $ | 16 | $ | 389,153 | $ | 77,592 | $ | 1,442 | $ | 468,678 | $ | 1,346 | $ | 470,024 | |||||||||||||||||||
Comprehensive loss | (12,708 | ) | 85 | (12,623 | ) | (104 | ) | (12,727 | ) | ||||||||||||||||||||||||||||
Stock based compensation | 1,257 | 1,257 | 1,257 | ||||||||||||||||||||||||||||||||||
Restricted share activity | 1 | 55 | 56 | 56 | |||||||||||||||||||||||||||||||||
Issuance of common stock | 355 | 355 | 355 | ||||||||||||||||||||||||||||||||||
Repurchase of common stock | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Tax benefit on stock option exercise | 171 | 171 | 171 | ||||||||||||||||||||||||||||||||||
Distribution to Noncontrolling interest | (633 | ) | (633 | ) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||
Balance December 28, 2013 | $ | 122 | $ | 354 | $ | 16 | $ | 390,991 | $ | 64,884 | $ | 1,527 | $ | 457,894 | $ | 609 | $ | 458,503 | |||||||||||||||||||
Controlling Interest | |||||||||||||||||||||||||||||||||||||
(in thousands) | Common | Class A | Class | Aditional | Retained | Accumulated | Total | Noncontrolling | Total | ||||||||||||||||||||||||||||
Stock | Common | B | Paid In | Earnings | Other | Interest | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | Comprehensive | ||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
Balance September 29, 2012 | $ | 122 | $ | 347 | $ | 16 | $ | 382,195 | $ | 79,718 | $ | 1,539 | $ | 463,937 | $ | 946 | $ | 464,883 | |||||||||||||||||||
Comprehensive loss | (15,269 | ) | (42 | ) | (15,311 | ) | (78 | ) | (15,389 | ) | |||||||||||||||||||||||||||
Stock based compensation | 1,030 | 1,030 | 1,030 | ||||||||||||||||||||||||||||||||||
Restricted share activity | (96 | ) | (96 | ) | (96 | ) | |||||||||||||||||||||||||||||||
Issuance of common stock | 412 | 412 | 412 | ||||||||||||||||||||||||||||||||||
Repurchase of common stock | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Tax benefit on stock option exercise | 74 | 74 | 74 | ||||||||||||||||||||||||||||||||||
Distribution to Noncontrolling interest | (629 | ) | (629 | ) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||
Balance December 29, 2012 | $ | 122 | $ | 347 | $ | 16 | $ | 383,615 | $ | 64,449 | $ | 1,497 | $ | 450,046 | $ | 239 | $ | 450,285 | |||||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended |
Dec. 28, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Stock-Based Compensation | ' |
10. Stock-Based Compensation | |
The Company recognized share-based compensation expense of $1.8 million and $1.6 million for the three month periods ended December 28, 2013 and December 29, 2012, respectively, as a component of selling, general and administrative expenses. The tax benefit associated with share-based compensation expense for the three month periods ended December 28, 2013 and December 29, 2012 was $0.7 million and $0.6 million, respectively. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended |
Dec. 28, 2013 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share | ' |
11. Earnings Per Share | |
The potential effects of stock awards were excluded from the diluted earnings per share calculation for the three month periods ended December 28, 2013 and December 29, 2012 because their inclusion in a net loss period would be anti-dilutive to the earnings per share calculation. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
12. Segment Information | |||||||||||||
Management has determined that the Company has two operating segments which are also reportable segments based on the level at which the Chief Operating Decision Maker reviews the results of operations to make decisions regarding performance assessment and resource allocation. These operating segments are Pet segment and Garden segment and are presented in the table below (in thousands). | |||||||||||||
Three Months Ended | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
Net sales: | |||||||||||||
Pet segment | $ | 184,605 | $ | 195,180 | |||||||||
Garden segment | 105,916 | 97,317 | |||||||||||
Total net sales | $ | 290,521 | $ | 292,497 | |||||||||
Income (loss) from operations: | |||||||||||||
Pet segment | 14,386 | 10,173 | |||||||||||
Garden segment | (6,231 | ) | (8,536 | ) | |||||||||
Corporate | (16,510 | ) | (14,731 | ) | |||||||||
Total loss from operations | (8,355 | ) | (13,094 | ) | |||||||||
Interest expense—net | (12,204 | ) | (10,250 | ) | |||||||||
Other expense | (168 | ) | (981 | ) | |||||||||
Income tax benefit | (7,915 | ) | (8,978 | ) | |||||||||
Loss including noncontrolling interest | (12,812 | ) | (15,347 | ) | |||||||||
Net loss attributable to noncontrolling interest | (104 | ) | (78 | ) | |||||||||
Net loss attributable to Central Garden & Pet Company | $ | (12,708 | ) | $ | (15,269 | ) | |||||||
Depreciation and amortization: | |||||||||||||
Pet segment | 3,886 | 3,695 | |||||||||||
Garden segment | 1,573 | 1,656 | |||||||||||
Corporate | 2,861 | 2,665 | |||||||||||
Total depreciation and amortization | $ | 8,320 | $ | 8,016 | |||||||||
December 28, | December 29, | September 28, | |||||||||||
2013 | 2012 | 2013 | |||||||||||
Assets: | |||||||||||||
Pet segment | $ | 406,000 | $ | 419,537 | $ | 425,988 | |||||||
Garden segment | 394,193 | 362,770 | 388,581 | ||||||||||
Corporate | 355,775 | 363,765 | 346,591 | ||||||||||
Total assets | $ | 1,155,968 | $ | 1,146,072 | $ | 1,161,160 | |||||||
Goodwill (included in corporate assets above): | |||||||||||||
Pet segment | $ | 205,756 | $ | 202,514 | $ | 205,756 | |||||||
Garden segment | 0 | 7,709 | 0 | ||||||||||
Total goodwill | $ | 205,756 | $ | 210,223 | $ | 205,756 | |||||||
Consolidating_Condensed_Financ
Consolidating Condensed Financial Information of Guarantor Subsidiaries | 3 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||
Consolidating Condensed Financial Information of Guarantor Subsidiaries | ' | ||||||||||||||||
13. Consolidating Condensed Financial Information of Guarantor Subsidiaries | |||||||||||||||||
Certain 100% wholly-owned subsidiaries of the Company (as listed below, collectively the “Guarantor Subsidiaries”) have guaranteed fully and unconditionally, on a joint and several basis, the obligation to pay principal and interest on the Company’s 2018 Notes. Certain subsidiaries and operating divisions are not guarantors of the Notes (collectively, the “Non-Guarantor entities”) and have been included in the financial results of the Parent in the information below. These Non-Guarantor entities are not material to the Parent. Those subsidiaries that are guarantors and co-obligors of the Notes are as follows: | |||||||||||||||||
Farnam Companies, Inc. | |||||||||||||||||
Four Paws Products Ltd. | |||||||||||||||||
Gulfstream Home & Garden, Inc. | |||||||||||||||||
Kaytee Products, Inc. | |||||||||||||||||
Matson, LLC | |||||||||||||||||
New England Pottery, LLC | |||||||||||||||||
Pennington Seed, Inc. (including Gro Tec, Inc. and All-Glass Aquarium Co., Inc.) | |||||||||||||||||
Pets International, Ltd. | |||||||||||||||||
T.F.H. Publications, Inc. | |||||||||||||||||
Wellmark International (including B2E Corporation and B2E Biotech LLC) | |||||||||||||||||
In lieu of providing separate audited financial statements for the Guarantor Subsidiaries, the Company has included the accompanying consolidating condensed financial statements based on the Company’s understanding of the Securities and Exchange Commission’s interpretation and application of Rule 3-10 of the Securities and Exchange Commission’s Regulation S-X. | |||||||||||||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
Net sales | $ | 96,339 | $ | 205,306 | $ | (11,124 | ) | $ | 290,521 | ||||||||
Cost of products sold and occupancy | 76,747 | 145,157 | (11,124 | ) | 210,780 | ||||||||||||
Gross profit | 19,592 | 60,149 | 0 | 79,741 | |||||||||||||
Selling, general and administrative expenses | 28,375 | 59,721 | 0 | 88,096 | |||||||||||||
Income (loss) from operations | (8,783 | ) | 428 | 0 | (8,355 | ) | |||||||||||
Interest – net | (12,184 | ) | (20 | ) | 0 | (12,204 | ) | ||||||||||
Other income (loss ) | 415 | (583 | ) | 0 | (168 | ) | |||||||||||
Loss before income taxes | (20,552 | ) | (175 | ) | 0 | (20,727 | ) | ||||||||||
Income tax benefit | (7,848 | ) | (67 | ) | 0 | (7,915 | ) | ||||||||||
Loss including noncontrolling interest | (12,704 | ) | (108 | ) | (12,812 | ) | |||||||||||
Loss attributable to noncontrolling interest | (104 | ) | 0 | 0 | (104 | ) | |||||||||||
Loss attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries | (12,600 | ) | (108 | ) | 0 | (12,708 | ) | ||||||||||
Equity in undistributed income of guarantor subsidiaries | (108 | ) | 0 | 108 | 0 | ||||||||||||
Net loss attributable to Central Garden & Pet Co. | $ | (12,708 | ) | $ | (108 | ) | $ | 108 | $ | (12,708 | ) | ||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||
Three Months Ended December 29, 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
Net sales | $ | 96,003 | $ | 209,045 | $ | (12,551 | ) | $ | 292,497 | ||||||||
Cost of products sold and occupancy | 74,843 | 153,246 | (12,551 | ) | 215,538 | ||||||||||||
Gross profit | 21,160 | 55,799 | 0 | 76,959 | |||||||||||||
Selling, general and administrative expenses | 28,519 | 61,534 | 0 | 90,053 | |||||||||||||
Loss from operations | (7,359 | ) | (5,735 | ) | 0 | (13,094 | ) | ||||||||||
Interest – net | (10,299 | ) | 49 | 0 | (10,250 | ) | |||||||||||
Other income (loss ) | 248 | (1,229 | ) | 0 | (981 | ) | |||||||||||
Loss before income taxes | (17,410 | ) | (6,915 | ) | 0 | (24,325 | ) | ||||||||||
Income tax benefit | (6,383 | ) | (2,595 | ) | 0 | (8,978 | ) | ||||||||||
Loss including noncontrolling interest | (11,027 | ) | (4,320 | ) | (15,347 | ) | |||||||||||
Loss attributable to noncontrolling interest | (78 | ) | 0 | 0 | (78 | ) | |||||||||||
Loss attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries | (10,949 | ) | (4,320 | ) | 0 | (15,269 | ) | ||||||||||
Equity in undistributed income of guarantor subsidiaries | (4,320 | ) | 0 | 4,320 | 0 | ||||||||||||
Net loss attributable to Central Garden & Pet Co. | $ | (15,269 | ) | $ | (4,320 | ) | $ | 4,320 | $ | (15,269 | ) | ||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE | |||||||||||||||||
INCOME (LOSS) | |||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
Net loss | $ | (12,704 | ) | $ | (108 | ) | $ | 0 | $ | (12,812 | ) | ||||||
Other comprehensive income: | |||||||||||||||||
Foreign currency translation | 85 | 0 | 0 | 85 | |||||||||||||
Total comprehensive loss | (12,619 | ) | (108 | ) | 0 | (12,727 | ) | ||||||||||
Comprehensive loss attributable to noncontrolling interests | (104 | ) | 0 | 0 | (104 | ) | |||||||||||
Comprehensive loss attributable to Central Garden & Pet Company | $ | (12,515 | ) | $ | (108 | ) | $ | 0 | $ | (12,623 | ) | ||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE | |||||||||||||||||
INCOME (LOSS) | |||||||||||||||||
Three Months Ended December 29, 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
Net loss | $ | (11,027 | ) | $ | (4,320 | ) | $ | 0 | $ | (15,347 | ) | ||||||
Other comprehensive loss: | |||||||||||||||||
Foreign currency translation | (42 | ) | 0 | 0 | (42 | ) | |||||||||||
Total comprehensive loss | (11,069 | ) | (4,320 | ) | 0 | (15,389 | ) | ||||||||||
Comprehensive loss attributable to noncontrolling interests | (78 | ) | 0 | 0 | (78 | ) | |||||||||||
Comprehensive loss attributable to Central Garden & Pet Company | $ | (10,991 | ) | $ | (4,320 | ) | $ | 0 | $ | (15,311 | ) | ||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||
28-Dec-13 | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 13,142 | $ | 3,569 | $ | 0 | $ | 16,711 | |||||||||
Short term investments | 14,220 | 0 | 0 | 14,220 | |||||||||||||
Accounts receivable, net | 43,850 | 103,997 | (4,742 | ) | 143,105 | ||||||||||||
Inventories | 137,276 | 290,163 | 0 | 427,439 | |||||||||||||
Prepaid expenses and other assets | 34,595 | 34,505 | 0 | 69,100 | |||||||||||||
Total current assets | 243,083 | 432,234 | (4,742 | ) | 670,575 | ||||||||||||
Land, buildings, improvements and equipment, net | 76,990 | 110,148 | 0 | 187,138 | |||||||||||||
Goodwill | 0 | 205,756 | 0 | 205,756 | |||||||||||||
Investment in guarantors | 657,919 | 0 | (657,919 | ) | 0 | ||||||||||||
Deferred income taxes and other assets | 57,820 | 34,679 | 0 | 92,499 | |||||||||||||
Total | $ | 1,035,812 | $ | 782,817 | $ | (662,661 | ) | $ | 1,155,968 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Accounts payable | $ | 50,834 | $ | 74,456 | $ | (4,742 | ) | $ | 120,548 | ||||||||
Accrued expenses and other current liabilities | 44,659 | 43,926 | 0 | 88,585 | |||||||||||||
Total current liabilities | 95,493 | 118,382 | (4,742 | ) | 209,133 | ||||||||||||
Long-term debt | 449,444 | 21 | 0 | 449,465 | |||||||||||||
Other long-term obligations | 32,372 | 6,495 | 0 | 38,867 | |||||||||||||
Shareholders’ equity attributable to Central Garden & Pet Co. | 457,894 | 657,919 | (657,919 | ) | 457,894 | ||||||||||||
Noncontrolling interest | 609 | 0 | 0 | 609 | |||||||||||||
Total equity | 458,503 | 657,919 | (657,919 | ) | 458,503 | ||||||||||||
Total | $ | 1,035,812 | $ | 782,817 | $ | (662,661 | ) | $ | 1,155,968 | ||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||
September 28, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 12,441 | $ | 2,715 | $ | 0 | $ | 15,156 | |||||||||
Short term investments | 17,820 | 0 | 0 | 17,820 | |||||||||||||
Accounts receivable, net | 43,660 | 153,734 | (3,134 | ) | 194,260 | ||||||||||||
Inventories | 114,662 | 277,272 | 0 | 391,934 | |||||||||||||
Prepaid expenses and other assets | 24,747 | 28,737 | 0 | 53,484 | |||||||||||||
Total current assets | 213,330 | 462,458 | (3,134 | ) | 672,654 | ||||||||||||
Land, buildings, improvements and equipment, net | 78,662 | 110,251 | 0 | 188,913 | |||||||||||||
Goodwill | 0 | 205,756 | 0 | 205,756 | |||||||||||||
Investment in guarantors | 693,615 | 0 | (693,615 | ) | 0 | ||||||||||||
Other assets | 57,255 | 36,582 | 0 | 93,837 | |||||||||||||
Total | $ | 1,042,862 | $ | 815,047 | $ | (696,749 | ) | $ | 1,161,160 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Accounts payable | $ | 36,869 | $ | 69,834 | $ | (3,134 | ) | $ | 103,569 | ||||||||
Accrued expenses and other liabilities | 33,664 | 45,096 | 0 | 78,760 | |||||||||||||
Total current liabilities | 70,533 | 114,930 | (3,134 | ) | 182,329 | ||||||||||||
Long-term debt | 472,418 | 27 | 0 | 472,445 | |||||||||||||
Other long-term obligations | 29,887 | 6,475 | 0 | 36,362 | |||||||||||||
Shareholders’ equity attributable to Central Garden & Pet | 468,678 | 693,615 | (693,615 | ) | 468,678 | ||||||||||||
Noncontrolling interest | 1,346 | 0 | 0 | 1,346 | |||||||||||||
Total equity | 470,024 | 693,615 | (693,615 | ) | 470,024 | ||||||||||||
Total | $ | 1,042,862 | $ | 815,047 | $ | (696,749 | ) | $ | 1,161,160 | ||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||
29-Dec-12 | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 7,925 | $ | 4,666 | $ | 0 | $ | 12,591 | |||||||||
Short term investments | 17,820 | 0 | 0 | 17,820 | |||||||||||||
Accounts receivable, net | 44,084 | 112,486 | (5,803 | ) | 150,767 | ||||||||||||
Inventories | 129,785 | 267,940 | 0 | 397,725 | |||||||||||||
Prepaid expenses and other assets | 38,498 | 28,131 | 0 | 66,629 | |||||||||||||
Total current assets | 238,112 | 413,223 | (5,803 | ) | 645,532 | ||||||||||||
Land, buildings, improvements and equipment, net | 82,899 | 109,587 | 0 | 192,486 | |||||||||||||
Goodwill | 210,223 | 0 | 210,223 | ||||||||||||||
Investment in guarantors | 666,645 | 0 | (666,645 | ) | 0 | ||||||||||||
Deferred income taxes and other assets | 54,445 | 43,386 | 0 | 97,831 | |||||||||||||
Total | $ | 1,042,101 | $ | 776,419 | $ | (672,448 | ) | $ | 1,146,072 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Accounts payable | $ | 65,042 | $ | 71,245 | $ | (5,803 | ) | $ | 130,484 | ||||||||
Accrued expenses and other current liabilities | 47,186 | 36,703 | 0 | 83,889 | |||||||||||||
Total current liabilities | 112,228 | 107,948 | (5,803 | ) | 214,373 | ||||||||||||
Long-term debt | 450,374 | 72 | 0 | 450,446 | |||||||||||||
Other long-term obligations | 29,214 | 1,754 | 0 | 30,968 | |||||||||||||
Shareholders’ equity attributable to Central Garden & Pet Co. | 450,046 | 666,645 | (666,645 | ) | 450,046 | ||||||||||||
Noncontrolling interest | 239 | 0 | 0 | 239 | |||||||||||||
Total equity | 450,285 | 666,645 | (666,645 | ) | 450,285 | ||||||||||||
Total | $ | 1,042,101 | $ | 776,419 | $ | (672,448 | ) | $ | 1,146,072 | ||||||||
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS | |||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||
( in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
Net cash provided (used) by operating activities | $ | (10,458 | ) | $ | 40,359 | $ | 108 | $ | 30,009 | ||||||||
Additions to property and equipment | (1,549 | ) | (3,828 | ) | 0 | (5,377 | ) | ||||||||||
Proceeds from short term investments | 3,600 | 0 | 0 | 3,600 | |||||||||||||
Investment in guarantor subsidiaries | 35,696 | (35,588 | ) | (108 | ) | 0 | |||||||||||
Net cash provided (used) by investing activities | 37,747 | (39,416 | ) | (108 | ) | (1,777 | ) | ||||||||||
Repayments of long-term debt | (39 | ) | (37 | ) | 0 | (76 | ) | ||||||||||
Borrowings under revolving line of credit | 45,000 | 0 | 0 | 45,000 | |||||||||||||
Repayments under revolving line of credit | (68,000 | ) | 0 | 0 | (68,000 | ) | |||||||||||
Payment of deferred financing costs | (2,985 | ) | 0 | 0 | (2,985 | ) | |||||||||||
Repurchase of common stock | (401 | ) | 0 | 0 | (401 | ) | |||||||||||
Proceeds from issuance of common stock | 200 | 0 | 0 | 200 | |||||||||||||
Distribution to minority interest | (633 | ) | 0 | 0 | (633 | ) | |||||||||||
Excess tax benefits from stock-based awards | 171 | 0 | 0 | 171 | |||||||||||||
Net cash provided (used) by financing activities | (26,687 | ) | (37 | ) | 0 | (26,724 | ) | ||||||||||
Effect of exchange rate changes on cash | 99 | (52 | ) | 0 | 47 | ||||||||||||
Net increase in cash and cash equivalents | 701 | 854 | 0 | 1,555 | |||||||||||||
Cash and cash equivalents at beginning of period | 12,441 | 2,715 | 0 | 15,156 | |||||||||||||
Cash and cash equivalents at end of period | $ | 13,142 | $ | 3,569 | $ | 0 | $ | 16,711 | |||||||||
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS | |||||||||||||||||
Three Months Ended December 29, 2012 | |||||||||||||||||
( in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
Net cash provided (used) by operating activities | $ | (25,358 | ) | $ | (7,003 | ) | $ | 4,320 | $ | (28,041 | ) | ||||||
Additions to property and equipment | (4,142 | ) | (3,883 | ) | 0 | (8,025 | ) | ||||||||||
Proceeds from short term investments | 4,885 | 0 | 0 | 4,885 | |||||||||||||
Payment to acquire companies | 0 | (4,835 | ) | 0 | (4,835 | ) | |||||||||||
Investment in guarantor subsidiaries | (12,283 | ) | 16,603 | (4,320 | ) | 0 | |||||||||||
Net cash provided (used) by investing activities | (11,540 | ) | 7,885 | (4,320 | ) | (7,975 | ) | ||||||||||
Repayments of long-term debt | (55 | ) | (29 | ) | 0 | (84 | ) | ||||||||||
Borrowings under revolving line of credit | 4,000 | 0 | 0 | 4,000 | |||||||||||||
Repayments under revolving line of credit | (3,000 | ) | 0 | (3,000 | ) | ||||||||||||
Repurchase of common stock | (327 | ) | 0 | 0 | (327 | ) | |||||||||||
Proceeds from issuance of common stock | 97 | 0 | 0 | 97 | |||||||||||||
Distribution to minority interest | (629 | ) | 0 | 0 | (629 | ) | |||||||||||
Excess tax benefits from stock-based awards | 74 | 0 | 0 | 74 | |||||||||||||
Net cash provided (used) by financing activities | 160 | (29 | ) | 0 | 131 | ||||||||||||
Effect of exchange rate changes on cash | 1 | 0 | 0 | 1 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (36,737 | ) | 853 | 0 | (35,884 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 44,662 | 3,813 | 0 | 48,475 | |||||||||||||
Cash and cash equivalents at end of period | $ | 7,925 | $ | 4,666 | $ | 0 | $ | 12,591 | |||||||||
The Company and its guarantor subsidiaries participate in a cash pooling program. As part of this program, cash balances are generally swept on a daily basis between the guarantor subsidiary bank accounts and those of the Company. In addition, the Company pays expenses on behalf of its guarantor subsidiaries on a regular basis. These types of transactions have been accounted for as investments in guarantor subsidiaries within investing activities. |
Contingencies
Contingencies | 3 Months Ended |
Dec. 28, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
14. Contingencies | |
The Company may from time to time become involved in legal proceedings in the ordinary course of business. Currently, the Company is not a party to any legal proceedings that management believes would have a material effect on the Company’s financial position or results of operations. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Dec. 28, 2013 | |
Accounting Policies [Abstract] | ' |
Noncontrolling Interest | ' |
Noncontrolling Interest | |
Noncontrolling interest in the Company’s condensed consolidated financial statements represents the 20% interest not owned by Central in a consolidated subsidiary. Since the Company controls this subsidiary, its financial statements are consolidated with those of the Company, and the noncontrolling owner’s 20% share of the subsidiary’s net assets and results of operations is deducted and reported as noncontrolling interest on the consolidated balance sheets and as net income (loss) attributable to noncontrolling interest in the consolidated statements of operations. See Note 9, Supplemental Equity Information, for additional information. | |
Derivative Instruments | ' |
Derivative Instruments | |
The Company principally uses a combination of purchase orders and various short and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities. The Company also enters into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of corn, which impacts the cost of raw materials. The Company’s primary objective when entering into these derivative contracts is to achieve greater certainty with regard to the future price of commodities purchased for use in its supply chain. These derivative contracts are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. The Company does not enter into derivative contracts for speculative purposes and does not use leveraged instruments. | |
The Company does not perform the assessments required to achieve hedge accounting for commodity derivative positions. Accordingly, the changes in the values of these derivatives are recorded currently in other income (expense) in its condensed consolidated statements of operations. See Note 4, Derivative Instruments, for additional information. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Comprehensive Income | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). This guidance requires entities to disclose, either in the notes to the consolidated financial statements or parenthetically on the face of the statement that reports comprehensive income (loss), items reclassified out of accumulated other comprehensive income (loss) and into net earnings in their entirety and the effect of the reclassification on each affected statement of operations line item. In addition, for accumulated other comprehensive income (loss) reclassification items that are not reclassified in their entirety into net earnings, a cross reference to other required accounting standard disclosures is required. This guidance became effective for the Company on September 29, 2013. This new guidance did not have a material impact on the Company’s condensed consolidated financial statements. | |
Fair Value Measurements | ' |
ASC 820 establishes a single authoritative definition of fair value, a framework for measuring fair value and expands disclosure of fair value measurements. ASC 820 requires financial assets and liabilities to be categorized based on the inputs used to calculate their fair values as follows: | |
Level 1—Quoted prices in active markets for identical assets or liabilities. | |
Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |
Level 3—Unobservable inputs for the asset or liability, which reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). | |
The Company’s financial instruments include cash and equivalents, short term investments consisting of bank certificates of deposit, accounts receivable and payable, derivative instruments, short-term borrowings, and accrued liabilities. The carrying amount of these instruments approximates fair value because of their short-term nature. | |
The Company measures certain non-financial assets and liabilities, including long-lived assets, goodwill and intangible assets, at fair value on a non-recurring basis. Fair value measurements of non-financial assets and non-financial liabilities are used primarily in the impairment analyses of long-lived assets, goodwill and other intangible assets. | |
Goodwill | ' |
The Company accounts for goodwill in accordance with ASC 350, “Intangibles – Goodwill and Other,” and tests goodwill for impairment annually, or whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. This assessment involves the use of significant accounting judgments and estimates as to future operating results and discount rates. Changes in estimates or use of different assumptions could produce significantly different results. An impairment loss is generally recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit. The Company uses discounted cash flow analysis to estimate the fair value of our reporting units. The Company’s goodwill impairment analysis also includes a comparison of the aggregate estimated fair value of its reporting units to the Company’s total market capitalization. |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Summary of Preliminary Recording of Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date: | |||||||||||||
(In thousands) | Amounts | Measurement | Amounts | ||||||||||
Previously | Period | Recognized as of | |||||||||||
Recognized as of | Adjustments | Acquisition | |||||||||||
Acquisition Date (1) | Date | ||||||||||||
(as Adjusted) | |||||||||||||
Current assets, net of cash and cash equivalents acquired | $ | 220 | $ | 0 | $ | 220 | |||||||
Fixed assets | 40 | 0 | 40 | ||||||||||
Goodwill | 0 | 3,243 | 3,243 | ||||||||||
Intangible assets | 1,144 | 5,958 | 7,102 | ||||||||||
Other long-term assets | 5,406 | (5,406 | ) | 0 | |||||||||
Current liabilities | (13 | ) | 0 | (13 | ) | ||||||||
Current portion of long-term debt | 0 | 0 | 0 | ||||||||||
Other long-term liabilities | 0 | (4,165 | ) | (4,165 | ) | ||||||||
6,797 | (370 | )(2) | 6,427 | ||||||||||
Assets of aquiree recorded prior to purchase of majority interest | (1,962 | ) | 370 | (1,592 | ) | ||||||||
Net assets acquired, less cash and cash equivalents | $ | 4,835 | $ | 0 | $ | 4,835 | |||||||
-1 | As previously reported in our Form 10-Q for the period ended December 29, 2012. | ||||||||||||
-2 | The Company recognized a loss of approximately $370 on its prior ownership interest in the acquiree. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 28, 2013 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Certificates of deposit (a) | $ | 0 | $ | 14,220 | $ | 0 | $ | 14,220 | |||||||||
Total assets | $ | 0 | $ | 14,220 | $ | 0 | $ | 14,220 | |||||||||
Liabilities: | |||||||||||||||||
Liability for contingent consideration (c) | $ | 0 | $ | 0 | $ | 4,165 | $ | 4,165 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,165 | $ | 4,165 | |||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 29, 2012: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Certificates of deposit (a) | $ | 0 | $ | 17,820 | $ | 0 | $ | 17,820 | |||||||||
Derivative assets (b) | 0 | 18 | 0 | 18 | |||||||||||||
Total assets | $ | 0 | $ | 17,838 | $ | 0 | $ | 17,838 | |||||||||
Liabilities: | |||||||||||||||||
Derivative liabilities (b) | $ | 0 | $ | 548 | $ | 0 | $ | 548 | |||||||||
Total liabilities | $ | 0 | $ | 548 | $ | 0 | $ | 548 | |||||||||
The following table presents our financial assets and liabilities at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of September 28, 2013: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Certificates of deposit (a) | $ | 0 | $ | 17,820 | $ | 0 | $ | 17,820 | |||||||||
Total assets | $ | 0 | $ | 17,820 | $ | 0 | $ | 17,820 | |||||||||
Liabilities: | |||||||||||||||||
Liability for contingent consideration (c) | $ | 0 | $ | 0 | $ | 4,165 | $ | 4,165 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,165 | $ | 4,165 | |||||||||
(a) | The fair value of our time deposits is based on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable. These are presented as short term investments in our condensed consolidated balance sheets. | ||||||||||||||||
(b) | Derivative assets and liabilities were valued using quoted forward pricing from bank counterparties and are presented as other current assets and liabilities in our condensed consolidated balance sheets. | ||||||||||||||||
(c) | The liability for contingent consideration relates to an earn-out for B2E, acquired in December 2012. The fair value of the contingent consideration arrangement is determined based on the Company’s evaluation as to the probability and discounted amount of any earn-out that will be achieved based on expected future performance by the acquired entity. This is presented as part of long-term liabilities in our condensed consolidated balance sheets. | ||||||||||||||||
Summary of Changes in Fair Value of Level 3 Financial Instruments | ' | ||||||||||||||||
The following table provides a summary of changes in fair value of our Level 3 financial instruments for the period ended September 28, 2013 and December 28, 2013 (in thousands): | |||||||||||||||||
Amount | |||||||||||||||||
Balance as of September 28, 2013 | $ | 4,165 | |||||||||||||||
Changes in the fair value of contingent performance-based payments established at the time of acquisition | 0 | ||||||||||||||||
Balance as of December 28, 2013 | $ | 4,165 | |||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Fair Value of Derivative Instruments Outstanding | ' | ||||||||||||||||||||||||
The following table presents the fair value of all derivative instruments outstanding in the condensed consolidated balance sheets (in thousands): | |||||||||||||||||||||||||
December 28, 2013 | December 29, 2012 | September 28, 2013 | |||||||||||||||||||||||
Other Current | Other Current | Other Current | Other Current | Other Current | Other Current | ||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Commodity contracts | $ | 0 | $ | 0 | $ | 18 | $ | 548 | $ | 0 | $ | 0 | |||||||||||||
Total derivative instruments | $ | 0 | $ | 0 | $ | 18 | $ | 548 | $ | 0 | $ | 0 | |||||||||||||
Effect of Derivative Instruments Recorded in Other Income (Expense) | ' | ||||||||||||||||||||||||
The following table presents the effect of derivative instruments recorded in other income (expense) on the condensed consolidated statements of operations (in thousands): | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | December 28, 2013 | December 29, 2012 | |||||||||||||||||||||||
Commodity contracts | $ | 0 | $ | (805 | ) | ||||||||||||||||||||
Total derivative instruments | $ | 0 | $ | (805 | ) | ||||||||||||||||||||
Gross Contract Notional Volume of Outstanding Derivative Contracts | ' | ||||||||||||||||||||||||
The following table presents the gross contract notional volume of outstanding derivative contracts: | |||||||||||||||||||||||||
Commodity | Metric | December 28, 2013 | December 29, 2012 | September 28, 2013 | |||||||||||||||||||||
Corn | Bushels | 0 | 1,449,000 | 0 | |||||||||||||||||||||
Soy Meal | Tons | 0 | 3,500 | 0 |
Inventories_net_Tables
Inventories, net (Tables) | 3 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Summary of Inventories, Net of Allowance for Obsolescence | ' | ||||||||||||
Inventories, net of allowance for obsolescence, consist of the following (in thousands): | |||||||||||||
December 28, 2013 | December 29, 2012 | September 28, 2013 | |||||||||||
Raw materials | $ | 120,382 | $ | 121,875 | $ | 121,695 | |||||||
Work in progress | 17,531 | 17,291 | 19,856 | ||||||||||
Finished goods | 275,425 | 246,464 | 236,322 | ||||||||||
Supplies | 14,101 | 12,095 | 14,060 | ||||||||||
Total inventories, net | $ | 427,439 | $ | 397,725 | $ | 391,934 | |||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Components of Gross and Net Acquired Intangible Assets | ' | ||||||||||||||||
The following table summarizes the components of gross and net acquired intangible assets: | |||||||||||||||||
Gross | Accumulated | Impairment | Net | ||||||||||||||
Amortization | Carrying | ||||||||||||||||
Value | |||||||||||||||||
(in millions) | |||||||||||||||||
December 28, 2013 | |||||||||||||||||
Marketing-related intangible assets – amortizable | $ | 12.5 | $ | (9.1 | ) | $ | 0 | $ | 3.4 | ||||||||
Marketing-related intangible assets – nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 72.1 | (9.1 | ) | (16.9 | ) | 46.1 | |||||||||||
Customer-related intangible assets – amortizable | 42.8 | (18.5 | ) | 0 | 24.3 | ||||||||||||
Other acquired intangible assets – amortizable | 16.6 | (8.1 | ) | 0 | 8.5 | ||||||||||||
Other acquired intangible assets – nonamortizable | 1.2 | 0 | (1.2 | ) | 0 | ||||||||||||
Total | 17.8 | (8.1 | ) | (1.2 | ) | 8.5 | |||||||||||
Total other intangible assets | $ | 132.7 | $ | (35.7 | ) | $ | (18.1 | ) | $ | 78.9 | |||||||
Gross | Accumulated | Impairment | Net | ||||||||||||||
Amortization | Carrying | ||||||||||||||||
Value | |||||||||||||||||
(in millions) | |||||||||||||||||
December 29, 2012 | |||||||||||||||||
Marketing-related intangible assets – amortizable | $ | 12.3 | $ | (7.7 | ) | $ | 0 | $ | 4.6 | ||||||||
Marketing-related intangible assets – nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 71.9 | (7.7 | ) | (16.9 | ) | 47.3 | |||||||||||
Customer-related intangible assets – amortizable | 42.7 | (16.0 | ) | 0 | 26.7 | ||||||||||||
Other acquired intangible assets – amortizable | 10.8 | (7.0 | ) | 0 | 3.8 | ||||||||||||
Other acquired intangible assets – nonamortizable | 1.2 | 0 | (1.2 | ) | 0 | ||||||||||||
Total | 12 | (7.0 | ) | (1.2 | ) | 3.8 | |||||||||||
Total other intangible assets | $ | 126.6 | $ | (30.7 | ) | $ | (18.1 | ) | $ | 77.8 | |||||||
Gross | Accumulated | Impairment | Net | ||||||||||||||
Amortization | Carrying | ||||||||||||||||
Value | |||||||||||||||||
(in millions) | |||||||||||||||||
September 28, 2013 | |||||||||||||||||
Marketing-related intangible assets – amortizable | $ | 12.5 | $ | (8.9 | ) | $ | 0 | $ | 3.6 | ||||||||
Marketing-related intangible assets – nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 72.1 | (8.9 | ) | (16.9 | ) | 46.3 | |||||||||||
Customer-related intangible assets – amortizable | 42.8 | (17.9 | ) | 0 | 24.9 | ||||||||||||
Other acquired intangible assets – amortizable | 16.6 | (7.9 | ) | 0 | 8.7 | ||||||||||||
Other acquired intangible assets – nonamortizable | 1.2 | 0 | (1.2 | ) | 0 | ||||||||||||
Total | 17.8 | (7.9 | ) | (1.2 | ) | 8.7 | |||||||||||
Total other intangible assets | $ | 132.7 | $ | (34.7 | ) | $ | (18.1 | ) | $ | 79.9 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Components of Long-Term Debt | ' | ||||||||||||
Long-term debt consists of the following: | |||||||||||||
December 28, | December 29, | September 28, | |||||||||||
2013 | 2012 | 2013 | |||||||||||
(in thousands) | |||||||||||||
Senior subordinated notes, net of unamortized discount (1), interest at 8.25%, payable semi-annually, principal due March 2018 | $ | 449,444 | $ | 449,337 | $ | 449,417 | |||||||
Asset-based revolving credit facility, interest at LIBOR plus a margin of 1.25% to 1.75%, or Base Rate plus a margin of 0.25% to 0.75%, final maturity December 2018 | 0 | 0 | 0 | ||||||||||
Revolving credit facility, interest at Alternate Base Rate plus a margin of 0.75% to 1.75%, or LIBOR plus a margin of 1.75% to 2.75%, final maturity June 2016 | 0 | 1,000 | 23,000 | ||||||||||
Other notes payable | 94 | 418 | 170 | ||||||||||
Total | 449,538 | 450,755 | 472,587 | ||||||||||
Less current portion | (73 | ) | (309 | ) | (142 | ) | |||||||
Long-term portion | $ | 449,465 | $ | 450,446 | $ | 472,445 | |||||||
-1 | Represents unamortized original issue discount of $556, $663 and $583, as of December 28, 2013, December 29, 2012 and September 28, 2013, respectively, which is amortizable until March 2018. |
Supplemental_Equity_Informatio1
Supplemental Equity Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Summary of Changes in Carrying Amounts of Equity Attributable to Controlling Interest and Noncontrolling Interest | ' | ||||||||||||||||||||||||||||||||||||
The following table provides a summary of the changes in the carrying amounts of equity attributable to controlling interest and noncontrolling interest for the three months ended December 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||||||||||||||
Controlling Interest | |||||||||||||||||||||||||||||||||||||
(in thousands) | Common | Class A | Class | Aditional | Retained | Accumulated | Total | Noncontrolling | Total | ||||||||||||||||||||||||||||
Stock | Common | B | Paid In | Earnings | Other | Interest | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | Comprehensive | ||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
Balance September 28, 2013 | $ | 122 | $ | 353 | $ | 16 | $ | 389,153 | $ | 77,592 | $ | 1,442 | $ | 468,678 | $ | 1,346 | $ | 470,024 | |||||||||||||||||||
Comprehensive loss | (12,708 | ) | 85 | (12,623 | ) | (104 | ) | (12,727 | ) | ||||||||||||||||||||||||||||
Stock based compensation | 1,257 | 1,257 | 1,257 | ||||||||||||||||||||||||||||||||||
Restricted share activity | 1 | 55 | 56 | 56 | |||||||||||||||||||||||||||||||||
Issuance of common stock | 355 | 355 | 355 | ||||||||||||||||||||||||||||||||||
Repurchase of common stock | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Tax benefit on stock option exercise | 171 | 171 | 171 | ||||||||||||||||||||||||||||||||||
Distribution to Noncontrolling interest | (633 | ) | (633 | ) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||
Balance December 28, 2013 | $ | 122 | $ | 354 | $ | 16 | $ | 390,991 | $ | 64,884 | $ | 1,527 | $ | 457,894 | $ | 609 | $ | 458,503 | |||||||||||||||||||
Controlling Interest | |||||||||||||||||||||||||||||||||||||
(in thousands) | Common | Class A | Class | Aditional | Retained | Accumulated | Total | Noncontrolling | Total | ||||||||||||||||||||||||||||
Stock | Common | B | Paid In | Earnings | Other | Interest | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | Comprehensive | ||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
Balance September 29, 2012 | $ | 122 | $ | 347 | $ | 16 | $ | 382,195 | $ | 79,718 | $ | 1,539 | $ | 463,937 | $ | 946 | $ | 464,883 | |||||||||||||||||||
Comprehensive loss | (15,269 | ) | (42 | ) | (15,311 | ) | (78 | ) | (15,389 | ) | |||||||||||||||||||||||||||
Stock based compensation | 1,030 | 1,030 | 1,030 | ||||||||||||||||||||||||||||||||||
Restricted share activity | (96 | ) | (96 | ) | (96 | ) | |||||||||||||||||||||||||||||||
Issuance of common stock | 412 | 412 | 412 | ||||||||||||||||||||||||||||||||||
Repurchase of common stock | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Tax benefit on stock option exercise | 74 | 74 | 74 | ||||||||||||||||||||||||||||||||||
Distribution to Noncontrolling interest | (629 | ) | (629 | ) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||
Balance December 29, 2012 | $ | 122 | $ | 347 | $ | 16 | $ | 383,615 | $ | 64,449 | $ | 1,497 | $ | 450,046 | $ | 239 | $ | 450,285 | |||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Financial Information Relating to Company's Business Segments | ' | ||||||||||||
These operating segments are Pet segment and Garden segment and are presented in the table below (in thousands). | |||||||||||||
Three Months Ended | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
Net sales: | |||||||||||||
Pet segment | $ | 184,605 | $ | 195,180 | |||||||||
Garden segment | 105,916 | 97,317 | |||||||||||
Total net sales | $ | 290,521 | $ | 292,497 | |||||||||
Income (loss) from operations: | |||||||||||||
Pet segment | 14,386 | 10,173 | |||||||||||
Garden segment | (6,231 | ) | (8,536 | ) | |||||||||
Corporate | (16,510 | ) | (14,731 | ) | |||||||||
Total loss from operations | (8,355 | ) | (13,094 | ) | |||||||||
Interest expense—net | (12,204 | ) | (10,250 | ) | |||||||||
Other expense | (168 | ) | (981 | ) | |||||||||
Income tax benefit | (7,915 | ) | (8,978 | ) | |||||||||
Loss including noncontrolling interest | (12,812 | ) | (15,347 | ) | |||||||||
Net loss attributable to noncontrolling interest | (104 | ) | (78 | ) | |||||||||
Net loss attributable to Central Garden & Pet Company | $ | (12,708 | ) | $ | (15,269 | ) | |||||||
Depreciation and amortization: | |||||||||||||
Pet segment | 3,886 | 3,695 | |||||||||||
Garden segment | 1,573 | 1,656 | |||||||||||
Corporate | 2,861 | 2,665 | |||||||||||
Total depreciation and amortization | $ | 8,320 | $ | 8,016 | |||||||||
December 28, | December 29, | September 28, | |||||||||||
2013 | 2012 | 2013 | |||||||||||
Assets: | |||||||||||||
Pet segment | $ | 406,000 | $ | 419,537 | $ | 425,988 | |||||||
Garden segment | 394,193 | 362,770 | 388,581 | ||||||||||
Corporate | 355,775 | 363,765 | 346,591 | ||||||||||
Total assets | $ | 1,155,968 | $ | 1,146,072 | $ | 1,161,160 | |||||||
Goodwill (included in corporate assets above): | |||||||||||||
Pet segment | $ | 205,756 | $ | 202,514 | $ | 205,756 | |||||||
Garden segment | 0 | 7,709 | 0 | ||||||||||
Total goodwill | $ | 205,756 | $ | 210,223 | $ | 205,756 | |||||||
Consolidating_Condensed_Financ1
Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||
Consolidating Condensed Statement of Operations Based on Company's Understanding of SEC's Interpretation | ' | ||||||||||||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
Net sales | $ | 96,339 | $ | 205,306 | $ | (11,124 | ) | $ | 290,521 | ||||||||
Cost of products sold and occupancy | 76,747 | 145,157 | (11,124 | ) | 210,780 | ||||||||||||
Gross profit | 19,592 | 60,149 | 0 | 79,741 | |||||||||||||
Selling, general and administrative expenses | 28,375 | 59,721 | 0 | 88,096 | |||||||||||||
Income (loss) from operations | (8,783 | ) | 428 | 0 | (8,355 | ) | |||||||||||
Interest – net | (12,184 | ) | (20 | ) | 0 | (12,204 | ) | ||||||||||
Other income (loss ) | 415 | (583 | ) | 0 | (168 | ) | |||||||||||
Loss before income taxes | (20,552 | ) | (175 | ) | 0 | (20,727 | ) | ||||||||||
Income tax benefit | (7,848 | ) | (67 | ) | 0 | (7,915 | ) | ||||||||||
Loss including noncontrolling interest | (12,704 | ) | (108 | ) | (12,812 | ) | |||||||||||
Loss attributable to noncontrolling interest | (104 | ) | 0 | 0 | (104 | ) | |||||||||||
Loss attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries | (12,600 | ) | (108 | ) | 0 | (12,708 | ) | ||||||||||
Equity in undistributed income of guarantor subsidiaries | (108 | ) | 0 | 108 | 0 | ||||||||||||
Net loss attributable to Central Garden & Pet Co. | $ | (12,708 | ) | $ | (108 | ) | $ | 108 | $ | (12,708 | ) | ||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||
Three Months Ended December 29, 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
Net sales | $ | 96,003 | $ | 209,045 | $ | (12,551 | ) | $ | 292,497 | ||||||||
Cost of products sold and occupancy | 74,843 | 153,246 | (12,551 | ) | 215,538 | ||||||||||||
Gross profit | 21,160 | 55,799 | 0 | 76,959 | |||||||||||||
Selling, general and administrative expenses | 28,519 | 61,534 | 0 | 90,053 | |||||||||||||
Loss from operations | (7,359 | ) | (5,735 | ) | 0 | (13,094 | ) | ||||||||||
Interest – net | (10,299 | ) | 49 | 0 | (10,250 | ) | |||||||||||
Other income (loss ) | 248 | (1,229 | ) | 0 | (981 | ) | |||||||||||
Loss before income taxes | (17,410 | ) | (6,915 | ) | 0 | (24,325 | ) | ||||||||||
Income tax benefit | (6,383 | ) | (2,595 | ) | 0 | (8,978 | ) | ||||||||||
Loss including noncontrolling interest | (11,027 | ) | (4,320 | ) | (15,347 | ) | |||||||||||
Loss attributable to noncontrolling interest | (78 | ) | 0 | 0 | (78 | ) | |||||||||||
Loss attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries | (10,949 | ) | (4,320 | ) | 0 | (15,269 | ) | ||||||||||
Equity in undistributed income of guarantor subsidiaries | (4,320 | ) | 0 | 4,320 | 0 | ||||||||||||
Net loss attributable to Central Garden & Pet Co. | $ | (15,269 | ) | $ | (4,320 | ) | $ | 4,320 | $ | (15,269 | ) | ||||||
Consolidating Condensed Statements of Comprehensive Income (Loss) Based on Company's Understanding of SEC's Interpretation | ' | ||||||||||||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE | |||||||||||||||||
INCOME (LOSS) | |||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
Net loss | $ | (12,704 | ) | $ | (108 | ) | $ | 0 | $ | (12,812 | ) | ||||||
Other comprehensive income: | |||||||||||||||||
Foreign currency translation | 85 | 0 | 0 | 85 | |||||||||||||
Total comprehensive loss | (12,619 | ) | (108 | ) | 0 | (12,727 | ) | ||||||||||
Comprehensive loss attributable to noncontrolling interests | (104 | ) | 0 | 0 | (104 | ) | |||||||||||
Comprehensive loss attributable to Central Garden & Pet Company | $ | (12,515 | ) | $ | (108 | ) | $ | 0 | $ | (12,623 | ) | ||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE | |||||||||||||||||
INCOME (LOSS) | |||||||||||||||||
Three Months Ended December 29, 2012 | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
Net loss | $ | (11,027 | ) | $ | (4,320 | ) | $ | 0 | $ | (15,347 | ) | ||||||
Other comprehensive loss: | |||||||||||||||||
Foreign currency translation | (42 | ) | 0 | 0 | (42 | ) | |||||||||||
Total comprehensive loss | (11,069 | ) | (4,320 | ) | 0 | (15,389 | ) | ||||||||||
Comprehensive loss attributable to noncontrolling interests | (78 | ) | 0 | 0 | (78 | ) | |||||||||||
Comprehensive loss attributable to Central Garden & Pet Company | $ | (10,991 | ) | $ | (4,320 | ) | $ | 0 | $ | (15,311 | ) | ||||||
Consolidating Condensed Balance Sheet Based on Company's Understanding of SEC's Interpretation | ' | ||||||||||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||
28-Dec-13 | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 13,142 | $ | 3,569 | $ | 0 | $ | 16,711 | |||||||||
Short term investments | 14,220 | 0 | 0 | 14,220 | |||||||||||||
Accounts receivable, net | 43,850 | 103,997 | (4,742 | ) | 143,105 | ||||||||||||
Inventories | 137,276 | 290,163 | 0 | 427,439 | |||||||||||||
Prepaid expenses and other assets | 34,595 | 34,505 | 0 | 69,100 | |||||||||||||
Total current assets | 243,083 | 432,234 | (4,742 | ) | 670,575 | ||||||||||||
Land, buildings, improvements and equipment, net | 76,990 | 110,148 | 0 | 187,138 | |||||||||||||
Goodwill | 0 | 205,756 | 0 | 205,756 | |||||||||||||
Investment in guarantors | 657,919 | 0 | (657,919 | ) | 0 | ||||||||||||
Deferred income taxes and other assets | 57,820 | 34,679 | 0 | 92,499 | |||||||||||||
Total | $ | 1,035,812 | $ | 782,817 | $ | (662,661 | ) | $ | 1,155,968 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Accounts payable | $ | 50,834 | $ | 74,456 | $ | (4,742 | ) | $ | 120,548 | ||||||||
Accrued expenses and other current liabilities | 44,659 | 43,926 | 0 | 88,585 | |||||||||||||
Total current liabilities | 95,493 | 118,382 | (4,742 | ) | 209,133 | ||||||||||||
Long-term debt | 449,444 | 21 | 0 | 449,465 | |||||||||||||
Other long-term obligations | 32,372 | 6,495 | 0 | 38,867 | |||||||||||||
Shareholders’ equity attributable to Central Garden & Pet Co. | 457,894 | 657,919 | (657,919 | ) | 457,894 | ||||||||||||
Noncontrolling interest | 609 | 0 | 0 | 609 | |||||||||||||
Total equity | 458,503 | 657,919 | (657,919 | ) | 458,503 | ||||||||||||
Total | $ | 1,035,812 | $ | 782,817 | $ | (662,661 | ) | $ | 1,155,968 | ||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||
September 28, 2013 | |||||||||||||||||
(in thousands) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 12,441 | $ | 2,715 | $ | 0 | $ | 15,156 | |||||||||
Short term investments | 17,820 | 0 | 0 | 17,820 | |||||||||||||
Accounts receivable, net | 43,660 | 153,734 | (3,134 | ) | 194,260 | ||||||||||||
Inventories | 114,662 | 277,272 | 0 | 391,934 | |||||||||||||
Prepaid expenses and other assets | 24,747 | 28,737 | 0 | 53,484 | |||||||||||||
Total current assets | 213,330 | 462,458 | (3,134 | ) | 672,654 | ||||||||||||
Land, buildings, improvements and equipment, net | 78,662 | 110,251 | 0 | 188,913 | |||||||||||||
Goodwill | 0 | 205,756 | 0 | 205,756 | |||||||||||||
Investment in guarantors | 693,615 | 0 | (693,615 | ) | 0 | ||||||||||||
Other assets | 57,255 | 36,582 | 0 | 93,837 | |||||||||||||
Total | $ | 1,042,862 | $ | 815,047 | $ | (696,749 | ) | $ | 1,161,160 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Accounts payable | $ | 36,869 | $ | 69,834 | $ | (3,134 | ) | $ | 103,569 | ||||||||
Accrued expenses and other liabilities | 33,664 | 45,096 | 0 | 78,760 | |||||||||||||
Total current liabilities | 70,533 | 114,930 | (3,134 | ) | 182,329 | ||||||||||||
Long-term debt | 472,418 | 27 | 0 | 472,445 | |||||||||||||
Other long-term obligations | 29,887 | 6,475 | 0 | 36,362 | |||||||||||||
Shareholders’ equity attributable to Central Garden & Pet | 468,678 | 693,615 | (693,615 | ) | 468,678 | ||||||||||||
Noncontrolling interest | 1,346 | 0 | 0 | 1,346 | |||||||||||||
Total equity | 470,024 | 693,615 | (693,615 | ) | 470,024 | ||||||||||||
Total | $ | 1,042,862 | $ | 815,047 | $ | (696,749 | ) | $ | 1,161,160 | ||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||
29-Dec-12 | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 7,925 | $ | 4,666 | $ | 0 | $ | 12,591 | |||||||||
Short term investments | 17,820 | 0 | 0 | 17,820 | |||||||||||||
Accounts receivable, net | 44,084 | 112,486 | (5,803 | ) | 150,767 | ||||||||||||
Inventories | 129,785 | 267,940 | 0 | 397,725 | |||||||||||||
Prepaid expenses and other assets | 38,498 | 28,131 | 0 | 66,629 | |||||||||||||
Total current assets | 238,112 | 413,223 | (5,803 | ) | 645,532 | ||||||||||||
Land, buildings, improvements and equipment, net | 82,899 | 109,587 | 0 | 192,486 | |||||||||||||
Goodwill | 210,223 | 0 | 210,223 | ||||||||||||||
Investment in guarantors | 666,645 | 0 | (666,645 | ) | 0 | ||||||||||||
Deferred income taxes and other assets | 54,445 | 43,386 | 0 | 97,831 | |||||||||||||
Total | $ | 1,042,101 | $ | 776,419 | $ | (672,448 | ) | $ | 1,146,072 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Accounts payable | $ | 65,042 | $ | 71,245 | $ | (5,803 | ) | $ | 130,484 | ||||||||
Accrued expenses and other current liabilities | 47,186 | 36,703 | 0 | 83,889 | |||||||||||||
Total current liabilities | 112,228 | 107,948 | (5,803 | ) | 214,373 | ||||||||||||
Long-term debt | 450,374 | 72 | 0 | 450,446 | |||||||||||||
Other long-term obligations | 29,214 | 1,754 | 0 | 30,968 | |||||||||||||
Shareholders’ equity attributable to Central Garden & Pet Co. | 450,046 | 666,645 | (666,645 | ) | 450,046 | ||||||||||||
Noncontrolling interest | 239 | 0 | 0 | 239 | |||||||||||||
Total equity | 450,285 | 666,645 | (666,645 | ) | 450,285 | ||||||||||||
Total | $ | 1,042,101 | $ | 776,419 | $ | (672,448 | ) | $ | 1,146,072 | ||||||||
Consolidating Condensed Statement of Cash Flows Based on Company's Understanding of SEC's Interpretation | ' | ||||||||||||||||
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS | |||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||
( in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
Net cash provided (used) by operating activities | $ | (10,458 | ) | $ | 40,359 | $ | 108 | $ | 30,009 | ||||||||
Additions to property and equipment | (1,549 | ) | (3,828 | ) | 0 | (5,377 | ) | ||||||||||
Proceeds from short term investments | 3,600 | 0 | 0 | 3,600 | |||||||||||||
Investment in guarantor subsidiaries | 35,696 | (35,588 | ) | (108 | ) | 0 | |||||||||||
Net cash provided (used) by investing activities | 37,747 | (39,416 | ) | (108 | ) | (1,777 | ) | ||||||||||
Repayments of long-term debt | (39 | ) | (37 | ) | 0 | (76 | ) | ||||||||||
Borrowings under revolving line of credit | 45,000 | 0 | 0 | 45,000 | |||||||||||||
Repayments under revolving line of credit | (68,000 | ) | 0 | 0 | (68,000 | ) | |||||||||||
Payment of deferred financing costs | (2,985 | ) | 0 | 0 | (2,985 | ) | |||||||||||
Repurchase of common stock | (401 | ) | 0 | 0 | (401 | ) | |||||||||||
Proceeds from issuance of common stock | 200 | 0 | 0 | 200 | |||||||||||||
Distribution to minority interest | (633 | ) | 0 | 0 | (633 | ) | |||||||||||
Excess tax benefits from stock-based awards | 171 | 0 | 0 | 171 | |||||||||||||
Net cash provided (used) by financing activities | (26,687 | ) | (37 | ) | 0 | (26,724 | ) | ||||||||||
Effect of exchange rate changes on cash | 99 | (52 | ) | 0 | 47 | ||||||||||||
Net increase in cash and cash equivalents | 701 | 854 | 0 | 1,555 | |||||||||||||
Cash and cash equivalents at beginning of period | 12,441 | 2,715 | 0 | 15,156 | |||||||||||||
Cash and cash equivalents at end of period | $ | 13,142 | $ | 3,569 | $ | 0 | $ | 16,711 | |||||||||
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS | |||||||||||||||||
Three Months Ended December 29, 2012 | |||||||||||||||||
( in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Parent | Guarantor | Eliminations | Consolidated | ||||||||||||||
Subsidiaries | |||||||||||||||||
Net cash provided (used) by operating activities | $ | (25,358 | ) | $ | (7,003 | ) | $ | 4,320 | $ | (28,041 | ) | ||||||
Additions to property and equipment | (4,142 | ) | (3,883 | ) | 0 | (8,025 | ) | ||||||||||
Proceeds from short term investments | 4,885 | 0 | 0 | 4,885 | |||||||||||||
Payment to acquire companies | 0 | (4,835 | ) | 0 | (4,835 | ) | |||||||||||
Investment in guarantor subsidiaries | (12,283 | ) | 16,603 | (4,320 | ) | 0 | |||||||||||
Net cash provided (used) by investing activities | (11,540 | ) | 7,885 | (4,320 | ) | (7,975 | ) | ||||||||||
Repayments of long-term debt | (55 | ) | (29 | ) | 0 | (84 | ) | ||||||||||
Borrowings under revolving line of credit | 4,000 | 0 | 0 | 4,000 | |||||||||||||
Repayments under revolving line of credit | (3,000 | ) | 0 | (3,000 | ) | ||||||||||||
Repurchase of common stock | (327 | ) | 0 | 0 | (327 | ) | |||||||||||
Proceeds from issuance of common stock | 97 | 0 | 0 | 97 | |||||||||||||
Distribution to minority interest | (629 | ) | 0 | 0 | (629 | ) | |||||||||||
Excess tax benefits from stock-based awards | 74 | 0 | 0 | 74 | |||||||||||||
Net cash provided (used) by financing activities | 160 | (29 | ) | 0 | 131 | ||||||||||||
Effect of exchange rate changes on cash | 1 | 0 | 0 | 1 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (36,737 | ) | 853 | 0 | (35,884 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 44,662 | 3,813 | 0 | 48,475 | |||||||||||||
Cash and cash equivalents at end of period | $ | 7,925 | $ | 4,666 | $ | 0 | $ | 12,591 | |||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | Dec. 28, 2013 |
Accounting Policies [Abstract] | ' |
Noncontrolling interest owned by the subsidiary | 20.00% |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 |
Business Acquisition [Line Items] | ' | ' | ' |
Excess of purchase price recorded as goodwill | $205,756,000 | $205,756,000 | $210,223,000 |
FourStar Microbial [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Acquired remaining majority interest in cash | ' | ' | 4,835,000 |
Contingent future performance-based payments | ' | ' | 4,200,000 |
Excess of purchase price recorded as goodwill | ' | ' | $3,243,000 |
Business_Combinations_Summary_
Business Combinations - Summary of Preliminary Recording of Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill | $205,756 | $205,756 | $210,223 |
FourStar Microbial [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Current assets, net of cash and cash equivalents acquired | ' | ' | 220 |
Fixed assets | ' | ' | 40 |
Goodwill | ' | ' | 3,243 |
Intangible assets | ' | ' | 7,102 |
Other long-term assets | ' | ' | 0 |
Current liabilities | ' | ' | -13 |
Current portion of long-term debt | ' | ' | 0 |
Other long-term liabilities | ' | ' | -4,165 |
Fair values of the assets acquired and liabilities assumed | ' | ' | 6,427 |
Assets of aquiree recorded prior to purchase of majority interest | ' | ' | -1,592 |
Net assets acquired, less cash and cash equivalents | ' | ' | 4,835 |
Amounts Previously Recognized as of Acquisition Date [Member] | FourStar Microbial [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Current assets, net of cash and cash equivalents acquired | ' | ' | 220 |
Fixed assets | ' | ' | 40 |
Goodwill | ' | ' | 0 |
Intangible assets | ' | ' | 1,144 |
Other long-term assets | ' | ' | 5,406 |
Current liabilities | ' | ' | -13 |
Current portion of long-term debt | ' | ' | 0 |
Other long-term liabilities | ' | ' | 0 |
Fair values of the assets acquired and liabilities assumed | ' | ' | 6,797 |
Assets of aquiree recorded prior to purchase of majority interest | ' | ' | -1,962 |
Net assets acquired, less cash and cash equivalents | ' | ' | 4,835 |
Measurement Period Adjustments [Member] | FourStar Microbial [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Current assets, net of cash and cash equivalents acquired | ' | ' | 0 |
Fixed assets | ' | ' | 0 |
Goodwill | ' | ' | 3,243 |
Intangible assets | ' | ' | 5,958 |
Other long-term assets | ' | ' | -5,406 |
Current liabilities | ' | ' | 0 |
Current portion of long-term debt | ' | ' | 0 |
Other long-term liabilities | ' | ' | -4,165 |
Fair values of the assets acquired and liabilities assumed | ' | ' | -370 |
Assets of aquiree recorded prior to purchase of majority interest | ' | ' | 370 |
Net assets acquired, less cash and cash equivalents | ' | ' | $0 |
Business_Combinations_Summary_1
Business Combinations - Summary of Preliminary Recording of Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) (Measurement Period Adjustments [Member], FourStar Microbial [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2012 |
Measurement Period Adjustments [Member] | FourStar Microbial [Member] | ' |
Business Acquisition [Line Items] | ' |
Loss recognized prior ownership interest in acquire | $370 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | ' |
Total assets | $14,220 | $17,820 | $17,838 |
Liabilities: | ' | ' | ' |
Total liabilities | 4,165 | 4,165 | 548 |
Derivative liabilities [Member] | ' | ' | ' |
Liabilities: | ' | ' | ' |
Total liabilities | ' | ' | 548 |
Liability for contingent consideration [Member] | ' | ' | ' |
Liabilities: | ' | ' | ' |
Total liabilities | 4,165 | 4,165 | ' |
Certificates of deposit [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets | 14,220 | 17,820 | 17,820 |
Derivative assets [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets | ' | ' | 18 |
Level 1 [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets | 0 | 0 | 0 |
Liabilities: | ' | ' | ' |
Total liabilities | 0 | 0 | 0 |
Level 1 [Member] | Derivative liabilities [Member] | ' | ' | ' |
Liabilities: | ' | ' | ' |
Total liabilities | ' | ' | 0 |
Level 1 [Member] | Liability for contingent consideration [Member] | ' | ' | ' |
Liabilities: | ' | ' | ' |
Total liabilities | 0 | 0 | ' |
Level 1 [Member] | Certificates of deposit [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets | 0 | 0 | 0 |
Level 1 [Member] | Derivative assets [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets | ' | ' | 0 |
Level 2 [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets | 14,220 | 17,820 | 17,838 |
Liabilities: | ' | ' | ' |
Total liabilities | 0 | 0 | 548 |
Level 2 [Member] | Derivative liabilities [Member] | ' | ' | ' |
Liabilities: | ' | ' | ' |
Total liabilities | ' | ' | 548 |
Level 2 [Member] | Liability for contingent consideration [Member] | ' | ' | ' |
Liabilities: | ' | ' | ' |
Total liabilities | 0 | 0 | ' |
Level 2 [Member] | Certificates of deposit [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets | 14,220 | 17,820 | 17,820 |
Level 2 [Member] | Derivative assets [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets | ' | ' | 18 |
Level 3 [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets | 0 | 0 | 0 |
Liabilities: | ' | ' | ' |
Total liabilities | 4,165 | 4,165 | 0 |
Level 3 [Member] | Derivative liabilities [Member] | ' | ' | ' |
Liabilities: | ' | ' | ' |
Total liabilities | ' | ' | 0 |
Level 3 [Member] | Liability for contingent consideration [Member] | ' | ' | ' |
Liabilities: | ' | ' | ' |
Total liabilities | 4,165 | 4,165 | ' |
Level 3 [Member] | Certificates of deposit [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets | 0 | 0 | 0 |
Level 3 [Member] | Derivative assets [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets | ' | ' | $0 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Financial Instruments (Detail) (Level 3 [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2013 |
Level 3 [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Balance as of September 28, 2013 | $4,165 |
Changes in the fair value of contingent performance-based payments established at the time of acquisition | 0 |
Balance as of December 28, 2013 | $4,165 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 |
Senior subordinated notes [Member] | Senior subordinated notes [Member] | Senior subordinated notes [Member] | Senior subordinated notes [Member] | Senior subordinated notes [Member] | Senior subordinated notes [Member] | Senior subordinated notes [Member] | ||
Portion at Fair Value, Fair Value Disclosure [Member] | Portion at Fair Value, Fair Value Disclosure [Member] | Portion at Fair Value, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Senior subordinated notes due date | 1-Mar-18 | ' | ' | ' | ' | ' | ' | ' |
Obligation to pay principle on the Company Senior Subordinates Notes | ' | $450 | ' | ' | ' | ' | ' | ' |
Senior subordinated notes, percentage | ' | 8.25% | ' | ' | ' | ' | ' | ' |
Senior subordinated notes due 2018 | ' | ' | 434.3 | 449.5 | 481.5 | ' | ' | ' |
Carrying value of senior subordinated notes | ' | ' | ' | ' | ' | $449.40 | $449.40 | $449.30 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||
Offsetting [Abstract] | ' | ' |
Outstanding derivative instruments | $0 | $0 |
Derivative_Instruments_Fair_Va
Derivative Instruments - Fair Value of Derivative Instruments Outstanding (Detail) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |||
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ' | ' | ' |
Other Current Assets | $0 | $0 | $18 |
Other Current Liabilities | 0 | 0 | 548 |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | ' | ' | ' |
Other Current Assets | 0 | 0 | 18 |
Other Current Liabilities | $0 | $0 | $548 |
Derivative_Instruments_Effect_
Derivative Instruments - Effect of Derivative Instruments Recorded in Other Income (Expense) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' |
Total derivative instruments | $0 | ($805) |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' |
Total derivative instruments | $0 | ($805) |
Derivative_Instruments_Gross_C
Derivative Instruments - Gross Contract Notional Volume of Outstanding Derivative Contracts (Detail) (Commodity Contracts [Member]) | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 |
bu | bu | bu | |
Corn [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative commodity contracts outstanding volume | 0 | 0 | 1,449,000 |
Soy Meal [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative commodity contracts outstanding mass | 0 | 0 | 3,500 |
Inventories_Net_Summary_of_Inv
Inventories, Net - Summary of Inventories, Net of Allowance for Obsolescence (Detail) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |||
Inventory Net [Abstract] | ' | ' | ' |
Raw materials | $120,382 | $121,695 | $121,875 |
Work in progress | 17,531 | 19,856 | 17,291 |
Finished goods | 275,425 | 236,322 | 246,464 |
Supplies | 14,101 | 14,060 | 12,095 |
Total inventories, net | $427,439 | $391,934 | $397,725 |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Impairment losses in fiscal year | $7.70 |
Other_Intangible_Assets_Compon
Other Intangible Assets - Components of Gross and Net Acquired Intangible Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Gross | $132,700,000 | $126,600,000 | $132,700,000 |
Accumulated Amortization | -35,700,000 | -30,700,000 | -34,700,000 |
Impairment | -18,100,000 | -18,100,000 | -18,100,000 |
Net Carrying Value | 78,856,000 | 77,790,000 | 79,868,000 |
Marketing-related intangible assets [Member] | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Gross | 72,100,000 | 71,900,000 | 72,100,000 |
Accumulated Amortization | -9,100,000 | -7,700,000 | -8,900,000 |
Impairment | -16,900,000 | -16,900,000 | -16,900,000 |
Net Carrying Value | 46,100,000 | 47,300,000 | 46,300,000 |
Other acquired intangible assets [Member] | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Gross | 17,800,000 | 12,000,000 | 17,800,000 |
Accumulated Amortization | -8,100,000 | -7,000,000 | -7,900,000 |
Impairment | -1,200,000 | -1,200,000 | -1,200,000 |
Net Carrying Value | 8,500,000 | 3,800,000 | 8,700,000 |
Amortizable [Member] | Marketing-related intangible assets [Member] | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Gross | 12,500,000 | 12,300,000 | 12,500,000 |
Accumulated Amortization | -9,100,000 | -7,700,000 | -8,900,000 |
Impairment | 0 | 0 | 0 |
Net Carrying Value | 3,400,000 | 4,600,000 | 3,600,000 |
Amortizable [Member] | Customer-related intangible assets [Member] | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Gross | 42,800,000 | 42,700,000 | 42,800,000 |
Accumulated Amortization | -18,500,000 | -16,000,000 | -17,900,000 |
Impairment | 0 | 0 | 0 |
Net Carrying Value | 24,300,000 | 26,700,000 | 24,900,000 |
Amortizable [Member] | Other acquired intangible assets [Member] | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Gross | 16,600,000 | 10,800,000 | 16,600,000 |
Accumulated Amortization | -8,100,000 | -7,000,000 | -7,900,000 |
Impairment | 0 | 0 | 0 |
Net Carrying Value | 8,500,000 | 3,800,000 | 8,700,000 |
Nonamortizable [Member] | Marketing-related intangible assets [Member] | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Gross | 59,600,000 | 59,600,000 | 59,600,000 |
Accumulated Amortization | 0 | 0 | 0 |
Impairment | -16,900,000 | -16,900,000 | -16,900,000 |
Net Carrying Value | 42,700,000 | 42,700,000 | 42,700,000 |
Nonamortizable [Member] | Other acquired intangible assets [Member] | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Gross | 1,200,000 | 1,200,000 | 1,200,000 |
Accumulated Amortization | 0 | 0 | 0 |
Impairment | -1,200,000 | -1,200,000 | -1,200,000 |
Net Carrying Value | $0 | $0 | $0 |
Other_Intangible_Assets_Additi
Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Indefinite-lived intangibles assets, impairment charge | ' | ' | $0 |
Amortization expense for intangibles | 1,000,000 | 1,100,000 | ' |
Estimated annual amortization expense related to acquired intangible assets, 2014 | 5,000,000 | ' | ' |
Estimated annual amortization expense related to acquired intangible assets, 2015 | 5,000,000 | ' | ' |
Estimated annual amortization expense related to acquired intangible assets, 2016 | 5,000,000 | ' | ' |
Estimated annual amortization expense related to acquired intangible assets, 2017 | 5,000,000 | ' | ' |
Estimated annual amortization expense related to acquired intangible assets, 2018 | 5,000,000 | ' | ' |
Marketing-related intangible assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted average remaining lives of acquired intangible assets | '6 years | ' | ' |
Marketing-related intangible assets [Member] | FourStar Microbial [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets acquired | ' | 100,000 | ' |
Customer-related intangible assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted average remaining lives of acquired intangible assets | '15 years | ' | ' |
Customer-related intangible assets [Member] | FourStar Microbial [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets acquired | ' | 100,000 | ' |
Other acquired intangible assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted average remaining lives of acquired intangible assets | '15 years | ' | ' |
Other acquired intangible assets [Member] | FourStar Microbial [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets acquired | ' | $6,900,000 | ' |
Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted average remaining lives of acquired intangible assets | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Weighted average remaining lives of acquired intangible assets | '25 years | ' | ' |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long-Term Debt (Detail) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Mar. 08, 2010 |
In Thousands, unless otherwise specified | ||||
Components of long-term debt | ' | ' | ' | ' |
Total | $449,538 | $472,587 | $450,755 | ' |
Less current portion | -73 | -142 | -309 | ' |
Long-term portion | 449,465 | 472,445 | 450,446 | ' |
Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member] | ' | ' | ' | ' |
Components of long-term debt | ' | ' | ' | ' |
Total | 449,444 | 449,417 | 449,337 | 400,000 |
Revolving credit facility, interest at Alternate Base Rate plus a margin [Member] | ' | ' | ' | ' |
Components of long-term debt | ' | ' | ' | ' |
Total | 0 | 23,000 | 1,000 | ' |
Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | ' | ' | ' | ' |
Components of long-term debt | ' | ' | ' | ' |
Total | 0 | 0 | 0 | ' |
Other notes payable [Member] | ' | ' | ' | ' |
Components of long-term debt | ' | ' | ' | ' |
Total | $94 | $170 | $418 | ' |
LongTerm_Debt_Components_of_Lo1
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) (USD $) | 3 Months Ended | 3 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Mar. 08, 2010 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 |
Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member] | Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member] | Option Two [Member] | Option Two [Member] | Option Two [Member] | Option Two [Member] | Option Two [Member] | Option One [Member] | Option One [Member] | Option One [Member] | Option One [Member] | Option One [Member] | ||||
Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||
Revolving credit facility, interest at Alternate Base Rate plus a margin [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Revolving credit facility, interest at Alternate Base Rate plus a margin [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Revolving credit facility, interest at Alternate Base Rate plus a margin [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Revolving credit facility, interest at Alternate Base Rate plus a margin [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | ||||||||
Components of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated, percentage | ' | ' | ' | 8.25% | 8.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable interest rate on the Credit Facility | 3.50% | ' | ' | ' | ' | 0.25% | 1.75% | 0.25% | 2.75% | 0.75% | 1.25% | 0.75% | 1.25% | 1.75% | 1.75% |
Unamortized original issue discount | $556 | $583 | $663 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 05, 2013 | Sep. 28, 2013 | Dec. 28, 2013 | Dec. 05, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Feb. 13, 2012 | Mar. 08, 2010 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Feb. 13, 2012 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | |
LIBOR [Member] | Asset Backed Loan Facility [Member] | Asset Backed Loan Facility [Member] | Prior revolving credit facility [Member] | March 2014 [Member] | March 2015 [Member] | March 2016 [Member] | Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member] | Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member] | Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member] | Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member] | Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member] | Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Asset-based revolving credit facility, interest at LIBOR plus a margin [Member] | Senior subordinated notes [Member] | Senior subordinated notes [Member] | Senior subordinated notes [Member] | Senior subordinated notes [Member] | |||||
Prior revolving credit facility [Member] | Option One [Member] | Option Two [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Portion at Fair Value, Fair Value Disclosure [Member] | Portion at Fair Value, Fair Value Disclosure [Member] | Portion at Fair Value, Fair Value Disclosure [Member] | |||||||||||||||||||||
Option One [Member] | Option Two [Member] | Option One [Member] | Option Two [Member] | |||||||||||||||||||||||||||
Components of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, maximum principal amount | ' | ' | ' | ' | ' | $390,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, additional borrowings available | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, maturity date | ' | ' | ' | ' | ' | 5-Dec-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other letters of credit outstanding | ' | ' | ' | ' | ' | ' | 13,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt interest terms | 'The Credit Facility is subject to a borrowing base, calculated using a formula based upon eligible receivables and inventory, minus certain reserves and subject to restrictions. The Company did not draw down under the Credit Facility upon closing. Borrowings under the Credit Facility will bear interest at an index based on LIBOR or, at the option of the Company, the Base Rate (defined as the highest of (a) the SunTrust prime rate, (b) the Federal Funds Rate plus 0.5% and (c) one-month LIBOR plus 1.00%), plus, in either case, an applicable margin based on the Companybs total outstanding borrowings. Such applicable margin for LIBOR-based borrowings fluctuates between 1.25%-1.75% (and was 1.25% at December 28, 2013) and such applicable margin for Base Rate borrowings fluctuates between 0.25%-0.75% (and was 0.25% at December 28, 2013). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, base rate computation, option first description | 'SunTrust prime rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, base rate computation, option second description | 'Federal Funds Rate plus 0.5% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, base rate computation, option second description, basis spread percentage | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility basis percentage for calculation of variable rate spread | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, base rate computation, option third description | 'One-month LIBOR plus 1.00%), plus, in either case, an applicable margin based on the Company's total outstanding borrowings. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable interest rate on the Credit Facility | 3.50% | ' | ' | ' | 1.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 0.25% | 1.25% | 0.25% | 1.75% | 0.75% | ' | ' | ' | ' |
Credit Facility base rate computation option three | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, borrowing capacity | ' | ' | ' | ' | ' | ' | 302,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Fixed charge coverage ratio | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance cost | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash charge | 1,731,000 | 0 | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, aggregate principal amount | 449,538,000 | 450,755,000 | ' | 472,587,000 | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | 449,444,000 | 449,417,000 | 449,337,000 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | 8.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | ' | ' |
Senior subordinated notes due date | 1-Mar-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Mar-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional issuance amount on senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes issue price percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance price of additional senior subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2018 Notes at a price of 98.501%, plus accrued interest from September 1, 2011, in a private placement. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligation to pay principle on the Company Senior Subordinates Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' |
Senior subordinated notes due 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $434,300,000 | $449,500,000 | $481,500,000 |
Notes redemption price percentage | 101.00% | ' | ' | ' | ' | ' | ' | ' | 104.13% | 102.06% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt redemption terms | 'The Company may redeem some or all of the 2018 Notes at any time prior to March 1, 2014 at the principal amount plus a "make whole" premium. The Company may redeem some or all of the 2018 Notes at any time on or after March 1, 2014 for 104.125%, after March 1, 2015 for 102.063% and after March 1, 2016 for 100%, plus accrued and unpaid interest. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental_Equity_Informatio2
Supplemental Equity Information - Summary of Changes in Carrying Amounts of Equity Attributable to Controlling Interest and Noncontrolling Interest (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Balance, Beginning balance | $470,024 | $464,883 |
Comprehensive loss | -12,727 | -15,389 |
Stock based compensation | 1,257 | ' |
Stock based compensation | ' | 1,030 |
Restricted share activity | 56 | -96 |
Issuance of common stock | 355 | 412 |
Repurchase of common stock | 0 | 0 |
Tax benefit on stock option exercise | 171 | 74 |
Distribution to Noncontrolling interest | -633 | -629 |
Other | ' | ' |
Balance, Ending balance | 458,503 | 450,285 |
Common Stock [Member] | Controlling Interest [Member] | ' | ' |
Balance, Beginning balance | 122 | 122 |
Repurchase of common stock | 0 | 0 |
Other | ' | ' |
Balance, Ending balance | 122 | 122 |
Class A Common Stock [Member] | Controlling Interest [Member] | ' | ' |
Balance, Beginning balance | 353 | 347 |
Restricted share activity | 1 | ' |
Repurchase of common stock | 0 | 0 |
Other | ' | ' |
Balance, Ending balance | 354 | 347 |
Class B Common Stock [Member] | Controlling Interest [Member] | ' | ' |
Balance, Beginning balance | 16 | 16 |
Other | ' | ' |
Balance, Ending balance | 16 | 16 |
Additional Paid In Capital [Member] | Controlling Interest [Member] | ' | ' |
Balance, Beginning balance | 389,153 | 382,195 |
Stock based compensation | 1,257 | ' |
Stock based compensation | ' | 1,030 |
Restricted share activity | 55 | -96 |
Issuance of common stock | 355 | 412 |
Repurchase of common stock | 0 | 0 |
Tax benefit on stock option exercise | 171 | 74 |
Other | ' | ' |
Balance, Ending balance | 390,991 | 383,615 |
Retained Earnings [Member] | Controlling Interest [Member] | ' | ' |
Balance, Beginning balance | 77,592 | 79,718 |
Comprehensive loss | -12,708 | -15,269 |
Repurchase of common stock | 0 | 0 |
Other | ' | ' |
Balance, Ending balance | 64,884 | 64,449 |
Accumulated Other Comprehensive Income [Member] | Controlling Interest [Member] | ' | ' |
Balance, Beginning balance | 1,442 | 1,539 |
Comprehensive loss | 85 | -42 |
Other | ' | ' |
Balance, Ending balance | 1,527 | 1,497 |
Total [Member] | Controlling Interest [Member] | ' | ' |
Balance, Beginning balance | 468,678 | 463,937 |
Comprehensive loss | -12,623 | -15,311 |
Stock based compensation | 1,257 | ' |
Stock based compensation | ' | 1,030 |
Restricted share activity | 56 | -96 |
Issuance of common stock | 355 | 412 |
Repurchase of common stock | 0 | 0 |
Tax benefit on stock option exercise | 171 | 74 |
Other | ' | ' |
Balance, Ending balance | 457,894 | 450,046 |
Noncontrolling Interest [Member] | ' | ' |
Balance, Beginning balance | 1,346 | 946 |
Comprehensive loss | -104 | -78 |
Distribution to Noncontrolling interest | -633 | -629 |
Other | ' | ' |
Balance, Ending balance | $609 | $239 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Tax benefit associated with share-based compensation expense | $0.70 | $0.60 |
Selling, general and administrative expenses [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation expense | $1.80 | $1.60 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Dec. 28, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of operating segments | 2 |
Segment_Information_Financial_
Segment Information - Financial Information Relating to Company's Business Segments (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 |
Net sales: | ' | ' | ' |
Net sales | $290,521 | $292,497 | ' |
Income (loss) from operations: | ' | ' | ' |
Loss from operations | -8,355 | -13,094 | ' |
Interest expense-net | -12,204 | -10,250 | ' |
Other expense | -168 | -981 | ' |
Income tax benefit | -7,915 | -8,978 | ' |
Loss including noncontrolling interest | -12,812 | -15,347 | ' |
Net loss attributable to noncontrolling interest | -104 | -78 | ' |
Net loss attributable to Central Garden & Pet Company | -12,708 | -15,269 | ' |
Depreciation and amortization: | ' | ' | ' |
Total depreciation and amortization | 8,320 | 8,016 | ' |
Assets: | ' | ' | ' |
Total assets | 1,155,968 | 1,146,072 | 1,161,160 |
Goodwill (included in corporate assets above): | ' | ' | ' |
Total goodwill | 205,756 | 210,223 | 205,756 |
Operating Segments [Member] | Pet Segment [Member] | ' | ' | ' |
Net sales: | ' | ' | ' |
Net sales | 184,605 | 195,180 | ' |
Income (loss) from operations: | ' | ' | ' |
Loss from operations | 14,386 | 10,173 | ' |
Depreciation and amortization: | ' | ' | ' |
Total depreciation and amortization | 3,886 | 3,695 | ' |
Assets: | ' | ' | ' |
Total assets | 406,000 | 419,537 | 425,988 |
Goodwill (included in corporate assets above): | ' | ' | ' |
Total goodwill | 205,756 | 202,514 | 205,756 |
Operating Segments [Member] | Garden Segment [Member] | ' | ' | ' |
Net sales: | ' | ' | ' |
Net sales | 105,916 | 97,317 | ' |
Income (loss) from operations: | ' | ' | ' |
Loss from operations | -6,231 | -8,536 | ' |
Depreciation and amortization: | ' | ' | ' |
Total depreciation and amortization | 1,573 | 1,656 | ' |
Assets: | ' | ' | ' |
Total assets | 394,193 | 362,770 | 388,581 |
Goodwill (included in corporate assets above): | ' | ' | ' |
Total goodwill | 0 | 7,709 | 0 |
Corporate, Non-Segment [Member] | ' | ' | ' |
Income (loss) from operations: | ' | ' | ' |
Loss from operations | -16,510 | -14,731 | ' |
Depreciation and amortization: | ' | ' | ' |
Total depreciation and amortization | 2,861 | 2,665 | ' |
Assets: | ' | ' | ' |
Total assets | $355,775 | $363,765 | $346,591 |
Consolidating_Condensed_Financ2
Consolidating Condensed Financial Information of Guarantor Subsidiaries - Additional Information (Detail) | Dec. 28, 2013 |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' |
Collective ownership percentage on guarantor subsidiaries | 100.00% |
Consolidating_Condensed_Statem
Consolidating Condensed Statement of Operations Based on Company's Understanding of SEC's Interpretation (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | $290,521 | $292,497 |
Cost of products sold and occupancy | 210,780 | 215,538 |
Gross profit | 79,741 | 76,959 |
Selling, general and administrative expenses | 88,096 | 90,053 |
Income (loss) from operations | -8,355 | -13,094 |
Interest - net | -12,204 | -10,250 |
Other income (loss ) | -168 | -981 |
Loss before income taxes and noncontrolling interest | -20,727 | -24,325 |
Income tax benefit | -7,915 | -8,978 |
Loss including noncontrolling interest | -12,812 | -15,347 |
Loss attributable to noncontrolling interest | -104 | -78 |
Loss attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries | -12,708 | -15,269 |
Equity in undistributed income of guarantor subsidiaries | 0 | 0 |
Net loss attributable to Central Garden & Pet Co. | -12,708 | -15,269 |
Parent [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | 96,339 | 96,003 |
Cost of products sold and occupancy | 76,747 | 74,843 |
Gross profit | 19,592 | 21,160 |
Selling, general and administrative expenses | 28,375 | 28,519 |
Income (loss) from operations | -8,783 | -7,359 |
Interest - net | -12,184 | -10,299 |
Other income (loss ) | 415 | 248 |
Loss before income taxes and noncontrolling interest | -20,552 | -17,410 |
Income tax benefit | -7,848 | -6,383 |
Loss including noncontrolling interest | -12,704 | -11,027 |
Loss attributable to noncontrolling interest | -104 | -78 |
Loss attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries | -12,600 | -10,949 |
Equity in undistributed income of guarantor subsidiaries | -108 | -4,320 |
Net loss attributable to Central Garden & Pet Co. | -12,708 | -15,269 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | 205,306 | 209,045 |
Cost of products sold and occupancy | 145,157 | 153,246 |
Gross profit | 60,149 | 55,799 |
Selling, general and administrative expenses | 59,721 | 61,534 |
Income (loss) from operations | 428 | -5,735 |
Interest - net | -20 | 49 |
Other income (loss ) | -583 | -1,229 |
Loss before income taxes and noncontrolling interest | -175 | -6,915 |
Income tax benefit | -67 | -2,595 |
Loss including noncontrolling interest | -108 | -4,320 |
Loss attributable to noncontrolling interest | 0 | 0 |
Loss attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries | -108 | -4,320 |
Equity in undistributed income of guarantor subsidiaries | 0 | 0 |
Net loss attributable to Central Garden & Pet Co. | -108 | -4,320 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net sales | -11,124 | -12,551 |
Cost of products sold and occupancy | -11,124 | -12,551 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Income (loss) from operations | 0 | 0 |
Interest - net | 0 | 0 |
Other income (loss ) | 0 | 0 |
Loss before income taxes and noncontrolling interest | 0 | 0 |
Income tax benefit | 0 | 0 |
Loss including noncontrolling interest | 0 | 0 |
Loss attributable to noncontrolling interest | 0 | 0 |
Loss attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries | 0 | 0 |
Equity in undistributed income of guarantor subsidiaries | 108 | 4,320 |
Net loss attributable to Central Garden & Pet Co. | $108 | $4,320 |
Consolidating_Condensed_Statem1
Consolidating Condensed Statements of Comprehensive Income (Loss) Based on Company's Understanding of SEC's Interpretation (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net loss | ($12,812) | ($15,347) |
Other comprehensive income: | ' | ' |
Foreign currency translation | 85 | -42 |
Total comprehensive loss | -12,727 | -15,389 |
Comprehensive loss attributable to noncontrolling interests | -104 | -78 |
Comprehensive loss attributable to Central Garden & Pet Company | -12,623 | -15,311 |
Parent [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net loss | -12,704 | -11,027 |
Other comprehensive income: | ' | ' |
Foreign currency translation | 85 | -42 |
Total comprehensive loss | -12,619 | -11,069 |
Comprehensive loss attributable to noncontrolling interests | -104 | -78 |
Comprehensive loss attributable to Central Garden & Pet Company | -12,515 | -10,991 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net loss | -108 | -4,320 |
Other comprehensive income: | ' | ' |
Foreign currency translation | 0 | 0 |
Total comprehensive loss | -108 | -4,320 |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive loss attributable to Central Garden & Pet Company | -108 | -4,320 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net loss | 0 | 0 |
Other comprehensive income: | ' | ' |
Foreign currency translation | 0 | 0 |
Total comprehensive loss | 0 | 0 |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 |
Comprehensive loss attributable to Central Garden & Pet Company | $0 | $0 |
Consolidating_Condensed_Balanc
Consolidating Condensed Balance Sheet Based on Company's Understanding of SEC's Interpretation (Detail) (USD $) | Dec. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $16,711 | $15,156 | $12,591 | $48,475 |
Short term investments | 14,220 | 17,820 | 17,820 | ' |
Accounts receivable, net | 143,105 | 194,260 | 150,767 | ' |
Inventories | 427,439 | 391,934 | 397,725 | ' |
Prepaid expenses and other assets | 69,100 | 53,484 | 66,629 | ' |
Total current assets | 670,575 | 672,654 | 645,532 | ' |
Land, buildings, improvements and equipment, net | 187,138 | 188,913 | 192,486 | ' |
Goodwill | 205,756 | 205,756 | 210,223 | ' |
Investment in guarantors | 0 | 0 | 0 | ' |
Deferred income taxes and other assets | 92,499 | 93,837 | 97,831 | ' |
Total | 1,155,968 | 1,161,160 | 1,146,072 | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Accounts payable | 120,548 | 103,569 | 130,484 | ' |
Accrued expenses and other current liabilities | 88,585 | 78,760 | 83,889 | ' |
Total current liabilities | 209,133 | 182,329 | 214,373 | ' |
Long-term debt | 449,465 | 472,445 | 450,446 | ' |
Other long-term obligations | 38,867 | 36,362 | 30,968 | ' |
Shareholders' equity attributable to Central Garden & Pet Co. | 457,894 | 468,678 | 450,046 | ' |
Noncontrolling interest | 609 | 1,346 | 239 | ' |
Total equity | 458,503 | 470,024 | 450,285 | 464,883 |
Total | 1,155,968 | 1,161,160 | 1,146,072 | ' |
Parent [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 13,142 | 12,441 | 7,925 | 44,662 |
Short term investments | 14,220 | 17,820 | 17,820 | ' |
Accounts receivable, net | 43,850 | 43,660 | 44,084 | ' |
Inventories | 137,276 | 114,662 | 129,785 | ' |
Prepaid expenses and other assets | 34,595 | 24,747 | 38,498 | ' |
Total current assets | 243,083 | 213,330 | 238,112 | ' |
Land, buildings, improvements and equipment, net | 76,990 | 78,662 | 82,899 | ' |
Goodwill | 0 | 0 | ' | ' |
Investment in guarantors | 657,919 | 693,615 | 666,645 | ' |
Deferred income taxes and other assets | 57,820 | 57,255 | 54,445 | ' |
Total | 1,035,812 | 1,042,862 | 1,042,101 | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Accounts payable | 50,834 | 36,869 | 65,042 | ' |
Accrued expenses and other current liabilities | 44,659 | 33,664 | 47,186 | ' |
Total current liabilities | 95,493 | 70,533 | 112,228 | ' |
Long-term debt | 449,444 | 472,418 | 450,374 | ' |
Other long-term obligations | 32,372 | 29,887 | 29,214 | ' |
Shareholders' equity attributable to Central Garden & Pet Co. | 457,894 | 468,678 | 450,046 | ' |
Noncontrolling interest | 609 | 1,346 | 239 | ' |
Total equity | 458,503 | 470,024 | 450,285 | ' |
Total | 1,035,812 | 1,042,862 | 1,042,101 | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 3,569 | 2,715 | 4,666 | 3,813 |
Short term investments | 0 | 0 | 0 | ' |
Accounts receivable, net | 103,997 | 153,734 | 112,486 | ' |
Inventories | 290,163 | 277,272 | 267,940 | ' |
Prepaid expenses and other assets | 34,505 | 28,737 | 28,131 | ' |
Total current assets | 432,234 | 462,458 | 413,223 | ' |
Land, buildings, improvements and equipment, net | 110,148 | 110,251 | 109,587 | ' |
Goodwill | 205,756 | 205,756 | 210,223 | ' |
Investment in guarantors | 0 | 0 | 0 | ' |
Deferred income taxes and other assets | 34,679 | 36,582 | 43,386 | ' |
Total | 782,817 | 815,047 | 776,419 | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Accounts payable | 74,456 | 69,834 | 71,245 | ' |
Accrued expenses and other current liabilities | 43,926 | 45,096 | 36,703 | ' |
Total current liabilities | 118,382 | 114,930 | 107,948 | ' |
Long-term debt | 21 | 27 | 72 | ' |
Other long-term obligations | 6,495 | 6,475 | 1,754 | ' |
Shareholders' equity attributable to Central Garden & Pet Co. | 657,919 | 693,615 | 666,645 | ' |
Noncontrolling interest | 0 | 0 | 0 | ' |
Total equity | 657,919 | 693,615 | 666,645 | ' |
Total | 782,817 | 815,047 | 776,419 | ' |
Eliminations [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Short term investments | 0 | 0 | 0 | ' |
Accounts receivable, net | -4,742 | -3,134 | -5,803 | ' |
Inventories | 0 | 0 | 0 | ' |
Prepaid expenses and other assets | 0 | 0 | 0 | ' |
Total current assets | -4,742 | -3,134 | -5,803 | ' |
Land, buildings, improvements and equipment, net | 0 | 0 | 0 | ' |
Goodwill | 0 | 0 | 0 | ' |
Investment in guarantors | -657,919 | -693,615 | -666,645 | ' |
Deferred income taxes and other assets | 0 | 0 | 0 | ' |
Total | -662,661 | -696,749 | -672,448 | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Accounts payable | -4,742 | -3,134 | -5,803 | ' |
Accrued expenses and other current liabilities | 0 | 0 | 0 | ' |
Total current liabilities | -4,742 | -3,134 | -5,803 | ' |
Long-term debt | 0 | 0 | 0 | ' |
Other long-term obligations | 0 | 0 | 0 | ' |
Shareholders' equity attributable to Central Garden & Pet Co. | -657,919 | -693,615 | -666,645 | ' |
Noncontrolling interest | 0 | 0 | 0 | ' |
Total equity | -657,919 | -693,615 | -666,645 | ' |
Total | ($662,661) | ($696,749) | ($672,448) | ' |
Consolidating_Condensed_Statem2
Consolidating Condensed Statement of Cash Flows Based on Company's Understanding of SEC's Interpretation (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | $30,009 | ($28,041) |
Additions to property and equipment | -5,377 | -8,025 |
Proceeds from short term investments | 3,600 | 4,885 |
Payment to acquire companies | 0 | -4,835 |
Investment in guarantor subsidiaries | 0 | 0 |
Net cash used in investing activities | -1,777 | -7,975 |
Repayments of long-term debt | -76 | -84 |
Borrowings under revolving line of credit | 45,000 | 4,000 |
Repayments under revolving line of credit | -68,000 | -3,000 |
Payment of deferred financing costs | -2,985 | 0 |
Repurchase of common stock | -401 | -327 |
Proceeds from issuance of common stock | 200 | 97 |
Distribution to minority interest | -633 | -629 |
Excess tax benefits from stock-based awards | 171 | 74 |
Net cash provided (used) by financing activities | -26,724 | 131 |
Effect of exchange rate changes on cash | 47 | 1 |
Net increase (decrease) in cash and cash equivalents | 1,555 | -35,884 |
Cash and cash equivalents at beginning of period | 15,156 | 48,475 |
Cash and cash equivalents at end of period | 16,711 | 12,591 |
Parent [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | -10,458 | -25,358 |
Additions to property and equipment | -1,549 | -4,142 |
Proceeds from short term investments | 3,600 | 4,885 |
Payment to acquire companies | ' | 0 |
Investment in guarantor subsidiaries | 35,696 | -12,283 |
Net cash used in investing activities | 37,747 | -11,540 |
Repayments of long-term debt | -39 | -55 |
Borrowings under revolving line of credit | 45,000 | 4,000 |
Repayments under revolving line of credit | -68,000 | -3,000 |
Payment of deferred financing costs | -2,985 | ' |
Repurchase of common stock | -401 | -327 |
Proceeds from issuance of common stock | 200 | 97 |
Distribution to minority interest | -633 | -629 |
Excess tax benefits from stock-based awards | 171 | 74 |
Net cash provided (used) by financing activities | -26,687 | 160 |
Effect of exchange rate changes on cash | 99 | 1 |
Net increase (decrease) in cash and cash equivalents | 701 | -36,737 |
Cash and cash equivalents at beginning of period | 12,441 | 44,662 |
Cash and cash equivalents at end of period | 13,142 | 7,925 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | 40,359 | -7,003 |
Additions to property and equipment | -3,828 | -3,883 |
Proceeds from short term investments | 0 | 0 |
Payment to acquire companies | ' | -4,835 |
Investment in guarantor subsidiaries | -35,588 | 16,603 |
Net cash used in investing activities | -39,416 | 7,885 |
Repayments of long-term debt | -37 | -29 |
Borrowings under revolving line of credit | 0 | 0 |
Repayments under revolving line of credit | 0 | ' |
Payment of deferred financing costs | 0 | ' |
Repurchase of common stock | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 |
Distribution to minority interest | 0 | 0 |
Excess tax benefits from stock-based awards | 0 | 0 |
Net cash provided (used) by financing activities | -37 | -29 |
Effect of exchange rate changes on cash | -52 | 0 |
Net increase (decrease) in cash and cash equivalents | 854 | 853 |
Cash and cash equivalents at beginning of period | 2,715 | 3,813 |
Cash and cash equivalents at end of period | 3,569 | 4,666 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | 108 | 4,320 |
Additions to property and equipment | 0 | 0 |
Proceeds from short term investments | 0 | 0 |
Payment to acquire companies | ' | 0 |
Investment in guarantor subsidiaries | -108 | -4,320 |
Net cash used in investing activities | -108 | -4,320 |
Repayments of long-term debt | 0 | 0 |
Borrowings under revolving line of credit | 0 | 0 |
Repayments under revolving line of credit | 0 | 0 |
Payment of deferred financing costs | 0 | ' |
Repurchase of common stock | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 |
Distribution to minority interest | 0 | 0 |
Excess tax benefits from stock-based awards | 0 | 0 |
Net cash provided (used) by financing activities | 0 | 0 |
Effect of exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |