Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 27, 2014 | Jan. 31, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 27-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CENT | |
Entity Registrant Name | CENTRAL GARDEN & PET CO | |
Entity Central Index Key | 887733 | |
Current Fiscal Year End Date | -17 | |
Entity Filer Category | Accelerated Filer | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,061,649 | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 36,209,188 | |
Class B Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,652,262 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 27, 2014 | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $79,588 | $78,676 | $16,711 |
Restricted cash | 19,690 | 14,283 | 0 |
Short term investments | 9,992 | 9,990 | 14,220 |
Accounts receivable (less allowance for doubtful accounts of $24,184, $20,547 and $25,212) | 142,877 | 193,729 | 143,105 |
Inventories | 399,936 | 326,386 | 427,439 |
Prepaid expenses and other | 64,280 | 48,488 | 69,100 |
Total current assets | 716,363 | 671,552 | 670,575 |
Land, buildings, improvements and equipment-net | 163,546 | 166,849 | 187,138 |
Goodwill | 208,233 | 208,233 | 205,756 |
Other intangible assets-net | 87,061 | 87,997 | 78,856 |
Deferred income taxes and other assets | 13,760 | 14,096 | 13,643 |
Total | 1,188,963 | 1,148,727 | 1,155,968 |
Current liabilities: | |||
Accounts payable | 128,485 | 88,428 | 120,548 |
Accrued expenses | 93,208 | 84,379 | 88,512 |
Current portion of long-term debt | 50,289 | 291 | 73 |
Total current liabilities | 271,982 | 173,098 | 209,133 |
Long-term debt | 399,913 | 449,948 | 449,465 |
Other long-term obligations | 42,212 | 39,228 | 38,867 |
Equity: | |||
Additional paid-in capital | 393,494 | 396,586 | 390,991 |
Accumulated earnings | 80,136 | 86,396 | 64,884 |
Accumulated other comprehensive income | 670 | 1,232 | 1,527 |
Total Central Garden & Pet Company shareholders' equity | 474,802 | 484,723 | 457,894 |
Noncontrolling interest | 54 | 1,730 | 609 |
Total equity | 474,856 | 486,453 | 458,503 |
Total | 1,188,963 | 1,148,727 | 1,155,968 |
Common Stock [Member] | |||
Equity: | |||
Common stock | 122 | 124 | 122 |
Class A Common Stock [Member] | |||
Equity: | |||
Common stock | 364 | 369 | 354 |
Class B Stock [Member] | |||
Equity: | |||
Common stock | $16 | $16 | $16 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 27, 2014 | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, except Share data, unless otherwise specified | |||
Accounts receivable allowance for doubtful accounts | $24,184 | $25,212 | $20,547 |
Common Stock [Member] | |||
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares outstanding | 12,220,627 | 12,437,307 | 12,246,751 |
Class A Common Stock [Member] | |||
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares outstanding | 36,445,726 | 36,887,311 | 35,423,560 |
Class B 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. 27, 2014 | Dec. 28, 2013 |
Income Statement [Abstract] | ||
Net sales | $307,320 | $290,521 |
Cost of goods sold and occupancy | 219,339 | 210,780 |
Gross profit | 87,981 | 79,741 |
Selling, general and administrative expenses | 86,843 | 88,096 |
Income (loss) from operations | 1,138 | -8,355 |
Interest expense | -10,503 | -12,217 |
Interest income | 71 | 13 |
Other expense | -368 | -168 |
Loss before income taxes and noncontrolling interest | -9,662 | -20,727 |
Income tax benefit | -3,969 | -7,915 |
Loss including noncontrolling interest | -5,693 | -12,812 |
Net income (loss) attributable to noncontrolling interest | 4 | -104 |
Net loss attributable to Central Garden & Pet Company | ($5,697) | ($12,708) |
Net loss per share attributable to Central Garden & Pet Company: | ||
Basic and diluted | ($0.12) | ($0.26) |
Weighted average shares used in the computation of net loss per share: | ||
Basic and diluted | 49,379 | 48,368 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Statement of Comprehensive Income [Abstract] | ||
Net loss | ($5,693) | ($12,812) |
Other comprehensive income (loss): | ||
Foreign currency translation | -552 | 85 |
Unrealized loss on securities | -10 | 0 |
Total comprehensive income (loss) | -6,255 | -12,727 |
Comprehensive income (loss) attributable to noncontrolling interest | 4 | -104 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | ($6,259) | ($12,623) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Cash flows from operating activities: | ||
Net loss | ($5,693) | ($12,812) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 8,464 | 8,320 |
Stock-based compensation | 1,592 | 1,780 |
Excess tax benefits from stock-based awards | -40 | -171 |
Deferred income taxes | 2,500 | 2,361 |
Write-off of deferred financing costs | 0 | 1,731 |
Loss on sale of property and equipment | 44 | 23 |
Change in assets and liabilities: | ||
Accounts receivable | 50,650 | 51,255 |
Inventories | -73,868 | -35,340 |
Prepaid expenses and other assets | -15,098 | -13,743 |
Accounts payable | 40,090 | 16,952 |
Accrued expenses | 7,124 | 9,972 |
Other long-term obligations | 87 | -319 |
Net cash provided by operating activities | 15,852 | 30,009 |
Cash flows from investing activities: | ||
Additions to property and equipment | -4,069 | -5,377 |
Change in restricted cash | -5,407 | 0 |
Investment in short term investments | -12 | 0 |
Proceeds from short term investments | 0 | 3,600 |
Net cash used in investing activities | -9,488 | -1,777 |
Cash flows from financing activities: | ||
Repayments of long-term debt | -72 | -76 |
Proceeds from issuance of common stock | 188 | 200 |
Borrowings under revolving line of credit | 0 | 45,000 |
Repayments under revolving line of credit | 0 | -68,000 |
Payment of deferred financing costs | 0 | -2,985 |
Repurchase of common stock | -3,742 | -401 |
Distribution to noncontrolling interest | -1,680 | -633 |
Excess tax benefits from stock-based awards | 40 | 171 |
Net cash used in financing activities | -5,266 | -26,724 |
Effect of exchange rate changes on cash and cash equivalents | -186 | 47 |
Net increase in cash and cash equivalents | 912 | 1,555 |
Cash and equivalents at beginning of period | 78,676 | 15,156 |
Cash and equivalents at end of period | 79,588 | 16,711 |
Supplemental information: | ||
Cash paid for interest | 848 | 2,998 |
Cash paid for income taxes, net of refunds | 116 | -1,063 |
Non-cash investing activities: | ||
Capital expenditures incurred but not paid | $5 | $938 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Dec. 27, 2014 | |
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 27, 2014 and December 28, 2013 , the condensed consolidated statements of operations for the three months ended December 27, 2014 and December 28, 2013 , the condensed consolidated statements of comprehensive income (loss) for the three months ended December 27, 2014 and December 28, 2013 and the condensed consolidated statements of cash flows for the three months ended December 27, 2014 and December 28, 2013 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 8, 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 27, 2014 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 2014 Annual Report on Form 10-K, which has previously been filed with the Securities and Exchange Commission. The September 27, 2014 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 8, 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. As of December 27, 2014 and December 28, 2013, the Company had no outstanding derivative instruments. | |
Recent Accounting Pronouncements | |
Discontinued Operations | |
In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (ASU 2014-08), Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 provides amended guidance for reporting discontinued operations and disclosures of disposals of components. The amended guidance raises the threshold for disposals to qualify as discontinued operations and permits significant continuing involvement and continuing cash flows with the discontinued operation. In addition, the amended guidance requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. The amended guidance became effective for the Company during the first quarter of fiscal 2015. The adoption of the applicable sections of this ASC may have an impact on the accounting for any future discontinued operations the Company may have. | |
Revenue Recognition | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. This update was issued as Accounting Standards Codification Topic 606. The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with earlier adoption not permitted. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements. | |
Stock Based Compensation | |
In June 2014, the FASB issued ASU No. 2014-12 (ASU 2014-12), Compensation — Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU No. 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The Company is currently evaluating the effect that the adoption of this standard will have on its financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 2. 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, restricted cash used for collateral requirements for stand-alone letter of credit agreements, 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 27, 2014 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Short term investments(a) | $ | 9,992 | $ | 0 | $ | 0 | $ | 9,992 | |||||||||
Total assets | $ | 9,992 | $ | 0 | $ | 0 | $ | 9,992 | |||||||||
Liabilities: | |||||||||||||||||
Liability for contingent consideration(b) | $ | 0 | $ | 0 | $ | 4,414 | $ | 4,414 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,414 | $ | 4,414 | |||||||||
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: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Certificates of deposit(c) | $ | 0 | $ | 14,220 | $ | 0 | $ | 14,220 | |||||||||
Total assets | $ | 0 | $ | 14,220 | $ | 0 | $ | 14,220 | |||||||||
Liabilities: | |||||||||||||||||
Liability for contingent consideration(b) | $ | 0 | $ | 0 | $ | 4,165 | $ | 4,165 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,165 | $ | 4,165 | |||||||||
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 27, 2014: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Short-term investments(a) | $ | 9,990 | $ | 0 | $ | 0 | $ | 9,990 | |||||||||
Total assets | $ | 9,990 | $ | 0 | $ | 0 | $ | 9,990 | |||||||||
Liabilities: | |||||||||||||||||
Liability for contingent consideration(b) | $ | 0 | $ | 0 | $ | 4,414 | $ | 4,414 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,414 | $ | 4,414 | |||||||||
(a) | The fair value of short-term investments is based on quoted prices in active markets for identical assets. | ||||||||||||||||
(b) | 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 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 consolidated balance sheets. | ||||||||||||||||
(c) | The fair value of the Company’s 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 the Company’s consolidated balance sheets. | ||||||||||||||||
The following table provides a summary of changes in fair value of our Level 3 financial instruments for the period ended December 27, 2014 and December 28, 2013 (in thousands): | |||||||||||||||||
Amount | |||||||||||||||||
Balance as of September 27, 2014 | $ | 4,414 | |||||||||||||||
Changes in the fair value of contingent performance-based payments established at the time of acquisition | 0 | ||||||||||||||||
Balance as of December 27, 2014 | $ | 4,414 | |||||||||||||||
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 periods ended December 27, 2014 and 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 27, 2014, December 28, 2013 and September 27, 2014, was $461.9 million, $434.3 million and $459.5 million, respectively, compared to a carrying value of $449.6 million, $449.4 million and $449.5 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. |
Acquisitions
Acquisitions | 3 Months Ended | ||||
Dec. 27, 2014 | |||||
Business Combinations [Abstract] | |||||
Acquisitions | 3. Acquisitions | ||||
Envincio | |||||
On April 1, 2014, the Company purchased certain assets of Envincio LLC, including brands, EPA registrations, inventory and trade receivables, for approximately $20.3 million. The purchase price exceeded the fair value of the net tangible and intangible assets acquired by approximately $2.5 million, which is recorded in goodwill. The operating results of this acquisition did not have a material impact on the Company’s consolidated financial statements. Financial results for Envincio have been included in the results of operations within the Pet segment since the date of acquisition. This acquisition is expected to enable the Company to be a key supplier and product innovator in the growing natural insecticides product market, often characterized as EPA-exempt products, and expand its offerings in traditional pesticides. | |||||
The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date and subsequent adjustments: | |||||
(In thousands) | Amounts | ||||
Recognized as of | |||||
Acquisition Date | |||||
Current assets, net of cash and cash equivalents acquired | $ | 6,650 | |||
Fixed assets | 20 | ||||
Goodwill | 2,477 | ||||
Intangible assets | 12,306 | ||||
Current liabilities | (1,170 | ) | |||
Net assets acquired, less cash and cash equivalents | $ | 20,283 | |||
As of December 27, 2014, the fair values of the assets acquired and liabilities assumed related to this acquisition had not been finalized. Therefore, the values presented above are subject to change as the Company finalizes its fair value assessments during the measurement period. |
Inventories_Net
Inventories, Net | 3 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Inventories, Net | 4. Inventories, net | ||||||||||||
Inventories, net of allowance for obsolescence, consist of the following (in thousands): | |||||||||||||
December 27, | December 28, | September 27, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Raw materials | $ | 111,012 | $ | 120,382 | $ | 93,678 | |||||||
Work in progress | 13,006 | 17,531 | 13,397 | ||||||||||
Finished goods | 260,314 | 275,425 | 207,818 | ||||||||||
Supplies | 15,604 | 14,101 | 11,493 | ||||||||||
Total inventories, net | $ | 399,936 | $ | 427,439 | $ | 326,386 | |||||||
Goodwill
Goodwill | 3 Months Ended |
Dec. 27, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 5. 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. |
Other_Intangible_Assets
Other Intangible Assets | 3 Months Ended | ||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Other Intangible Assets | 6. 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 27, 2014 | |||||||||||||||||
Marketing-related intangible assets—amortizable | $ | 15.5 | $ | (10.1 | ) | $ | 0 | $ | 5.4 | ||||||||
Marketing-related intangible assets—nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 75.1 | (10.1 | ) | (16.9 | ) | 48.1 | |||||||||||
Customer-related intangible assets—amortizable | 42.8 | (20.7 | ) | 0 | 22.1 | ||||||||||||
Other acquired intangible assets—amortizable | 19.4 | (9.0 | ) | 0 | 10.4 | ||||||||||||
Other acquired intangible assets—nonamortizable | 7.7 | 0 | (1.2 | ) | 6.5 | ||||||||||||
Total | 27.1 | (9.0 | ) | (1.2 | ) | 16.9 | |||||||||||
Total other intangible assets | $ | 145 | $ | (39.8 | ) | $ | (18.1 | ) | $ | 87.1 | |||||||
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) | |||||||||||||||||
September 27, 2014 | |||||||||||||||||
Marketing-related intangible assets—amortizable | $ | 15.5 | $ | (9.9 | ) | $ | 0 | $ | 5.6 | ||||||||
Marketing-related intangible assets—nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 75.1 | (9.9 | ) | (16.9 | ) | 48.3 | |||||||||||
Customer-related intangible assets—amortizable | 42.8 | (20.2 | ) | 0 | 22.6 | ||||||||||||
Other acquired intangible assets—amortizable | 19.4 | (8.8 | ) | 0 | 10.6 | ||||||||||||
Other acquired intangible assets—nonamortizable | 7.7 | 0 | (1.2 | ) | 6.5 | ||||||||||||
Total | 27.1 | (8.8 | ) | (1.2 | ) | 17.1 | |||||||||||
Total other intangible assets | $ | 145 | $ | (38.9 | ) | $ | (18.1 | ) | $ | 88 | |||||||
Other intangible assets acquired include contract-based and technology-based 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 2014, 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 2014 or during the three months ended December 27, 2014, 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 eight years for marketing-related intangibles, 15 years for customer-related intangibles and 14 years for other acquired intangibles. Amortization expense for intangibles subject to amortization was approximately $0.9 million and $1.0 million for the three months ended December 27, 2014 and December 28, 2013, 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 $4 million to $5 million per year from fiscal 2015 through fiscal 2019. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Long-Term Debt | 7. Long-Term Debt | ||||||||||||
Long-term debt consists of the following: | |||||||||||||
December 27, | December 28, | September 27, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
(in thousands) | |||||||||||||
Senior subordinated notes, net of unamortized discount(1), interest at 8.25%, payable semi-annually, principal due March 2018 | $ | 449,560 | $ | 449,444 | $ | 449,529 | |||||||
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 | ||||||||||
Other notes payable | 642 | 94 | 710 | ||||||||||
Total | 450,202 | 449,538 | 450,239 | ||||||||||
Less current portion | (50,289 | ) | (73 | ) | (291 | ) | |||||||
Long-term portion | $ | 399,913 | $ | 449,465 | $ | 449,948 | |||||||
-1 | Represents unamortized original issue discount of $440, $556 and $471, as of December 27, 2014, December 28, 2013 and September 27, 2014, respectively, which is amortizable until March 2018. | ||||||||||||
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 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 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 before March 1, 2015 for 104.125%, on or after March 1, 2015 for 102.063% and on or 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. | |||||||||||||
In January 2015, the Company called $50 million aggregate principal amount of the 2018 Notes for redemption on March 1, 2015 at a price of 102.063%. In conjunction with this transaction, the Company expects to recognize a charge of approximately $1.5 million in its second fiscal quarter related to the payment of the call premium and the write-off of unamortized financing costs. Accordingly, the Company has reclassified the $50 million expected to be redeemed to current portion of long-term debt in its condensed consolidated balance sheet for the period ended December 27, 2014. | |||||||||||||
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 27, 2014. | |||||||||||||
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 27, 2014, there were no borrowings or letters of credit outstanding under the Credit Facility. There were other letters of credit of $12.6 million outstanding as of December 27, 2014. | |||||||||||||
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 availability as of December 27, 2014 was $293.6 million. Borrowings under the Credit Facility 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 27, 2014) and such applicable margin for Base Rate borrowings fluctuates between 0.25%-0.75% (and was 0.25% at December 27, 2014). As of December 27, 2014, the applicable interest rate related to Base Rate borrowings was 3.5%, and the applicable interest rate related to LIBOR-based borrowings 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 27, 2014. | |||||||||||||
The Company incurred approximately $3.1 million of costs in conjunction with this transaction, which included banking fees and legal expenses. These costs are being amortized over the term of the Credit Facility. | |||||||||||||
The Company recorded a non-cash charge of $1.7 million for the three month period ended December 28, 2013 as part of interest expense, related to the write-off of unamortized deferred financing costs under the prior revolving credit facility. |
Supplemental_Equity_Informatio
Supplemental Equity Information | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||
Supplemental Equity Information | 8. 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 27, 2014 and December 28, 2013: | |||||||||||||||||||||||||||||||||||||
Controlling Interest | |||||||||||||||||||||||||||||||||||||
(in thousands) | Common | Class A | Class B | Additional | Retained | Accumulated | Total | Noncontrolling | Total | ||||||||||||||||||||||||||||
Stock | Common | Stock | Paid In | Earnings | Other | Interest | |||||||||||||||||||||||||||||||
Stock | Capital | Comprehensive | |||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
Balance September 27, 2014 | $ | 124 | $ | 369 | $ | 16 | $ | 396,586 | $ | 86,396 | $ | 1,232 | $ | 484,723 | $ | 1,730 | $ | 486,453 | |||||||||||||||||||
Comprehensive loss | (5,697 | ) | (562 | ) | (6,259 | ) | 4 | (6,255 | ) | ||||||||||||||||||||||||||||
Stock based compensation | 1,080 | 1,080 | 1,080 | ||||||||||||||||||||||||||||||||||
Restricted share activity | (1 | ) | (144 | ) | (145 | ) | (145 | ) | |||||||||||||||||||||||||||||
Issuance of common stock | 470 | 470 | 470 | ||||||||||||||||||||||||||||||||||
Repurchase of common stock | (2 | ) | (4 | ) | (4,538 | ) | (563 | ) | (5,107 | ) | (5,107 | ) | |||||||||||||||||||||||||
Tax benefit on stock option exercise | 40 | 40 | 40 | ||||||||||||||||||||||||||||||||||
Distribution to Noncontrolling interest | (1,680 | ) | (1,680 | ) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||
Balance December 27, 2014 | $ | 122 | $ | 364 | $ | 16 | $ | 393,494 | $ | 80,136 | $ | 670 | $ | 474,802 | $ | 54 | $ | 474,856 | |||||||||||||||||||
Controlling Interest | |||||||||||||||||||||||||||||||||||||
(in thousands) | Common | Class A | Class B | Additional | Retained | Accumulated | Total | Noncontrolling | Total | ||||||||||||||||||||||||||||
Stock | Common | Stock | Paid In | Earnings | Other | Interest | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended |
Dec. 27, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation |
The Company recognized share-based compensation expense of $1.6 million and $1.8 million for the three month periods ended December 27, 2014 and December 28, 2013, 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 27, 2014 and December 28, 2013 was $0.6 million and $0.7 million, respectively. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended |
Dec. 27, 2014 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. 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 27, 2014 and December 28, 2013 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. 27, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Information | 11. 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 27, | December 28, | ||||||||||||
2014 | 2013 | ||||||||||||
Net sales: | |||||||||||||
Pet segment | $ | 199,320 | $ | 184,605 | |||||||||
Garden segment | 108,000 | 105,916 | |||||||||||
Total net sales | $ | 307,320 | $ | 290,521 | |||||||||
Income (loss) from operations: | |||||||||||||
Pet segment | 20,575 | 14,386 | |||||||||||
Garden segment | (3,535 | ) | (6,231 | ) | |||||||||
Corporate | (15,902 | ) | (16,510 | ) | |||||||||
Total income (loss) from operations | 1,138 | (8,355 | ) | ||||||||||
Interest expense—net | (10,432 | ) | (12,204 | ) | |||||||||
Other expense | (368 | ) | (168 | ) | |||||||||
Income tax benefit | (3,969 | ) | (7,915 | ) | |||||||||
Loss including noncontrolling interest | (5,693 | ) | (12,812 | ) | |||||||||
Net income (loss) attributable to noncontrolling interest | 4 | (104 | ) | ||||||||||
Net loss attributable to Central Garden & Pet Company | $ | (5,697 | ) | $ | (12,708 | ) | |||||||
Depreciation and amortization: | |||||||||||||
Pet segment | 3,941 | 3,886 | |||||||||||
Garden segment | 1,566 | 1,573 | |||||||||||
Corporate | 2,957 | 2,861 | |||||||||||
Total depreciation and amortization | $ | 8,464 | $ | 8,320 | |||||||||
December 27, | December 28, | September 27, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Assets: | |||||||||||||
Pet segment | $ | 425,528 | $ | 406,000 | $ | 414,279 | |||||||
Garden segment | 350,835 | 394,193 | 337,461 | ||||||||||
Corporate | 412,600 | 355,775 | 396,987 | ||||||||||
Total assets | $ | 1,188,963 | $ | 1,155,968 | $ | 1,148,727 | |||||||
Goodwill (included in corporate assets above): | |||||||||||||
Pet segment | $ | 208,233 | $ | 205,756 | $ | 208,233 |
Consolidating_Condensed_Financ
Consolidating Condensed Financial Information of Guarantor Subsidiaries | 3 Months Ended | ||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||
Consolidating Condensed Financial Information of Guarantor Subsidiaries | 12. 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. 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 27, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net sales | $ | 96,962 | $ | 17,323 | $ | 207,125 | $ | (14,090 | ) | $ | 307,320 | ||||||||||
Cost of goods sold and occupancy | 78,779 | 14,578 | 139,091 | (13,109 | ) | 219,339 | |||||||||||||||
Gross profit | 18,183 | 2,745 | 68,034 | (981 | ) | 87,981 | |||||||||||||||
Selling, general and administrative expenses | 27,851 | 3,999 | 55,974 | (981 | ) | 86,843 | |||||||||||||||
Income (loss) from operations | (9,668 | ) | (1,254 | ) | 12,060 | 0 | 1,138 | ||||||||||||||
Interest expense | (10,487 | ) | (15 | ) | (1 | ) | 0 | (10,503 | ) | ||||||||||||
Interest income | 70 | 1 | 0 | 0 | 71 | ||||||||||||||||
Other expense | (330 | ) | 0 | (38 | ) | 0 | (368 | ) | |||||||||||||
Income (loss) before taxes and equity in earnings (loss) of affiliates | (20,415 | ) | (1,268 | ) | 12,021 | 0 | (9,662 | ) | |||||||||||||
Income tax expense (benefit) | (8,457 | ) | (444 | ) | 4,932 | 0 | (3,969 | ) | |||||||||||||
Equity in earnings (loss) of affiliates | 6,261 | 0 | (587 | ) | (5,674 | ) | 0 | ||||||||||||||
Net income (loss) including noncontrolling interest | (5,697 | ) | (824 | ) | 6,502 | (5,674 | ) | (5,693 | ) | ||||||||||||
Net income attributable to noncontrolling interest | 0 | 4 | 0 | 0 | 4 | ||||||||||||||||
Net income (loss) attributable to Central Garden & Pet Company | $ | (5,697 | ) | $ | (828 | ) | $ | 6,502 | $ | (5,674 | ) | $ | (5,697 | ) | |||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||||||
Three Months Ended December 28, 2013 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net sales | $ | 86,233 | $ | 13,386 | $ | 203,022 | $ | (12,120 | ) | $ | 290,521 | ||||||||||
Cost of goods sold and occupancy | 68,491 | 11,009 | 142,502 | (11,222 | ) | 210,780 | |||||||||||||||
Gross profit | 17,742 | 2,377 | 60,520 | (898 | ) | 79,741 | |||||||||||||||
Selling, general and administrative expenses | 25,856 | 3,417 | 59,721 | (898 | ) | 88,096 | |||||||||||||||
Income (loss) from operations | (8,114 | ) | (1,040 | ) | 799 | 0 | (8,355 | ) | |||||||||||||
Interest expense | (12,190 | ) | (7 | ) | (20 | ) | 0 | (12,217 | ) | ||||||||||||
Interest income | 12 | 1 | 0 | 0 | 13 | ||||||||||||||||
Other expense | (43 | ) | 0 | (125 | ) | 0 | (168 | ) | |||||||||||||
Income (loss) before taxes and equity in loss of affiliates | (20,335 | ) | (1,046 | ) | 654 | 0 | (20,727 | ) | |||||||||||||
Income tax expense (benefit) | (7,807 | ) | (315 | ) | 207 | 0 | (7,915 | ) | |||||||||||||
Equity in loss of affiliates | (180 | ) | 0 | (300 | ) | 480 | 0 | ||||||||||||||
Net income (loss) including noncontrolling interest | (12,708 | ) | (731 | ) | 147 | 480 | (12,812 | ) | |||||||||||||
Net loss attributable to noncontrolling interest | 0 | (104 | ) | 0 | 0 | (104 | ) | ||||||||||||||
Net income (loss) attributable to Central Garden & Pet Company | $ | (12,708 | ) | $ | (627 | ) | $ | 147 | $ | 480 | $ | (12,708 | ) | ||||||||
CONSOLIDATING CONDENSED STATEMENTS OF | |||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Three Months Ended December 27, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net income (loss) | $ | (5,697 | ) | $ | (824 | ) | $ | 6,502 | $ | (5,674 | ) | $ | (5,693 | ) | |||||||
Other comprehensive loss: | |||||||||||||||||||||
Foreign currency translation | (552 | ) | (345 | ) | (104 | ) | 449 | (552 | ) | ||||||||||||
Unrealized loss on securities | (10 | ) | (0 | ) | (0 | ) | (0 | ) | (10 | ) | |||||||||||
Total comprehensive income (loss) | (6,259 | ) | (1,169 | ) | 6,398 | (5,225 | ) | (6,255 | ) | ||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 4 | 0 | 0 | 4 | ||||||||||||||||
Comprehensive income (loss) attributable to Central Garden & Pet Company | $ | (6,259 | ) | $ | (1,173 | ) | $ | 6,398 | $ | (5,225 | ) | $ | (6,259 | ) | |||||||
CONSOLIDATING CONDENSED STATEMENTS OF | |||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Three Months Ended December 28, 2013 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net income (loss) | $ | (12,708 | ) | $ | (731 | ) | $ | 147 | $ | 480 | $ | (12,812 | ) | ||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | 0 | 85 | 0 | 0 | 85 | ||||||||||||||||
Total comprehensive income (loss) | (12,708 | ) | (646 | ) | 147 | 480 | (12,727 | ) | |||||||||||||
Comprehensive loss attributable to noncontrolling interests | 0 | (104 | ) | 0 | 0 | (104 | ) | ||||||||||||||
Comprehensive income (loss) attributable to Central Garden & Pet Company | $ | (12,708 | ) | $ | (542 | ) | $ | 147 | $ | 480 | $ | (12,623 | ) | ||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||||||
December 27, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 71,579 | $ | 5,505 | $ | 2,504 | $ | 0 | $ | 79,588 | |||||||||||
Restricted cash | 19,690 | 0 | 0 | 0 | 19,690 | ||||||||||||||||
Short term investments | 9,992 | 0 | 0 | 0 | 9,992 | ||||||||||||||||
Accounts receivable, net | 38,580 | 7,573 | 96,724 | 0 | 142,877 | ||||||||||||||||
Inventories | 101,870 | 22,481 | 275,585 | 0 | 399,936 | ||||||||||||||||
Prepaid expenses and other | 33,095 | 962 | 30,223 | 0 | 64,280 | ||||||||||||||||
Total current assets | 274,806 | 36,521 | 405,036 | 0 | 716,363 | ||||||||||||||||
Land, buildings, improvements and equipment, net | 59,829 | 3,607 | 100,110 | 0 | 163,546 | ||||||||||||||||
Goodwill | 0 | 0 | 208,233 | 0 | 208,233 | ||||||||||||||||
Other long term assets | 21,809 | 4,121 | 83,088 | (8,197 | ) | 100,821 | |||||||||||||||
Intercompany receivable | 37,337 | 0 | 378,847 | (416,184 | ) | 0 | |||||||||||||||
Investment in subsidiaries | 989,226 | 0 | 0 | (989,226 | ) | 0 | |||||||||||||||
Total | $ | 1,383,007 | $ | 44,249 | $ | 1,175,314 | $ | (1,413,607 | ) | $ | 1,188,963 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Accounts payable | $ | 39,847 | $ | 10,077 | $ | 78,561 | $ | 0 | $ | 128,485 | |||||||||||
Accrued expenses | 47,888 | 1,751 | 43,569 | 0 | 93,208 | ||||||||||||||||
Current portion of long-term debt | 50,259 | 0 | 30 | 0 | 50,289 | ||||||||||||||||
Total current liabilities | 137,994 | 11,828 | 122,160 | 0 | 271,982 | ||||||||||||||||
Long-term debt | 399,826 | 0 | 87 | 0 | 399,913 | ||||||||||||||||
Intercompany payable | 368,765 | 47,419 | 0 | (416,184 | ) | 0 | |||||||||||||||
Losses in excess of investment in subsidiaries | 0 | 0 | 14,900 | (14,900 | ) | 0 | |||||||||||||||
Other long-term obligations | 1,620 | 0 | 48,789 | (8,197 | ) | 42,212 | |||||||||||||||
Central Garden & Pet shareholders’ equity | 474,802 | (15,052 | ) | 989,378 | (974,326 | ) | 474,802 | ||||||||||||||
Noncontrolling interest | 0 | 54 | 0 | 0 | 54 | ||||||||||||||||
Total equity | 474,802 | (14,998 | ) | 989,378 | (974,326 | ) | 474,856 | ||||||||||||||
Total | $ | 1,383,007 | $ | 44,249 | $ | 1,175,314 | $ | (1,413,607 | ) | $ | 1,188,963 | ||||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||||||
December 28, 2013 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 8,862 | $ | 4,280 | $ | 3,569 | $ | 0 | $ | 16,711 | |||||||||||
Restricted cash | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Short term investments | 14,220 | 0 | 0 | 0 | 14,220 | ||||||||||||||||
Accounts receivable, net | 36,241 | 5,984 | 100,880 | 0 | 143,105 | ||||||||||||||||
Inventories | 110,337 | 26,567 | 290,535 | 0 | 427,439 | ||||||||||||||||
Prepaid expenses and other | 33,814 | 953 | 34,333 | 0 | 69,100 | ||||||||||||||||
Total current assets | 203,474 | 37,784 | 429,317 | 0 | 670,575 | ||||||||||||||||
Land, buildings, improvements and equipment, net | 74,595 | 2,395 | 110,148 | 0 | 187,138 | ||||||||||||||||
Goodwill | 0 | 0 | 205,756 | 0 | 205,756 | ||||||||||||||||
Other long term assets | 23,907 | 3,737 | 73,532 | (8,677 | ) | 92,499 | |||||||||||||||
Intercompany receivable | 15,840 | 0 | 283,318 | (299,158 | ) | 0 | |||||||||||||||
Investment in subsidiaries | 932,224 | 0 | 0 | (932,224 | ) | 0 | |||||||||||||||
Total | $ | 1,250,040 | $ | 43,916 | $ | 1,102,071 | $ | (1,240,059 | ) | $ | 1,155,968 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Accounts payable | $ | 43,748 | $ | 7,152 | $ | 69,648 | $ | 0 | $ | 120,548 | |||||||||||
Accrued expenses | 43,137 | 1,483 | 43,892 | 0 | 88,512 | ||||||||||||||||
Current portion of long-term debt | 39 | 0 | 34 | 0 | 73 | ||||||||||||||||
Total current liabilities | 86,924 | 8,635 | 113,574 | 0 | 209,133 | ||||||||||||||||
Long-term debt | 449,444 | 0 | 21 | 0 | 449,465 | ||||||||||||||||
Intercompany payable | 254,043 | 45,115 | (299,158 | ) | |||||||||||||||||
Losses in excess of investment in subsidiaries | 0 | 0 | 9,399 | (9,399 | ) | 0 | |||||||||||||||
Other long-term obligations | 1,735 | 0 | 45,809 | (8,677 | ) | 38,867 | |||||||||||||||
Central Garden & Pet shareholders’ equity | 457,894 | (10,443 | ) | 933,268 | (922,825 | ) | 457,894 | ||||||||||||||
Noncontrolling interest | 0 | 609 | 0 | 0 | 609 | ||||||||||||||||
Total equity | 457,894 | (9,834 | ) | 933,268 | (922,825 | ) | 458,503 | ||||||||||||||
Total | $ | 1,250,040 | $ | 43,916 | $ | 1,102,071 | $ | (1,240,059 | ) | $ | 1,155,968 | ||||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||||||
September 27, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 63,471 | $ | 12,806 | $ | 2,399 | $ | 0 | $ | 78,676 | |||||||||||
Restricted cash | 14,283 | 0 | 0 | 0 | 14,283 | ||||||||||||||||
Short term investments | 9,990 | 0 | 0 | 0 | 9,990 | ||||||||||||||||
Accounts receivable, net | 41,235 | 8,268 | 144,226 | 0 | 193,729 | ||||||||||||||||
Inventories | 79,199 | 15,210 | 231,977 | 0 | 326,386 | ||||||||||||||||
Prepaid expenses and other | 26,092 | 816 | 21,580 | 0 | 48,488 | ||||||||||||||||
Total current assets | 234,270 | 37,100 | 400,182 | 0 | 671,552 | ||||||||||||||||
Land, buildings, improvements and equipment, net | 63,059 | 3,649 | 100,141 | 0 | 166,849 | ||||||||||||||||
Goodwill | 0 | 0 | 208,233 | 0 | 208,233 | ||||||||||||||||
Other long term assets | 25,230 | 4,244 | 83,713 | (11,094 | ) | 102,093 | |||||||||||||||
Intercompany receivable | 16,906 | 0 | 351,423 | (368,329 | ) | 0 | |||||||||||||||
Investment in subsidiaries | 983,413 | 0 | 0 | (983,413 | ) | 0 | |||||||||||||||
Total | $ | 1,322,878 | $ | 44,993 | $ | 1,143,692 | $ | (1,362,836 | ) | $ | 1,148,727 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Accounts payable | $ | 28,937 | $ | 3,542 | $ | 55,949 | $ | 0 | $ | 88,428 | |||||||||||
Accrued expenses | 34,151 | 1,868 | 48,360 | 0 | 84,379 | ||||||||||||||||
Current portion of long term debt | 261 | 0 | 30 | 0 | 291 | ||||||||||||||||
Total current liabilities | 63,349 | 5,410 | 104,339 | 0 | 173,098 | ||||||||||||||||
Long-term debt | 449,855 | 0 | 93 | 0 | 449,948 | ||||||||||||||||
Intercompany payable | 323,314 | 45,015 | 0 | (368,329 | ) | 0 | |||||||||||||||
Losses in excess of investment in subsidiaries | 0 | 0 | 7,594 | (7,594 | ) | 0 | |||||||||||||||
Other long-term obligations | 1,636 | 0 | 48,686 | (11,094 | ) | 39,228 | |||||||||||||||
Central Garden & Pet shareholders’ equity | 484,724 | (7,162 | ) | 982,980 | (975,819 | ) | 484,723 | ||||||||||||||
Noncontrolling interest | 0 | 1,730 | 0 | 0 | 1,730 | ||||||||||||||||
Total equity | 484,724 | (5,432 | ) | 982,980 | (975,819 | ) | 486,453 | ||||||||||||||
Total | $ | 1,322,878 | $ | 44,993 | $ | 1,143,692 | $ | (1,362,836 | ) | $ | 1,148,727 | ||||||||||
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS | |||||||||||||||||||||
Three Months Ended December 27, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash (used) provided by operating activities | $ | (6,874 | ) | $ | (1,400 | ) | $ | 30,845 | $ | (6,719 | ) | $ | 15,852 | ||||||||
Additions to property, plant and equipment | (589 | ) | (64 | ) | (3,416 | ) | 0 | (4,069 | ) | ||||||||||||
Businesses acquired, net of cash acquired | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Proceeds from disposal of plant and equipment | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Change in restricted cash and cash equivalents | (5,407 | ) | 0 | 0 | 0 | (5,407 | ) | ||||||||||||||
Maturities of short term investments | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Investment in short term investments | (12 | ) | 0 | 0 | 0 | (12 | ) | ||||||||||||||
Intercompany investing activities | (20,431 | ) | 0 | (27,423 | ) | 47,854 | 0 | ||||||||||||||
Net cash (used) provided by investing activities | (26,439 | ) | (64 | ) | (30,839 | ) | 47,854 | (9,488 | ) | ||||||||||||
Repayments on revolving line of credit | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Borrowings on revolving line of credit | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Repayments of long-term debt | (67 | ) | 0 | (5 | ) | 0 | (72 | ) | |||||||||||||
Proceeds from issuance of common stock | 188 | 0 | 0 | 0 | 188 | ||||||||||||||||
Excess tax benefits from stock-based awards | 40 | 0 | 0 | 0 | 40 | ||||||||||||||||
Repurchase of common stock | (3,742 | ) | 0 | 0 | 0 | (3,742 | ) | ||||||||||||||
Payment of deferred financing costs | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Distribution to parent | 0 | (6,719 | ) | 0 | 6,719 | 0 | |||||||||||||||
Distribution to noncontrolling interest | 0 | (1,680 | ) | 0 | 0 | (1,680 | ) | ||||||||||||||
Intercompany financing activities | 45,450 | 2,404 | 0 | (47,854 | ) | 0 | |||||||||||||||
Net cash provided (used) by financing activities | 41,869 | (5,995 | ) | (5 | ) | (41,135 | ) | (5,266 | ) | ||||||||||||
Effect of exchange rates on cash | (448 | ) | 158 | 104 | 0 | (186 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 8,108 | (7,301 | ) | 105 | 0 | 912 | |||||||||||||||
Cash and cash equivalents at beginning of year | 63,471 | 12,806 | 2,399 | 0 | 78,676 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 71,579 | $ | 5,505 | $ | 2,504 | $ | 0 | $ | 79,588 | |||||||||||
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS | |||||||||||||||||||||
Three Months Ended December 28, 2013 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash (used) provided by operating activities | $ | (7,093 | ) | $ | (1,954 | ) | $ | 41,590 | $ | (2,534 | ) | $ | 30,009 | ||||||||
Additions to property, plant and equipment | (1,351 | ) | (200 | ) | (3,826 | ) | 0 | (5,377 | ) | ||||||||||||
Businesses acquired, net of cash acquired | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Proceeds from disposal of plant and equipment | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Change in restricted cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Maturities of short term investments | 3,600 | 0 | 0 | 0 | 3,600 | ||||||||||||||||
Investment in short term investments | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Intercompany investing activities | (5,660 | ) | 0 | (36,821 | ) | 42,481 | 0 | ||||||||||||||
Net cash (used) provided by investing activities | (3,411 | ) | (200 | ) | (40,647 | ) | 42,481 | (1,777 | ) | ||||||||||||
Repayments on revolving line of credit | (68,000 | ) | 0 | 0 | 0 | (68,000 | ) | ||||||||||||||
Borrowings on revolving line of credit | 45,000 | 0 | 0 | 0 | 45,000 | ||||||||||||||||
Repayments of long-term debt | (39 | ) | 0 | (37 | ) | 0 | (76 | ) | |||||||||||||
Proceeds from issuance of common stock | 200 | 0 | 0 | 0 | 200 | ||||||||||||||||
Excess tax benefits from stock-based awards | 171 | 0 | 0 | 0 | 171 | ||||||||||||||||
Repurchase of common stock | (401 | ) | 0 | 0 | 0 | (401 | ) | ||||||||||||||
Payment of deferred financing costs | (2,985 | ) | 0 | 0 | 0 | (2,985 | ) | ||||||||||||||
Distribution to parent | 0 | (2,534 | ) | 0 | 2,534 | 0 | |||||||||||||||
Distribution to noncontrolling interest | 0 | (633 | ) | 0 | 0 | (633 | ) | ||||||||||||||
Intercompany financing activities | 39,785 | 2,696 | 0 | (42,481 | ) | 0 | |||||||||||||||
Net cash provided (used) by financing activities | 13,731 | (471 | ) | (37 | ) | (39,947 | ) | (26,724 | ) | ||||||||||||
Effect of exchange rates on cash | 197 | (98 | ) | (52 | ) | 0 | 47 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 3,424 | (2,723 | ) | 854 | 0 | 1,555 | |||||||||||||||
Cash and cash equivalents at beginning of year | 5,438 | 7,003 | 2,715 | 0 | 15,156 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 8,862 | $ | 4,280 | $ | 3,569 | $ | 0 | $ | 16,711 | |||||||||||
Subsequent to the issuance of the Form 10-Q for the quarterly period ended June 28, 2014, management identified certain corrections that were needed in the presentation of the Consolidating Condensed Financial Statements. The Company revised its Consolidating Condensed Financial Statements to correct the presentation of intercompany activities and other classification items between the Parent, Guarantors and Non-Guarantor subsidiaries for intercompany activities. The Company has also included a new column in its Consolidating Condensed Financial Statements to present separate results for Non-Guarantor subsidiaries. There were no changes to any of the Company’s Consolidated Financial Statements. The Company assessed the materiality of these items on previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 and No. 108, and concluded that the revisions were not material to the Consolidating Condensed Financial Statements. The impact of these revisions is shown in the following tables: | |||||||||||||||||||||
CONSOLIDATING CONDENSED | |||||||||||||||||||||
STATEMENT OF OPERATIONS | |||||||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | (8,783 | ) | $ | 669 | $ | (8,114 | ) | |||||||||||||
Non-guarantor subsidiaries | 0 | (1,040 | ) | (1,040 | ) | ||||||||||||||||
Guarantor subsidiaries | 428 | 371 | 799 | ||||||||||||||||||
Eliminations | 0 | 0 | 0 | ||||||||||||||||||
Income (loss) from operations | (8,355 | ) | 0 | (8,355 | ) | ||||||||||||||||
Parent | (12,708 | ) | 0 | (12,708 | ) | ||||||||||||||||
Non-guarantor subsidiaries | 0 | (627 | ) | (627 | ) | ||||||||||||||||
Guarantor subsidiaries | (108 | ) | 255 | 147 | |||||||||||||||||
Eliminations | 108 | 372 | 480 | ||||||||||||||||||
Net loss attributable to Central Garden & Pet Company | $ | (12,708 | ) | $ | 0 | $ | (12,708 | ) | |||||||||||||
In the Consolidating Condensed Statement of Operations, the Company now presents the Non-Guarantor subsidiaries separate from the Parent. The Company also recorded the equity in earnings of Non-Guarantor subsidiaries, which are owned by Guarantor subsidiaries, within the Guarantor subsidiary column, and have appropriately eliminated intercompany earnings between Non-Guarantor and Guarantor subsidiaries. | |||||||||||||||||||||
CONSOLIDATING CONDENSED | |||||||||||||||||||||
STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | (12,704 | ) | $ | (4 | ) | $ | (12,708 | ) | ||||||||||||
Non-guarantor subsidiaries | 0 | (731 | ) | (731 | ) | ||||||||||||||||
Guarantor subsidiaries | (108 | ) | 255 | 147 | |||||||||||||||||
Eliminations | 0 | 480 | 480 | ||||||||||||||||||
Net loss | (12,812 | ) | 0 | (12,812 | ) | ||||||||||||||||
Parent | (12,619 | ) | (89 | ) | (12,708 | ) | |||||||||||||||
Non-guarantor subsidiaries | 0 | (646 | ) | (646 | ) | ||||||||||||||||
Guarantor subsidiaries | (108 | ) | 255 | 147 | |||||||||||||||||
Eliminations | 0 | 480 | 480 | ||||||||||||||||||
Total comprehensive loss | (12,727 | ) | 0 | (12,727 | ) | ||||||||||||||||
Parent | (12,515 | ) | (193 | ) | (12,708 | ) | |||||||||||||||
Non-guarantor subsidiaries | 0 | (542 | ) | (542 | ) | ||||||||||||||||
Guarantor subsidiaries | (108 | ) | 255 | 147 | |||||||||||||||||
Eliminations | 0 | 480 | 480 | ||||||||||||||||||
Comprehensive loss Central Garden & Pet Company | $ | (12,623 | ) | $ | 0 | $ | (12,623 | ) | |||||||||||||
In the Consolidating Condensed Statement of Comprehensive Income, the Company now presents the Non-Guarantor subsidiaries separate from the Parent. The Company also recorded an adjustment to correct the beginning net income of the Parent to reflect equity in the earnings from affiliates. | |||||||||||||||||||||
CONSOLIDATING CONDENSED | |||||||||||||||||||||
BALANCE SHEET | |||||||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | 243,083 | $ | (39,609 | ) | $ | 203,474 | ||||||||||||||
Non-guarantor subsidiaries | 0 | 37,784 | 37,784 | ||||||||||||||||||
Guarantor subsidiaries | 432,234 | (2,917 | ) | 429,317 | |||||||||||||||||
Eliminations | (4,742 | ) | 4,742 | 0 | |||||||||||||||||
Current assets | 670,575 | 0 | 670,575 | ||||||||||||||||||
Parent | 1,035,812 | 214,228 | 1,250,040 | ||||||||||||||||||
Non-guarantor subsidiaries | 0 | 43,916 | 43,916 | ||||||||||||||||||
Guarantor subsidiaries | 782,817 | 319,254 | 1,102,071 | ||||||||||||||||||
Eliminations | (662,661 | ) | (577,398 | ) | (1,240,059 | ) | |||||||||||||||
Total assets | $ | 1,155,968 | $ | 0 | $ | 1,155,968 | |||||||||||||||
Parent | $ | 95,493 | $ | (8,569 | ) | $ | 86,924 | ||||||||||||||
Non-guarantor subsidiaries | 0 | 8,635 | 8,635 | ||||||||||||||||||
Guarantor subsidiaries | 118,382 | (4,808 | ) | 113,574 | |||||||||||||||||
Eliminations | (4,742 | ) | 4,742 | 0 | |||||||||||||||||
Current liabilities | 209,133 | 0 | 209,133 | ||||||||||||||||||
Parent | 458,503 | (609 | ) | 457,894 | |||||||||||||||||
Non-guarantor subsidiaries | 0 | (9,834 | ) | (9,834 | ) | ||||||||||||||||
Guarantor subsidiaries | 657,919 | 275,349 | 933,268 | ||||||||||||||||||
Eliminations | (657,919 | ) | (264,906 | ) | (922,825 | ) | |||||||||||||||
Total stockholders’ equity | $ | 458,503 | $ | 0 | $ | 458,503 | |||||||||||||||
In the Consolidating Condensed Balance Sheet, the Company now presents the Non-Guarantor subsidiaries separate from the Parent. The Company also recorded adjustments to present intercompany receivables and payables between legal entities of the Guarantor, Non-Guarantor and Parent on a gross basis instead of net. These adjustments impacted the Parent’s total long term assets and liabilities and the Guarantor subsidiaries’ total long term assets and equity. The Company also corrected the presentation of certain deferred tax balances to present on a gross basis by legal entity. | |||||||||||||||||||||
CONSOLIDATING CONDENSED STATEMENT | |||||||||||||||||||||
OF CASH FLOWS | |||||||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | (10,458 | ) | $ | 3,365 | $ | (7,093 | ) | |||||||||||||
Non-guarantor subsidiaries | 0 | (1,954 | ) | (1,954 | ) | ||||||||||||||||
Guarantor subsidiaries | 40,359 | 1,231 | 41,590 | ||||||||||||||||||
Eliminations | 108 | (2,642 | ) | (2,534 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | 30,009 | 0 | 30,009 | ||||||||||||||||||
Parent | 37,747 | (41,158 | ) | (3,411 | ) | ||||||||||||||||
Non-guarantor subsidiaries | 0 | (200 | ) | (200 | ) | ||||||||||||||||
Guarantor subsidiaries | (39,416 | ) | (1,231 | ) | (40,647 | ) | |||||||||||||||
Eliminations | (108 | ) | 42,589 | 42,481 | |||||||||||||||||
Net cash provided by (used in) investing activities | (1,777 | ) | 0 | (1,777 | ) | ||||||||||||||||
Parent | (26,687 | ) | 40,418 | 13,731 | |||||||||||||||||
Non-guarantor subsidiaries | 0 | (471 | ) | (471 | ) | ||||||||||||||||
Guarantor subsidiaries | (37 | ) | (0 | ) | (37 | ) | |||||||||||||||
Eliminations | 0 | (39,947 | ) | (39,947 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | $ | (26,724 | ) | $ | 0 | $ | (26,724 | ) | |||||||||||||
In the Consolidating Condensed Statement of Cash Flows, the Company now presents the Non-Guarantor subsidiaries separate from the Parent. The Company also presents changes in receivable balances between affiliates as investing activities and changes in payable balances between affiliates as financing activities because these changes are a result of subsidiaries’ deposits to or borrowings from the Parent’s cash account under a cash pooling arrangement. The Company also corrected the presentation of the Parent’s cash flow from operating activities to reflect equity in earnings of affiliates as a non-cash operating activity. The Company previously presented changes of intercompany receivables and payables in investing activities. |
Contingencies
Contingencies | 3 Months Ended |
Dec. 27, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 13. 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. | |
The Company has received notices from several states stating that they have appointed an agent to conduct an examination of the books and records of the Company to determine whether it has complied with state unclaimed property laws. In addition to seeking unclaimed property subject to escheat laws, the states may seek interest, penalties and other relief. The examinations are at an early state and, as such, management is unable to determine the impact, if any, on the Company’s financial position or results of operations. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Dec. 27, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events |
In January 2015, the Company called $50 million of its 8.25% senior subordinated notes due March 2018 for redemption on March 1, 2015 at a price of 102.063%. The Company expects to record a charge of approximately $1.5 million in its second quarter related to the payment of the call premium and the write-off of unamortized deferred financing costs. | |
Subsequent to the quarter ended December 27, 2014, the Company invested $16 million in cash in two related joint ventures which possess proprietary, patent and other intellectual property rights in substances for use in pet, animal health and pesticide products. This investment is intended to help the Company to develop new products in each of the these categories. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Dec. 27, 2014 | |
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 8, 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. As of December 27, 2014 and December 28, 2013, the Company had no outstanding derivative instruments. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Discontinued Operations | |
In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (ASU 2014-08), Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 provides amended guidance for reporting discontinued operations and disclosures of disposals of components. The amended guidance raises the threshold for disposals to qualify as discontinued operations and permits significant continuing involvement and continuing cash flows with the discontinued operation. In addition, the amended guidance requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. The amended guidance became effective for the Company during the first quarter of fiscal 2015. The adoption of the applicable sections of this ASC may have an impact on the accounting for any future discontinued operations the Company may have. | |
Revenue Recognition | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. This update was issued as Accounting Standards Codification Topic 606. The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with earlier adoption not permitted. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements. | |
Stock Based Compensation | |
In June 2014, the FASB issued ASU No. 2014-12 (ASU 2014-12), Compensation — Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU No. 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU 2014-12 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. The Company is currently evaluating the effect that the adoption of this standard will have on its 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, restricted cash used for collateral requirements for stand-alone letter of credit agreements, 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. | |
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. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||
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 27, 2014 (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Short term investments(a) | $ | 9,992 | $ | 0 | $ | 0 | $ | 9,992 | |||||||||
Total assets | $ | 9,992 | $ | 0 | $ | 0 | $ | 9,992 | |||||||||
Liabilities: | |||||||||||||||||
Liability for contingent consideration(b) | $ | 0 | $ | 0 | $ | 4,414 | $ | 4,414 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,414 | $ | 4,414 | |||||||||
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: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Certificates of deposit(c) | $ | 0 | $ | 14,220 | $ | 0 | $ | 14,220 | |||||||||
Total assets | $ | 0 | $ | 14,220 | $ | 0 | $ | 14,220 | |||||||||
Liabilities: | |||||||||||||||||
Liability for contingent consideration(b) | $ | 0 | $ | 0 | $ | 4,165 | $ | 4,165 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,165 | $ | 4,165 | |||||||||
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 27, 2014: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Short-term investments(a) | $ | 9,990 | $ | 0 | $ | 0 | $ | 9,990 | |||||||||
Total assets | $ | 9,990 | $ | 0 | $ | 0 | $ | 9,990 | |||||||||
Liabilities: | |||||||||||||||||
Liability for contingent consideration(b) | $ | 0 | $ | 0 | $ | 4,414 | $ | 4,414 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,414 | $ | 4,414 | |||||||||
(a) | The fair value of short-term investments is based on quoted prices in active markets for identical assets. | ||||||||||||||||
(b) | 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 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 consolidated balance sheets. | ||||||||||||||||
(c) | The fair value of the Company’s 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 the Company’s 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 December 27, 2014 and December 28, 2013 (in thousands): | ||||||||||||||||
Amount | |||||||||||||||||
Balance as of September 27, 2014 | $ | 4,414 | |||||||||||||||
Changes in the fair value of contingent performance-based payments established at the time of acquisition | 0 | ||||||||||||||||
Balance as of December 27, 2014 | $ | 4,414 | |||||||||||||||
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 | |||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||
Dec. 27, 2014 | |||||
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 and subsequent adjustments: | ||||
(In thousands) | Amounts | ||||
Recognized as of | |||||
Acquisition Date | |||||
Current assets, net of cash and cash equivalents acquired | $ | 6,650 | |||
Fixed assets | 20 | ||||
Goodwill | 2,477 | ||||
Intangible assets | 12,306 | ||||
Current liabilities | (1,170 | ) | |||
Net assets acquired, less cash and cash equivalents | $ | 20,283 | |||
Inventories_Net_Tables
Inventories, Net (Tables) | 3 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Summary of Inventories, Net of Allowance for Obsolescence | Inventories, net of allowance for obsolescence, consist of the following (in thousands): | ||||||||||||
December 27, | December 28, | September 27, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Raw materials | $ | 111,012 | $ | 120,382 | $ | 93,678 | |||||||
Work in progress | 13,006 | 17,531 | 13,397 | ||||||||||
Finished goods | 260,314 | 275,425 | 207,818 | ||||||||||
Supplies | 15,604 | 14,101 | 11,493 | ||||||||||
Total inventories, net | $ | 399,936 | $ | 427,439 | $ | 326,386 | |||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||
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 27, 2014 | |||||||||||||||||
Marketing-related intangible assets—amortizable | $ | 15.5 | $ | (10.1 | ) | $ | 0 | $ | 5.4 | ||||||||
Marketing-related intangible assets—nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 75.1 | (10.1 | ) | (16.9 | ) | 48.1 | |||||||||||
Customer-related intangible assets—amortizable | 42.8 | (20.7 | ) | 0 | 22.1 | ||||||||||||
Other acquired intangible assets—amortizable | 19.4 | (9.0 | ) | 0 | 10.4 | ||||||||||||
Other acquired intangible assets—nonamortizable | 7.7 | 0 | (1.2 | ) | 6.5 | ||||||||||||
Total | 27.1 | (9.0 | ) | (1.2 | ) | 16.9 | |||||||||||
Total other intangible assets | $ | 145 | $ | (39.8 | ) | $ | (18.1 | ) | $ | 87.1 | |||||||
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) | |||||||||||||||||
September 27, 2014 | |||||||||||||||||
Marketing-related intangible assets—amortizable | $ | 15.5 | $ | (9.9 | ) | $ | 0 | $ | 5.6 | ||||||||
Marketing-related intangible assets—nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 75.1 | (9.9 | ) | (16.9 | ) | 48.3 | |||||||||||
Customer-related intangible assets—amortizable | 42.8 | (20.2 | ) | 0 | 22.6 | ||||||||||||
Other acquired intangible assets—amortizable | 19.4 | (8.8 | ) | 0 | 10.6 | ||||||||||||
Other acquired intangible assets—nonamortizable | 7.7 | 0 | (1.2 | ) | 6.5 | ||||||||||||
Total | 27.1 | (8.8 | ) | (1.2 | ) | 17.1 | |||||||||||
Total other intangible assets | $ | 145 | $ | (38.9 | ) | $ | (18.1 | ) | $ | 88 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Components of Long-Term Debt | Long-term debt consists of the following: | ||||||||||||
December 27, | December 28, | September 27, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
(in thousands) | |||||||||||||
Senior subordinated notes, net of unamortized discount(1), interest at 8.25%, payable semi-annually, principal due March 2018 | $ | 449,560 | $ | 449,444 | $ | 449,529 | |||||||
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 | ||||||||||
Other notes payable | 642 | 94 | 710 | ||||||||||
Total | 450,202 | 449,538 | 450,239 | ||||||||||
Less current portion | (50,289 | ) | (73 | ) | (291 | ) | |||||||
Long-term portion | $ | 399,913 | $ | 449,465 | $ | 449,948 | |||||||
-1 | Represents unamortized original issue discount of $440, $556 and $471, as of December 27, 2014, December 28, 2013 and September 27, 2014, respectively, which is amortizable until March 2018. |
Supplemental_Equity_Informatio1
Supplemental Equity Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||||||||||||||||||
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 27, 2014 and December 28, 2013: | ||||||||||||||||||||||||||||||||||||
Controlling Interest | |||||||||||||||||||||||||||||||||||||
(in thousands) | Common | Class A | Class B | Additional | Retained | Accumulated | Total | Noncontrolling | Total | ||||||||||||||||||||||||||||
Stock | Common | Stock | Paid In | Earnings | Other | Interest | |||||||||||||||||||||||||||||||
Stock | Capital | Comprehensive | |||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
Balance September 27, 2014 | $ | 124 | $ | 369 | $ | 16 | $ | 396,586 | $ | 86,396 | $ | 1,232 | $ | 484,723 | $ | 1,730 | $ | 486,453 | |||||||||||||||||||
Comprehensive loss | (5,697 | ) | (562 | ) | (6,259 | ) | 4 | (6,255 | ) | ||||||||||||||||||||||||||||
Stock based compensation | 1,080 | 1,080 | 1,080 | ||||||||||||||||||||||||||||||||||
Restricted share activity | (1 | ) | (144 | ) | (145 | ) | (145 | ) | |||||||||||||||||||||||||||||
Issuance of common stock | 470 | 470 | 470 | ||||||||||||||||||||||||||||||||||
Repurchase of common stock | (2 | ) | (4 | ) | (4,538 | ) | (563 | ) | (5,107 | ) | (5,107 | ) | |||||||||||||||||||||||||
Tax benefit on stock option exercise | 40 | 40 | 40 | ||||||||||||||||||||||||||||||||||
Distribution to Noncontrolling interest | (1,680 | ) | (1,680 | ) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||
Balance December 27, 2014 | $ | 122 | $ | 364 | $ | 16 | $ | 393,494 | $ | 80,136 | $ | 670 | $ | 474,802 | $ | 54 | $ | 474,856 | |||||||||||||||||||
Controlling Interest | |||||||||||||||||||||||||||||||||||||
(in thousands) | Common | Class A | Class B | Additional | Retained | Accumulated | Total | Noncontrolling | Total | ||||||||||||||||||||||||||||
Stock | Common | Stock | Paid In | Earnings | Other | Interest | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
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 27, | December 28, | ||||||||||||
2014 | 2013 | ||||||||||||
Net sales: | |||||||||||||
Pet segment | $ | 199,320 | $ | 184,605 | |||||||||
Garden segment | 108,000 | 105,916 | |||||||||||
Total net sales | $ | 307,320 | $ | 290,521 | |||||||||
Income (loss) from operations: | |||||||||||||
Pet segment | 20,575 | 14,386 | |||||||||||
Garden segment | (3,535 | ) | (6,231 | ) | |||||||||
Corporate | (15,902 | ) | (16,510 | ) | |||||||||
Total income (loss) from operations | 1,138 | (8,355 | ) | ||||||||||
Interest expense—net | (10,432 | ) | (12,204 | ) | |||||||||
Other expense | (368 | ) | (168 | ) | |||||||||
Income tax benefit | (3,969 | ) | (7,915 | ) | |||||||||
Loss including noncontrolling interest | (5,693 | ) | (12,812 | ) | |||||||||
Net income (loss) attributable to noncontrolling interest | 4 | (104 | ) | ||||||||||
Net loss attributable to Central Garden & Pet Company | $ | (5,697 | ) | $ | (12,708 | ) | |||||||
Depreciation and amortization: | |||||||||||||
Pet segment | 3,941 | 3,886 | |||||||||||
Garden segment | 1,566 | 1,573 | |||||||||||
Corporate | 2,957 | 2,861 | |||||||||||
Total depreciation and amortization | $ | 8,464 | $ | 8,320 | |||||||||
December 27, | December 28, | September 27, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Assets: | |||||||||||||
Pet segment | $ | 425,528 | $ | 406,000 | $ | 414,279 | |||||||
Garden segment | 350,835 | 394,193 | 337,461 | ||||||||||
Corporate | 412,600 | 355,775 | 396,987 | ||||||||||
Total assets | $ | 1,188,963 | $ | 1,155,968 | $ | 1,148,727 | |||||||
Goodwill (included in corporate assets above): | |||||||||||||
Pet segment | $ | 208,233 | $ | 205,756 | $ | 208,233 |
Consolidating_Condensed_Financ1
Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables) | 3 Months Ended | ||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||
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 27, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net sales | $ | 96,962 | $ | 17,323 | $ | 207,125 | $ | (14,090 | ) | $ | 307,320 | ||||||||||
Cost of goods sold and occupancy | 78,779 | 14,578 | 139,091 | (13,109 | ) | 219,339 | |||||||||||||||
Gross profit | 18,183 | 2,745 | 68,034 | (981 | ) | 87,981 | |||||||||||||||
Selling, general and administrative expenses | 27,851 | 3,999 | 55,974 | (981 | ) | 86,843 | |||||||||||||||
Income (loss) from operations | (9,668 | ) | (1,254 | ) | 12,060 | 0 | 1,138 | ||||||||||||||
Interest expense | (10,487 | ) | (15 | ) | (1 | ) | 0 | (10,503 | ) | ||||||||||||
Interest income | 70 | 1 | 0 | 0 | 71 | ||||||||||||||||
Other expense | (330 | ) | 0 | (38 | ) | 0 | (368 | ) | |||||||||||||
Income (loss) before taxes and equity in earnings (loss) of affiliates | (20,415 | ) | (1,268 | ) | 12,021 | 0 | (9,662 | ) | |||||||||||||
Income tax expense (benefit) | (8,457 | ) | (444 | ) | 4,932 | 0 | (3,969 | ) | |||||||||||||
Equity in earnings (loss) of affiliates | 6,261 | 0 | (587 | ) | (5,674 | ) | 0 | ||||||||||||||
Net income (loss) including noncontrolling interest | (5,697 | ) | (824 | ) | 6,502 | (5,674 | ) | (5,693 | ) | ||||||||||||
Net income attributable to noncontrolling interest | 0 | 4 | 0 | 0 | 4 | ||||||||||||||||
Net income (loss) attributable to Central Garden & Pet Company | $ | (5,697 | ) | $ | (828 | ) | $ | 6,502 | $ | (5,674 | ) | $ | (5,697 | ) | |||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||||||
Three Months Ended December 28, 2013 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net sales | $ | 86,233 | $ | 13,386 | $ | 203,022 | $ | (12,120 | ) | $ | 290,521 | ||||||||||
Cost of goods sold and occupancy | 68,491 | 11,009 | 142,502 | (11,222 | ) | 210,780 | |||||||||||||||
Gross profit | 17,742 | 2,377 | 60,520 | (898 | ) | 79,741 | |||||||||||||||
Selling, general and administrative expenses | 25,856 | 3,417 | 59,721 | (898 | ) | 88,096 | |||||||||||||||
Income (loss) from operations | (8,114 | ) | (1,040 | ) | 799 | 0 | (8,355 | ) | |||||||||||||
Interest expense | (12,190 | ) | (7 | ) | (20 | ) | 0 | (12,217 | ) | ||||||||||||
Interest income | 12 | 1 | 0 | 0 | 13 | ||||||||||||||||
Other expense | (43 | ) | 0 | (125 | ) | 0 | (168 | ) | |||||||||||||
Income (loss) before taxes and equity in loss of affiliates | (20,335 | ) | (1,046 | ) | 654 | 0 | (20,727 | ) | |||||||||||||
Income tax expense (benefit) | (7,807 | ) | (315 | ) | 207 | 0 | (7,915 | ) | |||||||||||||
Equity in loss of affiliates | (180 | ) | 0 | (300 | ) | 480 | 0 | ||||||||||||||
Net income (loss) including noncontrolling interest | (12,708 | ) | (731 | ) | 147 | 480 | (12,812 | ) | |||||||||||||
Net loss attributable to noncontrolling interest | 0 | (104 | ) | 0 | 0 | (104 | ) | ||||||||||||||
Net income (loss) attributable to Central Garden & Pet Company | $ | (12,708 | ) | $ | (627 | ) | $ | 147 | $ | 480 | $ | (12,708 | ) | ||||||||
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 27, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net income (loss) | $ | (5,697 | ) | $ | (824 | ) | $ | 6,502 | $ | (5,674 | ) | $ | (5,693 | ) | |||||||
Other comprehensive loss: | |||||||||||||||||||||
Foreign currency translation | (552 | ) | (345 | ) | (104 | ) | 449 | (552 | ) | ||||||||||||
Unrealized loss on securities | (10 | ) | (0 | ) | (0 | ) | (0 | ) | (10 | ) | |||||||||||
Total comprehensive income (loss) | (6,259 | ) | (1,169 | ) | 6,398 | (5,225 | ) | (6,255 | ) | ||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 4 | 0 | 0 | 4 | ||||||||||||||||
Comprehensive income (loss) attributable to Central Garden & Pet Company | $ | (6,259 | ) | $ | (1,173 | ) | $ | 6,398 | $ | (5,225 | ) | $ | (6,259 | ) | |||||||
CONSOLIDATING CONDENSED STATEMENTS OF | |||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
Three Months Ended December 28, 2013 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net income (loss) | $ | (12,708 | ) | $ | (731 | ) | $ | 147 | $ | 480 | $ | (12,812 | ) | ||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | 0 | 85 | 0 | 0 | 85 | ||||||||||||||||
Total comprehensive income (loss) | (12,708 | ) | (646 | ) | 147 | 480 | (12,727 | ) | |||||||||||||
Comprehensive loss attributable to noncontrolling interests | 0 | (104 | ) | 0 | 0 | (104 | ) | ||||||||||||||
Comprehensive income (loss) attributable to Central Garden & Pet Company | $ | (12,708 | ) | $ | (542 | ) | $ | 147 | $ | 480 | $ | (12,623 | ) | ||||||||
Consolidating Condensed Balance Sheet Based on Company's Understanding of SEC's Interpretation | |||||||||||||||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||||||
December 27, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 71,579 | $ | 5,505 | $ | 2,504 | $ | 0 | $ | 79,588 | |||||||||||
Restricted cash | 19,690 | 0 | 0 | 0 | 19,690 | ||||||||||||||||
Short term investments | 9,992 | 0 | 0 | 0 | 9,992 | ||||||||||||||||
Accounts receivable, net | 38,580 | 7,573 | 96,724 | 0 | 142,877 | ||||||||||||||||
Inventories | 101,870 | 22,481 | 275,585 | 0 | 399,936 | ||||||||||||||||
Prepaid expenses and other | 33,095 | 962 | 30,223 | 0 | 64,280 | ||||||||||||||||
Total current assets | 274,806 | 36,521 | 405,036 | 0 | 716,363 | ||||||||||||||||
Land, buildings, improvements and equipment, net | 59,829 | 3,607 | 100,110 | 0 | 163,546 | ||||||||||||||||
Goodwill | 0 | 0 | 208,233 | 0 | 208,233 | ||||||||||||||||
Other long term assets | 21,809 | 4,121 | 83,088 | (8,197 | ) | 100,821 | |||||||||||||||
Intercompany receivable | 37,337 | 0 | 378,847 | (416,184 | ) | 0 | |||||||||||||||
Investment in subsidiaries | 989,226 | 0 | 0 | (989,226 | ) | 0 | |||||||||||||||
Total | $ | 1,383,007 | $ | 44,249 | $ | 1,175,314 | $ | (1,413,607 | ) | $ | 1,188,963 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Accounts payable | $ | 39,847 | $ | 10,077 | $ | 78,561 | $ | 0 | $ | 128,485 | |||||||||||
Accrued expenses | 47,888 | 1,751 | 43,569 | 0 | 93,208 | ||||||||||||||||
Current portion of long-term debt | 50,259 | 0 | 30 | 0 | 50,289 | ||||||||||||||||
Total current liabilities | 137,994 | 11,828 | 122,160 | 0 | 271,982 | ||||||||||||||||
Long-term debt | 399,826 | 0 | 87 | 0 | 399,913 | ||||||||||||||||
Intercompany payable | 368,765 | 47,419 | 0 | (416,184 | ) | 0 | |||||||||||||||
Losses in excess of investment in subsidiaries | 0 | 0 | 14,900 | (14,900 | ) | 0 | |||||||||||||||
Other long-term obligations | 1,620 | 0 | 48,789 | (8,197 | ) | 42,212 | |||||||||||||||
Central Garden & Pet shareholders’ equity | 474,802 | (15,052 | ) | 989,378 | (974,326 | ) | 474,802 | ||||||||||||||
Noncontrolling interest | 0 | 54 | 0 | 0 | 54 | ||||||||||||||||
Total equity | 474,802 | (14,998 | ) | 989,378 | (974,326 | ) | 474,856 | ||||||||||||||
Total | $ | 1,383,007 | $ | 44,249 | $ | 1,175,314 | $ | (1,413,607 | ) | $ | 1,188,963 | ||||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||||||
December 28, 2013 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 8,862 | $ | 4,280 | $ | 3,569 | $ | 0 | $ | 16,711 | |||||||||||
Restricted cash | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Short term investments | 14,220 | 0 | 0 | 0 | 14,220 | ||||||||||||||||
Accounts receivable, net | 36,241 | 5,984 | 100,880 | 0 | 143,105 | ||||||||||||||||
Inventories | 110,337 | 26,567 | 290,535 | 0 | 427,439 | ||||||||||||||||
Prepaid expenses and other | 33,814 | 953 | 34,333 | 0 | 69,100 | ||||||||||||||||
Total current assets | 203,474 | 37,784 | 429,317 | 0 | 670,575 | ||||||||||||||||
Land, buildings, improvements and equipment, net | 74,595 | 2,395 | 110,148 | 0 | 187,138 | ||||||||||||||||
Goodwill | 0 | 0 | 205,756 | 0 | 205,756 | ||||||||||||||||
Other long term assets | 23,907 | 3,737 | 73,532 | (8,677 | ) | 92,499 | |||||||||||||||
Intercompany receivable | 15,840 | 0 | 283,318 | (299,158 | ) | 0 | |||||||||||||||
Investment in subsidiaries | 932,224 | 0 | 0 | (932,224 | ) | 0 | |||||||||||||||
Total | $ | 1,250,040 | $ | 43,916 | $ | 1,102,071 | $ | (1,240,059 | ) | $ | 1,155,968 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Accounts payable | $ | 43,748 | $ | 7,152 | $ | 69,648 | $ | 0 | $ | 120,548 | |||||||||||
Accrued expenses | 43,137 | 1,483 | 43,892 | 0 | 88,512 | ||||||||||||||||
Current portion of long-term debt | 39 | 0 | 34 | 0 | 73 | ||||||||||||||||
Total current liabilities | 86,924 | 8,635 | 113,574 | 0 | 209,133 | ||||||||||||||||
Long-term debt | 449,444 | 0 | 21 | 0 | 449,465 | ||||||||||||||||
Intercompany payable | 254,043 | 45,115 | (299,158 | ) | |||||||||||||||||
Losses in excess of investment in subsidiaries | 0 | 0 | 9,399 | (9,399 | ) | 0 | |||||||||||||||
Other long-term obligations | 1,735 | 0 | 45,809 | (8,677 | ) | 38,867 | |||||||||||||||
Central Garden & Pet shareholders’ equity | 457,894 | (10,443 | ) | 933,268 | (922,825 | ) | 457,894 | ||||||||||||||
Noncontrolling interest | 0 | 609 | 0 | 0 | 609 | ||||||||||||||||
Total equity | 457,894 | (9,834 | ) | 933,268 | (922,825 | ) | 458,503 | ||||||||||||||
Total | $ | 1,250,040 | $ | 43,916 | $ | 1,102,071 | $ | (1,240,059 | ) | $ | 1,155,968 | ||||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||||||
September 27, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 63,471 | $ | 12,806 | $ | 2,399 | $ | 0 | $ | 78,676 | |||||||||||
Restricted cash | 14,283 | 0 | 0 | 0 | 14,283 | ||||||||||||||||
Short term investments | 9,990 | 0 | 0 | 0 | 9,990 | ||||||||||||||||
Accounts receivable, net | 41,235 | 8,268 | 144,226 | 0 | 193,729 | ||||||||||||||||
Inventories | 79,199 | 15,210 | 231,977 | 0 | 326,386 | ||||||||||||||||
Prepaid expenses and other | 26,092 | 816 | 21,580 | 0 | 48,488 | ||||||||||||||||
Total current assets | 234,270 | 37,100 | 400,182 | 0 | 671,552 | ||||||||||||||||
Land, buildings, improvements and equipment, net | 63,059 | 3,649 | 100,141 | 0 | 166,849 | ||||||||||||||||
Goodwill | 0 | 0 | 208,233 | 0 | 208,233 | ||||||||||||||||
Other long term assets | 25,230 | 4,244 | 83,713 | (11,094 | ) | 102,093 | |||||||||||||||
Intercompany receivable | 16,906 | 0 | 351,423 | (368,329 | ) | 0 | |||||||||||||||
Investment in subsidiaries | 983,413 | 0 | 0 | (983,413 | ) | 0 | |||||||||||||||
Total | $ | 1,322,878 | $ | 44,993 | $ | 1,143,692 | $ | (1,362,836 | ) | $ | 1,148,727 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Accounts payable | $ | 28,937 | $ | 3,542 | $ | 55,949 | $ | 0 | $ | 88,428 | |||||||||||
Accrued expenses | 34,151 | 1,868 | 48,360 | 0 | 84,379 | ||||||||||||||||
Current portion of long term debt | 261 | 0 | 30 | 0 | 291 | ||||||||||||||||
Total current liabilities | 63,349 | 5,410 | 104,339 | 0 | 173,098 | ||||||||||||||||
Long-term debt | 449,855 | 0 | 93 | 0 | 449,948 | ||||||||||||||||
Intercompany payable | 323,314 | 45,015 | 0 | (368,329 | ) | 0 | |||||||||||||||
Losses in excess of investment in subsidiaries | 0 | 0 | 7,594 | (7,594 | ) | 0 | |||||||||||||||
Other long-term obligations | 1,636 | 0 | 48,686 | (11,094 | ) | 39,228 | |||||||||||||||
Central Garden & Pet shareholders’ equity | 484,724 | (7,162 | ) | 982,980 | (975,819 | ) | 484,723 | ||||||||||||||
Noncontrolling interest | 0 | 1,730 | 0 | 0 | 1,730 | ||||||||||||||||
Total equity | 484,724 | (5,432 | ) | 982,980 | (975,819 | ) | 486,453 | ||||||||||||||
Total | $ | 1,322,878 | $ | 44,993 | $ | 1,143,692 | $ | (1,362,836 | ) | $ | 1,148,727 | ||||||||||
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 27, 2014 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash (used) provided by operating activities | $ | (6,874 | ) | $ | (1,400 | ) | $ | 30,845 | $ | (6,719 | ) | $ | 15,852 | ||||||||
Additions to property, plant and equipment | (589 | ) | (64 | ) | (3,416 | ) | 0 | (4,069 | ) | ||||||||||||
Businesses acquired, net of cash acquired | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Proceeds from disposal of plant and equipment | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Change in restricted cash and cash equivalents | (5,407 | ) | 0 | 0 | 0 | (5,407 | ) | ||||||||||||||
Maturities of short term investments | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Investment in short term investments | (12 | ) | 0 | 0 | 0 | (12 | ) | ||||||||||||||
Intercompany investing activities | (20,431 | ) | 0 | (27,423 | ) | 47,854 | 0 | ||||||||||||||
Net cash (used) provided by investing activities | (26,439 | ) | (64 | ) | (30,839 | ) | 47,854 | (9,488 | ) | ||||||||||||
Repayments on revolving line of credit | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Borrowings on revolving line of credit | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Repayments of long-term debt | (67 | ) | 0 | (5 | ) | 0 | (72 | ) | |||||||||||||
Proceeds from issuance of common stock | 188 | 0 | 0 | 0 | 188 | ||||||||||||||||
Excess tax benefits from stock-based awards | 40 | 0 | 0 | 0 | 40 | ||||||||||||||||
Repurchase of common stock | (3,742 | ) | 0 | 0 | 0 | (3,742 | ) | ||||||||||||||
Payment of deferred financing costs | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Distribution to parent | 0 | (6,719 | ) | 0 | 6,719 | 0 | |||||||||||||||
Distribution to noncontrolling interest | 0 | (1,680 | ) | 0 | 0 | (1,680 | ) | ||||||||||||||
Intercompany financing activities | 45,450 | 2,404 | 0 | (47,854 | ) | 0 | |||||||||||||||
Net cash provided (used) by financing activities | 41,869 | (5,995 | ) | (5 | ) | (41,135 | ) | (5,266 | ) | ||||||||||||
Effect of exchange rates on cash | (448 | ) | 158 | 104 | 0 | (186 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 8,108 | (7,301 | ) | 105 | 0 | 912 | |||||||||||||||
Cash and cash equivalents at beginning of year | 63,471 | 12,806 | 2,399 | 0 | 78,676 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 71,579 | $ | 5,505 | $ | 2,504 | $ | 0 | $ | 79,588 | |||||||||||
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS | |||||||||||||||||||||
Three Months Ended December 28, 2013 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash (used) provided by operating activities | $ | (7,093 | ) | $ | (1,954 | ) | $ | 41,590 | $ | (2,534 | ) | $ | 30,009 | ||||||||
Additions to property, plant and equipment | (1,351 | ) | (200 | ) | (3,826 | ) | 0 | (5,377 | ) | ||||||||||||
Businesses acquired, net of cash acquired | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Proceeds from disposal of plant and equipment | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Change in restricted cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Maturities of short term investments | 3,600 | 0 | 0 | 0 | 3,600 | ||||||||||||||||
Investment in short term investments | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Intercompany investing activities | (5,660 | ) | 0 | (36,821 | ) | 42,481 | 0 | ||||||||||||||
Net cash (used) provided by investing activities | (3,411 | ) | (200 | ) | (40,647 | ) | 42,481 | (1,777 | ) | ||||||||||||
Repayments on revolving line of credit | (68,000 | ) | 0 | 0 | 0 | (68,000 | ) | ||||||||||||||
Borrowings on revolving line of credit | 45,000 | 0 | 0 | 0 | 45,000 | ||||||||||||||||
Repayments of long-term debt | (39 | ) | 0 | (37 | ) | 0 | (76 | ) | |||||||||||||
Proceeds from issuance of common stock | 200 | 0 | 0 | 0 | 200 | ||||||||||||||||
Excess tax benefits from stock-based awards | 171 | 0 | 0 | 0 | 171 | ||||||||||||||||
Repurchase of common stock | (401 | ) | 0 | 0 | 0 | (401 | ) | ||||||||||||||
Payment of deferred financing costs | (2,985 | ) | 0 | 0 | 0 | (2,985 | ) | ||||||||||||||
Distribution to parent | 0 | (2,534 | ) | 0 | 2,534 | 0 | |||||||||||||||
Distribution to noncontrolling interest | 0 | (633 | ) | 0 | 0 | (633 | ) | ||||||||||||||
Intercompany financing activities | 39,785 | 2,696 | 0 | (42,481 | ) | 0 | |||||||||||||||
Net cash provided (used) by financing activities | 13,731 | (471 | ) | (37 | ) | (39,947 | ) | (26,724 | ) | ||||||||||||
Effect of exchange rates on cash | 197 | (98 | ) | (52 | ) | 0 | 47 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 3,424 | (2,723 | ) | 854 | 0 | 1,555 | |||||||||||||||
Cash and cash equivalents at beginning of year | 5,438 | 7,003 | 2,715 | 0 | 15,156 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 8,862 | $ | 4,280 | $ | 3,569 | $ | 0 | $ | 16,711 | |||||||||||
Schedule of Error Corrections for Consolidating Condensed Financial Statements to Present Results for Non-Guarantor Subsidiaries | The Company assessed the materiality of these items on previously issued financial statements in accordance with SEC Staff Accounting Bulletins No. 99 and No. 108, and concluded that the revisions were not material to the Consolidating Condensed Financial Statements. The impact of these revisions is shown in the following tables: | ||||||||||||||||||||
CONSOLIDATING CONDENSED | |||||||||||||||||||||
STATEMENT OF OPERATIONS | |||||||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | (8,783 | ) | $ | 669 | $ | (8,114 | ) | |||||||||||||
Non-guarantor subsidiaries | 0 | (1,040 | ) | (1,040 | ) | ||||||||||||||||
Guarantor subsidiaries | 428 | 371 | 799 | ||||||||||||||||||
Eliminations | 0 | 0 | 0 | ||||||||||||||||||
Income (loss) from operations | (8,355 | ) | 0 | (8,355 | ) | ||||||||||||||||
Parent | (12,708 | ) | 0 | (12,708 | ) | ||||||||||||||||
Non-guarantor subsidiaries | 0 | (627 | ) | (627 | ) | ||||||||||||||||
Guarantor subsidiaries | (108 | ) | 255 | 147 | |||||||||||||||||
Eliminations | 108 | 372 | 480 | ||||||||||||||||||
Net loss attributable to Central Garden & Pet Company | $ | (12,708 | ) | $ | 0 | $ | (12,708 | ) | |||||||||||||
CONSOLIDATING CONDENSED | |||||||||||||||||||||
STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | (12,704 | ) | $ | (4 | ) | $ | (12,708 | ) | ||||||||||||
Non-guarantor subsidiaries | 0 | (731 | ) | (731 | ) | ||||||||||||||||
Guarantor subsidiaries | (108 | ) | 255 | 147 | |||||||||||||||||
Eliminations | 0 | 480 | 480 | ||||||||||||||||||
Net loss | (12,812 | ) | 0 | (12,812 | ) | ||||||||||||||||
Parent | (12,619 | ) | (89 | ) | (12,708 | ) | |||||||||||||||
Non-guarantor subsidiaries | 0 | (646 | ) | (646 | ) | ||||||||||||||||
Guarantor subsidiaries | (108 | ) | 255 | 147 | |||||||||||||||||
Eliminations | 0 | 480 | 480 | ||||||||||||||||||
Total comprehensive loss | (12,727 | ) | 0 | (12,727 | ) | ||||||||||||||||
Parent | (12,515 | ) | (193 | ) | (12,708 | ) | |||||||||||||||
Non-guarantor subsidiaries | 0 | (542 | ) | (542 | ) | ||||||||||||||||
Guarantor subsidiaries | (108 | ) | 255 | 147 | |||||||||||||||||
Eliminations | 0 | 480 | 480 | ||||||||||||||||||
Comprehensive loss Central Garden & Pet Company | $ | (12,623 | ) | $ | 0 | $ | (12,623 | ) | |||||||||||||
CONSOLIDATING CONDENSED | |||||||||||||||||||||
BALANCE SHEET | |||||||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | 243,083 | $ | (39,609 | ) | $ | 203,474 | ||||||||||||||
Non-guarantor subsidiaries | 0 | 37,784 | 37,784 | ||||||||||||||||||
Guarantor subsidiaries | 432,234 | (2,917 | ) | 429,317 | |||||||||||||||||
Eliminations | (4,742 | ) | 4,742 | 0 | |||||||||||||||||
Current assets | 670,575 | 0 | 670,575 | ||||||||||||||||||
Parent | 1,035,812 | 214,228 | 1,250,040 | ||||||||||||||||||
Non-guarantor subsidiaries | 0 | 43,916 | 43,916 | ||||||||||||||||||
Guarantor subsidiaries | 782,817 | 319,254 | 1,102,071 | ||||||||||||||||||
Eliminations | (662,661 | ) | (577,398 | ) | (1,240,059 | ) | |||||||||||||||
Total assets | $ | 1,155,968 | $ | 0 | $ | 1,155,968 | |||||||||||||||
Parent | $ | 95,493 | $ | (8,569 | ) | $ | 86,924 | ||||||||||||||
Non-guarantor subsidiaries | 0 | 8,635 | 8,635 | ||||||||||||||||||
Guarantor subsidiaries | 118,382 | (4,808 | ) | 113,574 | |||||||||||||||||
Eliminations | (4,742 | ) | 4,742 | 0 | |||||||||||||||||
Current liabilities | 209,133 | 0 | 209,133 | ||||||||||||||||||
Parent | 458,503 | (609 | ) | 457,894 | |||||||||||||||||
Non-guarantor subsidiaries | 0 | (9,834 | ) | (9,834 | ) | ||||||||||||||||
Guarantor subsidiaries | 657,919 | 275,349 | 933,268 | ||||||||||||||||||
Eliminations | (657,919 | ) | (264,906 | ) | (922,825 | ) | |||||||||||||||
Total stockholders’ equity | $ | 458,503 | $ | 0 | $ | 458,503 | |||||||||||||||
CONSOLIDATING CONDENSED STATEMENT | |||||||||||||||||||||
OF CASH FLOWS | |||||||||||||||||||||
Three Months Ended December 28, 2013 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | (10,458 | ) | $ | 3,365 | $ | (7,093 | ) | |||||||||||||
Non-guarantor subsidiaries | 0 | (1,954 | ) | (1,954 | ) | ||||||||||||||||
Guarantor subsidiaries | 40,359 | 1,231 | 41,590 | ||||||||||||||||||
Eliminations | 108 | (2,642 | ) | (2,534 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | 30,009 | 0 | 30,009 | ||||||||||||||||||
Parent | 37,747 | (41,158 | ) | (3,411 | ) | ||||||||||||||||
Non-guarantor subsidiaries | 0 | (200 | ) | (200 | ) | ||||||||||||||||
Guarantor subsidiaries | (39,416 | ) | (1,231 | ) | (40,647 | ) | |||||||||||||||
Eliminations | (108 | ) | 42,589 | 42,481 | |||||||||||||||||
Net cash provided by (used in) investing activities | (1,777 | ) | 0 | (1,777 | ) | ||||||||||||||||
Parent | (26,687 | ) | 40,418 | 13,731 | |||||||||||||||||
Non-guarantor subsidiaries | 0 | (471 | ) | (471 | ) | ||||||||||||||||
Guarantor subsidiaries | (37 | ) | (0 | ) | (37 | ) | |||||||||||||||
Eliminations | 0 | (39,947 | ) | (39,947 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | $ | (26,724 | ) | $ | 0 | $ | (26,724 | ) |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
Accounting Policies [Abstract] | ||
Noncontrolling interest owned by the subsidiary | 20.00% | |
Outstanding derivative instruments | $0 | $0 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 27, 2014 | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |||
Assets: | |||
Total assets | $9,992 | $9,990 | $14,220 |
Liabilities: | |||
Total liabilities | 4,414 | 4,414 | 4,165 |
Liability for Contingent Consideration [Member] | |||
Liabilities: | |||
Total liabilities | 4,414 | 4,414 | 4,165 |
Certificates of Deposit [Member] | |||
Assets: | |||
Total assets | 14,220 | ||
Short Term Investments [Member] | |||
Assets: | |||
Total assets | 9,992 | 9,990 | |
Level 1 [Member] | |||
Assets: | |||
Total assets | 9,992 | 9,990 | 0 |
Liabilities: | |||
Total liabilities | 0 | 0 | 0 |
Level 1 [Member] | Liability for Contingent Consideration [Member] | |||
Liabilities: | |||
Total liabilities | 0 | 0 | 0 |
Level 1 [Member] | Certificates of Deposit [Member] | |||
Assets: | |||
Total assets | 0 | ||
Level 1 [Member] | Short Term Investments [Member] | |||
Assets: | |||
Total assets | 9,992 | 9,990 | |
Level 2 [Member] | |||
Assets: | |||
Total assets | 0 | 0 | 14,220 |
Liabilities: | |||
Total liabilities | 0 | 0 | 0 |
Level 2 [Member] | Liability for Contingent Consideration [Member] | |||
Liabilities: | |||
Total liabilities | 0 | 0 | 0 |
Level 2 [Member] | Certificates of Deposit [Member] | |||
Assets: | |||
Total assets | 14,220 | ||
Level 2 [Member] | Short Term Investments [Member] | |||
Assets: | |||
Total assets | 0 | 0 | |
Level 3 [Member] | |||
Assets: | |||
Total assets | 0 | 0 | 0 |
Liabilities: | |||
Total liabilities | 4,414 | 4,414 | 4,165 |
Level 3 [Member] | Liability for Contingent Consideration [Member] | |||
Liabilities: | |||
Total liabilities | 4,414 | 4,414 | 4,165 |
Level 3 [Member] | Certificates of Deposit [Member] | |||
Assets: | |||
Total assets | 0 | ||
Level 3 [Member] | Short Term Investments [Member] | |||
Assets: | |||
Total assets | $0 | $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. 27, 2014 | Dec. 28, 2013 |
Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $4,414 | $4,165 |
Changes in the fair value of contingent performance-based payments established at the time of acquisition | 0 | 0 |
Ending balance | $4,414 | $4,165 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (Senior Subordinated Notes [Member], USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 27, 2014 | Sep. 27, 2014 | Dec. 28, 2013 |
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% | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value of senior subordinated notes | 449.6 | 449.5 | 449.4 |
Level 1 [Member] | Portion at Fair Value, Fair Value Disclosure [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Estimated fair value of senior subordinated notes due 2018 | $461.90 | $459.50 | $434.30 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | Dec. 27, 2014 | Sep. 27, 2014 | Dec. 28, 2013 | Apr. 01, 2014 |
Business Acquisition [Line Items] | ||||
Excess of purchase price included in goodwill | $208,233,000 | $208,233,000 | $205,756,000 | |
Envincio, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase of certain assets | 20,300,000 | |||
Excess of purchase price included in goodwill | $2,477,000 |
Acquisitions_Summary_of_Prelim
Acquisitions - Summary of Preliminary Recording of Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 27, 2014 | Sep. 27, 2014 | Dec. 28, 2013 | Apr. 01, 2014 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $208,233 | $208,233 | $205,756 | |
Envincio, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets, net of cash and cash equivalents acquired | 6,650 | |||
Fixed assets | 20 | |||
Goodwill | 2,477 | |||
Intangible assets | 12,306 | |||
Current liabilities | -1,170 | |||
Net assets acquired, less cash and cash equivalents | $20,283 |
Inventories_Net_Summary_of_Inv
Inventories, Net - Summary of Inventories, Net of Allowance for Obsolescence (Detail) (USD $) | Dec. 27, 2014 | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |||
Inventory, Net [Abstract] | |||
Raw materials | $111,012 | $93,678 | $120,382 |
Work in progress | 13,006 | 13,397 | 17,531 |
Finished goods | 260,314 | 207,818 | 275,425 |
Supplies | 15,604 | 11,493 | 14,101 |
Total inventories, net | $399,936 | $326,386 | $427,439 |
Other_Intangible_Assets_Compon
Other Intangible Assets - Components of Gross and Net Acquired Intangible Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 27, 2014 | Dec. 28, 2013 | Sep. 27, 2014 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Gross | $145,000,000 | $132,700,000 | $145,000,000 |
Accumulated Amortization | -39,800,000 | -35,700,000 | -38,900,000 |
Impairment | -18,100,000 | -18,100,000 | -18,100,000 |
Net Carrying Value | 87,061,000 | 78,856,000 | 87,997,000 |
Marketing-Related Intangible Assets [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Gross | 75,100,000 | 72,100,000 | 75,100,000 |
Accumulated Amortization | -10,100,000 | -9,100,000 | -9,900,000 |
Impairment | -16,900,000 | -16,900,000 | -16,900,000 |
Net Carrying Value | 48,100,000 | 46,100,000 | 48,300,000 |
Other Acquired Intangible Assets [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Gross | 27,100,000 | 17,800,000 | 27,100,000 |
Accumulated Amortization | -9,000,000 | -8,100,000 | -8,800,000 |
Impairment | -1,200,000 | -1,200,000 | -1,200,000 |
Net Carrying Value | 16,900,000 | 8,500,000 | 17,100,000 |
Amortizable [Member] | Marketing-Related Intangible Assets [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Gross | 15,500,000 | 12,500,000 | 15,500,000 |
Accumulated Amortization | -10,100,000 | -9,100,000 | -9,900,000 |
Impairment | 0 | 0 | 0 |
Net Carrying Value | 5,400,000 | 3,400,000 | 5,600,000 |
Amortizable [Member] | Customer-Related Intangible Assets [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Gross | 42,800,000 | 42,800,000 | 42,800,000 |
Accumulated Amortization | -20,700,000 | -18,500,000 | -20,200,000 |
Impairment | 0 | 0 | 0 |
Net Carrying Value | 22,100,000 | 24,300,000 | 22,600,000 |
Amortizable [Member] | Other Acquired Intangible Assets [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Gross | 19,400,000 | 16,600,000 | 19,400,000 |
Accumulated Amortization | -9,000,000 | -8,100,000 | -8,800,000 |
Impairment | 0 | 0 | 0 |
Net Carrying Value | 10,400,000 | 8,500,000 | 10,600,000 |
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 | 7,700,000 | 1,200,000 | 7,700,000 |
Accumulated Amortization | 0 | 0 | 0 |
Impairment | -1,200,000 | -1,200,000 | -1,200,000 |
Net Carrying Value | $6,500,000 | $0 | $6,500,000 |
Other_Intangible_Assets_Additi
Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 27, 2014 | Dec. 28, 2013 | Sep. 27, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangibles assets, impairment charge | $0 | ||
Amortization expense for intangibles | 900,000 | 1,000,000 | |
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining lives of acquired intangible assets | 1 year | ||
Estimated annual amortization expense related to acquired intangible assets, 2015 | 4,000,000 | ||
Estimated annual amortization expense related to acquired intangible assets, 2016 | 4,000,000 | ||
Estimated annual amortization expense related to acquired intangible assets, 2017 | 4,000,000 | ||
Estimated annual amortization expense related to acquired intangible assets, 2018 | 4,000,000 | ||
Estimated annual amortization expense related to acquired intangible assets, 2019 | 4,000,000 | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining lives of acquired intangible assets | 25 years | ||
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 | ||
Estimated annual amortization expense related to acquired intangible assets, 2019 | $5,000,000 | ||
Marketing-Related Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining lives of acquired intangible assets | 8 years | ||
Customer-Related Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining lives of acquired intangible assets | 15 years | ||
Other Acquired Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining lives of acquired intangible assets | 14 years |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long-Term Debt (Detail) (USD $) | Dec. 27, 2014 | Sep. 27, 2014 | Dec. 28, 2013 | Mar. 08, 2010 |
In Thousands, unless otherwise specified | ||||
Components of long-term debt | ||||
Total | $450,202 | $450,239 | $449,538 | |
Less current portion | -50,289 | -291 | -73 | |
Long-term portion | 399,913 | 449,948 | 449,465 | |
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 [Member] | ||||
Components of long-term debt | ||||
Total | 0 | 0 | 0 | |
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 | 449,560 | 449,529 | 449,444 | 400,000 |
Other Notes Payable [Member] | ||||
Components of long-term debt | ||||
Total | $642 | $710 | $94 |
LongTerm_Debt_Components_of_Lo1
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Sep. 27, 2014 | Dec. 28, 2013 | Mar. 08, 2010 |
Components of long-term debt | ||||
Unamortized original issue discount | 440 | $471 | $556 | |
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 [Member] | LIBOR-Based Borrowings [Member] | ||||
Components of long-term debt | ||||
Debt instrument maturity period | 31-Dec-18 | |||
Applicable interest rate on the credit facility | 1.40% | |||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | ||||
Components of long-term debt | ||||
Debt instrument interest rate stated, percentage | 8.25% | 8.25% | ||
Debt instrument maturity period | 1-Mar-18 | |||
Minimum [Member] | 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 [Member] | LIBOR-Based Borrowings [Member] | ||||
Components of long-term debt | ||||
Applicable interest rate on the credit facility | 1.25% | |||
Minimum [Member] | 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 [Member] | Base Rate Borrowings [Member] | ||||
Components of long-term debt | ||||
Applicable interest rate on the credit facility | 0.25% | |||
Maximum [Member] | 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 [Member] | LIBOR-Based Borrowings [Member] | ||||
Components of long-term debt | ||||
Applicable interest rate on the credit facility | 1.75% | |||
Maximum [Member] | 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 [Member] | Base Rate Borrowings [Member] | ||||
Components of long-term debt | ||||
Applicable interest rate on the credit facility | 0.75% |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||||
Dec. 27, 2014 | Dec. 28, 2013 | Feb. 13, 2012 | Jan. 31, 2015 | Sep. 27, 2014 | Dec. 05, 2013 | Mar. 08, 2010 | |
Components of long-term debt | |||||||
Debt, aggregate principal amount | $450,202,000 | $449,538,000 | $450,239,000 | ||||
Debt redemption terms | The Company may redeem some or all of the 2018 Notes at any time before March 1, 2015 for 104.125%, on or after March 1, 2015 for 102.063% and on or after March 1, 2016 for 100%, plus accrued and unpaid interest. | ||||||
Debt redemption price percentage | 101.00% | ||||||
Current portion of long term debt | 50,289,000 | 73,000 | 291,000 | ||||
Debt interest terms | Borrowings under the Credit Facility 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 27, 2014) and such applicable margin for Base Rate borrowings fluctuates between 0.25%-0.75% (and was 0.25% at December 27, 2014). | ||||||
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. | ||||||
Debt instrument fixed charge coverage ratio | 1 | ||||||
Debt issuance cost | 3,100,000 | ||||||
Non-cash charge | 0 | 1,731,000 | |||||
March 2014 - February 2015 [Member] | |||||||
Components of long-term debt | |||||||
Notes redemption price percentage | 104.13% | ||||||
March 2015 [Member] | |||||||
Components of long-term debt | |||||||
Notes redemption price percentage | 102.06% | ||||||
March 2016 [Member] | |||||||
Components of long-term debt | |||||||
Notes redemption price percentage | 100.00% | ||||||
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 [Member] | |||||||
Components of long-term debt | |||||||
Non-cash charge | 1,700,000 | ||||||
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 [Member] | |||||||
Components of long-term debt | |||||||
Debt, aggregate principal amount | 0 | 0 | 0 | ||||
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 | 12,600,000 | ||||||
Borrowing availability | 293,600,000 | ||||||
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% | ||||||
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 [Member] | Option One [Member] | |||||||
Components of long-term debt | |||||||
Applicable interest rate on the credit facility | 1.25% | ||||||
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 [Member] | Option Two [Member] | |||||||
Components of long-term debt | |||||||
Applicable interest rate on the credit facility | 0.25% | ||||||
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 [Member] | Base Rate Borrowings [Member] | |||||||
Components of long-term debt | |||||||
Applicable interest rate on the credit facility | 3.50% | ||||||
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 [Member] | LIBOR-Based Borrowings [Member] | |||||||
Components of long-term debt | |||||||
Senior subordinated notes due date | 31-Dec-18 | ||||||
Applicable interest rate on the credit facility | 1.40% | ||||||
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 [Member] | Minimum [Member] | Option One [Member] | |||||||
Components of long-term debt | |||||||
Applicable interest rate on the credit facility | 1.25% | ||||||
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 [Member] | Minimum [Member] | Option Two [Member] | |||||||
Components of long-term debt | |||||||
Applicable interest rate on the credit facility | 0.25% | ||||||
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 [Member] | Minimum [Member] | Base Rate Borrowings [Member] | |||||||
Components of long-term debt | |||||||
Applicable interest rate on the credit facility | 0.25% | ||||||
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 [Member] | Minimum [Member] | LIBOR-Based Borrowings [Member] | |||||||
Components of long-term debt | |||||||
Applicable interest rate on the credit facility | 1.25% | ||||||
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 [Member] | Maximum [Member] | Option One [Member] | |||||||
Components of long-term debt | |||||||
Applicable interest rate on the credit facility | 1.75% | ||||||
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 [Member] | Maximum [Member] | Option Two [Member] | |||||||
Components of long-term debt | |||||||
Applicable interest rate on the credit facility | 0.75% | ||||||
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 [Member] | Maximum [Member] | Base Rate Borrowings [Member] | |||||||
Components of long-term debt | |||||||
Applicable interest rate on the credit facility | 0.75% | ||||||
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 [Member] | Maximum [Member] | LIBOR-Based Borrowings [Member] | |||||||
Components of long-term debt | |||||||
Applicable interest rate on the credit facility | 1.75% | ||||||
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 [Member] | Asset-based Revolving Credit Facility [Member] | |||||||
Components of long-term debt | |||||||
Credit facility, maximum principal amount | 390,000,000 | ||||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | |||||||
Components of long-term debt | |||||||
Debt, aggregate principal amount | 449,560,000 | 449,444,000 | 449,529,000 | 400,000,000 | |||
Debt instrument interest rate stated, percentage | 8.25% | 8.25% | |||||
Senior subordinated notes due date | 1-Mar-18 | ||||||
Notes issue price percentage | 98.50% | ||||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | March 28, 2015 [Member] | |||||||
Components of long-term debt | |||||||
Charge recognized during debt redemption | 1,500,000 | ||||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | Subsequent Events [Member] | |||||||
Components of long-term debt | |||||||
Debt instrument interest rate stated, percentage | 8.25% | ||||||
Senior subordinated notes due date | 1-Mar-18 | ||||||
Debt redemption price percentage | 102.06% | ||||||
Debt, aggregate principal amount | 50,000,000 | ||||||
Redemption date of senior subordinated notes | 1-Mar-15 | ||||||
Current portion of long term debt | 50,000,000 | ||||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | 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 [Member] | |||||||
Components of long-term debt | |||||||
Additional issuance amount on senior notes | 50,000,000 | ||||||
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. |
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. 27, 2014 | Dec. 28, 2013 |
Beginning balance | $486,453 | $470,024 |
Comprehensive loss | -6,255 | -12,727 |
Stock based compensation | 1,080 | 1,257 |
Restricted share activity | -145 | 56 |
Issuance of common stock | 470 | 355 |
Repurchase of common stock | -5,107 | 0 |
Tax benefit on stock option exercise | 40 | 171 |
Distribution to Noncontrolling interest | -1,680 | -633 |
Other | 0 | 0 |
Ending balance | 474,856 | 458,503 |
Additional Paid In Capital [Member] | Controlling Interest [Member] | ||
Beginning balance | 396,586 | 389,153 |
Stock based compensation | 1,080 | 1,257 |
Restricted share activity | -144 | 55 |
Issuance of common stock | 470 | 355 |
Repurchase of common stock | -4,538 | 0 |
Tax benefit on stock option exercise | 40 | 171 |
Other | 0 | 0 |
Ending balance | 393,494 | 390,991 |
Retained Earnings [Member] | Controlling Interest [Member] | ||
Beginning balance | 86,396 | 77,592 |
Comprehensive loss | -5,697 | -12,708 |
Repurchase of common stock | -563 | 0 |
Other | 0 | 0 |
Ending balance | 80,136 | 64,884 |
Accumulated Other Comprehensive Income [Member] | Controlling Interest [Member] | ||
Beginning balance | 1,232 | 1,442 |
Comprehensive loss | -562 | 85 |
Other | 0 | 0 |
Ending balance | 670 | 1,527 |
Total [Member] | Controlling Interest [Member] | ||
Beginning balance | 484,723 | 468,678 |
Comprehensive loss | -6,259 | -12,623 |
Stock based compensation | 1,080 | 1,257 |
Restricted share activity | -145 | 56 |
Issuance of common stock | 470 | 355 |
Repurchase of common stock | -5,107 | 0 |
Tax benefit on stock option exercise | 40 | 171 |
Other | 0 | 0 |
Ending balance | 474,802 | 457,894 |
Noncontrolling Interest [Member] | ||
Beginning balance | 1,730 | 1,346 |
Comprehensive loss | 4 | -104 |
Distribution to Noncontrolling interest | -1,680 | -633 |
Other | 0 | 0 |
Ending balance | 54 | 609 |
Common Stock [Member] | Controlling Interest [Member] | ||
Beginning balance | 124 | 122 |
Repurchase of common stock | -2 | 0 |
Other | 0 | 0 |
Ending balance | 122 | 122 |
Class A Common Stock [Member] | Controlling Interest [Member] | ||
Beginning balance | 369 | 353 |
Restricted share activity | -1 | 1 |
Repurchase of common stock | -4 | 0 |
Other | 0 | 0 |
Ending balance | 364 | 354 |
Class B Stock [Member] | Controlling Interest [Member] | ||
Beginning balance | 16 | 16 |
Other | 0 | 0 |
Ending balance | $16 | $16 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Tax benefit associated with share-based compensation expense | $0.60 | $0.70 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $1.60 | $1.80 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Dec. 27, 2014 | |
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. 27, 2014 | Dec. 28, 2013 | Sep. 27, 2014 |
Net sales: | |||
Net sales | $307,320 | $290,521 | |
Income (loss) from operations: | |||
Income (loss) from operations | 1,138 | -8,355 | |
Interest expense-net | -10,432 | -12,204 | |
Other expense | -368 | -168 | |
Income tax benefit | -3,969 | -7,915 | |
Loss including noncontrolling interest | -5,693 | -12,812 | |
Net income (loss) attributable to noncontrolling interest | 4 | -104 | |
Net loss attributable to Central Garden & Pet Company | -5,697 | -12,708 | |
Depreciation and amortization: | |||
Total depreciation and amortization | 8,464 | 8,320 | |
Assets: | |||
Total assets | 1,188,963 | 1,155,968 | 1,148,727 |
Goodwill (included in corporate assets above): | |||
Total goodwill | 208,233 | 205,756 | 208,233 |
Operating Segments [Member] | Pet Segment [Member] | |||
Net sales: | |||
Net sales | 199,320 | 184,605 | |
Income (loss) from operations: | |||
Income (loss) from operations | 20,575 | 14,386 | |
Depreciation and amortization: | |||
Total depreciation and amortization | 3,941 | 3,886 | |
Assets: | |||
Total assets | 425,528 | 406,000 | 414,279 |
Goodwill (included in corporate assets above): | |||
Total goodwill | 208,233 | 205,756 | 208,233 |
Operating Segments [Member] | Garden Segment [Member] | |||
Net sales: | |||
Net sales | 108,000 | 105,916 | |
Income (loss) from operations: | |||
Income (loss) from operations | -3,535 | -6,231 | |
Depreciation and amortization: | |||
Total depreciation and amortization | 1,566 | 1,573 | |
Assets: | |||
Total assets | 350,835 | 394,193 | 337,461 |
Corporate [Member] | |||
Income (loss) from operations: | |||
Income (loss) from operations | -15,902 | -16,510 | |
Depreciation and amortization: | |||
Total depreciation and amortization | 2,957 | 2,861 | |
Assets: | |||
Total assets | $412,600 | $355,775 | $396,987 |
Consolidating_Condensed_Financ2
Consolidating Condensed Financial Information of Guarantor Subsidiaries - Additional Information (Detail) (Guarantor Subsidiaries [Member]) | 3 Months Ended |
Dec. 27, 2014 | |
Guarantor Subsidiaries [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
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. 27, 2014 | Dec. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | $307,320 | $290,521 |
Cost of goods sold and occupancy | 219,339 | 210,780 |
Gross profit | 87,981 | 79,741 |
Selling, general and administrative expenses | 86,843 | 88,096 |
Income (loss) from operations | 1,138 | -8,355 |
Interest expense | -10,503 | -12,217 |
Interest income | 71 | 13 |
Other expense | -368 | -168 |
Income (loss) before taxes and equity in earnings (loss) of affiliates | -9,662 | -20,727 |
Income tax expense (benefit) | -3,969 | -7,915 |
Equity in earnings (loss) of affiliates | 0 | 0 |
Loss including noncontrolling interest | -5,693 | -12,812 |
Net income (loss) attributable to noncontrolling interest | 4 | -104 |
Net income (loss) attributable to Central Garden & Pet Company | -5,697 | -12,708 |
Parent [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 96,962 | 86,233 |
Cost of goods sold and occupancy | 78,779 | 68,491 |
Gross profit | 18,183 | 17,742 |
Selling, general and administrative expenses | 27,851 | 25,856 |
Income (loss) from operations | -9,668 | -8,114 |
Interest expense | -10,487 | -12,190 |
Interest income | 70 | 12 |
Other expense | -330 | -43 |
Income (loss) before taxes and equity in earnings (loss) of affiliates | -20,415 | -20,335 |
Income tax expense (benefit) | -8,457 | -7,807 |
Equity in earnings (loss) of affiliates | 6,261 | -180 |
Loss including noncontrolling interest | -5,697 | -12,708 |
Net income (loss) attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to Central Garden & Pet Company | -5,697 | -12,708 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 17,323 | 13,386 |
Cost of goods sold and occupancy | 14,578 | 11,009 |
Gross profit | 2,745 | 2,377 |
Selling, general and administrative expenses | 3,999 | 3,417 |
Income (loss) from operations | -1,254 | -1,040 |
Interest expense | -15 | -7 |
Interest income | 1 | 1 |
Other expense | 0 | 0 |
Income (loss) before taxes and equity in earnings (loss) of affiliates | -1,268 | -1,046 |
Income tax expense (benefit) | -444 | -315 |
Equity in earnings (loss) of affiliates | 0 | 0 |
Loss including noncontrolling interest | -824 | -731 |
Net income (loss) attributable to noncontrolling interest | 4 | -104 |
Net income (loss) attributable to Central Garden & Pet Company | -828 | -627 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 207,125 | 203,022 |
Cost of goods sold and occupancy | 139,091 | 142,502 |
Gross profit | 68,034 | 60,520 |
Selling, general and administrative expenses | 55,974 | 59,721 |
Income (loss) from operations | 12,060 | 799 |
Interest expense | -1 | -20 |
Interest income | 0 | 0 |
Other expense | -38 | -125 |
Income (loss) before taxes and equity in earnings (loss) of affiliates | 12,021 | 654 |
Income tax expense (benefit) | 4,932 | 207 |
Equity in earnings (loss) of affiliates | -587 | -300 |
Loss including noncontrolling interest | 6,502 | 147 |
Net income (loss) attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to Central Garden & Pet Company | 6,502 | 147 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | -14,090 | -12,120 |
Cost of goods sold and occupancy | -13,109 | -11,222 |
Gross profit | -981 | -898 |
Selling, general and administrative expenses | -981 | -898 |
Income (loss) from operations | 0 | 0 |
Interest expense | 0 | 0 |
Interest income | 0 | 0 |
Other expense | 0 | 0 |
Income (loss) before taxes and equity in earnings (loss) of affiliates | 0 | 0 |
Income tax expense (benefit) | 0 | 0 |
Equity in earnings (loss) of affiliates | -5,674 | 480 |
Loss including noncontrolling interest | -5,674 | 480 |
Net income (loss) attributable to noncontrolling interest | 0 | 0 |
Net income (loss) attributable to Central Garden & Pet Company | ($5,674) | $480 |
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. 27, 2014 | Dec. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | ($5,693) | ($12,812) |
Other comprehensive income (loss): | ||
Foreign currency translation | -552 | 85 |
Unrealized loss on securities | -10 | 0 |
Total comprehensive income (loss) | -6,255 | -12,727 |
Comprehensive income (loss) attributable to noncontrolling interests | 4 | -104 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | -6,259 | -12,623 |
Parent [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | -5,697 | -12,708 |
Other comprehensive income (loss): | ||
Foreign currency translation | -552 | 0 |
Unrealized loss on securities | -10 | |
Total comprehensive income (loss) | -6,259 | -12,708 |
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | -6,259 | -12,708 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | -824 | -731 |
Other comprehensive income (loss): | ||
Foreign currency translation | -345 | 85 |
Unrealized loss on securities | 0 | |
Total comprehensive income (loss) | -1,169 | -646 |
Comprehensive income (loss) attributable to noncontrolling interests | 4 | -104 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | -1,173 | -542 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | 6,502 | 147 |
Other comprehensive income (loss): | ||
Foreign currency translation | -104 | 0 |
Unrealized loss on securities | 0 | |
Total comprehensive income (loss) | 6,398 | 147 |
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 6,398 | 147 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | -5,674 | 480 |
Other comprehensive income (loss): | ||
Foreign currency translation | 449 | 0 |
Unrealized loss on securities | 0 | |
Total comprehensive income (loss) | -5,225 | 480 |
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | ($5,225) | $480 |
Consolidating_Condensed_Balanc
Consolidating Condensed Balance Sheet Based on Company's Understanding of SEC's Interpretation (Detail) (USD $) | Dec. 27, 2014 | Sep. 27, 2014 | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $79,588 | $78,676 | $16,711 | $15,156 |
Restricted cash | 19,690 | 14,283 | 0 | |
Short term investments | 9,992 | 9,990 | 14,220 | |
Accounts receivable, net | 142,877 | 193,729 | 143,105 | |
Inventories | 399,936 | 326,386 | 427,439 | |
Prepaid expenses and other | 64,280 | 48,488 | 69,100 | |
Total current assets | 716,363 | 671,552 | 670,575 | |
Land, buildings, improvements and equipment, net | 163,546 | 166,849 | 187,138 | |
Goodwill | 208,233 | 208,233 | 205,756 | |
Other long term assets | 100,821 | 102,093 | 92,499 | |
Intercompany receivable | 0 | 0 | 0 | |
Investment in subsidiaries | 0 | 0 | 0 | |
Total | 1,188,963 | 1,148,727 | 1,155,968 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | 128,485 | 88,428 | 120,548 | |
Accrued expenses | 93,208 | 84,379 | 88,512 | |
Current portion of long term debt | 50,289 | 291 | 73 | |
Total current liabilities | 271,982 | 173,098 | 209,133 | |
Long-term debt | 399,913 | 449,948 | 449,465 | |
Intercompany payable | 0 | 0 | ||
Losses in excess of investment in subsidiaries | 0 | 0 | 0 | |
Other long-term obligations | 42,212 | 39,228 | 38,867 | |
Central Garden & Pet shareholders' equity | 474,802 | 484,723 | 457,894 | |
Noncontrolling interest | 54 | 1,730 | 609 | |
Total equity | 474,856 | 486,453 | 458,503 | 470,024 |
Total | 1,188,963 | 1,148,727 | 1,155,968 | |
Parent [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 71,579 | 63,471 | 8,862 | 5,438 |
Restricted cash | 19,690 | 14,283 | 0 | |
Short term investments | 9,992 | 9,990 | 14,220 | |
Accounts receivable, net | 38,580 | 41,235 | 36,241 | |
Inventories | 101,870 | 79,199 | 110,337 | |
Prepaid expenses and other | 33,095 | 26,092 | 33,814 | |
Total current assets | 274,806 | 234,270 | 203,474 | |
Land, buildings, improvements and equipment, net | 59,829 | 63,059 | 74,595 | |
Goodwill | 0 | 0 | 0 | |
Other long term assets | 21,809 | 25,230 | 23,907 | |
Intercompany receivable | 37,337 | 16,906 | 15,840 | |
Investment in subsidiaries | 989,226 | 983,413 | 932,224 | |
Total | 1,383,007 | 1,322,878 | 1,250,040 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | 39,847 | 28,937 | 43,748 | |
Accrued expenses | 47,888 | 34,151 | 43,137 | |
Current portion of long term debt | 50,259 | 261 | 39 | |
Total current liabilities | 137,994 | 63,349 | 86,924 | |
Long-term debt | 399,826 | 449,855 | 449,444 | |
Intercompany payable | 368,765 | 323,314 | 254,043 | |
Losses in excess of investment in subsidiaries | 0 | 0 | 0 | |
Other long-term obligations | 1,620 | 1,636 | 1,735 | |
Central Garden & Pet shareholders' equity | 474,802 | 484,724 | 457,894 | |
Noncontrolling interest | 0 | 0 | 0 | |
Total equity | 474,802 | 484,724 | 457,894 | |
Total | 1,383,007 | 1,322,878 | 1,250,040 | |
Non-Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 5,505 | 12,806 | 4,280 | 7,003 |
Restricted cash | 0 | 0 | 0 | |
Short term investments | 0 | 0 | 0 | |
Accounts receivable, net | 7,573 | 8,268 | 5,984 | |
Inventories | 22,481 | 15,210 | 26,567 | |
Prepaid expenses and other | 962 | 816 | 953 | |
Total current assets | 36,521 | 37,100 | 37,784 | |
Land, buildings, improvements and equipment, net | 3,607 | 3,649 | 2,395 | |
Goodwill | 0 | 0 | 0 | |
Other long term assets | 4,121 | 4,244 | 3,737 | |
Intercompany receivable | 0 | 0 | 0 | |
Investment in subsidiaries | 0 | 0 | 0 | |
Total | 44,249 | 44,993 | 43,916 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | 10,077 | 3,542 | 7,152 | |
Accrued expenses | 1,751 | 1,868 | 1,483 | |
Current portion of long term debt | 0 | 0 | 0 | |
Total current liabilities | 11,828 | 5,410 | 8,635 | |
Long-term debt | 0 | 0 | 0 | |
Intercompany payable | 47,419 | 45,015 | 45,115 | |
Losses in excess of investment in subsidiaries | 0 | 0 | 0 | |
Other long-term obligations | 0 | 0 | 0 | |
Central Garden & Pet shareholders' equity | -15,052 | -7,162 | -10,443 | |
Noncontrolling interest | 54 | 1,730 | 609 | |
Total equity | -14,998 | -5,432 | -9,834 | |
Total | 44,249 | 44,993 | 43,916 | |
Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2,504 | 2,399 | 3,569 | 2,715 |
Restricted cash | 0 | 0 | 0 | |
Short term investments | 0 | 0 | 0 | |
Accounts receivable, net | 96,724 | 144,226 | 100,880 | |
Inventories | 275,585 | 231,977 | 290,535 | |
Prepaid expenses and other | 30,223 | 21,580 | 34,333 | |
Total current assets | 405,036 | 400,182 | 429,317 | |
Land, buildings, improvements and equipment, net | 100,110 | 100,141 | 110,148 | |
Goodwill | 208,233 | 208,233 | 205,756 | |
Other long term assets | 83,088 | 83,713 | 73,532 | |
Intercompany receivable | 378,847 | 351,423 | 283,318 | |
Investment in subsidiaries | 0 | 0 | 0 | |
Total | 1,175,314 | 1,143,692 | 1,102,071 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | 78,561 | 55,949 | 69,648 | |
Accrued expenses | 43,569 | 48,360 | 43,892 | |
Current portion of long term debt | 30 | 30 | 34 | |
Total current liabilities | 122,160 | 104,339 | 113,574 | |
Long-term debt | 87 | 93 | 21 | |
Intercompany payable | 0 | 0 | ||
Losses in excess of investment in subsidiaries | 14,900 | 7,594 | 9,399 | |
Other long-term obligations | 48,789 | 48,686 | 45,809 | |
Central Garden & Pet shareholders' equity | 989,378 | 982,980 | 933,268 | |
Noncontrolling interest | 0 | 0 | 0 | |
Total equity | 989,378 | 982,980 | 933,268 | |
Total | 1,175,314 | 1,143,692 | 1,102,071 | |
Eliminations [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | 0 | |
Short term investments | 0 | 0 | 0 | |
Accounts receivable, net | 0 | 0 | 0 | |
Inventories | 0 | 0 | 0 | |
Prepaid expenses and other | 0 | 0 | 0 | |
Total current assets | 0 | 0 | 0 | |
Land, buildings, improvements and equipment, net | 0 | 0 | 0 | |
Goodwill | 0 | 0 | 0 | |
Other long term assets | -8,197 | -11,094 | -8,677 | |
Intercompany receivable | -416,184 | -368,329 | -299,158 | |
Investment in subsidiaries | -989,226 | -983,413 | -932,224 | |
Total | -1,413,607 | -1,362,836 | -1,240,059 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | 0 | 0 | 0 | |
Accrued expenses | 0 | 0 | 0 | |
Current portion of long term debt | 0 | 0 | 0 | |
Total current liabilities | 0 | 0 | 0 | |
Long-term debt | 0 | 0 | 0 | |
Intercompany payable | -416,184 | -368,329 | -299,158 | |
Losses in excess of investment in subsidiaries | -14,900 | -7,594 | -9,399 | |
Other long-term obligations | -8,197 | -11,094 | -8,677 | |
Central Garden & Pet shareholders' equity | -974,326 | -975,819 | -922,825 | |
Noncontrolling interest | 0 | 0 | 0 | |
Total equity | -974,326 | -975,819 | -922,825 | |
Total | ($1,413,607) | ($1,362,836) | ($1,240,059) |
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. 27, 2014 | Dec. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | $15,852 | $30,009 |
Additions to property, plant and equipment | -4,069 | -5,377 |
Businesses acquired, net of cash acquired | 0 | 0 |
Proceeds from disposal of plant and equipment | 0 | 0 |
Change in restricted cash and cash equivalents | -5,407 | 0 |
Maturities of short term investments | 0 | 3,600 |
Investment in short term investments | -12 | 0 |
Intercompany investing activities | 0 | 0 |
Net cash (used) provided by investing activities | -9,488 | -1,777 |
Repayments on revolving line of credit | 0 | -68,000 |
Borrowings on revolving line of credit | 0 | 45,000 |
Repayments of long-term debt | -72 | -76 |
Proceeds from issuance of common stock | 188 | 200 |
Excess tax benefits from stock-based awards | 40 | 171 |
Repurchase of common stock | -3,742 | -401 |
Payment of deferred financing costs | 0 | -2,985 |
Distribution to parent | 0 | 0 |
Distribution to noncontrolling interest | -1,680 | -633 |
Intercompany financing activities | 0 | 0 |
Net cash provided (used) by financing activities | -5,266 | -26,724 |
Effect of exchange rates on cash | -186 | 47 |
Net increase (decrease) in cash and cash equivalents | 912 | 1,555 |
Cash and equivalents at beginning of period | 78,676 | 15,156 |
Cash and equivalents at end of period | 79,588 | 16,711 |
Parent [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | -6,874 | -7,093 |
Additions to property, plant and equipment | -589 | -1,351 |
Businesses acquired, net of cash acquired | 0 | 0 |
Proceeds from disposal of plant and equipment | 0 | 0 |
Change in restricted cash and cash equivalents | -5,407 | 0 |
Maturities of short term investments | 0 | 3,600 |
Investment in short term investments | -12 | 0 |
Intercompany investing activities | -20,431 | -5,660 |
Net cash (used) provided by investing activities | -26,439 | -3,411 |
Repayments on revolving line of credit | 0 | -68,000 |
Borrowings on revolving line of credit | 0 | 45,000 |
Repayments of long-term debt | -67 | -39 |
Proceeds from issuance of common stock | 188 | 200 |
Excess tax benefits from stock-based awards | 40 | 171 |
Repurchase of common stock | -3,742 | -401 |
Payment of deferred financing costs | 0 | -2,985 |
Distribution to parent | 0 | 0 |
Distribution to noncontrolling interest | 0 | 0 |
Intercompany financing activities | 45,450 | 39,785 |
Net cash provided (used) by financing activities | 41,869 | 13,731 |
Effect of exchange rates on cash | -448 | 197 |
Net increase (decrease) in cash and cash equivalents | 8,108 | 3,424 |
Cash and equivalents at beginning of period | 63,471 | 5,438 |
Cash and equivalents at end of period | 71,579 | 8,862 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | -1,400 | -1,954 |
Additions to property, plant and equipment | -64 | -200 |
Businesses acquired, net of cash acquired | 0 | 0 |
Proceeds from disposal of plant and equipment | 0 | 0 |
Change in restricted cash and cash equivalents | 0 | 0 |
Maturities of short term investments | 0 | 0 |
Investment in short term investments | 0 | 0 |
Intercompany investing activities | 0 | 0 |
Net cash (used) provided by investing activities | -64 | -200 |
Repayments on revolving line of credit | 0 | 0 |
Borrowings on revolving line of credit | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 |
Excess tax benefits from stock-based awards | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Payment of deferred financing costs | 0 | 0 |
Distribution to parent | -6,719 | -2,534 |
Distribution to noncontrolling interest | -1,680 | -633 |
Intercompany financing activities | 2,404 | 2,696 |
Net cash provided (used) by financing activities | -5,995 | -471 |
Effect of exchange rates on cash | 158 | -98 |
Net increase (decrease) in cash and cash equivalents | -7,301 | -2,723 |
Cash and equivalents at beginning of period | 12,806 | 7,003 |
Cash and equivalents at end of period | 5,505 | 4,280 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | 30,845 | 41,590 |
Additions to property, plant and equipment | -3,416 | -3,826 |
Businesses acquired, net of cash acquired | 0 | 0 |
Proceeds from disposal of plant and equipment | 0 | 0 |
Change in restricted cash and cash equivalents | 0 | 0 |
Maturities of short term investments | 0 | 0 |
Investment in short term investments | 0 | 0 |
Intercompany investing activities | -27,423 | -36,821 |
Net cash (used) provided by investing activities | -30,839 | -40,647 |
Repayments on revolving line of credit | 0 | 0 |
Borrowings on revolving line of credit | 0 | 0 |
Repayments of long-term debt | -5 | -37 |
Proceeds from issuance of common stock | 0 | 0 |
Excess tax benefits from stock-based awards | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Payment of deferred financing costs | 0 | 0 |
Distribution to parent | 0 | 0 |
Distribution to noncontrolling interest | 0 | 0 |
Intercompany financing activities | 0 | 0 |
Net cash provided (used) by financing activities | -5 | -37 |
Effect of exchange rates on cash | 104 | -52 |
Net increase (decrease) in cash and cash equivalents | 105 | 854 |
Cash and equivalents at beginning of period | 2,399 | 2,715 |
Cash and equivalents at end of period | 2,504 | 3,569 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | -6,719 | -2,534 |
Additions to property, plant and equipment | 0 | 0 |
Businesses acquired, net of cash acquired | 0 | 0 |
Proceeds from disposal of plant and equipment | 0 | 0 |
Change in restricted cash and cash equivalents | 0 | 0 |
Maturities of short term investments | 0 | 0 |
Investment in short term investments | 0 | 0 |
Intercompany investing activities | 47,854 | 42,481 |
Net cash (used) provided by investing activities | 47,854 | 42,481 |
Repayments on revolving line of credit | 0 | 0 |
Borrowings on revolving line of credit | 0 | 0 |
Repayments of long-term debt | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 |
Excess tax benefits from stock-based awards | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Payment of deferred financing costs | 0 | 0 |
Distribution to parent | 6,719 | 2,534 |
Distribution to noncontrolling interest | 0 | 0 |
Intercompany financing activities | -47,854 | -42,481 |
Net cash provided (used) by financing activities | -41,135 | -39,947 |
Effect of exchange rates on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and equivalents at beginning of period | 0 | 0 |
Cash and equivalents at end of period | $0 | $0 |
Schedule_of_Error_Corrections_
Schedule of Error Corrections for Consolidating Condensed Statement of Operations to Present Results for Non-Guarantor Subsidiaries (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Income (loss) from operations | $1,138 | ($8,355) |
Net income (loss) attributable to Central Garden & Pet Company | -5,697 | -12,708 |
Parent [Member] | ||
Income (loss) from operations | -9,668 | -8,114 |
Net income (loss) attributable to Central Garden & Pet Company | -5,697 | -12,708 |
Non-Guarantor Subsidiaries [Member] | ||
Income (loss) from operations | -1,254 | -1,040 |
Net income (loss) attributable to Central Garden & Pet Company | -828 | -627 |
Guarantor Subsidiaries [Member] | ||
Income (loss) from operations | 12,060 | 799 |
Net income (loss) attributable to Central Garden & Pet Company | 6,502 | 147 |
Eliminations [Member] | ||
Income (loss) from operations | 0 | 0 |
Net income (loss) attributable to Central Garden & Pet Company | -5,674 | 480 |
As Previously Reported [Member] | ||
Income (loss) from operations | -8,355 | |
Net income (loss) attributable to Central Garden & Pet Company | -12,708 | |
As Previously Reported [Member] | Parent [Member] | ||
Income (loss) from operations | -8,783 | |
Net income (loss) attributable to Central Garden & Pet Company | -12,708 | |
As Previously Reported [Member] | Non-Guarantor Subsidiaries [Member] | ||
Income (loss) from operations | 0 | |
Net income (loss) attributable to Central Garden & Pet Company | 0 | |
As Previously Reported [Member] | Guarantor Subsidiaries [Member] | ||
Income (loss) from operations | 428 | |
Net income (loss) attributable to Central Garden & Pet Company | -108 | |
As Previously Reported [Member] | Eliminations [Member] | ||
Income (loss) from operations | 0 | |
Net income (loss) attributable to Central Garden & Pet Company | 108 | |
Adjustments [Member] | ||
Income (loss) from operations | 0 | |
Net income (loss) attributable to Central Garden & Pet Company | 0 | |
Adjustments [Member] | Parent [Member] | ||
Income (loss) from operations | 669 | |
Net income (loss) attributable to Central Garden & Pet Company | 0 | |
Adjustments [Member] | Non-Guarantor Subsidiaries [Member] | ||
Income (loss) from operations | -1,040 | |
Net income (loss) attributable to Central Garden & Pet Company | -627 | |
Adjustments [Member] | Guarantor Subsidiaries [Member] | ||
Income (loss) from operations | 371 | |
Net income (loss) attributable to Central Garden & Pet Company | 255 | |
Adjustments [Member] | Eliminations [Member] | ||
Income (loss) from operations | 0 | |
Net income (loss) attributable to Central Garden & Pet Company | $372 |
Schedule_of_Error_Corrections_1
Schedule of Error Corrections for Consolidating Condensed Statement of Comprehensive Income to Present Results for Non-Guarantor Subsidiaries (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Net income (loss) | ($5,693) | ($12,812) |
Total comprehensive income (loss) | -6,255 | -12,727 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | -6,259 | -12,623 |
Parent [Member] | ||
Net income (loss) | -5,697 | -12,708 |
Total comprehensive income (loss) | -6,259 | -12,708 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | -6,259 | -12,708 |
Non-Guarantor Subsidiaries [Member] | ||
Net income (loss) | -824 | -731 |
Total comprehensive income (loss) | -1,169 | -646 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | -1,173 | -542 |
Guarantor Subsidiaries [Member] | ||
Net income (loss) | 6,502 | 147 |
Total comprehensive income (loss) | 6,398 | 147 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 6,398 | 147 |
Eliminations [Member] | ||
Net income (loss) | -5,674 | 480 |
Total comprehensive income (loss) | -5,225 | 480 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | -5,225 | 480 |
As Previously Reported [Member] | ||
Net income (loss) | -12,812 | |
Total comprehensive income (loss) | -12,727 | |
Comprehensive income (loss) attributable to Central Garden & Pet Company | -12,623 | |
As Previously Reported [Member] | Parent [Member] | ||
Net income (loss) | -12,704 | |
Total comprehensive income (loss) | -12,619 | |
Comprehensive income (loss) attributable to Central Garden & Pet Company | -12,515 | |
As Previously Reported [Member] | Non-Guarantor Subsidiaries [Member] | ||
Net income (loss) | 0 | |
Total comprehensive income (loss) | 0 | |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 0 | |
As Previously Reported [Member] | Guarantor Subsidiaries [Member] | ||
Net income (loss) | -108 | |
Total comprehensive income (loss) | -108 | |
Comprehensive income (loss) attributable to Central Garden & Pet Company | -108 | |
As Previously Reported [Member] | Eliminations [Member] | ||
Net income (loss) | 0 | |
Total comprehensive income (loss) | 0 | |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 0 | |
Adjustments [Member] | ||
Net income (loss) | 0 | |
Total comprehensive income (loss) | 0 | |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 0 | |
Adjustments [Member] | Parent [Member] | ||
Net income (loss) | -4 | |
Total comprehensive income (loss) | -89 | |
Comprehensive income (loss) attributable to Central Garden & Pet Company | -193 | |
Adjustments [Member] | Non-Guarantor Subsidiaries [Member] | ||
Net income (loss) | -731 | |
Total comprehensive income (loss) | -646 | |
Comprehensive income (loss) attributable to Central Garden & Pet Company | -542 | |
Adjustments [Member] | Guarantor Subsidiaries [Member] | ||
Net income (loss) | 255 | |
Total comprehensive income (loss) | 255 | |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 255 | |
Adjustments [Member] | Eliminations [Member] | ||
Net income (loss) | 480 | |
Total comprehensive income (loss) | 480 | |
Comprehensive income (loss) attributable to Central Garden & Pet Company | $480 |
Schedule_of_Error_Corrections_2
Schedule of Error Corrections for Consolidating Condensed Balance Sheet to Present Results for Non-Guarantor Subsidiaries (Detail) (USD $) | Dec. 27, 2014 | Sep. 27, 2014 | Dec. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||||
Total current assets | $716,363 | $671,552 | $670,575 | |
Total assets | 1,188,963 | 1,148,727 | 1,155,968 | |
Current liabilities | 271,982 | 173,098 | 209,133 | |
Total equity | 474,856 | 486,453 | 458,503 | 470,024 |
Parent [Member] | ||||
Total current assets | 274,806 | 234,270 | 203,474 | |
Total assets | 1,383,007 | 1,322,878 | 1,250,040 | |
Current liabilities | 137,994 | 63,349 | 86,924 | |
Total equity | 474,802 | 484,724 | 457,894 | |
Non-Guarantor Subsidiaries [Member] | ||||
Total current assets | 36,521 | 37,100 | 37,784 | |
Total assets | 44,249 | 44,993 | 43,916 | |
Current liabilities | 11,828 | 5,410 | 8,635 | |
Total equity | -14,998 | -5,432 | -9,834 | |
Guarantor Subsidiaries [Member] | ||||
Total current assets | 405,036 | 400,182 | 429,317 | |
Total assets | 1,175,314 | 1,143,692 | 1,102,071 | |
Current liabilities | 122,160 | 104,339 | 113,574 | |
Total equity | 989,378 | 982,980 | 933,268 | |
Eliminations [Member] | ||||
Total current assets | 0 | 0 | 0 | |
Total assets | -1,413,607 | -1,362,836 | -1,240,059 | |
Current liabilities | 0 | 0 | 0 | |
Total equity | -974,326 | -975,819 | -922,825 | |
As Previously Reported [Member] | ||||
Total current assets | 670,575 | |||
Total assets | 1,155,968 | |||
Current liabilities | 209,133 | |||
Total equity | 458,503 | |||
As Previously Reported [Member] | Parent [Member] | ||||
Total current assets | 243,083 | |||
Total assets | 1,035,812 | |||
Current liabilities | 95,493 | |||
Total equity | 458,503 | |||
As Previously Reported [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Total current assets | 0 | |||
Total assets | 0 | |||
Current liabilities | 0 | |||
Total equity | 0 | |||
As Previously Reported [Member] | Guarantor Subsidiaries [Member] | ||||
Total current assets | 432,234 | |||
Total assets | 782,817 | |||
Current liabilities | 118,382 | |||
Total equity | 657,919 | |||
As Previously Reported [Member] | Eliminations [Member] | ||||
Total current assets | -4,742 | |||
Total assets | -662,661 | |||
Current liabilities | -4,742 | |||
Total equity | -657,919 | |||
Adjustments [Member] | ||||
Total current assets | 0 | |||
Total assets | 0 | |||
Current liabilities | 0 | |||
Total equity | 0 | |||
Adjustments [Member] | Parent [Member] | ||||
Total current assets | -39,609 | |||
Total assets | 214,228 | |||
Current liabilities | -8,569 | |||
Total equity | -609 | |||
Adjustments [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Total current assets | 37,784 | |||
Total assets | 43,916 | |||
Current liabilities | 8,635 | |||
Total equity | -9,834 | |||
Adjustments [Member] | Guarantor Subsidiaries [Member] | ||||
Total current assets | -2,917 | |||
Total assets | 319,254 | |||
Current liabilities | -4,808 | |||
Total equity | 275,349 | |||
Adjustments [Member] | Eliminations [Member] | ||||
Total current assets | 4,742 | |||
Total assets | -577,398 | |||
Current liabilities | 4,742 | |||
Total equity | ($264,906) |
Schedule_of_Error_Corrections_3
Schedule of Error Corrections for Consolidating Condensed Statement of Cash Flows to Present Results for Non-Guarantor Subsidiaries (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 |
Net cash provided by (used in) operating activities | $15,852 | $30,009 |
Net cash provided by (used in) investing activities | -9,488 | -1,777 |
Net cash provided by (used in) financing activities | -5,266 | -26,724 |
Parent [Member] | ||
Net cash provided by (used in) operating activities | -6,874 | -7,093 |
Net cash provided by (used in) investing activities | -26,439 | -3,411 |
Net cash provided by (used in) financing activities | 41,869 | 13,731 |
Non-Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | -1,400 | -1,954 |
Net cash provided by (used in) investing activities | -64 | -200 |
Net cash provided by (used in) financing activities | -5,995 | -471 |
Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | 30,845 | 41,590 |
Net cash provided by (used in) investing activities | -30,839 | -40,647 |
Net cash provided by (used in) financing activities | -5 | -37 |
Eliminations [Member] | ||
Net cash provided by (used in) operating activities | -6,719 | -2,534 |
Net cash provided by (used in) investing activities | 47,854 | 42,481 |
Net cash provided by (used in) financing activities | -41,135 | -39,947 |
As Previously Reported [Member] | ||
Net cash provided by (used in) operating activities | 30,009 | |
Net cash provided by (used in) investing activities | -1,777 | |
Net cash provided by (used in) financing activities | -26,724 | |
As Previously Reported [Member] | Parent [Member] | ||
Net cash provided by (used in) operating activities | -10,458 | |
Net cash provided by (used in) investing activities | 37,747 | |
Net cash provided by (used in) financing activities | -26,687 | |
As Previously Reported [Member] | Non-Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | 0 | |
Net cash provided by (used in) investing activities | 0 | |
Net cash provided by (used in) financing activities | 0 | |
As Previously Reported [Member] | Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | 40,359 | |
Net cash provided by (used in) investing activities | -39,416 | |
Net cash provided by (used in) financing activities | -37 | |
As Previously Reported [Member] | Eliminations [Member] | ||
Net cash provided by (used in) operating activities | 108 | |
Net cash provided by (used in) investing activities | -108 | |
Net cash provided by (used in) financing activities | 0 | |
Adjustments [Member] | ||
Net cash provided by (used in) operating activities | 0 | |
Net cash provided by (used in) investing activities | 0 | |
Net cash provided by (used in) financing activities | 0 | |
Adjustments [Member] | Parent [Member] | ||
Net cash provided by (used in) operating activities | 3,365 | |
Net cash provided by (used in) investing activities | -41,158 | |
Net cash provided by (used in) financing activities | 40,418 | |
Adjustments [Member] | Non-Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | -1,954 | |
Net cash provided by (used in) investing activities | -200 | |
Net cash provided by (used in) financing activities | -471 | |
Adjustments [Member] | Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | 1,231 | |
Net cash provided by (used in) investing activities | -1,231 | |
Net cash provided by (used in) financing activities | 0 | |
Adjustments [Member] | Eliminations [Member] | ||
Net cash provided by (used in) operating activities | -2,642 | |
Net cash provided by (used in) investing activities | 42,589 | |
Net cash provided by (used in) financing activities | ($39,947) |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 27, 2014 | Jan. 31, 2015 | Mar. 08, 2010 |
Subsequent Event [Line Items] | |||
Debt redemption price percentage | 101.00% | ||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | |||
Subsequent Event [Line Items] | |||
Debt instrument interest rate stated, percentage | 8.25% | 8.25% | |
Senior subordinated notes due date | 1-Mar-18 | ||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | March 28, 2015 [Member] | |||
Subsequent Event [Line Items] | |||
Charge recognized during debt redemption | 1.5 | ||
Subsequent Events [Member] | |||
Subsequent Event [Line Items] | |||
Investment in joint ventures | 16 | ||
Number of joint ventures | 2 | ||
Subsequent Events [Member] | Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | |||
Subsequent Event [Line Items] | |||
Debt, aggregate principal amount | $50 | ||
Debt instrument interest rate stated, percentage | 8.25% | ||
Senior subordinated notes due date | 1-Mar-18 | ||
Redemption date of senior subordinated notes | 1-Mar-15 | ||
Debt redemption price percentage | 102.06% |