Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 28, 2015 | Apr. 30, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
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 | 11,908,317 | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 35,804,066 | |
Class B Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,652,262 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 28, 2015 | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $11,943 | $78,676 | $16,748 |
Restricted cash | 12,583 | 14,283 | 0 |
Short term investments | 0 | 9,990 | 14,220 |
Accounts receivable (less allowance for doubtful accounts of $20,813, $24,771 and $25,212) | 321,765 | 193,729 | 323,183 |
Inventories | 382,328 | 326,386 | 402,720 |
Prepaid expenses and other | 58,251 | 48,488 | 55,882 |
Total current assets | 786,870 | 671,552 | 812,753 |
Land, buildings, improvements and equipment-net | 163,207 | 166,849 | 185,354 |
Goodwill | 209,089 | 208,233 | 205,756 |
Other intangible assets-net | 85,185 | 87,997 | 77,895 |
Deferred income taxes and other assets | 28,657 | 14,096 | 12,589 |
Total | 1,273,008 | 1,148,727 | 1,294,347 |
Current liabilities: | |||
Accounts payable | 139,821 | 88,428 | 142,152 |
Accrued expenses | 83,442 | 84,379 | 80,886 |
Current portion of long-term debt | 289 | 291 | 303 |
Total current liabilities | 223,552 | 173,098 | 223,341 |
Long-term debt | 514,924 | 449,948 | 545,032 |
Other long-term obligations | 44,549 | 39,228 | 40,470 |
Equity: | |||
Additional paid-in capital | 387,074 | 396,586 | 396,490 |
Accumulated earnings | 101,556 | 86,396 | 85,779 |
Accumulated other comprehensive income | 64 | 1,232 | 1,529 |
Total Central Garden & Pet Company shareholders' equity | 489,186 | 484,723 | 484,301 |
Noncontrolling interest | 797 | 1,730 | 1,203 |
Total equity | 489,983 | 486,453 | 485,504 |
Total | 1,273,008 | 1,148,727 | 1,294,347 |
Common Stock [Member] | |||
Equity: | |||
Common stock | 119 | 124 | 123 |
Class A Common Stock [Member] | |||
Equity: | |||
Common stock | 357 | 369 | 364 |
Class B Stock [Member] | |||
Equity: | |||
Common stock | $16 | $16 | $16 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, except Share data, unless otherwise specified | |||
Accounts receivable allowance for doubtful accounts | $20,813 | $25,212 | $24,771 |
Common Stock [Member] | |||
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares outstanding | 11,919,749 | 12,437,307 | 12,308,802 |
Class A Common Stock [Member] | |||
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares outstanding | 35,765,091 | 36,887,311 | 36,417,849 |
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 | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Income Statement [Abstract] | ||||
Net sales | $497,602 | $501,611 | $804,922 | $792,132 |
Cost of goods sold and occupancy | 347,540 | 354,015 | 566,879 | 564,795 |
Gross profit | 150,062 | 147,596 | 238,043 | 227,337 |
Selling, general and administrative expenses | 100,091 | 102,827 | 186,934 | 190,923 |
Income from operations | 49,971 | 44,769 | 51,109 | 36,414 |
Interest expense | -11,876 | -10,405 | -22,379 | -22,622 |
Interest income | 18 | 16 | 89 | 29 |
Other income (expense) | -121 | 108 | -489 | -60 |
Income before income taxes and noncontrolling interest | 37,992 | 34,488 | 28,330 | 13,761 |
Income taxes | 14,012 | 12,999 | 10,043 | 5,084 |
Income including noncontrolling interest | 23,980 | 21,489 | 18,287 | 8,677 |
Net income attributable to noncontrolling interest | 743 | 594 | 747 | 490 |
Net income attributable to Central Garden & Pet Company | $23,237 | $20,895 | $17,540 | $8,187 |
Net income per share attributable to Central Garden & Pet Company: | ||||
Basic | $0.48 | $0.43 | $0.36 | $0.17 |
Diluted | $0.47 | $0.43 | $0.35 | $0.17 |
Weighted average shares used in the computation of net income per share: | ||||
Basic | 48,384 | 48,688 | 48,882 | 48,523 |
Diluted | 49,439 | 49,116 | 49,689 | 48,963 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $23,980 | $21,489 | $18,287 | $8,677 |
Other comprehensive income (loss): | ||||
Unrealized loss on securities | -20 | 0 | -10 | 0 |
Reclassification of realized loss on securities included in net income | 20 | 0 | 20 | 0 |
Foreign currency translation | -626 | 2 | -1,178 | 87 |
Total comprehensive income | 23,354 | 21,491 | 17,119 | 8,764 |
Comprehensive income attributable to noncontrolling interests | 743 | 594 | 747 | 490 |
Comprehensive income attributable to Central Garden & Pet Company | $22,611 | $20,897 | $16,372 | $8,274 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Cash flows from operating activities: | ||
Net income | $18,287 | $8,677 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 16,814 | 17,512 |
Stock-based compensation | 3,684 | 4,578 |
Excess tax benefits from stock-based awards | -351 | -321 |
Deferred income taxes | 4,467 | 5,064 |
Write-off of deferred financing costs | 537 | 1,731 |
Loss on sale of property and equipment | 115 | 74 |
Other | -51 | 0 |
Change in assets and liabilities: | ||
Accounts receivable | -128,623 | -128,803 |
Inventories | -56,740 | -10,587 |
Prepaid expenses and other assets | -6,794 | 406 |
Accounts payable | 51,474 | 38,334 |
Accrued expenses | -1,245 | 5,163 |
Other long-term obligations | -95 | -1,871 |
Net cash used in operating activities | -98,521 | -60,043 |
Cash flows from investing activities: | ||
Additions to property and equipment | -11,025 | -10,024 |
Payments to acquire companies, net of cash acquired | -16,000 | 0 |
Proceeds from short term investments | 9,997 | 3,600 |
Investments in short term investments | -17 | 0 |
Change in restricted cash | 1,700 | 0 |
Other investing activities | -331 | 0 |
Net cash used in investing activities | -15,676 | -6,424 |
Cash flows from financing activities: | ||
Repayments of long-term debt | -50,141 | -203 |
Borrowings under revolving line of credit | 186,000 | 188,000 |
Repayments on revolving line of credit | -71,000 | -116,000 |
Proceeds from issuance of common stock | 1,220 | 461 |
Repurchase of common stock | -17,164 | -924 |
Distribution to noncontrolling interest | -1,680 | -633 |
Payment of financing costs | 0 | -3,087 |
Excess tax benefits from stock-based awards | 351 | 321 |
Net cash provided by financing activities | 47,586 | 67,935 |
Effect of exchange rate changes on cash and cash equivalents | -122 | 124 |
Net increase (decrease) in cash and cash equivalents | -66,733 | 1,592 |
Cash and equivalents at beginning of period | 78,676 | 15,156 |
Cash and equivalents at end of period | 11,943 | 16,748 |
Supplemental information: | ||
Cash paid for interest | $21,448 | $20,804 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | ||
Mar. 28, 2015 | |||
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 March 28, 2015 and March 29, 2014, the condensed consolidated statements of operations for the three months and six months ended March 28, 2015 and March 29, 2014, the condensed consolidated statements of comprehensive income for the three months and six months ended March 28, 2015 and March 29, 2014 and the condensed consolidated statements of cash flows for the six months ended March 28, 2015 and March 29, 2014 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 and six month periods ended March 28, 2015 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 March 28, 2015 and March 29, 2014, 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. On April 1, 2015 the FASB voted to defer the effective date of ASU 2014-09 for one year. ASU 2014-09 is now effective for the Company in the first quarter of its fiscal year ending September 28, 2019. Early adoption is 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 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 impact that the adoption of this standard will have on its consolidated financial statements. | |||
Consolidation | |||
In February 2015, the FASB issued ASU 2015-02 (ASU 2015-02), Amendments to the Consolidation Analysis to ASC Topic 810, Consolidation. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years that begin after December 15, 2015. The Company is currently evaluating the impact the adoption of ASU 2015-02 will have on its consolidated financial statements. | |||
Debt Issuance Costs | |||
In April 2015, the FASB issued ASU No. 2015-03(ASU 2015-03), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This standard amends the existing guidance to require that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge. ASU 2015-03 is effective on a retrospective basis for annual and interim reporting periods beginning after December 15, 2015, but early adoption is permitted. As of March 28, 2015, the Company has approximately $6.1 million of net deferred financing costs that would be reclassified from a long-term asset to a reduction in the carrying amount of its debt. | |||
Cloud Computing Costs | |||
In April 2015, the FASB issued ASU No. 2015-05(ASU 2015-05), Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. This standard clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software under ASC 350-40. ASU 2015-05 is effective for public entities for annual and interim periods therein beginning after December 15, 2015. Early adoption is permitted. Entities may adopt the guidance either retrospectively or prospectively to arrangements entered into, or materially modified after the effective date. The Company is currently evaluating the impact the adoption of ASU 2015-05 will have on its consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
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, 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 March 28, 2015 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Liabilities: | |||||||||||||||||
Liability for contingent consideration (b) | $ | 0 | $ | 0 | $ | 4,343 | $ | 4,343 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,343 | $ | 4,343 | |||||||||
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 March 29, 2014 (in thousands): | |||||||||||||||||
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 | $ | 4,414 | $ | 4,414 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,414 | $ | 4,414 | |||||||||
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 periods ended March 28, 2015 and March 29, 2014 (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 | (71 | ) | |||||||||||||||
Balance as of March 28, 2015 | $ | 4,343 | |||||||||||||||
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 | 249 | ||||||||||||||||
Balance as of March 29, 2014 | $ | 4,414 | |||||||||||||||
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 March 28, 2015 and March 29, 2014, the Company was not required to measure any significant non-financial assets and liabilities at fair value. | |||||||||||||||||
Fair Value of Other Financial Instruments | |||||||||||||||||
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%. The estimated fair value of the Company’s $400.0 million remaining aggregate principal amount of the 2018 Notes as of March 28, 2015 was $409.5 million, compared to a carrying value of $399.6 million. The estimated fair value of the Company’s $450 million principal amount of 2018 Notes as of March 29, 2014 and September 27, 2014, was $464.9 million and $459.5 million, respectively, compared to a carrying value of $449.5 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 | 6 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Acquisitions | 3 | Acquisitions | |||||||||||
Envincio LLC | |||||||||||||
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 $3.3 million, which is recorded in goodwill. 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 | Measurement | Amounts | ||||||||||
Previously | Period | Recognized as of | |||||||||||
Recognized as of | Adjustments | Acquisition Date | |||||||||||
Acquisition Date(1) | (as Adjusted) | ||||||||||||
Current assets, net of cash and cash equivalents acquired | $ | 6,650 | $ | 0 | $ | 6,650 | |||||||
Fixed assets | 20 | 0 | 20 | ||||||||||
Goodwill | 2,477 | 856 | 3,333 | ||||||||||
Intangible assets | 12,306 | (856 | ) | 11,450 | |||||||||
Current liabilities | (1,170 | ) | 0 | (1,170 | ) | ||||||||
Net assets acquired, less cash and cash equivalents | $ | 20,283 | $ | 0 | $ | 20,283 | |||||||
-1 | As previously reported in our Form 10-K for the period ended September 27, 2014. | ||||||||||||
During fiscal 2015 the fair value measurements of assets acquired and liabilities assumed of Envincio LLC as of the acquisition date were finalized. This refinement did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheets or cash flows in any period and, therefore, the Company has not retrospectively adjusted its financial statements. Financial results for Envincio LLC have been included in the results of operations within the Pet segment since the date of acquisition. | |||||||||||||
Investment in Joint Ventures | |||||||||||||
On December 30, 2014, the Company invested $16 million in cash for a 50% interest in two newly formed entities. The two entities own rights to commercialize products which incorporate features covered by certain patents, technology and associated intellectual property rights in the fields of animal health and pesticide applications. The investment is being accounted for under the equity method of accounting and is not expected to contribute to earnings in the near future. |
Inventories_Net
Inventories, Net | 6 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Inventories, Net | 4 | Inventories, net | |||||||||||
Inventories, net of allowance for obsolescence, consist of the following (in thousands): | |||||||||||||
March 28, 2015 | March 29, 2014 | September 27, 2014 | |||||||||||
Raw materials | $ | 99,490 | $ | 101,783 | $ | 93,678 | |||||||
Work in progress | 15,601 | 16,267 | 13,397 | ||||||||||
Finished goods | 252,104 | 269,870 | 207,818 | ||||||||||
Supplies | 15,133 | 14,800 | 11,493 | ||||||||||
Total inventories, net | $ | 382,328 | $ | 402,720 | $ | 326,386 | |||||||
Goodwill
Goodwill | 6 Months Ended | ||
Mar. 28, 2015 | |||
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 | 6 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
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) | |||||||||||||||||
March 28, 2015 | |||||||||||||||||
Marketing-related intangible assets – amortizable | $ | 14.1 | $ | (10.2 | ) | $ | 0 | $ | 3.9 | ||||||||
Marketing-related intangible assets – nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 73.7 | (10.2 | ) | (16.9 | ) | 46.6 | |||||||||||
Customer-related intangible assets – amortizable | 43.3 | (21.2 | ) | 0 | 22.1 | ||||||||||||
Other acquired intangible assets – amortizable | 19.3 | (9.4 | ) | 0 | 9.9 | ||||||||||||
Other acquired intangible assets – nonamortizable | 7.8 | 0 | (1.2 | ) | 6.6 | ||||||||||||
Total | 27.1 | (9.4 | ) | (1.2 | ) | 16.5 | |||||||||||
Total other intangible assets | $ | 144.1 | $ | (40.8 | ) | $ | (18.1 | ) | $ | 85.2 | |||||||
Gross | Accumulated | Impairment | Net | ||||||||||||||
Amortization | Carrying | ||||||||||||||||
Value | |||||||||||||||||
(in millions) | |||||||||||||||||
March 29, 2014 | |||||||||||||||||
Marketing-related intangible assets – amortizable | $ | 12.5 | $ | (9.4 | ) | $ | 0 | $ | 3.1 | ||||||||
Marketing-related intangible assets – nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 72.1 | (9.4 | ) | (16.9 | ) | 45.8 | |||||||||||
Customer-related intangible assets – amortizable | 42.8 | (19.0 | ) | 0 | 23.8 | ||||||||||||
Other acquired intangible assets – amortizable | 16.6 | (8.3 | ) | 0 | 8.3 | ||||||||||||
Other acquired intangible assets – nonamortizable | 1.2 | 0 | (1.2 | ) | 0 | ||||||||||||
Total | 17.8 | (8.3 | ) | (1.2 | ) | 8.3 | |||||||||||
Total other intangible assets | $ | 132.7 | $ | (36.7 | ) | $ | (18.1 | ) | $ | 77.9 | |||||||
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 acquired intangible assets 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 six months ended March 28, 2015, and accordingly, no impairment testing was performed on these assets. | |||||||||||||||||
The Company amortizes 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 $1.0 million for each of the three month periods ended March 28, 2015 and March 29, 2014, and $1.9 million and $2.0 million for the six months ended March 28, 2015 and March 29, 2014, 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 | 6 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Long-Term Debt | 7 | Long-Term Debt | |||||||||||
Long-term debt consists of the following: | |||||||||||||
March 28, 2015 | March 29, 2014 | September 27, 2014 | |||||||||||
(in thousands) | |||||||||||||
Senior subordinated notes, net of unamortized discount (1), interest at 8.25%, payable semi-annually, principal due March 2018 | $ | 399,637 | $ | 449,472 | $ | 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 | 115,000 | 95,000 | 0 | ||||||||||
Other notes payable | 576 | 863 | 710 | ||||||||||
Total | 515,213 | 545,335 | 450,239 | ||||||||||
Less current portion | (289 | ) | (303 | ) | (291 | ) | |||||||
Long-term portion | $ | 514,924 | $ | 545,032 | $ | 449,948 | |||||||
-1 | Represents unamortized original issue discount of $363, $528 and $471 as of March 28, 2015, March 29, 2014 and September 27, 2014, respectively. | ||||||||||||
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. | |||||||||||||
In March 2015, the Company redeemed $50.0 million of its 8.25% senior subordinated notes due March 2018 (2018 Notes) at a price of 102.063% of the principal amount of the notes redeemed. In conjunction with this transaction, the Company recognized a charge of approximately $1.6 million in its second fiscal quarter as part of interest expense related to the payment of the call premium and the non-cash write-off of unamortized financing costs. | |||||||||||||
The Company may redeem some or all of the remaining 2018 Notes at any time 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. | |||||||||||||
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 March 28, 2015. | |||||||||||||
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 March 28, 2015, there were borrowings of $115 million outstanding and no letters of credit outstanding under the Credit Facility. There were other letters of credit of $12.6 million outstanding as of March 28, 2015. | |||||||||||||
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 March 28, 2015 was $165 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 March 28, 2015) and such applicable margin for Base Rate borrowings fluctuates between 0.25%-0.75% (and was 0.25% at March 28, 2015). As of March 28, 2015, 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 financial covenants under the Credit Facility during the period ended March 28, 2015. | |||||||||||||
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 | 6 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||||||||||||||
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 six months ended March 28, 2015 and March 29, 2014: | |||||||||||||||||||||||||||||||||||||
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 income | 17,540 | (1,168 | ) | 16,372 | 747 | 17,119 | |||||||||||||||||||||||||||||||
Stock based compensation | 2,771 | 2,771 | 2,771 | ||||||||||||||||||||||||||||||||||
Restricted share activity | (2 | ) | (638 | ) | (640 | ) | (640 | ) | |||||||||||||||||||||||||||||
Issuance of common stock | 2 | 730 | 732 | 732 | |||||||||||||||||||||||||||||||||
Repurchase of common stock | (5 | ) | (12 | ) | (12,726 | ) | (2,380 | ) | (15,123 | ) | (15,123 | ) | |||||||||||||||||||||||||
Tax benefit on stock option exercise | 351 | 351 | 351 | ||||||||||||||||||||||||||||||||||
Distribution to Noncontrolling interest | (1,680 | ) | (1,680 | ) | |||||||||||||||||||||||||||||||||
Balance March 28, 2015 | $ | 119 | $ | 357 | $ | 16 | $ | 387,074 | $ | 101,556 | $ | 64 | $ | 489,186 | $ | 797 | $ | 489,983 | |||||||||||||||||||
Controlling Interest | |||||||||||||||||||||||||||||||||||||
(in thousands) | Common | Class A | Class | Additional | Retained | Accumulated | Total | Noncontrolling | Total | ||||||||||||||||||||||||||||
Stock | Common | B | Paid In | Earnings | Other | Interest | |||||||||||||||||||||||||||||||
Stock | Capital | Comprehensive | |||||||||||||||||||||||||||||||||||
Stock | Income | ||||||||||||||||||||||||||||||||||||
Balance September 28, 2013 | $ | 122 | $ | 353 | $ | 16 | $ | 389,153 | $ | 77,592 | $ | 1,442 | $ | 468,678 | $ | 1,346 | $ | 470,024 | |||||||||||||||||||
Comprehensive income | 8,187 | 87 | 8,274 | 490 | 8,764 | ||||||||||||||||||||||||||||||||
Stock based compensation | 2,486 | 2,486 | 2,486 | ||||||||||||||||||||||||||||||||||
Restricted share activity | 9 | 3,968 | 3,977 | 3,977 | |||||||||||||||||||||||||||||||||
Issuance of common stock | 1 | 2 | 562 | 565 | 565 | ||||||||||||||||||||||||||||||||
Tax benefit on stock option exercise | 321 | 321 | 321 | ||||||||||||||||||||||||||||||||||
Distribution to Noncontrolling interest | (633 | ) | (633 | ) | |||||||||||||||||||||||||||||||||
Balance March 29, 2014 | $ | 123 | $ | 364 | $ | 16 | $ | 396,490 | $ | 85,779 | $ | 1,529 | $ | 484,301 | $ | 1,203 | $ | 485,504 | |||||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||
Mar. 28, 2015 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock-Based Compensation | 9 | Stock-Based Compensation | |
The Company recognized share-based compensation expense of $3.7 million and $4.6 million for the six month periods ended March 28, 2015 and March 29, 2014, respectively, as a component of selling, general and administrative expenses. The tax benefit associated with share-based compensation expense for the six month periods ended March 28, 2015 and March 29, 2014 was $1.4 million and $1.7 million, respectively. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||
Earnings Per Share | 10 | Earnings Per Share | |||||||||||||||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted per share computations for income from continuing operations. | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
28-Mar-15 | March 28, 2015 | ||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | ||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||||
Net income available to common shareholders | $ | 23,237 | 48,384 | $ | 0.48 | $ | 17,540 | 48,882 | $ | 0.36 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Options to purchase common stock | 457 | 0 | 251 | 0 | |||||||||||||||||||||
Restricted shares | 598 | (0.01 | ) | 556 | (0.01 | ) | |||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||||
Net income available to common shareholders | $ | 23,237 | 49,439 | $ | 0.47 | $ | 17,540 | 49,689 | $ | 0.35 | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
29-Mar-14 | March 29, 2014 | ||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | ||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||||
Net income available to common shareholders | $ | 20,895 | 48,688 | $ | 0.43 | $ | 8,187 | 48,523 | $ | 0.17 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Options to purchase common stock | 23 | 0 | 50 | 0 | |||||||||||||||||||||
Restricted shares | 405 | 0 | 390 | 0 | |||||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||||
Net income available to common shareholders | $ | 20,895 | 49,116 | $ | 0.43 | $ | 8,187 | 48,963 | $ | 0.17 | |||||||||||||||
Options to purchase 9.6 million shares of common stock at prices ranging from $6.43 to $15.00 per share were outstanding at March 28, 2015, and options to purchase 11.6 million shares of common stock at prices ranging from $4.60 to $16.23 per share were outstanding at March 29, 2014. | |||||||||||||||||||||||||
For the three month periods ended March 28, 2015 and March 29, 2014, options to purchase 3.4 million and 10.4 million shares of common stock, respectively, were outstanding but were not included in the computation of diluted earnings per share, because the option exercise prices were greater than the average market price of the common shares and, therefore, the effect would be anti-dilutive. | |||||||||||||||||||||||||
For the six month period ended March 28, 2015 and March 29, 2014, options to purchase 6.1 million and 10.4 million shares of common stock, respectively, were outstanding but were not included in the computation of diluted earnings per share, because the option exercise prices were greater than the average market price of the common shares and, therefore, the effect would be anti-dilutive. |
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
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 | Six Months Ended | ||||||||||||||||
March 28, | March 29, | March 28, | March 29, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net sales: | |||||||||||||||||
Pet segment | $ | 221,485 | $ | 216,744 | $ | 420,805 | $ | 401,349 | |||||||||
Garden segment | 276,117 | 284,867 | 384,117 | 390,783 | |||||||||||||
Total net sales | $ | 497,602 | $ | 501,611 | $ | 804,922 | $ | 792,132 | |||||||||
Income (loss) from operations: | |||||||||||||||||
Pet segment | 27,051 | 24,193 | 47,626 | 38,579 | |||||||||||||
Garden segment | 39,325 | 36,799 | 35,790 | 30,568 | |||||||||||||
Corporate | (16,405 | ) | (16,223 | ) | (32,307 | ) | (32,733 | ) | |||||||||
Total income from operations | 49,971 | 44,769 | 51,109 | 36,414 | |||||||||||||
Interest expense - net | (11,858 | ) | (10,389 | ) | (22,290 | ) | (22,593 | ) | |||||||||
Other income (expense) | (121 | ) | 108 | (489 | ) | (60 | ) | ||||||||||
Income taxes | 14,012 | 12,999 | 10,043 | 5,084 | |||||||||||||
Income including noncontrolling interest | 23,980 | 21,489 | 18,287 | 8,677 | |||||||||||||
Net income attributable to noncontrolling interest | 743 | 594 | 747 | 490 | |||||||||||||
Net income attributable to Central Garden & Pet Company | $ | 23,237 | $ | 20,895 | $ | 17,540 | $ | 8,187 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Pet segment | $ | 3,878 | $ | 4,484 | $ | 7,819 | $ | 8,370 | |||||||||
Garden segment | 1,483 | 1,832 | 3,049 | 3,405 | |||||||||||||
Corporate | 2,989 | 2,876 | 5,946 | 5,737 | |||||||||||||
Total depreciation and amortization | $ | 8,350 | $ | 9,192 | $ | 16,814 | $ | 17,512 | |||||||||
Assets: | March 28, | March 29, | September 27, | ||||||||||||||
2015 | 2014 | 2014 | |||||||||||||||
Pet segment | $ | 450,240 | $ | 434,059 | $ | 414,279 | |||||||||||
Garden segment | 490,514 | 521,663 | 337,461 | ||||||||||||||
Corporate | 332,254 | 338,625 | 396,987 | ||||||||||||||
Total assets | $ | 1,273,008 | $ | 1,294,347 | $ | 1,148,727 | |||||||||||
Goodwill (included in corporate assets above): | |||||||||||||||||
Pet segment | $ | 209,089 | $ | 205,756 | $ | 208,233 |
Consolidating_Condensed_Financ
Consolidating Condensed Financial Information of Guarantor Subsidiaries | 6 Months Ended | ||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||
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 March 28, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non- | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | 150,014 | $ | 37,434 | $ | 338,994 | $ | (28,840 | ) | $ | 497,602 | ||||||||||
Cost of goods sold and occupancy | 113,668 | 29,545 | 231,403 | (27,076 | ) | 347,540 | |||||||||||||||
Gross profit | 36,346 | 7,889 | 107,591 | (1,764 | ) | 150,062 | |||||||||||||||
Selling, general and administrative expenses | 30,843 | 5,339 | 65,673 | (1,764 | ) | 100,091 | |||||||||||||||
Income from operations | 5,503 | 2,550 | 41,918 | (0 | ) | 49,971 | |||||||||||||||
Interest expense | (11,815 | ) | (61 | ) | (0 | ) | (0 | ) | (11,876 | ) | |||||||||||
Interest income | 18 | 0 | 0 | 0 | 18 | ||||||||||||||||
Other income (expense) | (347 | ) | (0 | ) | 226 | (0 | ) | (121 | ) | ||||||||||||
Income (loss) before taxes and equity in earnings of affiliates | (6,641 | ) | 2,489 | 42,144 | (0 | ) | 37,992 | ||||||||||||||
Income tax (benefit) expense | (1,123 | ) | 952 | 14,183 | (0 | ) | 14,012 | ||||||||||||||
Equity in earnings of affiliates | 28,755 | 0 | 796 | (29,551 | ) | 0 | |||||||||||||||
Net income including noncontrolling interest | 23,237 | 1,537 | 28,757 | (29,551 | ) | 23,980 | |||||||||||||||
Net income attributable to noncontrolling interest | 0 | 743 | 0 | 0 | 743 | ||||||||||||||||
Net income attributable to Central Garden & Pet Company | $ | 23,237 | $ | 794 | $ | 28,757 | $ | (29,551 | ) | $ | 23,237 | ||||||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||||||
Three Months Ended March 29, 2014 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non- | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | 146,049 | $ | 40,409 | $ | 340,660 | $ | (25,507 | ) | $ | 501,611 | ||||||||||
Cost of goods sold and occupancy | 109,458 | 30,652 | 237,863 | (23,958 | ) | 354,015 | |||||||||||||||
Gross profit | 36,591 | 9,757 | 102,797 | (1,549 | ) | 147,596 | |||||||||||||||
Selling, general and administrative expenses | 29,798 | 6,595 | 67,983 | (1,549 | ) | 102,827 | |||||||||||||||
Income from operations | 6,793 | 3,162 | 34,814 | 0 | 44,769 | ||||||||||||||||
Interest expense | (10,375 | ) | (25 | ) | (5 | ) | 0 | (10,405 | ) | ||||||||||||
Interest income | 16 | 0 | 0 | 0 | 16 | ||||||||||||||||
Other income | 50 | 0 | 58 | 0 | 108 | ||||||||||||||||
Income (loss) before taxes and equity in earnings of affiliates | (3,516 | ) | 3,137 | 34,867 | 0 | 34,488 | |||||||||||||||
Income tax (benefit) expense | (1,011 | ) | 1,226 | 12,784 | 0 | 12,999 | |||||||||||||||
Equity in earnings of affiliates | 23,400 | 0 | 1,353 | (24,753 | ) | 0 | |||||||||||||||
Net income including noncontrolling interest | 20,895 | 1,911 | 23,436 | (24,753 | ) | 21,489 | |||||||||||||||
Net income attributable to noncontrolling interest | 0 | 594 | 0 | 0 | 594 | ||||||||||||||||
Net income attributable to Central Garden & Pet Company | $ | 20,895 | $ | 1,317 | $ | 23,436 | $ | (24,753 | ) | $ | 20,895 | ||||||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||||||
Six Months Ended March 28, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non- | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | 246,976 | $ | 54,757 | $ | 546,119 | $ | (42,930 | ) | $ | 804,922 | ||||||||||
Cost of goods sold and occupancy | 192,447 | 44,123 | 370,494 | (40,185 | ) | 566,879 | |||||||||||||||
Gross profit | 54,529 | 10,634 | 175,625 | (2,745 | ) | 238,043 | |||||||||||||||
Selling, general and administrative expenses | 58,694 | 9,338 | 121,647 | (2,745 | ) | 186,934 | |||||||||||||||
Income (loss) from operations | (4,165 | ) | 1,296 | 53,978 | (0 | ) | 51,109 | ||||||||||||||
Interest expense | (22,302 | ) | (76 | ) | (1 | ) | (0 | ) | (22,379 | ) | |||||||||||
Interest income | 88 | 1 | 0 | 0 | 89 | ||||||||||||||||
Other income (expense) | (677 | ) | (0 | ) | 188 | (0 | ) | (489 | ) | ||||||||||||
Income (loss) before taxes and equity in earnings of affiliates | (27,056 | ) | 1,221 | 54,165 | (0 | ) | 28,330 | ||||||||||||||
Income tax (benefit) expense | (9,580 | ) | 508 | 19,115 | (0 | ) | 10,043 | ||||||||||||||
Equity in earnings of affiliates | 35,016 | 0 | 209 | (35,225 | ) | 0 | |||||||||||||||
Net income including noncontrolling interest | 17,540 | 713 | 35,259 | (35,225 | ) | 18,287 | |||||||||||||||
Net income attributable to noncontrolling interest | 0 | 747 | 0 | 0 | 747 | ||||||||||||||||
Net income (loss) attributable to Central Garden & Pet Company | $ | 17,540 | $ | (34 | ) | $ | 35,259 | $ | (35,225 | ) | $ | 17,540 | |||||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||||||
Six Months Ended March 29, 2014 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non- | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | 232,282 | $ | 53,795 | $ | 543,682 | $ | (37,627 | ) | $ | 792,132 | ||||||||||
Cost of goods sold and occupancy | 177,949 | 41,661 | 380,365 | (35,180 | ) | 564,795 | |||||||||||||||
Gross profit | 54,333 | 12,134 | 163,317 | (2,447 | ) | 227,337 | |||||||||||||||
Selling, general and administrative expenses | 55,654 | 10,012 | 127,704 | (2,447 | ) | 190,923 | |||||||||||||||
Income (loss) from operations | (1,321 | ) | 2,122 | 35,613 | 0 | 36,414 | |||||||||||||||
Interest expense | (22,566 | ) | (31 | ) | (25 | ) | 0 | (22,622 | ) | ||||||||||||
Interest income | 29 | 0 | 0 | 0 | 29 | ||||||||||||||||
Other income (expense) | 7 | 0 | (67 | ) | 0 | (60 | ) | ||||||||||||||
Income (loss) before taxes and equity in earnings of affiliates | (23,851 | ) | 2,091 | 35,521 | 0 | 13,761 | |||||||||||||||
Income tax (benefit) expense | (8,818 | ) | 911 | 12,991 | 0 | 5,084 | |||||||||||||||
Equity in earnings of affiliates | 23,220 | 0 | 1,053 | (24,273 | ) | 0 | |||||||||||||||
Net income including noncontrolling interest | 8,187 | 1,180 | 23,583 | (24,273 | ) | 8,677 | |||||||||||||||
Net income attributable to noncontrolling interest | 0 | 490 | 0 | 0 | 490 | ||||||||||||||||
Net income attributable to Central Garden & Pet Company | $ | 8,187 | $ | 690 | $ | 23,583 | $ | (24,273 | ) | $ | 8,187 | ||||||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
(LOSS) | |||||||||||||||||||||
Three Months Ended March 28, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non- | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net income | $ | 23,237 | $ | 1,537 | $ | 28,757 | $ | (29,551 | ) | $ | 23,980 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Unrealized loss on securities | (20 | ) | 0 | 0 | 0 | (20 | ) | ||||||||||||||
Reclassification of realized loss on securities included in net income | 20 | 0 | 0 | 0 | 20 | ||||||||||||||||
Foreign currency translation | (626 | ) | (355 | ) | (164 | ) | 519 | (626 | ) | ||||||||||||
Total comprehensive income | 22,611 | 1,182 | 28,593 | (29,032 | ) | 23,354 | |||||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 743 | 0 | 0 | 743 | ||||||||||||||||
Comprehensive income attributable to Central Garden & Pet Company | $ | 22,611 | $ | 439 | $ | 28,593 | $ | (29,032 | ) | $ | 22,611 | ||||||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Three Months Ended March 29, 2014 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net income | $ | 20,895 | $ | 1,911 | $ | 23,436 | $ | (24,753 | ) | $ | 21,489 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | 0 | 2 | 0 | 0 | 2 | ||||||||||||||||
Total comprehensive income | 20,895 | 1,913 | 23,436 | (24,753 | ) | 21,491 | |||||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 594 | 0 | 0 | 594 | ||||||||||||||||
Comprehensive income attributable to Central Garden & Pet Company | $ | 20,895 | $ | 1,319 | $ | 23,436 | $ | (24,753 | ) | $ | 20,897 | ||||||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Six Months Ended March 28, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net income | $ | 17,540 | $ | 713 | $ | 35,259 | $ | (35,225 | ) | $ | 18,287 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Unrealized loss on securities | (10 | ) | 0 | 0 | 0 | (10 | ) | ||||||||||||||
Reclassification of realized loss on securities included in net income | 20 | 0 | 0 | 0 | 20 | ||||||||||||||||
Foreign currency translation | (1,178 | ) | (700 | ) | (268 | ) | 968 | (1,178 | ) | ||||||||||||
Total comprehensive income | 16,372 | 13 | 34,991 | (34,257 | ) | 17,119 | |||||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 747 | 0 | 0 | 747 | ||||||||||||||||
Comprehensive income (loss) attributable to Central Garden & Pet Company | $ | 16,372 | $ | (734 | ) | $ | 34,991 | $ | (34,257 | ) | $ | 16,372 | |||||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Six Months Ended March 29, 2014 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net income | $ | 8,187 | $ | 1,180 | $ | 23,583 | $ | (24,273 | ) | $ | 8,677 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | 0 | 87 | 0 | 0 | 87 | ||||||||||||||||
Total comprehensive income | 8,187 | 1,267 | 23,583 | (24,273 | ) | 8,764 | |||||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 490 | 0 | 0 | 490 | ||||||||||||||||
Comprehensive income attributable to Central Garden & Pet Company | $ | 8,187 | $ | 777 | $ | 23,583 | $ | (24,273 | ) | $ | 8,274 | ||||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||||||
March 28, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non- | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 6,159 | $ | 4,309 | $ | 1,475 | $ | 0 | $ | 11,943 | |||||||||||
Restricted cash | 12,583 | 0 | 0 | 0 | 12,583 | ||||||||||||||||
Accounts receivable, net | 86,569 | 17,099 | 218,097 | 0 | 321,765 | ||||||||||||||||
Inventories | 95,564 | 19,429 | 267,335 | 0 | 382,328 | ||||||||||||||||
Prepaid expenses and other | 26,013 | 901 | 31,337 | 0 | 58,251 | ||||||||||||||||
Total current assets | 226,888 | 41,738 | 518,244 | 0 | 786,870 | ||||||||||||||||
Land, buildings, improvements and equipment, net | 57,093 | 3,590 | 102,524 | 0 | 163,207 | ||||||||||||||||
Goodwill | 0 | 0 | 209,089 | 0 | 209,089 | ||||||||||||||||
Other long term assets | 34,187 | 3,999 | 81,263 | (5,607 | ) | 113,842 | |||||||||||||||
Intercompany receivable | 44,855 | 0 | 293,685 | (338,540 | ) | 0 | |||||||||||||||
Investment in subsidiaries | 1,017,461 | 0 | 0 | (1,017,461 | ) | 0 | |||||||||||||||
Total | $ | 1,380,484 | $ | 49,327 | $ | 1,204,805 | $ | (1,361,608 | ) | $ | 1,273,008 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Accounts payable | $ | 47,277 | $ | 10,169 | $ | 82,375 | $ | 0 | $ | 139,821 | |||||||||||
Accrued expenses | 39,061 | 2,857 | 41,524 | 0 | 83,442 | ||||||||||||||||
Current portion of long-term debt | 259 | 0 | 30 | 0 | 289 | ||||||||||||||||
Total current liabilities | 86,597 | 13,026 | 123,929 | 0 | 223,552 | ||||||||||||||||
Long-term debt | 514,841 | 0 | 83 | 0 | 514,924 | ||||||||||||||||
Intercompany payable | 288,423 | 50,117 | 0 | (338,540 | ) | 0 | |||||||||||||||
Losses in excess of investment in subsidiaries | 0 | 0 | 14,104 | (14,104 | ) | 0 | |||||||||||||||
Other long-term obligations | 1,437 | 0 | 48,719 | (5,607 | ) | 44,549 | |||||||||||||||
Total Central Garden & Pet shareholders’ equity | 489,186 | (14,613 | ) | 1,017,970 | (1,003,357 | ) | 489,186 | ||||||||||||||
Noncontrolling interest | 0 | 797 | 0 | 0 | 797 | ||||||||||||||||
Total equity | 489,186 | (13,816 | ) | 1,017,970 | (1,003,357 | ) | 489,983 | ||||||||||||||
Total | $ | 1,380,484 | $ | 49,327 | $ | 1,204,805 | $ | (1,361,608 | ) | $ | 1,273,008 | ||||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||||||
March 29, 2014 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 8,001 | $ | 6,819 | $ | 1,928 | $ | 0 | $ | 16,748 | |||||||||||
Short term investments | 14,220 | 0 | 0 | 0 | 14,220 | ||||||||||||||||
Accounts receivable, net | 81,577 | 17,792 | 223,814 | 0 | 323,183 | ||||||||||||||||
Inventories | 106,858 | 22,158 | 273,704 | 0 | 402,720 | ||||||||||||||||
Prepaid expenses and other | 25,151 | 740 | 29,991 | 0 | 55,882 | ||||||||||||||||
Total current assets | 235,807 | 47,509 | 529,437 | 0 | 812,753 | ||||||||||||||||
Land, buildings, improvements and equipment, net | 75,320 | 2,583 | 107,451 | 0 | 185,354 | ||||||||||||||||
Goodwill | 0 | 0 | 205,756 | 0 | 205,756 | ||||||||||||||||
Other long term assets | 20,331 | 3,614 | 72,061 | (5,522 | ) | 90,484 | |||||||||||||||
Intercompany receivable | 41,540 | 0 | 219,454 | (260,994 | ) | 0 | |||||||||||||||
Investment in subsidiaries | 955,388 | 0 | 0 | (955,388 | ) | 0 | |||||||||||||||
Total | $ | 1,328,386 | $ | 53,706 | $ | 1,134,159 | $ | (1,221,904 | ) | $ | 1,294,347 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Accounts payable | $ | 49,181 | $ | 13,414 | $ | 79,557 | $ | 0 | $ | 142,152 | |||||||||||
Accrued expenses | 32,409 | 2,775 | 45,702 | 0 | 80,886 | ||||||||||||||||
Current portion of long-term debt | 270 | 0 | 33 | 0 | 303 | ||||||||||||||||
Total current liabilities | 81,860 | 16,189 | 125,292 | 0 | 223,341 | ||||||||||||||||
Long-term debt | 544,917 | 0 | 115 | 0 | 545,032 | ||||||||||||||||
Intercompany payable | 215,634 | 45,360 | 0 | (260,994 | ) | ||||||||||||||||
Losses in excess of investment in subsidiaries | 0 | 0 | 8,047 | (8,047 | ) | 0 | |||||||||||||||
Other long-term obligations | 1,674 | 0 | 44,318 | (5,522 | ) | 40,470 | |||||||||||||||
Total Central Garden & Pet shareholders’ equity | 484,301 | (9,046 | ) | 956,387 | (947,341 | ) | 484,301 | ||||||||||||||
Noncontrolling interest | 0 | 1,203 | 0 | 0 | 1,203 | ||||||||||||||||
Total equity | 484,301 | (7,843 | ) | 956,387 | (947,341 | ) | 485,504 | ||||||||||||||
Total | $ | 1,328,386 | $ | 53,706 | $ | 1,134,159 | $ | (1,221,904 | ) | $ | 1,294,347 | ||||||||||
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 | 323,315 | 45,014 | 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 | |||||||||||||||
Total Central Garden & Pet shareholders’ equity | 484,723 | (7,161 | ) | 982,980 | (975,819 | ) | 484,723 | ||||||||||||||
Noncontrolling interest | 0 | 1,730 | 0 | 0 | 1,730 | ||||||||||||||||
Total equity | 484,723 | (5,431 | ) | 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 | |||||||||||||||||||||
Six Months Ended March 28, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash used by operating activities | $ | (36,828 | ) | $ | (5,623 | ) | $ | (49,351 | ) | $ | (6,719 | ) | $ | (98,521 | ) | ||||||
Additions to property, plant and equipment | (1,359 | ) | (154 | ) | (9,512 | ) | (0 | ) | (11,025 | ) | |||||||||||
Payments to acquire companies, net of cash acquired | (16,000 | ) | 0 | 0 | 0 | (16,000 | ) | ||||||||||||||
Proceeds from short term investments | 9,997 | 0 | 0 | 0 | 9,997 | ||||||||||||||||
Investment in short term investments | (17 | ) | (0 | ) | (0 | ) | (0 | ) | (17 | ) | |||||||||||
Change in restricted cash | 1,700 | (0 | ) | (0 | ) | (0 | ) | 1,700 | |||||||||||||
Other investing activities | (331 | ) | 0 | 0 | 0 | (331 | ) | ||||||||||||||
Intercompany investing activities | (27,949 | ) | (0 | ) | 57,738 | (29,789 | ) | (0 | ) | ||||||||||||
Net cash (used) provided by investing activities | (33,959 | ) | (154 | ) | 48,226 | (29,789 | ) | (15,676 | ) | ||||||||||||
Repayments of long-term debt | (50,131 | ) | (0 | ) | (10 | ) | (0 | ) | (50,141 | ) | |||||||||||
Borrowings under revolving line of credit | 186,000 | 0 | 0 | 0 | 186,000 | ||||||||||||||||
Repayments on revolving line of credit | (71,000 | ) | 0 | 0 | 0 | (71,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 1,220 | 0 | 0 | 0 | 1,220 | ||||||||||||||||
Repurchase of common stock | (17,164 | ) | (0 | ) | (0 | ) | (0 | ) | (17,164 | ) | |||||||||||
Distribution to noncontrolling interest | 0 | (1,680 | ) | 0 | 0 | (1,680 | ) | ||||||||||||||
Excess tax benefits from stock-based awards | 351 | 0 | 0 | 0 | 351 | ||||||||||||||||
Distribution to parent | 0 | (6,719 | ) | 0 | 6,719 | 0 | |||||||||||||||
Intercompany financing activities | (34,891 | ) | 5,102 | 0 | 29,789 | 0 | |||||||||||||||
Net cash provided (used) by financing activities | 14,385 | (3,297 | ) | (10 | ) | 36,508 | 47,586 | ||||||||||||||
Effect of exchange rates on cash | (910 | ) | 577 | 211 | 0 | (122 | ) | ||||||||||||||
Net decrease in cash and cash equivalents | (57,312 | ) | (8,497 | ) | (924 | ) | 0 | (66,733 | ) | ||||||||||||
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 | $ | 6,159 | $ | 4,309 | $ | 1,475 | $ | 0 | $ | 11,943 | |||||||||||
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS | |||||||||||||||||||||
Six Months Ended March 29, 2014 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash (used) provided by operating activities | $ | (35,501 | ) | $ | 604 | $ | (22,612 | ) | $ | (2,534 | ) | $ | (60,043 | ) | |||||||
Additions to property, plant and equipment | (4,507 | ) | (473 | ) | (5,044 | ) | 0 | (10,024 | ) | ||||||||||||
Proceeds from short term investments | 3,600 | 0 | 0 | 0 | 3,600 | ||||||||||||||||
Intercompany investing activities | (31,360 | ) | 0 | 27,043 | 4,317 | 0 | |||||||||||||||
Net cash (used) provided by investing activities | (32,267 | ) | (473 | ) | 21,999 | 4,317 | (6,424 | ) | |||||||||||||
Repayments of long-term debt | (104 | ) | 0 | (99 | ) | 0 | (203 | ) | |||||||||||||
Borrowings under revolving line of credit | 188,000 | 0 | 0 | 0 | 188,000 | ||||||||||||||||
Repayments on revolving line of credit | (116,000 | ) | 0 | 0 | 0 | (116,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 461 | 0 | 0 | 0 | 461 | ||||||||||||||||
Repurchase of common stock | (924 | ) | 0 | 0 | 0 | (924 | ) | ||||||||||||||
Distribution to noncontrolling interest | 0 | (633 | ) | 0 | 0 | (633 | ) | ||||||||||||||
Payment of deferred financing costs | (3,087 | ) | 0 | 0 | 0 | (3,087 | ) | ||||||||||||||
Excess tax benefits from stock-based awards | 321 | 0 | 0 | 0 | 321 | ||||||||||||||||
Distribution to parent | 0 | (2,534 | ) | 0 | 2,534 | 0 | |||||||||||||||
Intercompany financing activities | 1,376 | 2,941 | 0 | (4,317 | ) | 0 | |||||||||||||||
Net cash (used) provided by financing activities | 70,043 | (226 | ) | (99 | ) | (1,783 | ) | 67,935 | |||||||||||||
Effect of exchange rates on cash | 288 | (89 | ) | (75 | ) | 0 | 124 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 2,563 | (184 | ) | (787 | ) | 0 | 1,592 | ||||||||||||||
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 | $ | 8,001 | $ | 6,819 | $ | 1,928 | $ | 0 | $ | 16,748 | |||||||||||
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 March 29, 2014 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | 9,935 | $ | (3,142 | ) | $ | 6,793 | ||||||||||||||
Non-guarantor subsidiaries | 0 | 3,162 | 3,162 | ||||||||||||||||||
Guarantor subsidiaries | 34,834 | (20 | ) | 34,814 | |||||||||||||||||
Eliminations | 0 | 0 | 0 | ||||||||||||||||||
Income from operations | 44,769 | 0 | 44,769 | ||||||||||||||||||
Parent | 20,895 | 0 | 20,895 | ||||||||||||||||||
Non-guarantor subsidiaries | 0 | 1,317 | 1,317 | ||||||||||||||||||
Guarantor subsidiaries | 23,516 | (80 | ) | 23,436 | |||||||||||||||||
Eliminations | (23,516 | ) | (1,237 | ) | (24,753 | ) | |||||||||||||||
Net income attributable to Central Garden & Pet Company | $ | 20,895 | $ | 0 | $ | 20,895 | |||||||||||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||||||
Six Months Ended March 29, 2014 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | 1,152 | $ | (2,473 | ) | $ | (1,321 | ) | |||||||||||||
Non-guarantor subsidiaries | 0 | 2,122 | 2,122 | ||||||||||||||||||
Guarantor subsidiaries | 35,262 | 351 | 35,613 | ||||||||||||||||||
Eliminations | 0 | 0 | 0 | ||||||||||||||||||
Income (loss) from operations | 36,414 | 0 | 36,414 | ||||||||||||||||||
Parent | 8,187 | 0 | 8,187 | ||||||||||||||||||
Non-guarantor subsidiaries | 0 | 690 | 690 | ||||||||||||||||||
Guarantor subsidiaries | 23,408 | 175 | 23,583 | ||||||||||||||||||
Eliminations | (23,408 | ) | (865 | ) | (24,273 | ) | |||||||||||||||
Net income attributable to Central Garden & Pet Company | $ | 8,187 | $ | 0 | $ | 8,187 | |||||||||||||||
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 | |||||||||||||||||||||
As previously reported | Three Months Ended | As revised | |||||||||||||||||||
March 29, 2014 | |||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Parent | $ | (2,027 | ) | $ | 22,922 | $ | 20,895 | ||||||||||||||
Non-guarantor subsidiaries | 0 | 1,911 | 1,911 | ||||||||||||||||||
Guarantor subsidiaries | 23,516 | (80 | ) | 23,436 | |||||||||||||||||
Eliminations | 0 | (24,753 | ) | (24,753 | ) | ||||||||||||||||
Net income (loss) | 21,489 | 0 | 21,489 | ||||||||||||||||||
Parent | (2,025 | ) | 22,920 | 20,895 | |||||||||||||||||
Non-guarantor subsidiaries | 0 | 1,913 | 1,913 | ||||||||||||||||||
Guarantor subsidiaries | 23,516 | (80 | ) | 23,436 | |||||||||||||||||
Eliminations | 0 | (24,753 | ) | (24,753 | ) | ||||||||||||||||
Total comprehensive income (loss) | 21,491 | 0 | 21,491 | ||||||||||||||||||
Parent | (2,619 | ) | 23,514 | 20,895 | |||||||||||||||||
Non-guarantor subsidiaries | 0 | 1,319 | 1,319 | ||||||||||||||||||
Guarantor subsidiaries | 23,516 | (80 | ) | 23,436 | |||||||||||||||||
Eliminations | 0 | (24,753 | ) | (24,753 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to Central Garden & Pet Company | $ | 20,897 | $ | 0 | $ | 20,897 | |||||||||||||||
CONSOLIDATING CONDENSED STATEMENT | |||||||||||||||||||||
OF COMPREHENSIVE INCOME | |||||||||||||||||||||
As previously reported | Six Months Ended | As revised | |||||||||||||||||||
March 29, 2014 | |||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Parent | $ | (14,731 | ) | $ | 22,918 | $ | 8,187 | ||||||||||||||
Non-guarantor subsidiaries | 0 | 1,180 | 1,180 | ||||||||||||||||||
Guarantor subsidiaries | 23,408 | 175 | 23,583 | ||||||||||||||||||
Eliminations | 0 | (24,273 | ) | (24,273 | ) | ||||||||||||||||
Net income (loss) | 8,677 | 0 | 8,677 | ||||||||||||||||||
Parent | (14,644 | ) | 22,831 | 8,187 | |||||||||||||||||
Non-guarantor subsidiaries | 0 | 1,267 | 1,267 | ||||||||||||||||||
Guarantor subsidiaries | 23,408 | 175 | 23,583 | ||||||||||||||||||
Eliminations | 0 | (24,273 | ) | (24,273 | ) | ||||||||||||||||
Total comprehensive income (loss) | 8,764 | 0 | 8,764 | ||||||||||||||||||
Parent | (15,134 | ) | 23,321 | 8,187 | |||||||||||||||||
Non-guarantor subsidiaries | 0 | 777 | 777 | ||||||||||||||||||
Guarantor subsidiaries | 23,408 | 175 | 23,583 | ||||||||||||||||||
Eliminations | 0 | (24,273 | ) | (24,273 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to Central Garden & Pet Company | $ | 8,274 | $ | 0 | $ | 8,274 | |||||||||||||||
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 | |||||||||||||||||||||
March 29, 2014 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | 288,510 | $ | (52,703 | ) | $ | 235,807 | ||||||||||||||
Non-Guarantor subsidiaries | 0 | 47,509 | 47,509 | ||||||||||||||||||
Guarantor subsidiaries | 532,265 | (2,828 | ) | 529,437 | |||||||||||||||||
Eliminations | (8,022 | ) | 8,022 | 0 | |||||||||||||||||
Current assets | 812,753 | 0 | 812,753 | ||||||||||||||||||
Parent | 1,165,145 | 163,241 | 1,328,386 | ||||||||||||||||||
Non-Guarantor subsidiaries | 0 | 53,706 | 53,706 | ||||||||||||||||||
Guarantor subsidiaries | 878,709 | 255,450 | 1,134,159 | ||||||||||||||||||
Eliminations | (749,507 | ) | (472,397 | ) | (1,221,904 | ) | |||||||||||||||
Total assets | $ | 1,294,347 | $ | 0 | $ | 1,294,347 | |||||||||||||||
Parent | $ | 99,258 | $ | (17,398 | ) | $ | 81,860 | ||||||||||||||
Non-Guarantor subsidiaries | 0 | 16,189 | 16,189 | ||||||||||||||||||
Guarantor subsidiaries | 132,105 | (6,813 | ) | 125,292 | |||||||||||||||||
Eliminations | (8,022 | ) | 8,022 | 0 | |||||||||||||||||
Current liabilities | 223,341 | 0 | 223,341 | ||||||||||||||||||
Parent | 485,504 | (1,203 | ) | 484,301 | |||||||||||||||||
Non-Guarantor subsidiaries | 0 | (7,843 | ) | (7,843 | ) | ||||||||||||||||
Guarantor subsidiaries | 741,485 | 214,902 | 956,387 | ||||||||||||||||||
Eliminations | (741,485 | ) | (205,856 | ) | (947,341 | ) | |||||||||||||||
Total equity | $ | 485,504 | $ | 0 | $ | 485,504 | |||||||||||||||
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 | |||||||||||||||||||||
Six Months Ended March 29, 2014 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | (16,606 | ) | $ | (18,895 | ) | $ | (35,501 | ) | ||||||||||||
Non-Guarantor subsidiaries | 0 | 604 | 604 | ||||||||||||||||||
Guarantor subsidiaries | (20,029 | ) | (2,583 | ) | (22,612 | ) | |||||||||||||||
Eliminations | (23,408 | ) | 20,874 | (2,534 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | (60,043 | ) | 0 | (60,043 | ) | ||||||||||||||||
Parent | (49,249 | ) | 16,982 | (32,267 | ) | ||||||||||||||||
Non-Guarantor subsidiaries | 0 | (473 | ) | (473 | ) | ||||||||||||||||
Guarantor subsidiaries | 19,417 | 2,582 | 21,999 | ||||||||||||||||||
Eliminations | 23,408 | (19,091 | ) | 4,317 | |||||||||||||||||
Net cash provided by (used in) investing activities | (6,424 | ) | 0 | (6,424 | ) | ||||||||||||||||
Parent | 68,034 | 2,009 | 70,043 | ||||||||||||||||||
Non-Guarantor subsidiaries | 0 | (226 | ) | (226 | ) | ||||||||||||||||
Guarantor subsidiaries | (99 | ) | 0 | (99 | ) | ||||||||||||||||
Eliminations | 0 | (1,783 | ) | (1,783 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | $ | 67,935 | $ | 0 | $ | 67,935 | |||||||||||||||
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 | 6 Months Ended | ||
Mar. 28, 2015 | |||
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. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Mar. 28, 2015 | |
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 March 28, 2015 and March 29, 2014, 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. On April 1, 2015 the FASB voted to defer the effective date of ASU 2014-09 for one year. ASU 2014-09 is now effective for the Company in the first quarter of its fiscal year ending September 28, 2019. Early adoption is 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 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 impact that the adoption of this standard will have on its consolidated financial statements. | |
Consolidation | |
In February 2015, the FASB issued ASU 2015-02 (ASU 2015-02), Amendments to the Consolidation Analysis to ASC Topic 810, Consolidation. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years that begin after December 15, 2015. The Company is currently evaluating the impact the adoption of ASU 2015-02 will have on its consolidated financial statements. | |
Debt Issuance Costs | |
In April 2015, the FASB issued ASU No. 2015-03(ASU 2015-03), Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This standard amends the existing guidance to require that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge. ASU 2015-03 is effective on a retrospective basis for annual and interim reporting periods beginning after December 15, 2015, but early adoption is permitted. As of March 28, 2015, the Company has approximately $6.1 million of net deferred financing costs that would be reclassified from a long-term asset to a reduction in the carrying amount of its debt. | |
Cloud Computing Costs | |
In April 2015, the FASB issued ASU No. 2015-05(ASU 2015-05), Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. This standard clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software under ASC 350-40. ASU 2015-05 is effective for public entities for annual and interim periods therein beginning after December 15, 2015. Early adoption is permitted. Entities may adopt the guidance either retrospectively or prospectively to arrangements entered into, or materially modified after the effective date. The Company is currently evaluating the impact the adoption of ASU 2015-05 will have on its consolidated financial statements. | |
Fair Value Measurements | ASC 820 establishes a single authoritative definition of fair value, a framework for measuring fair value and expands disclosure of fair value measurements. ASC 820 requires financial assets and liabilities to be categorized based on the inputs used to calculate their fair values as follows: |
Level 1 - Quoted prices in active markets for identical assets or liabilities. | |
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |
Level 3 - Unobservable inputs for the asset or liability, which reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). | |
The Company’s financial instruments include cash and equivalents, short term investments consisting of bank certificates of deposit, accounts receivable and payable, derivative instruments, short-term borrowings, and accrued liabilities. The carrying amount of these instruments approximates fair value because of their short-term nature. | |
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) | 6 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
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 March 28, 2015 (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Liabilities: | |||||||||||||||||
Liability for contingent consideration (b) | $ | 0 | $ | 0 | $ | 4,343 | $ | 4,343 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,343 | $ | 4,343 | |||||||||
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 March 29, 2014 (in thousands): | |||||||||||||||||
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 | $ | 4,414 | $ | 4,414 | |||||||||
Total liabilities | $ | 0 | $ | 0 | $ | 4,414 | $ | 4,414 | |||||||||
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 periods ended March 28, 2015 and March 29, 2014 (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 | (71 | ) | |||||||||||||||
Balance as of March 28, 2015 | $ | 4,343 | |||||||||||||||
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 | 249 | ||||||||||||||||
Balance as of March 29, 2014 | $ | 4,414 | |||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
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 | Measurement | Amounts | ||||||||||
Previously | Period | Recognized as of | |||||||||||
Recognized as of | Adjustments | Acquisition Date | |||||||||||
Acquisition Date | (as | ||||||||||||
-1 | Adjusted) | ||||||||||||
Current assets, net of cash and cash equivalents acquired | $ | 6,650 | $ | 0 | $ | 6,650 | |||||||
Fixed assets | 20 | 0 | 20 | ||||||||||
Goodwill | 2,477 | 856 | 3,333 | ||||||||||
Intangible assets | 12,306 | (856 | ) | 11,450 | |||||||||
Current liabilities | (1,170 | ) | 0 | (1,170 | ) | ||||||||
Net assets acquired, less cash and cash equivalents | $ | 20,283 | $ | 0 | $ | 20,283 | |||||||
-1 | As previously reported in our Form 10-K for the period ended September 27, 2014. |
Inventories_Net_Tables
Inventories, Net (Tables) | 6 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||
Summary of Inventories, Net of Allowance for Obsolescence | Inventories, net of allowance for obsolescence, consist of the following (in thousands): | ||||||||||||
March 28, 2015 | March 29, 2014 | September 27, 2014 | |||||||||||
Raw materials | $ | 99,490 | $ | 101,783 | $ | 93,678 | |||||||
Work in progress | 15,601 | 16,267 | 13,397 | ||||||||||
Finished goods | 252,104 | 269,870 | 207,818 | ||||||||||
Supplies | 15,133 | 14,800 | 11,493 | ||||||||||
Total inventories, net | $ | 382,328 | $ | 402,720 | $ | 326,386 | |||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
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) | |||||||||||||||||
March 28, 2015 | |||||||||||||||||
Marketing-related intangible assets – amortizable | $ | 14.1 | $ | (10.2 | ) | $ | 0 | $ | 3.9 | ||||||||
Marketing-related intangible assets – nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 73.7 | (10.2 | ) | (16.9 | ) | 46.6 | |||||||||||
Customer-related intangible assets – amortizable | 43.3 | (21.2 | ) | 0 | 22.1 | ||||||||||||
Other acquired intangible assets – amortizable | 19.3 | (9.4 | ) | 0 | 9.9 | ||||||||||||
Other acquired intangible assets – nonamortizable | 7.8 | 0 | (1.2 | ) | 6.6 | ||||||||||||
Total | 27.1 | (9.4 | ) | (1.2 | ) | 16.5 | |||||||||||
Total other intangible assets | $ | 144.1 | $ | (40.8 | ) | $ | (18.1 | ) | $ | 85.2 | |||||||
Gross | Accumulated | Impairment | Net | ||||||||||||||
Amortization | Carrying | ||||||||||||||||
Value | |||||||||||||||||
(in millions) | |||||||||||||||||
March 29, 2014 | |||||||||||||||||
Marketing-related intangible assets – amortizable | $ | 12.5 | $ | (9.4 | ) | $ | 0 | $ | 3.1 | ||||||||
Marketing-related intangible assets – nonamortizable | 59.6 | 0 | (16.9 | ) | 42.7 | ||||||||||||
Total | 72.1 | (9.4 | ) | (16.9 | ) | 45.8 | |||||||||||
Customer-related intangible assets – amortizable | 42.8 | (19.0 | ) | 0 | 23.8 | ||||||||||||
Other acquired intangible assets – amortizable | 16.6 | (8.3 | ) | 0 | 8.3 | ||||||||||||
Other acquired intangible assets – nonamortizable | 1.2 | 0 | (1.2 | ) | 0 | ||||||||||||
Total | 17.8 | (8.3 | ) | (1.2 | ) | 8.3 | |||||||||||
Total other intangible assets | $ | 132.7 | $ | (36.7 | ) | $ | (18.1 | ) | $ | 77.9 | |||||||
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) | 6 Months Ended | ||||||||||||
Mar. 28, 2015 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Components of Long-Term Debt | Long-term debt consists of the following: | ||||||||||||
March 28, 2015 | March 29, 2014 | September 27, 2014 | |||||||||||
(in thousands) | |||||||||||||
Senior subordinated notes, net of unamortized discount (1), interest at 8.25%, payable semi-annually, principal due March 2018 | $ | 399,637 | $ | 449,472 | $ | 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 | 115,000 | 95,000 | 0 | ||||||||||
Other notes payable | 576 | 863 | 710 | ||||||||||
Total | 515,213 | 545,335 | 450,239 | ||||||||||
Less current portion | (289 | ) | (303 | ) | (291 | ) | |||||||
Long-term portion | $ | 514,924 | $ | 545,032 | $ | 449,948 | |||||||
-1 | Represents unamortized original issue discount of $363, $528 and $471 as of March 28, 2015, March 29, 2014 and September 27, 2014, respectively. |
Supplemental_Equity_Informatio1
Supplemental Equity Information (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||||||||||||||
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 six months ended March 28, 2015 and March 29, 2014: | ||||||||||||||||||||||||||||||||||||
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 income | 17,540 | (1,168 | ) | 16,372 | 747 | 17,119 | |||||||||||||||||||||||||||||||
Stock based compensation | 2,771 | 2,771 | 2,771 | ||||||||||||||||||||||||||||||||||
Restricted share activity | (2 | ) | (638 | ) | (640 | ) | (640 | ) | |||||||||||||||||||||||||||||
Issuance of common stock | 2 | 730 | 732 | 732 | |||||||||||||||||||||||||||||||||
Repurchase of common stock | (5 | ) | (12 | ) | (12,726 | ) | (2,380 | ) | (15,123 | ) | (15,123 | ) | |||||||||||||||||||||||||
Tax benefit on stock option exercise | 351 | 351 | 351 | ||||||||||||||||||||||||||||||||||
Distribution to Noncontrolling interest | (1,680 | ) | (1,680 | ) | |||||||||||||||||||||||||||||||||
Balance March 28, 2015 | $ | 119 | $ | 357 | $ | 16 | $ | 387,074 | $ | 101,556 | $ | 64 | $ | 489,186 | $ | 797 | $ | 489,983 | |||||||||||||||||||
Controlling Interest | |||||||||||||||||||||||||||||||||||||
(in thousands) | Common | Class A | Class | Additional | Retained | Accumulated | Total | Noncontrolling | Total | ||||||||||||||||||||||||||||
Stock | Common | B | Paid In | Earnings | Other | Interest | |||||||||||||||||||||||||||||||
Stock | Capital | Comprehensive | |||||||||||||||||||||||||||||||||||
Stock | Income | ||||||||||||||||||||||||||||||||||||
Balance September 28, 2013 | $ | 122 | $ | 353 | $ | 16 | $ | 389,153 | $ | 77,592 | $ | 1,442 | $ | 468,678 | $ | 1,346 | $ | 470,024 | |||||||||||||||||||
Comprehensive income | 8,187 | 87 | 8,274 | 490 | 8,764 | ||||||||||||||||||||||||||||||||
Stock based compensation | 2,486 | 2,486 | 2,486 | ||||||||||||||||||||||||||||||||||
Restricted share activity | 9 | 3,968 | 3,977 | 3,977 | |||||||||||||||||||||||||||||||||
Issuance of common stock | 1 | 2 | 562 | 565 | 565 | ||||||||||||||||||||||||||||||||
Tax benefit on stock option exercise | 321 | 321 | 321 | ||||||||||||||||||||||||||||||||||
Distribution to Noncontrolling interest | (633 | ) | (633 | ) | |||||||||||||||||||||||||||||||||
Balance March 29, 2014 | $ | 123 | $ | 364 | $ | 16 | $ | 396,490 | $ | 85,779 | $ | 1,529 | $ | 484,301 | $ | 1,203 | $ | 485,504 | |||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||
Numerators and Denominators in Basic and Diluted Per Share | The following is a reconciliation of the numerators and denominators of the basic and diluted per share computations for income from continuing operations. | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
28-Mar-15 | March 28, 2015 | ||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | ||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||||
Net income available to common shareholders | $ | 23,237 | 48,384 | $ | 0.48 | $ | 17,540 | 48,882 | $ | 0.36 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Options to purchase common stock | 457 | 0 | 251 | 0 | |||||||||||||||||||||
Restricted shares | 598 | (0.01 | ) | 556 | (0.01 | ) | |||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||||
Net income available to common shareholders | $ | 23,237 | 49,439 | $ | 0.47 | $ | 17,540 | 49,689 | $ | 0.35 | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
29-Mar-14 | March 29, 2014 | ||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | ||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||||
Net income available to common shareholders | $ | 20,895 | 48,688 | $ | 0.43 | $ | 8,187 | 48,523 | $ | 0.17 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||
Options to purchase common stock | 23 | 0 | 50 | 0 | |||||||||||||||||||||
Restricted shares | 405 | 0 | 390 | 0 | |||||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||||
Net income available to common shareholders | $ | 20,895 | 49,116 | $ | 0.43 | $ | 8,187 | 48,963 | $ | 0.17 | |||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
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 | Six Months Ended | ||||||||||||||||
March 28, | March 29, | March 28, | March 29, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net sales: | |||||||||||||||||
Pet segment | $ | 221,485 | $ | 216,744 | $ | 420,805 | $ | 401,349 | |||||||||
Garden segment | 276,117 | 284,867 | 384,117 | 390,783 | |||||||||||||
Total net sales | $ | 497,602 | $ | 501,611 | $ | 804,922 | $ | 792,132 | |||||||||
Income (loss) from operations: | |||||||||||||||||
Pet segment | 27,051 | 24,193 | 47,626 | 38,579 | |||||||||||||
Garden segment | 39,325 | 36,799 | 35,790 | 30,568 | |||||||||||||
Corporate | (16,405 | ) | (16,223 | ) | (32,307 | ) | (32,733 | ) | |||||||||
Total income from operations | 49,971 | 44,769 | 51,109 | 36,414 | |||||||||||||
Interest expense - net | (11,858 | ) | (10,389 | ) | (22,290 | ) | (22,593 | ) | |||||||||
Other income (expense) | (121 | ) | 108 | (489 | ) | (60 | ) | ||||||||||
Income taxes | 14,012 | 12,999 | 10,043 | 5,084 | |||||||||||||
Income including noncontrolling interest | 23,980 | 21,489 | 18,287 | 8,677 | |||||||||||||
Net income attributable to noncontrolling interest | 743 | 594 | 747 | 490 | |||||||||||||
Net income attributable to Central Garden & Pet Company | $ | 23,237 | $ | 20,895 | $ | 17,540 | $ | 8,187 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Pet segment | $ | 3,878 | $ | 4,484 | $ | 7,819 | $ | 8,370 | |||||||||
Garden segment | 1,483 | 1,832 | 3,049 | 3,405 | |||||||||||||
Corporate | 2,989 | 2,876 | 5,946 | 5,737 | |||||||||||||
Total depreciation and amortization | $ | 8,350 | $ | 9,192 | $ | 16,814 | $ | 17,512 | |||||||||
Assets: | March 28, | March 29, | September 27, | ||||||||||||||
2015 | 2014 | 2014 | |||||||||||||||
Pet segment | $ | 450,240 | $ | 434,059 | $ | 414,279 | |||||||||||
Garden segment | 490,514 | 521,663 | 337,461 | ||||||||||||||
Corporate | 332,254 | 338,625 | 396,987 | ||||||||||||||
Total assets | $ | 1,273,008 | $ | 1,294,347 | $ | 1,148,727 | |||||||||||
Goodwill (included in corporate assets above): | |||||||||||||||||
Pet segment | $ | 209,089 | $ | 205,756 | $ | 208,233 |
Consolidating_Condensed_Financ1
Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables) | 6 Months Ended | ||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||
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 March 28, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non- | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | 150,014 | $ | 37,434 | $ | 338,994 | $ | (28,840 | ) | $ | 497,602 | ||||||||||
Cost of goods sold and occupancy | 113,668 | 29,545 | 231,403 | (27,076 | ) | 347,540 | |||||||||||||||
Gross profit | 36,346 | 7,889 | 107,591 | (1,764 | ) | 150,062 | |||||||||||||||
Selling, general and administrative expenses | 30,843 | 5,339 | 65,673 | (1,764 | ) | 100,091 | |||||||||||||||
Income from operations | 5,503 | 2,550 | 41,918 | (0 | ) | 49,971 | |||||||||||||||
Interest expense | (11,815 | ) | (61 | ) | (0 | ) | (0 | ) | (11,876 | ) | |||||||||||
Interest income | 18 | 0 | 0 | 0 | 18 | ||||||||||||||||
Other income (expense) | (347 | ) | (0 | ) | 226 | (0 | ) | (121 | ) | ||||||||||||
Income (loss) before taxes and equity in earnings of affiliates | (6,641 | ) | 2,489 | 42,144 | (0 | ) | 37,992 | ||||||||||||||
Income tax (benefit) expense | (1,123 | ) | 952 | 14,183 | (0 | ) | 14,012 | ||||||||||||||
Equity in earnings of affiliates | 28,755 | 0 | 796 | (29,551 | ) | 0 | |||||||||||||||
Net income including noncontrolling interest | 23,237 | 1,537 | 28,757 | (29,551 | ) | 23,980 | |||||||||||||||
Net income attributable to noncontrolling interest | 0 | 743 | 0 | 0 | 743 | ||||||||||||||||
Net income attributable to Central Garden & Pet Company | $ | 23,237 | $ | 794 | $ | 28,757 | $ | (29,551 | ) | $ | 23,237 | ||||||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||||||
Three Months Ended March 29, 2014 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non- | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | 146,049 | $ | 40,409 | $ | 340,660 | $ | (25,507 | ) | $ | 501,611 | ||||||||||
Cost of goods sold and occupancy | 109,458 | 30,652 | 237,863 | (23,958 | ) | 354,015 | |||||||||||||||
Gross profit | 36,591 | 9,757 | 102,797 | (1,549 | ) | 147,596 | |||||||||||||||
Selling, general and administrative expenses | 29,798 | 6,595 | 67,983 | (1,549 | ) | 102,827 | |||||||||||||||
Income from operations | 6,793 | 3,162 | 34,814 | 0 | 44,769 | ||||||||||||||||
Interest expense | (10,375 | ) | (25 | ) | (5 | ) | 0 | (10,405 | ) | ||||||||||||
Interest income | 16 | 0 | 0 | 0 | 16 | ||||||||||||||||
Other income | 50 | 0 | 58 | 0 | 108 | ||||||||||||||||
Income (loss) before taxes and equity in earnings of affiliates | (3,516 | ) | 3,137 | 34,867 | 0 | 34,488 | |||||||||||||||
Income tax (benefit) expense | (1,011 | ) | 1,226 | 12,784 | 0 | 12,999 | |||||||||||||||
Equity in earnings of affiliates | 23,400 | 0 | 1,353 | (24,753 | ) | 0 | |||||||||||||||
Net income including noncontrolling interest | 20,895 | 1,911 | 23,436 | (24,753 | ) | 21,489 | |||||||||||||||
Net income attributable to noncontrolling interest | 0 | 594 | 0 | 0 | 594 | ||||||||||||||||
Net income attributable to Central Garden & Pet Company | $ | 20,895 | $ | 1,317 | $ | 23,436 | $ | (24,753 | ) | $ | 20,895 | ||||||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||||||
Six Months Ended March 28, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non- | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | 246,976 | $ | 54,757 | $ | 546,119 | $ | (42,930 | ) | $ | 804,922 | ||||||||||
Cost of goods sold and occupancy | 192,447 | 44,123 | 370,494 | (40,185 | ) | 566,879 | |||||||||||||||
Gross profit | 54,529 | 10,634 | 175,625 | (2,745 | ) | 238,043 | |||||||||||||||
Selling, general and administrative expenses | 58,694 | 9,338 | 121,647 | (2,745 | ) | 186,934 | |||||||||||||||
Income (loss) from operations | (4,165 | ) | 1,296 | 53,978 | (0 | ) | 51,109 | ||||||||||||||
Interest expense | (22,302 | ) | (76 | ) | (1 | ) | (0 | ) | (22,379 | ) | |||||||||||
Interest income | 88 | 1 | 0 | 0 | 89 | ||||||||||||||||
Other income (expense) | (677 | ) | (0 | ) | 188 | (0 | ) | (489 | ) | ||||||||||||
Income (loss) before taxes and equity in earnings of affiliates | (27,056 | ) | 1,221 | 54,165 | (0 | ) | 28,330 | ||||||||||||||
Income tax (benefit) expense | (9,580 | ) | 508 | 19,115 | (0 | ) | 10,043 | ||||||||||||||
Equity in earnings of affiliates | 35,016 | 0 | 209 | (35,225 | ) | 0 | |||||||||||||||
Net income including noncontrolling interest | 17,540 | 713 | 35,259 | (35,225 | ) | 18,287 | |||||||||||||||
Net income attributable to noncontrolling interest | 0 | 747 | 0 | 0 | 747 | ||||||||||||||||
Net income (loss) attributable to Central Garden & Pet Company | $ | 17,540 | $ | (34 | ) | $ | 35,259 | $ | (35,225 | ) | $ | 17,540 | |||||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||||||
Six Months Ended March 29, 2014 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non- | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | 232,282 | $ | 53,795 | $ | 543,682 | $ | (37,627 | ) | $ | 792,132 | ||||||||||
Cost of goods sold and occupancy | 177,949 | 41,661 | 380,365 | (35,180 | ) | 564,795 | |||||||||||||||
Gross profit | 54,333 | 12,134 | 163,317 | (2,447 | ) | 227,337 | |||||||||||||||
Selling, general and administrative expenses | 55,654 | 10,012 | 127,704 | (2,447 | ) | 190,923 | |||||||||||||||
Income (loss) from operations | (1,321 | ) | 2,122 | 35,613 | 0 | 36,414 | |||||||||||||||
Interest expense | (22,566 | ) | (31 | ) | (25 | ) | 0 | (22,622 | ) | ||||||||||||
Interest income | 29 | 0 | 0 | 0 | 29 | ||||||||||||||||
Other income (expense) | 7 | 0 | (67 | ) | 0 | (60 | ) | ||||||||||||||
Income (loss) before taxes and equity in earnings of affiliates | (23,851 | ) | 2,091 | 35,521 | 0 | 13,761 | |||||||||||||||
Income tax (benefit) expense | (8,818 | ) | 911 | 12,991 | 0 | 5,084 | |||||||||||||||
Equity in earnings of affiliates | 23,220 | 0 | 1,053 | (24,273 | ) | 0 | |||||||||||||||
Net income including noncontrolling interest | 8,187 | 1,180 | 23,583 | (24,273 | ) | 8,677 | |||||||||||||||
Net income attributable to noncontrolling interest | 0 | 490 | 0 | 0 | 490 | ||||||||||||||||
Net income attributable to Central Garden & Pet Company | $ | 8,187 | $ | 690 | $ | 23,583 | $ | (24,273 | ) | $ | 8,187 | ||||||||||
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 March 28, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non- | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net income | $ | 23,237 | $ | 1,537 | $ | 28,757 | $ | (29,551 | ) | $ | 23,980 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Unrealized loss on securities | (20 | ) | 0 | 0 | 0 | (20 | ) | ||||||||||||||
Reclassification of realized loss on securities included in net income | 20 | 0 | 0 | 0 | 20 | ||||||||||||||||
Foreign currency translation | (626 | ) | (355 | ) | (164 | ) | 519 | (626 | ) | ||||||||||||
Total comprehensive income | 22,611 | 1,182 | 28,593 | (29,032 | ) | 23,354 | |||||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 743 | 0 | 0 | 743 | ||||||||||||||||
Comprehensive income attributable to Central Garden & Pet Company | $ | 22,611 | $ | 439 | $ | 28,593 | $ | (29,032 | ) | $ | 22,611 | ||||||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Three Months Ended March 29, 2014 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net income | $ | 20,895 | $ | 1,911 | $ | 23,436 | $ | (24,753 | ) | $ | 21,489 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | 0 | 2 | 0 | 0 | 2 | ||||||||||||||||
Total comprehensive income | 20,895 | 1,913 | 23,436 | (24,753 | ) | 21,491 | |||||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 594 | 0 | 0 | 594 | ||||||||||||||||
Comprehensive income attributable to Central Garden & Pet Company | $ | 20,895 | $ | 1,319 | $ | 23,436 | $ | (24,753 | ) | $ | 20,897 | ||||||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Six Months Ended March 28, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net income | $ | 17,540 | $ | 713 | $ | 35,259 | $ | (35,225 | ) | $ | 18,287 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Unrealized loss on securities | (10 | ) | 0 | 0 | 0 | (10 | ) | ||||||||||||||
Reclassification of realized loss on securities included in net income | 20 | 0 | 0 | 0 | 20 | ||||||||||||||||
Foreign currency translation | (1,178 | ) | (700 | ) | (268 | ) | 968 | (1,178 | ) | ||||||||||||
Total comprehensive income | 16,372 | 13 | 34,991 | (34,257 | ) | 17,119 | |||||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 747 | 0 | 0 | 747 | ||||||||||||||||
Comprehensive income (loss) attributable to Central Garden & Pet Company | $ | 16,372 | $ | (734 | ) | $ | 34,991 | $ | (34,257 | ) | $ | 16,372 | |||||||||
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Six Months Ended March 29, 2014 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net income | $ | 8,187 | $ | 1,180 | $ | 23,583 | $ | (24,273 | ) | $ | 8,677 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation | 0 | 87 | 0 | 0 | 87 | ||||||||||||||||
Total comprehensive income | 8,187 | 1,267 | 23,583 | (24,273 | ) | 8,764 | |||||||||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 490 | 0 | 0 | 490 | ||||||||||||||||
Comprehensive income attributable to Central Garden & Pet Company | $ | 8,187 | $ | 777 | $ | 23,583 | $ | (24,273 | ) | $ | 8,274 | ||||||||||
Consolidating Condensed Balance Sheet Based on Company's Understanding of SEC's Interpretation | CONSOLIDATING CONDENSED BALANCE SHEET | ||||||||||||||||||||
March 28, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non- | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Subsidiaries | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 6,159 | $ | 4,309 | $ | 1,475 | $ | 0 | $ | 11,943 | |||||||||||
Restricted cash | 12,583 | 0 | 0 | 0 | 12,583 | ||||||||||||||||
Accounts receivable, net | 86,569 | 17,099 | 218,097 | 0 | 321,765 | ||||||||||||||||
Inventories | 95,564 | 19,429 | 267,335 | 0 | 382,328 | ||||||||||||||||
Prepaid expenses and other | 26,013 | 901 | 31,337 | 0 | 58,251 | ||||||||||||||||
Total current assets | 226,888 | 41,738 | 518,244 | 0 | 786,870 | ||||||||||||||||
Land, buildings, improvements and equipment, net | 57,093 | 3,590 | 102,524 | 0 | 163,207 | ||||||||||||||||
Goodwill | 0 | 0 | 209,089 | 0 | 209,089 | ||||||||||||||||
Other long term assets | 34,187 | 3,999 | 81,263 | (5,607 | ) | 113,842 | |||||||||||||||
Intercompany receivable | 44,855 | 0 | 293,685 | (338,540 | ) | 0 | |||||||||||||||
Investment in subsidiaries | 1,017,461 | 0 | 0 | (1,017,461 | ) | 0 | |||||||||||||||
Total | $ | 1,380,484 | $ | 49,327 | $ | 1,204,805 | $ | (1,361,608 | ) | $ | 1,273,008 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Accounts payable | $ | 47,277 | $ | 10,169 | $ | 82,375 | $ | 0 | $ | 139,821 | |||||||||||
Accrued expenses | 39,061 | 2,857 | 41,524 | 0 | 83,442 | ||||||||||||||||
Current portion of long-term debt | 259 | 0 | 30 | 0 | 289 | ||||||||||||||||
Total current liabilities | 86,597 | 13,026 | 123,929 | 0 | 223,552 | ||||||||||||||||
Long-term debt | 514,841 | 0 | 83 | 0 | 514,924 | ||||||||||||||||
Intercompany payable | 288,423 | 50,117 | 0 | (338,540 | ) | 0 | |||||||||||||||
Losses in excess of investment in subsidiaries | 0 | 0 | 14,104 | (14,104 | ) | 0 | |||||||||||||||
Other long-term obligations | 1,437 | 0 | 48,719 | (5,607 | ) | 44,549 | |||||||||||||||
Total Central Garden & Pet shareholders’ equity | 489,186 | (14,613 | ) | 1,017,970 | (1,003,357 | ) | 489,186 | ||||||||||||||
Noncontrolling interest | 0 | 797 | 0 | 0 | 797 | ||||||||||||||||
Total equity | 489,186 | (13,816 | ) | 1,017,970 | (1,003,357 | ) | 489,983 | ||||||||||||||
Total | $ | 1,380,484 | $ | 49,327 | $ | 1,204,805 | $ | (1,361,608 | ) | $ | 1,273,008 | ||||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||||||
March 29, 2014 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 8,001 | $ | 6,819 | $ | 1,928 | $ | 0 | $ | 16,748 | |||||||||||
Short term investments | 14,220 | 0 | 0 | 0 | 14,220 | ||||||||||||||||
Accounts receivable, net | 81,577 | 17,792 | 223,814 | 0 | 323,183 | ||||||||||||||||
Inventories | 106,858 | 22,158 | 273,704 | 0 | 402,720 | ||||||||||||||||
Prepaid expenses and other | 25,151 | 740 | 29,991 | 0 | 55,882 | ||||||||||||||||
Total current assets | 235,807 | 47,509 | 529,437 | 0 | 812,753 | ||||||||||||||||
Land, buildings, improvements and equipment, net | 75,320 | 2,583 | 107,451 | 0 | 185,354 | ||||||||||||||||
Goodwill | 0 | 0 | 205,756 | 0 | 205,756 | ||||||||||||||||
Other long term assets | 20,331 | 3,614 | 72,061 | (5,522 | ) | 90,484 | |||||||||||||||
Intercompany receivable | 41,540 | 0 | 219,454 | (260,994 | ) | 0 | |||||||||||||||
Investment in subsidiaries | 955,388 | 0 | 0 | (955,388 | ) | 0 | |||||||||||||||
Total | $ | 1,328,386 | $ | 53,706 | $ | 1,134,159 | $ | (1,221,904 | ) | $ | 1,294,347 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Accounts payable | $ | 49,181 | $ | 13,414 | $ | 79,557 | $ | 0 | $ | 142,152 | |||||||||||
Accrued expenses | 32,409 | 2,775 | 45,702 | 0 | 80,886 | ||||||||||||||||
Current portion of long-term debt | 270 | 0 | 33 | 0 | 303 | ||||||||||||||||
Total current liabilities | 81,860 | 16,189 | 125,292 | 0 | 223,341 | ||||||||||||||||
Long-term debt | 544,917 | 0 | 115 | 0 | 545,032 | ||||||||||||||||
Intercompany payable | 215,634 | 45,360 | 0 | (260,994 | ) | ||||||||||||||||
Losses in excess of investment in subsidiaries | 0 | 0 | 8,047 | (8,047 | ) | 0 | |||||||||||||||
Other long-term obligations | 1,674 | 0 | 44,318 | (5,522 | ) | 40,470 | |||||||||||||||
Total Central Garden & Pet shareholders’ equity | 484,301 | (9,046 | ) | 956,387 | (947,341 | ) | 484,301 | ||||||||||||||
Noncontrolling interest | 0 | 1,203 | 0 | 0 | 1,203 | ||||||||||||||||
Total equity | 484,301 | (7,843 | ) | 956,387 | (947,341 | ) | 485,504 | ||||||||||||||
Total | $ | 1,328,386 | $ | 53,706 | $ | 1,134,159 | $ | (1,221,904 | ) | $ | 1,294,347 | ||||||||||
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 | 323,315 | 45,014 | 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 | |||||||||||||||
Total Central Garden & Pet shareholders’ equity | 484,723 | (7,161 | ) | 982,980 | (975,819 | ) | 484,723 | ||||||||||||||
Noncontrolling interest | 0 | 1,730 | 0 | 0 | 1,730 | ||||||||||||||||
Total equity | 484,723 | (5,431 | ) | 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 | ||||||||||||||||||||
Six Months Ended March 28, 2015 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash used by operating activities | $ | (36,828 | ) | $ | (5,623 | ) | $ | (49,351 | ) | $ | (6,719 | ) | $ | (98,521 | ) | ||||||
Additions to property, plant and equipment | (1,359 | ) | (154 | ) | (9,512 | ) | (0 | ) | (11,025 | ) | |||||||||||
Payments to acquire companies, net of cash acquired | (16,000 | ) | 0 | 0 | 0 | (16,000 | ) | ||||||||||||||
Proceeds from short term investments | 9,997 | 0 | 0 | 0 | 9,997 | ||||||||||||||||
Investment in short term investments | (17 | ) | (0 | ) | (0 | ) | (0 | ) | (17 | ) | |||||||||||
Change in restricted cash | 1,700 | (0 | ) | (0 | ) | (0 | ) | 1,700 | |||||||||||||
Other investing activities | (331 | ) | 0 | 0 | 0 | (331 | ) | ||||||||||||||
Intercompany investing activities | (27,949 | ) | (0 | ) | 57,738 | (29,789 | ) | (0 | ) | ||||||||||||
Net cash (used) provided by investing activities | (33,959 | ) | (154 | ) | 48,226 | (29,789 | ) | (15,676 | ) | ||||||||||||
Repayments of long-term debt | (50,131 | ) | (0 | ) | (10 | ) | (0 | ) | (50,141 | ) | |||||||||||
Borrowings under revolving line of credit | 186,000 | 0 | 0 | 0 | 186,000 | ||||||||||||||||
Repayments on revolving line of credit | (71,000 | ) | 0 | 0 | 0 | (71,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 1,220 | 0 | 0 | 0 | 1,220 | ||||||||||||||||
Repurchase of common stock | (17,164 | ) | (0 | ) | (0 | ) | (0 | ) | (17,164 | ) | |||||||||||
Distribution to noncontrolling interest | 0 | (1,680 | ) | 0 | 0 | (1,680 | ) | ||||||||||||||
Excess tax benefits from stock-based awards | 351 | 0 | 0 | 0 | 351 | ||||||||||||||||
Distribution to parent | 0 | (6,719 | ) | 0 | 6,719 | 0 | |||||||||||||||
Intercompany financing activities | (34,891 | ) | 5,102 | 0 | 29,789 | 0 | |||||||||||||||
Net cash provided (used) by financing activities | 14,385 | (3,297 | ) | (10 | ) | 36,508 | 47,586 | ||||||||||||||
Effect of exchange rates on cash | (910 | ) | 577 | 211 | 0 | (122 | ) | ||||||||||||||
Net decrease in cash and cash equivalents | (57,312 | ) | (8,497 | ) | (924 | ) | 0 | (66,733 | ) | ||||||||||||
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 | $ | 6,159 | $ | 4,309 | $ | 1,475 | $ | 0 | $ | 11,943 | |||||||||||
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS | |||||||||||||||||||||
Six Months Ended March 29, 2014 (As Revised) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Parent | Non-Guarantor | Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash (used) provided by operating activities | $ | (35,501 | ) | $ | 604 | $ | (22,612 | ) | $ | (2,534 | ) | $ | (60,043 | ) | |||||||
Additions to property, plant and equipment | (4,507 | ) | (473 | ) | (5,044 | ) | 0 | (10,024 | ) | ||||||||||||
Proceeds from short term investments | 3,600 | 0 | 0 | 0 | 3,600 | ||||||||||||||||
Intercompany investing activities | (31,360 | ) | 0 | 27,043 | 4,317 | 0 | |||||||||||||||
Net cash (used) provided by investing activities | (32,267 | ) | (473 | ) | 21,999 | 4,317 | (6,424 | ) | |||||||||||||
Repayments of long-term debt | (104 | ) | 0 | (99 | ) | 0 | (203 | ) | |||||||||||||
Borrowings under revolving line of credit | 188,000 | 0 | 0 | 0 | 188,000 | ||||||||||||||||
Repayments on revolving line of credit | (116,000 | ) | 0 | 0 | 0 | (116,000 | ) | ||||||||||||||
Proceeds from issuance of common stock | 461 | 0 | 0 | 0 | 461 | ||||||||||||||||
Repurchase of common stock | (924 | ) | 0 | 0 | 0 | (924 | ) | ||||||||||||||
Distribution to noncontrolling interest | 0 | (633 | ) | 0 | 0 | (633 | ) | ||||||||||||||
Payment of deferred financing costs | (3,087 | ) | 0 | 0 | 0 | (3,087 | ) | ||||||||||||||
Excess tax benefits from stock-based awards | 321 | 0 | 0 | 0 | 321 | ||||||||||||||||
Distribution to parent | 0 | (2,534 | ) | 0 | 2,534 | 0 | |||||||||||||||
Intercompany financing activities | 1,376 | 2,941 | 0 | (4,317 | ) | 0 | |||||||||||||||
Net cash (used) provided by financing activities | 70,043 | (226 | ) | (99 | ) | (1,783 | ) | 67,935 | |||||||||||||
Effect of exchange rates on cash | 288 | (89 | ) | (75 | ) | 0 | 124 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 2,563 | (184 | ) | (787 | ) | 0 | 1,592 | ||||||||||||||
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 | $ | 8,001 | $ | 6,819 | $ | 1,928 | $ | 0 | $ | 16,748 | |||||||||||
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 March 29, 2014 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | 9,935 | $ | (3,142 | ) | $ | 6,793 | ||||||||||||||
Non-guarantor subsidiaries | 0 | 3,162 | 3,162 | ||||||||||||||||||
Guarantor subsidiaries | 34,834 | (20 | ) | 34,814 | |||||||||||||||||
Eliminations | 0 | 0 | 0 | ||||||||||||||||||
Income from operations | 44,769 | 0 | 44,769 | ||||||||||||||||||
Parent | 20,895 | 0 | 20,895 | ||||||||||||||||||
Non-guarantor subsidiaries | 0 | 1,317 | 1,317 | ||||||||||||||||||
Guarantor subsidiaries | 23,516 | (80 | ) | 23,436 | |||||||||||||||||
Eliminations | (23,516 | ) | (1,237 | ) | (24,753 | ) | |||||||||||||||
Net income attributable to Central Garden & Pet Company | $ | 20,895 | $ | 0 | $ | 20,895 | |||||||||||||||
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS | |||||||||||||||||||||
Six Months Ended March 29, 2014 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | 1,152 | $ | (2,473 | ) | $ | (1,321 | ) | |||||||||||||
Non-guarantor subsidiaries | 0 | 2,122 | 2,122 | ||||||||||||||||||
Guarantor subsidiaries | 35,262 | 351 | 35,613 | ||||||||||||||||||
Eliminations | 0 | 0 | 0 | ||||||||||||||||||
Income (loss) from operations | 36,414 | 0 | 36,414 | ||||||||||||||||||
Parent | 8,187 | 0 | 8,187 | ||||||||||||||||||
Non-guarantor subsidiaries | 0 | 690 | 690 | ||||||||||||||||||
Guarantor subsidiaries | 23,408 | 175 | 23,583 | ||||||||||||||||||
Eliminations | (23,408 | ) | (865 | ) | (24,273 | ) | |||||||||||||||
Net income attributable to Central Garden & Pet Company | $ | 8,187 | $ | 0 | $ | 8,187 | |||||||||||||||
CONSOLIDATING CONDENSED STATEMENT | |||||||||||||||||||||
OF COMPREHENSIVE INCOME | |||||||||||||||||||||
As previously reported | Three Months Ended | As revised | |||||||||||||||||||
March 29, 2014 | |||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Parent | $ | (2,027 | ) | $ | 22,922 | $ | 20,895 | ||||||||||||||
Non-guarantor subsidiaries | 0 | 1,911 | 1,911 | ||||||||||||||||||
Guarantor subsidiaries | 23,516 | (80 | ) | 23,436 | |||||||||||||||||
Eliminations | 0 | (24,753 | ) | (24,753 | ) | ||||||||||||||||
Net income (loss) | 21,489 | 0 | 21,489 | ||||||||||||||||||
Parent | (2,025 | ) | 22,920 | 20,895 | |||||||||||||||||
Non-guarantor subsidiaries | 0 | 1,913 | 1,913 | ||||||||||||||||||
Guarantor subsidiaries | 23,516 | (80 | ) | 23,436 | |||||||||||||||||
Eliminations | 0 | (24,753 | ) | (24,753 | ) | ||||||||||||||||
Total comprehensive income (loss) | 21,491 | 0 | 21,491 | ||||||||||||||||||
Parent | (2,619 | ) | 23,514 | 20,895 | |||||||||||||||||
Non-guarantor subsidiaries | 0 | 1,319 | 1,319 | ||||||||||||||||||
Guarantor subsidiaries | 23,516 | (80 | ) | 23,436 | |||||||||||||||||
Eliminations | 0 | (24,753 | ) | (24,753 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to Central Garden & Pet Company | $ | 20,897 | $ | 0 | $ | 20,897 | |||||||||||||||
CONSOLIDATING CONDENSED STATEMENT | |||||||||||||||||||||
OF COMPREHENSIVE INCOME | |||||||||||||||||||||
As previously reported | Six Months Ended | As revised | |||||||||||||||||||
March 29, 2014 | |||||||||||||||||||||
Adjustments | |||||||||||||||||||||
Parent | $ | (14,731 | ) | $ | 22,918 | $ | 8,187 | ||||||||||||||
Non-guarantor subsidiaries | 0 | 1,180 | 1,180 | ||||||||||||||||||
Guarantor subsidiaries | 23,408 | 175 | 23,583 | ||||||||||||||||||
Eliminations | 0 | (24,273 | ) | (24,273 | ) | ||||||||||||||||
Net income (loss) | 8,677 | 0 | 8,677 | ||||||||||||||||||
Parent | (14,644 | ) | 22,831 | 8,187 | |||||||||||||||||
Non-guarantor subsidiaries | 0 | 1,267 | 1,267 | ||||||||||||||||||
Guarantor subsidiaries | 23,408 | 175 | 23,583 | ||||||||||||||||||
Eliminations | 0 | (24,273 | ) | (24,273 | ) | ||||||||||||||||
Total comprehensive income (loss) | 8,764 | 0 | 8,764 | ||||||||||||||||||
Parent | (15,134 | ) | 23,321 | 8,187 | |||||||||||||||||
Non-guarantor subsidiaries | 0 | 777 | 777 | ||||||||||||||||||
Guarantor subsidiaries | 23,408 | 175 | 23,583 | ||||||||||||||||||
Eliminations | 0 | (24,273 | ) | (24,273 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to Central Garden & Pet Company | $ | 8,274 | $ | 0 | $ | 8,274 | |||||||||||||||
CONSOLIDATING CONDENSED BALANCE SHEET | |||||||||||||||||||||
March 29, 2014 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | 288,510 | $ | (52,703 | ) | $ | 235,807 | ||||||||||||||
Non-Guarantor subsidiaries | 0 | 47,509 | 47,509 | ||||||||||||||||||
Guarantor subsidiaries | 532,265 | (2,828 | ) | 529,437 | |||||||||||||||||
Eliminations | (8,022 | ) | 8,022 | 0 | |||||||||||||||||
Current assets | 812,753 | 0 | 812,753 | ||||||||||||||||||
Parent | 1,165,145 | 163,241 | 1,328,386 | ||||||||||||||||||
Non-Guarantor subsidiaries | 0 | 53,706 | 53,706 | ||||||||||||||||||
Guarantor subsidiaries | 878,709 | 255,450 | 1,134,159 | ||||||||||||||||||
Eliminations | (749,507 | ) | (472,397 | ) | (1,221,904 | ) | |||||||||||||||
Total assets | $ | 1,294,347 | $ | 0 | $ | 1,294,347 | |||||||||||||||
Parent | $ | 99,258 | $ | (17,398 | ) | $ | 81,860 | ||||||||||||||
Non-Guarantor subsidiaries | 0 | 16,189 | 16,189 | ||||||||||||||||||
Guarantor subsidiaries | 132,105 | (6,813 | ) | 125,292 | |||||||||||||||||
Eliminations | (8,022 | ) | 8,022 | 0 | |||||||||||||||||
Current liabilities | 223,341 | 0 | 223,341 | ||||||||||||||||||
Parent | 485,504 | (1,203 | ) | 484,301 | |||||||||||||||||
Non-Guarantor subsidiaries | 0 | (7,843 | ) | (7,843 | ) | ||||||||||||||||
Guarantor subsidiaries | 741,485 | 214,902 | 956,387 | ||||||||||||||||||
Eliminations | (741,485 | ) | (205,856 | ) | (947,341 | ) | |||||||||||||||
Total equity | $ | 485,504 | $ | 0 | $ | 485,504 | |||||||||||||||
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS | |||||||||||||||||||||
Six Months Ended March 29, 2014 | |||||||||||||||||||||
As previously reported | Adjustments | As revised | |||||||||||||||||||
Parent | $ | (16,606 | ) | $ | (18,895 | ) | $ | (35,501 | ) | ||||||||||||
Non-Guarantor subsidiaries | 0 | 604 | 604 | ||||||||||||||||||
Guarantor subsidiaries | (20,029 | ) | (2,583 | ) | (22,612 | ) | |||||||||||||||
Eliminations | (23,408 | ) | 20,874 | (2,534 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | (60,043 | ) | 0 | (60,043 | ) | ||||||||||||||||
Parent | (49,249 | ) | 16,982 | (32,267 | ) | ||||||||||||||||
Non-Guarantor subsidiaries | 0 | (473 | ) | (473 | ) | ||||||||||||||||
Guarantor subsidiaries | 19,417 | 2,582 | 21,999 | ||||||||||||||||||
Eliminations | 23,408 | (19,091 | ) | 4,317 | |||||||||||||||||
Net cash provided by (used in) investing activities | (6,424 | ) | 0 | (6,424 | ) | ||||||||||||||||
Parent | 68,034 | 2,009 | 70,043 | ||||||||||||||||||
Non-Guarantor subsidiaries | 0 | (226 | ) | (226 | ) | ||||||||||||||||
Guarantor subsidiaries | (99 | ) | 0 | (99 | ) | ||||||||||||||||
Eliminations | 0 | (1,783 | ) | (1,783 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | $ | 67,935 | $ | 0 | $ | 67,935 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | Mar. 28, 2015 | Mar. 29, 2014 |
Accounting Policies [Abstract] | ||
Noncontrolling interest owned by the subsidiary | 20.00% | |
Outstanding derivative instruments | $0 | $0 |
Deferred financing costs, net | $6,100,000 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |||
Assets: | |||
Total assets | $9,990 | $14,220 | |
Liabilities: | |||
Total liabilities | 4,343 | 4,414 | 4,414 |
Liability for Contingent Consideration [Member] | |||
Liabilities: | |||
Total liabilities | 4,343 | 4,414 | 4,414 |
Certificates of Deposit [Member] | |||
Assets: | |||
Total assets | 14,220 | ||
Short Term Investments [Member] | |||
Assets: | |||
Total assets | 9,990 | ||
Level 1 [Member] | |||
Assets: | |||
Total assets | 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 | 9,990 | ||
Level 2 [Member] | |||
Assets: | |||
Total assets | 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 | ||
Level 3 [Member] | |||
Assets: | |||
Total assets | 0 | 0 | |
Liabilities: | |||
Total liabilities | 4,343 | 4,414 | 4,414 |
Level 3 [Member] | Liability for Contingent Consideration [Member] | |||
Liabilities: | |||
Total liabilities | 4,343 | 4,414 | 4,414 |
Level 3 [Member] | Certificates of Deposit [Member] | |||
Assets: | |||
Total assets | 0 | ||
Level 3 [Member] | Short Term Investments [Member] | |||
Assets: | |||
Total assets | $0 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Financial Instruments (Detail) (Level 3 [Member], USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
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 | -71 | 249 |
Ending balance | $4,343 | $4,414 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Mar. 01, 2015 | Jan. 31, 2015 | Mar. 28, 2015 | Mar. 28, 2015 | Mar. 01, 2015 | Sep. 27, 2014 | Mar. 29, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Debt, aggregate principal amount | $50 | $400 | $400 | $450 | $450 | ||
Debt, redemption of principal amount | 50 | 50 | 50 | ||||
Redemption date of senior notes | 1-Mar-18 | 1-Mar-15 | |||||
Debt redemption price percentage | 102.06% | 102.06% | |||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | 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 | 399.6 | 399.6 | 449.5 | 449.5 | |||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | 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 | $409.50 | $409.50 | $459.50 | $464.90 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 0 Months Ended | ||||
Dec. 30, 2014 | Mar. 28, 2015 | Sep. 27, 2014 | Mar. 29, 2014 | Apr. 01, 2014 | |
Business Acquisition [Line Items] | |||||
Excess of purchase price included in goodwill | $209,089,000 | $208,233,000 | $205,756,000 | ||
Investment in joint ventures | 16,000,000 | ||||
Number of joint ventures | 2 | ||||
Percentage of equity interest in joint venture | 50.00% | ||||
Envincio, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase of certain assets | 20,300,000 | ||||
Excess of purchase price included in goodwill | $3,333,000 |
Acquisitions_Summary_of_Prelim
Acquisitions - Summary of Preliminary Recording of Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 | Mar. 29, 2014 | Apr. 01, 2014 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $209,089 | $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 | 3,333 | |||
Intangible assets | 11,450 | |||
Current liabilities | -1,170 | |||
Net assets acquired, less cash and cash equivalents | 20,283 | |||
As Previously Reported [Member] | 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 | |||
Adjustments [Member] | Envincio, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets, net of cash and cash equivalents acquired | 0 | |||
Fixed assets | 0 | |||
Goodwill | 856 | |||
Intangible assets | -856 | |||
Current liabilities | 0 | |||
Net assets acquired, less cash and cash equivalents | $0 |
Inventories_Net_Summary_of_Inv
Inventories, Net - Summary of Inventories, Net of Allowance for Obsolescence (Detail) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |||
Inventory, Net [Abstract] | |||
Raw materials | $99,490 | $93,678 | $101,783 |
Work in progress | 15,601 | 13,397 | 16,267 |
Finished goods | 252,104 | 207,818 | 269,870 |
Supplies | 15,133 | 11,493 | 14,800 |
Total inventories, net | $382,328 | $326,386 | $402,720 |
Other_Intangible_Assets_Compon
Other Intangible Assets - Components of Gross and Net Acquired Intangible Assets (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | Sep. 27, 2014 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Gross | $144,100,000 | $132,700,000 | $145,000,000 |
Accumulated Amortization | -40,800,000 | -36,700,000 | -38,900,000 |
Impairment | -18,100,000 | -18,100,000 | -18,100,000 |
Net Carrying Value | 85,185,000 | 77,895,000 | 87,997,000 |
Marketing-Related Intangible Assets [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Gross | 73,700,000 | 72,100,000 | 75,100,000 |
Accumulated Amortization | -10,200,000 | -9,400,000 | -9,900,000 |
Impairment | -16,900,000 | -16,900,000 | -16,900,000 |
Net Carrying Value | 46,600,000 | 45,800,000 | 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 | -9,400,000 | -8,300,000 | -8,800,000 |
Impairment | -1,200,000 | -1,200,000 | -1,200,000 |
Net Carrying Value | 16,500,000 | 8,300,000 | 17,100,000 |
Amortizable [Member] | Marketing-Related Intangible Assets [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Gross | 14,100,000 | 12,500,000 | 15,500,000 |
Accumulated Amortization | -10,200,000 | -9,400,000 | -9,900,000 |
Impairment | 0 | 0 | 0 |
Net Carrying Value | 3,900,000 | 3,100,000 | 5,600,000 |
Amortizable [Member] | Customer-Related Intangible Assets [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Gross | 43,300,000 | 42,800,000 | 42,800,000 |
Accumulated Amortization | -21,200,000 | -19,000,000 | -20,200,000 |
Impairment | 0 | 0 | 0 |
Net Carrying Value | 22,100,000 | 23,800,000 | 22,600,000 |
Amortizable [Member] | Other Acquired Intangible Assets [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Gross | 19,300,000 | 16,600,000 | 19,400,000 |
Accumulated Amortization | -9,400,000 | -8,300,000 | -8,800,000 |
Impairment | 0 | 0 | 0 |
Net Carrying Value | 9,900,000 | 8,300,000 | 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 | 7,800,000 | 1,200,000 | 7,700,000 |
Accumulated Amortization | 0 | 0 | 0 |
Impairment | -1,200,000 | -1,200,000 | -1,200,000 |
Net Carrying Value | $6,600,000 | $0 | $6,500,000 |
Other_Intangible_Assets_Additi
Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Sep. 27, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangibles assets, impairment charge | $0 | ||||
Amortization expense for intangibles | 1,000,000 | 1,000,000 | 1,900,000 | 2,000,000 | |
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 | 4,000,000 | |||
Estimated annual amortization expense related to acquired intangible assets, 2016 | 4,000,000 | 4,000,000 | |||
Estimated annual amortization expense related to acquired intangible assets, 2017 | 4,000,000 | 4,000,000 | |||
Estimated annual amortization expense related to acquired intangible assets, 2018 | 4,000,000 | 4,000,000 | |||
Estimated annual amortization expense related to acquired intangible assets, 2019 | 4,000,000 | 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 | 5,000,000 | |||
Estimated annual amortization expense related to acquired intangible assets, 2016 | 5,000,000 | 5,000,000 | |||
Estimated annual amortization expense related to acquired intangible assets, 2017 | 5,000,000 | 5,000,000 | |||
Estimated annual amortization expense related to acquired intangible assets, 2018 | 5,000,000 | 5,000,000 | |||
Estimated annual amortization expense related to acquired intangible assets, 2019 | $5,000,000 | $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 $) | Mar. 28, 2015 | Sep. 27, 2014 | Mar. 29, 2014 | Mar. 08, 2010 |
In Thousands, unless otherwise specified | ||||
Components of long-term debt | ||||
Total | $515,213 | $450,239 | $545,335 | |
Less current portion | -289 | -291 | -303 | |
Long-term portion | 514,924 | 449,948 | 545,032 | |
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 | 399,637 | 449,529 | 449,472 | 400,000 |
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 | ||||
Total | 115,000 | 0 | 95,000 | |
Other Notes Payable [Member] | ||||
Components of long-term debt | ||||
Total | $576 | $710 | $863 |
LongTerm_Debt_Components_of_Lo1
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Sep. 27, 2014 | Mar. 29, 2014 | Mar. 08, 2010 |
Components of long-term debt | ||||
Unamortized original issue discount | 363 | $471 | $528 | |
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 | |||
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% | |||
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 $) | 6 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | |||||
Mar. 28, 2015 | Mar. 29, 2014 | Dec. 28, 2013 | Mar. 01, 2015 | Feb. 13, 2012 | Jan. 31, 2015 | Mar. 28, 2015 | Sep. 27, 2014 | Dec. 05, 2013 | Mar. 08, 2010 | |
Components of long-term debt | ||||||||||
Debt, aggregate principal amount | $515,213,000 | $545,335,000 | $515,213,000 | $450,239,000 | ||||||
Debt redemption terms | The Company may redeem some or all of the remaining 2018 Notes at any time 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% | |||||||||
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 March 28, 2015) and such applicable margin for Base Rate borrowings fluctuates between 0.25%-0.75% (and was 0.25% at March 28, 2015). | |||||||||
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 | 1 | ||||||||
Debt issuance cost | 3,100,000 | |||||||||
Non-cash charge | 537,000 | 1,731,000 | ||||||||
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 | 115,000,000 | 95,000,000 | 115,000,000 | 0 | ||||||
Credit facility, additional borrowings available | 200,000,000 | |||||||||
Credit facility, maturity date | 5-Dec-18 | |||||||||
Borrowings outstanding | 115,000,000 | 115,000,000 | ||||||||
Letters of credit outstanding | 0 | 0 | ||||||||
Other letters of credit outstanding | 12,600,000 | 12,600,000 | ||||||||
Borrowing availability | 165,000,000 | 165,000,000 | ||||||||
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% | 0.50% | ||||||||
Credit facility, basis percentage for calculation of variable rate spread | 1.00% | 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% | 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 | 399,637,000 | 449,472,000 | 399,637,000 | 449,529,000 | 400,000,000 | |||||
Debt instrument interest rate stated, percentage | 8.25% | 8.25% | 8.25% | |||||||
Senior subordinated notes due date | 1-Mar-18 | |||||||||
Notes issue price percentage | 98.50% | |||||||||
Debt redemption price percentage | 102.06% | 102.06% | ||||||||
Debt, redemption of principal amount | 50,000,000 | 50,000,000 | ||||||||
Redemption date of senior subordinated notes | 1-Mar-15 | 1-Mar-18 | ||||||||
Charge recognized during debt redemption | 1,600,000 | |||||||||
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Class of Stock [Line Items] | ||||
Beginning balance | $486,453 | $470,024 | ||
Comprehensive income | 23,354 | 21,491 | 17,119 | 8,764 |
Stock based compensation | 2,771 | 2,486 | ||
Restricted share activity | -640 | 3,977 | ||
Issuance of common stock | 732 | 565 | ||
Repurchase of common stock | -15,123 | |||
Tax benefit on stock option exercise | 351 | 321 | ||
Distribution to Noncontrolling interest | -1,680 | -633 | ||
Ending balance | 489,983 | 485,504 | 489,983 | 485,504 |
Additional Paid In Capital [Member] | Controlling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 396,586 | 389,153 | ||
Stock based compensation | 2,771 | 2,486 | ||
Restricted share activity | -638 | 3,968 | ||
Issuance of common stock | 730 | 562 | ||
Repurchase of common stock | -12,726 | |||
Tax benefit on stock option exercise | 351 | 321 | ||
Ending balance | 387,074 | 396,490 | 387,074 | 396,490 |
Retained Earnings [Member] | Controlling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 86,396 | 77,592 | ||
Comprehensive income | 17,540 | 8,187 | ||
Repurchase of common stock | -2,380 | |||
Ending balance | 101,556 | 85,779 | 101,556 | 85,779 |
Accumulated Other Comprehensive Income [Member] | Controlling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 1,232 | 1,442 | ||
Comprehensive income | -1,168 | 87 | ||
Ending balance | 64 | 1,529 | 64 | 1,529 |
Total [Member] | Controlling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 484,723 | 468,678 | ||
Comprehensive income | 16,372 | 8,274 | ||
Stock based compensation | 2,771 | 2,486 | ||
Restricted share activity | -640 | 3,977 | ||
Issuance of common stock | 732 | 565 | ||
Repurchase of common stock | -15,123 | |||
Tax benefit on stock option exercise | 351 | 321 | ||
Ending balance | 489,186 | 484,301 | 489,186 | 484,301 |
Noncontrolling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 1,730 | 1,346 | ||
Comprehensive income | 747 | 490 | ||
Distribution to Noncontrolling interest | -1,680 | -633 | ||
Ending balance | 797 | 1,203 | 797 | 1,203 |
Common Stock [Member] | Controlling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 124 | 122 | ||
Issuance of common stock | 1 | |||
Repurchase of common stock | -5 | |||
Ending balance | 119 | 123 | 119 | 123 |
Class A Common Stock [Member] | Controlling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 369 | 353 | ||
Restricted share activity | -2 | 9 | ||
Issuance of common stock | 2 | 2 | ||
Repurchase of common stock | -12 | |||
Ending balance | 357 | 364 | 357 | 364 |
Class B Stock [Member] | Controlling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 16 | 16 | ||
Stock based compensation | ||||
Ending balance | $16 | $16 | $16 | $16 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Tax benefit associated with share-based compensation expense | $1.40 | $1.70 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $3.70 | $4.60 |
Earnings_Per_Share_Numerators_
Earnings Per Share - Numerators and Denominators in Basic and Diluted Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Basic EPS: | ||||
Net income available to common shareholders, Income | $23,237 | $20,895 | $17,540 | $8,187 |
Net income available to common shareholders, Shares | 48,384 | 48,688 | 48,882 | 48,523 |
Net income available to common shareholders, Per Share | $0.48 | $0.43 | $0.36 | $0.17 |
Effect of dilutive securities: | ||||
Options to purchase common stock, Shares | 457 | 23 | 251 | 50 |
Options to purchase common stock, Per Share | $0 | $0 | $0 | $0 |
Restricted shares, Shares | 598 | 405 | 556 | 390 |
Restricted shares, Per Share | ($0.01) | $0 | ($0.01) | $0 |
Diluted EPS: | ||||
Net income available to common shareholders, Income | $23,237 | $20,895 | $17,540 | $8,187 |
Net income available to common shareholders, Shares | 49,439 | 49,116 | 49,689 | 48,963 |
Net income available to common shareholders, Per Share | $0.47 | $0.43 | $0.35 | $0.17 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (Stock Options [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common stock outstanding, included in computation of diluted earnings per share | 9.6 | 11.6 | 9.6 | 11.6 |
Common stock outstanding, not included in computation of diluted earnings per share | 3.4 | 10.4 | 6.1 | 10.4 |
Minimum [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding options to purchase common stock | 6.43 | 4.6 | ||
Maximum [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding options to purchase common stock | 15 | 16.23 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 6 Months Ended |
Mar. 28, 2015 | |
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 | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Sep. 27, 2014 |
Net sales: | |||||
Net sales | $497,602 | $501,611 | $804,922 | $792,132 | |
Income (loss) from operations: | |||||
Income (loss) from operations | 49,971 | 44,769 | 51,109 | 36,414 | |
Interest expense - net | -11,858 | -10,389 | -22,290 | -22,593 | |
Other income (expense) | -121 | 108 | -489 | -60 | |
Income taxes | 14,012 | 12,999 | 10,043 | 5,084 | |
Income including noncontrolling interest | 23,980 | 21,489 | 18,287 | 8,677 | |
Net income attributable to noncontrolling interest | 743 | 594 | 747 | 490 | |
Net income attributable to Central Garden & Pet Company | 23,237 | 20,895 | 17,540 | 8,187 | |
Depreciation and amortization: | |||||
Total depreciation and amortization | 8,350 | 9,192 | 16,814 | 17,512 | |
Assets: | |||||
Total assets | 1,273,008 | 1,294,347 | 1,273,008 | 1,294,347 | 1,148,727 |
Goodwill (included in corporate assets above): | |||||
Goodwill | 209,089 | 205,756 | 209,089 | 205,756 | 208,233 |
Operating Segments [Member] | Pet Segment [Member] | |||||
Net sales: | |||||
Net sales | 221,485 | 216,744 | 420,805 | 401,349 | |
Income (loss) from operations: | |||||
Income (loss) from operations | 27,051 | 24,193 | 47,626 | 38,579 | |
Depreciation and amortization: | |||||
Total depreciation and amortization | 3,878 | 4,484 | 7,819 | 8,370 | |
Assets: | |||||
Total assets | 450,240 | 434,059 | 450,240 | 434,059 | 414,279 |
Goodwill (included in corporate assets above): | |||||
Goodwill | 209,089 | 205,756 | 209,089 | 205,756 | 208,233 |
Operating Segments [Member] | Garden Segment [Member] | |||||
Net sales: | |||||
Net sales | 276,117 | 284,867 | 384,117 | 390,783 | |
Income (loss) from operations: | |||||
Income (loss) from operations | 39,325 | 36,799 | 35,790 | 30,568 | |
Depreciation and amortization: | |||||
Total depreciation and amortization | 1,483 | 1,832 | 3,049 | 3,405 | |
Assets: | |||||
Total assets | 490,514 | 521,663 | 490,514 | 521,663 | 337,461 |
Corporate [Member] | |||||
Income (loss) from operations: | |||||
Income (loss) from operations | -16,405 | -16,223 | -32,307 | -32,733 | |
Depreciation and amortization: | |||||
Total depreciation and amortization | 2,989 | 2,876 | 5,946 | 5,737 | |
Assets: | |||||
Total assets | $332,254 | $338,625 | $332,254 | $338,625 | $396,987 |
Consolidating_Condensed_Financ2
Consolidating Condensed Financial Information of Guarantor Subsidiaries - Additional Information (Detail) (Guarantor Subsidiaries [Member]) | 6 Months Ended |
Mar. 28, 2015 | |
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | $497,602 | $501,611 | $804,922 | $792,132 |
Cost of goods sold and occupancy | 347,540 | 354,015 | 566,879 | 564,795 |
Gross profit | 150,062 | 147,596 | 238,043 | 227,337 |
Selling, general and administrative expenses | 100,091 | 102,827 | 186,934 | 190,923 |
Income (loss) from operations | 49,971 | 44,769 | 51,109 | 36,414 |
Interest expense | -11,876 | -10,405 | -22,379 | -22,622 |
Interest income | 18 | 16 | 89 | 29 |
Other income (expense) | -121 | 108 | -489 | -60 |
Income (loss) before taxes and equity in earnings of affiliates | 37,992 | 34,488 | 28,330 | 13,761 |
Income tax (benefit) expense | 14,012 | 12,999 | 10,043 | 5,084 |
Equity in earnings (loss) of affiliates | 0 | 0 | 0 | 0 |
Income including noncontrolling interest | 23,980 | 21,489 | 18,287 | 8,677 |
Net income attributable to noncontrolling interest | 743 | 594 | 747 | 490 |
Net income (loss) attributable to Central Garden & Pet Company | 23,237 | 20,895 | 17,540 | 8,187 |
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 150,014 | 146,049 | 246,976 | 232,282 |
Cost of goods sold and occupancy | 113,668 | 109,458 | 192,447 | 177,949 |
Gross profit | 36,346 | 36,591 | 54,529 | 54,333 |
Selling, general and administrative expenses | 30,843 | 29,798 | 58,694 | 55,654 |
Income (loss) from operations | 5,503 | 6,793 | -4,165 | -1,321 |
Interest expense | -11,815 | -10,375 | -22,302 | -22,566 |
Interest income | 18 | 16 | 88 | 29 |
Other income (expense) | -347 | 50 | -677 | 7 |
Income (loss) before taxes and equity in earnings of affiliates | -6,641 | -3,516 | -27,056 | -23,851 |
Income tax (benefit) expense | -1,123 | -1,011 | -9,580 | -8,818 |
Equity in earnings (loss) of affiliates | 28,755 | 23,400 | 35,016 | 23,220 |
Income including noncontrolling interest | 23,237 | 20,895 | 17,540 | 8,187 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Central Garden & Pet Company | 23,237 | 20,895 | 17,540 | 8,187 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 37,434 | 40,409 | 54,757 | 53,795 |
Cost of goods sold and occupancy | 29,545 | 30,652 | 44,123 | 41,661 |
Gross profit | 7,889 | 9,757 | 10,634 | 12,134 |
Selling, general and administrative expenses | 5,339 | 6,595 | 9,338 | 10,012 |
Income (loss) from operations | 2,550 | 3,162 | 1,296 | 2,122 |
Interest expense | -61 | -25 | -76 | -31 |
Interest income | 0 | 0 | 1 | 0 |
Other income (expense) | 0 | 0 | 0 | 0 |
Income (loss) before taxes and equity in earnings of affiliates | 2,489 | 3,137 | 1,221 | 2,091 |
Income tax (benefit) expense | 952 | 1,226 | 508 | 911 |
Equity in earnings (loss) of affiliates | 0 | 0 | 0 | 0 |
Income including noncontrolling interest | 1,537 | 1,911 | 713 | 1,180 |
Net income attributable to noncontrolling interest | 743 | 594 | 747 | 490 |
Net income (loss) attributable to Central Garden & Pet Company | 794 | 1,317 | -34 | 690 |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | 338,994 | 340,660 | 546,119 | 543,682 |
Cost of goods sold and occupancy | 231,403 | 237,863 | 370,494 | 380,365 |
Gross profit | 107,591 | 102,797 | 175,625 | 163,317 |
Selling, general and administrative expenses | 65,673 | 67,983 | 121,647 | 127,704 |
Income (loss) from operations | 41,918 | 34,814 | 53,978 | 35,613 |
Interest expense | 0 | -5 | -1 | -25 |
Interest income | 0 | 0 | 0 | 0 |
Other income (expense) | 226 | 58 | 188 | -67 |
Income (loss) before taxes and equity in earnings of affiliates | 42,144 | 34,867 | 54,165 | 35,521 |
Income tax (benefit) expense | 14,183 | 12,784 | 19,115 | 12,991 |
Equity in earnings (loss) of affiliates | 796 | 1,353 | 209 | 1,053 |
Income including noncontrolling interest | 28,757 | 23,436 | 35,259 | 23,583 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Central Garden & Pet Company | 28,757 | 23,436 | 35,259 | 23,583 |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net sales | -28,840 | -25,507 | -42,930 | -37,627 |
Cost of goods sold and occupancy | -27,076 | -23,958 | -40,185 | -35,180 |
Gross profit | -1,764 | -1,549 | -2,745 | -2,447 |
Selling, general and administrative expenses | -1,764 | -1,549 | -2,745 | -2,447 |
Income (loss) from operations | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Other income (expense) | 0 | 0 | 0 | 0 |
Income (loss) before taxes and equity in earnings of affiliates | 0 | 0 | 0 | 0 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Equity in earnings (loss) of affiliates | -29,551 | -24,753 | -35,225 | -24,273 |
Income including noncontrolling interest | -29,551 | -24,753 | -35,225 | -24,273 |
Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Central Garden & Pet Company | ($29,551) | ($24,753) | ($35,225) | ($24,273) |
Consolidating_Condensed_Statem1
Consolidating Condensed Statements of Comprehensive Income (Loss) Based on Company's Understanding of SEC's Interpretation (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | $23,980 | $21,489 | $18,287 | $8,677 |
Other comprehensive income (loss): | ||||
Unrealized loss on securities | -20 | 0 | -10 | 0 |
Reclassification of realized loss on securities included in net income | 20 | 0 | 20 | 0 |
Foreign currency translation | -626 | 2 | -1,178 | 87 |
Total comprehensive income (loss) | 23,354 | 21,491 | 17,119 | 8,764 |
Comprehensive income attributable to noncontrolling interests | 743 | 594 | 747 | 490 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 22,611 | 20,897 | 16,372 | 8,274 |
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 23,237 | 20,895 | 17,540 | 8,187 |
Other comprehensive income (loss): | ||||
Unrealized loss on securities | -20 | -10 | ||
Reclassification of realized loss on securities included in net income | 20 | 20 | ||
Foreign currency translation | -626 | 0 | -1,178 | 0 |
Total comprehensive income (loss) | 22,611 | 20,895 | 16,372 | 8,187 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 22,611 | 20,895 | 16,372 | 8,187 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 1,537 | 1,911 | 713 | 1,180 |
Other comprehensive income (loss): | ||||
Unrealized loss on securities | 0 | 0 | ||
Reclassification of realized loss on securities included in net income | 0 | 0 | ||
Foreign currency translation | -355 | 2 | -700 | 87 |
Total comprehensive income (loss) | 1,182 | 1,913 | 13 | 1,267 |
Comprehensive income attributable to noncontrolling interests | 743 | 594 | 747 | 490 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 439 | 1,319 | -734 | 777 |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | 28,757 | 23,436 | 35,259 | 23,583 |
Other comprehensive income (loss): | ||||
Unrealized loss on securities | 0 | 0 | ||
Reclassification of realized loss on securities included in net income | 0 | 0 | ||
Foreign currency translation | -164 | 0 | -268 | 0 |
Total comprehensive income (loss) | 28,593 | 23,436 | 34,991 | 23,583 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 28,593 | 23,436 | 34,991 | 23,583 |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) | -29,551 | -24,753 | -35,225 | -24,273 |
Other comprehensive income (loss): | ||||
Unrealized loss on securities | 0 | 0 | ||
Reclassification of realized loss on securities included in net income | 0 | 0 | ||
Foreign currency translation | 519 | 0 | 968 | 0 |
Total comprehensive income (loss) | -29,032 | -24,753 | -34,257 | -24,273 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | ($29,032) | ($24,753) | ($34,257) | ($24,273) |
Consolidating_Condensed_Balanc
Consolidating Condensed Balance Sheet Based on Company's Understanding of SEC's Interpretation (Detail) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 | Mar. 29, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $11,943 | $78,676 | $16,748 | $15,156 |
Restricted cash | 12,583 | 14,283 | 0 | |
Short term investments | 0 | 9,990 | 14,220 | |
Accounts receivable, net | 321,765 | 193,729 | 323,183 | |
Inventories | 382,328 | 326,386 | 402,720 | |
Prepaid expenses and other | 58,251 | 48,488 | 55,882 | |
Total current assets | 786,870 | 671,552 | 812,753 | |
Land, buildings, improvements and equipment, net | 163,207 | 166,849 | 185,354 | |
Goodwill | 209,089 | 208,233 | 205,756 | |
Other long term assets | 113,842 | 102,093 | 90,484 | |
Intercompany receivable | 0 | 0 | 0 | |
Investment in subsidiaries | 0 | 0 | 0 | |
Total | 1,273,008 | 1,148,727 | 1,294,347 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | 139,821 | 88,428 | 142,152 | |
Accrued expenses | 83,442 | 84,379 | 80,886 | |
Current portion of long term debt | 289 | 291 | 303 | |
Total current liabilities | 223,552 | 173,098 | 223,341 | |
Long-term debt | 514,924 | 449,948 | 545,032 | |
Intercompany payable | 0 | 0 | ||
Losses in excess of investment in subsidiaries | 0 | 0 | 0 | |
Other long-term obligations | 44,549 | 39,228 | 40,470 | |
Total Central Garden & Pet shareholders' equity | 489,186 | 484,723 | 484,301 | |
Noncontrolling interest | 797 | 1,730 | 1,203 | |
Total equity | 489,983 | 486,453 | 485,504 | 470,024 |
Total | 1,273,008 | 1,148,727 | 1,294,347 | |
Parent [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 6,159 | 63,471 | 8,001 | 5,438 |
Restricted cash | 12,583 | 14,283 | ||
Short term investments | 9,990 | 14,220 | ||
Accounts receivable, net | 86,569 | 41,235 | 81,577 | |
Inventories | 95,564 | 79,199 | 106,858 | |
Prepaid expenses and other | 26,013 | 26,092 | 25,151 | |
Total current assets | 226,888 | 234,270 | 235,807 | |
Land, buildings, improvements and equipment, net | 57,093 | 63,059 | 75,320 | |
Goodwill | 0 | 0 | 0 | |
Other long term assets | 34,187 | 25,230 | 20,331 | |
Intercompany receivable | 44,855 | 16,906 | 41,540 | |
Investment in subsidiaries | 1,017,461 | 983,413 | 955,388 | |
Total | 1,380,484 | 1,322,878 | 1,328,386 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | 47,277 | 28,937 | 49,181 | |
Accrued expenses | 39,061 | 34,151 | 32,409 | |
Current portion of long term debt | 259 | 261 | 270 | |
Total current liabilities | 86,597 | 63,349 | 81,860 | |
Long-term debt | 514,841 | 449,855 | 544,917 | |
Intercompany payable | 288,423 | 323,315 | 215,634 | |
Losses in excess of investment in subsidiaries | 0 | 0 | 0 | |
Other long-term obligations | 1,437 | 1,636 | 1,674 | |
Total Central Garden & Pet shareholders' equity | 489,186 | 484,723 | 484,301 | |
Noncontrolling interest | 0 | 0 | 0 | |
Total equity | 489,186 | 484,723 | 484,301 | |
Total | 1,380,484 | 1,322,878 | 1,328,386 | |
Non-Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 4,309 | 12,806 | 6,819 | 7,003 |
Restricted cash | 0 | 0 | ||
Short term investments | 0 | 0 | ||
Accounts receivable, net | 17,099 | 8,268 | 17,792 | |
Inventories | 19,429 | 15,210 | 22,158 | |
Prepaid expenses and other | 901 | 816 | 740 | |
Total current assets | 41,738 | 37,100 | 47,509 | |
Land, buildings, improvements and equipment, net | 3,590 | 3,649 | 2,583 | |
Goodwill | 0 | 0 | 0 | |
Other long term assets | 3,999 | 4,244 | 3,614 | |
Intercompany receivable | 0 | 0 | 0 | |
Investment in subsidiaries | 0 | 0 | 0 | |
Total | 49,327 | 44,993 | 53,706 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | 10,169 | 3,542 | 13,414 | |
Accrued expenses | 2,857 | 1,868 | 2,775 | |
Current portion of long term debt | 0 | 0 | 0 | |
Total current liabilities | 13,026 | 5,410 | 16,189 | |
Long-term debt | 0 | 0 | 0 | |
Intercompany payable | 50,117 | 45,014 | 45,360 | |
Losses in excess of investment in subsidiaries | 0 | 0 | 0 | |
Other long-term obligations | 0 | 0 | 0 | |
Total Central Garden & Pet shareholders' equity | -14,613 | -7,161 | -9,046 | |
Noncontrolling interest | 797 | 1,730 | 1,203 | |
Total equity | -13,816 | -5,431 | -7,843 | |
Total | 49,327 | 44,993 | 53,706 | |
Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 1,475 | 2,399 | 1,928 | 2,715 |
Restricted cash | 0 | 0 | ||
Short term investments | 0 | 0 | ||
Accounts receivable, net | 218,097 | 144,226 | 223,814 | |
Inventories | 267,335 | 231,977 | 273,704 | |
Prepaid expenses and other | 31,337 | 21,580 | 29,991 | |
Total current assets | 518,244 | 400,182 | 529,437 | |
Land, buildings, improvements and equipment, net | 102,524 | 100,141 | 107,451 | |
Goodwill | 209,089 | 208,233 | 205,756 | |
Other long term assets | 81,263 | 83,713 | 72,061 | |
Intercompany receivable | 293,685 | 351,423 | 219,454 | |
Investment in subsidiaries | 0 | 0 | 0 | |
Total | 1,204,805 | 1,143,692 | 1,134,159 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | 82,375 | 55,949 | 79,557 | |
Accrued expenses | 41,524 | 48,360 | 45,702 | |
Current portion of long term debt | 30 | 30 | 33 | |
Total current liabilities | 123,929 | 104,339 | 125,292 | |
Long-term debt | 83 | 93 | 115 | |
Intercompany payable | 0 | 0 | 0 | |
Losses in excess of investment in subsidiaries | 14,104 | 7,594 | 8,047 | |
Other long-term obligations | 48,719 | 48,686 | 44,318 | |
Total Central Garden & Pet shareholders' equity | 1,017,970 | 982,980 | 956,387 | |
Noncontrolling interest | 0 | 0 | 0 | |
Total equity | 1,017,970 | 982,980 | 956,387 | |
Total | 1,204,805 | 1,143,692 | 1,134,159 | |
Eliminations [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ||
Short term investments | 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 | -5,607 | -11,094 | -5,522 | |
Intercompany receivable | -338,540 | -368,329 | -260,994 | |
Investment in subsidiaries | -1,017,461 | -983,413 | -955,388 | |
Total | -1,361,608 | -1,362,836 | -1,221,904 | |
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 | -338,540 | -368,329 | -260,994 | |
Losses in excess of investment in subsidiaries | -14,104 | -7,594 | -8,047 | |
Other long-term obligations | -5,607 | -11,094 | -5,522 | |
Total Central Garden & Pet shareholders' equity | -1,003,357 | -975,819 | -947,341 | |
Noncontrolling interest | 0 | 0 | 0 | |
Total equity | -1,003,357 | -975,819 | -947,341 | |
Total | ($1,361,608) | ($1,362,836) | ($1,221,904) |
Consolidating_Condensed_Statem2
Consolidating Condensed Statement of Cash Flows Based on Company's Understanding of SEC's Interpretation (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | ($98,521) | ($60,043) |
Additions to property, plant and equipment | -11,025 | -10,024 |
Payments to acquire companies, net of cash acquired | -16,000 | 0 |
Proceeds from short term investments | 9,997 | 3,600 |
Investment in short term investments | -17 | 0 |
Change in restricted cash | 1,700 | 0 |
Other investing activities | -331 | 0 |
Intercompany investing activities | 0 | 0 |
Net cash (used) provided by investing activities | -15,676 | -6,424 |
Repayments of long-term debt | -50,141 | -203 |
Borrowings under revolving line of credit | 186,000 | 188,000 |
Repayments on revolving line of credit | -71,000 | -116,000 |
Proceeds from issuance of common stock | 1,220 | 461 |
Repurchase of common stock | -17,164 | -924 |
Distribution to noncontrolling interest | -1,680 | -633 |
Payment of deferred financing costs | 0 | -3,087 |
Excess tax benefits from stock-based awards | 351 | 321 |
Distribution to parent | 0 | 0 |
Intercompany financing activities | 0 | 0 |
Net cash (used) provided by financing activities | 47,586 | 67,935 |
Effect of exchange rates on cash | -122 | 124 |
Net decrease in cash and cash equivalents | -66,733 | 1,592 |
Cash and equivalents at beginning of period | 78,676 | 15,156 |
Cash and equivalents at end of period | 11,943 | 16,748 |
Parent [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | -36,828 | -35,501 |
Additions to property, plant and equipment | -1,359 | -4,507 |
Payments to acquire companies, net of cash acquired | -16,000 | |
Proceeds from short term investments | 9,997 | 3,600 |
Investment in short term investments | -17 | |
Change in restricted cash | 1,700 | |
Other investing activities | -331 | |
Intercompany investing activities | -27,949 | -31,360 |
Net cash (used) provided by investing activities | -33,959 | -32,267 |
Repayments of long-term debt | -50,131 | -104 |
Borrowings under revolving line of credit | 186,000 | 188,000 |
Repayments on revolving line of credit | -71,000 | -116,000 |
Proceeds from issuance of common stock | 1,220 | 461 |
Repurchase of common stock | -17,164 | -924 |
Distribution to noncontrolling interest | 0 | 0 |
Payment of deferred financing costs | -3,087 | |
Excess tax benefits from stock-based awards | 351 | 321 |
Distribution to parent | 0 | 0 |
Intercompany financing activities | -34,891 | 1,376 |
Net cash (used) provided by financing activities | 14,385 | 70,043 |
Effect of exchange rates on cash | -910 | 288 |
Net decrease in cash and cash equivalents | -57,312 | 2,563 |
Cash and equivalents at beginning of period | 63,471 | 5,438 |
Cash and equivalents at end of period | 6,159 | 8,001 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | -5,623 | 604 |
Additions to property, plant and equipment | -154 | -473 |
Payments to acquire companies, net of cash acquired | 0 | |
Proceeds from short term investments | 0 | 0 |
Investment in short term investments | 0 | |
Change in restricted cash | 0 | |
Other investing activities | 0 | |
Intercompany investing activities | 0 | 0 |
Net cash (used) provided by investing activities | -154 | -473 |
Repayments of long-term debt | 0 | 0 |
Borrowings under revolving line of credit | 0 | 0 |
Repayments on revolving line of credit | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Distribution to noncontrolling interest | -1,680 | -633 |
Payment of deferred financing costs | 0 | |
Excess tax benefits from stock-based awards | 0 | 0 |
Distribution to parent | -6,719 | -2,534 |
Intercompany financing activities | 5,102 | 2,941 |
Net cash (used) provided by financing activities | -3,297 | -226 |
Effect of exchange rates on cash | 577 | -89 |
Net decrease in cash and cash equivalents | -8,497 | -184 |
Cash and equivalents at beginning of period | 12,806 | 7,003 |
Cash and equivalents at end of period | 4,309 | 6,819 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used) provided by operating activities | -49,351 | -22,612 |
Additions to property, plant and equipment | -9,512 | -5,044 |
Payments to acquire companies, net of cash acquired | 0 | |
Proceeds from short term investments | 0 | 0 |
Investment in short term investments | 0 | |
Change in restricted cash | 0 | |
Other investing activities | 0 | |
Intercompany investing activities | 57,738 | 27,043 |
Net cash (used) provided by investing activities | 48,226 | 21,999 |
Repayments of long-term debt | -10 | -99 |
Borrowings under revolving line of credit | 0 | 0 |
Repayments on revolving line of credit | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Distribution to noncontrolling interest | 0 | 0 |
Payment of deferred financing costs | 0 | |
Excess tax benefits from stock-based awards | 0 | 0 |
Distribution to parent | 0 | 0 |
Intercompany financing activities | 0 | 0 |
Net cash (used) provided by financing activities | -10 | -99 |
Effect of exchange rates on cash | 211 | -75 |
Net decrease in cash and cash equivalents | -924 | -787 |
Cash and equivalents at beginning of period | 2,399 | 2,715 |
Cash and equivalents at end of period | 1,475 | 1,928 |
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 |
Payments to acquire companies, net of cash acquired | 0 | |
Proceeds from short term investments | 0 | 0 |
Investment in short term investments | 0 | |
Change in restricted cash | 0 | |
Other investing activities | 0 | |
Intercompany investing activities | -29,789 | 4,317 |
Net cash (used) provided by investing activities | -29,789 | 4,317 |
Repayments of long-term debt | 0 | 0 |
Borrowings under revolving line of credit | 0 | 0 |
Repayments on revolving line of credit | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 |
Repurchase of common stock | 0 | 0 |
Distribution to noncontrolling interest | 0 | 0 |
Payment of deferred financing costs | 0 | |
Excess tax benefits from stock-based awards | 0 | 0 |
Distribution to parent | 6,719 | 2,534 |
Intercompany financing activities | 29,789 | -4,317 |
Net cash (used) provided by financing activities | 36,508 | -1,783 |
Effect of exchange rates on cash | 0 | 0 |
Net 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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Income (loss) from operations | $49,971 | $44,769 | $51,109 | $36,414 |
Net income (loss) attributable to Central Garden & Pet Company | 23,237 | 20,895 | 17,540 | 8,187 |
Parent [Member] | ||||
Income (loss) from operations | 5,503 | 6,793 | -4,165 | -1,321 |
Net income (loss) attributable to Central Garden & Pet Company | 23,237 | 20,895 | 17,540 | 8,187 |
Non-Guarantor Subsidiaries [Member] | ||||
Income (loss) from operations | 2,550 | 3,162 | 1,296 | 2,122 |
Net income (loss) attributable to Central Garden & Pet Company | 794 | 1,317 | -34 | 690 |
Guarantor Subsidiaries [Member] | ||||
Income (loss) from operations | 41,918 | 34,814 | 53,978 | 35,613 |
Net income (loss) attributable to Central Garden & Pet Company | 28,757 | 23,436 | 35,259 | 23,583 |
Eliminations [Member] | ||||
Income (loss) from operations | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Central Garden & Pet Company | -29,551 | -24,753 | -35,225 | -24,273 |
As Previously Reported [Member] | ||||
Income (loss) from operations | 44,769 | 36,414 | ||
Net income (loss) attributable to Central Garden & Pet Company | 20,895 | 8,187 | ||
As Previously Reported [Member] | Parent [Member] | ||||
Income (loss) from operations | 9,935 | 1,152 | ||
Net income (loss) attributable to Central Garden & Pet Company | 20,895 | 8,187 | ||
As Previously Reported [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Income (loss) from operations | 0 | 0 | ||
Net income (loss) attributable to Central Garden & Pet Company | 0 | 0 | ||
As Previously Reported [Member] | Guarantor Subsidiaries [Member] | ||||
Income (loss) from operations | 34,834 | 35,262 | ||
Net income (loss) attributable to Central Garden & Pet Company | 23,516 | 23,408 | ||
As Previously Reported [Member] | Eliminations [Member] | ||||
Income (loss) from operations | 0 | 0 | ||
Net income (loss) attributable to Central Garden & Pet Company | -23,516 | -23,408 | ||
Adjustments [Member] | ||||
Income (loss) from operations | 0 | 0 | ||
Net income (loss) attributable to Central Garden & Pet Company | 0 | 0 | ||
Adjustments [Member] | Parent [Member] | ||||
Income (loss) from operations | -3,142 | -2,473 | ||
Net income (loss) attributable to Central Garden & Pet Company | 0 | 0 | ||
Adjustments [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Income (loss) from operations | 3,162 | 2,122 | ||
Net income (loss) attributable to Central Garden & Pet Company | 1,317 | 690 | ||
Adjustments [Member] | Guarantor Subsidiaries [Member] | ||||
Income (loss) from operations | -20 | 351 | ||
Net income (loss) attributable to Central Garden & Pet Company | -80 | 175 | ||
Adjustments [Member] | Eliminations [Member] | ||||
Income (loss) from operations | 0 | 0 | ||
Net income (loss) attributable to Central Garden & Pet Company | ($1,237) | ($865) |
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 |
Net income (loss) | $23,980 | $21,489 | $18,287 | $8,677 |
Total comprehensive income (loss) | 23,354 | 21,491 | 17,119 | 8,764 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 22,611 | 20,897 | 16,372 | 8,274 |
Parent [Member] | ||||
Net income (loss) | 23,237 | 20,895 | 17,540 | 8,187 |
Total comprehensive income (loss) | 22,611 | 20,895 | 16,372 | 8,187 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 22,611 | 20,895 | 16,372 | 8,187 |
Non-Guarantor Subsidiaries [Member] | ||||
Net income (loss) | 1,537 | 1,911 | 713 | 1,180 |
Total comprehensive income (loss) | 1,182 | 1,913 | 13 | 1,267 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 439 | 1,319 | -734 | 777 |
Guarantor Subsidiaries [Member] | ||||
Net income (loss) | 28,757 | 23,436 | 35,259 | 23,583 |
Total comprehensive income (loss) | 28,593 | 23,436 | 34,991 | 23,583 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 28,593 | 23,436 | 34,991 | 23,583 |
Eliminations [Member] | ||||
Net income (loss) | -29,551 | -24,753 | -35,225 | -24,273 |
Total comprehensive income (loss) | -29,032 | -24,753 | -34,257 | -24,273 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | -29,032 | -24,753 | -34,257 | -24,273 |
As Previously Reported [Member] | ||||
Net income (loss) | 21,489 | 8,677 | ||
Total comprehensive income (loss) | 21,491 | 8,764 | ||
Comprehensive income (loss) attributable to Central Garden & Pet Company | 20,897 | 8,274 | ||
As Previously Reported [Member] | Parent [Member] | ||||
Net income (loss) | -2,027 | -14,731 | ||
Total comprehensive income (loss) | -2,025 | -14,644 | ||
Comprehensive income (loss) attributable to Central Garden & Pet Company | -2,619 | -15,134 | ||
As Previously Reported [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Net income (loss) | 0 | 0 | ||
Total comprehensive income (loss) | 0 | 0 | ||
Comprehensive income (loss) attributable to Central Garden & Pet Company | 0 | 0 | ||
As Previously Reported [Member] | Guarantor Subsidiaries [Member] | ||||
Net income (loss) | 23,516 | 23,408 | ||
Total comprehensive income (loss) | 23,516 | 23,408 | ||
Comprehensive income (loss) attributable to Central Garden & Pet Company | 23,516 | 23,408 | ||
As Previously Reported [Member] | Eliminations [Member] | ||||
Net income (loss) | 0 | 0 | ||
Total comprehensive income (loss) | 0 | 0 | ||
Comprehensive income (loss) attributable to Central Garden & Pet Company | 0 | 0 | ||
Adjustments [Member] | ||||
Net income (loss) | 0 | 0 | ||
Total comprehensive income (loss) | 0 | 0 | ||
Comprehensive income (loss) attributable to Central Garden & Pet Company | 0 | 0 | ||
Adjustments [Member] | Parent [Member] | ||||
Net income (loss) | 22,922 | 22,918 | ||
Total comprehensive income (loss) | 22,920 | 22,831 | ||
Comprehensive income (loss) attributable to Central Garden & Pet Company | 23,514 | 23,321 | ||
Adjustments [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Net income (loss) | 1,911 | 1,180 | ||
Total comprehensive income (loss) | 1,913 | 1,267 | ||
Comprehensive income (loss) attributable to Central Garden & Pet Company | 1,319 | 777 | ||
Adjustments [Member] | Guarantor Subsidiaries [Member] | ||||
Net income (loss) | -80 | 175 | ||
Total comprehensive income (loss) | -80 | 175 | ||
Comprehensive income (loss) attributable to Central Garden & Pet Company | -80 | 175 | ||
Adjustments [Member] | Eliminations [Member] | ||||
Net income (loss) | -24,753 | -24,273 | ||
Total comprehensive income (loss) | -24,753 | -24,273 | ||
Comprehensive income (loss) attributable to Central Garden & Pet Company | ($24,753) | ($24,273) |
Schedule_of_Error_Corrections_2
Schedule of Error Corrections for Consolidating Condensed Balance Sheet to Present Results for Non-Guarantor Subsidiaries (Detail) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 | Mar. 29, 2014 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | ||||
Total current assets | $786,870 | $671,552 | $812,753 | |
Total assets | 1,273,008 | 1,148,727 | 1,294,347 | |
Current liabilities | 223,552 | 173,098 | 223,341 | |
Total equity | 489,983 | 486,453 | 485,504 | 470,024 |
Parent [Member] | ||||
Total current assets | 226,888 | 234,270 | 235,807 | |
Total assets | 1,380,484 | 1,322,878 | 1,328,386 | |
Current liabilities | 86,597 | 63,349 | 81,860 | |
Total equity | 489,186 | 484,723 | 484,301 | |
Non-Guarantor Subsidiaries [Member] | ||||
Total current assets | 41,738 | 37,100 | 47,509 | |
Total assets | 49,327 | 44,993 | 53,706 | |
Current liabilities | 13,026 | 5,410 | 16,189 | |
Total equity | -13,816 | -5,431 | -7,843 | |
Guarantor Subsidiaries [Member] | ||||
Total current assets | 518,244 | 400,182 | 529,437 | |
Total assets | 1,204,805 | 1,143,692 | 1,134,159 | |
Current liabilities | 123,929 | 104,339 | 125,292 | |
Total equity | 1,017,970 | 982,980 | 956,387 | |
Eliminations [Member] | ||||
Total current assets | 0 | 0 | 0 | |
Total assets | -1,361,608 | -1,362,836 | -1,221,904 | |
Current liabilities | 0 | 0 | 0 | |
Total equity | -1,003,357 | -975,819 | -947,341 | |
As Previously Reported [Member] | ||||
Total current assets | 812,753 | |||
Total assets | 1,294,347 | |||
Current liabilities | 223,341 | |||
Total equity | 485,504 | |||
As Previously Reported [Member] | Parent [Member] | ||||
Total current assets | 288,510 | |||
Total assets | 1,165,145 | |||
Current liabilities | 99,258 | |||
Total equity | 485,504 | |||
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 | 532,265 | |||
Total assets | 878,709 | |||
Current liabilities | 132,105 | |||
Total equity | 741,485 | |||
As Previously Reported [Member] | Eliminations [Member] | ||||
Total current assets | -8,022 | |||
Total assets | -749,507 | |||
Current liabilities | -8,022 | |||
Total equity | -741,485 | |||
Adjustments [Member] | ||||
Total current assets | 0 | |||
Total assets | 0 | |||
Current liabilities | 0 | |||
Total equity | 0 | |||
Adjustments [Member] | Parent [Member] | ||||
Total current assets | -52,703 | |||
Total assets | 163,241 | |||
Current liabilities | -17,398 | |||
Total equity | -1,203 | |||
Adjustments [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Total current assets | 47,509 | |||
Total assets | 53,706 | |||
Current liabilities | 16,189 | |||
Total equity | -7,843 | |||
Adjustments [Member] | Guarantor Subsidiaries [Member] | ||||
Total current assets | -2,828 | |||
Total assets | 255,450 | |||
Current liabilities | -6,813 | |||
Total equity | 214,902 | |||
Adjustments [Member] | Eliminations [Member] | ||||
Total current assets | 8,022 | |||
Total assets | -472,397 | |||
Current liabilities | 8,022 | |||
Total equity | ($205,856) |
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 $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Net cash provided by (used in) operating activities | ($98,521) | ($60,043) |
Net cash provided by (used in) investing activities | -15,676 | -6,424 |
Net cash provided by (used in) financing activities | 47,586 | 67,935 |
Parent [Member] | ||
Net cash provided by (used in) operating activities | -36,828 | -35,501 |
Net cash provided by (used in) investing activities | -33,959 | -32,267 |
Net cash provided by (used in) financing activities | 14,385 | 70,043 |
Non-Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | -5,623 | 604 |
Net cash provided by (used in) investing activities | -154 | -473 |
Net cash provided by (used in) financing activities | -3,297 | -226 |
Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | -49,351 | -22,612 |
Net cash provided by (used in) investing activities | 48,226 | 21,999 |
Net cash provided by (used in) financing activities | -10 | -99 |
Eliminations [Member] | ||
Net cash provided by (used in) operating activities | -6,719 | -2,534 |
Net cash provided by (used in) investing activities | -29,789 | 4,317 |
Net cash provided by (used in) financing activities | 36,508 | -1,783 |
As Previously Reported [Member] | ||
Net cash provided by (used in) operating activities | -60,043 | |
Net cash provided by (used in) investing activities | -6,424 | |
Net cash provided by (used in) financing activities | 67,935 | |
As Previously Reported [Member] | Parent [Member] | ||
Net cash provided by (used in) operating activities | -16,606 | |
Net cash provided by (used in) investing activities | -49,249 | |
Net cash provided by (used in) financing activities | 68,034 | |
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 | -20,029 | |
Net cash provided by (used in) investing activities | 19,417 | |
Net cash provided by (used in) financing activities | -99 | |
As Previously Reported [Member] | Eliminations [Member] | ||
Net cash provided by (used in) operating activities | -23,408 | |
Net cash provided by (used in) investing activities | 23,408 | |
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 | -18,895 | |
Net cash provided by (used in) investing activities | 16,982 | |
Net cash provided by (used in) financing activities | 2,009 | |
Adjustments [Member] | Non-Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | 604 | |
Net cash provided by (used in) investing activities | -473 | |
Net cash provided by (used in) financing activities | -226 | |
Adjustments [Member] | Guarantor Subsidiaries [Member] | ||
Net cash provided by (used in) operating activities | -2,583 | |
Net cash provided by (used in) investing activities | 2,582 | |
Net cash provided by (used in) financing activities | 0 | |
Adjustments [Member] | Eliminations [Member] | ||
Net cash provided by (used in) operating activities | 20,874 | |
Net cash provided by (used in) investing activities | -19,091 | |
Net cash provided by (used in) financing activities | ($1,783) |