0000887733-17-000009.txt : 20170623 0000887733-17-000009.hdr.sgml : 20170623 20170623145204 ACCESSION NUMBER: 0000887733-17-000009 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170623 DATE AS OF CHANGE: 20170623 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL GARDEN & PET CO CENTRAL INDEX KEY: 0000887733 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MISCELLANEOUS NONDURABLE GOODS [5190] IRS NUMBER: 680275553 STATE OF INCORPORATION: DE FISCAL YEAR END: 0926 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33268 FILM NUMBER: 17927302 BUSINESS ADDRESS: STREET 1: 1340 TREAT BOULEVARD STREET 2: SUITE 600 CITY: WALNUT CREEK STATE: CA ZIP: 94597 BUSINESS PHONE: 9259484000 MAIL ADDRESS: STREET 1: 1340 TREAT BOULEVARD STREET 2: SUITE 600 CITY: WALNUT CREEK STATE: CA ZIP: 94597 FORMER COMPANY: FORMER CONFORMED NAME: CENTRAL GARDEN & PET COMPANY DATE OF NAME CHANGE: 19941019 11-K 1 a201611k.htm 11-K Document

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 11-K
____________________________

x 
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 2016
OR
 
¨
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from                     to                      .
Commission File Number 001-33268
 
____________________________


 
A.
Full title of the plan and address of the plan, if different from that of the issuer named below:
Central Garden & Pet Company Investment Growth Plan
 
B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
CENTRAL GARDEN & PET COMPANY
1340 Treat Blvd., Suite 600
Walnut Creek, California 94597
 
  
 

 




REQUIRED INFORMATION
 
 
 
 
 
 
 
 
1.
 
Financial Statements and Supplemental Information
 
 
 
 
 
 
 
 
 
The following documents are filed as part of this report on the pages indicated:
 
 
 
 
 
 
 
 
 
 
 
 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.
 
Exhibit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
 
CENTRAL GARDEN & PET COMPANY INVESTMENT GROWTH PLAN
 
 
 
 
Date: June 23, 2017
 
 
 
By:
 
/s/ Derek Hess
 
 
 
 
 
 
Derek Hess
 
 
 
 
 
 
Vice President, Total Rewards


3



v17-03




REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Participants and
Plan Administrator of the
Central Garden & Pet Company Investment Growth Plan

We have audited the accompanying statements of net assets available for benefits of the Central Garden & Pet Company Investment Growth Plan (the Plan) as of December 31, 2016 and 2015, and the related statement of changes in net assets available for benefits for the year ended December 31, 2016. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2016 and 2015, and the changes in net assets available for benefits for the year ended December 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

The supplemental information included in Schedule H, line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2016, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s (DOL) Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (ERISA). The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with DOL’s Rules and Regulations for Reporting and Disclosure under ERISA. In our opinion, the supplemental information in the accompany schedule is fairly stated, in all material respects in relation to the financial statements as a whole.

/s/ MOSS ADAMS LLP

Campbell, California
June 23, 2017



4


CENTRAL GARDEN & PET COMPANY INVESTMENT GROWTH PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2016 and 2015
 
 
 
 
 
 
 
 
 
 
2016
 
 
2015
 
ASSETS
 
 
 
 
 
 
Investments at fair value
 
$
196,886,663

 
 
$
167,007,565

 
Investments at contract value
 
49,331,259

 
 
42,534,537

 
 
 
 
 
 
 
 
Total investments
 
246,217,922

 
 
209,542,102

 
 
 
 
 
 
 
 
Receivables
 
 
 
 
 
 
Notes receivable from participants
 
3,712,763

 
 
3,389,585

 
Employer contributions receivable
 
663,345

 
 
148,252

 
Participant contributions receivable
 
242,582

 
 
206,686

 
 
 
 
 
 
 
 
Total receivables
 
4,618,690

 
 
3,744,523

 
 
 
 
 
 
 
 
NET ASSETS AVAILABLE FOR BENEFITS
 
$
250,836,612

 
 
$
213,286,625

 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements
 


5


CENTRAL GARDEN & PET COMPANY INVESTMENT GROWTH PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 2016
 
 
 
 
 
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
 
 
 
Investment income
 
 
 
Net appreciation in fair value of participant-directed investments
 
$
29,279,679

 
Dividends and interest
 
6,009,038

 
 
 
 
 
Total investment income
 
35,288,717

 
 
 
 
 
Interest income on notes receivable from participants
 
186,374

 
 
 
 
 
Contributions
 
 
 
Participant
 
10,636,188

 
Rollover
 
1,078,994

 
Employer
 
2,306,008

 
 
 
 
 
Total contributions
 
14,021,190

 
 
 
 
 
Total additions
 
49,496,281

 
DEDUCTIONS TO NET ASSETS ATTRIBUTED TO:
 
 
 
Benefits paid to participants
 
11,855,864

 
Administrative and investment expenses
 
90,430

 
 
 
 
 
Total deductions
 
11,946,294

 
 
 
 
 
NET INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS
 
37,549,987

 
 
 
 
 
NET ASSETS AVAILABLE FOR BENEFITS
 
 
 
 
 
 
 
Beginning of year
 
213,286,625

 
 
 
 
 
End of year
 
$
250,836,612

 
 
 
 
 
The accompanying notes are an integral part of these financial statements


6

CENTRAL GARDEN & PET COMPANY INVESTMENT GROWTH PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015



NOTE 1 – DESCRIPTION OF PLAN
The following description of the Central Garden & Pet Company Investment Growth Plan (the Plan) provides only general information. Participants should refer to the summary plan description or plan document, as amended, for a more complete description of plan provisions.
General —The Plan is a defined contribution plan that was established to provide benefits to eligible employees, as provided in the plan document. The Plan covers substantially all employees of Central Garden & Pet Company (the Company) except certain groups of employees as defined in the plan document. The Plan is subject to provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Company is the Plan’s sponsor and serves as Plan administrator.
Eligibility —Employees of the Company are eligible to participate in the Plan upon reaching age 21 and after completing three months of service on the first day of the next calendar month.
Contributions – Eligible participants may make pre-tax contributions starting at 1% of their eligible compensation subject to the annual dollar maximum set by the Internal Revenue Service (IRS). Unless elected otherwise, eligible participants will be automatically enrolled to contribute 3% of their eligible compensation as pre-tax contributions subject to the IRS limitation. Participants may make a pre-tax contribution from any cash bonus but the deferral election should be made prior to the payment of such cash bonus. Participants may also contribute amounts representing distributions from other qualified plans.
The Company provides a matching contribution equal to 25% of the first 8% of compensation deferred. The matching contribution is paid at the end of each quarter and may be trued-up at the end of the year. Only those participants employed as of the last day of the quarter are eligible to receive the matching contribution. The Company matching contributions may be made in cash or in shares of the Company’s Class A Common Stock, as determined by the Company’s Board of Directors. For 2016, the matching contribution was made in shares of the Company’s Class A Common Stock.
The Company may elect to contribute a bonus matching contribution on behalf of an eligible class of participants. The bonus matching contribution shall be in the same dollar amount for each eligible participant. The Company may also elect to make a discretionary profit sharing contribution to the Plan. Such contribution is allocated to all eligible employees in proportion to the participant’s eligible compensation. Participants are eligible for the bonus matching contribution and profit sharing contribution only if they remain employed at the end of the year, unless employment is terminated due to death, disability, or retirement. The Company did not make a bonus match or discretionary profit sharing contribution for the year ended December 31, 2016.
Participant accounts —Each participant’s account is credited with the participant’s contribution, the Company’s contributions, if any, and any income, gains, or losses attributable to the investment mix of the account. Participants may direct the investment of their account balances into various investment options offered by the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Vesting —Participants are immediately vested in their salary deferrals and voluntary contributions, plus actual earnings thereon. Vesting in Company contributions and earnings thereon is based on years of continuous service and increases in increments of 20% per year until fully vested after five years of credited service.
Notes receivable from participants – Participants may borrow up to 50% of their vested account balance, with a minimum borrowing of $500 and a maximum of $50,000. Maturities on notes receivable are for a maximum of five years, or, for the purchase of a primary residence, a term to be decided by the Plan administrator. Participants are allowed to have only one note receivable outstanding at a time. Notes receivable are secured by the participant’s vested balances, bear interest at prime plus 1% at the time of the borrowing, and generally must be repaid from payroll deductions over the loan term. Notes receivable are generally payable in full upon a participant’s termination of employment or the occurrence of certain other events. Notes receivable as of December 31, 2016 and 2015 carry interest rates ranging from 4.25% to 9.50%, with various maturities through June 2028. Delinquent notes receivable are recorded as distributions based on the terms of the plan document.
Payment of benefits —While still in service, a participant may generally withdraw his or her vested account balance.  Following a participant’s death, disability, retirement or other separation from service, all vested amounts held in the Plan for a participant’s benefit are payable in a single lump sum distribution.  If a participant’s balance is equal to or less than $1,000, the balance is distributed immediately in a lump-sum cash payment. If the account balance is over $1,000, the participant may elect either a distribution paid in the form of a lump-sum cash payment, a distribution in Company stock, a direct rollover into another qualified plan, or other distribution methods as described in the plan document.

Forfeitures —Forfeitures represent the non-vested portion of a participant’s account that is lost upon termination of employment. Forfeitures are retained in the Plan and used to pay administrative expenses and reduce the Company contribution. As of December 31, 2016 and 2015, forfeited non-vested accounts totaled $54,912 and $486,141, respectively. During 2016, the amount used to pay administrative expenses and reduce employer contributions totaled $60,478 and $470,328, respectively.

7

CENTRAL GARDEN & PET COMPANY INVESTMENT GROWTH PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015



NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Recently Issued and Adopted Accounting Pronouncements - In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2015-12, Plan Accounting: Defined Benefit Pension Plans, Topic 960; Defined Contribution Pension Plans, Topic 962; and Health and Welfare Benefit Plans, Topic 965: (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient. Part I requires fully benefit-responsive investment contracts to be measured, presented, and disclosed only at contract value. Part II eliminates the requirements for plans to disclose individual investments that represent 5 percent or more of net assets available for benefits, and the net appreciation or depreciation for investments by general type for both participant-directed investments and nonparticipant-directed investments. Part II also requires that investments be grouped only by general type, eliminating the need to disaggregate the investments by nature, characteristics and risks. Part III provides a practical expedient to permit plans to measure investments and investment-related as of a month-end date that is closest to the plan's fiscal year-end, when the fiscal period does not coincide with a month-end. The ASU is effective for fiscal years beginning after December 15, 2015, with early adoption permitted.  Parts I and II are to be applied retrospectively and Part III prospectively. Plan management adopted the standard effective January 1, 2015. The Plan’s financial statements are presented to conform to the requirements of Parts I and II of the ASU. Part III of the ASU has no impact on the Plan’s financial statements since the Plan does not hold investments valued by applying the practical expedient.
Basis of accounting —The financial statements are prepared on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP).
Use of estimates —The preparation of financial statements in conformity with GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and changes therein, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Investment valuation —Investments are stated at fair value, except for the Voya Fixed Account, which is stated at contract value. Fair value is the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.
Investment contracts The Voya Fixed Account is a benefit-responsive investment contract.  Investment contracts held by a defined contribution plan are required to be reported at contract value.  Contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.
Contributions to Voya Institutional Trust Company (Voya) under this contract are maintained in a general account that is credited with earnings on the underlying investment and charged for participant withdrawals and administrative expenses. The contract is included in the financial statements at contract value as reported to the Plan by Voya. Contract value represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all, or a portion, of their investment at contract value. There are no reserves against contract value for credit risk.
There are no unfunded commitments. Under the terms of the contract, the Plan sponsor must provide a minimum of 90 days notice to Voya prior to redemption of the contract.
Certain events might limit the ability of the Plan to transact at contract value with the issuer. Such events include (1) changes to the Plan's prohibition on competing investment options or deletion of equity wash provisions, (2) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA, or (3) premature termination of the contract. No events are probable of occurring that might limit the ability of the Plan to transact at contract value with the contract issuers and that also would limit the ability of the Plan to transact at contract value with the participants.
Income recognition —Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Interest income is recorded on the accrual basis. The net appreciation in the fair value of investments consists of both the realized gains or losses and unrealized appreciation or depreciation of those investments.
 
Payment of benefits —Benefits are recorded when paid.
Administrative expenses —Administrative expenses and investment advisory fees paid by the Plan for 2016 were $219,257. Other administrative expenses incurred in the administration of the Plan were paid by the Company.







8

CENTRAL GARDEN & PET COMPANY INVESTMENT GROWTH PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015



NOTE 3 – FAIR VALUE MEASUREMENTS
The Plan classifies its investments based upon an established fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below:
 
 
Level 1:
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
 
 
Level 2:
Quoted prices in markets that are not considered to be active or financial instruments without quoted market prices, but for which all significant inputs are observable, either directly or indirectly;
 
 
Level 3:
Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Following are descriptions of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2016 and 2015.
The value of the common stock of the Company is determined by quoted market prices. Accordingly, investments in common stock are classified within level 1 of the valuation hierarchy.
Shares of registered investment company funds are valued at the net asset value (NAV) of shares held by the Plan at year end. The NAV is a quoted price in an active market and is classified within level 1 of the valuation hierarchy.

The following table discloses, by level, the fair value hierarchy of the Plan’s investments at fair value.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
Level 1
 
Level 2
 
 
Level 3
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Registered investment companies
 
$
158,228,379

 
$

 
 
$

 
 
$
158,228,379

 
Common stock
 
37,425,498

 

 
 

 
 
37,425,498

 
Interest-bearing cash
 
1,232,786

 

 
 

 
 
1,232,786

 
 
 
 
 
 
 
 
 
 
 
 
 
Total investments at fair value
 
$
196,886,663

 
$

 
 
$

 
 
$
196,886,663

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
 
Level 1
 
Level 2
 
 
Level 3
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Registered investment companies
 
$
149,782,620

 
$

 
 
$

 
 
$
149,782,620

 
Common stock
 
16,508,388

 

 
 

 
 
16,508,388

 
Interest-bearing cash
 
716,557

 

 
 

 
 
716,557

 
 
 
 
 
 
 
 
 
 
 
 
 
Total investments at fair value
 
$
167,007,565

 
$

 
 
$

 
 
$
167,007,565

 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 4– TAX STATUS
The IRS has determined and informed the Company by a letter dated October 15, 2014, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). The Plan has been amended since receiving this determination letter.

9

CENTRAL GARDEN & PET COMPANY INVESTMENT GROWTH PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015



The Plan administrator believes the Plan, as amended, is designed and is currently being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2016, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. However, there are currently no audits for any tax periods in progress.
NOTE 5 – RISKS AND UNCERTAINTIES
The participants invest in various investment securities. Investment securities are exposed to various risks, such as market, interest rate and credit risk. It is reasonably possible that given the level of risk associated with investment securities, changes in the near term could materially affect a participant’s account balance and the amounts reported in the financial statements.

NOTE 6 – PARTY-IN-INTEREST TRANSACTIONS
As allowed by the Plan, participants may elect to invest their salary deferral contributions and employer matching contributions in the Company’s common stock. The aggregate investment in the Company’s common stock was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
December 31, 2015
 
 
 
Number of Shares
 
 
Fair Value
 
 
Number of Shares
 
 
Fair Value
 
Central Garden & Pet Company
 
 
 
 
 
 
 
 
 
 
 
 
Class A Common Stock
 
1,159,080
 
 
$
35,815,603

 
 
1,157,761
 
 
$
15,745,563

 
Central Garden & Pet Company
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock
 
48,652
 
 
1,609,895

 
 
56,422
 
 
762,825

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
37,425,498

 
 
 
 
 
$
16,508,388

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Plan investments include shares of registered investment company funds managed by Voya. Any purchases and sales of these funds are performed in the open market at fair value. As Voya is the custodian and trustee of the Plan, transactions with this entity qualify as exempt party-in-interest transactions.
NOTE 7 – PLAN TERMINATION
Although it has not expressed any intention to do so, the Company has the right to terminate the Plan and discontinue its contributions at any time. If the Plan is terminated, amounts allocated to a participant’s account become fully vested.

NOTE 8 – RECONCILIATION TO FORM 5500
The financial statements are prepared on the accrual basis of accounting while the Form 5500 is prepared on cash basis of accounting.
The following is a reconciliation of net assets available for benefits per financial statements to the Form 5500 as of December 31, 2016 and 2015:
 

10

CENTRAL GARDEN & PET COMPANY INVESTMENT GROWTH PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015



 
 
 
 
 
 
 
 
 
2016
 
 
2015
 
Net assets available for benefits per the financial statements
 
$
250,836,612

 
 
$
213,286,625

 
Less contributions receivable, end of year
 
 
 
 
 
 
Participant
 
(242,582
)
 
 
(206,686
)
 
Employer
 
(663,345
)
 
 
(148,252
)
 
 
 
 
 
 
 
 
Net assets available for benefits per Form 5500
 
$
249,930,685

 
 
$
212,931,687

 
 
 
 
 
 
 
 
 
The following is a reconciliation of contributions per financial statements to the Form 5500 as of December 31, 2016:
 
 
 
 
 
 
2016
Contributions per the financial statements
 
$
14,021,190

Add contributions receivable, beginning of year
 
 
Participant
 
206,686

Employer
 
148,252

Less contributions receivable, end of year
 
 
Participant
 
(242,582
)
Employer
 
(663,345
)
 
 
 
Contributions per the Form 5500
 
$
13,470,201

 
 
 

NOTE 9 – SUBSEQUENT EVENTS
In preparing the Plan's financial statements, subsequent events and transactions have been evaluated for potential recognition. Plan management determined that there are no subsequent events or transactions that require disclosure to or adjustment in the financial statements except as noted below:
The Plan was amended and restated, effective January 1, 2017, to move from an individually designed plan to an adopter of an IRS pre-approved Bryan Cave LLP Volume Submitter Plan Document.


11


SUPPLEMENTAL INFORMATION


12


CENTRAL GARDEN & PET COMPANY INVESTMENT GROWTH PLAN
SCHEDULE H, LINE 4(i)—SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2016
Employer identification number: 68-0275553
Plan number: 001
Schedule H, Line 4(i)
(a)
 
 
 
(b)
Identity of issue, borrower,
lessor, or similar party
 
(c)
Description of investment,including maturity date, rate of interest, collateral, par, or maturity value
 
(e)
Current
value
 
 
 
Investments at fair value:
 
 
 
 
 
 
 
 
Registered Investment Companies
 
 
 
 
 
 
 
 
 
American Funds EuroPacific Growth Fund R5
 
Registered investment company
 
$
11,460,948

 
 
 
 
 
Delaware Value Fund Institutional
 
Registered investment company
 
15,042,009

 
 
 
 
 
Franklin International SmallCap Growth Fund Advisor
 
Registered investment company
 
1,495,932

 
 
 
 
 
Janus Balanced Fund
 
Registered investment company
 
25,256,754

 
 
 
 
 
JP Morgan Small Cap Value Fund R6
 
Registered investment company
 
9,136,148

 
 
 
 
 
Lord Abbett Developing Growth Fund A
 
Registered investment company
 
8,317,486

 
 
 
 
 
Lord Abbett Income Fund F
 
Registered investment company
 
2,125,327

 
 
 
 
 
Massachusetts Investors Growth Stock Fund R4
 
Registered investment company
 
14,415,941

 
 
 
 
 
Principal MidCap S&P 400 Index Fund R4
 
Registered investment company
 
7,195,692

 
 
 
 
 
T. Rowe Price Mid-Cap Growth Fund Advisor
 
Registered investment company
 
6,149,471

 
 
 
 
 
T. Rowe Price Retirement Balanced Fund
 
Registered investment company
 
1,427,740

 
 
 
 
 
T. Rowe Price Retirement Income 2010 Advisor Fund
 
Registered investment company
 
319,702

 
 
 
 
 
T. Rowe Price Retirement Income 2015 Advisor Fund
 
Registered investment company
 
422,924

 
 
 
 
 
T. Rowe Price Retirement Income 2020 Advisor Fund
 
Registered investment company
 
2,434,414

 
 
 
 
 
T. Rowe Price Retirement Income 2025 Advisor Fund
 
Registered investment company
 
1,595,935

 
 
 
 
 
T. Rowe Price Retirement Income 2030 Advisor Fund
 
Registered investment company
 
2,420,888

 
 
 
 
 
T. Rowe Price Retirement Income 2035 Advisor Fund
 
Registered investment company
 
1,388,327

 
 
 
 
 
T. Rowe Price Retirement Income 2040 Advisor Fund
 
Registered investment company
 
1,270,093

 
 
 
 
 
T. Rowe Price Retirement Income 2045 Advisor Fund
 
Registered investment company
 
777,131

 
 
 
 
 
T. Rowe Price Retirement Income 2050 Advisor Fund
 
Registered investment company
 
311,585

 
 
 
 
 
T. Rowe Price Retirement Income 2055 Advisor Fund
 
Registered investment company
 
679,961

 
 
 
 
 
T. Rowe Price Retirement Income 2060 Advisor Fund
 
Registered investment company
 
2,207

 
 
 
 
 
Vanguard Institutional Index Fund
 
Registered investment company
 
26,716,195

 
*
 
 
 
Voya Clarion Real Estate Portfolio Institutional Fund
 
Registered investment company
 
2,170,420

 
*
 
 
 
Voya Corporate Leaders 100 Fund Institutional
 
Registered investment company
 
6,145,252

 
*
 
 
 
Voya GNMA Income Fund A
 
Registered investment company
 
9,484,190

 
*
 
 
 
Voya Government Money Market Fund
 
Registered investment company
 
65,707

 
 
 
 
 
 
 
 
 
158,228,379

 
*
 
 
Central Garden & Pet Company Stock Fund A:
 
 
 
 
 
 
 
 
 
Central Garden & Pet Class A Common Stock
 
Class A Common Stock
 
35,815,603

 
 
 
 
 
Interest-bearing cash
 
Interest-bearing cash
 
1,170,137

 
 
 
 
 
       Total Central Garden & Pet Stock Fund A
 
 
 
36,985,740

 
*
 
 
Central Garden & Pet Company Stock Fund:
 
 
 
 
 
 
 
 
 
Central Garden & Pet Company Stock
 
Common Stock
 
1,609,895

 
 
 
 
 
Interest-bearing cash
 
Interest-bearing cash
 
62,649

 
 
 
 
 
       Total Central Garden & Pet Stock Fund
 
 
 
1,672,544

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
196,886,663

 
 
 
Investment at contract value:
 
 
 
 
 
*
 
 
 
Voya Fixed Account
 
Guaranteed investment contract
 
49,331,259

 
 
 
 
 
     Total investments per financial statements
 
 
 
246,217,922

 
*
 
 
 
Participant loans
 
Interest rates between 4.25% and 9.50%, maturing through June 2028
 
3,712,763

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Total investments per Form 5500
 
 
 
$
249,930,685

 
 
 
 
 
 
 
 
 
 
 
*
Indicates party-in-interest as defined by ERISA
 
Column (d) information was omitted as all investments are participant-directed

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Exhibit 23.1






CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


We consent to the incorporation by reference in the Registration Statements (Nos. 333-141671 and 333-176408) on Form S-8 of Central Garden & Pet Company of our report dated June 23, 2017, with respect to the statements of net assets available for benefits of the Central Garden & Pet Company Investment Growth Plan as of December 31, 2016 and 2015, the related statement of changes in net assets available for benefits for the year ended December 31, 2016 and the related supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2016, appearing in this Annual Report (Form 11-K) of the Central Garden & Pet Company Investment Growth Plan.

/s/ MOSS ADAMS LLP

Campbell, California
June 23, 2017



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