0001193125-13-326196.txt : 20130808 0001193125-13-326196.hdr.sgml : 20130808 20130808123235 ACCESSION NUMBER: 0001193125-13-326196 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20130629 FILED AS OF DATE: 20130808 DATE AS OF CHANGE: 20130808 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: 0929 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33268 FILM NUMBER: 131020896 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 10-Q 1 d554391d10q.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 29, 2013

or

 

¨ TRANSITION REPORT PURSUANT OF SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-33268

 

 

CENTRAL GARDEN & PET COMPANY

 

 

 

Delaware   68-0275553

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

1340 Treat Blvd., Suite 600, Walnut Creek, California 94597

(Address of principle executive offices)

(925) 948-4000

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    ¨  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    x  Yes    ¨  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer   ¨    Accelerated filer   x
Non-accelerated filer   ¨    Smaller reporting company   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ¨  Yes    x  No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Common Stock Outstanding as of July 28, 2013      12,246,751   
Class A Common Stock Outstanding as of July 28, 2013      35,311,838   
Class B Stock Outstanding as of July 28, 2013      1,652,262   

 

 

 


Table of Contents
PART I.     FINANCIAL INFORMATION   

Item 1.

   Financial Statements      4   
  

Condensed Consolidated Balance Sheets as of June 29, 2013, June 23, 2012 and September 29,  2012

     4   
  

Condensed Consolidated Statements of Operations Three and Nine Months Ended June 29, 2013 and June 23, 2012

     5   
  

Condensed Consolidated Statements of Comprehensive Income Three and Nine Months Ended June 29, 2013 and June 23, 2012

     6   
  

Condensed Consolidated Statements of Cash Flows Nine Months Ended June 29, 2013 and June 23, 2012

     7   
  

Notes to Condensed Consolidated Financial Statements

     8   

Item 2.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

     27   

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

     34   

Item 4.

  

Controls and Procedures

     34   
PART II.     OTHER INFORMATION   

Item 1.

   Legal Proceedings      35   

Item 1A.

   Risk Factors      35   

Item 2.

   Unregistered Sales of Equity Securities and Use of Proceeds      35   

Item 3.

   Defaults Upon Senior Securities      35   

Item 4.

   Mine Safety Disclosures      35   

Item 5.

   Other Information      35   

Item 6.

   Exhibits      36   

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This Form 10-Q includes ‘‘forward-looking statements.’’ Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, projected cost savings, capital expenditures, financing needs, plans or intentions relating to acquisitions, our competitive strengths and weaknesses, our business strategy and the trends we anticipate in the industry and economies in which we operate and other information that is not historical information. When used in this Form 10-Q, the words ‘‘estimates,’’ ‘‘expects,’’ ‘‘anticipates,’’ ‘‘projects,’’ ‘‘plans,’’ ‘‘intends,’’ ‘‘believes’’ and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, our examination of historical operating trends, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them, but we cannot assure you that our expectations, beliefs and projections will be realized.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this Form 10-Q. Important factors that could cause our actual results to differ materially from the forward-looking statements we make in this Form 10-Q are set forth in the Form 10-K for the fiscal year ended September 29, 2012, including the factors described in the section entitled ‘‘Item 1A – Risk Factors.’’ If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in or imply by any of our forward-looking statements. We do not undertake any obligation to revise these forward-looking statements to reflect future events or circumstances. Presently known risk factors include, but are not limited to, the following factors:

 

   

the success of our transformational change initiatives;

 

   

disruptions in our business as we implement our transformational change initiatives and the resulting consequences to our business and results of operations;

 

   

increased costs and expenses associated with our transformational change initiatives;

 

   

seasonality and fluctuations in our operating results and cash flow;

 

   

fluctuations in market prices for seeds and grains and other raw materials;

 

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our ability to pass through cost increases in a timely manner;

 

   

declines in consumer spending during economic downturns;

 

   

inflation, deflation and other adverse macro-economic conditions;

 

   

supply shortages in small animals and pet birds;

 

   

adverse weather conditions;

 

   

fluctuations in energy prices, fuel and related petrochemical costs;

 

   

access to and cost of additional capital;

 

   

dependence on a small number of customers for a significant portion of our business;

 

   

consolidation trends in the retail industry;

 

   

uncertainty about new product innovations and marketing programs;

 

   

competition in our industries;

 

   

risks associated with our acquisition strategy;

 

   

potential goodwill or intangible asset impairment;

 

   

dependence upon our key executives;

 

   

implementation of a new enterprise resource planning information technology system;

 

   

our ability to protect our intellectual property rights;

 

   

potential environmental liabilities;

 

   

risk associated with international sourcing;

 

   

litigation and product liability claims;

 

   

regulatory issues;

 

   

the impact of product recalls;

 

   

potential costs and risks associated with actual or anticipated cyber attacks;

 

   

the voting power associated with our Class B stock; and

 

   

potential dilution from issuance of authorized shares.

 

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PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

CENTRAL GARDEN & PET COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

Unaudited

 

            (See Note 1)  
     June 29,
2013
     June 23,
2012
     September 29,
2012
 
ASSETS         

Current assets:

        

Cash and cash equivalents

   $ 20,482       $ 40,699       $ 48,475   

Short term investments

     17,820         17,820         22,705   

Accounts receivable (less allowance for doubtful accounts of $23,355, $18,297 and $18,574)

     243,650         245,780         202,422   

Inventories

     413,070         334,796         330,032   

Prepaid expenses and other

     53,751         46,107         48,149   
  

 

 

    

 

 

    

 

 

 

Total current assets

     748,773         685,202         651,783   

Land, buildings, improvements and equipment—net

     190,921         185,225         191,163   

Goodwill

     210,223         210,223         210,223   

Other intangible assets—net

     75,670         80,529         78,853   

Deferred income taxes and other assets

     19,049         18,539         17,525   
  

 

 

    

 

 

    

 

 

 

Total

   $ 1,244,636       $ 1,179,718       $ 1,149,547   
  

 

 

    

 

 

    

 

 

 
LIABILITIES AND EQUITY         

Current liabilities:

        

Accounts payable

   $ 112,313       $ 125,111       $ 126,662   

Accrued expenses

     93,213         106,818         79,491   

Current portion of long-term debt

     205         347         331   
  

 

 

    

 

 

    

 

 

 

Total current liabilities

     205,731         232,276         206,484   

Long-term debt

     509,430         449,530         449,483   

Other long-term obligations

     37,845         23,478         28,697   

Equity:

        

Common stock, $.01 par value: 12,246,751, 12,247,571, and 12,247,571 shares outstanding at June 29, 2013, June 23, 2012 and September 29, 2012

     122         122         122   

Class A common stock, $.01 par value: 35,240,576, 34,506,329 and 34,706,902 shares outstanding at June 29, 2013, June 23, 2012 and September 29, 2012

     352         345         347   

Class B stock, $.01 par value: 1,652,262 shares outstanding

     16         16         16   

Additional paid-in capital

     388,443         381,751         382,195   

Retained earnings

     100,173         89,777         79,718   

Accumulated other comprehensive income

     840         1,127         1,539   
  

 

 

    

 

 

    

 

 

 

Total Central Garden & Pet Company shareholders’ equity

     489,946         473,138         463,937   

Noncontrolling interest

     1,684         1,296         946   
  

 

 

    

 

 

    

 

 

 

Total equity

     491,630         474,434         464,883   
  

 

 

    

 

 

    

 

 

 

Total

   $ 1,244,636       $ 1,179,718       $ 1,149,547   
  

 

 

    

 

 

    

 

 

 

See notes to condensed consolidated financial statements.

 

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CENTRAL GARDEN & PET COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

     Three Months Ended     Nine Months Ended  
     June 29,
2013
    June 23,
2012
    June 29,
2013
    June 23,
2012
 

Net sales

   $ 494,130      $ 533,808      $ 1,284,796      $ 1,302,777   

Cost of goods sold and occupancy

     341,664        353,156        902,201        893,691   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     152,466        180,652        382,595        409,086   

Selling, general and administrative expenses

     119,574        131,683        316,051        326,175   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     32,892        48,969        66,544        82,911   

Interest expense

     (11,347     (10,723     (32,599     (30,738

Interest income

     28        28        120        84   

Other income (expense)

     353        102        (676     (19
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes and noncontrolling interest

     21,926        38,376        33,389        52,238   

Income taxes

     7,520        14,554        11,370        19,716   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income including noncontrolling interest

     14,406        23,822        22,019        32,522   

Net income attributable to noncontrolling interest

     681        1,123        1,367        1,290   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

   $ 13,725      $ 22,699      $ 20,652      $ 31,232   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share attributable to Central Garden & Pet Company:

        

Basic

   $ 0.28      $ 0.48      $ 0.43      $ 0.66   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.28      $ 0.47      $ 0.42      $ 0.65   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares used in the computation of net income per share:

        

Basic

     48,173        47,661        48,037        47,580   

Diluted

     48,822        48,388        48,766        48,253   

See notes to condensed consolidated financial statements.

 

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CENTRAL GARDEN & PET COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands, except per share amounts)

(unaudited)

 

     Three Months Ended     Nine Months Ended  
     June 29,
2013
    June 23,
2012
    June 29,
2013
    June 23,
2012
 

Net income

   $ 14,406      $ 23,822      $ 22,019      $ 32,522   

Other comprehensive income (loss):

        

Foreign currency translation

     (92     (185     (699     108   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

     14,314        23,637        21,320        32,630   

Comprehensive income attributable to noncontrolling interests

     681        1,123        1,367        1,290   
  

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income attributable to Central Garden & Pet Company

   $ 13,633      $ 22,514      $ 19,953      $ 31,340   
  

 

 

   

 

 

   

 

 

   

 

 

 

See notes to condensed consolidated financial statements.

 

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CENTRAL GARDEN & PET COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

     Nine Months Ended  
     June 29,
2013
    June 23,
2012
 

Cash flows from operating activities:

    

Net income

   $ 22,019      $ 32,522   

Adjustments to reconcile net loss to net cash provided by operating activities:

    

Depreciation and amortization

     24,158        23,076   

Stock-based compensation

     12,491        5,342   

Excess tax benefits from stock-based awards

     (345     (938

Deferred income taxes

     9,252        12,117   

Unrealized losses on derivative financial instruments

     412        1   

Loss (gain) on sale of property and equipment

     412        (102

Change in assets and liabilities:

    

Accounts receivable

     (41,240     (50,318

Inventories

     (83,181     (5,189

Prepaid expenses and other assets

     (149     6,911   

Accounts payable

     (15,545     7,768   

Accrued expenses

     8,624        31,959   

Other long-term obligations

     (2,366     1,005   
  

 

 

   

 

 

 

Net cash (used in) provided by operating activities

     (65,458     64,154   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Additions to property and equipment

     (19,534     (26,930

Payments to acquire companies, net of cash acquired

     (4,835     0   

Proceeds from sale of short term investments

     4,885        0   
  

 

 

   

 

 

 

Net cash used in investing activities

     (19,484     (26,930
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Repayments of long-term debt

     (257     (266

Proceeds from issuance of long-term debt, net of discount

     0        49,288   

Proceeds from issuance of common stock

     560        1,291   

Borrowings under revolving line of credit

     281,000        304,000   

Repayments under revolving line of credit

     (221,000     (339,000

Repurchase of common stock

     (2,625     (23,151

Distribution to noncontrolling interest

     (629     0   

Payment of financing costs

     0        (1,715

Excess tax benefits from stock-based awards

     345        938   
  

 

 

   

 

 

 

Net cash (used in) provided by financing activities

     57,394        (8,615

Effect of exchange rate changes on cash and cash equivalents

     (445     59   
  

 

 

   

 

 

 

Net (decrease) increase in cash and cash equivalents

     (27,993     28,668   

Cash and equivalents at beginning of period

     48,475        12,031   
  

 

 

   

 

 

 

Cash and equivalents at end of period

   $ 20,482      $ 40,699   
  

 

 

   

 

 

 

Supplemental information:

    

Cash paid for interest

   $ 22,894      $ 21,256   
  

 

 

   

 

 

 

See notes to condensed consolidated financial statements.

 

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CENTRAL GARDEN & PET COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three and Nine Months Ended June 29, 2013

(unaudited)

 

1. Basis of Presentation

The condensed consolidated balance sheets of Central Garden & Pet Company and subsidiaries (the “Company” or “Central”) as of June 29, 2013 and June 23, 2012, the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the three and nine months ended June 29, 2013 and June 23, 2012, and the condensed consolidated statements of cash flows for the nine months ended June 29, 2013 and June 23, 2012 have been prepared by the Company, without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flows of the Company for the periods mentioned above, have been made.

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 nine month periods ended June 29, 2013 are not indicative of the operating results that may be expected for the entire fiscal year. These interim financial statements should be read in conjunction with the annual audited financial statements, accounting policies and financial notes thereto, included in the Company’s 2012 Annual Report on Form 10-K, which has previously been filed with the Securities and Exchange Commission. The September 29, 2012 balance sheet presented herein was derived from the audited statements.

Acquisition

In December 2012, the Company acquired the remaining majority interest in FourStar Microbial Products, LLC (Four Star Microbial) for approximately $4.8 million in cash with possible contingent future performance-based payments. The Company has not yet finalized its allocation of the purchase price to the fair value of the net assets acquired. The operating results of FourStar Microbial had no impact on the consolidated financial statements and the purchase price paid is included in other assets on the condensed consolidated balance sheets. While the acquisition is not expected to have a material impact on the Company’s 2013 financial results, it will enhance the Company’s capability to service professional providers of mosquito abatement.

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 fully 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. See Note 3, Derivative Instruments, for additional information.

 

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For tax purposes, these derivative positions are entered into as a hedge, as defined in Treasury Regulation Section 1.221-2, in the normal course of business to manage risk of price changes of raw material inventory components and are treated as ordinary income property.

Recent Accounting Pronouncements

Comprehensive Income

In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income.” ASU No. 2011-05 requires that all nonowner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements, eliminating the option to present other comprehensive income in the statement of changes in equity. Under either choice, items that are reclassified from other comprehensive income to net income are required to be presented on the face of the financial statements where the components of net income and the components of other comprehensive income are presented. In December 2011, the FASB issued an update to ASU No. 2011-05, ASU No. 2011-12, which was issued to defer the effective date for amendments to the reclassifications of items out of accumulated other comprehensive income in ASU No. 2011-05. ASU 2011-05 and the amendments in ASU No. 2011-12 are effective for fiscal years and interim periods within those years, beginning after December 15, 2011 and became effective for the Company on September 30, 2012. The Company elected to report other comprehensive income and its components in a separate statement of comprehensive income. While the new guidance changed the presentation of comprehensive income, there were no changes to the components that are recognized in net income or other comprehensive income as determined under previous accounting guidance. The amended guidance did not have a material effect on the Company’s condensed consolidated financial statements.

In February 2013, the FASB issued Accounting Standards Update No. 2013-02, Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). This guidance requires entities to disclose, either in the notes to the consolidated financial statements or parenthetically on the face of the statement that reports comprehensive income (loss), items reclassified out of Accumulated other comprehensive income (loss) and into net earnings in their entirety and the effect of the reclassification on each affected Statement of Operations line item. In addition, for Accumulated other comprehensive income (loss) reclassification items that are not reclassified in their entirety into net earnings, a cross reference to other required accounting standard disclosures is required. This guidance is effective for the Company on September 29, 2013. The Company believes that the adoption of this guidance will not have a material impact on its condensed consolidated financial statements.

Goodwill

In September 2011, the FASB issued ASU No. 2011-08, “Intangibles – Goodwill and Other (Topic 350): Testing Goodwill for Impairment, which amended the guidance on the annual testing of goodwill for impairment. The amended guidance will allow companies to assess qualitative factors to determine if it is more-likely-than-not that goodwill might be impaired and whether it is necessary to perform the two-step goodwill impairment test required under current accounting standards. The guidance is effective for fiscal years beginning after December 15, 2011, and became effective for the Company on September 30, 2012. This new guidance did not have a material impact on the Company’s condensed consolidated financial statements.

Intangible Assets

In July 2012, the FASB issued an ASU No. 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, which simplifies the manner in which companies test indefinite-lived intangible assets for impairment. The ASU permits companies to first assess qualitative factors to determine whether events and circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform a quantitative impairment test. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The guidance became effective for the Company on September 30, 2012. This new guidance did not have a material impact on the Company’s condensed consolidated financial statements.

 

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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 June 29, 2013 (in thousands):

 

     Level 1      Level 2      Level 3      Total  

Assets:

           

Certificates of deposit

   $ 0       $ 17,820       $ 0       $ 17,820   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 0       $ 17,820       $ 0       $ 17,820   
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

           

Derivative liabilities

   $ 0       $ 197       $ 0       $ 197   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ 0       $ 197       $ 0       $ 197   
  

 

 

    

 

 

    

 

 

    

 

 

 

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 June 23, 2012 (in thousands):

 

     Level 1      Level 2      Level 3      Total  

Assets:

           

Certificates of deposit

   $ 0       $ 17,820       $ 0       $ 17,820   

Derivative assets

     0         72         0         72   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 0       $ 17,892       $ 0       $ 17,892   
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

           

Derivative liabilities

   $ 0       $ 44       $ 0       $ 44   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ 0       $ 44       $ 0       $ 44   
  

 

 

    

 

 

    

 

 

    

 

 

 

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 29, 2012 (in thousands):

 

     Level 1      Level 2      Level 3      Total  

Assets:

           

Certificates of deposit

   $ 0       $ 17,820       $ 0       $ 17,820   

Derivative assets

     0         334         0         334   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

   $ 0       $ 18,154       $ 0       $ 18,154   
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

           

Derivative liabilities

   $ 0       $ 206       $ 0       $ 206   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ 0       $ 206       $ 0       $ 206   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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Table of Contents

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Company measures certain non-financial assets and liabilities, including long-lived assets, goodwill and intangible assets, at fair value on a non-recurring basis. Fair value measurements of non-financial assets and non-financial liabilities are used primarily in the impairment analyses of long-lived assets, goodwill and other intangible assets. During the period ended June 29, 2013, the Company was not required to measure any significant non-financial assets and liabilities at fair value.

Fair Value of Other Financial Instruments

The estimated fair value of the Company’s $450.0 million 8.25 % senior subordinated notes due 2018 as of June 29, 2013 was $457.3 million, compared to a carrying value of $449.4 million. The estimated fair value is based on quoted market prices for these notes.

 

3. Derivative Instruments

Our operations are exposed to market risks from adverse changes in commodity prices affecting the cost of raw materials. In the normal course of business, these risks are managed through a variety of strategies, including the use of derivatives. The utilization of these financial transactions is governed by policies covering acceptable counterparty exposure, instrument types and other practices. The Company does not enter into derivative contracts for speculative purposes. The Company performs assessments of its counterparty credit risk regularly, including a review of credit ratings and potential nonperformance of the counterparty, and minimizes counterparty concentrations.

Commodity and commodity index futures, swaps and option contracts are used to economically hedge commodity input prices on grains and proteins. These derivative contracts are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. Generally, the Company economically hedges a portion of its anticipated consumption of commodity inputs for periods of up to 12 months. As of June 29, 2013, the Company had economically hedged certain portions of its anticipated consumption of commodity inputs using derivative instruments with expiration dates through July 2013.

The Company recognizes all derivative instruments as either assets or liabilities at fair value in the condensed consolidated balance sheets, with the exception of normal purchases and normal sales expected to result in physical delivery. The Company’s derivative financial instruments have not been designated as hedging instruments for accounting purposes. The Company recognizes realized and unrealized gains and losses from derivatives used to economically hedge anticipated commodity consumption in other income (expense) on the condensed consolidated statement of operations.

The following table presents the fair value of all derivative instruments outstanding in the condensed consolidated balance sheets (in thousands):

 

     June 29, 2013      June 23, 2012      September 29, 2012  

Derivatives Not Designated as Hedging Instruments

   Other Current
Assets
     Other Current
Liabilities
     Other Current
Assets
     Other Current
Liabilities
     Other Current
Assets
     Other Current
Liabilities
 

Commodity contracts

   $ 0       $ 197       $ 72       $ 44       $ 334       $ 206   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total derivative instruments

   $ 0       $ 197       $ 72       $ 44       $ 334       $ 206   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

The following table presents the effect of derivative instruments recorded in other income (expense) on the condensed consolidated statements of operations (in thousands):

 

     Three Months Ended      Nine Months Ended  

Derivatives Not Designated as Hedging Instruments

   June 29,
2013
    June 23,
2012
     June 29,
2013
    June 23,
2012
 

Commodity contracts

   $ (185   $ 41       $ (922   $ 1   
  

 

 

   

 

 

    

 

 

   

 

 

 

Total derivative instruments

   $ (185   $ 41       $ (922   $ 1   
  

 

 

   

 

 

    

 

 

   

 

 

 

 

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Table of Contents

The following table presents the gross contract notional volume of outstanding derivative contracts:

 

Commodity

   Metric      June 29, 2013      June 23, 2012      September 29, 2012  

Corn

     Bushels         366,000         200,000         400,000   

Soy Meal

     Tons         0         2,000         2,000   

 

4. Inventories, net

Inventories, net of allowance for obsolescence, consist of the following (in thousands):

 

     June 29, 2013      June 23, 2012      September 29, 2012  

Raw materials

   $ 130,597       $ 110,775       $ 94,387   

Work in progress

     19,848         14,698         13,587   

Finished goods

     255,112         201,071         209,888   

Supplies

     7,513         8,252         12,170   
  

 

 

    

 

 

    

 

 

 

Total inventories, net

   $ 413,070       $ 334,796       $ 330,032   
  

 

 

    

 

 

    

 

 

 

 

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 all four reporting units to the Company’s total market capitalization. Based on the Company’s annual analysis of goodwill performed during the fourth quarter of fiscal 2012, it concluded there was no impairment of goodwill during fiscal 2012.

 

6. Other Intangible Assets

The following table summarizes the components of gross and net acquired intangible assets:

 

     Gross      Accumulated
Amortization
    Cumulative
Impairment
    Net
Carrying
Value
 
            (in millions)        

June 29, 2013

         

Marketing-related intangible assets – amortizable

   $ 12.3       $ (8.1   $ 0      $ 4.2   

Marketing-related intangible assets – nonamortizable

     59.6         0        (16.9     42.7   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

     71.9         (8.1     (16.9     46.9   
  

 

 

    

 

 

   

 

 

   

 

 

 

Customer-related intangible assets – amortizable

     42.7         (17.2     0        25.5   
  

 

 

    

 

 

   

 

 

   

 

 

 

Other acquired intangible assets – amortizable

     10.8         (7.5     0        3.3   

Other acquired intangible assets – nonamortizable

     1.2         0        (1.2     0   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

     12.0         (7.5     (1.2     3.3   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total other intangible assets

   $ 126.6       $ (32.8   $ (18.1   $ 75.7   
  

 

 

    

 

 

   

 

 

   

 

 

 

 

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Table of Contents
     Gross      Accumulated
Amortization
    Cumulative
Impairment
    Net
Carrying
Value
 
            (in millions)        

June 23, 2012

         

Marketing-related intangible assets – amortizable

   $ 12.3       $ (7.2   $ 0      $ 5.1   

Marketing-related intangible assets – nonamortizable

     59.6         0        (16.9     42.7   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

     71.9         (7.2     (16.9     47.8   
  

 

 

    

 

 

   

 

 

   

 

 

 

Customer-related intangible assets – amortizable

     42.7         (14.8     0        27.9   
  

 

 

    

 

 

   

 

 

   

 

 

 

Other acquired intangible assets – amortizable

     10.8         (6.0     0        4.8   

Other acquired intangible assets – nonamortizable

     1.2         0        (1.2     0   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

     12.0         (6.0     (1.2     4.8   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total other intangible assets

   $ 126.6       $ (28.0   $ (18.1   $ 80.5   
  

 

 

    

 

 

   

 

 

   

 

 

 
     Gross      Accumulated
Amortization
    Cumulative
Impairment
    Net
Carrying
Value
 
            (in millions)        

September 29, 2012

         

Marketing-related intangible assets – amortizable

   $ 12.3       $ (7.5   $ 0      $ 4.8   

Marketing-related intangible assets – nonamortizable

     59.6         0        (16.9     42.7   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

     71.9         (7.5     (16.9     47.5   
  

 

 

    

 

 

   

 

 

   

 

 

 

Customer-related intangible assets – amortizable

     42.7         (15.4     0        27.3   
  

 

 

    

 

 

   

 

 

   

 

 

 

Other acquired intangible assets – amortizable

     10.8         (6.7     0        4.1   

Other acquired intangible assets – nonamortizable

     1.2         0        (1.2     0   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total

     12.0         (6.7     (1.2     4.1   
  

 

 

    

 

 

   

 

 

   

 

 

 

Total other intangible assets

   $ 126.6       $ (29.6   $ (18.1   $ 78.9   
  

 

 

    

 

 

   

 

 

   

 

 

 

Other intangible assets acquired include contract-based and technology-based intangible assets.

The Company evaluates long-lived assets, including amortizable and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. The Company evaluates indefinite-lived intangible assets on an annual basis. In fiscal 2012, 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 2012 or during the nine months ended June 29, 2013, and accordingly, no impairment testing was performed on these assets.

The Company is currently amortizing its acquired intangible assets with definite lives over periods ranging from 1 to 25 years; over weighted average remaining lives of seven years for marketing-related intangibles, 17 years for customer-related intangibles and five years for other acquired intangibles. Amortization expense for intangibles subject to amortization was approximately $1.1 million and $1.6 million for the three months ended June 29, 2013 and June 23, 2012, respectively, and $3.1 million and $4.0 million for the nine months ended June 29, 2013 and June 23, 2012, respectively, and is classified within operating expenses in the condensed consolidated statements of operations. Estimated annual amortization expense related to acquired intangible assets in each of the succeeding five years is estimated to be approximately $5 million per year from fiscal 2013 through fiscal 2017.

 

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Table of Contents
7. Long-Term Debt

Long-term debt consists of the following:

 

     June 29, 2013     June 23, 2012     September 29, 2012  
     (in thousands)  

Senior subordinated notes, net of unamortized discount (1), interest at 8.25%, payable semi-annually, principal due March 2018

   $ 449,390      $ 449,288      $ 449,312   

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

     60,000        0        0   

Other notes payable

     245        589        502   
  

 

 

   

 

 

   

 

 

 

Total

     509,635        449,877        449,814   

Less current portion

     (205     (347     (331
  

 

 

   

 

 

   

 

 

 

Long-term portion

   $ 509,430      $ 449,530      $ 449,483   
  

 

 

   

 

 

   

 

 

 

 

(1) Represents unamortized original issue discount of $610, $712 and $688 as of June 29, 2013, June 23, 2012 and September 29, 2012, respectively.

Senior Credit Facility

On June 8, 2011, the Company amended its $275 million, five-year senior secured revolving credit facility (the “Credit Facility”) included in its Amended and Restated Credit Agreement (the “Credit Agreement”). Under the modified terms, the Credit Facility has a borrowing capacity of $375 million, an increase of $100 million, and an extension of maturity date by approximately one year, to June 2016. The Credit Facility bears lower interest rates and commitment fees and requires less interest coverage. The Company continues to have the option to increase the size of the Credit Facility by an additional $200 million of incremental term loans and/or revolving loans should it exercise its option and one or more lenders are willing to make such increased amounts available to it. There was $60 million outstanding as of June 29, 2013 under the Credit Facility. There were no letters of credit outstanding under the Credit Facility as of June 29, 2013. There were other letters of credit of $17.5 million outstanding as of June 29, 2013. As of June 29, 2013, there were $315 million of unused commitments under the Credit Facility or, after giving effect to the financial covenants in the Credit Agreement, $147.8 million of available unused commitments.

Interest on the amended Credit Facility is based, at the Company’s option, on a rate equal to the Alternate Base Rate (ABR), which is the greatest of the prime rate, the Federal Funds rate plus  1/2 of 1% or one month LIBOR plus 1%, plus a margin, which fluctuates from 0.75% to 1.75%, or LIBOR plus a margin, which fluctuates from 1.75% to 2.75% and commitment fees that range from 0.30% to 0.50%, determined quarterly based on consolidated total debt to consolidated EBITDA for the most recent trailing 12-month period. As of June 29, 2013, the applicable interest rate on the Credit Facility related to alternate base rate borrowings was 5.0%, and the applicable interest rate related to LIBOR rate borrowings was 3.0%.

The Credit Facility is guaranteed by the Company’s material subsidiaries and is secured by the Company’s assets, excluding real property but including substantially all of the capital stock of the Company’s subsidiaries. The Credit Agreement contains certain financial and other covenants which require the Company to maintain minimum levels of interest coverage and maximum levels of senior debt to EBITDA and that restrict the Company’s ability to repurchase its stock, make investments in or acquisitions of other businesses and pay dividends above certain levels over the life of the Credit Facility. Under the terms of the Company’s Credit Facility, it may make restricted payments, including cash dividends and stock repurchases, in an aggregate amount initially not to exceed $200 million over the life of the Credit Facility, subject to qualifications and baskets as defined in the Credit Agreement. As of June 29, 2013, the Company’s Total Leverage Ratio, as defined in the Credit Agreement, was 4.9 to 1.0, and the Company’s Senior Secured Leverage Ratio, as defined in the Credit Agreement with a maximum of 2.0 to 1.0, was 0.6 to 1.0. The Company’s minimum Interest Coverage Ratio was reduced to 2.50 times, from 2.75 times as part of the modification of the Credit Facility. As of June 29, 2013, the Company’s Interest Coverage ratio was 2.6 times. Apart from the covenants limiting restricted payments and capital expenditures, the Credit Facility does not restrict the use of retained earnings or net income. The Company was in compliance with all financial covenants as of June 29, 2013.

The Company amended its Credit Facility effective August 1, 2013. Under the terms of this amendment, the Company’s Minimum Interest Coverage Ratio was reduced to 2.25 times, from 2.5 times and a Minimum Asset Coverage Ratio was added at 1.1 times. The covenant modifications are effective through the fiscal quarter ending March 29, 2014.

 

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Table of Contents

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 8, 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 Credit Facility.

The estimated fair value of our $450 million of 2018 Notes as of June 29, 2013 was approximately $457.3 million. The estimated fair value is based on quoted market prices for these notes.

The 2018 Notes require semiannual interest payments, which commenced on September 1, 2010. The 2018 Notes are unsecured senior subordinated obligations and are subordinated to all of our existing and future senior debt, including our Credit Facility. The obligations under the 2018 Notes are fully and unconditionally guaranteed on a senior subordinated basis by each of our existing and future domestic restricted subsidiaries with certain exceptions. The guarantees are general unsecured senior subordinated obligations of the guarantors and are subordinated to all existing and future senior debt of the guarantors.

The Company may redeem some or all of the 2018 Notes at any time prior to March 1, 2014 at the principal amount plus a “make whole” premium. The Company may redeem some or all of the 2018 Notes at any time on or after March 1, 2014 for 104.125%, after March 1, 2015 for 102.063% and after March 1, 2016 for 100%, plus accrued and unpaid interest. The holders of the 2018 Notes have the right to require the Company to repurchase all or a portion of the 2018 Notes at a purchase price equal to 101% of the principal amount of the notes repurchased, plus accrued and unpaid interest upon the occurrence of a change of control.

The 2018 Notes contain customary high yield covenants, including covenants limiting debt incurrence and restricted payments, subject to certain baskets and exceptions. The Company was in compliance with all financial covenants as of June 29, 2013.

 

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Table of Contents
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 nine months ended June 29, 2013 and June 23, 2012:

 

     Controlling Interest              
(in thousands)    Common
Stock
    Class A
Common
Stock
    Class
B

Stock
     Additional
Paid In
Capital
    Retained
Earnings
    Accumulated
Other
Comprehensive
Income
    Total     Noncontrolling
Interest
    Total  

Balance September 29, 2012

   $ 122      $ 347      $ 16       $ 382,195      $ 79,718      $ 1,539      $ 463,937      $ 946      $ 464,883   

Comprehensive income

              20,652        (699     19,953        1,367        21,320   

Stock based compensation

            3,489            3,489          3,489   

Restricted share activity

       4           2,478            2,482          2,482   

Issuance of common stock

       1           1,240            1,241          1,241   

Repurchase of common stock

            (1,304     (197       (1,501       (1,501

Tax benefit on stock option exercise

            345            345          345   

Distribution to Noncontrolling interest

                    (629     (629
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance June 29, 2013

   $ 122      $ 352      $ 16       $ 388,443      $ 100,173      $ 840      $ 489,946      $ 1,684      $ 491,630   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     Controlling Interest              
(in thousands)    Common
Stock
    Class A
Common
Stock
    Class
B

Stock
     Additional
Paid In
Capital
    Retained
Earnings
    Accumulated
Other
Comprehensive
Income
    Total     Noncontrolling
Interest
    Total  

Balance September 24, 2011

   $ 129      $ 359      $ 16       $ 396,208      $ 59,045      $ 1,019      $ 456,776      $ 6      $ 456,782   

Comprehensive income

     0        0        0         0        31,232        108        31,340        1,290        32,630   

Stock based compensation

     0        0        0         3,782        0        0        3,782        0        3,782   

Restricted share activity

     0        1        0         379        0        0        380        0        380   

Issuance of common stock

     0        4        0         802        0        0        806        0        806   

Repurchase of common stock

     (7     (19     0         (20,358     (500     0        (20,884     0        (20,884

Tax benefit on stock option exercise

     0        0        0         938        0        0        938        0        938   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance June 23, 2012

   $ 122      $ 345      $ 16       $ 381,751      $ 89,777      $ 1,127      $ 473,138      $ 1,296      $ 474,434   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

9. Stock-Based Compensation

The Company recognized share-based compensation expense of $12.5 million and $5.3 million for the nine month periods ended June 29, 2013 and June 23, 2012, respectively, as a component of selling, general and administrative expenses. The tax benefit associated with share-based compensation expense for the nine month periods ended June 29, 2013 and June 23, 2012 was $4.8 million and $2.0 million, respectively.

 

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Table of Contents
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
June 29, 2013
    Nine Months Ended
June 29, 2013
 
     Income      Shares      Per Share     Income      Shares      Per Share  
     (in thousands, except per share amounts)  

Basic EPS:

                

Net income available to common shareholders

   $ 13,725         48,173       $ 0.28      $ 20,652         48,037       $ 0.43   

Effect of dilutive securities:

                

Options to purchase common stock

        141         0           284         0   

Restricted shares

        508         0           445         (0.01

Diluted EPS:

                
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Net income available to common shareholders

   $ 13,725         48,822       $ 0.28      $ 20,652         48,766       $ 0.42   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 
     Three Months Ended
June 23, 2012
    Nine Months Ended
June 23, 2012
 
     Income      Shares      Per Share     Income      Shares      Per Share  
     (in thousands, except per share amounts)  

Basic EPS:

                

Net income available to common shareholders

   $ 22,699         47,661       $ 0.48      $ 31,232         47,580       $ 0.66   

Effect of dilutive securities:

                

Options to purchase common stock

        476         (0.01        455         (0.01

Restricted shares

        251         0           218         0   

Diluted EPS:

                
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Net income available to common shareholders

   $ 22,699         48,388       $ 0.47      $ 31,232         48,253       $ 0.65   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Options to purchase 11.6 million shares of common stock at prices ranging from $4.60 to $16.23 per share were outstanding at June 29, 2013, and options to purchase 12.8 million shares of common stock at prices ranging from $4.60 to $17.99 per share were outstanding at June 23, 2012.

For the three month periods ended June 29, 2013 and June 23, 2012, options to purchase 10.7 and 10.8 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 stock and, therefore, the effect would be anti-dilutive.

For the nine month period ended June 29, 2013 and June 23, 2012, options to purchase 7.5 and 9.9 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 stock and, therefore, the effect would be anti-dilutive.

 

17


Table of Contents
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     Nine Months Ended  
     June 29,
2013
    June 23,
2012
    June 29,
2013
    June 23,
2012
 

Net sales:

        

Pet segment

   $ 237,851      $ 271,345      $ 667,781      $ 693,114   

Garden segment

     256,279        262,463        617,015        609,663   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total net sales

   $ 494,130      $ 533,808      $ 1,284,796      $ 1,302,777   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations:

        

Pet segment

   $ 33,144      $ 40,454      $ 70,782      $ 71,153   

Garden segment

     13,668        22,581        39,090        48,111   

Corporate

     (13,920     (14,066     (43,328     (36,353
  

 

 

   

 

 

   

 

 

   

 

 

 

Total income from operations

     32,892        48,969        66,544        82,911   
  

 

 

   

 

 

   

 

 

   

 

 

 

Interest expense - net

     (11,319     (10,695     (32,479     (30,654

Other income (expense)

     353        102        (676     (19

Income taxes

     7,520        14,554        11,370        19,716   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income including noncontrolling interest

     14,406        23,822        22,019        32,522   

Net income attributable to noncontrolling interest

     681        1,123        1,367        1,290   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

   $ 13,725      $ 22,699      $ 20,652      $ 31,232   
  

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation and amortization:

        

Pet segment

   $ 3,489      $ 3,702      $ 11,208      $ 10,904   

Garden segment

     1,624        1,920        4,902        5,058   

Corporate

     2,698        2,402        8,048        7,114   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total depreciation and amortization

   $ 7,811      $ 8,024      $ 24,158      $ 23,076   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

     June 29,
2013
     June 23,
2012
     September 29,
2012
 

Assets:

        

Pet segment

   $ 443,854       $ 432,342       $ 411,059   

Garden segment

     447,756         384,502         341,716   

Corporate

     353,026         362,874         396,772   
  

 

 

    

 

 

    

 

 

 

Total assets

   $ 1,244,636       $ 1,179,718       $ 1,149,547   
  

 

 

    

 

 

    

 

 

 

Goodwill (included in corporate assets above):

        

Pet segment

   $ 202,514       $ 202,514       $ 202,514   

Garden segment

     7,709         7,709         7,709   
  

 

 

    

 

 

    

 

 

 

Total goodwill

   $ 210,223       $ 210,223       $ 210,223   
  

 

 

    

 

 

    

 

 

 

 

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Table of Contents
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 $450 million 8.25% Senior Subordinated Notes (the “Notes”) due March 1, 2018. Certain subsidiaries and operating divisions are not guarantors of the Notes and have been included in the financial results of the Parent in the information below. These Non-Guarantor entities are not material to the Parent. Those subsidiaries that are guarantors and co-obligors of the Notes are as follows:

Farnam Companies, Inc.

Four Paws Products Ltd.

Gulfstream Home & Garden, Inc.

Kaytee Products, Inc.

Matson, LLC

New England Pottery, LLC

Pennington Seed, Inc. (including Gro Tec, Inc. and All-Glass Aquarium Co., Inc.)

Pets International, Ltd.

T.F.H. Publications, Inc.

Wellmark International (including B2E Corporation and B2E Biotech LLC)

During the fourth quarter of fiscal 2012, the Company merged certain subsidiaries into the Parent. In the first three quarters of fiscal 2012, the following were included as Guarantor Subsidiaries because they were separate legal entities at that time:

Grant Laboratories, Inc.

Interpet USA, LLC

Matthews Redwood & Nursery Supply, Inc.

Fiscal 2013 financial results reflect these entities as part of the Parent. Fiscal 2012 financial results presented herein have been restated to reflect the current Guarantor Subsidiaries.

In lieu of providing separate 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 June 29, 2013
(in thousands)
(unaudited)
 
     Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

   $ 145,836      $ 361,067      $ (12,773   $ 494,130   

Cost of products sold and occupancy

     107,459        246,978        (12,773     341,664   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     38,377        114,089        0        152,466   

Selling, general and administrative expenses

     42,959        76,615        0        119,574   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     (4,582     37,474        0        32,892   

Interest – net

     (11,220     (99     0        (11,319

Other income (loss )

     (2,722     3,075        0        353   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     (18,524     40,450        0        21,926   

Income taxes (tax benefit)

     (7,007     14,527        0        7,520   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) including noncontrolling interest

     (11,517     25,923          14,406   

Income attributable to noncontrolling interest

     681        0        0        681   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

     (12,198     25,923        0        13,725   

Equity in undistributed income of guarantor subsidiaries

     25,923        0        (25,923     0   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

   $ 13,725      $ 25,923      $ (25,923   $ 13,725   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

19


Table of Contents
     CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Three Months Ended June 23, 2012
(in thousands)
(unaudited)
 
     Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

   $ 162,029      $ 394,197      $ (22,418   $ 533,808   

Cost of products sold and occupancy

     110,363        265,211        (22,418     353,156   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     51,666        128,986        0        180,652   

Selling, general and administrative expenses

     42,832        88,851        0        131,683   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     8,834        40,135        0        48,969   

Interest – net

     (10,727     32        0        (10,695

Other income (loss )

     (4,500     4,602        0        102   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     (6,393     44,769        0        38,376   

Income taxes (tax benefit)

     (2,485     17,039        0        14,554   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) including noncontrolling interest

     (3,908     27,730        0        23,822   

Income attributable to noncontrolling interest

     1,123        0        0        1,123   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

     (5,031     27,730        0        22,699   

Equity in undistributed income of guarantor subsidiaries

     27,730        0        (27,730     0   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

   $ 22,699      $ 27,730      $ (27,730   $ 22,699   
  

 

 

   

 

 

   

 

 

   

 

 

 
     CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Nine Months Ended June 29, 2013
(in thousands)
(unaudited)
 
     Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

   $ 400,778      $ 921,693      $ (37,675   $ 1,284,796   

Cost of products sold and occupancy

     298,861        641,015        (37,675     902,201   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     101,917        280,678        0        382,595   

Selling, general and administrative expenses

     108,405        207,646        0        316,051   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     (6,488     73,032        0        66,544   

Interest – net

     (32,441     (38     0        (32,479

Other income (loss )

     (5,539     4,863        0        (676
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     (44,468     77,857        0        33,389   

Income taxes (tax benefit)

     (15,995     27,365        0        11,370   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) including noncontrolling interest

     (28,473     50,492          22,019   

Income attributable to noncontrolling interest

     1,367        0        0        1,367   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

     (29,840     50,492        0        20,652   

Equity in undistributed income of guarantor subsidiaries

     50,492        0        (50,492     0   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

   $ 20,652      $ 50,492      $ (50,492   $ 20,652   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

20


Table of Contents
     CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Nine Months Ended June 23, 2012
(in thousands)
(unaudited)
 
     Parent     Guarantor
Subsidiaries
     Eliminations     Consolidated  

Net sales

   $ 416,323      $ 944,098       $ (57,644   $ 1,302,777   

Cost of products sold and occupancy

     295,339        655,996         (57,644     893,691   
  

 

 

   

 

 

    

 

 

   

 

 

 

Gross profit

     120,984        288,102         0        409,086   

Selling, general and administrative expenses

     106,435        219,740         0        326,175   
  

 

 

   

 

 

    

 

 

   

 

 

 

Income from operations

     14,549        68,362         0        82,911   

Interest – net

     (30,769     115         0        (30,654

Other income (expense)

     (5,167     5,148         0        (19
  

 

 

   

 

 

    

 

 

   

 

 

 

Income (loss) before income taxes

     (21,387     73,625         0        52,238   

Income tax (tax benefit)

     (7,977     27,693         0        19,716   
  

 

 

   

 

 

    

 

 

   

 

 

 

Income (loss) including noncontrolling interest

     (13,410     45,932         0        32,522   

Income attributable to noncontrolling interest

     1,290        0         0        1,290   
  

 

 

   

 

 

    

 

 

   

 

 

 

Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

     (14,700     45,932         0        31,232   

Equity in undistributed income of guarantor subsidiaries

     45,932        0         (45,932     0   
  

 

 

   

 

 

    

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

   $ 31,232      $ 45,932       $ (45,932   $ 31,232   
  

 

 

   

 

 

    

 

 

   

 

 

 
     CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME
Three Months Ended June 29, 2013
(in thousands)
(unaudited)
 
     Parent     Guarantor
Subsidiaries
     Eliminations     Consolidated  

Net income (loss)

   $ (11,517   $ 25,923       $ 0      $ 14,406   

Other comprehensive loss:

         

Foreign currency translation

     (92     0         0        (92
  

 

 

   

 

 

    

 

 

   

 

 

 

Total comprehensive income (loss)

     (11,609     25,923         0        14,314   

Comprehensive income attributable to noncontrolling interests

     681        0         0        681   
  

 

 

   

 

 

    

 

 

   

 

 

 

Comprehensive income (loss) attributable to Central Garden & Pet Company

   $ (12,290   $ 25,923       $ 0      $ 13,633   
  

 

 

   

 

 

    

 

 

   

 

 

 
     CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME

Three Months Ended June 23, 2012
(in thousands)
(unaudited)
 
     Parent     Guarantor
Subsidiaries
     Eliminations     Consolidated  

Net income (loss)

   $ (3,908   $ 27,730       $ 0      $ 23,822   

Other comprehensive loss:

         

Foreign currency translation

     (185     0         0        (185
  

 

 

   

 

 

    

 

 

   

 

 

 

Total comprehensive income (loss)

     (4,093     27,730         0        23,637   

Comprehensive income attributable to noncontrolling interests

     1,123        0         0        1,123   
  

 

 

   

 

 

    

 

 

   

 

 

 

Comprehensive income (loss) attributable to Central Garden & Pet Company

   $ (5,216   $ 27,730       $ 0      $ 22,514   
  

 

 

   

 

 

    

 

 

   

 

 

 

 

21


Table of Contents
     CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME
Nine Months Ended June 29, 2013
(in thousands)
(unaudited)
 
     Parent     Guarantor
Subsidiaries
     Eliminations      Consolidated  

Net income (loss)

   $ (28,473   $ 50,492       $ 0       $ 22,019   

Other comprehensive loss:

          

Foreign currency translation

     (699     0         0         (699
  

 

 

   

 

 

    

 

 

    

 

 

 

Total comprehensive income (loss)

     (29,172     50,492         0         21,320   

Comprehensive income attributable to noncontrolling interests

     1,367        0         0         1,367   
  

 

 

   

 

 

    

 

 

    

 

 

 

Comprehensive income (loss) attributable to Central Garden & Pet Company

   $ (30,539   $ 50,492       $ 0       $ 19,953   
  

 

 

   

 

 

    

 

 

    

 

 

 
     CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME
Nine Months Ended June 23, 2012
(in thousands)
(unaudited)
 
     Parent     Guarantor
Subsidiaries
     Eliminations      Consolidated  

Net income (loss)

   $ (13,410   $ 45,932       $ 0       $ 32,522   

Other comprehensive income:

          

Foreign currency translation

     108        0         0         108   
  

 

 

   

 

 

    

 

 

    

 

 

 

Total comprehensive income (loss)

     (13,302     45,932         0         32,630   

Comprehensive income attributable to noncontrolling interests

     1,290        0         0         1,290   
  

 

 

   

 

 

    

 

 

    

 

 

 

Comprehensive income (loss) attributable to Central Garden & Pet Company

   $ (14,592   $ 45,932       $ 0       $ 31,340   
  

 

 

   

 

 

    

 

 

    

 

 

 

 

22


Table of Contents

 

     CONSOLIDATING CONDENSED BALANCE SHEET
June 29, 2013
(in thousands)
(unaudited)
 
     Parent      Guarantor
Subsidiaries
     Eliminations     Consolidated  
ASSETS           

Cash and cash equivalents

   $ 18,109       $ 2,373       $ 0      $ 20,482   

Short term investments

     17,820         0         0        17,820   

Accounts receivable, net

     69,602         178,236         (4,188     243,650   

Inventories

     135,301         277,769         0        413,070   

Prepaid expenses and other assets

     24,040         29,711         0        53,751   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total current assets

     264,872         488,089         (4,188     748,773   

Land, buildings, improvements and equipment, net

     82,107         108,814         0        190,921   

Goodwill

     0         210,223         0        210,223   

Investment in guarantors

     733,748         0         (733,748     0   

Deferred income taxes and other assets

     53,049         41,670         0        94,719   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 1,133,776       $ 848,796       $ (737,936   $ 1,244,636   
  

 

 

    

 

 

    

 

 

   

 

 

 
LIABILITIES AND EQUITY           

Accounts payable

   $ 46,305       $ 70,196       $ (4,188   $ 112,313   

Accrued expenses and other current liabilities

     50,276         43,142         0        93,418   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total current liabilities

     96,581         113,338         (4,188     205,731   

Long-term debt

     509,397         33         0        509,430   

Other long-term obligations

     36,168         1,677         0        37,845   

Shareholders’ equity attributable to Central Garden & Pet Company

     489,946         733,748         (733,748     489,946   

Noncontrolling interest

     1,684         0         0        1,684   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total equity

     491,630         733,748         (733,748     491,630   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 1,133,776       $ 848,796       $ (737,936   $ 1,244,636   
  

 

 

    

 

 

    

 

 

   

 

 

 

 

23


Table of Contents
     CONSOLIDATING CONDENSED BALANCE SHEET
June 23, 2012
(in thousands)
(unaudited)
 
     Parent      Guarantor
Subsidiaries
     Eliminations     Consolidated  
ASSETS           

Cash and cash equivalents

   $ 37,280       $ 3,419       $ 0      $ 40,699   

Short term investments

     17,820         0         0        17,820   

Accounts receivable, net

     84,305         170,748         (9,273     245,780   

Inventories

     105,336         229,460         0        334,796   

Prepaid expenses and other assets

     19,395         26,712         0        46,107   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total current assets

     264,136         430,339         (9,273     685,202   

Land, buildings, improvements and equipment, net

     78,025         107,200         0        185,225   

Goodwill

     0         210,223         0        210,223   

Investment in guarantors

     672,339         0         (672,339     0   

Deferred income taxes and other assets

     43,602         55,466         0        99,068   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 1,058,102       $ 803,228       $ (681,612   $ 1,179,718   
  

 

 

    

 

 

    

 

 

   

 

 

 
LIABILITIES AND EQUITY           

Accounts payable

   $ 53,994       $ 80,390       $ (9,273   $ 125,111   

Accrued expenses and other current liabilities

     59,182         47,983         0        107,165   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total current liabilities

     113,176         128,373         (9,273     232,276   

Long-term debt

     449,406         124         0        449,530   

Other long-term obligations

     21,086         2,392         0        23,478   

Shareholders’ equity attributable to Central Garden & Pet Company

     473,138         672,339         (672,339     473,138   

Noncontrolling interest

     1,296         0         0        1,296   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total equity

     474,434         672,339         (672,339     474,434   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total

   $ 1,058,102       $ 803,228       $ (681,612   $ 1,179,718   
  

 

 

    

 

 

    

 

 

   

 

 

 

 

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Table of Contents
     CONSOLIDATING CONDENSED BALANCE SHEET
September 29, 2012
(in thousands)
 
     Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  
ASSETS   

Cash and cash equivalents

   $ 44,662      $ 3,813      $ 0      $ 48,475   

Short term investments

     22,705        0        0        22,705   

Accounts receivable, net

     48,339        159,328        (5,245     202,422   

Inventories

     97,017        233,015        0        330,032   

Prepaid expenses and other assets

     25,242        22,907        0        48,149   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

     237,965        419,063        (5,245     651,783   

Land, buildings, improvements and equipment, net

     81,727        109,436        0        191,163   

Goodwill

     0        210,223        0        210,223   

Investment in guarantors

     654,362        0        (654,362     0   

Other assets

     54,910        41,468        0        96,378   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 1,028,964      $ 780,190      $ (659,607   $ 1,149,547   
  

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND EQUITY         

Accounts payable

   $ 49,894      $ 82,013      $ (5,245   $ 126,662   

Accrued expenses and other liabilities

     38,673        41,149        0        79,822   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

     88,567        123,162        (5,245     206,484   

Long-term debt

     449,387        96        0        449,483   

Other long-term obligations

     26,127        2,570        0        28,697   

Shareholders’ equity attributable to Central Garden & Pet Company

     463,937        654,362        (654,362     463,937   

Noncontrolling interest

     946        0        0        946   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

     464,883        654,362        (654,362     464,883   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 1,028,964      $ 780,190      $ (659,607   $ 1,149,547   
  

 

 

   

 

 

   

 

 

   

 

 

 
     CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
Nine Months Ended June 29, 2013
(in thousands)
(unaudited)
 
     Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net cash provided (used) by operating activities

   $ 11      $ (14,977   $ (50,492   $ (65,458
  

 

 

   

 

 

   

 

 

   

 

 

 

Additions to property and equipment

     (8,965     (10,569     0        (19,534

Proceeds from short term investments

     4,885        0        0        4,885   

Payment to acquire companies

     0        (4,835     0        (4,835

Investment in guarantor subsidiaries

     (79,386     28,894        50,492        0   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided (used) by investing activities

     (83,466     13,490        50,492        (19,484
  

 

 

   

 

 

   

 

 

   

 

 

 

Repayments of long-term debt

     (161     (96     0        (257

Borrowings under revolving line of credit

     281,000        0        0        281,000   

Repayments under revolving line of credit

     (221,000     0        0        (221,000

Repurchase of common stock

     (2,625     0        0        (2,625

Proceeds from issuance of common stock

     560        0        0        560   

Distribution to minority interest

     (629     0        0        (629

Excess tax benefits from stock-based awards

     345        0        0        345   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided (used) by financing activities

     57,490        (96     0        57,394   

Effect of exchange rate changes on cash

     (588     143        0        (445
  

 

 

   

 

 

   

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (26,553     (1,440     0        (27,993

Cash and cash equivalents at beginning of period

     44,662        3,813        0        48,475   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 18,109      $ 2,373      $ 0      $ 20,482   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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Table of Contents
     CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
Nine Months Ended June 23, 2012
(in thousands)
(unaudited)
 
     Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net cash provided by operating activities

   $ 73,213      $ 36,873      $ (45,932   $ 64,154   
  

 

 

   

 

 

   

 

 

   

 

 

 

Additions to property and equipment

     (13,408     (13,522     0        (26,930

Investment in guarantor subsidiaries

     (24,713     (21,219     45,932        0   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used by investing activities

     (38,121     (34,741     45,932        (26,930
  

 

 

   

 

 

   

 

 

   

 

 

 

Proceeds from issuance of long-term debt

     49,288        0        0        49,288   

Repayments of long-term debt

     (175     (91     0        (266

Borrowings under revolving line of credit

     304,000        0        0        304,000   

Repayments under revolving line of credit

     (339,000     0        0        (339,000

Repurchase of common stock

     (23,151     0        0        (23,151

Proceeds from issuance of common stock

     1,291        0        0        1,291   

Deferred financing costs

     (1,715     0        0        (1,715

Excess tax benefits from stock-based awards

     938        0        0        938   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used by financing activities

     (8,524     (91     0        (8,615

Effect of exchange rate changes on cash

     79        (20     0        59   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in cash and cash equivalents

     26,647        2,021        0        28,668   

Cash and cash equivalents at beginning of period

     10,633        1,398        0        12,031   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 37,280      $ 3,419      $ 0      $ 40,699   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

13. Contingencies

The Company may from time to time become involved in certain legal proceedings in the ordinary course of business. Currently, the Company is not a party to any legal proceedings that management believes would have a material effect on the Company’s financial position or results of operations.

The Company has experienced, and may in the future experience, issues with products that may lead to product liability, recalls, withdrawls, replacements of products, or regulatory actions by governmental authorities. Currently, the Company does not expect any product liability, recalls, withdrawls or replacements of products that management believes would have a material effect on the Company’s financial position or results of operations.

 

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Table of Contents
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Our Company

Central Garden & Pet Company (“Central”) is a leading innovator, marketer and producer of quality branded products. We are one of the largest suppliers in the pet and lawn and garden supplies industries in the United States. The total pet food and supplies industry is estimated to be approximately $30 billion in annual retail sales. We estimate the annual retail sales of the pet supplies and super premium pet food markets in the categories in which we participate to be approximately $15 billion. The total lawn and garden industry in the United States, which includes equipment, supplies and services, is estimated to be approximately $21 billion in annual retail sales. We estimate the annual retail sales of the lawn and garden supplies markets in the categories in which we participate to be approximately $6 billion. In addition, we participate in the pottery and seasonal décor markets.

Our pet supplies products include products for dogs and cats, including edible bones, premium healthy edible and non-edible chews, super premium dog and cat food and treats, toys, pet carriers, grooming supplies and other accessories; products for birds, small animals and specialty pets, including food, cages and habitats, toys, chews and related accessories; animal and household health and insect control products; products for fish, reptiles and other aquarium-based pets, including aquariums, furniture and lighting fixtures, pumps, filters, water conditioners, food and supplements, and information and knowledge resources; and products for horses and livestock. These products are sold under a number of brand names including AdamsTM, Altosid, Aqueon®, Avoderm®, BioSpot®, Coralife®, Farnam®, Four Paws®, Interpet, Kaytee®, Kent Marine®, Nylabone®, Oceanic Systems®, Pet Select®, Pre-Strike®, Pinnacle®, Super Pet®, TFHTM, Zilla® and Zodiac®.

Our lawn and garden supplies products include proprietary and non-proprietary grass seed; wild bird feed, bird feeders, bird houses and other birding accessories; weed, grass, ant and other herbicide, insecticide and pesticide products; and decorative outdoor lifestyle and lighting products including pottery, trellises and other wood products and holiday lighting. These products are sold under a number of brand names including AMDRO®, GKI/Bethlehem Lighting®, Grant’s®, Ironite®, Lilly Miller®, Matthews Four SeasonsTM, New England Pottery®, Norcal Pottery®, Pennington®, Over-N-Out®, Sevin®, Smart Seed® and The Rebels®.

In fiscal 2012, our consolidated net sales were $1.7 billion, of which our Pet segment, or Pet, accounted for approximately $931 million and our lawn and Garden segment, or Garden, accounted for approximately $769 million. In fiscal 2012, our income from operations was $74 million, of which the Pet segment accounted for $88 million and the Garden segment accounted for $40 million, before corporate expenses and eliminations of $54 million. Fiscal 2013 will include one less week as compared to fiscal 2012. See Note 11 to our consolidated financial statements for financial information about our two operating segments.

We were incorporated in Delaware in June 1992 as the successor to a California corporation that was formed in 1955. Our executive offices are located at 1340 Treat Boulevard, Suite 600, Walnut Creek, California 94597, and our telephone number is (925) 948-4000. Our website is www.central.com. The information on our website is not incorporated by reference in this annual report.

Recent Developments

Fiscal 2013 Third Quarter Financial Performance:

 

   

Our net sales declined $39.7 million, or 7.4%, to $494.1 million with the decrease primarily in our pet segment.

 

   

Gross margin declined 290 basis points to 30.9%; both operating segments contributed to the decline.

 

   

Selling, general & administrative expenses decreased as a percentage of net sales to 24.2% from 24.7% in the prior year quarter.

 

   

Operating income declined $16.1 million to $32.9 million due to a decrease in operating income in both the garden and pet segments.

 

   

Our effective income tax rate was 34.3% in the third quarter of fiscal 2013, compared to 37.9% in the third quarter of fiscal 2012.

 

   

Our net income in the third quarter of fiscal 2013 was $13.7 million, or $0.28 per share, compared to $22.7 million, or $0.47 per share, in the third quarter of fiscal 2012.

 

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Credit Facility Amendment: We amended our Credit Facility effective August 1, 2013. Under the terms of this amendment, our Minimum Interest Coverage Ratio was reduced to 2.25 times, from 2.5 times and a Minimum Asset Coverage Ratio was added at 1.1 times. This amendment will be effective through the fiscal quarter ending March 29, 2014.

Results of Operations

Three Months Ended June 29, 2013

Compared with Three Months Ended June 23, 2012

Net Sales

Net sales for the three months ended June 29, 2013 decreased $39.7 million, or 7.4%, to $494.1 million from $533.8 million for the three months ended June 23, 2012. Our branded product sales decreased $40.2 million and sales of other manufacturers’ products increased $0.5 million. The decline in net sales was due primarily to two factors which benefitted the third quarter of fiscal 2012 but did not recur in the current quarter: the initial sell-in of pet products to a new channel and the shipment of orders which had been delayed from the second quarter of fiscal 2012.

Pet segment net sales decreased $33.5 million, or 12.3%, to $237.8 million for the three months ended June 29, 2013 from $271.3 million for the three months ended June 23, 2012. Pet branded product sales decreased $34.4 million, due primarily to a $23.2 million decrease in our animal health category which was heavily impacted by decreased sales volume of our flea and tick products. Flea and tick product sales in the prior year included the initial sell-in to a new channel.

Garden segment net sales decreased $6.2 million, or 2.4%, to $256.3 million for the three months ended June 29, 2013 from $262.5 million for the three months ended June 23, 2012. Garden branded product sales decreased $5.8 million and sales of other manufacturers’ products decreased $0.4 million. The sales decrease in our garden branded products was due primarily to a $13.0 million decrease in controls and fertilizers, partially offset by a $6.6 million increase in grass seed. In the prior year quarter, controls and fertilizers benefited from the shipment of delayed orders in the second quarter of fiscal 2012. Additionally, the increase in controls and fertilizer sales we reported in the second quarter of fiscal 2013, reflecting the launch of new products, did not carry through to this quarter as consumer sell-through of these products was lower than expected.

Gross Profit

Gross profit for the three months ended June 29, 2013 decreased $28.2 million, or 15.6%, to $152.5 million from $180.7 million for the three months ended June 23, 2012. Gross margin declined from 33.8% for the three months ended June 23, 2012 to 30.9% for the three months ended June 29, 2013. Gross profit decreased in both segments primarily as a result of the decreased sales.

The gross profit and gross margin decline in the pet segment was primarily impacted by decreased sales volume of our flea and tick products which generally have higher margins. Flea and tick product sales in the prior year included the initial sell-in to a new channel. Higher ingredient costs in our flea and tick products also impacted gross margin during the period. The gross profit decline in the garden segment was primarily due to the sales decrease in controls and fertilizers, which was also impacted by new product support expenses, and a gross margin decline in décor products, resulting from lower sales volumes and returns. Additionally, the garden segment gross margin was impacted by lower margins in our fertilizer business.

Selling, General and Administrative Expenses

Selling, general and administrative expenses decreased $12.1 million, or 9.2%, to $119.6 million for the three months ended June 29, 2013 from $131.7 million for the three months ended June 23, 2012. As a percentage of net sales, selling, general and administrative expenses decreased to 24.2% for the three months ended June 29, 2013, compared to 24.7% in the comparable prior year quarter. Selling and delivery expense decreased $9.1 million, or 10.7%, to $75.6 million for the three months ended June 29, 2013 from $84.7 million for the three months ended June 23, 2012. The decrease was due primarily to decreased advertising and marketing expense in our pet segment, headcount reductions and lower delivery expenses resulting from our lower sales volume. These were partially offset by an increase in marketing expenditures in the garden segment associated with our new product introductions. Warehouse and administrative expense decreased $3.0 million, or 6.4%, to $44.0 million for the quarter ended June 29, 2013 from $47.0 million in the quarter ended June 23, 2012 due primarily to reduced payroll and third party provider expenses. Corporate expenses are included within administrative expense and relate to the costs of unallocated executive, administrative, finance, legal, human resource, and informational technology functions.

 

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Table of Contents

Operating Income

Operating income decreased $16.1 million, or 32.8%, to $32.9 million for the three months ended June 29, 2013 from $49.0 million for the three months ended June 23, 2012. Operating income decreased due to decreased sales and gross profit, which was partially offset by decreased selling, general and administrative costs. Operating income as a percentage of net sales declined due to the decrease in gross margin, which was partially offset by an improvement in selling, general and administrative expenses as a percentage of sales. Operating income decreased in both our pet and garden segments.

Pet operating income decreased $7.3 million, or 18.1% to $33.1 million for the three months ended June 29, 2013 from $40.4 million for the three months ended June 23, 2012. The decrease was due primarily to lower sales of animal health products which was partially offset by decreased selling, general and administrative costs, primarily decreased selling and delivery costs. Garden operating income declined $8.9 million, or 39.5%, to $13.7 million from $22.6 million in fiscal 2012 due primarily to decreased sales and gross profit from our controls and fertilizer products and decreased margins in our décor business, both impacted by product introduction and support costs. In comparison, in the prior year third quarter the controls and fertilizers category benefited from the shipment of delayed orders. Also, additional advertising costs were incurred for new controls and fertilizer products. Corporate operating expense decreased $0.2 million, or 1.0%.

Net Interest Expense

Net interest expense for the three months ended June 29, 2013 increased $0.6 million, or 5.8%, to $11.3 million from $10.7 million for the three months ended June 23, 2012. Interest expense increased due to our higher average debt outstanding in the quarter ended June 29, 2013. Debt outstanding on June 29, 2013 was $509.6 million compared to $449.9 million as of June 23, 2012. Our average borrowing rate for the current quarter decreased to 7.5% compared to 8.4% for the prior year quarter due to a larger amount of debt on our revolver which had lower rates than our fixed debt.

Other Income

Other income increased $0.3 million for the three months ended June 29, 2013 to $0.4 million for the three months ended June 29, 2013 from $0.1 million for the three months ended June 23, 2012 due primarily to increased earnings from an investment accounted for under the equity method of accounting. Other income is comprised of income from investments accounted for under the equity method of accounting, foreign currency exchange gains and losses, and realized and unrealized gains and losses from derivative contracts used to economically hedge anticipated commodity purchases for use in our products.

Income Taxes

Our effective income tax rate was 34.3% for the quarter ended June 29, 2013 and 37.9% for the quarter ended June 23, 2012. The income tax rate decrease was due primarily to additional tax credits available in the quarter ended June 29, 2013, that had a larger impact due to lower earnings in the quarter.

Nine Months Ended June 29, 2013

Compared with Nine Months Ended June 23, 2012

Net Sales

Net sales for the nine months ended June 29, 2013 decreased $18.0 million, or 1.4%, to $1,284.8 million from $1,302.8 million for the nine months ended June 23, 2012. Our branded product sales decreased $16.4 million and sales of other manufacturers’ products declined $1.6 million.

Pet Products’ net sales decreased $25.3 million, or 3.7%, to $667.8 million for the nine months ended June 29, 2013 from $693.1 million in the comparable fiscal 2012 period. Pet branded product sales decreased $23.5 million from the prior year period, due primarily to a $14.7 million decrease in our animal health category which was primarily volume driven. The animal health product sales in the prior year included the initial sell-in of flea and tick products to a new channel. Sales of other manufacturers’ products decreased approximately $1.8 million compared to the prior year nine month period.

Garden Products’ net sales increased $7.3 million, or 1.2%, to $617.0 million for the nine months ended June 29, 2013 from $609.7 million in the comparable fiscal 2012 period. Garden branded product sales increased $7.1 million due primarily to a $11.0 million increase in wild bird feed, partially offset by decreased sales in our other garden supplies category. The wild bird feed sales increase was due to both price and volume increases. Sales of other manufacturers’ products increased approximately $0.2 million compared to the comparable prior year period.

 

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Table of Contents

Gross Profit

Gross profit for the nine months ended June 29, 2013 decreased $26.5 million, or 6.5%, to $382.6 million from $409.1 million for the nine months ended June 23, 2012. Gross margin declined from 31.4% for the nine months ended June 23, 2012 to 29.8% for the nine months ended June 29, 2013.

Gross profit decreased in the pet segment for the nine months ended June 29, 2013 due to decreased sales and a lower gross margin than the prior year period. The largest contributor to the lower gross profit and gross margin were our animal health products, which were impacted by decreased sales volume of our flea and tick products. Flea and tick product sales in the prior year included the initial sell-in to a new channel. Gross profit and gross margin declined in the garden segment for the nine months ended June 29, 2013. The decline in the garden segment was due primarily to sales returns and additional product introduction expenses in décor products and product introduction expense and margin decline in our controls and fertilizer business.

Selling, General and Administrative Expenses

Selling, general and administrative expenses decreased $10.1 million, or 3.1%, to $316.1 million for the nine months ended June 29, 2013 from $326.2 million for the nine months ended June 23, 2012. As a percentage of net sales, selling, general and administrative expenses decreased to 24.6% for the nine months ended June 29, 2013, compared to 25.0% in the comparable prior year nine month period.

Selling and delivery expense decreased $8.0 million, or 4.2%, from $190.5 million for the nine months ended June 23, 2012 to $182.5 million for the nine months ended June 29, 2013. The decrease was due to decreased advertising and marketing expense in our pet segment, headcount reductions and lower delivery expenses resulting from our lower sales volume.

Warehouse and administrative expense decreased $2.1 million to $133.6 million for the nine months ended June 29, 2013 from $135.7 million in the nine months ended June 23, 2012. Warehouse and administrative expenses decreased in both the pet and garden segments, due primarily to decreased payroll related and third party provider costs, partially offset by increased corporate expenses, due primarily to increased insurance program costs and information technology costs.

Operating Income

Operating income decreased $16.4 million, or 19.7%, to $66.5 million for the nine months ended June 29, 2013 from $82.9 million for the nine months ended June 23, 2012. Operating income decreased due to a decrease in gross profit, as the impact of the decrease in sales was increased by a decline in gross margin, which was only partially offset by a decrease in selling, general and administrative expenses.

Pet operating income decreased $0.5 million to $70.8 million, or 0.5%, as decreased net sales and a decline in the gross margin were, for the most part, offset by a decrease in selling, general and administrative costs, primarily decreased selling and delivery costs. Garden operating income decreased $9.0 million to $39.1 million due primarily to the decline in gross margin. Corporate operating expense increased $6.9 million, or 19.2%, due primarily to an increase in insurance program costs and increased information technology expenses.

Net Interest Expense

Net interest expense for the nine months ended June 29, 2013 increased $1.8 million or 6.0%, to $32.5 million from $30.7 million for the nine months ended June 23, 2012. The increase in interest expense resulted from a higher amount of debt outstanding during the current fiscal period. Debt outstanding on June 29, 2013 was $509.6 million compared to $449.9 million as of June 23, 2012. Our average borrowing rate for the nine months ended June 29, 2013 was 7.9% compared to 8.1% for the prior year nine month period.

Other Expense

Other expense increased $0.6 million from $0.1 million for the nine months ended June 23, 2012, to $0.7 million for the nine months ended June 29, 2013. The increase was due primarily to realized and unrealized gains and losses from derivative contracts used to economically hedge anticipated commodity purchases for use in our products, partially offset by increased earnings from an investment accounted for under the equity method of accounting. Other expense is comprised of income from investments accounted for under the equity method of accounting, foreign currency exchange gains and losses, and realized and unrealized gains and losses from derivative contracts used to economically hedge anticipated commodity purchases for use in our products.

 

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Table of Contents

Income Taxes

Our effective income tax rate was 34.1% for the nine months ended June 29, 2013 and 37.7% for the nine months ended June 23, 2012. Our 2013 tax rate benefited primarily from additional tax credits available in the current year applied to the lower fiscal 2013 earnings.

Inflation

Our revenues and margins are dependent on various economic factors, including rates of inflation, energy costs, consumer attitudes toward discretionary spending, currency fluctuations, and other macro-economic factors which may impact levels of consumer spending. Historically, in certain fiscal periods, we have been adversely impacted by rising input costs related to domestic inflation, particularly relating to grain and seed prices, fuel prices and the ingredients used in our garden controls and fertilizers. Rising costs have made it difficult for us to increase prices to our retail customers at a pace sufficient to enable us to maintain margins.

In recent years, our business was negatively impacted by low consumer confidence, as well as other macro-economic factors. In fiscal 2012 commodity costs continued to increase and 2013-to-date they remain at elevated levels. We continue to monitor commodity prices in order to take action to mitigate the impact of increasing raw material costs.

Weather and Seasonality

Our sales of lawn and garden products are influenced by weather and climate conditions in the different markets we serve. Additionally, our garden segment’s business is highly seasonal. In fiscal 2012, approximately 66% of our garden segment’s net sales and 59% of our total net sales occurred during our second and third fiscal quarters. Substantially all of our garden segment’s operating income is typically generated in this period, which has historically offset the operating loss incurred during the first fiscal quarter of the year.

Liquidity and Capital Resources

We have financed our growth through a combination of internally generated funds, bank borrowings, supplier credit and sales of equity and debt securities to the public.

Our business is seasonal and our working capital requirements and capital resources have tracked closely to this seasonal pattern. Generally, during the first fiscal quarter, accounts receivable reach their lowest level while inventory, accounts payable and short-term borrowings begin to increase. During the second fiscal quarter, receivables, accounts payable and short-term borrowings increase, reflecting the build-up of inventory and related payables in anticipation of the peak lawn and garden selling season. During the third fiscal quarter, inventory levels remain relatively constant while accounts receivable peak and short-term borrowings start to decline as cash collections are received during the peak selling season. During the fourth fiscal quarter, inventory levels are at their lowest, and accounts receivable and payables are substantially reduced through conversion of receivables to cash.

We service two broad markets: pet supplies and lawn and garden supplies. Our pet supplies businesses involve products that have a year round selling cycle with a slight degree of seasonality. As a result, it is not necessary to maintain large quantities of inventory to meet peak demands. On the other hand, our lawn and garden businesses are highly seasonal with approximately 66% of our garden segment’s net sales occurring during the second and third fiscal quarters. This seasonality requires them to ship large quantities of their product well ahead of the peak consumer buying periods. To encourage retailers and distributors to stock large quantities of inventory, industry practice has been for manufacturers to give extended credit terms and/or promotional discounts.

Net cash used in operating activities increased $129.6 million, from $64.2 million of cash provided by operating activities for the nine months ended June 23, 2012, to $65.4 million of cash used in operating activities for the nine months ended June 29, 2013. The increase in cash used in operating activities was due primarily to increases in our working capital accounts, specifically inventory. Inventory balances increased over the prior year as we built safety stock to ensure we could meet the anticipated needs of our customers for the launch of new products in our garden business. Additionally, strategic purchases and cost inflation impacted our inventory levels.

Net cash used in investing activities decreased $7.4 million, from $26.9 million for the nine months ended June 23, 2012 to $19.5 million during the nine months ended June 29, 2013. The decrease in cash used in investing activities was due primarily to a decrease in capital expenditures in the current year. The amount invested in facility consolidation and our ERP implementation in the prior year did not recur at the same levels in the current year. During the nine months ended June 29, 2013, we received proceeds from the sale of short term investments, which were offset by payments made related to the acquisition of FourStar Microbial Products, LLC (Four Star

 

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Microbial). In December 2012, the Company acquired the remaining majority interest in FourStar Microbial for approximately $4.8 million in cash with possible contingent future performance-based payments. The Company has not yet finalized its allocation of the purchase price to the fair value of the net assets acquired. The operating results of FourStar Microbial had no impact on the consolidated financial statements and the purchase price paid is included in other assets on the condensed consolidated balance sheets. While the acquisition is not expected to have a material impact on the Company’s 2013 financial results, it will enhance the Company’s capability to service professional providers of mosquito abatement.

Net cash provided by financing activities increased $66.0 million, from $8.6 million of cash used by financing activities for the nine months ended June 23, 2012, to $57.4 million of cash provided by financing activities for the nine months ended June 29, 2013. The increase in cash provided was due to increased net borrowings under our revolving credit facility during the nine months ended June 29, 2013, as compared to the nine months ended June 23, 2012. The higher net borrowings during the nine months ended June 29, 2013 were partially offset by lower share repurchases in the current year period. The aggregate cost of our share repurchases during the nine months ended June 29, 2013 was $1.5 million, compared to $20.9 million for the nine months ended June 23, 2012.

We expect that our principal sources of funds will be cash generated from our operations and, if necessary, borrowings under our $375 million revolving credit facility. Based on our anticipated cash needs, availability under our revolving credit facility and the scheduled maturity of our debt, we believe that our sources of liquidity should be adequate to meet our working capital, capital spending and other cash needs for at least the next 12 months. However, we cannot assure you that these sources will continue to provide us with sufficient liquidity and, should we require it, that we will be able to obtain financing on terms satisfactory to us, or at all.

We believe that cash flows from operating activities, funds available under our revolving credit facility, and arrangements with suppliers will be adequate to fund our presently anticipated working capital requirements for the foreseeable future. We anticipate that our capital expenditures will not exceed $30 million during fiscal 2013, which are related primarily to replacements and upgrades to plant and equipment and investment in our implementation of a scalable enterprise-wide information technology platform. We are investing in this information technology platform to improve existing operations, support future growth and enable us to take advantage of new applications and technologies. We have invested approximately $78.5 million from fiscal 2005 through fiscal 2012 in this initiative and plan to invest up to an additional $11.0 million in fiscal 2013 for planned implementations. Capital expenditures for 2013 and beyond will depend upon the pace of conversion of those remaining legacy systems. This initiative, when complete, will combine our numerous information systems into one enterprise system and create a common business model and common data, which should create greater efficiency and effectiveness.

As part of our growth strategy, we have acquired a number of companies in the past, and we anticipate that we will continue to evaluate potential acquisition candidates in the future. If one or more potential acquisition opportunities, including those that would be material, become available in the near future, we may require additional external capital. In addition, such acquisitions would subject us to the general risks associated with acquiring companies, particularly if the acquisitions are relatively large.

Stock Repurchases

During the three months ended June 29, 2013, we did not repurchase our common stock. During the nine months ended June 29, 2013, we repurchased approximately 0.2 million shares of our Class A common stock for an aggregate cost of $1.5 million. During the third quarter of fiscal 2011, our Board of Directors authorized a $100 million share repurchase program, under which approximately $50 million is available for repurchases in fiscal 2013 and thereafter.

Senior Credit Facility

On June 8, 2011, we amended our $275 million, five-year senior secured revolving credit facility (the “Credit Facility”) included in our Amended and Restated Credit Agreement (the “Credit Agreement”). Under the modified terms, the Credit Facility has a borrowing capacity of $375 million, an increase of $100 million, and a maturity date of June 2016. The Credit Facility bears lower interest rates and commitment fees and requires less interest coverage. We continue to have the option to increase the size of the Credit Facility by an additional $200 million of incremental term loans and/or revolving loans should we exercise our option and one or more lenders are willing to make such increased amounts available to us. There was $60 million outstanding as of June 29, 2013 under the Credit Facility. There were no letters of credit outstanding under the Credit Facility as of June 29, 2013. There were other letters of credit of $17.5 million outstanding as of June 29, 2013. As of June 29, 2013, there were $315 million of unused commitments under the Credit Facility or, after giving effect to the financial covenants in the Credit Agreement, $147.8 million of available unused commitments.

Interest on the amended Credit Facility is based, at our option, on a rate equal to the Alternate Base Rate (ABR), which is the greatest of the prime rate, the Federal Funds rate plus 1/2 of 1% or one month LIBOR plus 1%, plus a margin, which fluctuates from 0.75% to 1.75%, or LIBOR plus a margin, which fluctuates from 1.75% to 2.75% and commitment fees that range from 0.30% to 0.50%, determined quarterly based on consolidated total debt to consolidated EBITDA for the most recent trailing 12-month period. As of June 29, 2013, the applicable interest rate on the Credit Facility related to alternate base rate borrowings was 5.0%, and the applicable interest rate related to LIBOR rate borrowings was 3.0%.

 

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The Credit Facility is guaranteed by our material subsidiaries and is secured by our assets, excluding real property but including substantially all of the capital stock of our subsidiaries. The Credit Agreement contains certain financial and other covenants which require us to maintain minimum levels of interest coverage and maximum levels of senior debt to EBITDA and that restrict our ability to repurchase our stock, make investments in or acquisitions of other businesses and pay dividends above certain levels over the life of the Credit Facility. Under the terms of our Credit Facility, we may make restricted payments, including cash dividends and stock repurchases, in an aggregate amount initially not to exceed $200 million over the life of the Credit Facility, subject to qualifications and baskets as defined in the Credit Agreement. As of June 29, 2013, our Total Leverage Ratio, as defined in the Credit Agreement, was 4.9 to 1.0, and our Senior Secured Leverage Ratio, as defined in the Credit Agreement with a maximum of 2.0 to 1.0, was 0.6 to 1.0. Our minimum Interest Coverage Ratio was reduced to 2.5 times, from 2.75 times as part of the modification of the Credit Facility. As of June 29, 2013, our Interest Coverage ratio was 2.6 times. Apart from the covenants limiting restricted payments and capital expenditures, the Credit Facility does not restrict the use of retained earnings or net income. We were in compliance with all financial covenants as of June 29, 2013.

We amended our Credit Facility effective August 1, 2013. Under the terms of this amendment, our Minimum Interest Coverage Ratio was reduced to 2.25 times, from 2.5 times and a Minimum Asset Coverage Ratio was added at 1.1 times. The covenant modifications are effective through the fiscal quarter ending March 29, 2014.

Senior Subordinated Notes

On March 8, 2010, we issued $400 million aggregate principal amount of 8.25% senior subordinated notes due March 1, 2018 (the “2018 Notes”).

On February 13, 2012, we issued an additional $50 million aggregate principal amount of our 2018 Notes at a price of 98.501%, plus accrued interest from September 1, 2011, in a private placement. We used the net proceeds from the offering to pay a portion of the outstanding balance under our Credit Facility.

The estimated fair value of our $450 million of 2018 Notes as of June 29, 2013 was approximately $457.3 million. The estimated fair value is based on quoted market prices for these notes.

The 2018 Notes require semiannual interest payments, which commenced on September 1, 2010. The 2018 Notes are unsecured senior subordinated obligations and are subordinated to all of our existing and future senior debt, including our Credit Facility. The obligations under the 2018 Notes are fully and unconditionally guaranteed on a senior subordinated basis by each of our 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.

We may redeem some or all of the 2018 Notes at any time prior to March 1, 2014 at the principal amount plus a “make whole” premium. We may redeem some or all of the 2018 Notes at any time on or after March 1, 2014 for 104.125%, after March 1, 2015 for 102.063% and after March 1, 2016 for 100%, plus accrued and unpaid interest. The holders of the 2018 Notes have the right to require us 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. We were in compliance with all financial covenants as of June 29, 2013.

Total Debt

At June 29, 2013, our total debt outstanding was $509.6 million, as compared with $449.9 million at June 23, 2012.

Off-Balance Sheet Arrangements

There have been no material changes to the information provided in our Annual Report on Form 10-K for the fiscal year ended September 29, 2012 regarding off-balance sheet arrangements.

 

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Contractual Obligations

There have been no material changes outside the ordinary course of business in our contractual obligations set forth in the Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources in our Annual Report on Form 10-K for the fiscal year ended September 29, 2012.

New Accounting Pronouncements

Refer to Footnote 1 in the notes to the condensed consolidated financial statements for new accounting pronouncements.

Critical Accounting Policies, Estimates and Judgments

There have been no material changes to our critical accounting policies, estimates and assumptions or the judgments affecting the application of those accounting policies since our Annual Report on Form 10-K for the fiscal year ended September 29, 2012, with the exception of the following related to our goodwill.

We account for goodwill in accordance with ASC 350, “Intangibles – Goodwill and Other,” and test 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. We use discounted cash flow analysis to estimate the fair value of our reporting units. Our goodwill impairment analysis also includes a comparison of the aggregate estimated fair value of our reporting units to our total market capitalization. Based on our annual analysis of goodwill performed during the fourth quarter of fiscal 2012, we concluded there was no impairment of goodwill during fiscal 2012.

The Garden segment operating income has declined during the first nine months of fiscal 2013. Garden operating income has decreased $9.0 million, or 18.8% from the comparable fiscal 2012 period. Due to recent trends impacting our Garden segment, we qualitatively assessed the valuation of our Garden segment reporting units, which have goodwill of $7.7 million. This qualitative assessment resulted in a determination that it was more likely than not that the fair value of the reporting unit exceeded the carrying amount of the Garden Segment reporting units at June 29, 2013. If these trends continue through the remainder of the garden season, and our forecast of future operating performance further declines, there is the potential for goodwill impairment related to our Garden segment’s reporting units.

The Pet segment operating income for the first nine months of fiscal 2013 has been relatively consistent with the comparable fiscal 2012 period. The Pet segment reporting units have $202.5 million of goodwill. Our last annual impairment test in the fourth quarter of 2012 resulted in these units’ valuation exceeding carrying value by more than 20%.

When estimating the fair value of a reporting unit, we may need to adjust discount rates and/or other assumptions when comparing the sum of the fair values of our reporting units to our market capitalization. The comparison of the fair values of our reporting units to our market capitalization can be influenced by the movement of our stock price during our fiscal fourth quarter. Significant adverse changes to our business environment, future cash flows or stock price could cause us to record impairment charges in future periods, which could be material. Our annual goodwill impairment test will be performed in our fourth fiscal quarter, the results of which will be reported in our 10K for the fiscal year ending September 28, 2013.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There has been no material change in our exposure to market risk from that discussed in our Annual Report on Form 10-K for the fiscal year ended September 29, 2012.

 

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures. Our Chief Executive Officer and Chief Financial Officer have reviewed, as of the end of the period covered by this report, the “disclosure controls and procedures” (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) that ensure that information relating to the Company required to be disclosed by us in the reports

 

34


Table of Contents

that we file or submit under the Exchange Act is recorded, processed, summarized and reported in a timely and proper manner and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Based upon this review, such officers concluded that our disclosure controls and procedures were effective as of June 29, 2013.

(b) Changes in Internal Control Over Financial Reporting. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated whether any change in our internal control over financial reporting occurred during the third quarter of fiscal 2013. Based on that evaluation, management concluded that there has been no change in our internal control over financial reporting during the third quarter of fiscal 2013 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II.     OTHER INFORMATION

 

Item 1. Legal Proceedings

From time to time, we are involved in certain legal proceedings in the ordinary course of business. Currently, we are not a party to any legal proceedings that management believes would have a material effect on our financial position or results of operations.

 

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in Item 1A to Part I of our Form 10-K for the fiscal year ended September 29, 2012 except for the following.

If our goodwill, indefinite-lived intangible assets or other long-term assets become impaired, we will be required to record impairment charges, which may be significant.

A significant portion of our long-term assets consist of goodwill and other intangible assets recorded as a result of past acquisitions. We do not amortize goodwill and indefinite-lived intangible assets, but rather review them for impairment on a periodic basis or whenever events or changes in circumstances indicate that their carrying value may not be recoverable. We consider whether circumstances or conditions exist which suggest that the carrying value of our goodwill and other long-lived intangible assets might be impaired. If such circumstances or conditions exist, further steps are required to determine whether the carrying value of each of the individual assets exceeds its fair value. If analysis indicates that an individual asset’s carrying value does exceed its fair value, we would record a loss equal to the excess of the individual asset’s carrying value over its fair value.

The steps required by GAAP entail significant amounts of judgment and subjectivity. Events and changes in circumstances that may indicate that there may be an impairment and which may indicate that interim impairment testing is necessary include, but are not limited to: competitive conditions; the impact of the economic environment on our customer base and on broad market conditions that drive valuation considerations by market participants; our internal expectations with regard to future revenue growth and the assumptions we make when performing impairment reviews; a significant decrease in the market price of our assets; a significant adverse change in the extent or manner in which our assets are used; a significant adverse change in the business climate that could affect our assets; and significant changes in the cash flows associated with an asset. As a result of such circumstances, we may be required to record a significant charge to earnings in our financial statements during the period in which any impairment of our goodwill, indefinite-lived intangible assets or other long-term assets is determined. Any such impairment charges could have a material adverse effect on our business, financial condition.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table sets forth the repurchases of any equity securities during the fiscal quarter ended June 29, 2013 and the dollar amount of authorized share repurchases remaining under our stock repurchase program.

 

Period

   Total Number
of Shares

(or Units)
Purchased
    Average
Price Paid
per Share
(or Units)
     Total Number
of Shares
(or Units)
Purchased as
Part of Publicly
Announced Plans

or Programs
     Maximum Number (or
Approximate Dollar Value)
of Shares

(or Units)
that May Yet Be Purchased
Under the Plans or
Programs (1)
 

March 31, 2013 – May 4, 2013

     4,338 (2)    $ 8.67         0       $ 50,093,000   

May 5, 2013 – June 1, 2013

     3,214 (2)    $ 7.43         0       $ 50,093,000   

June 1, 2013 – June 29, 2013

     2,471 (2)    $ 7.25         0       $ 50,093,000   
  

 

 

   

 

 

    

 

 

    

 

 

 

Total

     10,023      $ 7.92         0       $ 50,093,000   

 

(1) During the third quarter of fiscal 2011, our Board of Directors authorized a new $100 million share repurchase program. The program has no expiration date and expires when the amount authorized has been used or the Board withdraws its authorization. The repurchase of shares may be limited by certain financial covenants in our credit facility and indenture that restrict our ability to repurchase our stock.
(2) Shares purchased during the period indicated represent withholding of a portion of shares to cover taxes in connection with the vesting of restricted stock and the exercise of stock options.

 

Item 3. Defaults Upon Senior Securities

Not applicable

 

Item 4. Mine Safety Disclosures

Not applicable

 

Item 5. Other Information

Not applicable

 

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Item 6. Exhibits

 

  31.1   Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
  31.2   Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
  32.1   Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350.
  32.2   Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350.
101.INS**   XBRL Instance Document
101.SCH**   XBRL Taxonomy Extension Schema Document
101.CAL**   XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**   XBRL Taxonomy Extension Label Linkbase Document
101.PRE**   XBRL Taxonomy Extension Presentation Linkbase Document

 

36


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SIGNATURES

Pursuant to the requirements of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized.

 

CENTRAL GARDEN & PET COMPANY
Registrant
Dated: August 8, 2013

 /s/ JOHN R. RANELLI

John R. Ranelli
President and Chief Executive Officer
(Principal Executive Officer)

 /S/ LORI A. VARLAS

Lori A. Varlas
Chief Financial Officer
(Principal Financial Officer)

 

37

EX-31.1 2 d554391dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

I, John R. Ranelli, certify that:

 

1. I have reviewed this report on Form 10-Q for the quarter ended June 29, 2013 of Central Garden & Pet Company;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2013

 

 /s/ JOHN R. RANELLI

John R. Ranelli
President and Chief Executive Officer
(Principal Executive Officer)
EX-31.2 3 d554391dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

I, Lori A. Varlas, certify that:

 

1. I have reviewed this report on Form 10-Q for the quarter ended June 29, 2013 of Central Garden & Pet Company;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2013

 

 /S/ LORI A. VARLAS

Lori A. Varlas
Chief Financial Officer
(Principal Financial Officer)
EX-32.1 4 d554391dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the accompanying quarterly report on Form 10-Q of Central Garden & Pet Company for the quarter ended June 29, 2013 (the “Report”), I, John R. Ranelli, President and Chief Executive Officer of Central Garden & Pet Company, hereby certify pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

  (1) such Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  (2) the information contained in such Report presents, in all material respects, the financial condition and results of operations of Central Garden & Pet Company.

 

August 8, 2013    

 /s/ JOHN R. RANELLI

    John R. Ranelli
    President and Chief Executive Officer
    (Principal Executive Officer)
EX-32.2 5 d554391dex322.htm EX-32.2 EX-32.2

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the accompanying quarterly report on Form 10-Q of Central Garden & Pet Company for the quarter ended June 29, 2013 (the “Report”), I, Lori A. Varlas, Chief Financial Officer of Central Garden & Pet Company, hereby certify pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

  (1) such Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  (2) the information contained in such Report presents, in all material respects, the financial condition and results of operations of Central Garden & Pet Company.

 

August 8, 2013    

 /S/ LORI A. VARLAS

    Lori A. Varlas
    Chief Financial Officer
    (Principal Financial Officer)
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xbrl,nx --> <font style="font-family:times new roman" size="2"><b></b></font> <font style="font-family:times new roman" size="2"><b></b></font> <font style="font-family:times new roman" size="2"> <b></b></font> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>1.</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Basis of Presentation </b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The condensed consolidated balance sheets of Central Garden&#160;&#038; Pet Company and subsidiaries (the &#8220;Company&#8221; or &#8220;Central&#8221;) as of June&#160;29, 2013 and June&#160;23, 2012, the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the three and nine months ended June&#160;29, 2013 and June&#160;23, 2012, and the condensed consolidated statements of cash flows for the nine months ended June&#160;29, 2013 and June&#160;23, 2012 have been prepared by the Company, without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flows of the Company for the periods mentioned above, have been made. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">For the Company&#8217;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. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Due to the seasonal nature of the Company&#8217;s garden business, the results of operations for the three and nine month periods ended June&#160;29, 2013 are not indicative of the operating results that may be expected for the entire fiscal year. These interim financial statements should be read in conjunction with the annual audited financial statements, accounting policies and financial notes thereto, included in the Company&#8217;s 2012 Annual Report on Form 10-K, which has previously been filed with the Securities and Exchange Commission. The September&#160;29, 2012 balance sheet presented herein was derived from the audited statements. </font></p> <p style="margin-top:18px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2"><b><i>Acquisition </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In December 2012, the Company acquired the remaining majority interest in FourStar Microbial Products, LLC (Four Star Microbial) for approximately $4.8 million in cash with possible contingent future performance-based payments. The Company has not yet finalized its allocation of the purchase price to the fair value of the net assets acquired. The operating results of FourStar Microbial had no impact on the consolidated financial statements and the purchase price paid is included in other assets on the condensed consolidated balance sheets. 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Segment Information
9 Months Ended
Jun. 29, 2013
Segment Information [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     Nine Months Ended  
    June 29,
2013
    June 23,
2012
    June 29,
2013
    June 23,
2012
 

Net sales:

                               

Pet segment

  $ 237,851     $ 271,345     $ 667,781     $ 693,114  

Garden segment

    256,279       262,463       617,015       609,663  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total net sales

  $ 494,130     $ 533,808     $ 1,284,796     $ 1,302,777  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations:

                               

Pet segment

  $ 33,144     $ 40,454     $ 70,782     $ 71,153  

Garden segment

    13,668       22,581       39,090       48,111  

Corporate

    (13,920     (14,066     (43,328     (36,353
   

 

 

   

 

 

   

 

 

   

 

 

 

Total income from operations

    32,892       48,969       66,544       82,911  
   

 

 

   

 

 

   

 

 

   

 

 

 

Interest expense - net

    (11,319     (10,695     (32,479     (30,654

Other income (expense)

    353       102       (676     (19

Income taxes

    7,520       14,554       11,370       19,716  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income including noncontrolling interest

    14,406       23,822       22,019       32,522  

Net income attributable to noncontrolling interest

    681       1,123       1,367       1,290  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

  $ 13,725     $ 22,699     $ 20,652     $ 31,232  
   

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation and amortization:

                               

Pet segment

  $ 3,489     $ 3,702     $ 11,208     $ 10,904  

Garden segment

    1,624       1,920       4,902       5,058  

Corporate

    2,698       2,402       8,048       7,114  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total depreciation and amortization

  $ 7,811     $ 8,024     $ 24,158     $ 23,076  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                         
       
    June 29,
2013
    June 23,
2012
    September 29,
2012
 

Assets:

                       

Pet segment

  $ 443,854     $ 432,342     $ 411,059  

Garden segment

    447,756       384,502       341,716  

Corporate

    353,026       362,874       396,772  
   

 

 

   

 

 

   

 

 

 

Total assets

  $ 1,244,636     $ 1,179,718     $ 1,149,547  
   

 

 

   

 

 

   

 

 

 

Goodwill (included in corporate assets above):

                       

Pet segment

  $ 202,514     $ 202,514     $ 202,514  

Garden segment

    7,709       7,709       7,709  
   

 

 

   

 

 

   

 

 

 

Total goodwill

  $ 210,223     $ 210,223     $ 210,223  
   

 

 

   

 

 

   

 

 

 

 

XML 15 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Jun. 29, 2013
Jun. 23, 2012
Jun. 29, 2013
Jun. 23, 2012
Condensed Consolidated Statements of Operations [Abstract]        
Net sales $ 494,130 $ 533,808 $ 1,284,796 $ 1,302,777
Cost of goods sold and occupancy 341,664 353,156 902,201 893,691
Gross profit 152,466 180,652 382,595 409,086
Selling, general and administrative expenses 119,574 131,683 316,051 326,175
Income from operations 32,892 48,969 66,544 82,911
Interest expense (11,347) (10,723) (32,599) (30,738)
Interest income 28 28 120 84
Other income (expense) 353 102 (676) (19)
Income before income taxes and noncontrolling interest 21,926 38,376 33,389 52,238
Income taxes 7,520 14,554 11,370 19,716
Income including noncontrolling interest 14,406 23,822 22,019 32,522
Net income attributable to noncontrolling interest 681 1,123 1,367 1,290
Net income attributable to Central Garden & Pet Company $ 13,725 $ 22,699 $ 20,652 $ 31,232
Net income per share attributable to Central Garden & Pet Company:        
Basic $ 0.28 $ 0.48 $ 0.43 $ 0.66
Diluted $ 0.28 $ 0.47 $ 0.42 $ 0.65
Weighted average shares used in the computation of net income per share:        
Basic 48,173 47,661 48,037 47,580
Diluted 48,822 48,388 48,766 48,253
XML 16 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Inventories, Net
9 Months Ended
Jun. 29, 2013
Inventories, Net [Abstract]  
Inventories, net
4. Inventories, net

Inventories, net of allowance for obsolescence, consist of the following (in thousands):

 

                         
    June 29, 2013     June 23, 2012     September 29, 2012  

Raw materials

  $ 130,597     $ 110,775     $ 94,387  

Work in progress

    19,848       14,698       13,587  

Finished goods

    255,112       201,071       209,888  

Supplies

    7,513       8,252       12,170  
   

 

 

   

 

 

   

 

 

 

Total inventories, net

  $ 413,070     $ 334,796     $ 330,032  
   

 

 

   

 

 

   

 

 

 

 

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Other Intangible Assets (Tables)
9 Months Ended
Jun. 29, 2013
Other Intangible Assets [Abstract]  
Components of gross and net acquired intangible assets

The following table summarizes the components of gross and net acquired intangible assets:

 

                                 
    Gross     Accumulated
Amortization
    Cumulative
Impairment
    Net
Carrying
Value
 
          (in millions)        

June 29, 2013

                               

Marketing-related intangible assets – amortizable

  $ 12.3     $ (8.1   $ 0     $ 4.2  

Marketing-related intangible assets – nonamortizable

    59.6       0       (16.9     42.7  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    71.9       (8.1     (16.9     46.9  
   

 

 

   

 

 

   

 

 

   

 

 

 

Customer-related intangible assets – amortizable

    42.7       (17.2     0       25.5  
   

 

 

   

 

 

   

 

 

   

 

 

 

Other acquired intangible assets – amortizable

    10.8       (7.5     0       3.3  

Other acquired intangible assets – nonamortizable

    1.2       0       (1.2     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    12.0       (7.5     (1.2     3.3  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total other intangible assets

  $ 126.6     $ (32.8   $ (18.1   $ 75.7  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    Gross     Accumulated
Amortization
    Cumulative
Impairment
    Net
Carrying
Value
 
          (in millions)        

June 23, 2012

                               

Marketing-related intangible assets – amortizable

  $ 12.3     $ (7.2   $ 0     $ 5.1  

Marketing-related intangible assets – nonamortizable

    59.6       0       (16.9     42.7  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    71.9       (7.2     (16.9     47.8  
   

 

 

   

 

 

   

 

 

   

 

 

 

Customer-related intangible assets – amortizable

    42.7       (14.8     0       27.9  
   

 

 

   

 

 

   

 

 

   

 

 

 

Other acquired intangible assets – amortizable

    10.8       (6.0     0       4.8  

Other acquired intangible assets – nonamortizable

    1.2       0       (1.2     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    12.0       (6.0     (1.2     4.8  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total other intangible assets

  $ 126.6     $ (28.0   $ (18.1   $ 80.5  
   

 

 

   

 

 

   

 

 

   

 

 

 
         
    Gross     Accumulated
Amortization
    Cumulative
Impairment
    Net
Carrying
Value
 
          (in millions)        

September 29, 2012

                               

Marketing-related intangible assets – amortizable

  $ 12.3     $ (7.5   $ 0     $ 4.8  

Marketing-related intangible assets – nonamortizable

    59.6       0       (16.9     42.7  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    71.9       (7.5     (16.9     47.5  
   

 

 

   

 

 

   

 

 

   

 

 

 

Customer-related intangible assets – amortizable

    42.7       (15.4     0       27.3  
   

 

 

   

 

 

   

 

 

   

 

 

 

Other acquired intangible assets – amortizable

    10.8       (6.7     0       4.1  

Other acquired intangible assets – nonamortizable

    1.2       0       (1.2     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    12.0       (6.7     (1.2     4.1  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total other intangible assets

  $ 126.6     $ (29.6   $ (18.1   $ 78.9  
   

 

 

   

 

 

   

 

 

   

 

 

 
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Consolidating Condensed Financial Information of Guarantor Subsidiaries
9 Months Ended
Jun. 29, 2013
Consolidating Condensed Financial Information of Guarantor Subsidiaries [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 $450 million 8.25% Senior Subordinated Notes (the “Notes”) due March 1, 2018. Certain subsidiaries and operating divisions are not guarantors of the Notes and have been included in the financial results of the Parent in the information below. These Non-Guarantor entities are not material to the Parent. Those subsidiaries that are guarantors and co-obligors of the Notes are as follows:

Farnam Companies, Inc.

Four Paws Products Ltd.

Gulfstream Home & Garden, Inc.

Kaytee Products, Inc.

Matson, LLC

New England Pottery, LLC

Pennington Seed, Inc. (including Gro Tec, Inc. and All-Glass Aquarium Co., Inc.)

Pets International, Ltd.

T.F.H. Publications, Inc.

Wellmark International (including B2E Corporation and B2E Biotech LLC)

During the fourth quarter of fiscal 2012, the Company merged certain subsidiaries into the Parent. In the first three quarters of fiscal 2012, the following were included as Guarantor Subsidiaries because they were separate legal entities at that time:

Grant Laboratories, Inc.

Interpet USA, LLC

Matthews Redwood & Nursery Supply, Inc.

Fiscal 2013 financial results reflect these entities as part of the Parent. Fiscal 2012 financial results presented herein have been restated to reflect the current Guarantor Subsidiaries.

In lieu of providing separate 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 June 29, 2013
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

  $ 145,836     $ 361,067     $ (12,773   $ 494,130  

Cost of products sold and occupancy

    107,459       246,978       (12,773     341,664  
   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    38,377       114,089       0       152,466  

Selling, general and administrative expenses

    42,959       76,615       0       119,574  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

    (4,582     37,474       0       32,892  

Interest – net

    (11,220     (99     0       (11,319

Other income (loss )

    (2,722     3,075       0       353  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

    (18,524     40,450       0       21,926  

Income taxes (tax benefit)

    (7,007     14,527       0       7,520  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) including noncontrolling interest

    (11,517     25,923               14,406  

Income attributable to noncontrolling interest

    681       0       0       681  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

    (12,198     25,923       0       13,725  

Equity in undistributed income of guarantor subsidiaries

    25,923       0       (25,923     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

  $ 13,725     $ 25,923     $ (25,923   $ 13,725  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Three Months Ended June 23, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

  $ 162,029     $ 394,197     $ (22,418   $ 533,808  

Cost of products sold and occupancy

    110,363       265,211       (22,418     353,156  
   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    51,666       128,986       0       180,652  

Selling, general and administrative expenses

    42,832       88,851       0       131,683  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

    8,834       40,135       0       48,969  

Interest – net

    (10,727     32       0       (10,695

Other income (loss )

    (4,500     4,602       0       102  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

    (6,393     44,769       0       38,376  

Income taxes (tax benefit)

    (2,485     17,039       0       14,554  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) including noncontrolling interest

    (3,908     27,730       0       23,822  

Income attributable to noncontrolling interest

    1,123       0       0       1,123  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

    (5,031     27,730       0       22,699  

Equity in undistributed income of guarantor subsidiaries

    27,730       0       (27,730     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

  $ 22,699     $ 27,730     $ (27,730   $ 22,699  
   

 

 

   

 

 

   

 

 

   

 

 

 
   
    CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Nine Months Ended June 29, 2013
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

  $ 400,778     $ 921,693     $ (37,675   $ 1,284,796  

Cost of products sold and occupancy

    298,861       641,015       (37,675     902,201  
   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    101,917       280,678       0       382,595  

Selling, general and administrative expenses

    108,405       207,646       0       316,051  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

    (6,488     73,032       0       66,544  

Interest – net

    (32,441     (38     0       (32,479

Other income (loss )

    (5,539     4,863       0       (676
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

    (44,468     77,857       0       33,389  

Income taxes (tax benefit)

    (15,995     27,365       0       11,370  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) including noncontrolling interest

    (28,473     50,492               22,019  

Income attributable to noncontrolling interest

    1,367       0       0       1,367  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

    (29,840     50,492       0       20,652  

Equity in undistributed income of guarantor subsidiaries

    50,492       0       (50,492     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

  $ 20,652     $ 50,492     $ (50,492   $ 20,652  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Nine Months Ended June 23, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

  $ 416,323     $ 944,098     $ (57,644   $ 1,302,777  

Cost of products sold and occupancy

    295,339       655,996       (57,644     893,691  
   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    120,984       288,102       0       409,086  

Selling, general and administrative expenses

    106,435       219,740       0       326,175  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

    14,549       68,362       0       82,911  

Interest – net

    (30,769     115       0       (30,654

Other income (expense)

    (5,167     5,148       0       (19
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

    (21,387     73,625       0       52,238  

Income tax (tax benefit)

    (7,977     27,693       0       19,716  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) including noncontrolling interest

    (13,410     45,932       0       32,522  

Income attributable to noncontrolling interest

    1,290       0       0       1,290  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

    (14,700     45,932       0       31,232  

Equity in undistributed income of guarantor subsidiaries

    45,932       0       (45,932     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

  $ 31,232     $ 45,932     $ (45,932   $ 31,232  
   

 

 

   

 

 

   

 

 

   

 

 

 
   
    CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME
Three Months Ended June 29, 2013
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net income (loss)

  $ (11,517   $ 25,923     $ 0     $ 14,406  

Other comprehensive loss:

                               

Foreign currency translation

    (92     0       0       (92
   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss)

    (11,609     25,923       0       14,314  

Comprehensive income attributable to noncontrolling interests

    681       0       0       681  
   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to Central Garden & Pet Company

  $ (12,290   $ 25,923     $ 0     $ 13,633  
   

 

 

   

 

 

   

 

 

   

 

 

 
   
    CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME

Three Months Ended June 23, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net income (loss)

  $ (3,908   $ 27,730     $ 0     $ 23,822  

Other comprehensive loss:

                               

Foreign currency translation

    (185     0       0       (185
   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss)

    (4,093     27,730       0       23,637  

Comprehensive income attributable to noncontrolling interests

    1,123       0       0       1,123  
   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to Central Garden & Pet Company

  $ (5,216   $ 27,730     $ 0     $ 22,514  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME
Nine Months Ended June 29, 2013
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net income (loss)

  $ (28,473   $ 50,492     $ 0     $ 22,019  

Other comprehensive loss:

                               

Foreign currency translation

    (699     0       0       (699
   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss)

    (29,172     50,492       0       21,320  

Comprehensive income attributable to noncontrolling interests

    1,367       0       0       1,367  
   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to Central Garden & Pet Company

  $ (30,539   $ 50,492     $ 0     $ 19,953  
   

 

 

   

 

 

   

 

 

   

 

 

 
   
    CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME
Nine Months Ended June 23, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net income (loss)

  $ (13,410   $ 45,932     $ 0     $ 32,522  

Other comprehensive income:

                               

Foreign currency translation

    108       0       0       108  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss)

    (13,302     45,932       0       32,630  

Comprehensive income attributable to noncontrolling interests

    1,290       0       0       1,290  
   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to Central Garden & Pet Company

  $ (14,592   $ 45,932     $ 0     $ 31,340  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

 

                                 
    CONSOLIDATING CONDENSED BALANCE SHEET
June 29, 2013
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  
ASSETS                                

Cash and cash equivalents

  $ 18,109     $ 2,373     $ 0     $ 20,482  

Short term investments

    17,820       0       0       17,820  

Accounts receivable, net

    69,602       178,236       (4,188     243,650  

Inventories

    135,301       277,769       0       413,070  

Prepaid expenses and other assets

    24,040       29,711       0       53,751  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    264,872       488,089       (4,188     748,773  

Land, buildings, improvements and equipment, net

    82,107       108,814       0       190,921  

Goodwill

    0       210,223       0       210,223  

Investment in guarantors

    733,748       0       (733,748     0  

Deferred income taxes and other assets

    53,049       41,670       0       94,719  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,133,776     $ 848,796     $ (737,936   $ 1,244,636  
   

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND EQUITY                                

Accounts payable

  $ 46,305     $ 70,196     $ (4,188   $ 112,313  

Accrued expenses and other current liabilities

    50,276       43,142       0       93,418  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    96,581       113,338       (4,188     205,731  

Long-term debt

    509,397       33       0       509,430  

Other long-term obligations

    36,168       1,677       0       37,845  

Shareholders’ equity attributable to Central Garden & Pet Company

    489,946       733,748       (733,748     489,946  

Noncontrolling interest

    1,684       0       0       1,684  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

    491,630       733,748       (733,748     491,630  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,133,776     $ 848,796     $ (737,936   $ 1,244,636  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED BALANCE SHEET
June 23, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  
ASSETS                                

Cash and cash equivalents

  $ 37,280     $ 3,419     $ 0     $ 40,699  

Short term investments

    17,820       0       0       17,820  

Accounts receivable, net

    84,305       170,748       (9,273     245,780  

Inventories

    105,336       229,460       0       334,796  

Prepaid expenses and other assets

    19,395       26,712       0       46,107  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    264,136       430,339       (9,273     685,202  

Land, buildings, improvements and equipment, net

    78,025       107,200       0       185,225  

Goodwill

    0       210,223       0       210,223  

Investment in guarantors

    672,339       0       (672,339     0  

Deferred income taxes and other assets

    43,602       55,466       0       99,068  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,058,102     $ 803,228     $ (681,612   $ 1,179,718  
   

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND EQUITY                                

Accounts payable

  $ 53,994     $ 80,390     $ (9,273   $ 125,111  

Accrued expenses and other current liabilities

    59,182       47,983       0       107,165  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    113,176       128,373       (9,273     232,276  

Long-term debt

    449,406       124       0       449,530  

Other long-term obligations

    21,086       2,392       0       23,478  

Shareholders’ equity attributable to Central Garden & Pet Company

    473,138       672,339       (672,339     473,138  

Noncontrolling interest

    1,296       0       0       1,296  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

    474,434       672,339       (672,339     474,434  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,058,102     $ 803,228     $ (681,612   $ 1,179,718  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED BALANCE SHEET
September 29, 2012
(in thousands)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  
ASSETS        

Cash and cash equivalents

  $ 44,662     $ 3,813     $ 0     $ 48,475  

Short term investments

    22,705       0       0       22,705  

Accounts receivable, net

    48,339       159,328       (5,245     202,422  

Inventories

    97,017       233,015       0       330,032  

Prepaid expenses and other assets

    25,242       22,907       0       48,149  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    237,965       419,063       (5,245     651,783  

Land, buildings, improvements and equipment, net

    81,727       109,436       0       191,163  

Goodwill

    0       210,223       0       210,223  

Investment in guarantors

    654,362       0       (654,362     0  

Other assets

    54,910       41,468       0       96,378  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,028,964     $ 780,190     $ (659,607   $ 1,149,547  
   

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND EQUITY                                

Accounts payable

  $ 49,894     $ 82,013     $ (5,245   $ 126,662  

Accrued expenses and other liabilities

    38,673       41,149       0       79,822  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    88,567       123,162       (5,245     206,484  

Long-term debt

    449,387       96       0       449,483  

Other long-term obligations

    26,127       2,570       0       28,697  

Shareholders’ equity attributable to Central Garden & Pet Company

    463,937       654,362       (654,362     463,937  

Noncontrolling interest

    946       0       0       946  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

    464,883       654,362       (654,362     464,883  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,028,964     $ 780,190     $ (659,607   $ 1,149,547  
   

 

 

   

 

 

   

 

 

   

 

 

 
   
    CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
Nine Months Ended June 29, 2013
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net cash provided (used) by operating activities

  $ 11     $ (14,977   $ (50,492   $ (65,458
   

 

 

   

 

 

   

 

 

   

 

 

 

Additions to property and equipment

    (8,965     (10,569     0       (19,534

Proceeds from short term investments

    4,885       0       0       4,885  

Payment to acquire companies

    0       (4,835     0       (4,835

Investment in guarantor subsidiaries

    (79,386     28,894       50,492       0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided (used) by investing activities

    (83,466     13,490       50,492       (19,484
   

 

 

   

 

 

   

 

 

   

 

 

 

Repayments of long-term debt

    (161     (96     0       (257

Borrowings under revolving line of credit

    281,000       0       0       281,000  

Repayments under revolving line of credit

    (221,000     0       0       (221,000

Repurchase of common stock

    (2,625     0       0       (2,625

Proceeds from issuance of common stock

    560       0       0       560  

Distribution to minority interest

    (629     0       0       (629

Excess tax benefits from stock-based awards

    345       0       0       345  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided (used) by financing activities

    57,490       (96     0       57,394  

Effect of exchange rate changes on cash

    (588     143       0       (445
   

 

 

   

 

 

   

 

 

   

 

 

 

Net decrease in cash and cash equivalents

    (26,553     (1,440     0       (27,993

Cash and cash equivalents at beginning of period

    44,662       3,813       0       48,475  
   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

  $ 18,109     $ 2,373     $ 0     $ 20,482  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
Nine Months Ended June 23, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net cash provided by operating activities

  $ 73,213     $ 36,873     $ (45,932   $ 64,154  
   

 

 

   

 

 

   

 

 

   

 

 

 

Additions to property and equipment

    (13,408     (13,522     0       (26,930

Investment in guarantor subsidiaries

    (24,713     (21,219     45,932       0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used by investing activities

    (38,121     (34,741     45,932       (26,930
   

 

 

   

 

 

   

 

 

   

 

 

 

Proceeds from issuance of long-term debt

    49,288       0       0       49,288  

Repayments of long-term debt

    (175     (91     0       (266

Borrowings under revolving line of credit

    304,000       0       0       304,000  

Repayments under revolving line of credit

    (339,000     0       0       (339,000

Repurchase of common stock

    (23,151     0       0       (23,151

Proceeds from issuance of common stock

    1,291       0       0       1,291  

Deferred financing costs

    (1,715     0       0       (1,715

Excess tax benefits from stock-based awards

    938       0       0       938  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used by financing activities

    (8,524     (91     0       (8,615

Effect of exchange rate changes on cash

    79       (20     0       59  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in cash and cash equivalents

    26,647       2,021       0       28,668  

Cash and cash equivalents at beginning of period

    10,633       1,398       0       12,031  
   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

  $ 37,280     $ 3,419     $ 0     $ 40,699  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

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In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Jun. 29, 2013
Jun. 23, 2012
Jun. 29, 2013
Jun. 23, 2012
Condensed Statement of Operations based on the Company's understanding of the SEC's interpretation        
Net sales $ 494,130 $ 533,808 $ 1,284,796 $ 1,302,777
Cost of products sold and occupancy 341,664 353,156 902,201 893,691
Gross profit 152,466 180,652 382,595 409,086
Selling, general and administrative expenses 119,574 131,683 316,051 326,175
Income from operations 32,892 48,969 66,544 82,911
Interest - net (11,319) (10,695) (32,479) (30,654)
Other income (loss) 353 102 (676) (19)
Income (loss) before income taxes 21,926 38,376 33,389 52,238
Income taxes (tax benefit) 7,520 14,554 11,370 19,716
Income including noncontrolling interest 14,406 23,822 22,019 32,522
Income attributable to noncontrolling interest 681 1,123 1,367 1,290
Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries 13,725 22,699 20,652 31,232
Equity in undistributed income of guarantor subsidiaries 0 0 0 0
Net income attributable to Central Garden & Pet Company 13,725 22,699 20,652 31,232
Parent [Member]
       
Condensed Statement of Operations based on the Company's understanding of the SEC's interpretation        
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Cost of products sold and occupancy 107,459 110,363 298,861 295,339
Gross profit 38,377 51,666 101,917 120,984
Selling, general and administrative expenses 42,959 42,832 108,405 106,435
Income from operations (4,582) 8,834 (6,488) 14,549
Interest - net (11,220) (10,727) (32,441) (30,769)
Other income (loss) (2,722) (4,500) (5,539) (5,167)
Income (loss) before income taxes (18,524) (6,393) (44,468) (21,387)
Income taxes (tax benefit) (7,007) (2,485) (15,995) (7,977)
Income including noncontrolling interest (11,517) (3,908) (28,473) (13,410)
Income attributable to noncontrolling interest 681 1,123 1,367 1,290
Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries (12,198) (5,031) (29,840) (14,700)
Equity in undistributed income of guarantor subsidiaries 25,923 27,730 50,492 45,932
Net income attributable to Central Garden & Pet Company 13,725 22,699 20,652 31,232
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Condensed Statement of Operations based on the Company's understanding of the SEC's interpretation        
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Cost of products sold and occupancy 246,978 265,211 641,015 655,996
Gross profit 114,089 128,986 280,678 288,102
Selling, general and administrative expenses 76,615 88,851 207,646 219,740
Income from operations 37,474 40,135 73,032 68,362
Interest - net (99) 32 (38) 115
Other income (loss) 3,075 4,602 4,863 5,148
Income (loss) before income taxes 40,450 44,769 77,857 73,625
Income taxes (tax benefit) 14,527 17,039 27,365 27,693
Income including noncontrolling interest 25,923 27,730 50,492 45,932
Income attributable to noncontrolling interest 0 0 0 0
Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries 25,923 27,730 50,492 45,932
Equity in undistributed income of guarantor subsidiaries 0 0 0 0
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Eliminations [Member]
       
Condensed Statement of Operations based on the Company's understanding of the SEC's interpretation        
Net sales (12,773) (22,418) (37,675) (57,644)
Cost of products sold and occupancy (12,773) (22,418) (37,675) (57,644)
Gross profit 0 0 0 0
Selling, general and administrative expenses 0 0 0 0
Income from operations 0 0 0 0
Interest - net 0 0 0 0
Other income (loss) 0 0 0 0
Income (loss) before income taxes 0 0 0 0
Income taxes (tax benefit) 0 0 0 0
Income including noncontrolling interest 0 0 0 0
Income attributable to noncontrolling interest 0 0 0 0
Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries 0 0 0 0
Equity in undistributed income of guarantor subsidiaries (25,923) (27,730) (50,492) (45,932)
Net income attributable to Central Garden & Pet Company $ (25,923) $ (27,730) $ (50,492) $ (45,932)
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Other Intangible Assets (Details) (USD $)
9 Months Ended
Jun. 29, 2013
Sep. 29, 2012
Jun. 23, 2012
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Cumulative Impairment (18,100,000) (18,100,000) (18,100,000)
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Components of gross and net acquired intangible assets      
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Accumulated Amortization (7,500,000) (6,700,000) (6,000,000)
Cumulative Impairment (1,200,000) (1,200,000) (1,200,000)
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Marketing-related intangible assets [Member]
     
Components of gross and net acquired intangible assets      
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Cumulative Impairment (16,900,000) (16,900,000) (16,900,000)
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Components of gross and net acquired intangible assets      
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Cumulative Impairment 0 0 0
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Components of gross and net acquired intangible assets      
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Accumulated Amortization (7,500,000) (6,700,000) (6,000,000)
Cumulative Impairment 0 0 0
Net Carrying Value 3,300,000 4,100,000 4,800,000
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Components of gross and net acquired intangible assets      
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Cumulative Impairment 0 0 0
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Cumulative Impairment (1,200,000) (1,200,000) (1,200,000)
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Accumulated Amortization 0 0 0
Cumulative Impairment (16,900,000) (16,900,000) (16,900,000)
Net Carrying Value $ 42,700,000 $ 42,700,000 $ 42,700,000
XML 27 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share (Tables)
9 Months Ended
Jun. 29, 2013
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
June 29, 2013
    Nine Months Ended
June 29, 2013
 
    Income     Shares     Per Share     Income     Shares     Per Share  
    (in thousands, except per share amounts)  

Basic EPS:

                                               

Net income available to common shareholders

  $ 13,725       48,173     $ 0.28     $ 20,652       48,037     $ 0.43  

Effect of dilutive securities:

                                               

Options to purchase common stock

            141       0               284       0  

Restricted shares

            508       0               445       (0.01

Diluted EPS:

                                               
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common shareholders

  $ 13,725       48,822     $ 0.28     $ 20,652       48,766     $ 0.42  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     
    Three Months Ended
June 23, 2012
    Nine Months Ended
June 23, 2012
 
    Income     Shares     Per Share     Income     Shares     Per Share  
    (in thousands, except per share amounts)  

Basic EPS:

                                               

Net income available to common shareholders

  $ 22,699       47,661     $ 0.48     $ 31,232       47,580     $ 0.66  

Effect of dilutive securities:

                                               

Options to purchase common stock

            476       (0.01             455       (0.01

Restricted shares

            251       0               218       0  

Diluted EPS:

                                               
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common shareholders

  $ 22,699       48,388     $ 0.47     $ 31,232       48,253     $ 0.65  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
XML 28 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8
Supplemental Equity Information (Tables)
9 Months Ended
Jun. 29, 2013
Supplemental Equity Information [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 nine months ended June 29, 2013 and June 23, 2012:

 

                                                                         
    Controlling Interest              
(in thousands)   Common
Stock
    Class A
Common
Stock
    Class
B

Stock
    Additional
Paid In
Capital
    Retained
Earnings
    Accumulated
Other
Comprehensive
Income
    Total     Noncontrolling
Interest
    Total  

Balance September 29, 2012

  $ 122     $ 347     $ 16     $ 382,195     $ 79,718     $ 1,539     $ 463,937     $ 946     $ 464,883  

Comprehensive income

                                    20,652       (699     19,953       1,367       21,320  

Stock based compensation

                            3,489                       3,489               3,489  

Restricted share activity

            4               2,478                       2,482               2,482  

Issuance of common stock

            1               1,240                       1,241               1,241  

Repurchase of common stock

                            (1,304     (197             (1,501             (1,501

Tax benefit on stock option exercise

                            345                       345               345  

Distribution to Noncontrolling interest

                                                            (629     (629
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance June 29, 2013

  $ 122     $ 352     $ 16     $ 388,443     $ 100,173     $ 840     $ 489,946     $ 1,684     $ 491,630  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
       
    Controlling Interest              
(in thousands)   Common
Stock
    Class A
Common
Stock
    Class
B

Stock
    Additional
Paid In
Capital
    Retained
Earnings
    Accumulated
Other
Comprehensive
Income
    Total     Noncontrolling
Interest
    Total  

Balance September 24, 2011

  $ 129     $ 359     $ 16     $ 396,208     $ 59,045     $ 1,019     $ 456,776     $ 6     $ 456,782  

Comprehensive income

    0       0       0       0       31,232       108       31,340       1,290       32,630  

Stock based compensation

    0       0       0       3,782       0       0       3,782       0       3,782  

Restricted share activity

    0       1       0       379       0       0       380       0       380  

Issuance of common stock

    0       4       0       802       0       0       806       0       806  

Repurchase of common stock

    (7     (19     0       (20,358     (500     0       (20,884     0       (20,884

Tax benefit on stock option exercise

    0       0       0       938       0       0       938       0       938  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance June 23, 2012

  $ 122     $ 345     $ 16     $ 381,751     $ 89,777     $ 1,127     $ 473,138     $ 1,296     $ 474,434  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
XML 29 R46.htm IDEA: XBRL DOCUMENT v2.4.0.8
Segment Information (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Jun. 29, 2013
Jun. 23, 2012
Jun. 29, 2013
Jun. 23, 2012
Sep. 29, 2012
Net sales:          
Total net sales $ 494,130 $ 533,808 $ 1,284,796 $ 1,302,777  
Income (loss) from operations:          
Total income from operations 32,892 48,969 66,544 82,911  
Interest expense - net (11,319) (10,695) (32,479) (30,654)  
Other income (expense) 353 102 (676) (19)  
Income taxes 7,520 14,554 11,370 19,716  
Income including noncontrolling interest 14,406 23,822 22,019 32,522  
Net income attributable to noncontrolling interest 681 1,123 1,367 1,290  
Net income attributable to Central Garden & Pet Company 13,725 22,699 20,652 31,232  
Depreciation and amortization:          
Total depreciation and amortization 7,811 8,024 24,158 23,076  
Assets:          
Total assets 1,244,636 1,179,718 1,244,636 1,179,718 1,149,547
Goodwill (included in corporate assets above):          
Total goodwill 210,223 210,223 210,223 210,223 210,223
Pet segment [Member]
         
Net sales:          
Total net sales 237,851 271,345 667,781 693,114  
Income (loss) from operations:          
Total income from operations 33,144 40,454 70,782 71,153  
Depreciation and amortization:          
Total depreciation and amortization 3,489 3,702 11,208 10,904  
Assets:          
Total assets 443,854 432,342 443,854 432,342 411,059
Goodwill (included in corporate assets above):          
Total goodwill 202,514 202,514 202,514 202,514 202,514
Garden segment [Member]
         
Net sales:          
Total net sales 256,279 262,463 617,015 609,663  
Income (loss) from operations:          
Total income from operations 13,668 22,581 39,090 48,111  
Depreciation and amortization:          
Total depreciation and amortization 1,624 1,920 4,902 5,058  
Assets:          
Total assets 447,756 384,502 447,756 384,502 341,716
Goodwill (included in corporate assets above):          
Total goodwill 7,709 7,709 7,709 7,709 7,709
Corporate [Member]
         
Income (loss) from operations:          
Total income from operations (13,920) (14,066) (43,328) (36,353)  
Depreciation and amortization:          
Total depreciation and amortization 2,698 2,402 8,048 7,114  
Assets:          
Total assets $ 353,026 $ 362,874 $ 353,026 $ 362,874 $ 396,772
XML 30 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivative Instruments (Details 1) (Derivatives Not Designated as Hedging Instruments [Member], USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Jun. 29, 2013
Jun. 23, 2012
Jun. 29, 2013
Jun. 23, 2012
Summary of derivative instruments not designated as hedging instruments statements of financial performance        
Total derivative instruments $ (185) $ 41 $ (922) $ 1
Commodity contracts [Member]
       
Summary of derivative instruments not designated as hedging instruments statements of financial performance        
Total derivative instruments $ (185) $ 41 $ (922) $ 1
XML 31 R19.xml IDEA: Contingencies 2.4.0.80213 - Disclosure - Contingenciestruefalsefalse1false falsefalseSep_30_2012_Jun_29_2013http://www.sec.gov/CIK0000887733duration2012-09-30T00:00:002013-06-29T00:00:001true 1us-gaap_CommitmentsAndContingenciesDisclosureAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_CommitmentsAndContingenciesDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 13 - us-gaap:CommitmentsAndContingenciesDisclosureTextBlock--> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>13.</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Contingencies </b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The Company may from time to time become involved in certain 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&#8217;s financial position or results of operations. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The Company has experienced, and may in the future experience, issues with products that may lead to product liability, recalls, withdrawls, replacements of products, or regulatory actions by governmental authorities. Currently, the Company does not expect any product liability, recalls, withdrawls or replacements of products that management believes would have a material effect on the Company&#8217;s financial position or results of operations. </font></p> falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for commitments and contingencies.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308 false0falseContingenciesUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://central.com/role/Contingencies12 XML 32 R40.htm IDEA: XBRL DOCUMENT v2.4.0.8
Long-Term Debt (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 29, 2013
Sep. 29, 2012
Jun. 23, 2012
Mar. 08, 2010
Components of long-term debt        
Total $ 509,635 $ 449,814 $ 449,877  
Less current portion (205) (331) (347)  
Long-term portion 509,430 449,483 449,530  
Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member]
       
Components of long-term debt        
Total 449,390 449,312 449,288 400,000
Revolving credit facility, interest at Alternate Base Rate plus a margin [Member]
       
Components of long-term debt        
Total 60,000 0 0  
Other notes payable [Member]
       
Components of long-term debt        
Total $ 245 $ 502 $ 589  
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Consolidating Condensed Financial Information of Guarantor Subsidiaries (Details 1) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Jun. 29, 2013
Jun. 23, 2012
Jun. 29, 2013
Jun. 23, 2012
Condensed Statement of Operations based on the Company's understanding of the SEC's interpretation        
Net income $ 14,406 $ 23,822 $ 22,019 $ 32,522
Other comprehensive loss:        
Foreign currency translation (92) (185) (699) 108
Total comprehensive income (loss) 14,314 23,637 21,320 32,630
Comprehensive income attributable to noncontrolling interests 681 1,123 1,367 1,290
Comprehensive income (loss) attributable to Central Garden & Pet Company 13,633 22,514 19,953 31,340
Parent [Member]
       
Condensed Statement of Operations based on the Company's understanding of the SEC's interpretation        
Net income (11,517) (3,908) (28,473) (13,410)
Other comprehensive loss:        
Foreign currency translation (92) (185) (699) 108
Total comprehensive income (loss) (11,609) (4,093) (29,172) (13,302)
Comprehensive income attributable to noncontrolling interests 681 1,123 1,367 1,290
Comprehensive income (loss) attributable to Central Garden & Pet Company (12,290) (5,216) (30,539) (14,592)
Guarantor Subsidiaries [Member]
       
Condensed Statement of Operations based on the Company's understanding of the SEC's interpretation        
Net income 25,923 27,730 50,492 45,932
Other comprehensive loss:        
Foreign currency translation 0 0 0 0
Total comprehensive income (loss) 25,923 27,730 50,492 45,932
Comprehensive income attributable to noncontrolling interests 0 0 0 0
Comprehensive income (loss) attributable to Central Garden & Pet Company 25,923 27,730 50,492 45,932
Eliminations [Member]
       
Condensed Statement of Operations based on the Company's understanding of the SEC's interpretation        
Net income 0 0 0 0
Other comprehensive loss:        
Foreign currency translation 0 0 0 0
Total comprehensive income (loss) 0 0 0 0
Comprehensive income attributable to noncontrolling interests 0 0 0 0
Comprehensive income (loss) attributable to Central Garden & Pet Company $ 0 $ 0 $ 0 $ 0
XML 34 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified
Jun. 29, 2013
Sep. 29, 2012
Jun. 23, 2012
Assets:      
Total assets $ 17,820 $ 18,154 $ 17,892
Liabilities:      
Total liabilities 197 206 44
Derivative liabilities [Member]
     
Liabilities:      
Total liabilities 197 206 44
Certificates of deposit [Member]
     
Assets:      
Total assets 17,820 17,820 17,820
Derivative assets [Member]
     
Assets:      
Total assets   334 72
Level 1 [Member]
     
Assets:      
Total assets 0 0 0
Liabilities:      
Total liabilities 0 0 0
Level 1 [Member] | Derivative liabilities [Member]
     
Liabilities:      
Total liabilities 0 0 0
Level 1 [Member] | Certificates of deposit [Member]
     
Assets:      
Total assets 0 0 0
Level 1 [Member] | Derivative assets [Member]
     
Assets:      
Total assets   0 0
Level 2 [Member]
     
Assets:      
Total assets 17,820 18,154 17,892
Liabilities:      
Total liabilities 197 206 44
Level 2 [Member] | Derivative liabilities [Member]
     
Liabilities:      
Total liabilities 197 206 44
Level 2 [Member] | Certificates of deposit [Member]
     
Assets:      
Total assets 17,820 17,820 17,820
Level 2 [Member] | Derivative assets [Member]
     
Assets:      
Total assets   334 72
Level 3 [Member]
     
Assets:      
Total assets 0 0 0
Liabilities:      
Total liabilities 0 0 0
Level 3 [Member] | Derivative liabilities [Member]
     
Liabilities:      
Total liabilities 0 0 0
Level 3 [Member] | Certificates of deposit [Member]
     
Assets:      
Total assets 0 0 0
Level 3 [Member] | Derivative assets [Member]
     
Assets:      
Total assets   $ 0 $ 0
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Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3521-108585 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3536-108585 false247false 5us-gaap_PaymentsToAcquirePropertyPlantAndEquipmentus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel1falsefalsefalse00falsefalsefalse2truefalsefalse-10569000-10569USD$falsefalsefalse3truefalsefalse-13522000-13522USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThe cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3213-108585 false248false 5us-gaap_ProceedsFromSaleOfShortTermInvestmentsus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse00USD$falsefalsefalse3falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryThe cash inflow from sales of all investments, including securities and other assets, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3179-108585 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133 false249false 5us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquiredus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel1falsefalsefalse00falsefalsefalse2truefalsefalse-4835000-4835USD$falsefalsefalse3falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryThe cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3213-108585 false250false 5cent_InvestmentInGuarantorSubsidiariescent_falsecreditdurationfalsefalsefalsefalsefalsefalsefalsetruenegatedLabel1falsefalsefalse00falsefalsefalse2truefalsefalse2889400028894USD$falsefalsefalse3truefalsefalse-21219000-21219USD$falsefalsefalsexbrli:monetaryItemTypemonetaryInvestment in guarantor subsidiaries.No definition available.false251false 5us-gaap_NetCashProvidedByUsedInInvestingActivitiesus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse1349000013490USD$falsefalsefalse3truefalsefalse-34741000-34741USD$falsefalsefalsexbrli:monetaryItemTypemonetaryAmount of cash inflow (outflow) from investing activities, including discontinued operations. 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Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph f -Article 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3255-108585 false254false 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Stock-Based Compensation (Details Textual) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Jun. 29, 2013
Jun. 23, 2012
Stock-Based Compensation (Additional Textual) [Abstract]    
Tax benefit associated with share-based compensation expense $ 4.8 $ 2.0
Selling, General and Administrative Expenses [Member]
   
Stock-Based Compensation (Textual) [Abstract]    
Share based compensation expense $ 12.5 $ 5.3
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Long-Term Debt (Tables)
9 Months Ended
Jun. 29, 2013
Long-Term Debt [Abstract]  
Components of long-term debt

Long-term debt consists of the following:

 

                         
    June 29, 2013     June 23, 2012     September 29, 2012  
    (in thousands)  

Senior subordinated notes, net of unamortized discount (1), interest at 8.25%, payable semi-annually, principal due March 2018

  $ 449,390     $ 449,288     $ 449,312  

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

    60,000       0       0  

Other notes payable

    245       589       502  
   

 

 

   

 

 

   

 

 

 

Total

    509,635       449,877       449,814  

Less current portion

    (205     (347     (331
   

 

 

   

 

 

   

 

 

 

Long-term portion

  $ 509,430     $ 449,530     $ 449,483  
   

 

 

   

 

 

   

 

 

 

 

(1) Represents unamortized original issue discount of $610, $712 and $688 as of June 29, 2013, June 23, 2012 and September 29, 2012, respectively.
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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Jun. 29, 2013
Jun. 23, 2012
Cash flows from operating activities:    
Net income $ 22,019 $ 32,522
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 24,158 23,076
Stock-based compensation 12,491 5,342
Excess tax benefits from stock-based awards (345) (938)
Deferred income taxes 9,252 12,117
Unrealized losses on derivative financial instruments 412 1
Loss (gain) on sale of property and equipment 412 (102)
Change in assets and liabilities:    
Accounts receivable (41,240) (50,318)
Inventories (83,181) (5,189)
Prepaid expenses and other assets (149) 6,911
Accounts payable (15,545) 7,768
Accrued expenses 8,624 31,959
Other long-term obligations (2,366) 1,005
Net cash (used in) provided by operating activities (65,458) 64,154
Cash flows from investing activities:    
Additions to property and equipment (19,534) (26,930)
Payments to acquire companies, net of cash acquired (4,835) 0
Proceeds from sale of short term investments 4,885 0
Net cash used in investing activities (19,484) (26,930)
Cash flows from financing activities:    
Repayments of long-term debt (257) (266)
Proceeds from issuance of long-term debt, net of discount 0 49,288
Proceeds from issuance of common stock 560 1,291
Borrowings under revolving line of credit 281,000 304,000
Repayments under revolving line of credit (221,000) (339,000)
Repurchase of common stock (2,625) (23,151)
Distribution to noncontrolling interest (629) 0
Payment of financing costs 0 (1,715)
Excess tax benefits from stock-based awards 345 938
Net cash (used in) provided by financing activities 57,394 (8,615)
Effect of exchange rate changes on cash and cash equivalents (445) 59
Net (decrease) increase in cash and cash equivalents (27,993) 28,668
Cash and equivalents at beginning of period 48,475 12,031
Cash and equivalents at end of period 20,482 40,699
Supplemental information:    
Cash paid for interest $ 22,894 $ 21,256
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Fair Value Measurements
9 Months Ended
Jun. 29, 2013
Fair Value Measurements [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 June 29, 2013 (in thousands):

 

                                 
    Level 1     Level 2     Level 3     Total  

Assets:

                               

Certificates of deposit

  $ 0     $ 17,820     $ 0     $ 17,820  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 0     $ 17,820     $ 0     $ 17,820  
   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

                               

Derivative liabilities

  $ 0     $ 197     $ 0     $ 197  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

  $ 0     $ 197     $ 0     $ 197  
   

 

 

   

 

 

   

 

 

   

 

 

 

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 June 23, 2012 (in thousands):

 

                                 
    Level 1     Level 2     Level 3     Total  

Assets:

                               

Certificates of deposit

  $ 0     $ 17,820     $ 0     $ 17,820  

Derivative assets

    0       72       0       72  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 0     $ 17,892     $ 0     $ 17,892  
   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

                               

Derivative liabilities

  $ 0     $ 44     $ 0     $ 44  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

  $ 0     $ 44     $ 0     $ 44  
   

 

 

   

 

 

   

 

 

   

 

 

 

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 29, 2012 (in thousands):

 

                                 
    Level 1     Level 2     Level 3     Total  

Assets:

                               

Certificates of deposit

  $ 0     $ 17,820     $ 0     $ 17,820  

Derivative assets

    0       334       0       334  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 0     $ 18,154     $ 0     $ 18,154  
   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

                               

Derivative liabilities

  $ 0     $ 206     $ 0     $ 206  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

  $ 0     $ 206     $ 0     $ 206  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Company measures certain non-financial assets and liabilities, including long-lived assets, goodwill and intangible assets, at fair value on a non-recurring basis. Fair value measurements of non-financial assets and non-financial liabilities are used primarily in the impairment analyses of long-lived assets, goodwill and other intangible assets. During the period ended June 29, 2013, the Company was not required to measure any significant non-financial assets and liabilities at fair value.

Fair Value of Other Financial Instruments

The estimated fair value of the Company’s $450.0 million 8.25 % senior subordinated notes due 2018 as of June 29, 2013 was $457.3 million, compared to a carrying value of $449.4 million. The estimated fair value is based on quoted market prices for these notes.

 

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Goodwill
9 Months Ended
Jun. 29, 2013
Goodwill [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 all four reporting units to the Company’s total market capitalization. Based on the Company’s annual analysis of goodwill performed during the fourth quarter of fiscal 2012, it concluded there was no impairment of goodwill during fiscal 2012.

 

XML 48 R14.xml IDEA: Supplemental Equity Information 2.4.0.80208 - Disclosure - Supplemental Equity Informationtruefalsefalse1false falsefalseSep_30_2012_Jun_29_2013http://www.sec.gov/CIK0000887733duration2012-09-30T00:00:002013-06-29T00:00:001true 1us-gaap_EquityAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2cent_SupplementalEquityInformationDisclosureTextBlockcent_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 8 - cent:SupplementalEquityInformationDisclosureTextBlock--> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>8.</b></font></td> 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Derivative Instruments
9 Months Ended
Jun. 29, 2013
Derivative Instruments [Abstract]  
Derivative Instruments
3. Derivative Instruments

Our operations are exposed to market risks from adverse changes in commodity prices affecting the cost of raw materials. In the normal course of business, these risks are managed through a variety of strategies, including the use of derivatives. The utilization of these financial transactions is governed by policies covering acceptable counterparty exposure, instrument types and other practices. The Company does not enter into derivative contracts for speculative purposes. The Company performs assessments of its counterparty credit risk regularly, including a review of credit ratings and potential nonperformance of the counterparty, and minimizes counterparty concentrations.

Commodity and commodity index futures, swaps and option contracts are used to economically hedge commodity input prices on grains and proteins. These derivative contracts are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. Generally, the Company economically hedges a portion of its anticipated consumption of commodity inputs for periods of up to 12 months. As of June 29, 2013, the Company had economically hedged certain portions of its anticipated consumption of commodity inputs using derivative instruments with expiration dates through July 2013.

The Company recognizes all derivative instruments as either assets or liabilities at fair value in the condensed consolidated balance sheets, with the exception of normal purchases and normal sales expected to result in physical delivery. The Company’s derivative financial instruments have not been designated as hedging instruments for accounting purposes. The Company recognizes realized and unrealized gains and losses from derivatives used to economically hedge anticipated commodity consumption in other income (expense) on the condensed consolidated statement of operations.

The following table presents the fair value of all derivative instruments outstanding in the condensed consolidated balance sheets (in thousands):

 

                                                 
    June 29, 2013     June 23, 2012     September 29, 2012  

Derivatives Not Designated as Hedging Instruments

  Other Current
Assets
    Other Current
Liabilities
    Other Current
Assets
    Other Current
Liabilities
    Other Current
Assets
    Other Current
Liabilities
 

Commodity contracts

  $ 0     $ 197     $ 72     $ 44     $ 334     $ 206  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total derivative instruments

  $ 0     $ 197     $ 72     $ 44     $ 334     $ 206  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The following table presents the effect of derivative instruments recorded in other income (expense) on the condensed consolidated statements of operations (in thousands):

 

                                 
    Three Months Ended     Nine Months Ended  

Derivatives Not Designated as Hedging Instruments

  June 29,
2013
    June 23,
2012
    June 29,
2013
    June 23,
2012
 

Commodity contracts

  $ (185   $ 41     $ (922   $ 1  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total derivative instruments

  $ (185   $ 41     $ (922   $ 1  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

The following table presents the gross contract notional volume of outstanding derivative contracts:

 

                                 

Commodity

  Metric     June 29, 2013     June 23, 2012     September 29, 2012  

Corn

    Bushels       366,000       200,000       400,000  

Soy Meal

    Tons       0       2,000       2,000  

 

XML 51 R41.htm IDEA: XBRL DOCUMENT v2.4.0.8
Long-Term Debt (Details Textual) (USD $)
1 Months Ended 9 Months Ended 9 Months Ended 0 Months Ended 1 Months Ended 0 Months Ended 1 Months Ended 0 Months Ended 1 Months Ended 9 Months Ended 0 Months Ended 3 Months Ended 9 Months Ended 9 Months Ended
Jun. 30, 2011
Jun. 29, 2013
Sep. 29, 2012
Jun. 23, 2012
Jun. 08, 2011
Jun. 29, 2013
March 2014 [Member]
Jun. 29, 2013
March 2015 [Member]
Jun. 29, 2013
March 2016 [Member]
Jun. 08, 2011
Maximum [Member]
Jun. 29, 2013
Maximum [Member]
Jun. 30, 2011
Maximum [Member]
Option One [Member]
Jun. 30, 2011
Maximum [Member]
Option Two [Member]
Jun. 08, 2011
Minimum [Member]
Jun. 29, 2013
Minimum [Member]
Jun. 30, 2011
Minimum [Member]
Option One [Member]
Jun. 30, 2011
Minimum [Member]
Option Two [Member]
Mar. 08, 2010
Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member]
Feb. 28, 2012
Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member]
Jun. 29, 2013
Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member]
Sep. 29, 2012
Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member]
Jun. 23, 2012
Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member]
Jun. 29, 2013
Financial covenants [Member]
Aug. 01, 2013
Credit Facility [Member]
Jun. 29, 2013
Credit Facility [Member]
Jun. 29, 2013
Credit Facility [Member]
Feb. 08, 2012
Credit Facility [Member]
Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member]
Jun. 29, 2013
LIBOR [Member]
Long-Term Debt (Textual) [Abstract]                                                      
Unused commitments under the Credit Facility   $ 315,000,000                                       $ 147,800,000          
Applicable interest rate on the Credit Facility   5.00%                 1.75% 2.75%     0.75% 1.75%                     3.00%
Commitment fees range                 0.50%       0.30%                            
Total leverage ratio                   1.0       4.9                          
Present senior secured leverage ratio   0.6               2.0       1.0                          
Minimum interest coverage ratio   2.75                                           2.25 2.50    
Minimum Asset Coverage Ratio                                             1.1        
Debt, aggregate principal amount   509,635,000 449,814,000 449,877,000                         400,000,000   449,390,000 449,312,000 449,288,000            
Debt instrument interest rate stated, percentage                                 8.25%   8.25%                
Senior subordinated notes Due Date   Jun. 01, 2018                             Mar. 01, 2018   Mar. 01, 2018                
Additional issuance amount on senior notes                                                   50,000,000  
Notes issue price percentage                                   98.501%                  
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  
Estimated fair value of long term debt                                     457,300,000                
Notes redemption price percentage   101.00%       104.125% 102.063% 100.00%                                      
Long-Term Debt (Additional Textual) [Abstract]                                                      
Unamortized original issue discount   610 688 712                                              
Amended line of credit facility, alternate base rate computation, option first description         2016-06                                            
Revolving credit facility         275,000,000                                            
Senior Credit Facility Maturity Period 5 years                                                    
Borrowing capacity   375,000,000                                                  
Increase in borrowing capacity   100,000,000                                                  
Extension of maturity date   One year, to June 2016                                                  
Line of credit facility extension maturity period   1 year                                                  
Incremental term loans   200,000,000                                                  
Outstanding balance of Credit Facility   60,000,000                                                  
Letters of credit outstanding   0                                                  
Other letters of credit outstanding   17,500,000                                                  
Debt interest terms   Interest on the amended Credit Facility is based, at the Company’s option, on a rate equal to the Alternate Base Rate (ABR), which is the greatest of the prime rate, the Federal Funds rate plus 1/2 of 1% or one month LIBOR plus 1%, plus a margin, which fluctuates from 0.75% to 1.75%, or LIBOR plus a margin, which fluctuates from 1.75% to 2.75% and commitment fees that range from 0.30% to 0.50%, determined quarterly based on consolidated total debt to consolidated EBITDA for the most recent trailing 12-month period.                                                  
Amended line of credit facility, alternate base rate computation, option first description         prime rate                                            
Amended line of credit facility, alternate base rate computation, option second description         Federal Funds rate plus 1/2 of 1%                                            
Amended line of credit facility, alternate base rate computation, option second description, basis spread percentage         0.50%                                            
Line of credit facility basis percentage for calculation of variable rate spread         1.00%                                            
Amended line of credit facility, alternate base rate computation, option third description         one month LIBOR plus 1%, plus a margin                                            
Amended line of credit facility, alternate base rate computation, option third description, basis spread percentage         1.00%                                            
Maximum restricted payments including cash dividends and stock repurchases under credit agreement.   $ 200,000,000                                                  
Interest coverage ratio   2.6                                                  
Debt redemption terms   The Company may redeem some or all of the 2018 Notes at any time on or after March 1, 2014 for 104.125%, after March 1, 2015 for 102.063% and after March 1, 2016 for 100%, plus accrued and unpaid interest.                                                  
XML 52 R28.htm IDEA: XBRL DOCUMENT v2.4.0.8
Segment Information (Tables)
9 Months Ended
Jun. 29, 2013
Segment Information [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     Nine Months Ended  
    June 29,
2013
    June 23,
2012
    June 29,
2013
    June 23,
2012
 

Net sales:

                               

Pet segment

  $ 237,851     $ 271,345     $ 667,781     $ 693,114  

Garden segment

    256,279       262,463       617,015       609,663  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total net sales

  $ 494,130     $ 533,808     $ 1,284,796     $ 1,302,777  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations:

                               

Pet segment

  $ 33,144     $ 40,454     $ 70,782     $ 71,153  

Garden segment

    13,668       22,581       39,090       48,111  

Corporate

    (13,920     (14,066     (43,328     (36,353
   

 

 

   

 

 

   

 

 

   

 

 

 

Total income from operations

    32,892       48,969       66,544       82,911  
   

 

 

   

 

 

   

 

 

   

 

 

 

Interest expense - net

    (11,319     (10,695     (32,479     (30,654

Other income (expense)

    353       102       (676     (19

Income taxes

    7,520       14,554       11,370       19,716  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income including noncontrolling interest

    14,406       23,822       22,019       32,522  

Net income attributable to noncontrolling interest

    681       1,123       1,367       1,290  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

  $ 13,725     $ 22,699     $ 20,652     $ 31,232  
   

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation and amortization:

                               

Pet segment

  $ 3,489     $ 3,702     $ 11,208     $ 10,904  

Garden segment

    1,624       1,920       4,902       5,058  

Corporate

    2,698       2,402       8,048       7,114  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total depreciation and amortization

  $ 7,811     $ 8,024     $ 24,158     $ 23,076  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                         
       
    June 29,
2013
    June 23,
2012
    September 29,
2012
 

Assets:

                       

Pet segment

  $ 443,854     $ 432,342     $ 411,059  

Garden segment

    447,756       384,502       341,716  

Corporate

    353,026       362,874       396,772  
   

 

 

   

 

 

   

 

 

 

Total assets

  $ 1,244,636     $ 1,179,718     $ 1,149,547  
   

 

 

   

 

 

   

 

 

 

Goodwill (included in corporate assets above):

                       

Pet segment

  $ 202,514     $ 202,514     $ 202,514  

Garden segment

    7,709       7,709       7,709  
   

 

 

   

 

 

   

 

 

 

Total goodwill

  $ 210,223     $ 210,223     $ 210,223  
   

 

 

   

 

 

   

 

 

 
XML 53 R32.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value Measurements (Details Textual) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Jun. 29, 2013
Fair Value Measurements (Textual) [Abstract]  
Senior subordinated notes Due Date Jun. 01, 2018
Senior Subordinated Notes [Member]
 
Fair Value Measurements (Textual) [Abstract]  
Obligation to pay principle on the Company Senior Subordinates Notes $ 450.0
Senior Subordinated Notes, percentage 8.25%
Portion at Fair Value, Fair Value Disclosure [Member] | Senior Subordinated Notes [Member]
 
Fair Value Measurements (Textual) [Abstract]  
Senior subordinated notes due 2018 457.3
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Senior Subordinated Notes [Member]
 
Fair Value Measurements (Textual) [Abstract]  
Fair value and Carrying value of senior subordinated notes $ 449.4
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Goodwill (Details Textual) (USD $)
3 Months Ended 9 Months Ended 12 Months Ended
Jun. 29, 2013
Segment
Jun. 29, 2013
Segment
Sep. 29, 2012
Goodwill (Textual) [Abstract]      
Impairment of goodwill     $ 0
Number of Reportable Segments 2 4  
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General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.4) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 4 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -Section 30 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6386349&loc=d3e3636-108311 false222false 5us-gaap_OperatingIncomeLossus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse-4582000-4582USD$falsefalsefalse2truefalsefalse88340008834USD$falsefalsefalse3truefalsefalse-6488000-6488USD$falsefalsefalse4truefalsefalse1454900014549USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThe net result for the period of deducting operating expenses from operating revenues.No definition available.false223false 5us-gaap_InterestIncomeExpenseNetus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse-11220000-11220USD$falsefalsefalse2truefalsefalse-10727000-10727USD$falsefalsefalse3truefalsefalse-32441000-32441USD$falsefalsefalse4truefalsefalse-30769000-30769USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThe net amount of operating interest income (expense).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.10) -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 10 -Article 9 false224false 5us-gaap_OtherNonoperatingIncomeExpenseus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse-2722000-2722USD$falsefalsefalse2truefalsefalse-4500000-4500USD$falsefalsefalse3truefalsefalse-5539000-5539USD$falsefalsefalse4truefalsefalse-5167000-5167USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThe net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 9 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 false225false 5us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse-18524000-18524USD$falsefalsefalse2truefalsefalse-6393000-6393USD$falsefalsefalse3truefalsefalse-44468000-44468USD$falsefalsefalse4truefalsefalse-21387000-21387USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThis element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Article 5 false226false 5us-gaap_IncomeTaxExpenseBenefitus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsefalse-7007000-7007USD$falsefalsefalse2truefalsefalse-2485000-2485USD$falsefalsefalse3truefalsefalse-15995000-15995USD$falsefalsefalse4truefalsefalse-7977000-7977USD$falsefalsefalsexbrli:monetaryItemTypemonetaryAmount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Income Tax Expense (or Benefit) -URI http://asc.fasb.org/extlink&oid=6515339 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 false227false 5us-gaap_ProfitLossus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsefalse-11517000-11517USD$falsefalsefalse2truefalsefalse-3908000-3908USD$falsefalsefalse3truefalsefalse-28473000-28473USD$falsefalsefalse4truefalsefalse-13410000-13410USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=31814832&loc=SL4591552-111686 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (a),(c) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=31814832&loc=SL4591551-111686 false228false 5us-gaap_NetIncomeLossAttributableToNoncontrollingInterestus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsefalse681000681USD$falsefalsefalse2truefalsefalse11230001123USD$falsefalsefalse3truefalsefalse13670001367USD$falsefalsefalse4truefalsefalse12900001290USD$falsefalsefalsexbrli:monetaryItemTypemonetaryAmount of Net Income (Loss) attributable to noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=31814832&loc=SL4591551-111686 false229false 5us-gaap_NetIncomeLossus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse-12198000-12198USD$falsefalsefalse2truefalsefalse-5031000-5031USD$falsefalsefalse3truefalsefalse-29840000-29840USD$falsefalsefalse4truefalsefalse-14700000-14700USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=6519514 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=6518256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5 false230false 5cent_EquityInUndistributedIncomeOfGuarantorSubsidiariescent_falsecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse2592300025923USD$falsefalsefalse2truefalsefalse2773000027730USD$falsefalsefalse3truefalsefalse5049200050492USD$falsefalsefalse4truefalsefalse4593200045932USD$falsefalsefalsexbrli:monetaryItemTypemonetaryEquity 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[Member]dei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldius-gaap_GuarantorSubsidiariesMemberdei_LegalEntityAxisexplicitMemberUSDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$nanafalse033true 4us-gaap_IncomeStatementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse034false 5us-gaap_SalesRevenueNetus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsefalse361067000361067USD$falsefalsefalse2truefalsefalse394197000394197USD$falsefalsefalse3truefalsefalse921693000921693USD$falsefalsefalse4truefalsefalse944098000944098USD$falsefalsefalsexbrli:monetaryItemTypemonetaryTotal revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Article 5 false235false 5us-gaap_CostOfGoodsAndServicesSoldus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse246978000246978USD$falsefalsefalse2truefalsefalse265211000265211USD$falsefalsefalse3truefalsefalse641015000641015USD$falsefalsefalse4truefalsefalse655996000655996USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 2 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2(a),(d)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 false236false 5us-gaap_GrossProfitus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse114089000114089USD$falsefalsefalse2truefalsefalse128986000128986USD$falsefalsefalse3truefalsefalse280678000280678USD$falsefalsefalse4truefalsefalse288102000288102USD$falsefalsefalsexbrli:monetaryItemTypemonetaryAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1,2) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 false237false 5us-gaap_SellingGeneralAndAdministrativeExpenseus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsefalse7661500076615USD$falsefalsefalse2truefalsefalse8885100088851USD$falsefalsefalse3truefalsefalse207646000207646USD$falsefalsefalse4truefalsefalse219740000219740USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThe aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.4) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 4 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -Section 30 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6386349&loc=d3e3636-108311 false238false 5us-gaap_OperatingIncomeLossus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse3747400037474USD$falsefalsefalse2truefalsefalse4013500040135USD$falsefalsefalse3truefalsefalse7303200073032USD$falsefalsefalse4truefalsefalse6836200068362USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThe net result for the period of deducting operating expenses from operating revenues.No definition available.false239false 5us-gaap_InterestIncomeExpenseNetus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse-99000-99USD$falsefalsefalse2truefalsefalse3200032USD$falsefalsefalse3truefalsefalse-38000-38USD$falsefalsefalse4truefalsefalse115000115USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThe net amount of operating interest income (expense).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.10) -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 10 -Article 9 false240false 5us-gaap_OtherNonoperatingIncomeExpenseus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse30750003075USD$falsefalsefalse2truefalsefalse46020004602USD$falsefalsefalse3truefalsefalse48630004863USD$falsefalsefalse4truefalsefalse51480005148USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThe net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 9 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 false241false 5us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse4045000040450USD$falsefalsefalse2truefalsefalse4476900044769USD$falsefalsefalse3truefalsefalse7785700077857USD$falsefalsefalse4truefalsefalse7362500073625USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThis element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Article 5 false242false 5us-gaap_IncomeTaxExpenseBenefitus-gaap_truedebitdurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsefalse1452700014527USD$falsefalsefalse2truefalsefalse1703900017039USD$falsefalsefalse3truefalsefalse2736500027365USD$falsefalsefalse4truefalsefalse2769300027693USD$falsefalsefalsexbrli:monetaryItemTypemonetaryAmount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Income Tax Expense (or Benefit) -URI http://asc.fasb.org/extlink&oid=6515339 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 false243false 5us-gaap_ProfitLossus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1truefalsefalse2592300025923USD$falsefalsefalse2truefalsefalse2773000027730USD$falsefalsefalse3truefalsefalse5049200050492USD$falsefalsefalse4truefalsefalse4593200045932USD$falsefalsefalsexbrli:monetaryItemTypemonetaryThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=31814832&loc=SL4591552-111686 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (a),(c) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=31814832&loc=SL4591551-111686 false244false 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Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5 false262false 5cent_EquityInUndistributedIncomeOfGuarantorSubsidiariescent_falsecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse-25923000-25923USD$falsefalsefalse2truefalsefalse-27730000-27730USD$falsefalsefalse3truefalsefalse-50492000-50492USD$falsefalsefalse4truefalsefalse-45932000-45932USD$falsefalsefalsexbrli:monetaryItemTypemonetaryEquity in undistributed income of guarantor subsidiaries.No definition available.false263false 5cent_NetIncomeLossAttributableAfterEquityInUndistributedIncomeOfGuarantorSubsidiariescent_falsecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1truefalsefalse-25923000-25923USD$falsetruefalse2truefalsefalse-27730000-27730USD$falsetruefalse3truefalsefalse-50492000-50492USD$falsetruefalse4truefalsefalse-45932000-45932USD$falsetruefalsexbrli:monetaryItemTypemonetaryNet income loss attributable after equity in undistributed income of guarantor subsidiaries.No definition available.false2falseConsolidating Condensed Financial Information of Guarantor Subsidiaries (Details) (USD $)ThousandsUnKnownUnKnownUnKnowntruefalsefalseSheethttp://central.com/role/ConsolidatingCondensedFinancialInformationOfGuarantorSubsidiariesDetails463 XML 63 R50.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidating Condensed Financial Information of Guarantor Subsidiaries (Details 2) (USD $)
In Thousands, unless otherwise specified
Jun. 29, 2013
Sep. 29, 2012
Jun. 23, 2012
Sep. 24, 2011
ASSETS        
Cash and cash equivalents $ 20,482 $ 48,475 $ 40,699 $ 12,031
Short term investments 17,820 22,705 17,820  
Accounts receivable, net 243,650 202,422 245,780  
Inventories 413,070 330,032 334,796  
Prepaid expenses and other assets 53,751 48,149 46,107  
Total current assets 748,773 651,783 685,202  
Land, buildings, improvements and equipment, net 190,921 191,163 185,225  
Goodwill 210,223 210,223 210,223  
Investment in guarantors 0 0 0  
Deferred income taxes and other assets 94,719 96,378 99,068  
Total 1,244,636 1,149,547 1,179,718  
LIABILITIES AND EQUITY        
Accounts payable 112,313 126,662 125,111  
Accrued expenses and other current liabilities 93,418 79,822 107,165  
Total current liabilities 205,731 206,484 232,276  
Long-term debt 509,430 449,483 449,530  
Other long-term obligations 37,845 28,697 23,478  
Shareholders' equity attributable to Central Garden & Pet Company 489,946 463,937 473,138  
Noncontrolling interest 1,684 946 1,296  
Total equity 491,630 464,883 474,434 456,782
Total 1,244,636 1,149,547 1,179,718  
Parent [Member]
       
ASSETS        
Cash and cash equivalents 18,109 44,662 37,280 10,633
Short term investments 17,820 22,705 17,820  
Accounts receivable, net 69,602 48,339 84,305  
Inventories 135,301 97,017 105,336  
Prepaid expenses and other assets 24,040 25,242 19,395  
Total current assets 264,872 237,965 264,136  
Land, buildings, improvements and equipment, net 82,107 81,727 78,025  
Goodwill 0 0 0  
Investment in guarantors 733,748 654,362 672,339  
Deferred income taxes and other assets 53,049 54,910 43,602  
Total 1,133,776 1,028,964 1,058,102  
LIABILITIES AND EQUITY        
Accounts payable 46,305 49,894 53,994  
Accrued expenses and other current liabilities 50,276 38,673 59,182  
Total current liabilities 96,581 88,567 113,176  
Long-term debt 509,397 449,387 449,406  
Other long-term obligations 36,168 26,127 21,086  
Shareholders' equity attributable to Central Garden & Pet Company 489,946 463,937 473,138  
Noncontrolling interest 1,684 946 1,296  
Total equity 491,630 464,883 474,434  
Total 1,133,776 1,028,964 1,058,102  
Guarantor Subsidiaries [Member]
       
ASSETS        
Cash and cash equivalents 2,373 3,813 3,419 1,398
Short term investments 0 0 0  
Accounts receivable, net 178,236 159,328 170,748  
Inventories 277,769 233,015 229,460  
Prepaid expenses and other assets 29,711 22,907 26,712  
Total current assets 488,089 419,063 430,339  
Land, buildings, improvements and equipment, net 108,814 109,436 107,200  
Goodwill 210,223 210,223 210,223  
Investment in guarantors 0 0 0  
Deferred income taxes and other assets 41,670 41,468 55,466  
Total 848,796 780,190 803,228  
LIABILITIES AND EQUITY        
Accounts payable 70,196 82,013 80,390  
Accrued expenses and other current liabilities 43,142 41,149 47,983  
Total current liabilities 113,338 123,162 128,373  
Long-term debt 33 96 124  
Other long-term obligations 1,677 2,570 2,392  
Shareholders' equity attributable to Central Garden & Pet Company 733,748 654,362 672,339  
Noncontrolling interest 0 0 0  
Total equity 733,748 654,362 672,339  
Total 848,796 780,190 803,228  
Eliminations [Member]
       
ASSETS        
Cash and cash equivalents 0 0 0 0
Short term investments 0 0 0  
Accounts receivable, net (4,188) (5,245) (9,273)  
Inventories 0 0 0  
Prepaid expenses and other assets 0 0 0  
Total current assets (4,188) (5,245) (9,273)  
Land, buildings, improvements and equipment, net 0 0 0  
Goodwill 0 0 0  
Investment in guarantors (733,748) (654,362) (672,339)  
Deferred income taxes and other assets 0 0 0  
Total (737,936) (659,607) (681,612)  
LIABILITIES AND EQUITY        
Accounts payable (4,188) (5,245) (9,273)  
Accrued expenses and other current liabilities 0 0 0  
Total current liabilities (4,188) (5,245) (9,273)  
Long-term debt 0 0 0  
Other long-term obligations 0 0 0  
Shareholders' equity attributable to Central Garden & Pet Company (733,748) (654,362) (672,339)  
Noncontrolling interest 0 0 0  
Total equity (733,748) (654,362) (672,339)  
Total $ (737,936) $ (659,607) $ (681,612)  

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Earnings Per Share (Details Textual) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Jun. 29, 2013
Jun. 23, 2012
Jun. 29, 2013
Jun. 23, 2012
Earnings Per Share (Textual) [Abstract]        
Common Stock outstanding, including in computation of diluted EPS 11.6 12.8 11.6 12.8
Maximum [Member]
       
Earnings Per Share (Textual) [Abstract]        
Outstanding options to purchase common stock     $ 16.23 $ 17.99
Minimum [Member]
       
Earnings Per Share (Textual) [Abstract]        
Outstanding options to purchase common stock     $ 4.60 $ 4.60
Stock Option [Member]
       
Earnings Per Share (Textual) [Abstract]        
Common Stock outstanding but were not included in computation of diluted EPS 10.7 10.8 7.5 9.9
XML 65 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
Jun. 29, 2013
Sep. 29, 2012
Jun. 23, 2012
Accounts receivable allowance for doubtful accounts $ 23,355 $ 18,574 $ 18,297
Common stock, par value $ 0.01 $ 0.01 $ 0.01
Common stock, shares outstanding 12,246,751 12,247,571 12,247,571
Class A Common Stock
     
Common stock, par value $ 0.01 $ 0.01 $ 0.01
Common stock, shares outstanding 35,240,576 34,706,902 34,506,329
Class B Stock
     
Common stock, par value $ 0.01 $ 0.01 $ 0.01
Common stock, shares outstanding 1,652,262 1,652,262 1,652,262
XML 66 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
Supplemental Equity Information
9 Months Ended
Jun. 29, 2013
Supplemental Equity Information [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 nine months ended June 29, 2013 and June 23, 2012:

 

                                                                         
    Controlling Interest              
(in thousands)   Common
Stock
    Class A
Common
Stock
    Class
B

Stock
    Additional
Paid In
Capital
    Retained
Earnings
    Accumulated
Other
Comprehensive
Income
    Total     Noncontrolling
Interest
    Total  

Balance September 29, 2012

  $ 122     $ 347     $ 16     $ 382,195     $ 79,718     $ 1,539     $ 463,937     $ 946     $ 464,883  

Comprehensive income

                                    20,652       (699     19,953       1,367       21,320  

Stock based compensation

                            3,489                       3,489               3,489  

Restricted share activity

            4               2,478                       2,482               2,482  

Issuance of common stock

            1               1,240                       1,241               1,241  

Repurchase of common stock

                            (1,304     (197             (1,501             (1,501

Tax benefit on stock option exercise

                            345                       345               345  

Distribution to Noncontrolling interest

                                                            (629     (629
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance June 29, 2013

  $ 122     $ 352     $ 16     $ 388,443     $ 100,173     $ 840     $ 489,946     $ 1,684     $ 491,630  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
       
    Controlling Interest              
(in thousands)   Common
Stock
    Class A
Common
Stock
    Class
B

Stock
    Additional
Paid In
Capital
    Retained
Earnings
    Accumulated
Other
Comprehensive
Income
    Total     Noncontrolling
Interest
    Total  

Balance September 24, 2011

  $ 129     $ 359     $ 16     $ 396,208     $ 59,045     $ 1,019     $ 456,776     $ 6     $ 456,782  

Comprehensive income

    0       0       0       0       31,232       108       31,340       1,290       32,630  

Stock based compensation

    0       0       0       3,782       0       0       3,782       0       3,782  

Restricted share activity

    0       1       0       379       0       0       380       0       380  

Issuance of common stock

    0       4       0       802       0       0       806       0       806  

Repurchase of common stock

    (7     (19     0       (20,358     (500     0       (20,884     0       (20,884

Tax benefit on stock option exercise

    0       0       0       938       0       0       938       0       938  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance June 23, 2012

  $ 122     $ 345     $ 16     $ 381,751     $ 89,777     $ 1,127     $ 473,138     $ 1,296     $ 474,434  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

XML 67 R20.xml IDEA: Basis of Presentation (Policies) 2.4.0.80401 - Disclosure - Basis of Presentation (Policies)truefalsefalse1false falsefalseSep_30_2012_Jun_29_2013http://www.sec.gov/CIK0000887733duration2012-09-30T00:00:002013-06-29T00:00:001true 1us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_BusinessCombinationsPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: note1_accounting_policy_table1 - us-gaap:BusinessCombinationsPolicy--> <p style="margin-top:18px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2"><b><i>Acquisition </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In December 2012, the Company acquired the remaining majority interest in FourStar Microbial Products, LLC (Four Star Microbial) for approximately $4.8 million in cash with possible contingent future performance-based payments. The Company has not yet finalized its allocation of the purchase price to the fair value of the net assets acquired. The operating results of FourStar Microbial had no impact on the consolidated financial statements and the purchase price paid is included in other assets on the condensed consolidated balance sheets. While the acquisition is not expected to have a material impact on the Company&#8217;s 2013 financial results, it will enhance the Company&#8217;s capability to service professional providers of mosquito abatement. </font></p> falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for completed business combinations (purchase method, acquisition method or combination of entities under common control). This accounting policy may include a general discussion of the purchase method or acquisition method of accounting (including for example, the treatment accorded contingent consideration, the identification of assets and liabilities, the purchase price allocation process, how the fair values of acquired assets and liabilities are determined) and the entity's specific application thereof. An entity that acquires another entity in a leveraged buyout transaction generally discloses the accounting policy followed by the acquiring entity in determining the basis used to value its interest in the acquired entity, and the rationale for that accounting policy.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2303973 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 05 -Paragraph 4 -Subparagraph (a)-(d) -URI http://asc.fasb.org/extlink&oid=6909625&loc=d3e227-128457 false03false 2us-gaap_ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: note1_accounting_policy_table2 - us-gaap:ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy--> <p style="margin-top:18px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2"><b><i>Noncontrolling Interest </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Noncontrolling interest in the Company&#8217;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 fully consolidated with those of the Company, and the noncontrolling owner&#8217;s 20% share of the subsidiary&#8217;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. </font></p> falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for subsidiaries or other investments that are consolidated, including the accounting treatment for intercompany accounts or transactions and any noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2197480 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.3A-02) -URI http://asc.fasb.org/extlink&oid=27015204&loc=d3e355033-122828 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph a -Article 4 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02, 03, 04 -Article 3A false04false 2us-gaap_DerivativesPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: note1_accounting_policy_table3 - us-gaap:DerivativesPolicyTextBlock--> <p style="margin-top:18px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2"><b><i>Derivative Instruments </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">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&#8217;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. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">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. 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Under either choice, items that are reclassified from other comprehensive income to net income are required to be presented on the face of the financial statements where the components of net income and the components of other comprehensive income are presented. In December 2011, the FASB issued an update to ASU No.&#160;2011-05, ASU No.&#160;2011-12, which was issued to defer the effective date for amendments to the reclassifications of items out of accumulated other comprehensive income in ASU No.&#160;2011-05. ASU 2011-05 and the amendments in ASU No.&#160;2011-12 are effective for fiscal years and interim periods within those years, beginning after December&#160;15, 2011 and became effective for the Company on September&#160;30, 2012. The Company elected to report other comprehensive income and its components in a separate statement of comprehensive income. While the new guidance changed the presentation of comprehensive income, there were no changes to the components that are recognized in net income or other comprehensive income as determined under previous accounting guidance. The amended guidance did not have a material effect on the Company&#8217;s condensed consolidated financial statements. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In February 2013, the FASB issued Accounting Standards Update No.&#160;2013-02, Comprehensive Income (Topic 220)&#8212;Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). This guidance requires entities to disclose, either in the notes to the consolidated financial statements or parenthetically on the face of the statement that reports comprehensive income (loss), items reclassified out of Accumulated other comprehensive income (loss) and into net earnings in their entirety and the effect of the reclassification on each affected Statement of Operations line item. In addition, for Accumulated other comprehensive income (loss) reclassification items that are not reclassified in their entirety into net earnings, a cross reference to other required accounting standard disclosures is required. This guidance is effective for the Company on September&#160;29, 2013. The Company believes that the adoption of this guidance will not have a material impact on its condensed consolidated financial statements. </font></p> <p style="margin-top:18px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2"><b><i>Goodwill </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In September&#160;2011, the FASB issued ASU No.&#160;2011-08, &#8220;Intangibles &#8211; Goodwill and Other (Topic 350): Testing Goodwill for Impairment, which amended the guidance on the annual testing of goodwill for impairment. The amended guidance will allow companies to assess qualitative factors to determine if it is more-likely-than-not that goodwill might be impaired and whether it is necessary to perform the two-step goodwill impairment test required under current accounting standards. The guidance is effective for fiscal years beginning after December&#160;15, 2011, and became effective for the Company on September&#160;30, 2012. This new guidance did not have a material impact on the Company&#8217;s condensed consolidated financial statements. </font></p> <p style="margin-top:18px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2"><b><i>Intangible Assets </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In July 2012, the FASB issued an ASU No.&#160;2012-02, &#8220;Intangibles &#8211; Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, which simplifies the manner in which companies test indefinite-lived intangible assets for impairment. The ASU permits companies to first assess qualitative factors to determine whether events and circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform a quantitative impairment test. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September&#160;15, 2012, with early adoption permitted. The guidance became effective for the Company on September&#160;30, 2012. This new guidance did not have a material impact on the Company&#8217;s condensed consolidated financial statements. </font></p> falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.No definition available.false06false 2us-gaap_ComprehensiveIncomePolicyPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: note1_accounting_policy_table5 - us-gaap:ComprehensiveIncomePolicyPolicyTextBlock--> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2"><b><i>Comprehensive Income </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In June 2011, the FASB issued ASU No.&#160;2011-05, &#8220;Comprehensive Income (Topic 220): Presentation of Comprehensive Income.&#8221; ASU No.&#160;2011-05 requires that all nonowner changes in stockholders&#8217; equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements, eliminating the option to present other comprehensive income in the statement of changes in equity. Under either choice, items that are reclassified from other comprehensive income to net income are required to be presented on the face of the financial statements where the components of net income and the components of other comprehensive income are presented. In December 2011, the FASB issued an update to ASU No.&#160;2011-05, ASU No.&#160;2011-12, which was issued to defer the effective date for amendments to the reclassifications of items out of accumulated other comprehensive income in ASU No.&#160;2011-05. ASU 2011-05 and the amendments in ASU No.&#160;2011-12 are effective for fiscal years and interim periods within those years, beginning after December&#160;15, 2011 and became effective for the Company on September&#160;30, 2012. The Company elected to report other comprehensive income and its components in a separate statement of comprehensive income. While the new guidance changed the presentation of comprehensive income, there were no changes to the components that are recognized in net income or other comprehensive income as determined under previous accounting guidance. The amended guidance did not have a material effect on the Company&#8217;s condensed consolidated financial statements. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In February 2013, the FASB issued Accounting Standards Update No.&#160;2013-02, Comprehensive Income (Topic 220)&#8212;Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). This guidance requires entities to disclose, either in the notes to the consolidated financial statements or parenthetically on the face of the statement that reports comprehensive income (loss), items reclassified out of Accumulated other comprehensive income (loss) and into net earnings in their entirety and the effect of the reclassification on each affected Statement of Operations line item. In addition, for Accumulated other comprehensive income (loss) reclassification items that are not reclassified in their entirety into net earnings, a cross reference to other required accounting standard disclosures is required. This guidance is effective for the Company on September&#160;29, 2013. The Company believes that the adoption of this guidance will not have a material impact on its condensed consolidated financial statements. </font></p> falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for comprehensive income.No definition available.false07false 2us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: note1_accounting_policy_table6 - us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock--> <p style="margin-top:18px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2"><b><i>Goodwill </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In September&#160;2011, the FASB issued ASU No.&#160;2011-08, &#8220;Intangibles &#8211; Goodwill and Other (Topic 350): Testing Goodwill for Impairment, which amended the guidance on the annual testing of goodwill for impairment. The amended guidance will allow companies to assess qualitative factors to determine if it is more-likely-than-not that goodwill might be impaired and whether it is necessary to perform the two-step goodwill impairment test required under current accounting standards. The guidance is effective for fiscal years beginning after December&#160;15, 2011, and became effective for the Company on September&#160;30, 2012. This new guidance did not have a material impact on the Company&#8217;s condensed consolidated financial statements. </font></p> falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2144439 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=2144471 false08false 2us-gaap_GoodwillAndIntangibleAssetsIntangibleAssetsIndefiniteLivedPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: note1_accounting_policy_table7 - us-gaap:GoodwillAndIntangibleAssetsIntangibleAssetsIndefiniteLivedPolicy--> <p style="margin-top:18px;margin-bottom:0px; margin-left:4%"><font style="font-family:times new roman" size="2"><b><i>Intangible Assets </i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In July 2012, the FASB issued an ASU No.&#160;2012-02, &#8220;Intangibles &#8211; Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, which simplifies the manner in which companies test indefinite-lived intangible assets for impairment. The ASU permits companies to first assess qualitative factors to determine whether events and circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform a quantitative impairment test. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September&#160;15, 2012, with early adoption permitted. The guidance became effective for the Company on September&#160;30, 2012. This new guidance did not have a material impact on the Company&#8217;s condensed consolidated financial statements. </font></p> falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for indefinite-lived intangible assets (that is, those intangible assets not subject to amortization). 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Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Jun. 29, 2013
Jun. 23, 2012
Jun. 29, 2013
Jun. 23, 2012
Condensed Consolidated Statements of Comprehensive Income [Abstract]        
Net income $ 14,406 $ 23,822 $ 22,019 $ 32,522
Other comprehensive income (loss):        
Foreign currency translation (92) (185) (699) 108
Total comprehensive income 14,314 23,637 21,320 32,630
Comprehensive income attributable to noncontrolling interests 681 1,123 1,367 1,290
Comprehensive income attributable to Central Garden & Pet Company $ 13,633 $ 22,514 $ 19,953 $ 31,340
XML 69 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Jun. 29, 2013
Sep. 29, 2012
Jun. 23, 2012
Current assets:      
Cash and cash equivalents $ 20,482 $ 48,475 $ 40,699
Short term investments 17,820 22,705 17,820
Accounts receivable (less allowance for doubtful accounts of $23,355, $18,297 and $18,574) 243,650 202,422 245,780
Inventories 413,070 330,032 334,796
Prepaid expenses and other 53,751 48,149 46,107
Total current assets 748,773 651,783 685,202
Land, buildings, improvements and equipment - net 190,921 191,163 185,225
Goodwill 210,223 210,223 210,223
Other intangible assets - net 75,670 78,853 80,529
Deferred income taxes and other assets 19,049 17,525 18,539
Total 1,244,636 1,149,547 1,179,718
Current liabilities:      
Accounts payable 112,313 126,662 125,111
Accrued expenses 93,213 79,491 106,818
Current portion of long-term debt 205 331 347
Total current liabilities 205,731 206,484 232,276
Long-term debt 509,430 449,483 449,530
Other long-term obligations 37,845 28,697 23,478
Equity:      
Common stock 122 122 122
Additional paid-in capital 388,443 382,195 381,751
Retained earnings 100,173 79,718 89,777
Accumulated other comprehensive income 840 1,539 1,127
Total Central Garden & Pet Company shareholders' equity 489,946 463,937 473,138
Noncontrolling interest 1,684 946 1,296
Total equity 491,630 464,883 474,434
Total 1,244,636 1,149,547 1,179,718
Class A Common Stock
     
Equity:      
Common stock 352 347 345
Class B Stock
     
Equity:      
Common stock $ 16 $ 16 $ 16
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Consolidating Condensed Financial Information of Guarantor Subsidiaries (Details 3) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Dec. 29, 2012
Jun. 29, 2013
Jun. 23, 2012
Condensed Cash Flows Statement on the Company's understanding of the SEC      
Net cash provided (used) by operating activities   $ (65,458) $ 64,154
Additions to property and equipment   (19,534) (26,930)
Proceeds from short term investments   4,885 0
Payment to acquire companies (4,800) (4,835) 0
Investment in guarantor subsidiaries   0 0
Net cash provided (used) by investing activities   (19,484) (26,930)
Repayments of long-term debt   (257) (266)
Borrowings under revolving line of credit   281,000 304,000
Repayments under revolving line of credit   (221,000) (339,000)
Proceeds from issuance of long-term debt   0 49,288
Repurchase of common stock   (2,625) (23,151)
Proceeds from issuance of common stock   560 1,291
Distribution to minority interest   (629) 0
Deferred financing costs   0 (1,715)
Excess tax benefits from stock-based awards   345 938
Net cash provided (used) by financing activities   57,394 (8,615)
Effect of exchange rate changes on cash   (445) 59
Net decrease in cash and cash equivalents   (27,993) 28,668
Cash and equivalents at beginning of period 48,475 48,475 12,031
Cash and equivalents at end of period   20,482 40,699
Parent [Member]
     
Condensed Cash Flows Statement on the Company's understanding of the SEC      
Net cash provided (used) by operating activities   11 73,213
Additions to property and equipment   (8,965) (13,408)
Proceeds from short term investments   4,885  
Payment to acquire companies   0  
Investment in guarantor subsidiaries   (79,386) (24,713)
Net cash provided (used) by investing activities   (83,466) (38,121)
Repayments of long-term debt   (161) (175)
Borrowings under revolving line of credit   281,000 304,000
Repayments under revolving line of credit   (221,000) (339,000)
Proceeds from issuance of long-term debt     49,288
Repurchase of common stock   (2,625) (23,151)
Proceeds from issuance of common stock   560 1,291
Distribution to minority interest   (629)  
Deferred financing costs     (1,715)
Excess tax benefits from stock-based awards   345 938
Net cash provided (used) by financing activities   57,490 (8,524)
Effect of exchange rate changes on cash   (588) 79
Net decrease in cash and cash equivalents   (26,553) 26,647
Cash and equivalents at beginning of period 44,662 44,662 10,633
Cash and equivalents at end of period   18,109 37,280
Guarantor Subsidiaries [Member]
     
Condensed Cash Flows Statement on the Company's understanding of the SEC      
Net cash provided (used) by operating activities   (14,977) 36,873
Additions to property and equipment   (10,569) (13,522)
Proceeds from short term investments   0  
Payment to acquire companies   (4,835)  
Investment in guarantor subsidiaries   28,894 (21,219)
Net cash provided (used) by investing activities   13,490 (34,741)
Repayments of long-term debt   (96) (91)
Borrowings under revolving line of credit   0 0
Repayments under revolving line of credit   0 0
Proceeds from issuance of long-term debt     0
Repurchase of common stock   0 0
Proceeds from issuance of common stock   0 0
Distribution to minority interest   0  
Deferred financing costs     0
Excess tax benefits from stock-based awards   0 0
Net cash provided (used) by financing activities   (96) (91)
Effect of exchange rate changes on cash   143 (20)
Net decrease in cash and cash equivalents   (1,440) 2,021
Cash and equivalents at beginning of period 3,813 3,813 1,398
Cash and equivalents at end of period   2,373 3,419
Eliminations [Member]
     
Condensed Cash Flows Statement on the Company's understanding of the SEC      
Net cash provided (used) by operating activities   (50,492) (45,932)
Additions to property and equipment   0 0
Proceeds from short term investments   0  
Payment to acquire companies   0  
Investment in guarantor subsidiaries   50,492 45,932
Net cash provided (used) by investing activities   50,492 45,932
Repayments of long-term debt   0 0
Borrowings under revolving line of credit   0 0
Repayments under revolving line of credit   0 0
Proceeds from issuance of long-term debt     0
Repurchase of common stock   0 0
Proceeds from issuance of common stock   0 0
Distribution to minority interest   0  
Deferred financing costs     0
Excess tax benefits from stock-based awards   0 0
Net cash provided (used) by financing activities   0 0
Effect of exchange rate changes on cash   0 0
Net decrease in cash and cash equivalents   0 0
Cash and equivalents at beginning of period 0 0 0
Cash and equivalents at end of period   $ 0 $ 0
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Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
9 Months Ended
Jun. 29, 2013
Consolidating Condensed Financial Information of Guarantor Subsidiaries [Abstract]  
Condensed Statement of Operations based on the Company's understanding of the SEC's Interpretation
                                 
    CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Three Months Ended June 29, 2013
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

  $ 145,836     $ 361,067     $ (12,773   $ 494,130  

Cost of products sold and occupancy

    107,459       246,978       (12,773     341,664  
   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    38,377       114,089       0       152,466  

Selling, general and administrative expenses

    42,959       76,615       0       119,574  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

    (4,582     37,474       0       32,892  

Interest – net

    (11,220     (99     0       (11,319

Other income (loss )

    (2,722     3,075       0       353  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

    (18,524     40,450       0       21,926  

Income taxes (tax benefit)

    (7,007     14,527       0       7,520  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) including noncontrolling interest

    (11,517     25,923               14,406  

Income attributable to noncontrolling interest

    681       0       0       681  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

    (12,198     25,923       0       13,725  

Equity in undistributed income of guarantor subsidiaries

    25,923       0       (25,923     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

  $ 13,725     $ 25,923     $ (25,923   $ 13,725  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Three Months Ended June 23, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

  $ 162,029     $ 394,197     $ (22,418   $ 533,808  

Cost of products sold and occupancy

    110,363       265,211       (22,418     353,156  
   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    51,666       128,986       0       180,652  

Selling, general and administrative expenses

    42,832       88,851       0       131,683  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

    8,834       40,135       0       48,969  

Interest – net

    (10,727     32       0       (10,695

Other income (loss )

    (4,500     4,602       0       102  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

    (6,393     44,769       0       38,376  

Income taxes (tax benefit)

    (2,485     17,039       0       14,554  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) including noncontrolling interest

    (3,908     27,730       0       23,822  

Income attributable to noncontrolling interest

    1,123       0       0       1,123  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

    (5,031     27,730       0       22,699  

Equity in undistributed income of guarantor subsidiaries

    27,730       0       (27,730     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

  $ 22,699     $ 27,730     $ (27,730   $ 22,699  
   

 

 

   

 

 

   

 

 

   

 

 

 
   
    CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Nine Months Ended June 29, 2013
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

  $ 400,778     $ 921,693     $ (37,675   $ 1,284,796  

Cost of products sold and occupancy

    298,861       641,015       (37,675     902,201  
   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    101,917       280,678       0       382,595  

Selling, general and administrative expenses

    108,405       207,646       0       316,051  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

    (6,488     73,032       0       66,544  

Interest – net

    (32,441     (38     0       (32,479

Other income (loss )

    (5,539     4,863       0       (676
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

    (44,468     77,857       0       33,389  

Income taxes (tax benefit)

    (15,995     27,365       0       11,370  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) including noncontrolling interest

    (28,473     50,492               22,019  

Income attributable to noncontrolling interest

    1,367       0       0       1,367  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

    (29,840     50,492       0       20,652  

Equity in undistributed income of guarantor subsidiaries

    50,492       0       (50,492     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

  $ 20,652     $ 50,492     $ (50,492   $ 20,652  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
Nine Months Ended June 23, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net sales

  $ 416,323     $ 944,098     $ (57,644   $ 1,302,777  

Cost of products sold and occupancy

    295,339       655,996       (57,644     893,691  
   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    120,984       288,102       0       409,086  

Selling, general and administrative expenses

    106,435       219,740       0       326,175  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

    14,549       68,362       0       82,911  

Interest – net

    (30,769     115       0       (30,654

Other income (expense)

    (5,167     5,148       0       (19
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

    (21,387     73,625       0       52,238  

Income tax (tax benefit)

    (7,977     27,693       0       19,716  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) including noncontrolling interest

    (13,410     45,932       0       32,522  

Income attributable to noncontrolling interest

    1,290       0       0       1,290  
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) attributable to Central Garden & Pet Company before equity in undistributed income of guarantor subsidiaries

    (14,700     45,932       0       31,232  

Equity in undistributed income of guarantor subsidiaries

    45,932       0       (45,932     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Central Garden & Pet Company

  $ 31,232     $ 45,932     $ (45,932   $ 31,232  
   

 

 

   

 

 

   

 

 

   

 

 

 
   
Consolidating Condensed Statements of Comprehensive Income
    CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME
Three Months Ended June 29, 2013
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net income (loss)

  $ (11,517   $ 25,923     $ 0     $ 14,406  

Other comprehensive loss:

                               

Foreign currency translation

    (92     0       0       (92
   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss)

    (11,609     25,923       0       14,314  

Comprehensive income attributable to noncontrolling interests

    681       0       0       681  
   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to Central Garden & Pet Company

  $ (12,290   $ 25,923     $ 0     $ 13,633  
   

 

 

   

 

 

   

 

 

   

 

 

 
   
    CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME

Three Months Ended June 23, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net income (loss)

  $ (3,908   $ 27,730     $ 0     $ 23,822  

Other comprehensive loss:

                               

Foreign currency translation

    (185     0       0       (185
   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss)

    (4,093     27,730       0       23,637  

Comprehensive income attributable to noncontrolling interests

    1,123       0       0       1,123  
   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to Central Garden & Pet Company

  $ (5,216   $ 27,730     $ 0     $ 22,514  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME
Nine Months Ended June 29, 2013
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net income (loss)

  $ (28,473   $ 50,492     $ 0     $ 22,019  

Other comprehensive loss:

                               

Foreign currency translation

    (699     0       0       (699
   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss)

    (29,172     50,492       0       21,320  

Comprehensive income attributable to noncontrolling interests

    1,367       0       0       1,367  
   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to Central Garden & Pet Company

  $ (30,539   $ 50,492     $ 0     $ 19,953  
   

 

 

   

 

 

   

 

 

   

 

 

 
   
    CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE
INCOME
Nine Months Ended June 23, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net income (loss)

  $ (13,410   $ 45,932     $ 0     $ 32,522  

Other comprehensive income:

                               

Foreign currency translation

    108       0       0       108  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss)

    (13,302     45,932       0       32,630  

Comprehensive income attributable to noncontrolling interests

    1,290       0       0       1,290  
   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to Central Garden & Pet Company

  $ (14,592   $ 45,932     $ 0     $ 31,340  
   

 

 

   

 

 

   

 

 

   

 

 

 
Condensed Balance Sheet based on the Company's understanding of the SEC Interpretation
                                 
    CONSOLIDATING CONDENSED BALANCE SHEET
June 29, 2013
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  
ASSETS                                

Cash and cash equivalents

  $ 18,109     $ 2,373     $ 0     $ 20,482  

Short term investments

    17,820       0       0       17,820  

Accounts receivable, net

    69,602       178,236       (4,188     243,650  

Inventories

    135,301       277,769       0       413,070  

Prepaid expenses and other assets

    24,040       29,711       0       53,751  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    264,872       488,089       (4,188     748,773  

Land, buildings, improvements and equipment, net

    82,107       108,814       0       190,921  

Goodwill

    0       210,223       0       210,223  

Investment in guarantors

    733,748       0       (733,748     0  

Deferred income taxes and other assets

    53,049       41,670       0       94,719  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,133,776     $ 848,796     $ (737,936   $ 1,244,636  
   

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND EQUITY                                

Accounts payable

  $ 46,305     $ 70,196     $ (4,188   $ 112,313  

Accrued expenses and other current liabilities

    50,276       43,142       0       93,418  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    96,581       113,338       (4,188     205,731  

Long-term debt

    509,397       33       0       509,430  

Other long-term obligations

    36,168       1,677       0       37,845  

Shareholders’ equity attributable to Central Garden & Pet Company

    489,946       733,748       (733,748     489,946  

Noncontrolling interest

    1,684       0       0       1,684  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

    491,630       733,748       (733,748     491,630  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,133,776     $ 848,796     $ (737,936   $ 1,244,636  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED BALANCE SHEET
June 23, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  
ASSETS                                

Cash and cash equivalents

  $ 37,280     $ 3,419     $ 0     $ 40,699  

Short term investments

    17,820       0       0       17,820  

Accounts receivable, net

    84,305       170,748       (9,273     245,780  

Inventories

    105,336       229,460       0       334,796  

Prepaid expenses and other assets

    19,395       26,712       0       46,107  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    264,136       430,339       (9,273     685,202  

Land, buildings, improvements and equipment, net

    78,025       107,200       0       185,225  

Goodwill

    0       210,223       0       210,223  

Investment in guarantors

    672,339       0       (672,339     0  

Deferred income taxes and other assets

    43,602       55,466       0       99,068  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,058,102     $ 803,228     $ (681,612   $ 1,179,718  
   

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND EQUITY                                

Accounts payable

  $ 53,994     $ 80,390     $ (9,273   $ 125,111  

Accrued expenses and other current liabilities

    59,182       47,983       0       107,165  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    113,176       128,373       (9,273     232,276  

Long-term debt

    449,406       124       0       449,530  

Other long-term obligations

    21,086       2,392       0       23,478  

Shareholders’ equity attributable to Central Garden & Pet Company

    473,138       672,339       (672,339     473,138  

Noncontrolling interest

    1,296       0       0       1,296  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

    474,434       672,339       (672,339     474,434  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,058,102     $ 803,228     $ (681,612   $ 1,179,718  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED BALANCE SHEET
September 29, 2012
(in thousands)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  
ASSETS        

Cash and cash equivalents

  $ 44,662     $ 3,813     $ 0     $ 48,475  

Short term investments

    22,705       0       0       22,705  

Accounts receivable, net

    48,339       159,328       (5,245     202,422  

Inventories

    97,017       233,015       0       330,032  

Prepaid expenses and other assets

    25,242       22,907       0       48,149  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    237,965       419,063       (5,245     651,783  

Land, buildings, improvements and equipment, net

    81,727       109,436       0       191,163  

Goodwill

    0       210,223       0       210,223  

Investment in guarantors

    654,362       0       (654,362     0  

Other assets

    54,910       41,468       0       96,378  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,028,964     $ 780,190     $ (659,607   $ 1,149,547  
   

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND EQUITY                                

Accounts payable

  $ 49,894     $ 82,013     $ (5,245   $ 126,662  

Accrued expenses and other liabilities

    38,673       41,149       0       79,822  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    88,567       123,162       (5,245     206,484  

Long-term debt

    449,387       96       0       449,483  

Other long-term obligations

    26,127       2,570       0       28,697  

Shareholders’ equity attributable to Central Garden & Pet Company

    463,937       654,362       (654,362     463,937  

Noncontrolling interest

    946       0       0       946  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

    464,883       654,362       (654,362     464,883  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,028,964     $ 780,190     $ (659,607   $ 1,149,547  
   

 

 

   

 

 

   

 

 

   

 

 

 
   
Condensed Cash Flows Statement on the Company's understanding of the SEC Interpretation
    CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
Nine Months Ended June 29, 2013
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net cash provided (used) by operating activities

  $ 11     $ (14,977   $ (50,492   $ (65,458
   

 

 

   

 

 

   

 

 

   

 

 

 

Additions to property and equipment

    (8,965     (10,569     0       (19,534

Proceeds from short term investments

    4,885       0       0       4,885  

Payment to acquire companies

    0       (4,835     0       (4,835

Investment in guarantor subsidiaries

    (79,386     28,894       50,492       0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided (used) by investing activities

    (83,466     13,490       50,492       (19,484
   

 

 

   

 

 

   

 

 

   

 

 

 

Repayments of long-term debt

    (161     (96     0       (257

Borrowings under revolving line of credit

    281,000       0       0       281,000  

Repayments under revolving line of credit

    (221,000     0       0       (221,000

Repurchase of common stock

    (2,625     0       0       (2,625

Proceeds from issuance of common stock

    560       0       0       560  

Distribution to minority interest

    (629     0       0       (629

Excess tax benefits from stock-based awards

    345       0       0       345  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided (used) by financing activities

    57,490       (96     0       57,394  

Effect of exchange rate changes on cash

    (588     143       0       (445
   

 

 

   

 

 

   

 

 

   

 

 

 

Net decrease in cash and cash equivalents

    (26,553     (1,440     0       (27,993

Cash and cash equivalents at beginning of period

    44,662       3,813       0       48,475  
   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

  $ 18,109     $ 2,373     $ 0     $ 20,482  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
Nine Months Ended June 23, 2012
(in thousands)
(unaudited)
 
    Parent     Guarantor
Subsidiaries
    Eliminations     Consolidated  

Net cash provided by operating activities

  $ 73,213     $ 36,873     $ (45,932   $ 64,154  
   

 

 

   

 

 

   

 

 

   

 

 

 

Additions to property and equipment

    (13,408     (13,522     0       (26,930

Investment in guarantor subsidiaries

    (24,713     (21,219     45,932       0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used by investing activities

    (38,121     (34,741     45,932       (26,930
   

 

 

   

 

 

   

 

 

   

 

 

 

Proceeds from issuance of long-term debt

    49,288       0       0       49,288  

Repayments of long-term debt

    (175     (91     0       (266

Borrowings under revolving line of credit

    304,000       0       0       304,000  

Repayments under revolving line of credit

    (339,000     0       0       (339,000

Repurchase of common stock

    (23,151     0       0       (23,151

Proceeds from issuance of common stock

    1,291       0       0       1,291  

Deferred financing costs

    (1,715     0       0       (1,715

Excess tax benefits from stock-based awards

    938       0       0       938  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used by financing activities

    (8,524     (91     0       (8,615

Effect of exchange rate changes on cash

    79       (20     0       59  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in cash and cash equivalents

    26,647       2,021       0       28,668  

Cash and cash equivalents at beginning of period

    10,633       1,398       0       12,031  
   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

  $ 37,280     $ 3,419     $ 0     $ 40,699  
   

 

 

   

 

 

   

 

 

   

 

 

 
XML 80 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Inventories, Net (Tables)
9 Months Ended
Jun. 29, 2013
Inventories, Net [Abstract]  
Summary of Inventories, net of allowance for obsolescence

Inventories, net of allowance for obsolescence, consist of the following (in thousands):

 

                         
    June 29, 2013     June 23, 2012     September 29, 2012  

Raw materials

  $ 130,597     $ 110,775     $ 94,387  

Work in progress

    19,848       14,698       13,587  

Finished goods

    255,112       201,071       209,888  

Supplies

    7,513       8,252       12,170  
   

 

 

   

 

 

   

 

 

 

Total inventories, net

  $ 413,070     $ 334,796     $ 330,032  
   

 

 

   

 

 

   

 

 

 
XML 81 R44.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Jun. 29, 2013
Jun. 23, 2012
Jun. 29, 2013
Jun. 23, 2012
Basic EPS:        
Net income available to common shareholders, Income $ 13,725 $ 22,699 $ 20,652 $ 31,232
Net income available to common shareholders, Shares 48,173 47,661 48,037 47,580
Net income available to common shareholders, Per Share $ 0.28 $ 0.48 $ 0.43 $ 0.66
Effect of dilutive securities:        
Options to purchase common stock, Shares 141 476 284 455
Options to purchase common stock, Per Share $ 0.00 $ (0.01) $ 0.00 $ (0.01)
Effect of dilutive securities Restricted shares, Shares 508 251 445 218
Effect of dilutive securities Restricted shares, Per Share $ 0.00 $ 0.00 $ (0.01) $ 0.00
Diluted EPS:        
Net income available to common shareholders, Income $ 13,725 $ 22,699 $ 20,652 $ 31,232
Net income available to common shareholders, Shares 48,822 48,388 48,766 48,253
Net income available to common shareholders, Per Share $ 0.28 $ 0.47 $ 0.42 $ 0.65
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Other Intangible Assets (Details Textual) (USD $)
3 Months Ended 9 Months Ended
Jun. 29, 2013
Jun. 23, 2012
Jun. 29, 2013
Jun. 23, 2012
Other Intangible Assets (Additional Textual) [Abstract]        
Amortization expense for intangibles $ 1,100,000 $ 1,600,000 $ 3,100,000 $ 4,000,000
Estimated annual amortization expense related to acquired intangible assets, 2013 5,000,000   5,000,000  
Estimated annual amortization expense related to acquired intangible assets, 2014 5,000,000   5,000,000  
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  
Indefinite Lived Intangibles Assets, Impairment Charge     $ 0  
Marketing-related intangible assets [Member]
       
Other Intangible Assets (Textual) [Abstract]        
Weighted average remaining lives of acquired intangible assets     7 years  
Customer-related intangibles [Member]
       
Other Intangible Assets (Textual) [Abstract]        
Weighted average remaining lives of acquired intangible assets     17 years  
Other acquired intangibles [Member]
       
Other Intangible Assets (Textual) [Abstract]        
Weighted average remaining lives of acquired intangible assets     5 years  
Maximum [Member]
       
Other Intangible Assets (Textual) [Abstract]        
Weighted average remaining lives of acquired intangible assets     25 years  
Minimum [Member]
       
Other Intangible Assets (Textual) [Abstract]        
Weighted average remaining lives of acquired intangible assets     1 year  
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Derivative Instruments (Details 2) (Commodity contracts [Member])
Jun. 29, 2013
bu
Sep. 29, 2012
bu
Jun. 23, 2012
bu
Corn [Member]
     
Gross contract notional volume of outstanding derivative contracts      
Derivative commodity contract outstanding volume 366,000 400,000 200,000
Soy Meal [Member]
     
Gross contract notional volume of outstanding derivative contracts      
Derivative commodity contract outstanding mass 0 2,000 2,000
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Inventories, Net (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 29, 2013
Sep. 29, 2012
Jun. 23, 2012
Summary of Inventories, net of allowance for obsolescence      
Raw materials $ 130,597 $ 94,387 $ 110,775
Work in progress 19,848 13,587 14,698
Finished goods 255,112 209,888 201,071
Supplies 7,513 12,170 8,252
Total inventories, net $ 413,070 $ 330,032 $ 334,796
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Long-Term Debt
9 Months Ended
Jun. 29, 2013
Long-Term Debt [Abstract]  
Long-Term Debt
7. Long-Term Debt

Long-term debt consists of the following:

 

                         
    June 29, 2013     June 23, 2012     September 29, 2012  
    (in thousands)  

Senior subordinated notes, net of unamortized discount (1), interest at 8.25%, payable semi-annually, principal due March 2018

  $ 449,390     $ 449,288     $ 449,312  

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

    60,000       0       0  

Other notes payable

    245       589       502  
   

 

 

   

 

 

   

 

 

 

Total

    509,635       449,877       449,814  

Less current portion

    (205     (347     (331
   

 

 

   

 

 

   

 

 

 

Long-term portion

  $ 509,430     $ 449,530     $ 449,483  
   

 

 

   

 

 

   

 

 

 

 

(1) Represents unamortized original issue discount of $610, $712 and $688 as of June 29, 2013, June 23, 2012 and September 29, 2012, respectively.

Senior Credit Facility

On June 8, 2011, the Company amended its $275 million, five-year senior secured revolving credit facility (the “Credit Facility”) included in its Amended and Restated Credit Agreement (the “Credit Agreement”). Under the modified terms, the Credit Facility has a borrowing capacity of $375 million, an increase of $100 million, and an extension of maturity date by approximately one year, to June 2016. The Credit Facility bears lower interest rates and commitment fees and requires less interest coverage. The Company continues to have the option to increase the size of the Credit Facility by an additional $200 million of incremental term loans and/or revolving loans should it exercise its option and one or more lenders are willing to make such increased amounts available to it. There was $60 million outstanding as of June 29, 2013 under the Credit Facility. There were no letters of credit outstanding under the Credit Facility as of June 29, 2013. There were other letters of credit of $17.5 million outstanding as of June 29, 2013. As of June 29, 2013, there were $315 million of unused commitments under the Credit Facility or, after giving effect to the financial covenants in the Credit Agreement, $147.8 million of available unused commitments.

Interest on the amended Credit Facility is based, at the Company’s option, on a rate equal to the Alternate Base Rate (ABR), which is the greatest of the prime rate, the Federal Funds rate plus  1/ 2 of 1% or one month LIBOR plus 1%, plus a margin, which fluctuates from 0.75% to 1.75%, or LIBOR plus a margin, which fluctuates from 1.75% to 2.75% and commitment fees that range from 0.30% to 0.50%, determined quarterly based on consolidated total debt to consolidated EBITDA for the most recent trailing 12-month period. As of June 29, 2013, the applicable interest rate on the Credit Facility related to alternate base rate borrowings was 5.0%, and the applicable interest rate related to LIBOR rate borrowings was 3.0%.

The Credit Facility is guaranteed by the Company’s material subsidiaries and is secured by the Company’s assets, excluding real property but including substantially all of the capital stock of the Company’s subsidiaries. The Credit Agreement contains certain financial and other covenants which require the Company to maintain minimum levels of interest coverage and maximum levels of senior debt to EBITDA and that restrict the Company’s ability to repurchase its stock, make investments in or acquisitions of other businesses and pay dividends above certain levels over the life of the Credit Facility. Under the terms of the Company’s Credit Facility, it may make restricted payments, including cash dividends and stock repurchases, in an aggregate amount initially not to exceed $200 million over the life of the Credit Facility, subject to qualifications and baskets as defined in the Credit Agreement. As of June 29, 2013, the Company’s Total Leverage Ratio, as defined in the Credit Agreement, was 4.9 to 1.0, and the Company’s Senior Secured Leverage Ratio, as defined in the Credit Agreement with a maximum of 2.0 to 1.0, was 0.6 to 1.0. The Company’s minimum Interest Coverage Ratio was reduced to 2.50 times, from 2.75 times as part of the modification of the Credit Facility. As of June 29, 2013, the Company’s Interest Coverage ratio was 2.6 times. Apart from the covenants limiting restricted payments and capital expenditures, the Credit Facility does not restrict the use of retained earnings or net income. The Company was in compliance with all financial covenants as of June 29, 2013.

The Company amended its Credit Facility effective August 1, 2013. Under the terms of this amendment, the Company’s Minimum Interest Coverage Ratio was reduced to 2.25 times, from 2.5 times and a Minimum Asset Coverage Ratio was added at 1.1 times. The covenant modifications are effective through the fiscal quarter ending March 29, 2014.

 

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 8, 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 Credit Facility.

The estimated fair value of our $450 million of 2018 Notes as of June 29, 2013 was approximately $457.3 million. The estimated fair value is based on quoted market prices for these notes.

The 2018 Notes require semiannual interest payments, which commenced on September 1, 2010. The 2018 Notes are unsecured senior subordinated obligations and are subordinated to all of our existing and future senior debt, including our Credit Facility. The obligations under the 2018 Notes are fully and unconditionally guaranteed on a senior subordinated basis by each of our existing and future domestic restricted subsidiaries with certain exceptions. The guarantees are general unsecured senior subordinated obligations of the guarantors and are subordinated to all existing and future senior debt of the guarantors.

The Company may redeem some or all of the 2018 Notes at any time prior to March 1, 2014 at the principal amount plus a “make whole” premium. The Company may redeem some or all of the 2018 Notes at any time on or after March 1, 2014 for 104.125%, after March 1, 2015 for 102.063% and after March 1, 2016 for 100%, plus accrued and unpaid interest. The holders of the 2018 Notes have the right to require the Company to repurchase all or a portion of the 2018 Notes at a purchase price equal to 101% of the principal amount of the notes repurchased, plus accrued and unpaid interest upon the occurrence of a change of control.

The 2018 Notes contain customary high yield covenants, including covenants limiting debt incurrence and restricted payments, subject to certain baskets and exceptions. The Company was in compliance with all financial covenants as of June 29, 2013.

 

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Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=25499696&loc=SL7498348-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 false0falseFair Value Measurements (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://central.com/role/FairValueMeasurementsTables12 XML 91 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
Basis of Presentation (Details Textual) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Dec. 29, 2012
Jun. 29, 2013
Jun. 23, 2012
Basis of Presentation (Textual) [Abstract]      
Payments to acquire companies, net of cash acquired $ 4,800 $ 4,835 $ 0
Noncontrolling interest owned by the subsidiary   20.00%  
XML 92 R42.htm IDEA: XBRL DOCUMENT v2.4.0.8
Supplemental Equity Information (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended
Jun. 29, 2013
Jun. 23, 2012
Jun. 29, 2013
Jun. 23, 2012
Jun. 23, 2012
Common Stock [Member]
Controlling Interest [Member]
Jun. 29, 2013
Common Stock [Member]
Controlling Interest [Member]
Sep. 29, 2012
Common Stock [Member]
Controlling Interest [Member]
Jun. 29, 2013
Class A Common Stock [Member]
Controlling Interest [Member]
Jun. 23, 2012
Class A Common Stock [Member]
Controlling Interest [Member]
Jun. 23, 2012
Class B Stock [Member]
Controlling Interest [Member]
Jun. 29, 2013
Class B Stock [Member]
Controlling Interest [Member]
Sep. 29, 2012
Class B Stock [Member]
Controlling Interest [Member]
Jun. 23, 2012
Additional Paid In Capital [Member]
Jun. 29, 2013
Additional Paid In Capital [Member]
Controlling Interest [Member]
Jun. 23, 2012
Additional Paid In Capital [Member]
Controlling Interest [Member]
Jun. 29, 2013
Retained Earnings [Member]
Controlling Interest [Member]
Jun. 23, 2012
Retained Earnings [Member]
Controlling Interest [Member]
Jun. 29, 2013
Accumulated Other Comprehensive Income [Member]
Controlling Interest [Member]
Jun. 23, 2012
Accumulated Other Comprehensive Income [Member]
Controlling Interest [Member]
Jun. 29, 2013
Total [Member]
Controlling Interest [Member]
Jun. 23, 2012
Total [Member]
Controlling Interest [Member]
Jun. 29, 2013
Noncontrolling Interest [Member]
Jun. 23, 2012
Noncontrolling Interest [Member]
Summary of the changes in the carrying amounts of equity attributable to controlling interest and noncontrolling interest                                              
Balance, Beginning balance     $ 464,883 $ 456,782 $ 129 $ 122 $ 122 $ 347 $ 359 $ 16 $ 16 $ 16   $ 382,195 $ 396,208 $ 79,718 $ 59,045 $ 1,539 $ 1,019 $ 463,937 $ 456,776 $ 946 $ 6
Comprehensive income 14,314 23,637 21,320 32,630 0       0 0     0     20,652 31,232 (699) 108 19,953 31,340 1,367 1,290
Stock based compensation     3,489 3,782 0       0 0       3,489 3,782   0   0 3,489 3,782   0
Restricted share activity     2,482 380 0     4 1 0       2,478 379   0   0 2,482 380   0
Issuance of common stock     1,241 806 0     1 4 0       1,240 802   0   0 1,241 806   0
Repurchase of common stock     (1,501) (20,884) (7)       (19) 0       (1,304) (20,358) (197) (500)   0 (1,501) (20,884)   0
Tax benefit on stock option exercise     345 938 0       0 0       345 938   0   0 345 938   0
Distribution to Noncontrolling interest     (629)                                     (629)  
Balance, Ending balance $ 491,630 $ 474,434 $ 491,630 $ 474,434 $ 122 $ 122 $ 122 $ 352 $ 345 $ 16 $ 16 $ 16   $ 388,443 $ 381,751 $ 100,173 $ 89,777 $ 840 $ 1,127 $ 489,946 $ 473,138 $ 1,684 $ 1,296
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Earnings Per Share
9 Months Ended
Jun. 29, 2013
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
June 29, 2013
    Nine Months Ended
June 29, 2013
 
    Income     Shares     Per Share     Income     Shares     Per Share  
    (in thousands, except per share amounts)  

Basic EPS:

                                               

Net income available to common shareholders

  $ 13,725       48,173     $ 0.28     $ 20,652       48,037     $ 0.43  

Effect of dilutive securities:

                                               

Options to purchase common stock

            141       0               284       0  

Restricted shares

            508       0               445       (0.01

Diluted EPS:

                                               
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common shareholders

  $ 13,725       48,822     $ 0.28     $ 20,652       48,766     $ 0.42  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     
    Three Months Ended
June 23, 2012
    Nine Months Ended
June 23, 2012
 
    Income     Shares     Per Share     Income     Shares     Per Share  
    (in thousands, except per share amounts)  

Basic EPS:

                                               

Net income available to common shareholders

  $ 22,699       47,661     $ 0.48     $ 31,232       47,580     $ 0.66  

Effect of dilutive securities:

                                               

Options to purchase common stock

            476       (0.01             455       (0.01

Restricted shares

            251       0               218       0  

Diluted EPS:

                                               
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common shareholders

  $ 22,699       48,388     $ 0.47     $ 31,232       48,253     $ 0.65  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Options to purchase 11.6 million shares of common stock at prices ranging from $4.60 to $16.23 per share were outstanding at June 29, 2013, and options to purchase 12.8 million shares of common stock at prices ranging from $4.60 to $17.99 per share were outstanding at June 23, 2012.

For the three month periods ended June 29, 2013 and June 23, 2012, options to purchase 10.7 and 10.8 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 stock and, therefore, the effect would be anti-dilutive.

For the nine month period ended June 29, 2013 and June 23, 2012, options to purchase 7.5 and 9.9 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 stock and, therefore, the effect would be anti-dilutive.

 

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text-indent:-1.00em"><font style="font-family:times new roman" size="2">Corn</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">Bushels</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">366,000</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">200,000</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">400,000</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Soy Meal</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">Tons</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,000</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">2,000</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <!-- End Table Body --> </table> falsefalsefalsenonnum:textBlockItemTypenaDerivative commodity contract volume.No definition available.false0falseDerivative Instruments (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://central.com/role/DerivativeInstrumentsTables14 XML 95 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Other Intangible Assets
9 Months Ended
Jun. 29, 2013
Other Intangible Assets [Abstract]  
Other Intangible Assets
6. Other Intangible Assets

The following table summarizes the components of gross and net acquired intangible assets:

 

                                 
    Gross     Accumulated
Amortization
    Cumulative
Impairment
    Net
Carrying
Value
 
          (in millions)        

June 29, 2013

                               

Marketing-related intangible assets – amortizable

  $ 12.3     $ (8.1   $ 0     $ 4.2  

Marketing-related intangible assets – nonamortizable

    59.6       0       (16.9     42.7  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    71.9       (8.1     (16.9     46.9  
   

 

 

   

 

 

   

 

 

   

 

 

 

Customer-related intangible assets – amortizable

    42.7       (17.2     0       25.5  
   

 

 

   

 

 

   

 

 

   

 

 

 

Other acquired intangible assets – amortizable

    10.8       (7.5     0       3.3  

Other acquired intangible assets – nonamortizable

    1.2       0       (1.2     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    12.0       (7.5     (1.2     3.3  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total other intangible assets

  $ 126.6     $ (32.8   $ (18.1   $ 75.7  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    Gross     Accumulated
Amortization
    Cumulative
Impairment
    Net
Carrying
Value
 
          (in millions)        

June 23, 2012

                               

Marketing-related intangible assets – amortizable

  $ 12.3     $ (7.2   $ 0     $ 5.1  

Marketing-related intangible assets – nonamortizable

    59.6       0       (16.9     42.7  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    71.9       (7.2     (16.9     47.8  
   

 

 

   

 

 

   

 

 

   

 

 

 

Customer-related intangible assets – amortizable

    42.7       (14.8     0       27.9  
   

 

 

   

 

 

   

 

 

   

 

 

 

Other acquired intangible assets – amortizable

    10.8       (6.0     0       4.8  

Other acquired intangible assets – nonamortizable

    1.2       0       (1.2     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    12.0       (6.0     (1.2     4.8  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total other intangible assets

  $ 126.6     $ (28.0   $ (18.1   $ 80.5  
   

 

 

   

 

 

   

 

 

   

 

 

 
         
    Gross     Accumulated
Amortization
    Cumulative
Impairment
    Net
Carrying
Value
 
          (in millions)        

September 29, 2012

                               

Marketing-related intangible assets – amortizable

  $ 12.3     $ (7.5   $ 0     $ 4.8  

Marketing-related intangible assets – nonamortizable

    59.6       0       (16.9     42.7  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    71.9       (7.5     (16.9     47.5  
   

 

 

   

 

 

   

 

 

   

 

 

 

Customer-related intangible assets – amortizable

    42.7       (15.4     0       27.3  
   

 

 

   

 

 

   

 

 

   

 

 

 

Other acquired intangible assets – amortizable

    10.8       (6.7     0       4.1  

Other acquired intangible assets – nonamortizable

    1.2       0       (1.2     0  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    12.0       (6.7     (1.2     4.1  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total other intangible assets

  $ 126.6     $ (29.6   $ (18.1   $ 78.9  
   

 

 

   

 

 

   

 

 

   

 

 

 

Other intangible assets acquired include contract-based and technology-based intangible assets.

The Company evaluates long-lived assets, including amortizable and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. The Company evaluates indefinite-lived intangible assets on an annual basis. In fiscal 2012, 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 2012 or during the nine months ended June 29, 2013, and accordingly, no impairment testing was performed on these assets.

The Company is currently amortizing its acquired intangible assets with definite lives over periods ranging from 1 to 25 years; over weighted average remaining lives of seven years for marketing-related intangibles, 17 years for customer-related intangibles and five years for other acquired intangibles. Amortization expense for intangibles subject to amortization was approximately $1.1 million and $1.6 million for the three months ended June 29, 2013 and June 23, 2012, respectively, and $3.1 million and $4.0 million for the nine months ended June 29, 2013 and June 23, 2012, respectively, and is classified within operating expenses in the condensed consolidated statements of operations. Estimated annual amortization expense related to acquired intangible assets in each of the succeeding five years is estimated to be approximately $5 million per year from fiscal 2013 through fiscal 2017.

 

XML 96 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Basis of Presentation
9 Months Ended
Jun. 29, 2013
Basis of Presentation [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 June 29, 2013 and June 23, 2012, the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income for the three and nine months ended June 29, 2013 and June 23, 2012, and the condensed consolidated statements of cash flows for the nine months ended June 29, 2013 and June 23, 2012 have been prepared by the Company, without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flows of the Company for the periods mentioned above, have been made.

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 nine month periods ended June 29, 2013 are not indicative of the operating results that may be expected for the entire fiscal year. These interim financial statements should be read in conjunction with the annual audited financial statements, accounting policies and financial notes thereto, included in the Company’s 2012 Annual Report on Form 10-K, which has previously been filed with the Securities and Exchange Commission. The September 29, 2012 balance sheet presented herein was derived from the audited statements.

Acquisition

In December 2012, the Company acquired the remaining majority interest in FourStar Microbial Products, LLC (Four Star Microbial) for approximately $4.8 million in cash with possible contingent future performance-based payments. The Company has not yet finalized its allocation of the purchase price to the fair value of the net assets acquired. The operating results of FourStar Microbial had no impact on the consolidated financial statements and the purchase price paid is included in other assets on the condensed consolidated balance sheets. While the acquisition is not expected to have a material impact on the Company’s 2013 financial results, it will enhance the Company’s capability to service professional providers of mosquito abatement.

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 fully 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. See Note 3, Derivative Instruments, for additional information.

 

For tax purposes, these derivative positions are entered into as a hedge, as defined in Treasury Regulation Section 1.221-2, in the normal course of business to manage risk of price changes of raw material inventory components and are treated as ordinary income property.

Recent Accounting Pronouncements

Comprehensive Income

In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income.” ASU No. 2011-05 requires that all nonowner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements, eliminating the option to present other comprehensive income in the statement of changes in equity. Under either choice, items that are reclassified from other comprehensive income to net income are required to be presented on the face of the financial statements where the components of net income and the components of other comprehensive income are presented. In December 2011, the FASB issued an update to ASU No. 2011-05, ASU No. 2011-12, which was issued to defer the effective date for amendments to the reclassifications of items out of accumulated other comprehensive income in ASU No. 2011-05. ASU 2011-05 and the amendments in ASU No. 2011-12 are effective for fiscal years and interim periods within those years, beginning after December 15, 2011 and became effective for the Company on September 30, 2012. The Company elected to report other comprehensive income and its components in a separate statement of comprehensive income. While the new guidance changed the presentation of comprehensive income, there were no changes to the components that are recognized in net income or other comprehensive income as determined under previous accounting guidance. The amended guidance did not have a material effect on the Company’s condensed consolidated financial statements.

In February 2013, the FASB issued Accounting Standards Update No. 2013-02, Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). This guidance requires entities to disclose, either in the notes to the consolidated financial statements or parenthetically on the face of the statement that reports comprehensive income (loss), items reclassified out of Accumulated other comprehensive income (loss) and into net earnings in their entirety and the effect of the reclassification on each affected Statement of Operations line item. In addition, for Accumulated other comprehensive income (loss) reclassification items that are not reclassified in their entirety into net earnings, a cross reference to other required accounting standard disclosures is required. This guidance is effective for the Company on September 29, 2013. The Company believes that the adoption of this guidance will not have a material impact on its condensed consolidated financial statements.

Goodwill

In September 2011, the FASB issued ASU No. 2011-08, “Intangibles – Goodwill and Other (Topic 350): Testing Goodwill for Impairment, which amended the guidance on the annual testing of goodwill for impairment. The amended guidance will allow companies to assess qualitative factors to determine if it is more-likely-than-not that goodwill might be impaired and whether it is necessary to perform the two-step goodwill impairment test required under current accounting standards. The guidance is effective for fiscal years beginning after December 15, 2011, and became effective for the Company on September 30, 2012. This new guidance did not have a material impact on the Company’s condensed consolidated financial statements.

Intangible Assets

In July 2012, the FASB issued an ASU No. 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, which simplifies the manner in which companies test indefinite-lived intangible assets for impairment. The ASU permits companies to first assess qualitative factors to determine whether events and circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform a quantitative impairment test. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The guidance became effective for the Company on September 30, 2012. This new guidance did not have a material impact on the Company’s condensed consolidated financial statements.

 

XML 97 R52.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidating Condensed Financial Information of Guarantor Subsidiaries (Details Textual) (USD $)
In Millions, unless otherwise specified
0 Months Ended 9 Months Ended
Mar. 08, 2010
Jun. 29, 2013
Consolidating Condensed Financial Information of Guarantor Subsidiaries (Textual) [Abstract]    
Senior subordinated notes Due Date   Jun. 01, 2018
Consolidating Condensed Financial Information of Guarantor Subsidiaries (Additional Textual) [Abstract]    
Collective ownership percentage on guarantor subsidiaries   100.00%
Senior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member]
   
Consolidating Condensed Financial Information of Guarantor Subsidiaries (Textual) [Abstract]    
Obligation to pay principal on the Company's Senior Subordinated Notes   $ 450.0
Senior Subordinated Notes, percentage 8.25% 8.25%
Senior subordinated notes Due Date Mar. 01, 2018 Mar. 01, 2018
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Segment Information (Details Textual)
3 Months Ended 9 Months Ended
Jun. 29, 2013
Segment
Jun. 29, 2013
Segment
Segment Information (Textual) [Abstract]    
Number of operating segments   2
Number of Reportable Segments 2 4
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Derivative Instruments (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 29, 2013
Sep. 29, 2012
Jun. 23, 2012
Summary of derivative instruments not designated as hedging instruments      
Other Current Assets $ 0 $ 334 $ 72
Other Current Liabilities 197 206 44
Commodity contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member]
     
Summary of derivative instruments not designated as hedging instruments      
Other Current Assets 0 334 72
Other Current Liabilities $ 197 $ 206 $ 44
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Contingencies
9 Months Ended
Jun. 29, 2013
Contingencies [Abstract]  
Contingencies
13. Contingencies

The Company may from time to time become involved in certain legal proceedings in the ordinary course of business. Currently, the Company is not a party to any legal proceedings that management believes would have a material effect on the Company’s financial position or results of operations.

The Company has experienced, and may in the future experience, issues with products that may lead to product liability, recalls, withdrawls, replacements of products, or regulatory actions by governmental authorities. Currently, the Company does not expect any product liability, recalls, withdrawls or replacements of products that management believes would have a material effect on the Company’s financial position or results of operations.

XML 110 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stock-Based Compensation
9 Months Ended
Jun. 29, 2013
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
9. Stock-Based Compensation

The Company recognized share-based compensation expense of $12.5 million and $5.3 million for the nine month periods ended June 29, 2013 and June 23, 2012, respectively, as a component of selling, general and administrative expenses. The tax benefit associated with share-based compensation expense for the nine month periods ended June 29, 2013 and June 23, 2012 was $4.8 million and $2.0 million, respectively.

 

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Derivative Instruments (Tables)
9 Months Ended
Jun. 29, 2013
Derivative Instruments [Abstract]  
Summary of derivative instruments not designated as hedging instruments

The following table presents the fair value of all derivative instruments outstanding in the condensed consolidated balance sheets (in thousands):

 

                                                 
    June 29, 2013     June 23, 2012     September 29, 2012  

Derivatives Not Designated as Hedging Instruments

  Other Current
Assets
    Other Current
Liabilities
    Other Current
Assets
    Other Current
Liabilities
    Other Current
Assets
    Other Current
Liabilities
 

Commodity contracts

  $ 0     $ 197     $ 72     $ 44     $ 334     $ 206  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total derivative instruments

  $ 0     $ 197     $ 72     $ 44     $ 334     $ 206  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Summary of derivative instruments not designated as hedging instruments statements of financial performance

The following table presents the effect of derivative instruments recorded in other income (expense) on the condensed consolidated statements of operations (in thousands):

 

                                 
    Three Months Ended     Nine Months Ended  

Derivatives Not Designated as Hedging Instruments

  June 29,
2013
    June 23,
2012
    June 29,
2013
    June 23,
2012
 

Commodity contracts

  $ (185   $ 41     $ (922   $ 1  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total derivative instruments

  $ (185   $ 41     $ (922   $ 1  
   

 

 

   

 

 

   

 

 

   

 

 

 
Gross contract notional volume of outstanding derivative contracts

The following table presents the gross contract notional volume of outstanding derivative contracts:

 

                                 

Commodity

  Metric     June 29, 2013     June 23, 2012     September 29, 2012  

Corn

    Bushels       366,000       200,000       400,000  

Soy Meal

    Tons       0       2,000       2,000  
XML 114 R15.xml IDEA: Stock-Based Compensation 2.4.0.80209 - Disclosure - Stock-Based Compensationtruefalsefalse1false falsefalseSep_30_2012_Jun_29_2013http://www.sec.gov/CIK0000887733duration2012-09-30T00:00:002013-06-29T00:00:001true 1us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 9 - us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock--> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:times new roman" size="2"><b>9.</b></font></td> <td align="left" valign="top"><font style="font-family:times new roman" size="2"><b>Stock-Based Compensation </b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The Company recognized share-based compensation expense of $12.5 million and $5.3 million for the nine month periods ended June&#160;29, 2013 and June&#160;23, 2012, respectively, as a component of selling, general and administrative expenses. The tax benefit associated with share-based compensation expense for the nine month periods ended June&#160;29, 2013 and June&#160;23, 2012 was $4.8 million and $2.0 million, respectively. </font></p> <p style="font-size:1px;margin-top:18px;margin-bottom:0px">&#160;</p> falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 false0falseStock-Based CompensationUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://central.com/role/DisclosureStockBasedCompensation12 XML 115 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
Basis of Presentation (Policies)
9 Months Ended
Jun. 29, 2013
Basis of Presentation [Abstract]  
Acquisition

Acquisition

In December 2012, the Company acquired the remaining majority interest in FourStar Microbial Products, LLC (Four Star Microbial) for approximately $4.8 million in cash with possible contingent future performance-based payments. The Company has not yet finalized its allocation of the purchase price to the fair value of the net assets acquired. The operating results of FourStar Microbial had no impact on the consolidated financial statements and the purchase price paid is included in other assets on the condensed consolidated balance sheets. While the acquisition is not expected to have a material impact on the Company’s 2013 financial results, it will enhance the Company’s capability to service professional providers of mosquito abatement.

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 fully 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. See Note 3, Derivative Instruments, for additional information.

 

For tax purposes, these derivative positions are entered into as a hedge, as defined in Treasury Regulation Section 1.221-2, in the normal course of business to manage risk of price changes of raw material inventory components and are treated as ordinary income property.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Comprehensive Income

In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income.” ASU No. 2011-05 requires that all nonowner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements, eliminating the option to present other comprehensive income in the statement of changes in equity. Under either choice, items that are reclassified from other comprehensive income to net income are required to be presented on the face of the financial statements where the components of net income and the components of other comprehensive income are presented. In December 2011, the FASB issued an update to ASU No. 2011-05, ASU No. 2011-12, which was issued to defer the effective date for amendments to the reclassifications of items out of accumulated other comprehensive income in ASU No. 2011-05. ASU 2011-05 and the amendments in ASU No. 2011-12 are effective for fiscal years and interim periods within those years, beginning after December 15, 2011 and became effective for the Company on September 30, 2012. The Company elected to report other comprehensive income and its components in a separate statement of comprehensive income. While the new guidance changed the presentation of comprehensive income, there were no changes to the components that are recognized in net income or other comprehensive income as determined under previous accounting guidance. The amended guidance did not have a material effect on the Company’s condensed consolidated financial statements.

In February 2013, the FASB issued Accounting Standards Update No. 2013-02, Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). This guidance requires entities to disclose, either in the notes to the consolidated financial statements or parenthetically on the face of the statement that reports comprehensive income (loss), items reclassified out of Accumulated other comprehensive income (loss) and into net earnings in their entirety and the effect of the reclassification on each affected Statement of Operations line item. In addition, for Accumulated other comprehensive income (loss) reclassification items that are not reclassified in their entirety into net earnings, a cross reference to other required accounting standard disclosures is required. This guidance is effective for the Company on September 29, 2013. The Company believes that the adoption of this guidance will not have a material impact on its condensed consolidated financial statements.

Goodwill

In September 2011, the FASB issued ASU No. 2011-08, “Intangibles – Goodwill and Other (Topic 350): Testing Goodwill for Impairment, which amended the guidance on the annual testing of goodwill for impairment. The amended guidance will allow companies to assess qualitative factors to determine if it is more-likely-than-not that goodwill might be impaired and whether it is necessary to perform the two-step goodwill impairment test required under current accounting standards. The guidance is effective for fiscal years beginning after December 15, 2011, and became effective for the Company on September 30, 2012. This new guidance did not have a material impact on the Company’s condensed consolidated financial statements.

Intangible Assets

In July 2012, the FASB issued an ASU No. 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, which simplifies the manner in which companies test indefinite-lived intangible assets for impairment. The ASU permits companies to first assess qualitative factors to determine whether events and circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform a quantitative impairment test. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The guidance became effective for the Company on September 30, 2012. This new guidance did not have a material impact on the Company’s condensed consolidated financial statements.

Comprehensive Income

Comprehensive Income

In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income.” ASU No. 2011-05 requires that all nonowner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements, eliminating the option to present other comprehensive income in the statement of changes in equity. Under either choice, items that are reclassified from other comprehensive income to net income are required to be presented on the face of the financial statements where the components of net income and the components of other comprehensive income are presented. In December 2011, the FASB issued an update to ASU No. 2011-05, ASU No. 2011-12, which was issued to defer the effective date for amendments to the reclassifications of items out of accumulated other comprehensive income in ASU No. 2011-05. ASU 2011-05 and the amendments in ASU No. 2011-12 are effective for fiscal years and interim periods within those years, beginning after December 15, 2011 and became effective for the Company on September 30, 2012. The Company elected to report other comprehensive income and its components in a separate statement of comprehensive income. While the new guidance changed the presentation of comprehensive income, there were no changes to the components that are recognized in net income or other comprehensive income as determined under previous accounting guidance. The amended guidance did not have a material effect on the Company’s condensed consolidated financial statements.

In February 2013, the FASB issued Accounting Standards Update No. 2013-02, Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). This guidance requires entities to disclose, either in the notes to the consolidated financial statements or parenthetically on the face of the statement that reports comprehensive income (loss), items reclassified out of Accumulated other comprehensive income (loss) and into net earnings in their entirety and the effect of the reclassification on each affected Statement of Operations line item. In addition, for Accumulated other comprehensive income (loss) reclassification items that are not reclassified in their entirety into net earnings, a cross reference to other required accounting standard disclosures is required. This guidance is effective for the Company on September 29, 2013. The Company believes that the adoption of this guidance will not have a material impact on its condensed consolidated financial statements.

Goodwill

Goodwill

In September 2011, the FASB issued ASU No. 2011-08, “Intangibles – Goodwill and Other (Topic 350): Testing Goodwill for Impairment, which amended the guidance on the annual testing of goodwill for impairment. The amended guidance will allow companies to assess qualitative factors to determine if it is more-likely-than-not that goodwill might be impaired and whether it is necessary to perform the two-step goodwill impairment test required under current accounting standards. The guidance is effective for fiscal years beginning after December 15, 2011, and became effective for the Company on September 30, 2012. This new guidance did not have a material impact on the Company’s condensed consolidated financial statements.

Intangible Assets

Intangible Assets

In July 2012, the FASB issued an ASU No. 2012-02, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, which simplifies the manner in which companies test indefinite-lived intangible assets for impairment. The ASU permits companies to first assess qualitative factors to determine whether events and circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform a quantitative impairment test. The ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The guidance became effective for the Company on September 30, 2012. This new guidance did not have a material impact on the Company’s condensed consolidated financial statements.

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Document and Entity Information
9 Months Ended
Jun. 29, 2013
Jul. 28, 2013
Common Stock
Jul. 28, 2013
Class A Common Stock
Jul. 28, 2013
Class B Stock
Entity Registrant Name CENTRAL GARDEN & PET CO      
Entity Central Index Key 0000887733      
Document Type 10-Q      
Document Period End Date Jun. 29, 2013      
Amendment Flag false      
Document Fiscal Year Focus 2013      
Document Fiscal Period Focus Q3      
Current Fiscal Year End Date --09-28      
Entity Filer Category Accelerated Filer      
Entity Common Stock, Shares Outstanding   12,246,751 35,311,838 1,652,262
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truefalseThreeMonthsEnded_29Jun2013_Line_Of_Credit_Memberhttp://www.sec.gov/CIK0000887733duration2013-03-31T00:00:002013-06-29T00:00:00falsefalseCredit Facility [Member]us-gaap_CreditFacilityAxisxbrldihttp://xbrl.org/2006/xbrldius-gaap_LineOfCreditMemberus-gaap_CreditFacilityAxisexplicitMemberPureStandardhttp://www.xbrl.org/2003/instancepurexbrli025false truefalseNineMonthsEnded_29Jun2013_Line_Of_Credit_Memberhttp://www.sec.gov/CIK0000887733duration2012-09-30T00:00:002013-06-29T00:00:00falsefalseCredit Facility [Member]us-gaap_CreditFacilityAxisxbrldihttp://xbrl.org/2006/xbrldius-gaap_LineOfCreditMemberus-gaap_CreditFacilityAxisexplicitMemberPureStandardhttp://www.xbrl.org/2003/instancepurexbrli026false USDtruefalse$BalanceAsOf_08Feb2012_Line_Of_Credit_Member_Senior_Notes_Memberhttp://www.sec.gov/CIK0000887733instant2012-02-08T00:00:000001-01-01T00:00:00falsefalseCredit Facility [Member]us-gaap_CreditFacilityAxisxbrldihttp://xbrl.org/2006/xbrldius-gaap_LineOfCreditMemberus-gaap_CreditFacilityAxisexplicitMemberfalsefalseSenior subordinated notes, net of unamortized discount, interest at 8.25%, payable semi-annually, principal due March 2018 [Member]us-gaap_LongtermDebtTypeAxisxbrldihttp://xbrl.org/2006/xbrldius-gaap_SeniorNotesMemberus-gaap_LongtermDebtTypeAxisexplicitMemberUSDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$27false truefalseNineMonthsEnded_29Jun2013_Libor_Memberhttp://www.sec.gov/CIK0000887733duration2012-09-30T00:00:002013-06-29T00:00:00falsefalseLIBOR [Member]us-gaap_CreditFacilityAxisxbrldihttp://xbrl.org/2006/xbrldicent_LiborMemberus-gaap_CreditFacilityAxisexplicitMemberPureStandardhttp://www.xbrl.org/2003/instancepurexbrli01true 4us-gaap_DebtInstrumentInterestRateStatedPercentageAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 5us-gaap_DebtInstrumentUnusedBorrowingCapacityAmountus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse315000000315000000USD$falsetruefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22truefalsefalse147800000147800000USD$falsetruefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryAmount of unused borrowing capacity under the long-term financing arrangement that is available to the entity as of the balance sheet date.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Subparagraph b -Article 5 false23false 5us-gaap_DebtInstrumentBasisSpreadOnVariableRate1us-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsetruefalse00falsefalsefalse2truetruefalse0.0500.050falsefalsefalse3falsetruefalse00falsefalsefalse4falsetruefalse00falsefalsefalse5falsetruefalse00falsefalsefalse6falsetruefalse00falsefalsefalse7falsetruefalse00falsefalsefalse8falsetruefalse00falsefalsefalse9falsetruefalse00falsefalsefalse10falsetruefalse00falsefalsefalse11truetruefalse0.01750.0175falsefalsefalse12truetruefalse0.02750.0275falsefalsefalse13falsetruefalse00falsefalsefalse14falsetruefalse00falsefalsefalse15truetruefalse0.00750.0075falsefalsefalse16truetruefalse0.01750.0175falsefalsefalse17falsetruefalse00falsefalsefalse18falsetruefalse00falsefalsefalse19falsetruefalse00falsefalsefalse20falsetruefalse00falsefalsefalse21falsetruefalse00falsefalsefalse22falsetruefalse00falsefalsefalse23falsetruefalse00falsefalsefalse24falsetruefalse00falsefalsefalse25falsetruefalse00falsefalsefalse26falsetruefalse00falsefalsefalse27truetruefalse0.0300.030falsefalsefalsenum:percentItemTypepurePercentage points added to the reference rate to compute the variable rate on the debt instrument.No definition available.false04false 5us-gaap_LineOfCreditFacilityCommitmentFeePercentageus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsetruefalse00falsefalsefalse2falsetruefalse00falsefalsefalse3falsetruefalse00falsefalsefalse4falsetruefalse00falsefalsefalse5falsetruefalse00falsefalsefalse6falsetruefalse00falsefalsefalse7falsetruefalse00falsefalsefalse8falsetruefalse00falsefalsefalse9truetruefalse0.00500.0050falsefalsefalse10falsetruefalse00falsefalsefalse11falsetruefalse00falsefalsefalse12falsetruefalse00falsefalsefalse13truetruefalse0.00300.0030falsefalsefalse14falsetruefalse00falsefalsefalse15falsetruefalse00falsefalsefalse16falsetruefalse00falsefalsefalse17falsetruefalse00falsefalsefalse18falsetruefalse00falsefalsefalse19falsetruefalse00falsefalsefalse20falsetruefalse00falsefalsefalse21falsetruefalse00falsefalsefalse22falsetruefalse00falsefalsefalse23falsetruefalse00falsefalsefalse24falsetruefalse00falsefalsefalse25falsetruefalse00falsefalsefalse26falsetruefalse00falsefalsefalse27falsetruefalse00falsefalsefalsenum:percentItemTypepureThe fee, expressed as a percentage of the line of credit facility, for the line of credit facility regardless of whether the facility has been used.No definition available.false05false 5cent_LeverageRatiocent_falsenainstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10truefalsefalse1.01.0falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14truefalsefalse4.94.9falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:pureItemTypepureLeverage ratio.No definition available.false06false 5cent_PresentSeniorSecuredLeverageRatiocent_falsenainstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse0.60.6falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10truefalsefalse2.02.0falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14truefalsefalse1.01.0falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:pureItemTypepurePresent senior secured leverage ratio.No definition available.false07false 5cent_MinimumInterestCoverageRatiocent_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse2.752.75falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24truefalsefalse2.252.25falsefalsefalse25truefalsefalse2.502.50falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:pureItemTypepureMinimum interest coverage ratio.No definition available.false08false 5cent_MinimumAssetCoverageRatiocent_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23truefalsefalse1.11.1falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:pureItemTypepureRatio of minimum asset coverage.No definition available.false09false 5us-gaap_LongTermDebtus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse509635000509635000falsefalsefalse3truefalsefalse449814000449814000falsefalsefalse4truefalsefalse449877000449877000falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17truefalsefalse400000000400000000falsefalsefalse18falsefalsefalse00falsefalsefalse19truefalsefalse449390000449390000falsefalsefalse20truefalsefalse449312000449312000falsefalsefalse21truefalsefalse449288000449288000falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryCarrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 22 -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 false210false 5us-gaap_DebtInstrumentInterestRateStatedPercentageus-gaap_truenainstantfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsetruefalse00falsefalsefalse2falsetruefalse00falsefalsefalse3falsetruefalse00falsefalsefalse4falsetruefalse00falsefalsefalse5falsetruefalse00falsefalsefalse6falsetruefalse00falsefalsefalse7falsetruefalse00falsefalsefalse8falsetruefalse00falsefalsefalse9falsetruefalse00falsefalsefalse10falsetruefalse00falsefalsefalse11falsetruefalse00falsefalsefalse12falsetruefalse00falsefalsefalse13falsetruefalse00falsefalsefalse14falsetruefalse00falsefalsefalse15falsetruefalse00falsefalsefalse16falsetruefalse00falsefalsefalse17truetruefalse0.08250.0825falsefalsefalse18falsetruefalse00falsefalsefalse19truetruefalse0.08250.0825falsefalsefalse20falsetruefalse00falsefalsefalse21falsetruefalse00falsefalsefalse22falsetruefalse00falsefalsefalse23falsetruefalse00falsefalsefalse24falsetruefalse00falsefalsefalse25falsetruefalse00falsefalsefalse26falsetruefalse00falsefalsefalse27falsetruefalse00falsefalsefalsenum:percentItemTypepureContractual interest rate for funds borrowed, under the debt agreement.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false011false 5us-gaap_DebtInstrumentMaturityDateus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse002018-06-01falsefalsetrue3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse002018-03-01falsefalsetrue18falsefalsefalse00falsefalsefalse19falsefalsefalse002018-03-01falsefalsetrue20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:dateItemTypedateDate when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(2)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false012false 5cent_DebtInstrumentAdditionalBorrowingscent_falsecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26truefalsefalse5000000050000000falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryDebt instrument additional borrowings.No definition available.false213false 5cent_NotesIssuePricePercentagecent_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsetruefalse00falsefalsefalse2falsetruefalse00falsefalsefalse3falsetruefalse00falsefalsefalse4falsetruefalse00falsefalsefalse5falsetruefalse00falsefalsefalse6falsetruefalse00falsefalsefalse7falsetruefalse00falsefalsefalse8falsetruefalse00falsefalsefalse9falsetruefalse00falsefalsefalse10falsetruefalse00falsefalsefalse11falsetruefalse00falsefalsefalse12falsetruefalse00falsefalsefalse13falsetruefalse00falsefalsefalse14falsetruefalse00falsefalsefalse15falsetruefalse00falsefalsefalse16falsetruefalse00falsefalsefalse17falsetruefalse00falsefalsefalse18truetruefalse0.985010.98501falsefalsefalse19falsetruefalse00falsefalsefalse20falsetruefalse00falsefalsefalse21falsetruefalse00falsefalsefalse22falsetruefalse00falsefalsefalse23falsetruefalse00falsefalsefalse24falsetruefalse00falsefalsefalse25falsetruefalse00falsefalsefalse26falsetruefalse00falsefalsefalse27falsetruefalse00falsefalsefalsenum:percentItemTypepureNotes issue price percentage.No definition available.false014false 5cent_DebtInstrumentIssuancePricecent_falsenainstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse002018 Notes at a price of 98.501%, plus accrued interest from September 1, 2011, in a private placementfalsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringDebt instrument issuance price.No definition available.false015false 5us-gaap_LongTermDebtFairValueus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19truefalsefalse457300000457300000falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryThe fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.No definition available.false216false 5cent_NotesRedemptionPricePercentagecent_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsetruefalse00falsefalsefalse2truetruefalse1.011.01falsefalsefalse3falsetruefalse00falsefalsefalse4falsetruefalse00falsefalsefalse5falsetruefalse00falsefalsefalse6truetruefalse1.041251.04125falsefalsefalse7truetruefalse1.020631.02063falsefalsefalse8truetruefalse1.001.00falsefalsefalse9falsetruefalse00falsefalsefalse10falsetruefalse00falsefalsefalse11falsetruefalse00falsefalsefalse12falsetruefalse00falsefalsefalse13falsetruefalse00falsefalsefalse14falsetruefalse00falsefalsefalse15falsetruefalse00falsefalsefalse16falsetruefalse00falsefalsefalse17falsetruefalse00falsefalsefalse18falsetruefalse00falsefalsefalse19falsetruefalse00falsefalsefalse20falsetruefalse00falsefalsefalse21falsetruefalse00falsefalsefalse22falsetruefalse00falsefalsefalse23falsetruefalse00falsefalsefalse24falsetruefalse00falsefalsefalse25falsetruefalse00falsefalsefalse26falsetruefalse00falsefalsefalse27falsetruefalse00falsefalsefalsenum:percentItemTypepureNotes redemption price percentage.No definition available.false017true 2cent_ComponentsOfLongTermDebtFinancingAdditionalTextualAbstractcent_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse018false 3us-gaap_DebtInstrumentUnamortizedDiscountus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse610610falsefalsefalse3truefalsefalse688688falsefalsefalse4truefalsefalse712712falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryThe amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400 false219false 3cent_LineOfCreditFacilityExpirationMonthYearcent_falsenainstantfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse002016-06falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:gYearMonthItemTypeyearmonthLine of credit facility expiration month year.No definition available.false020false 3cent_RevolvingCreditFacilitycent_falsecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5truefalsefalse275000000275000000falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryRevolving credit facility.No definition available.false221false 3cent_SeniorCreditFacilityMaturityPeriodcent_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse005 yearsfalsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:durationItemTypenaSenior credit facility maturity period.No definition available.false022false 3us-gaap_LineOfCreditFacilityCurrentBorrowingCapacityus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse375000000375000000falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryAmount of current borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed (for example, borrowings may be limited by the amount of current assets), but without considering any amounts currently outstanding under the facility.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 false223false 3us-gaap_LineOfCreditFacilityIncreaseDecreaseForPeriodNetus-gaap_truecreditdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse100000000100000000falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryAmount of increase (decrease) of the credit facility.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph f -Article 4 false224false 3cent_ExtensionOfMaturityDatecent_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00One year, to June 2016falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringExtension of maturity date.No definition available.false025false 3cent_LineOfCreditFacilityExtendedMaturityYearcent_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse001 yearfalsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:durationItemTypenaLine of credit facility extended maturity year.No definition available.false026false 3cent_IncrementalTermLoanscent_falsecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse200000000200000000falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryIncremental term loans.No definition available.false227false 3us-gaap_LineOfCreditFacilityAmountOutstandingus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse6000000060000000falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryAmount borrowed under the credit facility as of the balance sheet date.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 false228false 3cent_LettersOfCreditOutstandingcent_falsecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryLetters of credit outstanding.No definition available.false229false 3cent_OtherLettersOfCreditOutstandingAmountcent_falsecreditinstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse1750000017500000falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryOther letters of credit outstanding amount.No definition available.false230false 3us-gaap_DebtInstrumentInterestRateTermsus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00Interest on the amended Credit Facility is based, at the Company&#8217;s option, on a rate equal to the Alternate Base Rate (ABR), which is the greatest of the prime rate, the Federal Funds rate plus 1/2 of 1% or one month LIBOR plus 1%, plus a margin, which fluctuates from 0.75% to 1.75%, or LIBOR plus a margin, which fluctuates from 1.75% to 2.75% and commitment fees that range from 0.30% to 0.50%, determined quarterly based on consolidated total debt to consolidated EBITDA for the most recent trailing 12-month period.falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringDescription of the interest rate as being fixed or variable, and, if variable, identification of the index or rate on which the interest rate is based and the number of points or percentage added to that index or rate to set the rate, and other pertinent information, such as frequency of rate resets.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false031false 3cent_LineOfCreditFacilityAlternateBaseRateComputationOptionOnecent_falsenainstantfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00prime ratefalsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringLine of credit facility alternate base rate computation option one.No definition available.false032false 3cent_LineOfCreditFacilityAlternateBaseRateComputationOptionTwocent_falsenainstantfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00Federal Funds rate plus 1/2 of 1%falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringLine of credit facility alternate base rate computation option two.No definition available.false033false 3cent_LineOfCreditFacilityAlternateBaseRateComputationOptionTwoBasisSpreadPercentagecent_falsenainstantfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsetruefalse00falsefalsefalse2falsetruefalse00falsefalsefalse3falsetruefalse00falsefalsefalse4falsetruefalse00falsefalsefalse5truetruefalse0.0050.005falsefalsefalse6falsetruefalse00falsefalsefalse7falsetruefalse00falsefalsefalse8falsetruefalse00falsefalsefalse9falsetruefalse00falsefalsefalse10falsetruefalse00falsefalsefalse11falsetruefalse00falsefalsefalse12falsetruefalse00falsefalsefalse13falsetruefalse00falsefalsefalse14falsetruefalse00falsefalsefalse15falsetruefalse00falsefalsefalse16falsetruefalse00falsefalsefalse17falsetruefalse00falsefalsefalse18falsetruefalse00falsefalsefalse19falsetruefalse00falsefalsefalse20falsetruefalse00falsefalsefalse21falsetruefalse00falsefalsefalse22falsetruefalse00falsefalsefalse23falsetruefalse00falsefalsefalse24falsetruefalse00falsefalsefalse25falsetruefalse00falsefalsefalse26falsetruefalse00falsefalsefalse27falsetruefalse00falsefalsefalsenum:percentItemTypepureLine of credit facility alternate base rate computation option two basis spread percentage.No definition available.false034false 3cent_LineOfCreditFacilityBasisPercentageForCalculationOfVariableRateSpreadcent_falsenainstantfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsetruefalse00falsefalsefalse2falsetruefalse00falsefalsefalse3falsetruefalse00falsefalsefalse4falsetruefalse00falsefalsefalse5truetruefalse0.010.01falsefalsefalse6falsetruefalse00falsefalsefalse7falsetruefalse00falsefalsefalse8falsetruefalse00falsefalsefalse9falsetruefalse00falsefalsefalse10falsetruefalse00falsefalsefalse11falsetruefalse00falsefalsefalse12falsetruefalse00falsefalsefalse13falsetruefalse00falsefalsefalse14falsetruefalse00falsefalsefalse15falsetruefalse00falsefalsefalse16falsetruefalse00falsefalsefalse17falsetruefalse00falsefalsefalse18falsetruefalse00falsefalsefalse19falsetruefalse00falsefalsefalse20falsetruefalse00falsefalsefalse21falsetruefalse00falsefalsefalse22falsetruefalse00falsefalsefalse23falsetruefalse00falsefalsefalse24falsetruefalse00falsefalsefalse25falsetruefalse00falsefalsefalse26falsetruefalse00falsefalsefalse27falsetruefalse00falsefalsefalsenum:percentItemTypepureLine of credit facility basis percentage for calculation of variable rate spread.No definition available.false035false 3cent_LineOfCreditFacilityAlternateBaseRateComputationOptionThreecent_falsenainstantfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00one month LIBOR plus 1%, plus a marginfalsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringLine of credit facility alternate base rate computation option three.No definition available.false036false 3cent_LineOfCreditFacilityAlternateBaseRateComputationOptionThreeBasisSpreadPercentagecent_falsenainstantfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsetruefalse00falsefalsefalse2falsetruefalse00falsefalsefalse3falsetruefalse00falsefalsefalse4falsetruefalse00falsefalsefalse5truetruefalse0.010.01falsefalsefalse6falsetruefalse00falsefalsefalse7falsetruefalse00falsefalsefalse8falsetruefalse00falsefalsefalse9falsetruefalse00falsefalsefalse10falsetruefalse00falsefalsefalse11falsetruefalse00falsefalsefalse12falsetruefalse00falsefalsefalse13falsetruefalse00falsefalsefalse14falsetruefalse00falsefalsefalse15falsetruefalse00falsefalsefalse16falsetruefalse00falsefalsefalse17falsetruefalse00falsefalsefalse18falsetruefalse00falsefalsefalse19falsetruefalse00falsefalsefalse20falsetruefalse00falsefalsefalse21falsetruefalse00falsefalsefalse22falsetruefalse00falsefalsefalse23falsetruefalse00falsefalsefalse24falsetruefalse00falsefalsefalse25falsetruefalse00falsefalsefalse26falsetruefalse00falsefalsefalse27falsetruefalse00falsefalsefalsenum:percentItemTypepureLine of credit facility alternate base rate computation option three basis spread percentage.No definition available.false037false 3cent_MaximumRestrictedPaymentsIncludingCashDividendAndStockRepurchasesUnderCreditAgreementcent_falsedebitdurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse200000000200000000USD$falsetruefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryMaximum restricted payments including cash dividend and stock repurchases under credit agreement.No definition available.false238false 3cent_InterestCoverageRatiocent_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2truefalsefalse2.62.6falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:pureItemTypepureInterest coverage ratio.No definition available.false039false 3cent_DebtRedemptionTermscent_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00falsefalsefalse2falsefalsefalse00The Company may redeem some or all of the 2018 Notes at any time on or after March 1, 2014 for 104.125%, after March 1, 2015 for 102.063% and after March 1, 2016 for 100%, plus accrued and unpaid interest.falsefalsefalse3falsefalsefalse00falsefalsefalse4falsefalsefalse00falsefalsefalse5falsefalsefalse00falsefalsefalse6falsefalsefalse00falsefalsefalse7falsefalsefalse00falsefalsefalse8falsefalsefalse00falsefalsefalse9falsefalsefalse00falsefalsefalse10falsefalsefalse00falsefalsefalse11falsefalsefalse00falsefalsefalse12falsefalsefalse00falsefalsefalse13falsefalsefalse00falsefalsefalse14falsefalsefalse00falsefalsefalse15falsefalsefalse00falsefalsefalse16falsefalsefalse00falsefalsefalse17falsefalsefalse00falsefalsefalse18falsefalsefalse00falsefalsefalse19falsefalsefalse00falsefalsefalse20falsefalsefalse00falsefalsefalse21falsefalsefalse00falsefalsefalse22falsefalsefalse00falsefalsefalse23falsefalsefalse00falsefalsefalse24falsefalsefalse00falsefalsefalse25falsefalsefalse00falsefalsefalse26falsefalsefalse00falsefalsefalse27falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringDebt redemption terms.No definition available.false0falseLong-Term Debt (Details Textual) (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://central.com/role/LongTermDebtDetailsTextual2739 XML 119 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value Measurements (Tables)
9 Months Ended
Jun. 29, 2013
Fair Value Measurements [Abstract]  
Summary of financial assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of June 29, 2013 (in thousands):

 

                                 
    Level 1     Level 2     Level 3     Total  

Assets:

                               

Certificates of deposit

  $ 0     $ 17,820     $ 0     $ 17,820  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 0     $ 17,820     $ 0     $ 17,820  
   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

                               

Derivative liabilities

  $ 0     $ 197     $ 0     $ 197  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

  $ 0     $ 197     $ 0     $ 197  
   

 

 

   

 

 

   

 

 

   

 

 

 

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 June 23, 2012 (in thousands):

 

                                 
    Level 1     Level 2     Level 3     Total  

Assets:

                               

Certificates of deposit

  $ 0     $ 17,820     $ 0     $ 17,820  

Derivative assets

    0       72       0       72  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 0     $ 17,892     $ 0     $ 17,892  
   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

                               

Derivative liabilities

  $ 0     $ 44     $ 0     $ 44  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

  $ 0     $ 44     $ 0     $ 44  
   

 

 

   

 

 

   

 

 

   

 

 

 

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 29, 2012 (in thousands):

 

                                 
    Level 1     Level 2     Level 3     Total  

Assets:

                               

Certificates of deposit

  $ 0     $ 17,820     $ 0     $ 17,820  

Derivative assets

    0       334       0       334  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 0     $ 18,154     $ 0     $ 18,154  
   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

                               

Derivative liabilities

  $ 0     $ 206     $ 0     $ 206  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

  $ 0     $ 206     $ 0     $ 206  
   

 

 

   

 

 

   

 

 

   

 

 

 
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