Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)

6 Months Ended

Mar. 26, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Statement of Operations

	CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
	Three Months Ended March 26, 2016
	(in thousands)
	Parent			Non- Guarantor Subsidiaries			Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	156,790		$	30,002		$	381,748		$	(27,291	)	$	541,249
Cost of goods sold and occupancy	121,969			23,099			252,419			(25,577		)	371,910
Gross profit	34,821			6,903			129,329			(1,714		)	169,339
Selling, general and administrative expenses	33,210			5,124			73,316			(1,714		)	109,936
Income from operations	1,611			1,779			56,013			—			59,403
Interest expense	(6,653		)	(68		)	(375		)	—			(7,096		)
Interest income	8			1			—			—			9
Other income (expense)	657			(197		)	(548		)	—			(88		)
Income (loss) before taxes and equity in earnings of affiliates	(4,377		)	1,515			55,090			—			52,228
Income tax expense (benefit)	(775		)	694			18,874			—			18,793
Equity in earnings of affiliates	36,299			—			585			(36,884		)	—
Net income including noncontrolling interest	32,697			821			36,801			(36,884		)	33,435
Net income attributable to noncontrolling interest	—			738			—			—			738
Net income attributable to Central Garden & Pet Company	$	32,697		$	83		$	36,801		$	(36,884	)	$	32,697

	CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
	Three Months Ended March 28, 2015
	(in thousands)
	Parent			Non- Guarantor Subsidiaries			Guarantor Subsidiaries		Eliminations			Consolidated
Net sales	$	150,014		$	37,434		$	338,994	$	(28,840	)	$	497,602
Cost of goods sold and occupancy	113,668			29,545			231,403		(27,076		)	347,540
Gross profit	36,346			7,889			107,591		(1,764		)	150,062
Selling, general and administrative expenses	30,843			5,339			65,673		(1,764		)	100,091
Income from operations	5,503			2,550			41,918		—			49,971
Interest expense	(11,815		)	(61		)	—		—			(11,876		)
Interest income	18			—			—		—			18
Other expense	(347		)	—			226		—			(121		)
Income (loss) before taxes and equity in earnings of affiliates	(6,641		)	2,489			42,144		—			37,992
Income tax expense (benefit)	(1,123		)	952			14,183		—			14,012
Equity in earnings of affiliates	28,755			—			796		(29,551		)	—
Net income including noncontrolling interest	23,237			1,537			28,757		(29,551		)	23,980
Net income attributable to noncontrolling interest	—			743			—		—			743
Net income attributable to Central Garden & Pet Company	$	23,237		$	794		$	28,757	$	(29,551	)	$	23,237

	CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
	Six Months Ended March 26, 2016
	(in thousands)
	Parent			Non- Guarantor Subsidiaries			Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	293,817		$	45,272		$	603,912		$	(41,940	)	$	901,061
Cost of goods sold and occupancy	232,228			36,045			402,908			(39,245		)	631,936
Gross profit	61,589			9,227			201,004			(2,695		)	269,125
Selling, general and administrative expenses	66,164			8,903			128,577			(2,695		)	200,949
Income (loss) from operations	(4,575		)	324			72,427			—			68,176
Interest expense	(29,161		)	(80		)	—			—			(29,241		)
Interest income	29			2			—			—			31
Other expense	(178		)	(263		)	(120		)	—			(561		)
Income (loss) before taxes and equity in earnings (loss) of affiliates	(33,885		)	(17		)	72,307			—			38,405
Income tax expense (benefit)	(11,920		)	197			25,316			—			13,593
Equity in earnings (loss) of affiliates	46,060			—			(177		)	(45,883		)	—
Net income (loss) including noncontrolling interest	24,095			(214		)	46,814			(45,883		)	24,812
Net loss attributable to noncontrolling interest	—			717			—			—			717
Net income (loss) attributable to Central Garden & Pet Company	$	24,095		$	(931	)	$	46,814		$	(45,883	)	$	24,095

	CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
	Six Months Ended March 28, 2015
	(in thousands)
	Parent			Non- Guarantor Subsidiaries			Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	246,976		$	54,757		$	546,119		$	(42,930	)	$	804,922
Cost of goods sold and occupancy	192,447			44,123			370,494			(40,185		)	566,879
Gross profit	54,529			10,634			175,625			(2,745		)	238,043
Selling, general and administrative expenses	58,694			9,338			121,647			(2,745		)	186,934
Income (loss) from operations	(4,165		)	1,296			53,978			—			51,109
Interest expense	(22,302		)	(76		)	(1		)	—			(22,379		)
Interest income	88			1			—			—			89
Other income (expense)	(677		)	—			188			—			(489		)
Income (loss) before taxes and equity in earnings of affiliates	(27,056		)	1,221			54,165			—			28,330
Income tax expense (benefit)	(9,580		)	508			19,115			—			10,043
Equity in earnings of affiliates	35,016			—			209			(35,225		)	—
Net income including noncontrolling interest	17,540			713			35,259			(35,225		)	18,287
Net income attributable to noncontrolling interest	—			747			—			—			747
Net income (loss) attributable to Central Garden & Pet Company	$	17,540		$	(34	)	$	35,259		$	(35,225	)	$	17,540

Consolidating Condensed Statements of Comprehensive Income (Loss)

	CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
	Three Months Ended March 26, 2016
	(in thousands)
	Parent			Non- Guarantor Subsidiaries			Guarantor Subsidiaries		Eliminations			Consolidated
Net income	$	32,697		$	821		$	36,801	$	(36,884	)	$	33,435
Other comprehensive income (loss):
Unrealized loss on securities	—			—
Foreign currency translation	(459		)	(398		)	57		341			(459		)
Total comprehensive income	32,238			423			36,858		(36,543		)	32,976
Comprehensive income attributable to noncontrolling interests	—			738			—		—			738
Comprehensive income (loss) attributable to Central Garden & Pet Company	$	32,238		$	(315	)	$	36,858	$	(36,543	)	$	32,238

	CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
	Three Months Ended March 28, 2015
	(in thousands)
	Parent			Non- Guarantor Subsidiaries			Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	23,237		$	1,537		$	28,757		$	(29,551	)	$	23,980
Other comprehensive income (loss):
Unrealized loss on securities	(20		)	—			—			—			(20		)
Reclassification of realized loss on securities included in net income	20			—			—			—			20
Foreign currency translation	(626		)	(355		)	(164		)	519			(626		)
Total comprehensive income	22,611			1,182			28,593			(29,032		)	23,354
Comprehensive income attributable to noncontrolling interests	—			743			—			—			743
Comprehensive income attributable to Central Garden & Pet Company	$	22,611		$	439		$	28,593		$	(29,032	)	$	22,611

	CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
	Six Months Ended March 26, 2016
	(in thousands)
	Parent			Non- Guarantor Subsidiaries			Guarantor Subsidiaries		Eliminations			Consolidated
Net income (loss)	$	24,095		$	(214	)	$	46,814	$	(45,883	)	$	24,812
Other comprehensive income (loss):
Foreign currency translation	(692		)	(540		)	7		533			(692		)
Total comprehensive income (loss)	23,403			(754		)	46,821		(45,350		)	24,120
Comprehensive income attributable to noncontrolling interests	—			717			—		—			717
Comprehensive income (loss) attributable to Central Garden & Pet Company	$	23,403		$	(1,471	)	$	46,821	$	(45,350	)	$	23,403

	CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
	Six Months Ended March 28, 2015
	(in thousands)
	Parent			Non- Guarantor Subsidiaries			Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	17,540		$	713		$	35,259		$	(35,225	)	$	18,287
Other comprehensive loss:
Unrealized loss on securities	(10		)	—			—			—			(10		)
Reclassification of realized loss on securities included in net income	20			—			—			—			20
Foreign currency translation	(1,178		)	(700		)	(268		)	968			(1,178		)
Total comprehensive income	16,372			13			34,991			(34,257		)	17,119
Comprehensive income attributable to noncontrolling interests	—			747			—			—			747
Comprehensive income (loss) attributable to Central Garden & Pet Company	$	16,372		$	(734	)	$	34,991		$	(34,257	)	$	16,372

Consolidating Condensed Balance Sheet

	CONSOLIDATING CONDENSED BALANCE SHEET
	March 26, 2016
	(in thousands)
	Parent		Non- Guarantor Subsidiaries			Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	1,820	$	5,083		$	2,923	$	—		$	9,826
Restricted cash	11,946		—			—		—			11,946
Accounts receivable, net	100,346		15,446			224,734		—			340,526
Inventories	115,644		17,043			258,067		—			390,754
Prepaid expenses and other	23,003		797			26,958		—			50,758
Total current assets	252,759		38,369			512,682		—			803,810
Land, buildings, improvements and equipment, net	47,310		3,829			113,655		—			164,794
Goodwill	—		—			213,753		—			213,753
Other long-term assets	54,088		3,417			84,777		(1,540		)	140,742
Intercompany receivable	41,922		—			367,931		(409,853		)	—
Investment in subsidiaries	1,098,281		—			—		(1,098,281		)	—
Total	$	1,494,360	$	45,615		$	1,292,798	$	(1,509,674	)	$	1,323,099
LIABILITIES AND EQUITY
Accounts payable	$	48,693	$	10,546		$	73,972	$	—		$	133,211
Accrued expenses	52,837		2,029			42,816		—			97,682
Current portion of long-term debt	219		—			375		—			594
Total current liabilities	101,749		12,575			117,163		—			231,487
Long-term debt	496,001		—			395		—			496,396
Intercompany payable	359,472		50,381			—		(409,853		)	—
Losses in excess of investment in subsidiaries	—		—			16,928		(16,928		)	—
Other long-term obligations	5,416		—			58,398		(1,540		)	62,274
Total Central Garden & Pet shareholders’ equity (deficit)	531,722		(18,561		)	1,099,914		(1,081,353		)	531,722
Noncontrolling interest	—		1,220			—		—			1,220
Total equity (deficit)	531,722		(17,341		)	1,099,914		(1,081,353		)	532,942
Total	$	1,494,360	$	45,615		$	1,292,798	$	(1,509,674	)	$	1,323,099

	CONSOLIDATING CONDENSED BALANCE SHEET
	March 28, 2015
	(in thousands)
	Parent		Non- Guarantor Subsidiaries			Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	6,159	$	4,309		$	1,475	$	—		$	11,943
Restricted cash	12,583		—			—		—			12,583
Short term investments	—		—			—		—			—
Accounts receivable, net	86,569		17,099			218,097		—			321,765
Inventories	95,564		19,429			267,335		—			382,328
Prepaid expenses and other	26,013		901			31,337		—			58,251
Total current assets	226,888		41,738			518,244		—			786,870
Land, buildings, improvements and equipment, net	57,093		3,590			102,524		—			163,207
Goodwill	—		—			209,089		—			209,089
Other long-term assets	30,376		3,999			81,263		(5,607		)	110,031
Intercompany receivable	44,855		—			293,685		(338,540		)	—
Investment in subsidiaries	1,017,461		—			—		(1,017,461		)	—
Total	$	1,376,673	$	49,327		$	1,204,805	$	(1,361,608	)	$	1,269,197
LIABILITIES AND EQUITY
Accounts payable	$	47,277	$	10,169		$	82,375	$	—		$	139,821
Accrued expenses	39,061		2,857			41,524		—			83,442
Current portion of long-term debt	259		—			30		—			289
Total current liabilities	86,597		13,026			123,929		—			223,552
Long-term debt	511,030		—			83		—			511,113
Intercompany payable	288,423		50,117			—		(338,540		)	—
Losses in excess of investment in subsidiaries	—		—			14,104		(14,104		)	—
Other long-term obligations	1,437		—			48,719		(5,607		)	44,549
Total Central Garden & Pet shareholders’ equity (deficit)	489,186		(14,613		)	1,017,970		(1,003,357		)	489,186
Noncontrolling interest	—		797			—		—			797
Total equity (deficit)	489,186		(13,816		)	1,017,970		(1,003,357		)	489,983
Total	$	1,376,673	$	49,327		$	1,204,805	$	(1,361,608	)	$	1,269,197

	CONSOLIDATING CONDENSED BALANCE SHEET
	September 26, 2015
	(in thousands)
	Parent		Non- Guarantor Subsidiaries			Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	36,280	$	10,022		$	1,282	$	—		$	47,584
Restricted cash	13,157		—			—		—			13,157
Accounts receivable, net	46,326		6,775			154,301		—			207,402
Inventories	86,109		11,690			238,147		—			335,946
Prepaid expenses and other assets	22,926		848			25,957		—			49,731
Total current assets	204,798		29,335			419,687		—			653,820
Land, buildings, improvements and equipment, net	51,409		3,663			107,737		—			162,809
Goodwill	—		—			209,089		—			209,089
Other long-term assets	25,881		3,662			82,436		(6,100		)	105,879
Intercompany receivable	32,695		—			415,001		(447,696		)	—
Investment in subsidiaries	1,052,644		—			—		(1,052,644		)	—
Total	$	1,367,427	$	36,660		$	1,233,950	$	(1,506,440	)	$	1,131,597
LIABILITIES AND EQUITY
Accounts payable	$	20,506	$	2,543		$	65,840	$	—		$	88,889
Accrued expenses and other liabilities	38,723		1,789			47,212		—			87,724
Current portion of long term debt	261		—			30		—			291
Total current liabilities	59,490		4,332			113,082		—			176,904
Long-term debt	396,626		—			65		—			396,691
Intercompany payable	404,255		43,441			—		(447,696		)	—
Losses in excess of investment in subsidiaries	—		—			11,867		(11,867		)	—
Other long-term obligations	1,770		—			55,952		(6,100		)	51,622
Total Central Garden & Pet shareholders’ equity (deficit)	505,286		(12,207		)	1,052,984		(1,040,777		)	505,286
Noncontrolling interest	—		1,094			—		—			1,094
Total equity (deficit)	505,286		(11,113		)	1,052,984		(1,040,777		)	506,380
Total	$	1,367,427	$	36,660		$	1,233,950	$	(1,506,440	)	$	1,131,597

Consolidating Condensed Statement of Cash Flows

	CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
	Six Months Ended March 26, 2016
	(in thousands)
	Parent			Non- Guarantor Subsidiaries			Guarantor Subsidiaries			Eliminations			Consolidated
Net cash used by operating activities	$	(12,121	)	$	(6,240	)	$	(27,598	)	$	(4,884	)	$	(50,843	)
Additions to property, plant and equipment	(2,394		)	(412		)	(9,989		)	—			(12,795		)
Payments to acquire companies, net of cash acquired	(60,916		)	—			(7,985		)	—			(68,901		)
Change in restricted cash and cash equivalents	1,211			—			—			—			1,211
Other investing activities	(500		)	—			—			—			(500		)
Intercompany investing activities	(9,227		)	—			47,070			(37,843		)	—
Net cash (used) provided by investing activities	(71,826		)	(412		)	29,096			(37,843		)	(80,985		)
Repayments on revolving line of credit	(178,000		)	—			—			—			(178,000		)
Borrowings on revolving line of credit	280,000			—			—			—			280,000
Repayments of long-term debt	(400,130		)	—			(15		)	—			(400,145		)
Issuance of long-term debt	400,000			—			—			—			400,000
Excess tax benefits from stock-based awards	1,181			—			—			—			1,181
Repurchase of common stock	(1,722		)	—			—			—			(1,722		)
Distribution to parent	—			(4,884		)	—			4,884			—
Distribution to noncontrolling interest	—			(592		)	—			—			(592		)
Payment of financing costs	(6,362		)	—			—			—			(6,362		)
Intercompany financing activities	(44,782		)	6,939			—			37,843			—
Net cash provided (used) by financing activities	50,185			1,463			(15		)	42,727			94,360
Effect of exchange rates on cash	(698		)	250			158			—			(290		)
Net (decrease) increase in cash and cash equivalents	(34,460		)	(4,939		)	1,641			—			(37,758		)
Cash and cash equivalents at beginning of period	36,280			10,022			1,282			—			47,584
Cash and cash equivalents at end of period	$	1,820		$	5,083		$	2,923		$	—		$	9,826

	CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
	Six Months Ended March 28, 2015
	(in thousands)
	Parent			Non-Guarantor Subsidiaries			Guarantor Subsidiaries			Eliminations			Consolidated
Net cash used by operating activities	$	(36,828	)	$	(5,623	)	$	(49,351	)	$	(6,719	)	$	(98,521	)
Additions to property, plant and equipment	(1,359		)	(154		)	(9,512		)	—			(11,025		)
Payments to acquire companies, net of cash acquired	(16,000		)	—			—			—			(16,000		)
Proceeds from short-term investments	9,997			—			—			—			9,997
Change in restricted cash and cash equivalents	1,700			—			—			—			1,700
Investment in short-term investments	(17		)	—			—			—			(17		)
Other investing activities	(331		)	—			—			—			(331		)
Intercompany investing activities	(27,949		)	—			57,738			(29,789		)	—
Net cash (used) provided by investing activities	(33,959		)	(154		)	48,226			(29,789		)	(15,676		)
Repayments of long-term debt	(50,131		)	—			(10		)	—			(50,141		)
Borrowings under revolving line of credit	186,000			—			—			—			186,000
Repayments on revolving line of credit	(71,000		)	—			—			—			(71,000		)
Proceeds from issuance of common stock	1,220			—			—			—			1,220
Excess tax benefits from stock-based awards	351			—			—			—			351
Repurchase of common stock	(17,164		)	—			—			—			(17,164		)
Distribution to parent	—			(6,719		)	—			6,719			—
Distribution to noncontrolling interest	—			(1,680		)	—			—			(1,680		)
Intercompany financing activities	(34,891		)	5,102			—			29,789			—
Net cash provided (used) by financing activities	14,385			(3,297		)	(10		)	36,508			47,586
Effect of exchange rates on cash	(910		)	577			211			—			(122		)
Net increase decrease in cash and cash equivalents	(57,312		)	(8,497		)	(924		)	—			(66,733		)
Cash and cash equivalents at beginning of year	63,471			12,806			2,399			—			78,676
Cash and cash equivalents at end of year	$	6,159		$	4,309		$	1,475		$	—		$	11,943