Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 26, 2015 | Nov. 30, 2015 | Mar. 28, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 26, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CENT | ||
Entity Registrant Name | CENTRAL GARDEN & PET CO | ||
Entity Central Index Key | 887,733 | ||
Current Fiscal Year End Date | --09-26 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 100,400,000 | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 11,908,317 | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 36,489,570 | ||
Entity Public Float | 346,600,000 | ||
Class B Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,652,262 | ||
Entity Public Float | $ 63,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 47,584 | $ 78,676 |
Restricted cash | 13,157 | 14,283 |
Short term investments | 0 | 9,990 |
Accounts receivable, net | 207,402 | 193,729 |
Inventories | 335,946 | 326,386 |
Prepaid expenses, deferred income taxes and other | 49,731 | 48,488 |
Total current assets | 653,820 | 671,552 |
Plant, property and equipment, net | 162,809 | 166,849 |
Goodwill | 209,089 | 208,233 |
Other intangible assets, net | 75,460 | 87,997 |
Other assets | 33,576 | 14,096 |
Total | 1,134,754 | 1,148,727 |
Current liabilities: | ||
Accounts payable | 88,889 | 88,428 |
Accrued expenses | 87,724 | 84,379 |
Current portion of long-term debt | 291 | 291 |
Total current liabilities | 176,904 | 173,098 |
Long-term debt | 399,848 | 449,948 |
Deferred income taxes and other long-term obligations | 51,622 | 39,228 |
Equity: | ||
Additional paid-in capital | 388,636 | 396,586 |
Retained earnings | 115,987 | 86,396 |
Accumulated other comprehensive income | 164 | 1,232 |
Total Central Garden & Pet shareholders' equity | 505,286 | 484,723 |
Noncontrolling interest | 1,094 | 1,730 |
Total equity | 506,380 | 486,453 |
Total | 1,134,754 | 1,148,727 |
Common Stock [Member] | ||
Equity: | ||
Common stock | 119 | 124 |
Total equity | 119 | 124 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 364 | 369 |
Total equity | 364 | 369 |
Class B Stock [Member] | ||
Equity: | ||
Common stock | 16 | 16 |
Total equity | $ 16 | $ 16 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 1,650,737 | $ 1,604,357 | $ 1,653,633 |
Cost of goods sold and occupancy | 1,162,685 | 1,150,333 | 1,189,731 |
Gross profit | 488,052 | 454,024 | 463,902 |
Selling, general and administrative expenses | 389,345 | 397,811 | 416,038 |
Intangible asset and goodwill impairment | 7,272 | 0 | 7,709 |
Income (loss) from operations | 91,435 | 56,213 | 40,155 |
Interest expense | (40,027) | (42,844) | (43,112) |
Interest income | 129 | 94 | 142 |
Other income (expense) | 13 | 403 | (677) |
Income (loss) before income taxes and noncontrolling interest | 51,550 | 13,866 | (3,492) |
Income tax expense (benefit) | 18,535 | 4,045 | (2,592) |
Net income (loss) including noncontrolling interest | 33,015 | 9,821 | (900) |
Net income attributable to noncontrolling interest | 1,044 | 1,017 | 1,029 |
Net income (loss) attributable to Central Garden & Pet Company | $ 31,971 | $ 8,804 | $ (1,929) |
Net income (loss) per share attributable to Central Garden & Pet Company: | |||
Basic | $ 0.66 | $ 0.18 | $ (0.04) |
Diluted | $ 0.64 | $ 0.18 | $ (0.04) |
Weighted average shares used in the computation of net income per share: | |||
Basic | 48,562 | 48,880 | 48,094 |
Diluted | 49,638 | 49,397 | 48,094 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 33,015 | $ 9,821 | $ (900) |
Other comprehensive income (loss): | |||
Foreign currency translation | (1,078) | (200) | (97) |
Unrealized loss on securities | (10) | (10) | 0 |
Reclassification of loss on available for sale securities to net income | 20 | 0 | 0 |
Total comprehensive income (loss) | 31,947 | 9,611 | (997) |
Comprehensive income attributable to noncontrolling interests | 1,044 | 1,017 | 1,029 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | $ 30,903 | $ 8,594 | $ (2,026) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total [Member] | Noncontrolling Interest [Member] | Common Stock [Member] | Class A Common Stock [Member] | Class B Stock [Member] |
Balance, Beginning balance at Sep. 29, 2012 | $ 464,883 | $ 382,195 | $ 79,718 | $ 1,539 | $ 463,937 | $ 946 | $ 122 | $ 347 | $ 16 |
Shares, Issued, Beginning Balance at Sep. 29, 2012 | 12,247,571 | 34,706,902 | 1,652,262 | ||||||
Amortization of share-based awards | 4,210 | 4,210 | 0 | 0 | 4,210 | 0 | $ 0 | $ 0 | $ 0 |
Tax deficiency on exercise of stock options, net of tax benefit | (90) | (90) | 0 | 0 | (90) | 0 | 0 | 0 | 0 |
Restricted share activity | 2,464 | 2,460 | 2,464 | $ 0 | $ 4 | ||||
Restricted share activity, shares | (820) | 442,238 | |||||||
Issuance of common stock | 1,686 | 1,683 | 0 | 0 | 1,686 | 0 | $ 0 | $ 3 | $ 0 |
Issuance of common stock, shares | 0 | 307,761 | 0 | ||||||
Repurchase of common stock | (1,503) | (1,305) | (197) | 0 | (1,503) | 0 | $ 0 | $ (1) | $ 0 |
Repurchase of common stock, shares | 0 | (165,900) | 0 | ||||||
Distribution to noncontrolling interest | (629) | (629) | |||||||
Other comprehensive loss | (97) | 0 | 0 | (97) | (97) | 0 | $ 0 | $ 0 | $ 0 |
Net income (loss) | (900) | 0 | (1,929) | 0 | (1,929) | 1,029 | 0 | 0 | 0 |
Balance, Ending balance at Sep. 28, 2013 | 470,024 | 389,153 | 77,592 | 1,442 | 468,678 | 1,346 | $ 122 | $ 353 | $ 16 |
Shares, Issued, Ending Balance at Sep. 28, 2013 | 12,246,751 | 35,291,001 | 1,652,262 | ||||||
Amortization of share-based awards | 4,572 | 4,572 | 0 | 0 | 4,572 | 0 | $ 0 | $ 0 | $ 0 |
Tax deficiency on exercise of stock options, net of tax benefit | (1,973) | (1,973) | 0 | 0 | (1,973) | 0 | 0 | 0 | 0 |
Restricted share activity | 3,460 | 3,446 | 3,460 | $ 2 | $ 12 | $ 0 | |||
Restricted share activity, shares | 190,556 | 1,232,105 | 0 | ||||||
Issuance of common stock | 1,394 | 1,390 | 0 | 0 | 1,394 | 0 | $ 0 | $ 4 | $ 0 |
Issuance of common stock, shares | 0 | 364,505 | 0 | ||||||
Repurchase of common stock | (2) | (2) | 0 | 0 | (2) | 0 | $ 0 | $ 0 | $ 0 |
Repurchase of common stock, shares | 0 | (300) | 0 | ||||||
Distribution to noncontrolling interest | (633) | (633) | |||||||
Other comprehensive loss | (210) | 0 | 0 | (210) | (210) | 0 | $ 0 | $ 0 | $ 0 |
Net income (loss) | 9,821 | 0 | 8,804 | 0 | 8,804 | 1,017 | 0 | 0 | 0 |
Balance, Ending balance at Sep. 27, 2014 | 486,453 | 396,586 | 86,396 | 1,232 | 484,723 | 1,730 | $ 124 | $ 369 | $ 16 |
Shares, Issued, Ending Balance at Sep. 27, 2014 | 12,437,307 | 36,887,311 | 1,652,262 | ||||||
Amortization of share-based awards | 6,378 | 6,378 | 0 | 0 | 6,378 | 0 | $ 0 | $ 0 | $ 0 |
Tax deficiency on exercise of stock options, net of tax benefit | (358) | (358) | 0 | 0 | (358) | 0 | 0 | 0 | 0 |
Restricted share activity | (1,231) | (1,233) | 0 | 0 | (1,231) | 0 | $ 0 | $ 2 | $ 0 |
Restricted share activity, shares | (12,073) | 156,477 | 0 | ||||||
Issuance of common stock | (5) | (10) | 0 | 0 | (5) | 0 | $ 0 | $ 5 | $ 0 |
Issuance of common stock, shares | 641 | 536,827 | 0 | ||||||
Repurchase of common stock | (15,124) | (12,727) | (2,380) | 0 | (15,124) | 0 | $ (5) | $ (12) | $ 0 |
Repurchase of common stock, shares | (517,558) | (1,118,316) | 0 | ||||||
Distribution to noncontrolling interest | (1,680) | 0 | 0 | 0 | 0 | (1,680) | $ 0 | $ 0 | $ 0 |
Other comprehensive loss | (1,068) | 0 | 0 | (1,068) | (1,068) | 0 | 0 | 0 | 0 |
Net income (loss) | 33,015 | 0 | 31,971 | 0 | 31,971 | 1,044 | 0 | 0 | 0 |
Balance, Ending balance at Sep. 26, 2015 | $ 506,380 | $ 388,636 | $ 115,987 | $ 164 | $ 505,286 | $ 1,094 | $ 119 | $ 364 | $ 16 |
Shares, Issued, Ending Balance at Sep. 26, 2015 | 11,908,317 | 36,462,299 | 1,652,262 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 33,015 | $ 9,821 | $ (900) |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | |||
Depreciation and amortization | 33,703 | 35,781 | 32,968 |
Amortization of deferred financing costs | 1,996 | 2,107 | 2,174 |
Stock-based compensation | 8,315 | 7,678 | 15,892 |
Excess tax benefits from stock-based awards | (2,154) | (498) | (388) |
Deferred income taxes | 15,566 | 5,548 | (3,233) |
Gain on sale of property and equipment | 0 | (4,875) | 0 |
Loss on disposal of property, plant and equipment | 702 | 1,063 | 547 |
Write-off of deferred financing costs | 537 | 1,731 | 0 |
Asset impairments | 7,272 | 5,870 | 7,709 |
Other | (69) | 249 | 370 |
Changes in assets and liabilities (excluding businesses acquired): | |||
Receivables | (9,093) | 2,655 | 8,185 |
Inventories | 4,403 | 69,698 | (61,697) |
Prepaid expenses and other assets | (4,325) | (176) | 2,624 |
Accounts payable | (4,757) | (16,321) | (23,866) |
Accrued expenses | 1,485 | 8,442 | (7,781) |
Other long-term obligations | 853 | (2,306) | (886) |
Net cash provided (used) by operating activities | 87,449 | 126,467 | (28,282) |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (22,030) | (17,173) | (25,172) |
Businesses acquired, net of cash acquired, and investments in joint ventures | (38,384) | (20,282) | (4,835) |
Proceeds from disposals of land, buildings, etc. | 0 | 8,737 | 0 |
Change in restricted cash and cash equivalents. | 1,126 | (14,283) | 0 |
Proceeds from short-term investments. | 9,997 | 17,820 | 4,885 |
Investment in short-term investments | (17) | (10,000) | 0 |
Other investing activities | (546) | 0 | 0 |
Net cash used in investing activities | (49,854) | (35,181) | (25,122) |
Cash flows from financing activities: | |||
Repayments on revolving line of credit | (312,000) | (301,000) | (368,000) |
Borrowings on revolving line of credit | 312,000 | 278,000 | 391,000 |
Repayments of long-term debt | (50,289) | (367) | (332) |
Proceeds from issuance of common stock | 200 | 1,165 | 613 |
Excess tax benefits from stock-based awards | 2,154 | 498 | 388 |
Repurchase of common stock, including shares surrendered for tax withholding | (18,497) | (2,332) | (2,731) |
Distribution to noncontrolling interest | (1,680) | (633) | (629) |
Payment of financing costs | (258) | (3,090) | 0 |
Net cash provided (used) by financing activities | (68,370) | (27,759) | 20,309 |
Effect of exchange rate changes on cash and equivalents | (317) | (7) | (224) |
Net (decrease) increase in cash and cash equivalents | (31,092) | 63,520 | (33,319) |
Cash and cash equivalents at beginning of year | 78,676 | 15,156 | 48,475 |
Cash and cash equivalents at end of year | 47,584 | 78,676 | 15,156 |
Supplemental information: | |||
Cash paid for interest | 39,855 | 41,549 | 42,960 |
Cash paid for income taxes - net of refunds | 3,192 | 826 | (2,493) |
Non-cash investing and financing activities: | |||
Capital expenditures incurred but not paid | 2,087 | 238 | 926 |
Liability for contingent performance based payments | (101) | 249 | 4,165 |
Restricted share stock bonus | $ 0 | $ 4,086 | $ 9,579 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Sep. 26, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Significant Accounting Policies | 1. Organization and Significant Accounting Policies Organization Basis of Consolidation and Presentation Noncontrolling Interest Use of Estimates Revenue Recognition Cost of goods sold and occupancy Advertising Costs 401(k) Plans Other income Income taxes U. S. income taxes have not been provided on undistributed earnings (approximately $2.3 million at September 26, 2015) of our foreign subsidiary since all such earnings are considered indefinitely reinvested overseas. The potential deferred tax liability associated with these earnings, net of foreign tax credits associated with the earnings, is approximately $0.4 million. Cash and cash equivalents Restricted cash and cash equivalents Short term investments Accounts receivable Allowance for doubtful accounts – Inventories Land, buildings, improvements and equipment Long-Lived Assets Goodwill Investments Accruals For Insurance Fair Value of Financial Instruments Derivative Financial 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. As of September 26, 2015 and September 27, 2014, the Company had no outstanding derivative instruments. Stock-Based Compensation Total Comprehensive Income (Loss) Recent Accounting Pronouncements Discontinued Operations In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (ASU 2014-08), Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity Revenue Recognition In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers Stock Based Compensation In June 2014, the FASB issued ASU No. 2014-12 (ASU 2014-12), Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. Consolidation In February 2015, the FASB issued ASU 2015-02 (ASU 2015-02), Amendments to the Consolidation Analysis to ASC Topic 810, Consolidation Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03(ASU 2015-03), Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This standard amends the existing guidance to require that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge. In August 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-15, Interest – Imputation of Interest (Subtopic 835-30). This ASU provides additional guidance on ASU 2015-03 with respect to line of credit arrangements, whereby specify debt issuance costs as part of line-of-credit arrangements may continue to be deferred and presented as an asset on the balance sheet. Recognition and measurement guidance for debt issuance costs are not affected. These ASUs are effective for annual periods beginning after December 15, 2015, or the Company’s first quarter of fiscal 2017. Early adoption is permitted. As of September 26, 2015, the Company had approximately $3.4 million of net deferred financing costs that would be reclassified from a long-term asset to a reduction in the carrying amount of its debt upon adoption of the standard. Cloud Computing Costs In April 2015, the FASB issued ASU No. 2015-05(ASU 2015-05), Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement Inventory Measurement In July 2015, the FASB issued ASU 2015-11 (ASU 2015-11), Simplifying the Measurement of Inventory Business Combinations In September 2015, the FASB issued ASU No. 2015-16 (ASU 2015-16), Simplifying the Accounting for Measurement-Period Adjustments |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 26, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 2. Fair Value Measurements Generally accepted accounting principles require financial assets and liabilities to be categorized based on the inputs used to calculate their fair values as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs for the asset or liability, which reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The Company’s financial instruments include cash and equivalents, restricted cash and equivalents, short term investments, 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 September 26, 2015 (in thousands): Level 1 Level 2 Level 3 Total Liabilities: Liability for contingent consideration (b) $ 0 $ 0 $ 3,625 $ 3,625 Total liabilities $ 0 $ 0 $ 3,625 $ 3,625 The following table presents our financial assets and liabilities at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of September 27, 2014 (in thousands): Level 1 Level 2 Level 3 Total Assets: Short-term investments (a) $ 9,990 $ 0 $ 0 $ 9,990 Total assets $ 9,990 $ 0 $ 0 $ 9,990 Liabilities: Liability for contingent consideration (b) $ 0 $ 0 $ 4,414 $ 4,414 Total liabilities $ 0 $ 0 $ 4,414 $ 4,414 (a) The fair value of short-term investments are based on quoted prices in active markets for identical assets. (b) The liability for contingent consideration relates to an earn-out for B2E, acquired in December 2012 – See Note 4. The fair value of the contingent consideration arrangement is determined based on the Company’s evaluation as to the probability and amount of any earn-out that will be achieved based on expected future performance by the acquired entity. This is presented as part of long-term liabilities in our consolidated balance sheets. The following table provides a summary of changes in fair value of our Level 3 financial instruments for the years ended September 26, 205 and September 27, 2014 (in thousands): Amount Balance as of September 27, 2014 $ 4,414 Performance-based payments made (688 ) Changes in the fair value of contingent performance-based payments established at the time of acquisition (101 ) Balance as of September 26, 2015 $ 3,625 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 using discounted cash flows with Level 3 inputs in the fair value hierarchy. During the fiscal year ended September 26, 2015, the carrying values of $22.3 million of indefinite-lived intangible assets were written down to their estimated fair value of $15.0 million, resulting in an impairment charge of $7.3 million, which was included in earnings for the period. See Note 10 – Other Intangible Assets. During the fiscal year ended September 28, 2013, the Company recognized a non-cash charge of $7.7 million, as the carrying value of its Garden segment goodwill exceeded the implied fair value of the goodwill. The fair market value of these non-financial assets was determined using an income approach and Level 3 inputs, which required management to make significant estimates about future cash flows. See Note 9 – Goodwill. Fair Value of Other Financial Instruments In January 2015, the Company called $50 million aggregate principal amount of the 2018 Notes for redemption on March 1, 2015 at a price of 102.063%. The estimated fair value of the Company’s remaining $400.0 million aggregate principal amount of the 2018 Notes as of September 26, 2015 was $410.5 million, compared to a carrying value of $399.7 million. The estimated fair value of the Company’s $450 million principal amount of 2018 Notes as of September 27, 2014 was $459.5 million, compared to a carrying value of $449.5 million. The estimated fair value is based on quoted market prices for these notes, which are Level 1 inputs within the fair value hierarchy. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Sep. 26, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [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 September 26, 2015 and September 27, 2014, the Company had no outstanding derivative instruments. The Company recognizes all derivative instruments as either assets or liabilities at fair value in the 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 consolidated statement of operations. During the fiscal year ended September 28, 2013, the Company recorded a charge of approximately $1.0 million in other income (expense) related to commodity contracts. |
Acquisitions and Investments in
Acquisitions and Investments in Joint Ventures | 12 Months Ended |
Sep. 26, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Investments in Joint Ventures | 4. Acquisitions and Investments in Joint Ventures Fiscal 2015 Purishield LLC and Ceregenin LLC On December 30, 2014, the Company invested $16.0 million in cash for a 50% interest in two newly formed entities. The two entities own rights to commercialize products which incorporate features covered by certain patents, technology and associated intellectual property rights in the fields of animal health and pesticide applications. The investment is being accounted for under the equity method of accounting and is not expected to contribute to earnings in the near future. IMS Trading Corp On July 31, 2015, the Company purchased substantially all of the assets of IMS Trading Corp. for a purchase price of approximately $23 million. IMS Trading Corp was a manufacturer, importer and distributor of rawhide, natural dog treats and pet products throughout the United States and internationally. The purchase price exceeded the fair value of the net tangible assets acquired by approximately $4.9 million, which is included in deferred taxes and other assets in our consolidated balance sheets as of September 26, 2015, as the Company has not yet finalized the allocation of the purchase price to the fair value of the intangible assets acquired. This acquisition is expected to complement the Company’s existing dog and cat business. Fiscal 2014 Envincio LLC On April 1, 2014, the Company purchased certain assets of Envincio LLC, including brands, EPA registrations, inventory and trade receivables, for approximately $20.3 million. The purchase price exceeded the fair value of the net tangible and intangible assets acquired by approximately $3.3 million, which is recorded in goodwill. Financial results for Envincio have been included in the results of operations within the Pet segment since the date of acquisition. This acquisition is expected to enable the Company to be a key supplier and product innovator in the growing natural insecticides product market, often characterized as EPA-exempt products, and expand its offerings in traditional pesticides. The following table summarizes the recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date and subsequent adjustments: (In thousands) Amounts Previously Recognized as of Acquisition Measurement Period Adjustments Amounts Recognized as of Acquisition Date Current assets, net of cash and cash equivalents acquired $ 6,650 $ 0 $ 6,650 Fixed assets 20 0 20 Goodwill 2,477 856 3,333 Intangible assets 12,306 (856 ) 11,450 Current liabilities (1,170 ) 0 (1,170 ) Net assets acquired, less cash and cash equivalents $ 20,283 $ 0 $ 20,283 (1) As previously reported in the Company’s Form 10-K for the period ended September 27, 2014. During fiscal 2015, the fair value measurements of assets acquired and liabilities assumed of Envincio LLC as of the acquisition date were finalized. This refinement did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheets or cash flows in any period and, therefore, the Company has not retrospectively adjusted its financial statements. Fiscal 2013 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 and approximately $4.2 million of contingent future performance-based payments. The purchase price exceeded the estimated fair value of the tangible and intangible assets acquired by $3.2 million, which was recorded as goodwill. The operating results of FourStar Microbial had no material impact on the consolidated financial statements. In the future, the Company expects the acquisition will enhance its capability to service professional providers of mosquito abatement. |
Concentration of Credit Risk an
Concentration of Credit Risk and Significant Customers and Suppliers | 12 Months Ended |
Sep. 26, 2015 | |
Text Block [Abstract] | |
Concentration of Credit Risk and Significant Customers and Suppliers | 5. Concentration of Credit Risk and Significant Customers and Suppliers Customer Concentration Supplier Concentration |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Sep. 26, 2015 | |
Text Block [Abstract] | |
Allowance for Doubtful Accounts | 6. Allowance for Doubtful Accounts Changes in the allowance for doubtful accounts are summarized below (in thousands): Description Balances at Charged/ (Credited) to Asset Write-Offs, Balances at Fiscal year ended September 28, 2013 18,574 4,373 (1,789 ) 21,158 Fiscal year ended September 27, 2014 21,158 8,988 (4,934 ) 25,212 Fiscal year ended September 26, 2015 25,212 741 (6,657 ) 19,296 |
Inventories, net
Inventories, net | 12 Months Ended |
Sep. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories, net | 7. Inventories, net Inventories, net of allowance for obsolescence, consist of the following (in thousands): September 26, September 27, Raw materials $ 94,969 $ 93,678 Work in progress 15,268 13,397 Finished goods 215,673 207,818 Supplies 10,036 11,493 Total inventories, net $ 335,946 $ 326,386 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Sep. 26, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 8. Property and Equipment, Net Property and equipment consists of the following (in thousands): September 26, September 27, Land $ 9,306 $ 8,678 Buildings and improvements 111,605 109,618 Transportation equipment 5,130 5,388 Machine and warehouse equipment 184,556 163,783 Capitalized software 107,965 107,271 Office furniture and equipment 26,556 25,091 445,118 419,829 Accumulated depreciation and amortization (282,309 ) (252,980 ) $ 162,809 $ 166,849 Depreciation and amortization expense, including the amortization of intangible assets, charged to operations was $33.7 million, $35.8 million and $33.0 million for fiscal 2015, 2014 and 2013, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Sep. 26, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 9. Goodwill Changes in the carrying amount of goodwill for the fiscal years ended September 26, 2015, September 27, 2014 and September 28, 2013 (in thousands): Garden Products Pet Products Total Balance as of September 29, 2012 Goodwill $ 213,583 $ 398,492 $ 612,075 Accumulated impairment losses (205,874 ) (195,978 ) (401,852 ) 7,709 202,514 210,223 Additions in fiscal 2013 0 3,242 3,242 Impairment losses in fiscal 2013 (7,709 ) 0 (7,709 ) Balance as of September 28, 2013 Goodwill 213,583 401,734 615,317 Accumulated impairment losses (213,583 ) (195,978 ) (409,561 ) 0 205,756 205,756 Additions in fiscal 2014 0 2,477 2,477 Balance as of September 27, 2014 Goodwill 213,583 404,211 617,794 Accumulated impairment losses (213,583 ) (195,978 ) (409,561 ) 0 208,233 208,233 Additions in fiscal 2015 0 856 856 Balance as of September 26, 2015 Goodwill 213,583 405,067 618,650 Accumulated impairment losses (213,583 ) (195,978 ) (409,561 ) $ 0 $ 209,089 $ 209,089 Additions or reductions to goodwill include acquisitions, purchase price adjustments and adjustments of amounts upon finalization of purchase accounting. The Company tests goodwill for impairment annually (on the first day of the fourth fiscal quarter), 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, by initially comparing the fair value of the Company’s reporting units to their related carrying values. If the fair value of the reporting unit is less than its carrying value, the Company performs an additional step to determine the implied fair value of goodwill associated with that reporting unit. The implied fair value of goodwill is determined by first allocating the fair value of the reporting unit to all of its assets and liabilities and then computing the excess of the reporting unit’s fair value over the amounts assigned to the assets and liabilities. If the carrying value of goodwill exceeds the implied fair value of goodwill, such excess represents the amount of goodwill impairment, and, accordingly, the Company recognizes such impairment. 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. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. The estimate of fair value of each of the Company’s reporting units is based on the Company’s projection of revenues, gross margin, operating costs and cash flows considering historical and estimated future results, general economic and market conditions as well as the impact of planned business and operational strategies. The Company bases its fair value estimates on assumptions the Company believes to be reasonable at the time, but such assumptions are subject to inherent uncertainty. Assumptions critical to the Company’s fair value estimates were: (i) discount rates used in determining the fair value of the reporting units; (ii) estimated future cash flows; and (iii) projected revenue and operating profit growth rates used in the reporting unit models. Actual results may differ from those estimates. The valuations employ present value techniques to measure fair value and consider market factors. In connection with the Company’s annual goodwill impairment testing performed during fiscal 2015, the first step of such testing indicated that the fair value of the Company’s reporting segments exceeded their carrying value by more than 10%, and accordingly, no further testing of goodwill was required. In connection with the Company’s annual goodwill impairment testing performed during fiscal 2014, the first step of such testing indicated that the fair value of the Company’s reporting segments exceeded their carrying value by more than 10%, and accordingly, no further testing of goodwill was required. In connection with the Company’s annual goodwill impairment testing performed during fiscal 2013, the first step of such testing indicated that the fair value of the Company’s Pet segment reporting units exceeded their carrying value, and accordingly, no further testing of goodwill was required for the Pet segment. However, the carrying value of the Company’s Garden segment reporting units exceeded their fair value, indicating potential impairment. Based on further analysis, it was determined that the entire carrying value of the Company’s Garden segment goodwill was impaired, resulting in a non-cash goodwill impairment charge of $7.7 million. Changes in the judgments and estimates underlying the Company’s analysis of goodwill for possible impairment, including expected future cash flows and discount rate, could result in a significantly different estimate of the fair value of the reporting units in the future and could result in additional impairment of goodwill. |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Sep. 26, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | 10. Other Intangible Assets The following table summarizes the components of gross and net acquired intangible assets: Gross Accumulated Accumulated Impairment Net (in millions) September 26, 2015 Marketing-related intangible assets – amortizable $ 14.1 $ (10.4 ) $ 0 $ 3.7 Marketing-related intangible assets – nonamortizable 59.6 0 (24.2 ) 35.4 Total 73.7 (10.4 ) (24.2 ) 39.1 Customer-related intangible assets – amortizable 43.3 (22.3 ) 0 21.0 Other acquired intangible assets – amortizable 19.3 (10.5 ) 0 8.8 Other acquired intangible assets – nonamortizable 7.8 0 (1.2 ) 6.6 Total 27.1 (10.5 ) (1.2 ) 15.4 Total other intangible assets $ 144.1 $ (43.2 ) $ (25.4 ) $ 75.5 September 27, 2014 Marketing-related intangible assets – amortizable $ 15.5 $ (9.9 ) $ 0 $ 5.6 Marketing-related intangible assets – nonamortizable 59.6 0 (16.9 ) 42.7 Total 75.1 (9.9 ) (16.9 ) 48.3 Customer-related intangible assets – amortizable 42.8 (20.2 ) 0 22.6 Other acquired intangible assets – amortizable 19.4 (8.8 ) 0 10.6 Other acquired intangible assets – nonamortizable 7.7 0 (1.2 ) 6.5 Total 27.1 (8.8 ) (1.2 ) 17.1 Total other intangible assets $ 145.0 $ (38.9 ) $ (18.1 ) $ 88.0 Other acquired intangible assets include contract-based and technology-based intangible assets. As part of its acquisition of Envincio, LLC during the third quarter of fiscal 2014, the Company acquired approximately $1.7 million of marketing related intangible assets and $9.8 million of other intangible assets. See Note 4 – Acquisitions. In fiscal 2015, the Company recognized a non-cash $7.3 million impairment charge to certain indefinite-lived intangible assets as a result of increased competition in the marketplace and declining volume of sales. The fair value of the remaining $15.0 million of indefinite-lived intangible assets that were impaired exceeded their carrying value at September 26, 2015. 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 six years for marketing-related intangibles, 14 years for customer-related intangibles and 14 years for other acquired intangibles. Amortization expense for intangibles subject to amortization was approximately $4.3 million, $4.3 million and $5.1 million, for fiscal 2015, 2014 and 2013, respectively, and is classified within operating expenses in the consolidated statements of operations. Estimated annual amortization expense related to acquired intangible assets in each of the succeeding five years is estimated to be approximately $4 million per year from fiscal 2016 through fiscal 2020. 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. For fiscal 2014 and 2013, 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 2015, and accordingly, no impairment testing was performed on these assets. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Sep. 26, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 11. Long-Term Debt Long-term debt consists of the following: September 26, September 27, (in thousands) Senior subordinated notes, net of unamortized discount of $309 and $471, interest at 8.25%, payable semi-annually, principal due March 2018 $ 399,691 $ 449,529 Asset-based revolving credit facility, interest at LIBOR plus a margin of 1.25% to 1.75% or Base Rate plus a margin of 0.25% to 0.75%, final maturity December 2018 0 0 Other notes payable 448 710 Total 400,139 450,239 Less current portion (291 ) (291 ) Long-term portion $ 399,848 $ 449,948 Senior Subordinated Notes On March 8, 2010, the Company issued $400 million aggregate principal amount of 8.25% senior subordinated notes due March 1, 2018 (the “2018 Notes”). On February 13, 2012, the Company issued an additional $50 million aggregate principal amount of its 2018 Notes at a price of 98.501%, plus accrued interest from September 1, 2011, in a private placement. The 2018 Notes required semiannual interest payments, which commenced on September 1, 2010. The 2018 Notes were unsecured senior subordinated obligations and were subordinated to all of the Company’s existing and future senior debt, including the Company’s Credit Facility. The obligations under the 2018 Notes were fully and unconditionally guaranteed on a senior subordinated basis by each of the Company’s existing and future domestic restricted subsidiaries with certain exceptions. The guarantees were general unsecured senior subordinated obligations of the guarantors and were subordinated to all existing and future senior debt of the guarantors. In March 2015, the Company redeemed $50.0 million of its 2018 Notes at a price of 102.063% of the principal amount of the notes redeemed. In conjunction with this transaction, the Company recognized a charge in interest expense of approximately $1.6 million in its second quarter of fiscal 2015 related to the payment of the call premium and the non-cash write-off of unamortized financing costs. The Company could redeem some or all of the remaining 2018 Notes at any time after March 1, 2015 for 102.063% and on or after March 1, 2016 for 100%, plus accrued and unpaid interest. The holders of the 2018 Notes had 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 contained customary high yield covenants, including covenants limiting debt incurrence and restricted payments, subject to certain baskets and exceptions. The Company was in compliance with all financial covenants in the 2018 Notes indenture as of September 26, 2015. Issuance of $400 Million 6.125% Senior Notes On November 9, 2015, the Company issued $400 million aggregate principal amount of 6.125% senior notes due November 2023 (the “2023 Notes”). The 2023 Notes are unconditionally guaranteed on a senior basis by each of its existing and future domestic restricted subsidiaries which are borrowers under or guarantors of Central’s senior secured revolving credit facility. Central used the net proceeds from the offering to redeem its outstanding 2018 Notes. See Note 21 – Subsequent Event. Asset Backed Loan Facility On December 5, 2013, the Company entered into a credit agreement which provides up to a $390 million principal amount senior secured asset-based revolving credit facility, with up to an additional $200 million principal amount available with the consent of the Lenders if the Company exercises the accordion feature set forth therein (collectively, the “Credit Facility”). The Credit Facility matures on December 5, 2018 and replaced the Company’s prior revolving credit facility. The Company may borrow, repay and reborrow amounts under the Credit Facility until its maturity date, at which time all amounts outstanding under the Credit Facility must be repaid in full. As of September 26, 2015, there were no borrowings outstanding under the Credit Facility. There were no letters of credit outstanding under the Credit Facility as of September 26, 2015. There were other letters of credit of $6.0 million outstanding as of September 26, 2015. The Credit Facility is subject to a borrowing base, calculated using a formula based upon eligible receivables and inventory, minus certain reserves and subject to restrictions. The borrowing availability as of September 26, 2015 was $307 million. Borrowings under the Credit Facility bear interest at an index based on LIBOR or, at the option of the Company, the Base Rate (defined as the highest of (a) the SunTrust prime rate, (b) the Federal Funds Rate plus 0.5% and (c) one-month LIBOR plus 1.00%), plus, in either case, an applicable margin based on the Company’s total outstanding borrowings. Such applicable margin for LIBOR-based borrowings fluctuates between 1.25%-1.75% (and was 1.25% at September 26, 2015) and such applicable margin for Base Rate borrowings fluctuates between 0.25%-0.75% (and was 0.25% at September 26, 2015). As of September 26, 2015, the applicable interest rate related to Base Rate borrowings was 3.5%, and the applicable interest rate related to LIBOR-based borrowings was 1.4%. The Credit Facility contains customary covenants, including financial covenants which require the Company to maintain a minimum fixed charge coverage ratio of 1.00:1.00 upon reaching certain borrowing levels. The Credit Facility is secured by substantially all assets of the Company. The Company was in compliance with all covenants under the Credit Facility during the fiscal year ended September 26, 2015. The Company incurred approximately $3.1 million of costs in conjunction with this transaction, which included banking fees and legal expenses. These costs will be amortized over the term of the Credit Facility. The Company recorded a non-cash charge of $1.7 million for the three month period ended December 28, 2013 as part of interest expense, related to the write-off of unamortized deferred financing costs under the prior revolving credit facility. The scheduled principal repayments on long-term debt as of September 26, 2015 are as follows: (in thousands) Fiscal year: 2016 $ 291 2017 110 2018 400,030 2019 5 2020 12 Thereafter 0 Total $ 400,448 (1) (1) Debt repayments include an amount in excess of the carrying value of debt and reflect the unamortized portion of the original issue discount on the 2018 Notes of $0.3 million as of September 26, 2015, which is amortizable until March 2018. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 26, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Commitments Letters of credit Purchase commitments Leases Certain facility leases have renewal options and include escalation clauses. Minimum lease payments include scheduled rent increases pursuant to these escalation provisions. Aggregate minimum annual payments on non-cancelable operating leases at September 26, 2015 are as follows: (in thousands) Fiscal year: 2016 $ 19,163 2017 16,031 2018 9,470 2019 7,959 2020 4,487 Thereafter 1,025 Total $ 58,135 Contingencies The Company may from time to time become involved in legal proceedings in the ordinary course of business. Currently, the Company is not a party to any legal proceedings the resolution of which management believes would have a material effect on the Company’s financial position or results of operations. The Company has received notices from several states stating that they have appointed an agent to conduct an examination of the books and records of the Company to determine whether it has complied with state unclaimed property laws. In addition to seeking unclaimed property subject to escheat laws, the states may seek interest, penalties and other relief. The examinations are at an early stage and, as such, management is unable to determine the impact, if any, 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, withdrawals, replacements of products, or regulatory actions by governmental authorities. The Company has not experienced recent issues with products the resolution of which management believes would have a material effect on the Company’s financial position or results of operations. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The provision for income tax expense (benefit) consists of the following: Fiscal Year Ended September 26, September 27, September 28, (in thousands) Current: Federal. $ 2,301 $ (329 ) $ 52 State. 643 873 958 Foreign. 25 0 0 Total 2,969 544 1,010 Deferred: Federal. 14,843 4,171 (2,915 ) State. 625 177 (687 ) Foreign. 98 (847 ) 0 Total 15,566 3,501 (3,602 ) Total $ 18,535 $ 4,045 $ (2,592 ) A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: Fiscal Year Ended September 26, September 27, September 28, Statutory federal income tax rate 35.0 % 35.0 % (35.0 )% State income taxes, net of federal benefit 2.4 2.1 (5.2 ) Other permanent differences (0.5 ) 0.2 2.4 Adjustment of prior year accruals (0.5 ) (0.2 ) 1.8 Uncertain tax positions 0.0 0.4 3.7 Credits (0.3 ) (1.6 ) (29.3 ) Change in valuation allowances 0.0 (5.4 ) (9.0 ) Foreign rate differential (0.1 ) (1.3 ) (3.6 ) Effective income tax rate (benefit) 36.0 % 29.2 % (74.2 %) Deferred income taxes reflect the impact of “temporary differences” between asset and liability amounts for financial reporting purposes and such amounts as determined based on existing tax laws. The tax effect of temporary differences and carryforwards which give rise to deferred tax assets and liabilities are as follows: September 26, 2015 September 27, 2014 Deferred Deferred Deferred Deferred Current: Allowance for doubtful accounts $ 7,054 $ 0 $ 9,262 $ 0 Inventory write-downs 11,366 0 12,018 0 Prepaid expenses. 0 651 820 0 Nondeductible reserves 936 0 1,420 0 State taxes. 0 385 0 165 Employee benefits 9,411 0 7,816 0 Other. 2,754 0 3,233 0 Total 31,521 1,036 34,569 165 Noncurrent: Depreciation and amortization. 0 52,415 0 46,458 Equity income. 0 305 0 127 State net operating loss carryforward 5,032 0 5,167 0 Stock based compensation 3,422 0 5,263 0 State credits 2,348 0 2,352 0 Other. 2,463 0 7,281 0 Valuation allowance (6,205 ) 0 (6,215 ) 0 Total. 7,060 52,720 13,848 46,585 Total. $ 38,581 $ 53,756 $ 48,417 $ 46,750 The Company has state tax net operating losses of $101.5 million which expire at various times between 2015 and 2035, and foreign losses of $1.0 million, which do not expire. Pursuant to authoritative guidance, the benefit of stock options will only be recorded to stockholders’ equity when cash taxes payable are reduced. The Company has state income tax credits of $3.6 million, which expire at various times beginning in 2015 through 2031. In evaluating the Company’s ability to recover its deferred tax assets, the Company considers all available positive and negative evidence including past operating results, future taxable income, and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance against any deferred tax assets. The Company has determined there will be insufficient future separate state taxable income for the separate parent company to realize its deferred tax assets. Therefore, valuation allowances of $6.2 million and $6.2 million (net of federal impact) at September 26, 2015 and September 27, 2014, respectively, have been provided to reduce state deferred tax assets to amounts considered recoverable. The Company classifies uncertain tax positions as non-current income tax liabilities unless expected to be paid within one year. The Company recognizes interest and/or penalties related to income tax matters as a component of pretax income. As of September 26, 2015 and September 27, 2014, accrued interest was less than $0.1 million and no penalties were accrued related to uncertain tax positions. The following table, which excludes interest and penalties, summarizes the activity related to the Company’s unrecognized tax benefits for fiscal years ended September 26, 2015 and September 27, 2014 (in thousands): Balance as of September 28, 2013 $ 364 Increases related to prior year tax positions 264 Increases related to current year tax positions 14 Decreases related to prior year tax positions (166 ) Settlements (388 ) Decreases related to lapse of statute of limitations (1 ) Balance as of September 27, 2014 $ 87 Increases related to prior year tax positions 55 Increases related to current year tax positions 20 Decreases related to prior year tax positions 0 Settlements (9 ) Decreases related to lapse of statute of limitations (15 ) Balance as of September 26, 2015 $ 138 As of September 26, 2015, unrecognized income tax benefits totaled approximately $0.1 million and all of the unrecognized tax benefits would, if recognized, impact the Company’s effective income tax rate. The Company is principally subject to taxation by the United States and various states within the United States. The Company’s tax filings in major jurisdictions are open to examination by tax authorities by the Internal Revenue Service from fiscal year ended 2012 forward and in various state taxing authorities generally from fiscal year ended 2011 forward. The Company does not believe there will be any significant change in its unrecognized tax benefits within the next twelve months. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 26, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 14. Stock-Based Compensation The Company’s 2003 Omnibus Equity Incentive Plan (the “2003 Plan”), as amended, provides for the grant of options and restricted stock to key employees, directors and consultants of the Company up to an aggregate of 5.8 million shares of common stock of the Company. The 2003 Plan is administered by the Compensation Committee of the Board of Directors, which is comprised only of independent directors, and which must approve individual awards to be granted, vesting and exercise of share conditions. In connection with a dividend payable in the form of two shares of the Class A Common Stock for each outstanding share of Common Stock and Class B Common Stock on February 5, 2007, the 2003 Plan was amended to include 9,734,982 shares of Class A Common Stock authorized for issuance. As a result of recent amendments, there is a total of 5,800,000 shares of Common Stock, 19,734,982 shares of Class A Common Stock and 500,000 shares of Preferred Stock authorized under the 2003 Plan. If and when the Company issues any shares of Preferred Stock under the 2003 Plan, it will reduce the amount of Class A Common Stock available for future issuance in an amount equal to the number of shares of Class A Common Stock that are issuable upon conversion of such Preferred Stock. The Company has a Nonemployee Director Stock Option Plan (the “Director Plan”) which provides for the grant of options and restricted stock to nonemployee directors of the Company. The Director Plan, as amended, provides for the granting to each independent director of options to purchase a number of shares equal to $200,000 divided by the fair market value of the Company’s common stock on the date of each annual meeting of stockholders and a number of shares of restricted stock equal to $20,000 divided by such fair market value. As of September 26, 2015, there were approximately 1.5 million shares of Common Stock, 6.3 million shares of Class A Common Stock and no shares of Preferred Stock reserved for outstanding equity awards, and there were approximately 3.4 million shares of Common Stock, 10.3 million shares of Class A Common Stock and 0.5 million shares of Preferred Stock remaining for future awards. Stock Option Awards The Company recognized share-based compensation expense of $8.3 million, $7.7 million and $15.9 million for the years ended September 26, 2015, September 27, 2014 and September 28, 2013, respectively, as a component of selling, general and administrative expenses. Share-based compensation expense in fiscal 2015, 2014 and 2013 consisted of $3.3 million, $2.8 million and $2.7 million, respectively, for stock options, and $3.1 million, $3.0 million and $11.2 million, respectively, for stock awards. Share-based compensation expense in fiscal 2015, 2014 and 2013 also includes $1.9 million, $1.9 million and $2.0 million, respectively, for the Company’s 401(k) matching contributions. From fiscal 2008 to fiscal 2011, the Company granted stock options under its 2003 Plan that included performance targets and time-based vesting to key employees and executives. In March 2012, the Company eliminated all of the past and future performance goals relating to stock options granted from fiscal 2008 to fiscal 2011, except for the performance goals relating to the overall Company performance. The Company took this action because, as a result of the Company’s reorganization around functional lines during 2011, the extent to which cumulative performance targets for segments or business units have been or may be achieved became difficult or impossible to measure and the changes underway within the Company were not contemplated when the Company granted the options. After the amendment, 20% of the shares covered by each award continue to be performance-based. The time vested component of the options did not change. Approximately 250 employees were affected by the modification, and no additional compensation cost was recorded. The performance-based component of the options granted in fiscal 2008, 2009 and 2010 were 100%, 60% and 20% achieved, respectively, and the related expense was recorded over the estimated service period. The Company currently estimates the performance-based component of the options granted in fiscal 2011 is not probable of achievement and is not recording related expense. As of September 26, 2015, there were 3.3 million of unvested options, of which approximately 0.3 million are subject to performance based vesting criteria. To the extent Company goals are or are not achieved, the amount of stock-based compensation recognized in the future will be adjusted. During fiscal 2015, the Company granted time-based stock options with an exercise price based on the closing fair market value on the date of the grant. The majority of the options granted in fiscal 2015 vest in four annual installments commencing approximately one year from the date of grant and expire approximately six years after the grant date. The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. Expected stock price volatilities are estimated based on the Company’s historical volatility. The expected term of options granted is based on analyses of historical employee termination rates, option exercises and the contractual term of the option. The risk-free rates are based on U.S. Treasury yields, for notes with comparable terms as the option grants, in effect at the time of the grant. For purposes of this valuation model, no dividends have been assumed. The Company’s calculations were made using the Black-Scholes option pricing model with the following weighted average assumptions: expected life from the date of grant, 3.6 years in fiscal 2015, 3.5 years in fiscal 2014 and 3.5 years in fiscal 2013; stock price volatility, 30.3% in fiscal 2015, 34.3% in fiscal 2014 and 34.8% in fiscal 2013; risk free interest rates, 1.3% in fiscal 2015, 1.6% in fiscal 2014 and 1.2% in fiscal 2013; and no dividends during the expected term. The following table summarizes option activity for the period ended September 26, 2015: Number of Weighted Weighted Average Aggregate Outstanding at September 27, 2014 9,213 $ 10.35 3 years $ 1,895 Granted 1,361 $ 10.58 Exercised (2,389 ) $ 8.86 Cancelled or expired (1,928 ) $ 11.86 Outstanding at September 26, 2015 6,257 $ 10.51 3 years $ 38,663 Exercisable at September 28, 2013 6,409 $ 11.21 2 years 770 Exercisable at September 27, 2014 5,205 $ 10.81 2 years 390 Exercisable at September 26, 2015 2,910 $ 10.74 2 years 17,226 Expected to vest after September 26, 2015 2,783 $ 10.32 4 years $ 17,822 The price of options to purchase shares of common stock and Class A common stock outstanding at September 26, 2015, September 27, 2014 and September 28, 2013 was $6.43 to $15.00 per share, $6.43 to $16.23 per share and $4.60 to $16.23 per share, respectively. The weighted average grant date fair value of options granted during the fiscal years ended September 26, 2105, September 27, 2014 and September 28, 2013 was $2.51, $1.93 and $1.72, respectively. The total intrinsic value of options exercised during the fiscal years ended September 26, 2015, September 27, 2014 and September 28, 2013 was $5.9 million, $1.4 million and $1.1 million, respectively. As of September 26, 2015, there was $4.8 million of total unrecognized compensation cost related to nonvested stock options, which is expected to be recognized over a remaining weighted average vesting period of two years. Restricted Stock Awards As of September 26, 2015 and September 27, 2014, there were approximately 1.6 million shares of restricted stock awards outstanding. Awards granted in fiscal 2015 generally vest within five years from the date of grant. In fiscal 2014, approximately $6.4 million of bonus amounts earned in fiscal 2013 were paid by granting approximately 570,000 restricted shares that vested immediately. Restricted stock award activity during the three fiscal years in the period ended September 26, 2015 is summarized as follows: Number of Shares Weighted Average Fair Value per (in thousands) Nonvested at September 29, 2012 785 $ 9.53 Granted 552 $ 9.26 Vested (354 ) $ 9.60 Forfeited (89 ) $ 9.37 Nonvested at September 28, 2013 894 $ 9.35 Granted 1,021 $ 7.98 Vested (226 ) $ 9.92 Forfeited (80 ) $ 8.93 Nonvested at September 27, 2014 1,609 $ 8.43 Granted 493 $ 10.55 Vested (331 ) $ 8.63 Forfeited (221 ) $ 8.84 Nonvested at September 26, 2015 1,550 $ 9.00 The weighted average grant date fair value of restricted stock awards granted during the fiscal years ended September 26, 2015, September 27, 2014 and September 28, 2013 was $10.55, $7.98 and $9.26, respectively. The aggregate fair value of restricted shares that vested was $3.2 million, $1.7 million and $3.4 million for fiscal 2015, 2014 and 2013, respectively. As of September 26, 2015, there was $10.5 million of unrecognized compensation cost related to nonvested restricted stock awards, which is expected to be recognized over a weighted average period of two years. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Sep. 26, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | 15. Shareholders’ Equity At September 26, 2015, there were 80,000,000 shares of common stock ($0.01 par value) authorized, of which 11,908,317 were outstanding, and 100,000,000 shares of non-voting Class A common stock ($0.01 par value) authorized, of which 36,462,299 were outstanding. The preferences and relative rights of the Class A common stock are identical to common stock in all respects, except that the Class A common stock generally will have no voting rights unless otherwise required by Delaware law. There are 3,000,000 shares of Class B stock ($0.01 par value) authorized, of which 1,652,262 were outstanding at September 26, 2015 and September 27, 2014. The voting powers, preferences and relative rights of the Class B stock are identical to common stock in all respects except that (i) the holders of common stock are entitled to one vote per share and the holders of Class B stock are entitled to the lesser of ten votes per share or 49% of the total votes cast, (ii) stock dividends on common stock may be paid only in shares of common stock and stock dividends on Class B stock may be paid only in shares of Class B stock and (iii) shares of Class B stock have certain conversion rights and are subject to certain restrictions on ownership and transfer. Each share of Class B stock is convertible into one share of common stock, at the option of the holder. Additional shares of Class B stock may only be issued with majority approval of the holders of the common stock and Class B stock, voting as separate classes. During fiscal 2011, the Company’s Board of Directors authorized a $100 million share repurchase program, in part, to minimize the dilutive impact of the Company’s stock-based equity compensation programs over time. During the fiscal year ended September 26, 2015, the Company repurchased $15.1 million of stock. In total, as of September 26, 2015, the Company had repurchased approximately 7.9 million shares for an aggregate price of approximately $65.0 million under the share repurchase program. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 26, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 16. Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share (EPS) computations: Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Net Shares Per Net Shares Per Net Shares Per (in thousands, except per share amounts) Basic EPS: Net income (loss) available to common shareholders $ 31,971 48,562 $ 0.66 $ 8,804 48,880 $ 0.18 $ (1,929 ) 48,094 $ (0.04 ) Effect of dilutive securities: Options to purchase common stock 520 (0.01 ) 69 0 0 0 Restricted shares 556 (0.01 ) 448 0 0 0 Diluted EPS: Net income (loss) available to common shareholders $ 31,971 49,638 $ 0.64 $ 8,804 49,397 $ 0.18 $ (1,929 ) 48,094 $ (0.04 ) For fiscal 2015, 3.2 million options were not included in the computation of diluted earnings per share because the option exercise prices were greater than the average market price of the common shares and, therefore, the effect of including these options would be anti-dilutive. For fiscal 2014, 9.7 million options were not included in the computation of diluted earnings per share because the option exercise prices were greater than the average market price of the common shares and, therefore, the effect of including these options would be anti-dilutive. For fiscal 2013, 10.4 million options were not included in the computation of diluted earnings per share because the option exercise prices were greater than the average market price of the common shares and, therefore, the effect of including these options would be anti-dilutive. Regardless of exercise price, all outstanding stock options were excluded in the calculation due to the net loss recorded for the period ended September 28, 2013. In periods where net earnings are reported, these options may become dilutive if the average market price of our common stock exceeds the exercise price of the outstanding options. |
Quarterly Financial Data - Unau
Quarterly Financial Data - Unaudited | 12 Months Ended |
Sep. 26, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data - Unaudited | 17. Quarterly Financial Data – Unaudited Fiscal 2015 1 st 2 nd 3 rd 4 th (in thousands, except per share amounts) Net sales $ 307,320 $ 497,602 $ 459,446 $ 386,369 Gross profit 87,981 150,062 142,037 107,972 Net income (loss) attributable to Central Garden & Pet Company (5,697 ) 23,237 18,800 (4,369 ) (1) Net income (loss) per share: Basic $ (0.12 ) $ 0.48 $ 0.39 $ (0.09 ) Diluted $ (0.12 ) $ 0.47 $ 0.38 $ (0.09 ) Weighted average common shares outstanding: Basic 49,379 48,384 48,167 48,322 Diluted 49,379 49,439 49,290 48,322 Fiscal 2014 1 st 2 nd 3 rd 4 th (in thousands, except per share amounts) Net sales $ 290,521 $ 501,611 $ 437,987 $ 374,238 Gross profit 79,741 147,596 119,131 107,556 Net income (loss) attributable to Central Garden & Pet Company (12,708 ) 20,895 4,687 (2) (4,070 ) (2) Net income (loss) per share: Basic $ (0.26 ) $ 0.43 $ 0.10 $ (0.08 ) Diluted $ (0.26 ) $ 0.43 $ 0.09 $ (0.08 ) Weighted average common shares outstanding: Basic 48,368 48,688 49,148 49,324 Diluted 48,368 49,116 49,841 49,324 (1) The Company recognized a $7.3 million non-cash impairment charge to its indefinite-lived intangible assets as a result of increased competition and declining sales volume in its Pet segment during the fourth quarter of fiscal 2015. (2) The Company recognized a $16.9 million charge related to certain products introduced in fiscal 2013 and a $2.0 million gain on the sale of manufacturing plant assets in its Garden segment during the third quarter of fiscal 2014, as well as a $2.9 million gain on the sale of manufacturing plant assets in its Garden segment in the fourth quarter of fiscal 2014. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Sep. 26, 2015 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 18. Transactions with Related Parties During fiscal 2015, 2014 and 2013, Tech Pac, a subsidiary of the Company, made purchases from Contract Packaging, Inc, (“CPI”), Tech Pac’s principal supplier and a minority 20% shareholder in Tech Pac. Tech Pac’s total purchases from CPI were approximately $35.2 million, $30.8 million and $32.5 million for fiscal years 2015, 2014 and 2013, respectively. Amounts due to CPI as of September 26, 2015 and September 27, 2014 were $0.6 million and $0.6 million, respectively. |
Business Segment Data
Business Segment Data | 12 Months Ended |
Sep. 26, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Data | 19. Business Segment Data The Company’s chief operating decision-maker is its Chief Executive Officer. Operating segments are managed separately because each segment represents a strategic business that offers different products or services. The Company’s chief operating decision maker evaluates performance based on profit or loss from operations. The Company’s Corporate division is included in the following presentation since certain expenses of this division are not allocated separately to the two operating segments. Segment assets exclude cash equivalents, short-term investments, goodwill, and deferred taxes. 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 the Pet segment and the Garden segment. Substantially all of the Company’s assets and operations relate to its business in the United States. The Pet segment consists of Four Paws Products, TFH Publications, Kaytee, Aquatics, Interpet, IMS, Pets International, Breeder’s Choice and Life Sciences. These businesses are engaged in the manufacturing, purchase, sale and delivery of internally and externally produced pet supplies, books and food principally to independent pet distributors, national and regional retail chains, grocery stores, mass merchants and bookstores. The Garden segment consists of Pennington Seed, Matthews Four Seasons, Grant’s, AMBRANDS, Lilly Miller, the Pottery Group, Gulfstream and GKI/Bethlehem Lighting. Products manufactured, designed and sourced, or distributed are products found typically in the lawn and garden sections of mass merchandisers, warehouse-type clubs, home improvement centers and nurseries and include grass seed, bird feed, clay pottery, outdoor wooden planters and trellises, herbicides and insecticides. These products are sold directly to national and regional retail chains, independent garden distributors, grocery stores, nurseries and garden supply retailers. The Corporate division includes expenses associated with corporate functions and projects, certain employee benefits, interest income, interest expense and intersegment eliminations. The following table indicates each class of similar products which represented approximately 10% or more of the Company’s consolidated net sales in the fiscal years presented (in millions). Category 2015 2014 2013 Pet supplies (excluding wild bird feed) $ 827.7 $ 774.2 $ 807.4 Garden controls and fertilizer products 286.3 262.5 274.9 Wild bird feed 193.2 202.1 210.8 Other garden supplies 181.4 182.5 183.5 Grass seed 162.1 183.1 177.0 Total $ 1,650.7 $ 1,604.4 $ 1,653.6 See Note 5 – Concentrations of Credit Risk and Significant Customers and Suppliers, for the Company’s largest customers by segment. Financial information relating to the Company’s business segments for each of the three most recent fiscal years is presented in the table below (in thousands): Fiscal Year Ended September 26, September 27, September 28, Net sales: Pet segment $ 894,549 $ 845,505 $ 888,228 Garden segment 756,188 758,852 765,405 Total $ 1,650,737 $ 1,604,357 $ 1,653,633 Income (loss) from operations: Pet segment $ 98,798 (1) $ 88,077 $ 95,451 Garden segment 60,145 41,020 (2) 8,286 (3) Corporate (67,508 ) (72,884 ) (63,582 ) Total 91,435 56,213 40,155 Interest expense (40,027 ) (42,844 ) (43,112 ) Interest income 129 94 142 Other income (expense) 13 403 (677 ) Income (loss) before income taxes and noncontrolling interest 51,550 13,866 (3,492 ) Income tax expense (benefit) 18,535 4,045 (2,592 ) Net income (loss) including noncontrolling interest 33,015 9,821 (900 ) Net income attributable to noncontrolling interest 1,044 1,017 1,029 Net income (loss) attributable to Central Garden & Pet Company $ 31,971 $ 8,804 $ (1,929 ) Assets: Pet segment $ 465,171 $ 414,279 $ 425,988 Garden segment 310,981 337,461 388,581 Corporate and eliminations 358,602 396,987 346,591 Total $ 1,134,754 $ 1,148,727 $ 1,161,160 Depreciation and amortization: Pet segment $ 15,885 $ 17,256 $ 15,753 Garden segment 5,988 6,793 6,410 Corporate 11,830 11,732 10,805 Total $ 33,703 $ 35,781 $ 32,968 Expenditures for long-lived assets: Pet segment $ 17,060 $ 8,561 $ 9,694 Garden segment 2,432 5,541 7,496 Corporate 2,538 3,071 7,982 Total $ 22,030 $ 17,173 $ 25,172 Noncontrolling interest is associated with the Garden segment. (1) Includes a $7.3 million impairment charge to indefinite-lived intangible assets as a result of increased competition and declining sales volume. (2) Includes a $16.9 million charge related to certain products introduced in fiscal and a $4.9 million gain from the sale of manufacturing plant assets. (3) Includes goodwill impairment of $7.7 million and an $11.2 million charge related to certain products introduced in fiscal 2013. |
Consolidating Condensed Financi
Consolidating Condensed Financial Information of Guarantor Subsidiaries | 12 Months Ended |
Sep. 26, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Consolidating Condensed Financial Information of Guarantor Subsidiaries | 20. Consolidating Condensed Financial Information of Guarantor Subsidiaries Certain 100% wholly-owned subsidiaries of the Company (as listed below, collectively the “Guarantor Subsidiaries”) have guaranteed fully and unconditionally, on a joint and several basis, the obligation to pay principal and interest on the Company’s 2018 Notes. Certain subsidiaries and operating divisions are not guarantors of the Notes. Those subsidiaries that are guarantors and co-obligors of the Notes are as follows: Farnam Companies, Inc. Four Paws Products Ltd. Gulfstream Home & Garden, Inc. Kaytee Products, Inc. Matson, LLC New England Pottery, LLC Pennington Seed, Inc. (including Gro Tec, Inc. and All-Glass Aquarium Co., Inc.) Pets International, Ltd. T.F.H. Publications, Inc. Wellmark International (including B2E Corporation and B2E Biotech LLC) In lieu of providing separate audited financial statements for the Guarantor Subsidiaries, the Company has included the accompanying consolidating condensed financial statements based on the Company’s understanding of the Securities and Exchange Commission’s interpretation and application of Rule 3-10 of the Securities and Exchange Commission’s Regulation S-X. CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS Fiscal Year Ended September 26, 2015 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net sales $ 494,143 $ 100,127 $ 1,136,958 $ (80,491 ) $ 1,650,737 Cost of goods sold and occupancy 387,632 76,597 773,369 (74,913 ) 1,162,685 Gross profit 106,511 23,530 363,589 (5,578 ) 488,052 Selling, general and administrative expenses 126,223 18,329 257,643 (5,578 ) 396,617 Income (loss) from operations (19,712 ) 5,201 105,946 0 91,435 Interest expense (39,893 ) (268 ) 134 0 (40,027 ) Interest income 126 3 0 0 129 Other income (expense) (372 ) 407 (22 ) 0 13 Income (loss) before taxes and equity in earnings of affiliates (59,851 ) 5,343 106,058 0 51,550 Income tax expense (benefit) (21,562 ) 2,089 38,008 0 18,535 Equity in earnings of affiliates 70,260 0 2,445 (72,705 ) 0 Net income including noncontrolling interest 31,971 3,254 70,495 (72,705 ) 33,015 Noncontrolling interest 0 1,044 0 0 1,044 Net income attributable to Central Garden & Pet Company $ 31,971 $ 2,210 $ 70,495 $ (72,705 ) $ 31,971 CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS Fiscal Year Ended September 27, 2014 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net sales $ 460,781 $ 109,453 $ 1,103,926 $ (69,803 ) $ 1,604,357 Cost of goods sold and occupancy 370,492 87,028 757,217 (64,404 ) 1,150,333 Gross profit 90,289 22,425 346,709 (5,399 ) 454,024 Selling, general and administrative expenses 117,240 18,230 267,740 (5,399 ) 397,811 Income (loss) from operations (26,951 ) 4,195 78,969 0 56,213 Interest expense (42,742 ) (218 ) 116 0 42,844 Interest income 92 2 0 0 94 Other income (expense) 186 583 (366 ) 0 403 Income (loss) before taxes and equity in earnings of affiliates (69,415 ) 4,562 78,719 0 13,866 Income tax expense (benefit) (26,962 ) 756 30,251 0 4,045 Equity in earnings of affiliates 51,257 0 1,506 (52,763 ) 0 Net income loss including noncontrolling interest 8,804 3,806 49,974 (52,763 ) 9,821 Noncontrolling interest 0 1,017 0 0 1,017 Net income attributable to Central Garden & Pet Company $ 8,804 $ 2,789 $ 49,974 $ (52,763 ) $ 8,804 CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS Fiscal Year Ended September 28, 2013 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net sales $ 453,001 $ 88,822 $ 1,186,328 $ (74,518 ) $ 1,653,633 Cost of goods sold and occupancy 364,120 73,068 821,524 (68,981 ) 1,189,731 Gross profit 88,881 15,754 364,804 (5,537 ) 463,902 Selling, general and administrative expenses 127,644 19,340 282,300 (5,537 ) 423,747 Income (loss) from operations (38,763 ) (3,586 ) 82,504 0 40,155 Interest expense (42,925 ) (263 ) 76 0 43,112 Interest income 140 2 0 0 142 Other income (expense) (250 ) 398 (825 ) 0 (677 ) Income (loss) before taxes and equity in earnings of affiliates (81,798 ) (3,449 ) 81,755 0 (3,492 ) Income tax expense (benefit) (46,789 ) (2,567 ) 46,764 0 (2,592 ) Equity in earnings of affiliates 33,080 0 (2,561 ) (30,519 ) 0 Net income (loss) including noncontrolling interest (1,929 ) (882 ) 32,430 (30,519 ) (900 ) Noncontrolling interest 0 1,029 0 0 1,029 Net income (loss) attributable to Central Garden & Pet Company $ (1,929 ) $ (1,911 ) $ 32,430 $ (30,519 ) $ (1,929 ) CONSOLIDATING CONDENSED STATEMENTS OF Fiscal Year Ended September 26, 2015 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net income $ 31,971 $ 3,254 $ 70,495 $ (72,705 ) $ 33,015 Other comprehensive loss: Unrealized loss on securities (10 ) 0 (10 ) Reclassification of realized loss on securities included in net income 20 0 0 0 20 Foreign currency translation (1,078 ) (537 ) (380 ) 917 (1,078 ) Total comprehensive income 30,903 2,717 70,115 (71,788 ) 31,947 Comprehensive income attributable to noncontrolling interests 0 1,044 0 0 1,044 Comprehensive income attributable to Central Garden & Pet Company $ 30,903 $ 1,673 $ 70,115 $ (71,788 ) $ 30,903 CONSOLIDATING CONDENSED STATEMENTS OF Fiscal Year Ended September 27, 2014 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net income $ 8,804 $ 3,806 $ 49,974 $ (52,763 ) $ 9,821 Other comprehensive loss: Foreign currency translation 0 (200 ) 0 0 (200 ) Unrealized loss on securities (10 ) 0 0 0 (10 ) Total comprehensive income 8,794 3,606 49,974 (52,763 ) 9,611 Comprehensive income attributable to noncontrolling interests 0 1,017 0 0 1,017 Comprehensive income attributable to Central Garden & Pet Company $ 8,794 $ 2,589 $ 49,974 $ (52,763 ) $ 8,594 CONSOLIDATING CONDENSED STATEMENTS OF Fiscal Year Ended September 28, 2013 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (1,929 ) $ (882 ) $ 32,430 $ (30,519 ) $ (900 ) Other comprehensive loss: Foreign currency translation 0 (97 ) 0 0 (97 ) Total comprehensive income (loss) (1,929 ) (979 ) 32,430 (30,519 ) (997 ) Comprehensive income attributable to noncontrolling interests 0 1,029 0 0 1,029 Comprehensive loss attributable to Central Garden & Pet Company $ (1,929 ) $ (2,008 ) $ 32,430 $ (30,519 ) $ (2,026 ) CONSOLIDATING CONDENSED BALANCE SHEET September 26, 2015 (in thousands) Parent Non-Guarantor Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 37,131 $ 10,022 $ 431 $ 0 $ 47,584 Restricted cash 13,157 0 0 0 13,157 Accounts receivable, net 51,376 6,775 149,251 0 207,402 Inventories 101,952 11,690 222,304 0 335,946 Prepaid expenses and other assets 23,807 848 25,076 0 49,731 Total current assets 227,423 29,335 397,062 0 653,820 Land, buildings, improvements and equipment, net 53,044 3,663 106,102 0 162,809 Goodwill 0 0 209,089 0 209,089 Other long term assets 33,988 3,662 77,519 (6,133 ) 109,036 Intercompany receivable 10,311 0 440,327 (450,638 ) 0 Investment in subsidiaries 1,052,755 0 0 (1,052,755 ) 0 Total $ 1,377,521 $ 36,660 $ 1,230,099 $ (1,509,526 ) $ 1,134,754 LIABILITIES AND EQUITY Accounts payable $ 23,544 $ 2,543 $ 62,802 $ 0 $ 88,889 Accrued expenses and other liabilities 39,680 1,789 46,255 0 87,724 Current portion of long term debt 261 0 30 0 291 Total current liabilities 63,485 4,332 109,087 0 176,904 Long-term debt 399,783 0 65 0 399,848 Intercompany payable 407,197 43,441 0 (450,638 ) 0 Losses in excess of investment in subsidiaries 0 0 11,867 (11,867 ) 0 Other long-term obligations 1,770 0 55,985 (6,133 ) 51,622 Shareholders’ equity attributable to Central Garden & Pet 505,286 (12,207 ) 1,053,095 (1,040,888 ) 505,286 Noncontrolling interest 0 1,094 0 0 1,094 Total equity 505,286 (11,113 ) 1,053,095 (1,040,888 ) 506,380 Total $ 1,377,521 $ 36,660 $ 1,230,099 $ (1,509,526 ) $ 1,134,754 CONSOLIDATING CONDENSED BALANCE SHEET September 27, 2014 (in thousands) Parent Non-Guarantor Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 63,471 $ 12,806 $ 2,399 $ 0 $ 78,676 Restricted cash 14,283 0 0 0 14,283 Short term investments 9,990 0 0 0 9,990 Accounts receivable, net 41,235 8,268 144,226 0 193,729 Inventories 79,199 15,210 231,977 0 326,386 Prepaid expenses and other assets 26,092 816 21,580 0 48,488 Total current assets 234,270 37,100 400,182 0 671,552 Land, buildings, improvements and equipment, net 63,059 3,649 100,141 0 166,849 Goodwill 0 0 208,233 0 208,233 Other long term assets 25,230 4,244 83,713 (11,094 ) 102,093 Intercompany receivable 16,906 0 351,423 (368,329 ) 0 Investment in subsidiaries 983,413 0 0 (983,413 ) 0 Total $ 1,322,878 $ 44,993 $ 1,143,692 $ (1,362,836 ) $ 1,148,727 LIABILITIES AND EQUITY Accounts payable $ 28,937 $ 3,542 $ 55,949 $ 0 $ 88,428 Accrued expenses and other liabilities 34,412 1,868 48,390 0 84,670 Total current liabilities 63,349 5,410 104,339 0 173,098 Long-term debt 449,855 0 93 0 449,948 Intercompany payable 323,315 45,014 0 (368,329 ) 0 Losses in excess of investment in subsidiaries 0 0 7,594 (7,594 ) 0 Other long-term obligations 1,636 0 48,686 (11,094 ) 39,228 Shareholders’ equity attributable to Central Garden & Pet 484,723 (7,161 ) 982,980 (975,819 ) 484,723 Noncontrolling interest 0 1,730 0 0 1,730 Total equity 484,723 (5,431 ) 982,980 (975,819 ) 486,453 Total $ 1,322,878 $ 44,993 $ 1,143,692 $ (1,362,836 ) $ 1,148,727 CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS Fiscal Year Ended September 26, 2015 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities $ (18,948 ) $ 7,372 $ 105,744 $ (6,719 ) $ 87,449 Additions to property, plant and equipment (2,687 ) (405 ) (18,938 ) 0 (22,030 ) Payments to acquire companies, net of expenses (38,384 ) 0 0 0 (38,384 ) Change in restricted cash and cash equivalents 1,126 0 0 0 1,126 Maturities of short term investments 9,997 0 0 0 9,997 Investment in short term investments (17 ) 0 0 0 (17 ) Other investing activities (546 ) 0 0 0 (546 ) Intercompany investing activities 6,595 0 (88,905 ) 82,310 0 Net cash (used) provided by investing activities (23,916 ) (405 ) (107,843 ) 82,310 (49,854 ) Repayments on revolving line of credit (312,000 ) 0 0 0 (312,000 ) Borrowings on revolving line of credit 312,000 0 0 0 312,000 Repayments of long-term debt (50,262 ) 0 (27 ) 0 (50,289 ) Proceeds from issuance of common stock 200 0 0 0 200 Excess tax benefits from stock-based awards 2,154 0 0 0 2,154 Repurchase of common stock (18,497 ) 0 0 0 (18,497 ) Payment of deferred financing costs (258 ) 0 0 0 (258 ) Distribution to parent 0 (6,719 ) 0 6,719 0 Distribution to noncontrolling interest 0 (1,680 ) 0 0 (1,680 ) Intercompany financing activities 83,884 (1,574 ) 0 (82,310 ) 0 Net cash provided (used) by financing activities 17,221 (9,973 ) (27 ) (75,591 ) (68,370 ) Effect of exchange rates on cash (697 ) 222 158 0 (317 ) Net increase (decrease) in cash and cash equivalents (26,340 ) (2,784 ) (1,968 ) 0 (31,092 ) Cash and cash equivalents at beginning of year 63,471 12,806 2,399 0 78,676 Cash and cash equivalents at end of year $ 37,131 $ 10,022 $ 431 $ 0 $ 47,584 CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS Fiscal Year Ended September 27, 2014 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities $ (4,139 ) $ 7,420 $ 125,720 $ (2,534 ) $ 126,467 Additions to property, plant and equipment (6,721 ) (1,027 ) (9,425 ) 0 (17,173 ) Businesses acquired, net of cash acquired 0 0 (20,282 ) 0 (20,282 ) Proceeds from disposal of plant and equipment 0 0 8,737 0 8,737 Change in restricted cash and cash equivalents (14,283 ) 0 0 0 (14,283 ) Maturities of short term investments 17,820 0 0 0 17,820 Investment in short term investments (10,000 ) 0 0 0 (10,000 ) Intercompany investing activities (6,726 ) 0 (104,926 ) 111,652 0 Net cash (used) provided by investing activities (19,910 ) (1,027 ) (125,896 ) 111,652 (35,181 ) Repayments on revolving line of credit (301,000 ) 0 0 0 (301,000 ) Borrowings on revolving line of credit 278,000 0 0 0 278,000 Repayments of long-term debt (243 ) 0 (124 ) 0 (367 ) Proceeds from issuance of common stock 1,165 0 0 0 1,165 Excess tax benefits from stock-based awards 498 0 0 0 498 Repurchase of common stock (2,332 ) 0 0 0 (2,332 ) Payment of deferred financing costs (3,090 ) 0 0 0 (3,090 ) Distribution to parent 0 (2,534 ) 0 2,534 0 Distribution to noncontrolling interest 0 (633 ) 0 0 (633 ) Intercompany financing activities 109,057 2,595 0 (111,652 ) 0 Net cash provided (used) by financing activities 82,055 (572 ) (124 ) (109,118 ) (27,759 ) Effect of exchange rates on cash 27 (18 ) (16 ) 0 (7 ) Net increase (decrease) in cash and cash equivalents 58,033 5,803 (316 ) 0 63,520 Cash and cash equivalents at beginning of year 5,438 7,003 2,715 0 15,156 Cash and cash equivalents at end of year $ 63,471 $ 12,806 $ 2,399 $ 0 $ 78,676 CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS Fiscal Year Ended September 28, 2013 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities $ (31,250 ) $ (11,632 ) $ 17,116 $ (2,516 ) $ (28,282 ) Additions to property, plant and equipment (8,656 ) (337 ) (16,179 ) 0 (25,172 ) Businesses acquired, net of cash acquired 0 0 (4,835 ) 0 (4,835 ) Sale of short term investments 4,885 0 0 0 4,885 Intercompany investing activities 8,986 0 2,923 (11,909 ) 0 Net cash (used) provided by investing activities 5,215 (337 ) (18,091 ) (11,909 ) (25,122 ) Repayments on revolving line of credit (368,000 ) 0 0 0 (368,000 ) Borrowings on revolving line of credit 391,000 0 0 0 391,000 Repayments of long-term debt (206 ) 0 (126 ) 0 (332 ) Proceeds from issuance of common stock 613 0 0 0 613 Excess tax benefits from stock-based awards 388 0 0 0 388 Repurchase of common stock (2,731 ) 0 0 0 (2,731 ) Distribution to parent 0 (2,516 ) 0 2,516 0 Distribution to noncontrolling interest 0 (629 ) 0 0 (629 ) Intercompany financing activities (28,896 ) 16,987 0 11,909 0 Net cash provided (used) by financing activities (7,832 ) 13,842 (126 ) 14,425 20,309 Effect of exchange rates on cash 36 (263 ) 3 0 (224 ) Net increase (decrease) in cash and cash equivalents (33,831 ) 1,610 (1,098 ) 0 (33,319 ) Cash and cash equivalents at beginning of year 39,269 5,393 3,813 0 48,475 Cash and cash equivalents at end of year $ 5,438 $ 7,003 $ 2,715 $ 0 $ 15,156 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 26, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent Events Debt Refinancing In November 2015, the Company issued $400 million aggregate principal amount of 6.125% senior notes due November 2023 (the“2023 Notes”). The 2023 Notes are unconditionally guaranteed on a senior basis by each of the Company’s existing and future domestic restricted subsidiaries which are borrowers under or guarantors of the senior secured revolving credit facility. The Company used the net proceeds from the offering, together with available cash, to redeem its outstanding 8.25% senior subordinated notes due March 1, 2018 (the “2018 Notes”) and pay fees and expenses related to the offering. As a result of the Company’s redemption of the 2018 Notes, it will recognize a charge in its fiscal 2016 first quarter of approximately $8.3 million related to the payment of the call premium, a one-time payment of overlapping interest expense for 30 days of approximately $2.8 million and a $3.2 million non-cash charge for the write-off of unamortized financing costs in interest expense. The Company expects its annual interest expense on the 2023 Notes going forward to be approximately $8.5 million less than under the 2018 Notes. DMC Acquisition On December 1, 2015, the Company purchased the pet bedding and certain other assets of National Consumers Outdoors Corp., formerly known as Dallas Manufacturing Company (“DMC”), for a cash purchase price of $61 million. This acquisition is expected to complement the Company’s existing dog and cat business. |
Organization and Significant 28
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 26, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization |
Basis of Consolidation and Presentation | Basis of Consolidation and Presentation |
Noncontrolling Interest | Noncontrolling Interest |
Use of Estimates | Use of Estimates |
Revenue Recognition | Revenue Recognition |
Cost of goods sold and occupancy | Cost of goods sold and occupancy |
Advertising Costs | Advertising Costs |
401(k) Plans | 401(k) Plans |
Other income | Other income |
Income taxes | Income taxes U. S. income taxes have not been provided on undistributed earnings (approximately $2.3 million at September 26, 2015) of our foreign subsidiary since all such earnings are considered indefinitely reinvested overseas. The potential deferred tax liability associated with these earnings, net of foreign tax credits associated with the earnings, is approximately $0.4 million. |
Cash and cash equivalents | Cash and cash equivalents |
Restricted cash and cash equivalents | Restricted cash and cash equivalents |
Short term investments | Short term investments |
Accounts receivable | Accounts receivable |
Allowance for doubtful accounts | Allowance for doubtful accounts – |
Inventories | Inventories |
Land, buildings, improvements and equipment | Land, buildings, improvements and equipment |
Long-Lived Assets | Long-Lived Assets |
Goodwill | Goodwill |
Investments | Investments |
Accruals For Insurance | Accruals For Insurance |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Derivative Financial Instruments | Derivative Financial 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. As of September 26, 2015 and September 27, 2014, the Company had no outstanding derivative instruments. |
Stock-Based Compensation | Stock-Based Compensation |
Total Comprehensive Income (Loss) | Total Comprehensive Income (Loss) |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Discontinued Operations In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (ASU 2014-08), Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity Revenue Recognition In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers Stock Based Compensation In June 2014, the FASB issued ASU No. 2014-12 (ASU 2014-12), Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. Consolidation In February 2015, the FASB issued ASU 2015-02 (ASU 2015-02), Amendments to the Consolidation Analysis to ASC Topic 810, Consolidation Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03(ASU 2015-03), Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This standard amends the existing guidance to require that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge. In August 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-15, Interest – Imputation of Interest (Subtopic 835-30). This ASU provides additional guidance on ASU 2015-03 with respect to line of credit arrangements, whereby specify debt issuance costs as part of line-of-credit arrangements may continue to be deferred and presented as an asset on the balance sheet. Recognition and measurement guidance for debt issuance costs are not affected. These ASUs are effective for annual periods beginning after December 15, 2015, or the Company’s first quarter of fiscal 2017. Early adoption is permitted. As of September 26, 2015, the Company had approximately $3.4 million of net deferred financing costs that would be reclassified from a long-term asset to a reduction in the carrying amount of its debt upon adoption of the standard. Cloud Computing Costs In April 2015, the FASB issued ASU No. 2015-05(ASU 2015-05), Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement Inventory Measurement In July 2015, the FASB issued ASU 2015-11 (ASU 2015-11), Simplifying the Measurement of Inventory Business Combinations In September 2015, the FASB issued ASU No. 2015-16 (ASU 2015-16), Simplifying the Accounting for Measurement-Period Adjustments |
Fair Value Measurements | Generally accepted accounting principles require financial assets and liabilities to be categorized based on the inputs used to calculate their fair values as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs for the asset or liability, which reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The Company’s financial instruments include cash and equivalents, restricted cash and equivalents, short term investments, 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. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of September 26, 2015 (in thousands): Level 1 Level 2 Level 3 Total Liabilities: Liability for contingent consideration (b) $ 0 $ 0 $ 3,625 $ 3,625 Total liabilities $ 0 $ 0 $ 3,625 $ 3,625 The following table presents our financial assets and liabilities at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of September 27, 2014 (in thousands): Level 1 Level 2 Level 3 Total Assets: Short-term investments (a) $ 9,990 $ 0 $ 0 $ 9,990 Total assets $ 9,990 $ 0 $ 0 $ 9,990 Liabilities: Liability for contingent consideration (b) $ 0 $ 0 $ 4,414 $ 4,414 Total liabilities $ 0 $ 0 $ 4,414 $ 4,414 (a) The fair value of short-term investments are based on quoted prices in active markets for identical assets. (b) The liability for contingent consideration relates to an earn-out for B2E, acquired in December 2012 – See Note 4. The fair value of the contingent consideration arrangement is determined based on the Company’s evaluation as to the probability and amount of any earn-out that will be achieved based on expected future performance by the acquired entity. This is presented as part of long-term liabilities in our consolidated balance sheets. |
Summary of Changes in Fair Value of Level 3 Financial Instruments | The following table provides a summary of changes in fair value of our Level 3 financial instruments for the years ended September 26, 205 and September 27, 2014 (in thousands): Amount Balance as of September 27, 2014 $ 4,414 Performance-based payments made (688 ) Changes in the fair value of contingent performance-based payments established at the time of acquisition (101 ) Balance as of September 26, 2015 $ 3,625 |
Acquisitions and Investments 30
Acquisitions and Investments in Joint Ventures (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Business Combinations [Abstract] | |
Summary of Recording of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date and subsequent adjustments: (In thousands) Amounts Previously Recognized as of Acquisition Measurement Period Adjustments Amounts Recognized as of Acquisition Date Current assets, net of cash and cash equivalents acquired $ 6,650 $ 0 $ 6,650 Fixed assets 20 0 20 Goodwill 2,477 856 3,333 Intangible assets 12,306 (856 ) 11,450 Current liabilities (1,170 ) 0 (1,170 ) Net assets acquired, less cash and cash equivalents $ 20,283 $ 0 $ 20,283 (1) As previously reported in the Company’s Form 10-K for the period ended September 27, 2014. |
Allowance for Doubtful Accoun31
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Text Block [Abstract] | |
Schedule of Allowance for Doubtful Accounts | Changes in the allowance for doubtful accounts are summarized below (in thousands): Description Balances at Charged/ (Credited) to Asset Write-Offs, Balances at Fiscal year ended September 28, 2013 18,574 4,373 (1,789 ) 21,158 Fiscal year ended September 27, 2014 21,158 8,988 (4,934 ) 25,212 Fiscal year ended September 26, 2015 25,212 741 (6,657 ) 19,296 |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories, Net of Allowance for Obsolescence | Inventories, net of allowance for obsolescence, consist of the following (in thousands): September 26, September 27, Raw materials $ 94,969 $ 93,678 Work in progress 15,268 13,397 Finished goods 215,673 207,818 Supplies 10,036 11,493 Total inventories, net $ 335,946 $ 326,386 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment | Property and equipment consists of the following (in thousands): September 26, September 27, Land $ 9,306 $ 8,678 Buildings and improvements 111,605 109,618 Transportation equipment 5,130 5,388 Machine and warehouse equipment 184,556 163,783 Capitalized software 107,965 107,271 Office furniture and equipment 26,556 25,091 445,118 419,829 Accumulated depreciation and amortization (282,309 ) (252,980 ) $ 162,809 $ 166,849 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the fiscal years ended September 26, 2015, September 27, 2014 and September 28, 2013 (in thousands): Garden Products Pet Products Total Balance as of September 29, 2012 Goodwill $ 213,583 $ 398,492 $ 612,075 Accumulated impairment losses (205,874 ) (195,978 ) (401,852 ) 7,709 202,514 210,223 Additions in fiscal 2013 0 3,242 3,242 Impairment losses in fiscal 2013 (7,709 ) 0 (7,709 ) Balance as of September 28, 2013 Goodwill 213,583 401,734 615,317 Accumulated impairment losses (213,583 ) (195,978 ) (409,561 ) 0 205,756 205,756 Additions in fiscal 2014 0 2,477 2,477 Balance as of September 27, 2014 Goodwill 213,583 404,211 617,794 Accumulated impairment losses (213,583 ) (195,978 ) (409,561 ) 0 208,233 208,233 Additions in fiscal 2015 0 856 856 Balance as of September 26, 2015 Goodwill 213,583 405,067 618,650 Accumulated impairment losses (213,583 ) (195,978 ) (409,561 ) $ 0 $ 209,089 $ 209,089 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Gross and Net Acquired Intangible Assets | The following table summarizes the components of gross and net acquired intangible assets: Gross Accumulated Accumulated Impairment Net (in millions) September 26, 2015 Marketing-related intangible assets – amortizable $ 14.1 $ (10.4 ) $ 0 $ 3.7 Marketing-related intangible assets – nonamortizable 59.6 0 (24.2 ) 35.4 Total 73.7 (10.4 ) (24.2 ) 39.1 Customer-related intangible assets – amortizable 43.3 (22.3 ) 0 21.0 Other acquired intangible assets – amortizable 19.3 (10.5 ) 0 8.8 Other acquired intangible assets – nonamortizable 7.8 0 (1.2 ) 6.6 Total 27.1 (10.5 ) (1.2 ) 15.4 Total other intangible assets $ 144.1 $ (43.2 ) $ (25.4 ) $ 75.5 September 27, 2014 Marketing-related intangible assets – amortizable $ 15.5 $ (9.9 ) $ 0 $ 5.6 Marketing-related intangible assets – nonamortizable 59.6 0 (16.9 ) 42.7 Total 75.1 (9.9 ) (16.9 ) 48.3 Customer-related intangible assets – amortizable 42.8 (20.2 ) 0 22.6 Other acquired intangible assets – amortizable 19.4 (8.8 ) 0 10.6 Other acquired intangible assets – nonamortizable 7.7 0 (1.2 ) 6.5 Total 27.1 (8.8 ) (1.2 ) 17.1 Total other intangible assets $ 145.0 $ (38.9 ) $ (18.1 ) $ 88.0 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Long-term debt consists of the following: September 26, September 27, (in thousands) Senior subordinated notes, net of unamortized discount of $309 and $471, interest at 8.25%, payable semi-annually, principal due March 2018 $ 399,691 $ 449,529 Asset-based revolving credit facility, interest at LIBOR plus a margin of 1.25% to 1.75% or Base Rate plus a margin of 0.25% to 0.75%, final maturity December 2018 0 0 Other notes payable 448 710 Total 400,139 450,239 Less current portion (291 ) (291 ) Long-term portion $ 399,848 $ 449,948 |
Scheduled Principal Repayments on Long-Term Debt | The scheduled principal repayments on long-term debt as of September 26, 2015 are as follows: (in thousands) Fiscal year: 2016 $ 291 2017 110 2018 400,030 2019 5 2020 12 Thereafter 0 Total $ 400,448 (1) (1) Debt repayments include an amount in excess of the carrying value of debt and reflect the unamortized portion of the original issue discount on the 2018 Notes of $0.3 million as of September 26, 2015, which is amortizable until March 2018. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Aggregate Minimum Annual Payments on Non-Cancelable Operating Leases | Aggregate minimum annual payments on non-cancelable operating leases at September 26, 2015 are as follows: (in thousands) Fiscal year: 2016 $ 19,163 2017 16,031 2018 9,470 2019 7,959 2020 4,487 Thereafter 1,025 Total $ 58,135 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Tax Expense (Benefit) | The provision for income tax expense (benefit) consists of the following: Fiscal Year Ended September 26, September 27, September 28, (in thousands) Current: Federal. $ 2,301 $ (329 ) $ 52 State. 643 873 958 Foreign. 25 0 0 Total 2,969 544 1,010 Deferred: Federal. 14,843 4,171 (2,915 ) State. 625 177 (687 ) Foreign. 98 (847 ) 0 Total 15,566 3,501 (3,602 ) Total $ 18,535 $ 4,045 $ (2,592 ) |
Reconciliation of the Statutory Federal Income Tax Rate to the Company's Effective Income Tax Rate | A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: Fiscal Year Ended September 26, September 27, September 28, Statutory federal income tax rate 35.0 % 35.0 % (35.0 )% State income taxes, net of federal benefit 2.4 2.1 (5.2 ) Other permanent differences (0.5 ) 0.2 2.4 Adjustment of prior year accruals (0.5 ) (0.2 ) 1.8 Uncertain tax positions 0.0 0.4 3.7 Credits (0.3 ) (1.6 ) (29.3 ) Change in valuation allowances 0.0 (5.4 ) (9.0 ) Foreign rate differential (0.1 ) (1.3 ) (3.6 ) Effective income tax rate (benefit) 36.0 % 29.2 % (74.2 %) |
Tax Effect of Temporary Differences and Carryforwards which Give Rise to Deferred Tax Assets and Liabilities | The tax effect of temporary differences and carryforwards which give rise to deferred tax assets and liabilities are as follows: September 26, 2015 September 27, 2014 Deferred Deferred Deferred Deferred Current: Allowance for doubtful accounts $ 7,054 $ 0 $ 9,262 $ 0 Inventory write-downs 11,366 0 12,018 0 Prepaid expenses. 0 651 820 0 Nondeductible reserves 936 0 1,420 0 State taxes. 0 385 0 165 Employee benefits 9,411 0 7,816 0 Other. 2,754 0 3,233 0 Total 31,521 1,036 34,569 165 Noncurrent: Depreciation and amortization. 0 52,415 0 46,458 Equity income. 0 305 0 127 State net operating loss carryforward 5,032 0 5,167 0 Stock based compensation 3,422 0 5,263 0 State credits 2,348 0 2,352 0 Other. 2,463 0 7,281 0 Valuation allowance (6,205 ) 0 (6,215 ) 0 Total. 7,060 52,720 13,848 46,585 Total. $ 38,581 $ 53,756 $ 48,417 $ 46,750 |
Activity Related to Company's Unrecognized Tax Benefits | The following table, which excludes interest and penalties, summarizes the activity related to the Company’s unrecognized tax benefits for fiscal years ended September 26, 2015 and September 27, 2014 (in thousands): Balance as of September 28, 2013 $ 364 Increases related to prior year tax positions 264 Increases related to current year tax positions 14 Decreases related to prior year tax positions (166 ) Settlements (388 ) Decreases related to lapse of statute of limitations (1 ) Balance as of September 27, 2014 $ 87 Increases related to prior year tax positions 55 Increases related to current year tax positions 20 Decreases related to prior year tax positions 0 Settlements (9 ) Decreases related to lapse of statute of limitations (15 ) Balance as of September 26, 2015 $ 138 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes option activity for the period ended September 26, 2015: Number of Weighted Weighted Average Aggregate Outstanding at September 27, 2014 9,213 $ 10.35 3 years $ 1,895 Granted 1,361 $ 10.58 Exercised (2,389 ) $ 8.86 Cancelled or expired (1,928 ) $ 11.86 Outstanding at September 26, 2015 6,257 $ 10.51 3 years $ 38,663 Exercisable at September 28, 2013 6,409 $ 11.21 2 years 770 Exercisable at September 27, 2014 5,205 $ 10.81 2 years 390 Exercisable at September 26, 2015 2,910 $ 10.74 2 years 17,226 Expected to vest after September 26, 2015 2,783 $ 10.32 4 years $ 17,822 |
Summary of Restricted Stock Award Activity | Restricted stock award activity during the three fiscal years in the period ended September 26, 2015 is summarized as follows: Number of Shares Weighted Average Fair Value per (in thousands) Nonvested at September 29, 2012 785 $ 9.53 Granted 552 $ 9.26 Vested (354 ) $ 9.60 Forfeited (89 ) $ 9.37 Nonvested at September 28, 2013 894 $ 9.35 Granted 1,021 $ 7.98 Vested (226 ) $ 9.92 Forfeited (80 ) $ 8.93 Nonvested at September 27, 2014 1,609 $ 8.43 Granted 493 $ 10.55 Vested (331 ) $ 8.63 Forfeited (221 ) $ 8.84 Nonvested at September 26, 2015 1,550 $ 9.00 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Earnings Per Share [Abstract] | |
Numerators and Denominators in Basic and Diluted Earnings (Loss) Per Share | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share (EPS) computations: Fiscal Year Ended Fiscal Year Ended Fiscal Year Ended Net Shares Per Net Shares Per Net Shares Per (in thousands, except per share amounts) Basic EPS: Net income (loss) available to common shareholders $ 31,971 48,562 $ 0.66 $ 8,804 48,880 $ 0.18 $ (1,929 ) 48,094 $ (0.04 ) Effect of dilutive securities: Options to purchase common stock 520 (0.01 ) 69 0 0 0 Restricted shares 556 (0.01 ) 448 0 0 0 Diluted EPS: Net income (loss) available to common shareholders $ 31,971 49,638 $ 0.64 $ 8,804 49,397 $ 0.18 $ (1,929 ) 48,094 $ (0.04 ) |
Quarterly Financial Data - Un41
Quarterly Financial Data - Unaudited (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data - Unaudited | Fiscal 2015 1 st 2 nd 3 rd 4 th (in thousands, except per share amounts) Net sales $ 307,320 $ 497,602 $ 459,446 $ 386,369 Gross profit 87,981 150,062 142,037 107,972 Net income (loss) attributable to Central Garden & Pet Company (5,697 ) 23,237 18,800 (4,369 ) (1) Net income (loss) per share: Basic $ (0.12 ) $ 0.48 $ 0.39 $ (0.09 ) Diluted $ (0.12 ) $ 0.47 $ 0.38 $ (0.09 ) Weighted average common shares outstanding: Basic 49,379 48,384 48,167 48,322 Diluted 49,379 49,439 49,290 48,322 Fiscal 2014 1 st 2 nd 3 rd 4 th (in thousands, except per share amounts) Net sales $ 290,521 $ 501,611 $ 437,987 $ 374,238 Gross profit 79,741 147,596 119,131 107,556 Net income (loss) attributable to Central Garden & Pet Company (12,708 ) 20,895 4,687 (2) (4,070 ) (2) Net income (loss) per share: Basic $ (0.26 ) $ 0.43 $ 0.10 $ (0.08 ) Diluted $ (0.26 ) $ 0.43 $ 0.09 $ (0.08 ) Weighted average common shares outstanding: Basic 48,368 48,688 49,148 49,324 Diluted 48,368 49,116 49,841 49,324 (1) The Company recognized a $7.3 million non-cash impairment charge to its indefinite-lived intangible assets as a result of increased competition and declining sales volume in its Pet segment during the fourth quarter of fiscal 2015. (2) The Company recognized a $16.9 million charge related to certain products introduced in fiscal 2013 and a $2.0 million gain on the sale of manufacturing plant assets in its Garden segment during the third quarter of fiscal 2014, as well as a $2.9 million gain on the sale of manufacturing plant assets in its Garden segment in the fourth quarter of fiscal 2014. |
Business Segment Data (Tables)
Business Segment Data (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Segment Reporting [Abstract] | |
Class of Similar Products Which Represented Approximately 10% or More of Company's Consolidated Net Sales | The following table indicates each class of similar products which represented approximately 10% or more of the Company’s consolidated net sales in the fiscal years presented (in millions). Category 2015 2014 2013 Pet supplies (excluding wild bird feed) $ 827.7 $ 774.2 $ 807.4 Garden controls and fertilizer products 286.3 262.5 274.9 Wild bird feed 193.2 202.1 210.8 Other garden supplies 181.4 182.5 183.5 Grass seed 162.1 183.1 177.0 Total $ 1,650.7 $ 1,604.4 $ 1,653.6 |
Financial Information Relating to Company's Business Segments | Financial information relating to the Company’s business segments for each of the three most recent fiscal years is presented in the table below (in thousands): Fiscal Year Ended September 26, September 27, September 28, Net sales: Pet segment $ 894,549 $ 845,505 $ 888,228 Garden segment 756,188 758,852 765,405 Total $ 1,650,737 $ 1,604,357 $ 1,653,633 Income (loss) from operations: Pet segment $ 98,798 (1) $ 88,077 $ 95,451 Garden segment 60,145 41,020 (2) 8,286 (3) Corporate (67,508 ) (72,884 ) (63,582 ) Total 91,435 56,213 40,155 Interest expense (40,027 ) (42,844 ) (43,112 ) Interest income 129 94 142 Other income (expense) 13 403 (677 ) Income (loss) before income taxes and noncontrolling interest 51,550 13,866 (3,492 ) Income tax expense (benefit) 18,535 4,045 (2,592 ) Net income (loss) including noncontrolling interest 33,015 9,821 (900 ) Net income attributable to noncontrolling interest 1,044 1,017 1,029 Net income (loss) attributable to Central Garden & Pet Company $ 31,971 $ 8,804 $ (1,929 ) Assets: Pet segment $ 465,171 $ 414,279 $ 425,988 Garden segment 310,981 337,461 388,581 Corporate and eliminations 358,602 396,987 346,591 Total $ 1,134,754 $ 1,148,727 $ 1,161,160 Depreciation and amortization: Pet segment $ 15,885 $ 17,256 $ 15,753 Garden segment 5,988 6,793 6,410 Corporate 11,830 11,732 10,805 Total $ 33,703 $ 35,781 $ 32,968 Expenditures for long-lived assets: Pet segment $ 17,060 $ 8,561 $ 9,694 Garden segment 2,432 5,541 7,496 Corporate 2,538 3,071 7,982 Total $ 22,030 $ 17,173 $ 25,172 Noncontrolling interest is associated with the Garden segment. (1) Includes a $7.3 million impairment charge to indefinite-lived intangible assets as a result of increased competition and declining sales volume. (2) Includes a $16.9 million charge related to certain products introduced in fiscal and a $4.9 million gain from the sale of manufacturing plant assets. (3) Includes goodwill impairment of $7.7 million and an $11.2 million charge related to certain products introduced in fiscal 2013. |
Consolidating Condensed Finan43
Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables) | 12 Months Ended |
Sep. 26, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Consolidating Condensed Statement of Operations | CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS Fiscal Year Ended September 26, 2015 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net sales $ 494,143 $ 100,127 $ 1,136,958 $ (80,491 ) $ 1,650,737 Cost of goods sold and occupancy 387,632 76,597 773,369 (74,913 ) 1,162,685 Gross profit 106,511 23,530 363,589 (5,578 ) 488,052 Selling, general and administrative expenses 126,223 18,329 257,643 (5,578 ) 396,617 Income (loss) from operations (19,712 ) 5,201 105,946 0 91,435 Interest expense (39,893 ) (268 ) 134 0 (40,027 ) Interest income 126 3 0 0 129 Other income (expense) (372 ) 407 (22 ) 0 13 Income (loss) before taxes and equity in earnings of affiliates (59,851 ) 5,343 106,058 0 51,550 Income tax expense (benefit) (21,562 ) 2,089 38,008 0 18,535 Equity in earnings of affiliates 70,260 0 2,445 (72,705 ) 0 Net income including noncontrolling interest 31,971 3,254 70,495 (72,705 ) 33,015 Noncontrolling interest 0 1,044 0 0 1,044 Net income attributable to Central Garden & Pet Company $ 31,971 $ 2,210 $ 70,495 $ (72,705 ) $ 31,971 CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS Fiscal Year Ended September 27, 2014 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net sales $ 460,781 $ 109,453 $ 1,103,926 $ (69,803 ) $ 1,604,357 Cost of goods sold and occupancy 370,492 87,028 757,217 (64,404 ) 1,150,333 Gross profit 90,289 22,425 346,709 (5,399 ) 454,024 Selling, general and administrative expenses 117,240 18,230 267,740 (5,399 ) 397,811 Income (loss) from operations (26,951 ) 4,195 78,969 0 56,213 Interest expense (42,742 ) (218 ) 116 0 42,844 Interest income 92 2 0 0 94 Other income (expense) 186 583 (366 ) 0 403 Income (loss) before taxes and equity in earnings of affiliates (69,415 ) 4,562 78,719 0 13,866 Income tax expense (benefit) (26,962 ) 756 30,251 0 4,045 Equity in earnings of affiliates 51,257 0 1,506 (52,763 ) 0 Net income loss including noncontrolling interest 8,804 3,806 49,974 (52,763 ) 9,821 Noncontrolling interest 0 1,017 0 0 1,017 Net income attributable to Central Garden & Pet Company $ 8,804 $ 2,789 $ 49,974 $ (52,763 ) $ 8,804 CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS Fiscal Year Ended September 28, 2013 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net sales $ 453,001 $ 88,822 $ 1,186,328 $ (74,518 ) $ 1,653,633 Cost of goods sold and occupancy 364,120 73,068 821,524 (68,981 ) 1,189,731 Gross profit 88,881 15,754 364,804 (5,537 ) 463,902 Selling, general and administrative expenses 127,644 19,340 282,300 (5,537 ) 423,747 Income (loss) from operations (38,763 ) (3,586 ) 82,504 0 40,155 Interest expense (42,925 ) (263 ) 76 0 43,112 Interest income 140 2 0 0 142 Other income (expense) (250 ) 398 (825 ) 0 (677 ) Income (loss) before taxes and equity in earnings of affiliates (81,798 ) (3,449 ) 81,755 0 (3,492 ) Income tax expense (benefit) (46,789 ) (2,567 ) 46,764 0 (2,592 ) Equity in earnings of affiliates 33,080 0 (2,561 ) (30,519 ) 0 Net income (loss) including noncontrolling interest (1,929 ) (882 ) 32,430 (30,519 ) (900 ) Noncontrolling interest 0 1,029 0 0 1,029 Net income (loss) attributable to Central Garden & Pet Company $ (1,929 ) $ (1,911 ) $ 32,430 $ (30,519 ) $ (1,929 ) |
Consolidating Condensed Statements of Comprehensive Income | CONSOLIDATING CONDENSED STATEMENTS OF Fiscal Year Ended September 26, 2015 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net income $ 31,971 $ 3,254 $ 70,495 $ (72,705 ) $ 33,015 Other comprehensive loss: Unrealized loss on securities (10 ) 0 (10 ) Reclassification of realized loss on securities included in net income 20 0 0 0 20 Foreign currency translation (1,078 ) (537 ) (380 ) 917 (1,078 ) Total comprehensive income 30,903 2,717 70,115 (71,788 ) 31,947 Comprehensive income attributable to noncontrolling interests 0 1,044 0 0 1,044 Comprehensive income attributable to Central Garden & Pet Company $ 30,903 $ 1,673 $ 70,115 $ (71,788 ) $ 30,903 CONSOLIDATING CONDENSED STATEMENTS OF Fiscal Year Ended September 27, 2014 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net income $ 8,804 $ 3,806 $ 49,974 $ (52,763 ) $ 9,821 Other comprehensive loss: Foreign currency translation 0 (200 ) 0 0 (200 ) Unrealized loss on securities (10 ) 0 0 0 (10 ) Total comprehensive income 8,794 3,606 49,974 (52,763 ) 9,611 Comprehensive income attributable to noncontrolling interests 0 1,017 0 0 1,017 Comprehensive income attributable to Central Garden & Pet Company $ 8,794 $ 2,589 $ 49,974 $ (52,763 ) $ 8,594 CONSOLIDATING CONDENSED STATEMENTS OF Fiscal Year Ended September 28, 2013 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (1,929 ) $ (882 ) $ 32,430 $ (30,519 ) $ (900 ) Other comprehensive loss: Foreign currency translation 0 (97 ) 0 0 (97 ) Total comprehensive income (loss) (1,929 ) (979 ) 32,430 (30,519 ) (997 ) Comprehensive income attributable to noncontrolling interests 0 1,029 0 0 1,029 Comprehensive loss attributable to Central Garden & Pet Company $ (1,929 ) $ (2,008 ) $ 32,430 $ (30,519 ) $ (2,026 ) |
Consolidating Condensed Balance Sheet | CONSOLIDATING CONDENSED BALANCE SHEET September 26, 2015 (in thousands) Parent Non-Guarantor Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 37,131 $ 10,022 $ 431 $ 0 $ 47,584 Restricted cash 13,157 0 0 0 13,157 Accounts receivable, net 51,376 6,775 149,251 0 207,402 Inventories 101,952 11,690 222,304 0 335,946 Prepaid expenses and other assets 23,807 848 25,076 0 49,731 Total current assets 227,423 29,335 397,062 0 653,820 Land, buildings, improvements and equipment, net 53,044 3,663 106,102 0 162,809 Goodwill 0 0 209,089 0 209,089 Other long term assets 33,988 3,662 77,519 (6,133 ) 109,036 Intercompany receivable 10,311 0 440,327 (450,638 ) 0 Investment in subsidiaries 1,052,755 0 0 (1,052,755 ) 0 Total $ 1,377,521 $ 36,660 $ 1,230,099 $ (1,509,526 ) $ 1,134,754 LIABILITIES AND EQUITY Accounts payable $ 23,544 $ 2,543 $ 62,802 $ 0 $ 88,889 Accrued expenses and other liabilities 39,680 1,789 46,255 0 87,724 Current portion of long term debt 261 0 30 0 291 Total current liabilities 63,485 4,332 109,087 0 176,904 Long-term debt 399,783 0 65 0 399,848 Intercompany payable 407,197 43,441 0 (450,638 ) 0 Losses in excess of investment in subsidiaries 0 0 11,867 (11,867 ) 0 Other long-term obligations 1,770 0 55,985 (6,133 ) 51,622 Shareholders’ equity attributable to Central Garden & Pet 505,286 (12,207 ) 1,053,095 (1,040,888 ) 505,286 Noncontrolling interest 0 1,094 0 0 1,094 Total equity 505,286 (11,113 ) 1,053,095 (1,040,888 ) 506,380 Total $ 1,377,521 $ 36,660 $ 1,230,099 $ (1,509,526 ) $ 1,134,754 CONSOLIDATING CONDENSED BALANCE SHEET September 27, 2014 (in thousands) Parent Non-Guarantor Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 63,471 $ 12,806 $ 2,399 $ 0 $ 78,676 Restricted cash 14,283 0 0 0 14,283 Short term investments 9,990 0 0 0 9,990 Accounts receivable, net 41,235 8,268 144,226 0 193,729 Inventories 79,199 15,210 231,977 0 326,386 Prepaid expenses and other assets 26,092 816 21,580 0 48,488 Total current assets 234,270 37,100 400,182 0 671,552 Land, buildings, improvements and equipment, net 63,059 3,649 100,141 0 166,849 Goodwill 0 0 208,233 0 208,233 Other long term assets 25,230 4,244 83,713 (11,094 ) 102,093 Intercompany receivable 16,906 0 351,423 (368,329 ) 0 Investment in subsidiaries 983,413 0 0 (983,413 ) 0 Total $ 1,322,878 $ 44,993 $ 1,143,692 $ (1,362,836 ) $ 1,148,727 LIABILITIES AND EQUITY Accounts payable $ 28,937 $ 3,542 $ 55,949 $ 0 $ 88,428 Accrued expenses and other liabilities 34,412 1,868 48,390 0 84,670 Total current liabilities 63,349 5,410 104,339 0 173,098 Long-term debt 449,855 0 93 0 449,948 Intercompany payable 323,315 45,014 0 (368,329 ) 0 Losses in excess of investment in subsidiaries 0 0 7,594 (7,594 ) 0 Other long-term obligations 1,636 0 48,686 (11,094 ) 39,228 Shareholders’ equity attributable to Central Garden & Pet 484,723 (7,161 ) 982,980 (975,819 ) 484,723 Noncontrolling interest 0 1,730 0 0 1,730 Total equity 484,723 (5,431 ) 982,980 (975,819 ) 486,453 Total $ 1,322,878 $ 44,993 $ 1,143,692 $ (1,362,836 ) $ 1,148,727 |
Consolidating Condensed Statement of Cash Flows | CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS Fiscal Year Ended September 26, 2015 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities $ (18,948 ) $ 7,372 $ 105,744 $ (6,719 ) $ 87,449 Additions to property, plant and equipment (2,687 ) (405 ) (18,938 ) 0 (22,030 ) Payments to acquire companies, net of expenses (38,384 ) 0 0 0 (38,384 ) Change in restricted cash and cash equivalents 1,126 0 0 0 1,126 Maturities of short term investments 9,997 0 0 0 9,997 Investment in short term investments (17 ) 0 0 0 (17 ) Other investing activities (546 ) 0 0 0 (546 ) Intercompany investing activities 6,595 0 (88,905 ) 82,310 0 Net cash (used) provided by investing activities (23,916 ) (405 ) (107,843 ) 82,310 (49,854 ) Repayments on revolving line of credit (312,000 ) 0 0 0 (312,000 ) Borrowings on revolving line of credit 312,000 0 0 0 312,000 Repayments of long-term debt (50,262 ) 0 (27 ) 0 (50,289 ) Proceeds from issuance of common stock 200 0 0 0 200 Excess tax benefits from stock-based awards 2,154 0 0 0 2,154 Repurchase of common stock (18,497 ) 0 0 0 (18,497 ) Payment of deferred financing costs (258 ) 0 0 0 (258 ) Distribution to parent 0 (6,719 ) 0 6,719 0 Distribution to noncontrolling interest 0 (1,680 ) 0 0 (1,680 ) Intercompany financing activities 83,884 (1,574 ) 0 (82,310 ) 0 Net cash provided (used) by financing activities 17,221 (9,973 ) (27 ) (75,591 ) (68,370 ) Effect of exchange rates on cash (697 ) 222 158 0 (317 ) Net increase (decrease) in cash and cash equivalents (26,340 ) (2,784 ) (1,968 ) 0 (31,092 ) Cash and cash equivalents at beginning of year 63,471 12,806 2,399 0 78,676 Cash and cash equivalents at end of year $ 37,131 $ 10,022 $ 431 $ 0 $ 47,584 CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS Fiscal Year Ended September 27, 2014 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities $ (4,139 ) $ 7,420 $ 125,720 $ (2,534 ) $ 126,467 Additions to property, plant and equipment (6,721 ) (1,027 ) (9,425 ) 0 (17,173 ) Businesses acquired, net of cash acquired 0 0 (20,282 ) 0 (20,282 ) Proceeds from disposal of plant and equipment 0 0 8,737 0 8,737 Change in restricted cash and cash equivalents (14,283 ) 0 0 0 (14,283 ) Maturities of short term investments 17,820 0 0 0 17,820 Investment in short term investments (10,000 ) 0 0 0 (10,000 ) Intercompany investing activities (6,726 ) 0 (104,926 ) 111,652 0 Net cash (used) provided by investing activities (19,910 ) (1,027 ) (125,896 ) 111,652 (35,181 ) Repayments on revolving line of credit (301,000 ) 0 0 0 (301,000 ) Borrowings on revolving line of credit 278,000 0 0 0 278,000 Repayments of long-term debt (243 ) 0 (124 ) 0 (367 ) Proceeds from issuance of common stock 1,165 0 0 0 1,165 Excess tax benefits from stock-based awards 498 0 0 0 498 Repurchase of common stock (2,332 ) 0 0 0 (2,332 ) Payment of deferred financing costs (3,090 ) 0 0 0 (3,090 ) Distribution to parent 0 (2,534 ) 0 2,534 0 Distribution to noncontrolling interest 0 (633 ) 0 0 (633 ) Intercompany financing activities 109,057 2,595 0 (111,652 ) 0 Net cash provided (used) by financing activities 82,055 (572 ) (124 ) (109,118 ) (27,759 ) Effect of exchange rates on cash 27 (18 ) (16 ) 0 (7 ) Net increase (decrease) in cash and cash equivalents 58,033 5,803 (316 ) 0 63,520 Cash and cash equivalents at beginning of year 5,438 7,003 2,715 0 15,156 Cash and cash equivalents at end of year $ 63,471 $ 12,806 $ 2,399 $ 0 $ 78,676 CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS Fiscal Year Ended September 28, 2013 (in thousands) Parent Non-Guarantor Guarantor Subsidiaries Eliminations Consolidated Net cash (used) provided by operating activities $ (31,250 ) $ (11,632 ) $ 17,116 $ (2,516 ) $ (28,282 ) Additions to property, plant and equipment (8,656 ) (337 ) (16,179 ) 0 (25,172 ) Businesses acquired, net of cash acquired 0 0 (4,835 ) 0 (4,835 ) Sale of short term investments 4,885 0 0 0 4,885 Intercompany investing activities 8,986 0 2,923 (11,909 ) 0 Net cash (used) provided by investing activities 5,215 (337 ) (18,091 ) (11,909 ) (25,122 ) Repayments on revolving line of credit (368,000 ) 0 0 0 (368,000 ) Borrowings on revolving line of credit 391,000 0 0 0 391,000 Repayments of long-term debt (206 ) 0 (126 ) 0 (332 ) Proceeds from issuance of common stock 613 0 0 0 613 Excess tax benefits from stock-based awards 388 0 0 0 388 Repurchase of common stock (2,731 ) 0 0 0 (2,731 ) Distribution to parent 0 (2,516 ) 0 2,516 0 Distribution to noncontrolling interest 0 (629 ) 0 0 (629 ) Intercompany financing activities (28,896 ) 16,987 0 11,909 0 Net cash provided (used) by financing activities (7,832 ) 13,842 (126 ) 14,425 20,309 Effect of exchange rates on cash 36 (263 ) 3 0 (224 ) Net increase (decrease) in cash and cash equivalents (33,831 ) 1,610 (1,098 ) 0 (33,319 ) Cash and cash equivalents at beginning of year 39,269 5,393 3,813 0 48,475 Cash and cash equivalents at end of year $ 5,438 $ 7,003 $ 2,715 $ 0 $ 15,156 |
Organization and Significant 44
Organization and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Shipping and handling costs included in net sales | $ 5.4 | $ 8 | $ 6.9 | |
Cost of shipping and handling included in selling, general and administrative expenses | 44.4 | 45.6 | 47.7 | |
Advertising expenses | 25 | 30.9 | 44.5 | |
Employees benefit plan | 1.9 | 1.9 | $ 2.1 | |
Valuation allowances related to net deferred tax assets | $ 6.2 | 6.2 | $ 6.2 | |
Undistributed foreign earnings | 2.3 | |||
Deferred tax liabilities, net of foreign tax credits | 0.4 | |||
capitalized costs write off | $ 5.9 | |||
Other long-lived asset impairments | 7.3 | |||
Fair value of indefinite-lived intangible assets exceeded carrying value | $ 15 | |||
Building [Member] | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Useful life | 30 years | |||
Maximum [Member] | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Maturity period of debt instruments | 3 months | |||
Maturity date of investments | 1 year | |||
Maximum [Member] | Equipment and Capitalized Software [Member] | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Useful life | 10 years | |||
Minimum [Member] | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Maturity date of investments | 3 months | |||
Minimum [Member] | Equipment and Capitalized Software [Member] | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Useful life | 3 years | |||
Subsidiaries [Member] | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Noncontrolling interest owned by the subsidiary | 20.00% | |||
Class A Common Stock [Member] | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
401(k) matching contributions made in Class A common stock | 195,000 | 245,000 | 229,000 |
Organization and Significant 45
Organization and Significant Accounting Policies - Additional Information 1 (Detail) | 12 Months Ended | ||
Sep. 26, 2015USD ($)Companies | Sep. 27, 2014USD ($) | Sep. 28, 2013USD ($) | |
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Owned percentage in unconsolidated entities | 50.00% | ||
Number of unconsolidated companies | Companies | 4 | ||
Equity income | $ 400,000 | $ 600,000 | $ 900,000 |
Investment in unconsolidated companies | 16,500,000 | 600,000 | |
Excess loss insurance that covers any health care claims | 700,000 | ||
Outstanding derivative instruments | 0 | 0 | |
Stock-based compensation | 8,315,000 | 7,678,000 | 15,892,000 |
Stock-based compensation after tax | 5,300,000 | $ 4,900,000 | $ 10,000,000 |
Deferred financing costs, net | 3,400,000 | ||
Maximum [Member] | |||
New Accounting Pronouncement, Early Adoption [Line Items] | |||
General liability and vehicle liability insurance policies | 350,000 | ||
Minimum [Member] | |||
New Accounting Pronouncement, Early Adoption [Line Items] | |||
General liability and vehicle liability insurance policies | $ 250,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 |
Assets: | ||
Total assets | $ 9,990 | |
Liabilities: | ||
Total liabilities | $ 3,625 | 4,414 |
Liability for Contingent Consideration [Member] | ||
Liabilities: | ||
Total liabilities | 3,625 | 4,414 |
Short Term Investments [Member] | ||
Assets: | ||
Total assets | 9,990 | |
Level 1 [Member] | ||
Assets: | ||
Total assets | 9,990 | |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 1 [Member] | Liability for Contingent Consideration [Member] | ||
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 1 [Member] | Short Term Investments [Member] | ||
Assets: | ||
Total assets | 9,990 | |
Level 2 [Member] | ||
Assets: | ||
Total assets | 0 | |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 2 [Member] | Liability for Contingent Consideration [Member] | ||
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 2 [Member] | Short Term Investments [Member] | ||
Assets: | ||
Total assets | 0 | |
Level 3 [Member] | ||
Assets: | ||
Total assets | 0 | |
Liabilities: | ||
Total liabilities | 3,625 | 4,414 |
Level 3 [Member] | Liability for Contingent Consideration [Member] | ||
Liabilities: | ||
Total liabilities | $ 3,625 | 4,414 |
Level 3 [Member] | Short Term Investments [Member] | ||
Assets: | ||
Total assets | $ 0 |
Fair Value Measurements - Sum47
Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Financial Instruments (Detail) - Level 3 [Member] $ in Thousands | 12 Months Ended |
Sep. 26, 2015USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 4,414 |
Performance-based payments made | (688) |
Changes in the fair value of contingent performance-based payments established at the time of acquisition | (101) |
Ending balance | $ 3,625 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Mar. 01, 2015 | Jan. 31, 2015 | Sep. 26, 2015 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Mar. 08, 2010 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Indefinite-lived intangible assets, carrying value | $ 22,300,000 | $ 22,300,000 | |||||
Indefinite-lived intangible assets, fair value | 15,000,000 | 15,000,000 | |||||
Indefinite-lived intangible assets, impairment charge | 7,300,000 | 7,300,000 | $ 0 | $ 0 | |||
Goodwill impairment | $ 7,709,000 | ||||||
Carrying value of senior subordinated notes | 400,139,000 | 400,139,000 | 450,239,000 | ||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Debt, aggregate principal amount | $ 50,000,000 | 400,000,000 | $ 400,000,000 | 450,000,000 | |||
Debt, redemption of principal amount | $ 50,000,000 | $ 50,000,000 | |||||
Redemption date of senior notes | Mar. 1, 2015 | ||||||
Debt redemption price percentage | 102.063% | 102.063% | |||||
Carrying value of senior subordinated notes | 399,691,000 | $ 399,691,000 | 449,529,000 | $ 400,000,000 | |||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Carrying value of senior subordinated notes | 399,700,000 | 399,700,000 | 449,500,000 | ||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | Level 1 [Member] | Portion at Fair Value, Fair Value Disclosure [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Estimated fair value of senior subordinated notes due 2018 | $ 410,500,000 | $ 410,500,000 | $ 459,500,000 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Sep. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Outstanding derivative instruments | $ 0 | $ 0 | |
Commodity Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total derivative instruments | $ 1,000,000 |
Acquisitions and Investments 50
Acquisitions and Investments in Joint Ventures - Additional Information (Detail) $ in Thousands | Dec. 30, 2014USD ($)JointVenture | Dec. 31, 2012USD ($) | Sep. 26, 2015USD ($) | Jul. 31, 2015USD ($) | Sep. 27, 2014USD ($) | Apr. 01, 2014USD ($) | Sep. 28, 2013USD ($) | Sep. 29, 2012USD ($) |
Business Acquisition [Line Items] | ||||||||
Investment in joint ventures | $ 16,000 | |||||||
Number of joint ventures | JointVenture | 2 | |||||||
Percentage of equity interest in joint venture | 50.00% | |||||||
Excess of purchase price included in deferred taxes and other assets | $ 49,731 | $ 48,488 | ||||||
Excess of purchase price included in goodwill | 209,089 | $ 208,233 | $ 205,756 | $ 210,223 | ||||
Two newly formed entities [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of equity interest in joint venture | 50.00% | |||||||
Envincio, LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase of certain assets | $ 20,300 | |||||||
Excess of purchase price included in goodwill | $ 3,333 | |||||||
FourStar Microbial [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Assets acquired during the period | $ 4,800 | |||||||
Contingent future performance-based payments | 4,200 | |||||||
Excess of purchase price recorded as goodwill | $ 3,200 | |||||||
IMS Trading Corp [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase of certain assets | $ 23,000 | |||||||
Excess of purchase price included in deferred taxes and other assets | $ 4,900 |
Acquisitions and Investments 51
Acquisitions and Investments in Joint Ventures - Summary of Recording of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 | Apr. 01, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 209,089 | $ 208,233 | $ 205,756 | $ 210,223 | |
Envincio, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Current assets, net of cash and cash equivalents acquired | $ 6,650 | ||||
Fixed assets | 20 | ||||
Goodwill | 3,333 | ||||
Intangible assets | 11,450 | ||||
Current liabilities | (1,170) | ||||
Net assets acquired, less cash and cash equivalents | 20,283 | ||||
As Previously Reported [Member] | Envincio, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Current assets, net of cash and cash equivalents acquired | 6,650 | ||||
Fixed assets | 20 | ||||
Goodwill | 2,477 | ||||
Intangible assets | 12,306 | ||||
Current liabilities | (1,170) | ||||
Net assets acquired, less cash and cash equivalents | 20,283 | ||||
Adjustments [Member] | Envincio, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Current assets, net of cash and cash equivalents acquired | 0 | ||||
Fixed assets | 0 | ||||
Goodwill | 856 | ||||
Intangible assets | (856) | ||||
Current liabilities | 0 | ||||
Net assets acquired, less cash and cash equivalents | $ 0 |
Concentration of Credit Risk 52
Concentration of Credit Risk and Significant Customers and Suppliers - Additional Information (Detail) - Customer | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Concentration Risk [Line Items] | |||
Percentage of net sales | 40.00% | 41.00% | 43.00% |
Number of major customers | 5 | ||
Percentage of accounts receivable | 35.00% | 37.00% | |
Percentage of accounts receivable including Company's largest customer | 12.00% | 11.00% | |
Percentage of cost of goods sold | 11.00% | 10.00% | 11.00% |
Number of major suppliers | 5 | ||
Customer One [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of largest customer accounted of the Company's net sales | 16.00% | 17.00% | 16.00% |
Customer Two [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of largest customer accounted of the Company's net sales | 8.00% | 7.00% | 8.00% |
Customer Three [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of largest customer accounted of the Company's net sales | 7.00% | 8.00% | 8.00% |
Allowance for Doubtful Accoun53
Allowance for Doubtful Accounts - Schedule of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Receivables [Abstract] | |||
Balances at Beginning of Period | $ 25,212 | $ 21,158 | $ 18,574 |
Charged/ (Credited) to Costs and Expenses | 741 | 8,988 | 4,373 |
Asset Write-Offs, Less Recoveries | (6,657) | (4,934) | (1,789) |
Balances at End of Period | $ 19,296 | $ 25,212 | $ 21,158 |
Inventories, Net - Summary of I
Inventories, Net - Summary of Inventories, Net of Allowance for Obsolescence (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 |
Inventory, Net [Abstract] | ||
Raw materials | $ 94,969 | $ 93,678 |
Work in progress | 15,268 | 13,397 |
Finished goods | 215,673 | 207,818 |
Supplies | 10,036 | 11,493 |
Total inventories, net | $ 335,946 | $ 326,386 |
Property and Equipment, Net - C
Property and Equipment, Net - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 445,118 | $ 419,829 |
Accumulated depreciation and amortization | (282,309) | (252,980) |
Property and equipment, net | 162,809 | 166,849 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 9,306 | 8,678 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 111,605 | 109,618 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,130 | 5,388 |
Machine and Warehouse Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 184,556 | 163,783 |
Capitalized Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 107,965 | 107,271 |
Office Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 26,556 | $ 25,091 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Property Plant and Equipment Useful Life and Values [Abstract] | |||
Depreciation and amortization expense, including the amortization of intangible assets | $ 33,703 | $ 35,781 | $ 32,968 |
Goodwill - Changes in Carrying
Goodwill - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Goodwill [Line Items] | ||||
Additions in fiscal year | $ 856 | $ 2,477 | $ 3,242 | |
Impairment losses in fiscal year | (7,709) | |||
Goodwill | 618,650 | 617,794 | 615,317 | $ 612,075 |
Accumulated impairment losses | (409,561) | (409,561) | (409,561) | (401,852) |
Total goodwill | 209,089 | 208,233 | 205,756 | 210,223 |
Garden Products Segment [Member] | ||||
Goodwill [Line Items] | ||||
Additions in fiscal year | 0 | 0 | 0 | |
Impairment losses in fiscal year | (7,709) | |||
Goodwill | 213,583 | 213,583 | 213,583 | 213,583 |
Accumulated impairment losses | (213,583) | (213,583) | (213,583) | (205,874) |
Total goodwill | 0 | 0 | 0 | 7,709 |
Pet Products Segment [Member] | ||||
Goodwill [Line Items] | ||||
Additions in fiscal year | 856 | 2,477 | 3,242 | |
Impairment losses in fiscal year | 0 | |||
Goodwill | 405,067 | 404,211 | 401,734 | 398,492 |
Accumulated impairment losses | (195,978) | (195,978) | (195,978) | (195,978) |
Total goodwill | $ 209,089 | $ 208,233 | $ 205,756 | $ 202,514 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015Segments | Sep. 27, 2014 | Sep. 28, 2013USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Number of reportable segments | Segments | 4 | ||
Fair value of reporting segments exceeds carrying value, percentage | 10.00% | 10.00% | |
Goodwill impairment | $ | $ 7,709 |
Other Intangible Assets - Compo
Other Intangible Assets - Components of Gross and Net Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 |
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Gross | $ 144,100 | $ 145,000 |
Accumulated Amortization | (43,200) | (38,900) |
Accumulated Impairment | (25,400) | (18,100) |
Net Carrying Value | 75,460 | 87,997 |
Marketing-Related Intangible Assets [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Gross | 73,700 | 75,100 |
Accumulated Amortization | (10,400) | (9,900) |
Accumulated Impairment | (24,200) | (16,900) |
Net Carrying Value | 39,100 | 48,300 |
Other Acquired Intangible Assets [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Gross | 27,100 | 27,100 |
Accumulated Amortization | (10,500) | (8,800) |
Accumulated Impairment | (1,200) | (1,200) |
Net Carrying Value | 15,400 | 17,100 |
Amortizable [Member] | Marketing-Related Intangible Assets [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Gross | 14,100 | 15,500 |
Accumulated Amortization | (10,400) | (9,900) |
Accumulated Impairment | 0 | 0 |
Net Carrying Value | 3,700 | 5,600 |
Amortizable [Member] | Customer-Related Intangible Assets [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Gross | 43,300 | 42,800 |
Accumulated Amortization | (22,300) | (20,200) |
Accumulated Impairment | 0 | 0 |
Net Carrying Value | 21,000 | 22,600 |
Amortizable [Member] | Other Acquired Intangible Assets [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Gross | 19,300 | 19,400 |
Accumulated Amortization | (10,500) | (8,800) |
Accumulated Impairment | 0 | 0 |
Net Carrying Value | 8,800 | 10,600 |
Nonamortizable [Member] | Marketing-Related Intangible Assets [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Gross | 59,600 | 59,600 |
Accumulated Amortization | 0 | 0 |
Accumulated Impairment | (24,200) | (16,900) |
Net Carrying Value | 35,400 | 42,700 |
Nonamortizable [Member] | Other Acquired Intangible Assets [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Gross | 7,800 | 7,700 |
Accumulated Amortization | 0 | 0 |
Accumulated Impairment | (1,200) | (1,200) |
Net Carrying Value | $ 6,600 | $ 6,500 |
Other Intangible Assets - Addit
Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 26, 2015 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Jun. 28, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets, impairment charge | $ 7,300,000 | $ 7,300,000 | $ 0 | $ 0 | |
Fair value of indefinite-lived intangible assets exceeds carrying value | 15,000,000 | 15,000,000 | |||
Amortization expense for intangibles | 4,300,000 | $ 4,300,000 | $ 5,100,000 | ||
Estimated annual amortization expense related to acquired intangible assets, 2016 | 4,000,000 | 4,000,000 | |||
Estimated annual amortization expense related to acquired intangible assets, 2017 | 4,000,000 | 4,000,000 | |||
Estimated annual amortization expense related to acquired intangible assets, 2018 | 4,000,000 | 4,000,000 | |||
Estimated annual amortization expense related to acquired intangible assets, 2019 | 4,000,000 | 4,000,000 | |||
Estimated annual amortization expense related to acquired intangible assets, 2020 | $ 4,000,000 | $ 4,000,000 | |||
Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average remaining lives of acquired intangible assets | 1 year | ||||
Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average remaining lives of acquired intangible assets | 25 years | ||||
Marketing-Related Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average remaining lives of acquired intangible assets | 6 years | ||||
Marketing-Related Intangible Assets [Member] | Envincio, LLC [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets acquired | $ 1,700,000 | ||||
Customer-Related Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average remaining lives of acquired intangible assets | 14 years | ||||
Other Acquired Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average remaining lives of acquired intangible assets | 14 years | ||||
Other Acquired Intangible Assets [Member] | Envincio, LLC [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets acquired | $ 9,800,000 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 | Mar. 08, 2010 |
Components of long-term debt | |||
Total | $ 400,139 | $ 450,239 | |
Less current portion | (291) | (291) | |
Long-term portion | 399,848 | 449,948 | |
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | |||
Components of long-term debt | |||
Total | 399,691 | 449,529 | $ 400,000 |
Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | |||
Components of long-term debt | |||
Total | 0 | 0 | |
Other Notes Payable [Member] | |||
Components of long-term debt | |||
Total | $ 448 | $ 710 |
Long-Term Debt - Components o62
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Mar. 08, 2010 | |
Components of long-term debt | |||
Unamortized discount | $ 300 | ||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | |||
Components of long-term debt | |||
Unamortized discount | $ 309 | $ 471 | |
Debt instrument interest rate stated, percentage | 8.25% | 8.25% | |
Debt instrument maturity period | Mar. 1, 2018 | ||
LIBOR-Based Borrowings [Member] | Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | |||
Components of long-term debt | |||
Debt instrument maturity period | Dec. 31, 2018 | ||
Applicable interest margin rate on the credit facility | 1.25% | ||
Base Rate Borrowings [Member] | Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | |||
Components of long-term debt | |||
Applicable interest margin rate on the credit facility | 0.25% | ||
Minimum [Member] | LIBOR-Based Borrowings [Member] | Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | |||
Components of long-term debt | |||
Applicable interest margin rate on the credit facility | 1.25% | ||
Minimum [Member] | Base Rate Borrowings [Member] | Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | |||
Components of long-term debt | |||
Applicable interest margin rate on the credit facility | 0.25% | ||
Maximum [Member] | LIBOR-Based Borrowings [Member] | Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | |||
Components of long-term debt | |||
Applicable interest margin rate on the credit facility | 1.75% | ||
Maximum [Member] | Base Rate Borrowings [Member] | Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | |||
Components of long-term debt | |||
Applicable interest margin rate on the credit facility | 0.75% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Nov. 09, 2015 | Mar. 01, 2015 | Feb. 13, 2012 | Nov. 30, 2015 | Jan. 31, 2015 | Mar. 28, 2015 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 05, 2013 | Mar. 08, 2010 |
Components of long-term debt | ||||||||||||
Debt, aggregate principal amount | $ 400,139,000 | $ 450,239,000 | ||||||||||
Non-cash charge | 537,000 | 1,731,000 | $ 0 | |||||||||
Subsequent Events [Member] | 6.125% Senior Notes Due in November 2023 [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Debt, aggregate principal amount | $ 400,000,000 | |||||||||||
Debt instrument interest rate stated, percentage | 6.125% | |||||||||||
Senior notes due date | 2023-11 | |||||||||||
Asset-based Revolving Credit Facility [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Non-cash charge | $ 1,700,000 | |||||||||||
Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Debt, aggregate principal amount | $ 0 | 0 | ||||||||||
Credit facility, additional borrowings available | $ 200,000,000 | |||||||||||
Credit facility, maturity date | Dec. 5, 2018 | |||||||||||
Borrowings outstanding | $ 0 | |||||||||||
Letters of credit outstanding | 0 | |||||||||||
Other letters of credit outstanding | $ 6,000,000 | |||||||||||
Debt interest terms | Borrowings under the Credit Facility bear interest at an index based on LIBOR or, at the option of the Company, the Base Rate (defined as the highest of (a) the SunTrust prime rate, (b) the Federal Funds Rate plus 0.5% and (c) one-month LIBOR plus 1.00%), plus, in either case, an applicable margin based on the Company’s total outstanding borrowings. Such applicable margin for LIBOR-based borrowings fluctuates between 1.25%-1.75% (and was 1.25% at September 26, 2015) and such applicable margin for Base Rate borrowings fluctuates between 0.25%-0.75% (and was 0.25% at September 26, 2015). | |||||||||||
Borrowing availability | $ 307,000,000 | |||||||||||
Credit facility, base rate computation, option third description | One-month LIBOR plus 1.00%), plus, in either case, an applicable margin based on the Company's total outstanding borrowings. | |||||||||||
Credit facility, base rate computation, option first description | SunTrust prime rate | |||||||||||
Credit facility, base rate computation, option second description | Federal Funds Rate plus 0.5% | |||||||||||
Credit facility, base rate computation, option second description, basis spread percentage | 0.50% | |||||||||||
Credit facility, basis percentage for calculation of variable rate spread | 1.00% | |||||||||||
Debt instrument fixed charge coverage ratio | 1 | |||||||||||
Debt issuance cost | $ 3,100,000 | |||||||||||
Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | Base Rate Borrowings [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Applicable interest margin rate on the credit facility | 0.25% | |||||||||||
Applicable interest rate on the credit facility | 3.50% | |||||||||||
Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | LIBOR-Based Borrowings [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Senior subordinated notes due date | Dec. 31, 2018 | |||||||||||
Applicable interest margin rate on the credit facility | 1.25% | |||||||||||
Applicable interest rate on the credit facility | 1.40% | |||||||||||
Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | Minimum [Member] | Base Rate Borrowings [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Applicable interest margin rate on the credit facility | 0.25% | |||||||||||
Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | Minimum [Member] | LIBOR-Based Borrowings [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Applicable interest margin rate on the credit facility | 1.25% | |||||||||||
Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | Maximum [Member] | Base Rate Borrowings [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Applicable interest margin rate on the credit facility | 0.75% | |||||||||||
Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | Maximum [Member] | LIBOR-Based Borrowings [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Applicable interest margin rate on the credit facility | 1.75% | |||||||||||
Asset-based Revolving Credit Facility, Interest at LIBOR Plus a Margin of 1.25% to 1.75% or Base Rate Plus a Margin of 0.25% to 0.75%, Final Maturity December 2018 [Member] | Asset-based Revolving Credit Facility [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Credit facility, maximum principal amount | $ 390,000,000 | |||||||||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Debt, aggregate principal amount | $ 399,691,000 | $ 449,529,000 | $ 400,000,000 | |||||||||
Debt instrument interest rate stated, percentage | 8.25% | 8.25% | ||||||||||
Senior subordinated notes due date | Mar. 1, 2018 | |||||||||||
Notes issue price percentage | 98.501% | |||||||||||
Debt, redemption of principal amount | $ 50,000,000 | $ 50,000,000 | ||||||||||
Redemption date of senior subordinated notes | Mar. 1, 2015 | |||||||||||
Debt redemption price percentage | 102.063% | 102.063% | ||||||||||
Charge recognized during debt redemption | $ 1,600,000 | |||||||||||
Debt redemption terms | The Company could redeem some or all of the remaining 2018 Notes at any time after March 1, 2015 for 102.063% and on or after March 1, 2016 for 100%, plus accrued and unpaid interest. | |||||||||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | Subsequent Events [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Debt instrument interest rate stated, percentage | 8.25% | |||||||||||
Senior subordinated notes due date | Mar. 1, 2018 | |||||||||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | March 2015 [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Debt redemption price percentage | 102.063% | |||||||||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | March 2016 [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Debt redemption price percentage | 100.00% | |||||||||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | Upon Change Of Control [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Debt redemption price percentage | 101.00% | |||||||||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | Revolving Credit Facility, Interest at Alternate Base Rate Plus a Margin of 0.75% to 1.75%, or LIBOR Plus a Margin of 1.75% to 2.75%, Final Maturity June 2016 [Member] | ||||||||||||
Components of long-term debt | ||||||||||||
Additional issuance amount on senior notes | $ 50,000,000 | |||||||||||
Issuance price of additional senior subordinated notes | 2018 Notes at a price of 98.501%, plus accrued interest from September 1, 2011, in a private placement. |
Long-Term Debt - Scheduled Prin
Long-Term Debt - Scheduled Principal Repayments on Long-Term Debt (Detail) $ in Thousands | Sep. 26, 2015USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | $ 291 |
2,017 | 110 |
2,018 | 400,030 |
2,019 | 5 |
2,020 | 12 |
Thereafter | 0 |
Total | $ 400,448 |
Long-Term Debt - Scheduled Pr65
Long-Term Debt - Scheduled Principal Repayments on Long-Term Debt (Parenthetical) (Detail) $ in Millions | Sep. 26, 2015USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Unamortized portion of discount on Senior Subordinated Notes | $ 0.3 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Outstanding letters of credit | $ 6,000 | ||
Restricted cash | 13,157 | $ 14,283 | |
Estimated annual purchase commitments for fiscal 2016 | 111,100 | ||
Estimated annual purchase commitments for fiscal 2017 | 39,200 | ||
Estimated annual purchase commitments for fiscal 2018 | 24,400 | ||
Estimated annual purchase commitments for fiscal 2019 | 15,400 | ||
Estimated annual purchase commitments for fiscal 2020 | 6,800 | ||
Estimated annual purchase commitments for thereafter | $ 1,400 | ||
Minimum operating lease agreement terms | 1 year | ||
Maximum operating lease agreement terms | 7 years | ||
Operating lease rental expense | $ 23,100 | $ 21,300 | $ 22,400 |
Commitments and Contingencies67
Commitments and Contingencies - Aggregate Minimum Annual Payments on Non-Cancelable Operating Leases (Detail) $ in Thousands | Sep. 26, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 19,163 |
2,017 | 16,031 |
2,018 | 9,470 |
2,019 | 7,959 |
2,020 | 4,487 |
Thereafter | 1,025 |
Total | $ 58,135 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Current: | |||
Federal | $ 2,301 | $ (329) | $ 52 |
State | 643 | 873 | 958 |
Foreign | 25 | 0 | 0 |
Total | 2,969 | 544 | 1,010 |
Deferred: | |||
Federal | 14,843 | 4,171 | (2,915) |
State | 625 | 177 | (687) |
Foreign | 98 | (847) | 0 |
Total | 15,566 | 3,501 | (3,602) |
Total | $ 18,535 | $ 4,045 | $ (2,592) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate to the Company's Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | (35.00%) |
State income taxes, net of federal benefit | 2.40% | 2.10% | (5.20%) |
Other permanent differences | (0.50%) | 0.20% | 2.40% |
Adjustment of prior year accruals | (0.50%) | (0.20%) | 1.80% |
Uncertain tax positions | 0.00% | 0.40% | 3.70% |
Credits | (0.30%) | (1.60%) | (29.30%) |
Change in valuation allowances | 0.00% | (5.40%) | (9.00%) |
Foreign rate differential | (0.10%) | (1.30%) | (3.60%) |
Effective income tax rate (benefit) | 36.00% | 29.20% | (74.20%) |
Income Taxes - Tax Effect of Te
Income Taxes - Tax Effect of Temporary Differences and Carryforwards which Give Rise to Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 |
Current: | ||
Allowance for doubtful accounts, Deferred Tax Assets | $ 7,054 | $ 9,262 |
Inventory write-downs, Deferred Tax Assets | 11,366 | 12,018 |
Prepaid expenses, Deferred Tax Assets | 0 | 820 |
Nondeductible reserves, Deferred Tax Assets | 936 | 1,420 |
State taxes, Deferred Tax Assets | 0 | 0 |
Employee benefits, Deferred Tax Assets | 9,411 | 7,816 |
Other, Deferred Tax Assets | 2,754 | 3,233 |
Total, Current, Deferred Tax Assets | 31,521 | 34,569 |
Noncurrent: | ||
Depreciation and amortization, Deferred Tax Assets | 0 | 0 |
Equity income, Deferred Tax Assets | 0 | 0 |
State net operating loss carryforward, Deferred Tax Assets | 5,032 | 5,167 |
Stock based compensation, Deferred Tax Assets | 3,422 | 5,263 |
State credits, Deferred Tax Assets | 2,348 | 2,352 |
Other, Deferred Tax Assets | 2,463 | 7,281 |
Valuation allowance, Deferred Tax Assets | (6,205) | (6,215) |
Total, Noncurrent, Deferred Tax Assets | 7,060 | 13,848 |
Total, Deferred Tax Assets | 38,581 | 48,417 |
Allowance for doubtful accounts, Deferred Tax Liabilities | 0 | 0 |
Inventory write-downs, Deferred Tax Liabilities | 0 | 0 |
Prepaid expenses, Deferred Tax Liabilities | 651 | 0 |
Nondeductible reserves, Deferred Tax Liabilities | 0 | 0 |
State taxes, Deferred Tax Liabilities | 385 | 165 |
Employee benefits, Deferred Tax Liabilities | 0 | 0 |
Other, Deferred Tax Liabilities | 0 | 0 |
Total, Current, Deferred Tax Liabilities | 1,036 | 165 |
Depreciation and amortization, Deferred Tax Liabilities | 52,415 | 46,458 |
Equity income, Deferred Tax Liabilities | 305 | 127 |
State net operating loss carryforward, Deferred Tax Liabilities | 0 | 0 |
Stock based compensation, Deferred Tax Liabilities | 0 | 0 |
State credits, Deferred Tax Liabilities | 0 | 0 |
Other, Deferred Tax Liabilities | 0 | 0 |
Valuation allowance, Deferred Tax Liabilities | 0 | 0 |
Total, Noncurrent, Deferred Tax Liabilities | 52,720 | 46,585 |
Total, Deferred Tax Liabilities | $ 53,756 | $ 46,750 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Schedule Of Income Taxes [Line Items] | ||
State tax net operating losses | $ 101,500,000 | |
Foreign losses | 1,000,000 | |
State income tax credits | 3,600,000 | |
Valuation allowances | $ 6,205,000 | $ 6,215,000 |
Period of uncertain tax positions as non-current income tax liabilities unless expected to be paid | 1 year | |
Penalties were accrued related to uncertain tax positions | $ 0 | 0 |
Unrecognized tax benefit may be recognized within twelve months as a result of a settlement | $ 100,000 | |
Maximum [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
State tax net operating losses expiration year | 2,035 | |
State income tax credits expiration year | 2,031 | |
Accrued interest | $ 100,000 | $ 100,000 |
Minimum [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
State tax net operating losses expiration year | 2,015 | |
State income tax credits expiration year | 2,015 |
Income Taxes - Activity Related
Income Taxes - Activity Related to Company's Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $ 87 | $ 364 |
Increases related to prior year tax positions | 55 | 264 |
Increases related to current year tax positions | 20 | 14 |
Decreases related to prior year tax positions | 0 | (166) |
Settlements | (9) | (388) |
Decreases related to lapse of statute of limitations | (15) | (1) |
Ending Balance | $ 138 | $ 87 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granting of options | 1,361,000 | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of restricted stock | 493,000 | 1,021,000 | 552,000 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 8.3 | $ 7.7 | $ 15.9 |
Selling, General and Administrative Expenses [Member] | Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 3.1 | 3 | 11.2 |
Selling, General and Administrative Expenses [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 3.3 | 2.8 | 2.7 |
Selling, General and Administrative Expenses [Member] | 401 (K) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 1.9 | $ 1.9 | $ 2 |
2003 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation, number of shares | 5,800,000 | ||
2003 Plan [Member] | Preferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation, number of shares | 500,000 | ||
Shares reserved for outstanding equity awards | 0 | ||
Shares reserved for future awards | 500,000 | ||
2003 Plan [Member] | Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation, number of shares | 5,800,000 | ||
Shares reserved for outstanding equity awards | 1,500,000 | ||
Shares reserved for future awards | 3,400,000 | ||
2003 Plan [Member] | Class A Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation, number of shares | 19,734,982 | ||
Increased authorized shares for issuance | 9,734,982 | ||
Shares reserved for outstanding equity awards | 6,300,000 | ||
Shares reserved for future awards | 10,300,000 | ||
Director Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granting of options | 200,000 | ||
Director Plan [Member] | Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of restricted stock | 20,000 |
Stock-Based Compensation - Ad74
Stock-Based Compensation - Additional Information 1 (Detail) | 1 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2012USD ($)Employees | Sep. 26, 2015USD ($)Installment$ / sharesshares | Sep. 27, 2014USD ($)$ / sharesshares | Sep. 28, 2013USD ($)$ / sharesshares | Sep. 25, 2010 | Sep. 26, 2009 | Sep. 27, 2008 | Sep. 29, 2012shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of affected employees | Employees | 250 | |||||||
Percentage of shares covered by performance-based awards | 20.00% | |||||||
Recorded additional compensation cost | $ 0 | |||||||
Unvested options | $ 3,300,000 | |||||||
Options subject to performance based vesting criteria | $ 300,000 | |||||||
Dividend during expected term | $ / shares | $ 0 | |||||||
Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of vesting installments | Installment | 4 | |||||||
Expiration period approximately | 6 years | |||||||
Expected life of option award | 3 years 7 months 6 days | 3 years 6 months | 3 years 6 months | |||||
Stock price volatility | 30.30% | 34.30% | 34.80% | |||||
Risk free interest rates | 1.30% | 1.60% | 1.20% | |||||
Weighted average grant date fair value of options granted | $ / shares | $ 2.51 | $ 1.93 | $ 1.72 | |||||
Total intrinsic value of options exercised | $ 5,900,000 | $ 1,400,000 | $ 1,100,000 | |||||
Total unrecognized compensation cost related to nonvested stock options | $ 4,800,000 | |||||||
Nonvested stock options remaining weighted average vesting period | 2 years | |||||||
Stock Options [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Outstanding options to purchase common stock | $ / shares | $ 6.43 | $ 6.43 | $ 4.60 | |||||
Stock Options [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Outstanding options to purchase common stock | $ / shares | $ 15 | $ 16.23 | $ 16.23 | |||||
Restricted Stock Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total unrecognized compensation cost related to nonvested stock options | $ 10,500,000 | |||||||
Nonvested stock options remaining weighted average vesting period | 2 years | |||||||
Restricted stock awards outstanding, shares | shares | 1,550,000 | 1,609,000 | 894,000 | 785,000 | ||||
Share based payment award vesting conditional period of employment | 5 years | |||||||
Bonus earned in vested shares | $ 6,400,000 | |||||||
Share based payment award, shares granted and vested | shares | 570,000 | |||||||
Granted, Weighted Average Grant Date Fair Value per Share | $ / shares | $ 10.55 | $ 7.98 | $ 9.26 | |||||
Aggregate fair value as of the vesting date of restricted shares | $ 3,200,000 | $ 1,700,000 | $ 3,400,000 | |||||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of options granted | 20.00% | 60.00% | 100.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Beginning Balance, Outstanding, Number of Shares | 9,213 | ||
Granted, Number of Shares | 1,361 | ||
Exercised, Number of Shares | (2,389) | ||
Cancelled or expired, Number of Shares | (1,928) | ||
Ending Balance, Outstanding, Number of Shares | 6,257 | 9,213 | |
Exercisable, Number of Shares | 2,910 | 5,205 | 6,409 |
Expected to vest, Number of Shares | 2,783 | ||
Beginning Balance, Outstanding, Weighted Average Exercise Price per share | $ 10.35 | ||
Granted, Weighted Average Exercise Price per share | 10.58 | ||
Exercised, Weighted Average Exercise Price per share | 8.86 | ||
Cancelled or expired, Weighted Average Exercise Price per share | 11.86 | ||
Ending Balance, Outstanding, Weighted Average Exercise Price per share | 10.51 | $ 10.35 | |
Exercised, Weighted Average Exercise Price per share | 10.74 | $ 10.81 | $ 11.21 |
Expected to vest, Weighted Average Exercise Price per share | $ 10.32 | ||
Outstanding, Weighted Average Remaining Contractual Life | 3 years | 3 years | |
Exercisable, Weighted Average Remaining Contractual Life | 2 years | 2 years | 2 years |
Expected to vest, Weighted Average Remaining Contractual Life | 4 years | ||
Outstanding, Aggregate Intrinsic Value | $ 38,663 | $ 1,895 | |
Exercisable, Aggregate Intrinsic Value | 17,226 | $ 390 | $ 770 |
Expected to Vest, Aggregate Intrinsic Value | $ 17,822 |
Stock-Based Compensation - Su76
Stock-Based Compensation - Summary of Restricted Stock Award Activity (Detail) - Restricted Stock Awards [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance, Nonvested, Number of Shares | 1,609 | 894 | 785 |
Granted, Number of Shares | 493 | 1,021 | 552 |
Vested, Number of Shares | (331) | (226) | (354) |
Forfeited, Number of Shares | (221) | (80) | (89) |
Ending Balance, Nonvested, Number of Shares | 1,550 | 1,609 | 894 |
Beginning Balance, Nonvested, Weighted Average Grant Date Fair Value per Share | $ 8.43 | $ 9.35 | $ 9.53 |
Granted, Weighted Average Grant Date Fair Value per Share | 10.55 | 7.98 | 9.26 |
Vested, Weighted Average Grant Date Fair Value per Share | 8.63 | 9.92 | 9.60 |
Forfeited, Weighted Average Grant Date Fair Value per Share | 8.84 | 8.93 | 9.37 |
Ending Balance, Nonvested, Weighted Average Grant Date Fair Value per Share | $ 9 | $ 8.43 | $ 9.35 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | 12 Months Ended | |||
Sep. 26, 2015USD ($)$ / Voting_Rights$ / sharesshares | Sep. 27, 2014USD ($)$ / sharesshares | Sep. 28, 2013USD ($) | Sep. 24, 2011USD ($) | |
Class of Stock [Line Items] | ||||
Repurchase of common stock | $ | $ 15,124,000 | $ 2,000 | $ 1,503,000 | |
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Authorized amount to repurchase stock | $ | $ 100,000,000 | |||
Repurchase of common stock | $ | $ 15,100,000 | |||
Aggregate stock repurchased shares | shares | 7,900,000 | |||
Aggregate stock repurchased value | $ | $ 65,000,000 | |||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock authorized | shares | 80,000,000 | |||
Common stock, par value | $ / shares | $ 0.01 | |||
Common stock, shares outstanding | shares | 11,908,317 | |||
Repurchase of common stock | $ | $ 5,000 | 0 | 0 | |
Class A Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock authorized | shares | 100,000,000 | |||
Common stock, par value | $ / shares | $ 0.01 | |||
Common stock, shares outstanding | shares | 36,462,299 | |||
Repurchase of common stock | $ | $ 12,000 | $ 0 | 1,000 | |
Class B Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock authorized | shares | 3,000,000 | 3,000,000 | ||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | ||
Common stock, shares outstanding | shares | 1,652,262 | 1,652,262 | ||
Percentage of vote cast for shares | 49.00% | |||
Convertible shares conversion ratio | 1 | |||
Repurchase of common stock | $ | $ 0 | $ 0 | $ 0 | |
Maximum [Member] | Class B Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Number of voting powers | $ / Voting_Rights | 10 | |||
Minimum [Member] | Class B Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Number of voting powers | $ / Voting_Rights | 1 |
Earnings Per Share - Numerators
Earnings Per Share - Numerators and Denominators in Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) available to common shareholders basic, Net Income | $ 31,971 | $ 8,804 | $ (1,929) | ||||||||
Net income (loss) available to common shareholders diluted, Net Income | $ 31,971 | $ 8,804 | $ (1,929) | ||||||||
Net income (loss) available to common shareholders basic, Shares | 48,322 | 48,167 | 48,384 | 49,379 | 49,324 | 49,148 | 48,688 | 48,368 | 48,562 | 48,880 | 48,094 |
Options to purchase common stock, Shares | 520 | 69 | 0 | ||||||||
Restricted shares, Shares | 556 | 448 | 0 | ||||||||
Net income (loss) available to common shareholders diluted, Shares | 48,322 | 49,290 | 49,439 | 49,379 | 49,324 | 49,841 | 49,116 | 48,368 | 49,638 | 49,397 | 48,094 |
Net income (loss) available to common shareholders basic, Per Share | $ (0.09) | $ 0.39 | $ 0.48 | $ (0.12) | $ (0.08) | $ 0.10 | $ 0.43 | $ (0.26) | $ 0.66 | $ 0.18 | $ (0.04) |
Options to purchase common stock, Per Share | (0.01) | 0 | 0 | ||||||||
Restricted shares, Per Share | (0.01) | 0 | 0 | ||||||||
Net income (loss) available to common shareholders diluted, Per Share | $ (0.09) | $ 0.38 | $ 0.47 | $ (0.12) | $ (0.08) | $ 0.09 | $ 0.43 | $ (0.26) | $ 0.64 | $ 0.18 | $ (0.04) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock outstanding, not included in computation of diluted earnings per share | 3.2 | 9.7 | 10.4 |
Quarterly Financial Data - Un80
Quarterly Financial Data - Unaudited - Schedule of Quarterly Financial Data - Unaudited (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 386,369 | $ 459,446 | $ 497,602 | $ 307,320 | $ 374,238 | $ 437,987 | $ 501,611 | $ 290,521 | $ 1,650,737 | $ 1,604,357 | $ 1,653,633 |
Gross profit | 107,972 | 142,037 | 150,062 | 87,981 | 107,556 | 119,131 | 147,596 | 79,741 | 488,052 | 454,024 | 463,902 |
Net income (loss) attributable to Central Garden & Pet Company | $ (4,369) | $ 18,800 | $ 23,237 | $ (5,697) | $ (4,070) | $ 4,687 | $ 20,895 | $ (12,708) | $ 31,971 | $ 8,804 | $ (1,929) |
Net income (loss) per share: | |||||||||||
Basic | $ (0.09) | $ 0.39 | $ 0.48 | $ (0.12) | $ (0.08) | $ 0.10 | $ 0.43 | $ (0.26) | $ 0.66 | $ 0.18 | $ (0.04) |
Diluted | $ (0.09) | $ 0.38 | $ 0.47 | $ (0.12) | $ (0.08) | $ 0.09 | $ 0.43 | $ (0.26) | $ 0.64 | $ 0.18 | $ (0.04) |
Weighted average common shares outstanding: | |||||||||||
Basic | 48,322 | 48,167 | 48,384 | 49,379 | 49,324 | 49,148 | 48,688 | 48,368 | 48,562 | 48,880 | 48,094 |
Diluted | 48,322 | 49,290 | 49,439 | 49,379 | 49,324 | 49,841 | 49,116 | 48,368 | 49,638 | 49,397 | 48,094 |
Quarterly Financial Data - Un81
Quarterly Financial Data - Unaudited - Schedule of Quarterly Financial Data - Unaudited (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 26, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||
Non-cash impairment charge to indefinite-lived intangible assets | $ 7,300,000 | $ 7,300,000 | $ 0 | $ 0 | ||
Charge related to new products | $ 16,900,000 | $ 11,200,000 | ||||
Gain on sale of manufacturing plant assets | $ 2,900,000 | $ 2,000,000 |
Transactions with Related Par82
Transactions with Related Parties - Additional Information (Detail) - Contract Packaging, Inc. [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Related Party Transaction [Line Items] | |||
Percentage of shares held by CPI in Tech Pac | 20.00% | 20.00% | 20.00% |
Amount due to related party | $ 0.6 | $ 0.6 | |
Tech Pac [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases products from related party | $ 35.2 | $ 30.8 | $ 32.5 |
Business Segment Data - Additio
Business Segment Data - Additional Information (Detail) | 12 Months Ended |
Sep. 26, 2015Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Business Segment Data - Class o
Business Segment Data - Class of Similar Products Which Represented Approximately 10% or More of Company's Consolidated Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 386,369 | $ 459,446 | $ 497,602 | $ 307,320 | $ 374,238 | $ 437,987 | $ 501,611 | $ 290,521 | $ 1,650,737 | $ 1,604,357 | $ 1,653,633 |
Pet supplies (excluding wild bird feed) [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 827,700 | 774,200 | 807,400 | ||||||||
Garden controls and fertilizer products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 286,300 | 262,500 | 274,900 | ||||||||
Wild bird feed [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 193,200 | 202,100 | 210,800 | ||||||||
Other garden supplies [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 181,400 | 182,500 | 183,500 | ||||||||
Grass seed [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 162,100 | $ 183,100 | $ 177,000 |
Business Segment Data - Financi
Business Segment Data - Financial Information Relating to Company's Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Net sales: | |||||||||||
Net sales | $ 386,369 | $ 459,446 | $ 497,602 | $ 307,320 | $ 374,238 | $ 437,987 | $ 501,611 | $ 290,521 | $ 1,650,737 | $ 1,604,357 | $ 1,653,633 |
Income (loss) from operations: | |||||||||||
Income (loss) from operations | 91,435 | 56,213 | 40,155 | ||||||||
Interest expense | (40,027) | (42,844) | (43,112) | ||||||||
Interest income | 129 | 94 | 142 | ||||||||
Other income (expense) | 13 | 403 | (677) | ||||||||
Income (loss) before income taxes and noncontrolling interest | 51,550 | 13,866 | (3,492) | ||||||||
Income tax expense (benefit) | 18,535 | 4,045 | (2,592) | ||||||||
Net income (loss) including noncontrolling interest | 33,015 | 9,821 | (900) | ||||||||
Net income attributable to noncontrolling interest | 1,044 | 1,017 | 1,029 | ||||||||
Net income (loss) attributable to Central Garden & Pet Company | (4,369) | $ 18,800 | $ 23,237 | $ (5,697) | (4,070) | $ 4,687 | $ 20,895 | $ (12,708) | 31,971 | 8,804 | (1,929) |
Assets: | |||||||||||
Total assets | 1,134,754 | 1,148,727 | 1,134,754 | 1,148,727 | 1,161,160 | ||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 33,703 | 35,781 | 32,968 | ||||||||
Expenditures for long-lived assets: | |||||||||||
Expenditures for long-lived assets | 22,030 | 17,173 | 25,172 | ||||||||
Operating Segments [Member] | Pet Segment [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 894,549 | 845,505 | 888,228 | ||||||||
Income (loss) from operations: | |||||||||||
Income (loss) from operations | 98,798 | 88,077 | 95,451 | ||||||||
Assets: | |||||||||||
Total assets | 465,171 | 414,279 | 465,171 | 414,279 | 425,988 | ||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 15,885 | 17,256 | 15,753 | ||||||||
Expenditures for long-lived assets: | |||||||||||
Expenditures for long-lived assets | 17,060 | 8,561 | 9,694 | ||||||||
Operating Segments [Member] | Garden Segment [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 756,188 | 758,852 | 765,405 | ||||||||
Income (loss) from operations: | |||||||||||
Income (loss) from operations | 60,145 | 41,020 | 8,286 | ||||||||
Assets: | |||||||||||
Total assets | 310,981 | 337,461 | 310,981 | 337,461 | 388,581 | ||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 5,988 | 6,793 | 6,410 | ||||||||
Expenditures for long-lived assets: | |||||||||||
Expenditures for long-lived assets | 2,432 | 5,541 | 7,496 | ||||||||
Corporate [Member] | |||||||||||
Income (loss) from operations: | |||||||||||
Income (loss) from operations | (67,508) | (72,884) | (63,582) | ||||||||
Assets: | |||||||||||
Total assets | $ 358,602 | $ 396,987 | 358,602 | 396,987 | 346,591 | ||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 11,830 | 11,732 | 10,805 | ||||||||
Expenditures for long-lived assets: | |||||||||||
Expenditures for long-lived assets | $ 2,538 | $ 3,071 | $ 7,982 |
Business Segment Data - Finan86
Business Segment Data - Financial Information Relating to Company's Business Segments (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Segment Reporting [Abstract] | ||||
Indefinite-lived intangible assets, impairment charge | $ 7,300,000 | $ 7,300,000 | $ 0 | $ 0 |
Goodwill impairment | 7,709,000 | |||
Charge related to new products | 16,900,000 | $ 11,200,000 | ||
Gain from sale of manufacturing plant assets | $ 4,900,000 |
Consolidating Condensed Finan87
Consolidating Condensed Financial Information of Guarantor Subsidiaries - Additional Information (Detail) | 12 Months Ended |
Sep. 26, 2015 | |
Guarantor Subsidiaries [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
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] | |
Condensed Financial Statements, Captions [Line Items] | |
Senior subordinated notes, maturity year | 2,018 |
Consolidating Condensed Stateme
Consolidating Condensed Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | $ 386,369 | $ 459,446 | $ 497,602 | $ 307,320 | $ 374,238 | $ 437,987 | $ 501,611 | $ 290,521 | $ 1,650,737 | $ 1,604,357 | $ 1,653,633 |
Cost of goods sold and occupancy | 1,162,685 | 1,150,333 | 1,189,731 | ||||||||
Gross profit | 107,972 | 142,037 | 150,062 | 87,981 | 107,556 | 119,131 | 147,596 | 79,741 | 488,052 | 454,024 | 463,902 |
Selling, general and administrative expenses | 396,617 | 397,811 | 423,747 | ||||||||
Income (loss) from operations | 91,435 | 56,213 | 40,155 | ||||||||
Interest expense | (40,027) | (42,844) | (43,112) | ||||||||
Interest income | 129 | 94 | 142 | ||||||||
Other income (expense) | 13 | 403 | (677) | ||||||||
Income (loss) before taxes and equity in earnings of affiliates | 51,550 | 13,866 | (3,492) | ||||||||
Income tax expense (benefit) | 18,535 | 4,045 | (2,592) | ||||||||
Equity in earnings of affiliates | 0 | 0 | 0 | ||||||||
Net income (loss) including noncontrolling interest | 33,015 | 9,821 | (900) | ||||||||
Noncontrolling interest | 1,044 | 1,017 | 1,029 | ||||||||
Net income (loss) attributable to Central Garden & Pet Company | $ (4,369) | $ 18,800 | $ 23,237 | $ (5,697) | $ (4,070) | $ 4,687 | $ 20,895 | $ (12,708) | 31,971 | 8,804 | (1,929) |
Parent [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 494,143 | 460,781 | 453,001 | ||||||||
Cost of goods sold and occupancy | 387,632 | 370,492 | 364,120 | ||||||||
Gross profit | 106,511 | 90,289 | 88,881 | ||||||||
Selling, general and administrative expenses | 126,223 | 117,240 | 127,644 | ||||||||
Income (loss) from operations | (19,712) | (26,951) | (38,763) | ||||||||
Interest expense | (39,893) | (42,742) | (42,925) | ||||||||
Interest income | 126 | 92 | 140 | ||||||||
Other income (expense) | (372) | 186 | (250) | ||||||||
Income (loss) before taxes and equity in earnings of affiliates | (59,851) | (69,415) | (81,798) | ||||||||
Income tax expense (benefit) | (21,562) | (26,962) | (46,789) | ||||||||
Equity in earnings of affiliates | 70,260 | 51,257 | 33,080 | ||||||||
Net income (loss) including noncontrolling interest | 31,971 | 8,804 | (1,929) | ||||||||
Noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Central Garden & Pet Company | 31,971 | 8,804 | (1,929) | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 100,127 | 109,453 | 88,822 | ||||||||
Cost of goods sold and occupancy | 76,597 | 87,028 | 73,068 | ||||||||
Gross profit | 23,530 | 22,425 | 15,754 | ||||||||
Selling, general and administrative expenses | 18,329 | 18,230 | 19,340 | ||||||||
Income (loss) from operations | 5,201 | 4,195 | (3,586) | ||||||||
Interest expense | (268) | (218) | (263) | ||||||||
Interest income | 3 | 2 | 2 | ||||||||
Other income (expense) | 407 | 583 | 398 | ||||||||
Income (loss) before taxes and equity in earnings of affiliates | 5,343 | 4,562 | (3,449) | ||||||||
Income tax expense (benefit) | 2,089 | 756 | (2,567) | ||||||||
Equity in earnings of affiliates | 0 | 0 | 0 | ||||||||
Net income (loss) including noncontrolling interest | 3,254 | 3,806 | (882) | ||||||||
Noncontrolling interest | 1,044 | 1,017 | 1,029 | ||||||||
Net income (loss) attributable to Central Garden & Pet Company | 2,210 | 2,789 | (1,911) | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 1,136,958 | 1,103,926 | 1,186,328 | ||||||||
Cost of goods sold and occupancy | 773,369 | 757,217 | 821,524 | ||||||||
Gross profit | 363,589 | 346,709 | 364,804 | ||||||||
Selling, general and administrative expenses | 257,643 | 267,740 | 282,300 | ||||||||
Income (loss) from operations | 105,946 | 78,969 | 82,504 | ||||||||
Interest expense | 134 | 116 | 76 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Other income (expense) | (22) | (366) | (825) | ||||||||
Income (loss) before taxes and equity in earnings of affiliates | 106,058 | 78,719 | 81,755 | ||||||||
Income tax expense (benefit) | 38,008 | 30,251 | 46,764 | ||||||||
Equity in earnings of affiliates | 2,445 | 1,506 | (2,561) | ||||||||
Net income (loss) including noncontrolling interest | 70,495 | 49,974 | 32,430 | ||||||||
Noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Central Garden & Pet Company | 70,495 | 49,974 | 32,430 | ||||||||
Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | (80,491) | (69,803) | (74,518) | ||||||||
Cost of goods sold and occupancy | (74,913) | (64,404) | (68,981) | ||||||||
Gross profit | (5,578) | (5,399) | (5,537) | ||||||||
Selling, general and administrative expenses | (5,578) | (5,399) | (5,537) | ||||||||
Income (loss) from operations | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Other income (expense) | 0 | 0 | 0 | ||||||||
Income (loss) before taxes and equity in earnings of affiliates | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Equity in earnings of affiliates | (72,705) | (52,763) | (30,519) | ||||||||
Net income (loss) including noncontrolling interest | (72,705) | (52,763) | (30,519) | ||||||||
Noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Central Garden & Pet Company | $ (72,705) | $ (52,763) | $ (30,519) |
Consolidating Condensed State89
Consolidating Condensed Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | $ 33,015 | $ 9,821 | $ (900) |
Other comprehensive income (loss): | |||
Unrealized loss on securities | (10) | (10) | 0 |
Reclassification of realized loss on securities included in net income | 20 | 0 | 0 |
Foreign currency translation | (1,078) | (200) | (97) |
Total comprehensive income (loss) | 31,947 | 9,611 | (997) |
Comprehensive income attributable to noncontrolling interests | 1,044 | 1,017 | 1,029 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 30,903 | 8,594 | (2,026) |
Parent [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 31,971 | 8,804 | (1,929) |
Other comprehensive income (loss): | |||
Unrealized loss on securities | (10) | (10) | |
Reclassification of realized loss on securities included in net income | 20 | ||
Foreign currency translation | (1,078) | 0 | 0 |
Total comprehensive income (loss) | 30,903 | 8,794 | (1,929) |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 30,903 | 8,794 | (1,929) |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 3,254 | 3,806 | (882) |
Other comprehensive income (loss): | |||
Unrealized loss on securities | 0 | 0 | |
Reclassification of realized loss on securities included in net income | 0 | ||
Foreign currency translation | (537) | (200) | (97) |
Total comprehensive income (loss) | 2,717 | 3,606 | (979) |
Comprehensive income attributable to noncontrolling interests | 1,044 | 1,017 | 1,029 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 1,673 | 2,589 | (2,008) |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 70,495 | 49,974 | 32,430 |
Other comprehensive income (loss): | |||
Unrealized loss on securities | 0 | ||
Reclassification of realized loss on securities included in net income | 0 | ||
Foreign currency translation | (380) | 0 | 0 |
Total comprehensive income (loss) | 70,115 | 49,974 | 32,430 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | 70,115 | 49,974 | 32,430 |
Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | (72,705) | (52,763) | (30,519) |
Other comprehensive income (loss): | |||
Unrealized loss on securities | 0 | ||
Reclassification of realized loss on securities included in net income | 0 | ||
Foreign currency translation | 917 | 0 | 0 |
Total comprehensive income (loss) | (71,788) | (52,763) | (30,519) |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Central Garden & Pet Company | $ (71,788) | $ (52,763) | $ (30,519) |
Consolidating Condensed Balance
Consolidating Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
ASSETS | ||||
Cash and cash equivalents | $ 47,584 | $ 78,676 | $ 15,156 | $ 48,475 |
Restricted cash | 13,157 | 14,283 | ||
Short term investments | 0 | 9,990 | ||
Accounts receivable, net | 207,402 | 193,729 | ||
Inventories | 335,946 | 326,386 | ||
Prepaid expenses and other assets | 49,731 | 48,488 | ||
Total current assets | 653,820 | 671,552 | ||
Land, buildings, improvements and equipment, net | 162,809 | 166,849 | ||
Goodwill | 209,089 | 208,233 | 205,756 | 210,223 |
Other long term assets | 109,036 | 102,093 | ||
Intercompany receivable | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Total | 1,134,754 | 1,148,727 | 1,161,160 | |
LIABILITIES AND EQUITY | ||||
Accounts payable | 88,889 | 88,428 | ||
Accrued expenses and other liabilities | 87,724 | 84,670 | ||
Current portion of long term debt | 291 | 291 | ||
Total current liabilities | 176,904 | 173,098 | ||
Long-term debt | 399,848 | 449,948 | ||
Intercompany payable | 0 | 0 | ||
Losses in excess of investment in subsidiaries | 0 | 0 | ||
Other long-term obligations | 51,622 | 39,228 | ||
Shareholders' equity attributable to Central Garden & Pet | 505,286 | 484,723 | ||
Noncontrolling interest | 1,094 | 1,730 | ||
Total equity | 506,380 | 486,453 | 470,024 | 464,883 |
Total | 1,134,754 | 1,148,727 | ||
Parent [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 37,131 | 63,471 | 5,438 | 39,269 |
Restricted cash | 13,157 | 14,283 | ||
Short term investments | 9,990 | |||
Accounts receivable, net | 51,376 | 41,235 | ||
Inventories | 101,952 | 79,199 | ||
Prepaid expenses and other assets | 23,807 | 26,092 | ||
Total current assets | 227,423 | 234,270 | ||
Land, buildings, improvements and equipment, net | 53,044 | 63,059 | ||
Goodwill | 0 | 0 | ||
Other long term assets | 33,988 | 25,230 | ||
Intercompany receivable | 10,311 | 16,906 | ||
Investment in subsidiaries | 1,052,755 | 983,413 | ||
Total | 1,377,521 | 1,322,878 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 23,544 | 28,937 | ||
Accrued expenses and other liabilities | 39,680 | 34,412 | ||
Current portion of long term debt | 261 | |||
Total current liabilities | 63,485 | 63,349 | ||
Long-term debt | 399,783 | 449,855 | ||
Intercompany payable | 407,197 | 323,315 | ||
Losses in excess of investment in subsidiaries | 0 | 0 | ||
Other long-term obligations | 1,770 | 1,636 | ||
Shareholders' equity attributable to Central Garden & Pet | 505,286 | 484,723 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | 505,286 | 484,723 | ||
Total | 1,377,521 | 1,322,878 | ||
Non-Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 10,022 | 12,806 | 7,003 | 5,393 |
Restricted cash | 0 | 0 | ||
Short term investments | 0 | |||
Accounts receivable, net | 6,775 | 8,268 | ||
Inventories | 11,690 | 15,210 | ||
Prepaid expenses and other assets | 848 | 816 | ||
Total current assets | 29,335 | 37,100 | ||
Land, buildings, improvements and equipment, net | 3,663 | 3,649 | ||
Goodwill | 0 | 0 | ||
Other long term assets | 3,662 | 4,244 | ||
Intercompany receivable | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Total | 36,660 | 44,993 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 2,543 | 3,542 | ||
Accrued expenses and other liabilities | 1,789 | 1,868 | ||
Current portion of long term debt | 0 | |||
Total current liabilities | 4,332 | 5,410 | ||
Long-term debt | 0 | 0 | ||
Intercompany payable | 43,441 | 45,014 | ||
Losses in excess of investment in subsidiaries | 0 | 0 | ||
Other long-term obligations | 0 | 0 | ||
Shareholders' equity attributable to Central Garden & Pet | (12,207) | (7,161) | ||
Noncontrolling interest | 1,094 | 1,730 | ||
Total equity | (11,113) | (5,431) | ||
Total | 36,660 | 44,993 | ||
Guarantor Subsidiaries [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 431 | 2,399 | 2,715 | 3,813 |
Restricted cash | 0 | 0 | ||
Short term investments | 0 | |||
Accounts receivable, net | 149,251 | 144,226 | ||
Inventories | 222,304 | 231,977 | ||
Prepaid expenses and other assets | 25,076 | 21,580 | ||
Total current assets | 397,062 | 400,182 | ||
Land, buildings, improvements and equipment, net | 106,102 | 100,141 | ||
Goodwill | 209,089 | 208,233 | ||
Other long term assets | 77,519 | 83,713 | ||
Intercompany receivable | 440,327 | 351,423 | ||
Investment in subsidiaries | 0 | 0 | ||
Total | 1,230,099 | 1,143,692 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 62,802 | 55,949 | ||
Accrued expenses and other liabilities | 46,255 | 48,390 | ||
Current portion of long term debt | 30 | |||
Total current liabilities | 109,087 | 104,339 | ||
Long-term debt | 65 | 93 | ||
Intercompany payable | 0 | 0 | ||
Losses in excess of investment in subsidiaries | 11,867 | 7,594 | ||
Other long-term obligations | 55,985 | 48,686 | ||
Shareholders' equity attributable to Central Garden & Pet | 1,053,095 | 982,980 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | 1,053,095 | 982,980 | ||
Total | 1,230,099 | 1,143,692 | ||
Eliminations [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Restricted cash | 0 | 0 | ||
Short term investments | 0 | |||
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Land, buildings, improvements and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other long term assets | (6,133) | (11,094) | ||
Intercompany receivable | (450,638) | (368,329) | ||
Investment in subsidiaries | (1,052,755) | (983,413) | ||
Total | (1,509,526) | (1,362,836) | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 0 | 0 | ||
Accrued expenses and other liabilities | 0 | 0 | ||
Current portion of long term debt | 0 | |||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Intercompany payable | (450,638) | (368,329) | ||
Losses in excess of investment in subsidiaries | (11,867) | (7,594) | ||
Other long-term obligations | (6,133) | (11,094) | ||
Shareholders' equity attributable to Central Garden & Pet | (1,040,888) | (975,819) | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | (1,040,888) | (975,819) | ||
Total | $ (1,509,526) | $ (1,362,836) |
Consolidating Condensed State91
Consolidating Condensed Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used) provided by operating activities | $ 87,449 | $ 126,467 | $ (28,282) |
Additions to property, plant and equipment | (22,030) | (17,173) | (25,172) |
Businesses acquired, net of cash acquired | (38,384) | (20,282) | (4,835) |
Proceeds from disposal of plant and equipment | 8,737 | ||
Change in restricted cash and cash equivalents | 1,126 | (14,283) | 0 |
Maturities of short term investments | 9,997 | 17,820 | 4,885 |
Investment in short term investments | (17) | (10,000) | 0 |
Other investing activities | (546) | 0 | 0 |
Intercompany investing activities | 0 | 0 | 0 |
Net cash (used) provided by investing activities | (49,854) | (35,181) | (25,122) |
Repayments on revolving line of credit | (312,000) | (301,000) | (368,000) |
Borrowings on revolving line of credit | 312,000 | 278,000 | 391,000 |
Repayments of long-term debt | (50,289) | (367) | (332) |
Proceeds from issuance of common stock | 200 | 1,165 | 613 |
Excess tax benefits from stock-based awards | 2,154 | 498 | 388 |
Repurchase of common stock | (18,497) | (2,332) | (2,731) |
Payment of deferred financing costs | (258) | (3,090) | 0 |
Distribution to parent | 0 | 0 | 0 |
Distribution to noncontrolling interest | (1,680) | (633) | (629) |
Intercompany financing activities | 0 | 0 | 0 |
Net cash provided (used) by financing activities | (68,370) | (27,759) | 20,309 |
Effect of exchange rates on cash | (317) | (7) | (224) |
Net increase (decrease) in cash and cash equivalents | (31,092) | 63,520 | (33,319) |
Cash and cash equivalents at beginning of year | 78,676 | 15,156 | 48,475 |
Cash and cash equivalents at end of year | 47,584 | 78,676 | 15,156 |
Parent [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used) provided by operating activities | (18,948) | (4,139) | (31,250) |
Additions to property, plant and equipment | (2,687) | (6,721) | (8,656) |
Businesses acquired, net of cash acquired | (38,384) | 0 | 0 |
Proceeds from disposal of plant and equipment | 0 | ||
Change in restricted cash and cash equivalents | 1,126 | (14,283) | |
Maturities of short term investments | 9,997 | 17,820 | 4,885 |
Investment in short term investments | (17) | (10,000) | |
Other investing activities | (546) | ||
Intercompany investing activities | 6,595 | (6,726) | 8,986 |
Net cash (used) provided by investing activities | (23,916) | (19,910) | 5,215 |
Repayments on revolving line of credit | (312,000) | (301,000) | (368,000) |
Borrowings on revolving line of credit | 312,000 | 278,000 | 391,000 |
Repayments of long-term debt | (50,262) | (243) | (206) |
Proceeds from issuance of common stock | 200 | 1,165 | 613 |
Excess tax benefits from stock-based awards | 2,154 | 498 | 388 |
Repurchase of common stock | (18,497) | (2,332) | (2,731) |
Payment of deferred financing costs | (258) | (3,090) | |
Distribution to parent | 0 | 0 | 0 |
Distribution to noncontrolling interest | 0 | 0 | 0 |
Intercompany financing activities | 83,884 | 109,057 | (28,896) |
Net cash provided (used) by financing activities | 17,221 | 82,055 | (7,832) |
Effect of exchange rates on cash | (697) | 27 | 36 |
Net increase (decrease) in cash and cash equivalents | (26,340) | 58,033 | (33,831) |
Cash and cash equivalents at beginning of year | 63,471 | 5,438 | 39,269 |
Cash and cash equivalents at end of year | 37,131 | 63,471 | 5,438 |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used) provided by operating activities | 7,372 | 7,420 | (11,632) |
Additions to property, plant and equipment | (405) | (1,027) | (337) |
Businesses acquired, net of cash acquired | 0 | 0 | 0 |
Proceeds from disposal of plant and equipment | 0 | ||
Change in restricted cash and cash equivalents | 0 | 0 | |
Maturities of short term investments | 0 | 0 | 0 |
Investment in short term investments | 0 | 0 | |
Other investing activities | 0 | ||
Intercompany investing activities | 0 | 0 | 0 |
Net cash (used) provided by investing activities | (405) | (1,027) | (337) |
Repayments on revolving line of credit | 0 | 0 | 0 |
Borrowings on revolving line of credit | 0 | 0 | 0 |
Repayments of long-term debt | 0 | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 | 0 |
Excess tax benefits from stock-based awards | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Payment of deferred financing costs | 0 | 0 | |
Distribution to parent | (6,719) | (2,534) | (2,516) |
Distribution to noncontrolling interest | (1,680) | (633) | (629) |
Intercompany financing activities | (1,574) | 2,595 | 16,987 |
Net cash provided (used) by financing activities | (9,973) | (572) | 13,842 |
Effect of exchange rates on cash | 222 | (18) | (263) |
Net increase (decrease) in cash and cash equivalents | (2,784) | 5,803 | 1,610 |
Cash and cash equivalents at beginning of year | 12,806 | 7,003 | 5,393 |
Cash and cash equivalents at end of year | 10,022 | 12,806 | 7,003 |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used) provided by operating activities | 105,744 | 125,720 | 17,116 |
Additions to property, plant and equipment | (18,938) | (9,425) | (16,179) |
Businesses acquired, net of cash acquired | 0 | (20,282) | (4,835) |
Proceeds from disposal of plant and equipment | 8,737 | ||
Change in restricted cash and cash equivalents | 0 | 0 | |
Maturities of short term investments | 0 | 0 | 0 |
Investment in short term investments | 0 | 0 | |
Other investing activities | 0 | ||
Intercompany investing activities | (88,905) | (104,926) | 2,923 |
Net cash (used) provided by investing activities | (107,843) | (125,896) | (18,091) |
Repayments on revolving line of credit | 0 | 0 | 0 |
Borrowings on revolving line of credit | 0 | 0 | 0 |
Repayments of long-term debt | (27) | (124) | (126) |
Proceeds from issuance of common stock | 0 | 0 | 0 |
Excess tax benefits from stock-based awards | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Payment of deferred financing costs | 0 | 0 | |
Distribution to parent | 0 | 0 | 0 |
Distribution to noncontrolling interest | 0 | 0 | 0 |
Intercompany financing activities | 0 | 0 | 0 |
Net cash provided (used) by financing activities | (27) | (124) | (126) |
Effect of exchange rates on cash | 158 | (16) | 3 |
Net increase (decrease) in cash and cash equivalents | (1,968) | (316) | (1,098) |
Cash and cash equivalents at beginning of year | 2,399 | 2,715 | 3,813 |
Cash and cash equivalents at end of year | 431 | 2,399 | 2,715 |
Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash (used) provided by operating activities | (6,719) | (2,534) | (2,516) |
Additions to property, plant and equipment | 0 | 0 | 0 |
Businesses acquired, net of cash acquired | 0 | 0 | 0 |
Proceeds from disposal of plant and equipment | 0 | ||
Change in restricted cash and cash equivalents | 0 | 0 | |
Maturities of short term investments | 0 | 0 | 0 |
Investment in short term investments | 0 | 0 | |
Other investing activities | 0 | ||
Intercompany investing activities | 82,310 | 111,652 | (11,909) |
Net cash (used) provided by investing activities | 82,310 | 111,652 | (11,909) |
Repayments on revolving line of credit | 0 | 0 | 0 |
Borrowings on revolving line of credit | 0 | 0 | 0 |
Repayments of long-term debt | 0 | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 | 0 |
Excess tax benefits from stock-based awards | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Payment of deferred financing costs | 0 | 0 | |
Distribution to parent | 6,719 | 2,534 | 2,516 |
Distribution to noncontrolling interest | 0 | 0 | 0 |
Intercompany financing activities | (82,310) | (111,652) | 11,909 |
Net cash provided (used) by financing activities | (75,591) | (109,118) | 14,425 |
Effect of exchange rates on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | $ 0 | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 01, 2015 | Nov. 09, 2015 | Nov. 30, 2015 | Dec. 26, 2015 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 | Mar. 08, 2010 |
Subsequent Event [Line Items] | ||||||||
Debt, aggregate principal amount | $ 400,139 | $ 450,239 | ||||||
Non-cash charge | 537 | 1,731 | $ 0 | |||||
Interest expense | 40,027 | 42,844 | $ 43,112 | |||||
Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt, aggregate principal amount | $ 399,691 | $ 449,529 | $ 400,000 | |||||
Debt instrument interest rate stated, percentage | 8.25% | 8.25% | ||||||
Senior subordinated notes due date | Mar. 1, 2018 | |||||||
March 28, 2015 [Member] | Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Charge recognized during debt redemption | $ 8,300 | |||||||
Non-cash charge | $ 3,200 | |||||||
Subsequent Events [Member] | Senior Subordinated Notes, Net of Unamortized Discount, Interest at 8.25%, Payable Semi-annually, Principal Due March 2018 [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt instrument interest rate stated, percentage | 8.25% | |||||||
Senior subordinated notes due date | Mar. 1, 2018 | |||||||
Interest expense | $ 2,800 | |||||||
One-time payment of overlapping interest expense period | 30 days | |||||||
Subsequent Events [Member] | National Consumers Outdoors Corp [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Cost of acquisition | $ 61,000 | |||||||
Subsequent Events [Member] | 6.125% Senior Notes Due in November 2023 [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt, aggregate principal amount | $ 400,000 | |||||||
Debt instrument interest rate stated, percentage | 6.125% | |||||||
Senior notes due date | 2023-11 | |||||||
Amount annual interest expense is reduced by | $ 8,500 |