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Acquisitions and Investments in Joint Ventures | 12 Months Ended
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Sep. 26, 2020
Business Combinations [Abstract] |
Acquisitions and Investments in Joint Ventures | Acquisitions and Investments in Joint Ventures Fiscal 2020 The Company did not make any acquisitions in fiscal 2020. The Company finalized the allocation of the purchase price to the fair value of the tangible assets, intangible assets and liabilities acquired in conjunction with its purchase of C&S Products in its first fiscal quarter of 2020. See below for the purchase price allocation. Fiscal 2019 C&S Products In May 2019, the Company purchased C&S Products, a manufacturer of suet and other wild bird feed products, to complement our existing wild bird feed business for approximately $30.0 million. Subsequent to the acquisition, approximately $4.7 million of cash was used to eliminate the acquired long-term debt. The financial results of C&S Products have been included in the results of operations within the Pet segment since the date of acquisition. The following table summarizes the purchase price and recording of fair values of the assets acquired and liabilities assumed as of the acquisition date and subsequent adjustments.
| Amounts Previously Recognized as of Acquisition Date (1) |  | Measurement Period Adjustments |  | Amounts Recognized as of Acquisition Date (as Adjusted)
| (in thousands)
Current assets, net of cash and cash equivalents acquired | $ | 9,794 |  |  | $ | 441 |  |  | $ | 10,235 |
Fixed assets | 23,743 |  |  | (3,786) |  |  | 19,957 |
Goodwill | — |  |  | 3,878 |  |  | 3,878 |
Other assets | 5,081 |  |  | (3,242) |  |  | 1,839 |
Other intangible assets, net | — |  |  | 2,810 |  |  | 2,810 |
Current liabilities | (2,137) |  |  | — |  |  | (2,137) |
Long-term obligations | (6,457) |  |  | (101) |  |  | (6,558) |
Net assets acquired, less cash and cash equivalents | $ | 30,024 |  |  | $ | — |  |  | $ | 30,024 |
(1) As previously reported in the Company's Form 10-Q for the period ended December 28, 2019. The impact to the consolidated statement of operations associated with the finalization of purchase accounting and true-up of intangible assets for C&S Products during the quarter ended December 28, 2019 was immaterial. Arden Companies In February 2019, the Company purchased the remaining 55% interest in Arden Companies, a manufacturer of outdoor cushions and pillows, for $13.4 million. Accordingly, the Company remeasured its previously held investment at its acquisition-date fair value and recorded a gain of approximately $3.2 million as part of selling, general and administrative expenses in the Company's consolidated statements of operations. The purchase price exceeded the estimated fair value of the net tangible assets acquired by approximately $15.8 million, of which $10.9 million was allocated to identified intangible assets and approximately $4.9 million was included in goodwill in the Company's consolidated balance sheet as of September 28, 2019. Subsequent to the acquisition, approximately $36 million of cash was used to eliminate most of the acquired long-term debt. Financial results of Arden have been included in the results of operations within the Garden segment since the date of acquisition of the remaining 55% interest. The following table summarizes the purchase price and recording of fair values of the assets acquired and liabilities assumed as of the acquisition date and subsequent adjustments.
| Amounts Previously Recognized as of Acquisition Date (1) |  | Measurement Period Adjustments |  | Amounts Recognized as of Acquisition Date (as Adjusted)
| (in thousands)
Current assets, net of cash and cash equivalents acquired | $ | 51,211 |  |  | $ | 1,540 |  |  | $ | 52,751 |
Fixed assets | 6,311 |  |  | 5,376 |  |  | 11,687 |
Other Assets | 14,868 |  |  | (14,868) |  |  | — |
Goodwill | — |  |  | 4,900 |  |  | 4,900 |
Intangible assets | — |  |  | 10,930 |  |  | 10,930 |
Current liabilities | (19,853) |  |  | — |  |  | (19,853) |
Short-term debt | (22,000) |  |  | — |  |  | (22,000) |
Long-term debt | (19,400) |  |  | — |  |  | (19,400) |
Fair value of the Company's initial investment | — |  |  | (7,878) |  |  | (7,878) |
Net assets acquired, less cash and cash equivalents | $ | 11,137 |  |  | $ | — |  |  | $ | 11,137 |
(1) As previously reported in the Company's Form 10-Q for the periods ended March 30, 2019 and June 29, 2019. The Company expects all the goodwill from the acquisition above to be deductible for tax purposes. The impact to the consolidated statement of operations associated with the finalization of purchase accounting and true-up of intangible assets for Arden Companies was immaterial. Proforma financial information has not been presented as the C&S Products and Arden Companies acquisitions were not considered material to the Company's overall consolidated financial statements during the periods presented. Fiscal 2018 General Pet Supply On April 2, 2018, the Company purchased substantially all of the assets of General Pet Supply, a leading Midwestern U.S. supplier of pet food and supplies for a purchase price of approximately $24.3 million. The purchase price exceeded the estimated fair value of the net tangible assets acquired by approximately $13.6 million, of which $8.1 million was allocated to identified intangible assets and approximately $5.5 million was included in goodwill in the Company’s consolidated balance sheet as of September 29, 2018. Financial results of General Pet Supply have been included in the results of operations within the Pet segment since the date of acquisition. The following table summarizes the purchase price and recording of fair values of the assets acquired and liabilities assumed as of the acquisition date and subsequent adjustments.
| Amounts Previously Recognized as of Acquisition Date (1) |  | Measurement Period Adjustments |  | Amounts Recognized as of Acquisition Date (as Adjusted)
| (in thousands)
Current assets, net of cash and cash equivalents acquired | $ | 12,991 |  |  | $ | — |  |  | $ | 12,991 |
Fixed assets | 1,014 |  |  | 516 |  |  | 1,530 |
Goodwill | — |  |  | 5,520 |  |  | 5,520 |
Other assets | 14,147 |  |  | (14,136) |  |  | 11 |
Other intangible assets, net | — |  |  | 8,100 |  |  | 8,100 |
Current liabilities | (3,506) |  |  | — |  |  | (3,506) |
Long-term obligations | (361) |  |  |  |  | (361) |
Net assets acquired, less cash and cash equivalents | $ | 24,285 |  |  | $ | — |  |  | $ | 24,285 |
(1) As previously reported in the Company's Form 10-Q for the period ended June 30, 2018. The impact to the consolidated statement of operations associated with the finalization of purchase accounting and true-up of intangible assets for General Pet Supply was immaterial. Bell Nursery On March 12, 2018, the Company purchased Bell Nursery Holdings, LLC ("Bell"), a leading grower and distributor of live flowers and plants in the mid-Atlantic region of the United States, for a purchase price of approximately $61 million plus contingent consideration of up to $10 million. The purchase price exceeded the estimated fair value of the net tangible assets acquired by approximately $13.6 million, of which $6.2 million was allocated to identified intangible assets and $7.4 million was included in goodwill in the Company's consolidated balance sheet as of September 29, 2018. Financial results of Bell have been included in the results of operations within the Garden segment since the date of acquisition. The following table summarizes the purchase price and recording of fair values of the assets acquired and liabilities assumed as of the acquisition date and subsequent adjustments.
| Amounts Previously Recognized as of Acquisition Date (1) |  | Measurement Period Adjustments |  | Amounts Recognized as of Acquisition Date (as Adjusted)
| (in thousands)
Current assets, net of cash and cash equivalents acquired | $ | 28,330 |  |  | $ | (359) |  |  | $ | 27,971 |
Fixed assets | 30,278 |  |  | 383 |  |  | 30,661 |
Goodwill | — |  |  | 7,415 |  |  | 7,415 |
Other assets | 11,647 |  |  | (11,647) |  |  | — |
Other intangible assets, net | — |  |  | 6,230 |  |  | 6,230 |
Current liabilities | (11,611) |  |  | (2,022) |  |  | (13,633) |
Net assets acquired, less cash and cash equivalents | $ | 58,644 |  |  | $ | — |  |  | $ | 58,644 |
(1) As previously reported in the Company's Form 10-Q for the periods ended March 31, 2018 and June 30, 2018. The impact to the consolidated statement of operations associated with the finalization of purchase accounting and true-up of intangible assets for Bell was immaterial. The Company expects all the goodwill from the acquisitions above to be deductible for tax purposes. Investments During fiscal 2020, the Company made investments ranging from an additional 3% to 30%, totaling $4.4 million, in two ventures, which are accounted for in accordance with ASC 321, Investments - Equity Securities. During fiscal 2019, the Company made investments up to 7%, totaling $2.0 million, in two ventures, which are accounted for in accordance with ASC 321. During fiscal 2018, the Company made investments ranging from 13% to 20% in three ventures. The Company invested a total of $9.0 million in these businesses, which are accounted for under ASC 321 and equity method of accounting.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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