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Document and Entity Information (USD $)
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6 Months Ended | ||
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Apr. 02, 2011
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May 06, 2011
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Apr. 02, 2010
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| Document and Entity Information [Abstract] | |||
| Entity Registrant Name | SCOTTS MIRACLE-GRO CO | ||
| Entity Central Index Key | 0000825542 | ||
| Document Type | 10-Q | ||
| Document Period End Date | Apr. 02, 2011 | ||
| Amendment Flag | false | ||
| Document Fiscal Year Focus | 2011 | ||
| Document Fiscal Period Focus | Q2 | ||
| Current Fiscal Year End Date | --09-30 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Public Float | $ 2,182,734,513 | ||
| Entity Common Stock, Shares Outstanding | 64,966,209 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Details
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| X | ||||||||||
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- Definition
The aggregate costs and expenses related to product registration and recall matters, primarily associated with the reworking of certain finished goods inventories and the disposal of certain products. No definition available.
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- Definition
The net amount of other operating income and expense, not previously categorized, from items that are associated with the entity's normal operations. No definition available.
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- Definition
The total amount of operating costs and general and administrative expenses, such as consulting and legal costs, incurred during the reporting period related to product registration and recall matters. No definition available.
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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. No definition available.
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- Definition
This element represents the income or loss from continuing operations attributable to the reporting entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items and cumulative effects of changes in accounting principles, but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of income (loss) from continuing operations per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of income (loss) from continuing operations available to each share of common stock outstanding during the reporting period and each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents the overall income (loss) from a disposal group apportioned to the parent that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items and the cumulative effect of accounting changes after deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of income (loss) from disposition of discontinued operations, net of related tax effect, per each share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of income (loss) from discontinued operations, net of related tax effect, per each diluted share of common stock outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The average number of shares issued and outstanding that are used in calculating diluted EPS, determined based on the timing of issuance of shares in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of [basic] shares, after adjustment for contingently issuable shares and other shares not deemed outstanding, determined by relating the portion of time within a reporting period that common shares have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The excess or deficiency of net proceeds from sale in the period compared to carrying value of long-lived assets as of consummation date of the sale. No definition available.
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| X | ||||||||||
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- Definition
The net change during the reporting period in the aggregate amount of expenses incurred but not yet paid. No definition available.
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- Definition
The net change during the reporting period in the value of other non-current assets or non-current liabilities used in operating activities, that are not otherwise defined in the taxonomy. No definition available.
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- Definition
The cash inflow from the sale of long-lived assets. No definition available.
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- Definition
The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of intangible assets over their estimated remaining economic lives. No definition available.
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- Details
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Gain (loss) after tax expense (benefit), not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
For entities with classified balance sheets, the net change during the reporting period in the value of other assets or liabilities used in operating activities, that are not otherwise defined in the taxonomy. For entities with unclassified balance sheets, the net change during the reporting period in the value of all other assets or liabilities used in operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net change during the reporting period in the value of this group of assets within the working capital section. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid during the current period for interest owed on money borrowed, net of interest capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow associated with the amount received from the sale of a portion of the company's business, for example a segment, division, branch or other business, during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from a borrowing with the highest claim on the assets of the entity in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow associated with the amount received from holders exercising their stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for the settlement of obligation drawn from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net total increase (decrease) in the accrual for restructuring costs during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Carrying amount as of the balance sheet date of expenditures made in advance of the timing of recognition of expenses which are expected to be charged against earnings within one year or the normal operating cycle, if longer. Also includes the aggregate carrying amount of current assets not separately presented elsewhere in the balance sheet. These are expected to be realized or consumed within one year (or the normal operating cycle, if longer). No definition available.
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Current assets (normally turning over within one year or one business cycle if longer) that are held for sale apart from normal operations and anticipated to be sold within one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate of par value plus amounts in excess of par value or issuance value (in cases of no-par value stock) for common stock held by shareholders. Aggregate value for common stock issued and outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid, adjusted for any amortization recognized prior to adoption of FAS 142 and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). No definition available.
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No definition available.
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| X | ||||||||||
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- Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Liability (such as a mortgage) related to a disposal group that is held for sale and anticipated to be sold in less than one year. The liability is expected to be discharged as part of the plan of sale for the asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer plus capital lease obligations due to be paid more than one year after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of the portions of the carrying amounts as of the balance sheet date of long-term debt, which may include notes payable, bonds payable, debentures, mortgage loans, and commercial paper, which are scheduled to be repaid within one year or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current obligations not separately disclosed in the balance sheet due to materiality considerations. Current liabilities are expected to be paid within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The fair value, as of the date of each statement of financial position presented, of finance receivables which are owned but transferred to serve as collateral for the payment of the related debt obligation, and that are reclassified and separately reported in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Value of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Condensed, Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified |
Apr. 02, 2011
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Sep. 30, 2010
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Apr. 03, 2010
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|---|---|---|---|
| Current assets: | |||
| Allowances for accounts receivable | $ 7.9 | $ 7.7 | $ 10.2 |
| Depreciation on property, plant and equipment | $ 485.1 | $ 461.1 | $ 439.7 |
| Shareholders' equity: | |||
| Common shares, par value | $ 0.01 | $ 0.01 | $ 0.01 |
| Common shares, shares issued | 65.7 | 66.8 | 66.9 |
| Common shares, shares outstanding | 65.7 | 66.8 | 66.9 |
| Treasury shares, at cost, shares | 2.6 | 1.8 | 1.7 |
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- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies
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6 Months Ended |
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Apr. 02, 2011
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| Summary of Significant Accounting Policies [Abstract] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF OPERATIONS
The Scotts Miracle-Gro Company (“Scotts Miracle-Gro”) and its subsidiaries (collectively, together
with Scotts Miracle-Gro, the “Company”) are engaged in the manufacturing, marketing and sale of
branded products for consumer lawn and garden care. The Company’s primary customers include home
centers, mass merchandisers, warehouse clubs, large hardware chains, independent hardware stores,
nurseries, garden centers and food and drug stores. The Company’s products are sold primarily in
North America and the European Union. The Company also operates the Scotts LawnService®
business, which provides residential and commercial lawn care, tree and shrub care and limited pest
control services in the United States.
On February 28, 2011, the Company completed the sale of a significant majority
of the assets of its Global Professional business (excluding the non-European professional seed
business, “Global Pro”) to Israel Chemicals Ltd. (“ICL”). Effective in the Company’s first quarter
of fiscal 2011, the Company classified Global Pro as discontinued operations. See “NOTE 2.
DISCONTINUED OPERATONS.”
Due to the nature of the consumer lawn and garden business, the majority of sales to customers occur in the
Company’s second and third fiscal quarters. On a combined basis, net sales for the second and third
fiscal quarters represent approximately 75% of annual net sales.
ORGANIZATION AND BASIS OF PRESENTATION
The Company’s condensed, consolidated financial statements are unaudited; however, in the opinion
of management, these financial statements are presented in accordance with accounting principles
generally accepted in the United States of America (“GAAP”). The condensed, consolidated financial
statements include the accounts of Scotts Miracle-Gro and its subsidiaries. All intercompany
transactions and accounts have been eliminated in consolidation. The Company’s consolidation
criteria are based on majority ownership (as evidenced by a majority voting interest in the entity)
and an objective evaluation and determination of effective management control. Interim results
reflect all normal and recurring adjustments and are not necessarily indicative of results for a
full year.
Certain information and disclosures normally included in financial statements prepared in
accordance with GAAP have been omitted or condensed pursuant to the rules and regulations of the
Securities and Exchange Commission (“SEC”). The information in this report should be read in
conjunction with Scotts Miracle-Gro’s Annual Report on Form 10-K for the fiscal year ended
September 30, 2010, which includes a complete set of disclosures, including the Company’s
significant accounting policies.
The Company’s Condensed, Consolidated Balance Sheet at September 30, 2010 has been derived from the
Company’s audited Consolidated Balance Sheet at that date, but does not include all of the
information and disclosures required by GAAP for complete financial statements.
USE OF ESTIMATES
The preparation of condensed, consolidated financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the amounts reported and related
disclosures. Although these estimates are based on management’s best knowledge of current events
and actions the Company may undertake in the future, actual results ultimately may differ from the
estimates.
RECENT ACCOUNTING PRONOUNCEMENTS
Variable Interest Entities
In June 2009, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance
requiring an enterprise to perform an analysis to determine whether the enterprise’s variable
interest or interests give it a controlling financial interest in a variable interest entity. The
new guidance also requires enhanced disclosures that will provide users of financial statements
with more transparent information about an enterprise’s involvement in a variable interest entity.
The Company adopted the new guidance on October 1, 2010 and the adoption did not impact the
Company’s financial statements and related disclosures.
Revenue Recognition — Multiple-Element Arrangements
In October 2009, the FASB issued new accounting guidance addressing the accounting for
multiple-deliverable arrangements to enable entities to account for products or services
(deliverables) separately rather than as a combined unit. The provisions establish the accounting
and reporting guidance for arrangements under which the entity will perform multiple
revenue-generating activities.
Specifically, this guidance addresses how to separate deliverables and how to measure and allocate
arrangement consideration to one or more units of accounting. The Company adopted the new guidance
on October 1, 2010 and the adoption did not impact the Company’s financial statements and related
disclosures.
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- Definition
This element may be used to describe all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Discontinued Operations
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Apr. 02, 2011
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| Discontinued Operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DISCONTINUED OPERATIONS |
NOTE 2. DISCONTINUED OPERATIONS
Global Pro
On February 28, 2011, the Company completed the sale of Global Pro to ICL for
$270 million, pursuant to the terms of the definitive share and business sale agreement (the “SBSA”) between
Scotts Miracle-Gro, The Scotts Company LLC (“Scotts”), a wholly-owned subsidiary of Scotts
Miracle-Gro, and ICL. After agreed upon adjustments, the Company received $264.6
million net proceeds at closing. This amount is subject to further post-closing adjustments,
primarily relating to working capital, and is expected to be finalized during the Company’s third
quarter of fiscal 2011. Results from discontinued operations for the first six months of fiscal 2011
include an after-tax gain on the sale of Global Pro of $21.5 million, which includes transaction costs.
The Company’s decision to exit the professional ornamental
horticulture, turf and specialty agriculture markets and sell Global Pro was another step in its
strategy to evolve its business portfolio to better leverage growth opportunities within its core
Global Consumer business segment. The Company applied a portion of the net proceeds of the sale
toward debt retirement and intends to apply the remaining portion toward capital investments.
In conjunction with the transaction, Scotts and ICL entered into several product supply agreements
which are generally up to five years in duration, as well as various trademark and technology
licensing agreements with varying durations. The purpose of these agreements is to allow each
party to continue leveraging existing production capabilities and intellectual property to meet
customer demand for their respective products. Furthermore, certain transitional services are being
provided by Scotts to ICL, the majority of which extend for a period of six to 12 months from the
date of sale. Scotts estimates that it will supply ICL with approximately $35 million of product,
as well as purchase approximately $15 million of materials from ICL, each on an annualized basis.
The Company’s continuing cash inflows and outflows related to these agreements are not considered
to be significant in relation to the overall cash flows of Global Pro. Furthermore, none of these
agreements permit the Company to influence the operating or financial policies of Global Pro under
the ownership of ICL. Therefore, Global Pro met the criteria for presentation as discontinued
operations. As such, effective in the first quarter of fiscal 2011, the Company classified Global
Pro as discontinued operations for all periods presented.
The Global Pro results from discontinued operations include an allocation of interest expense
relating to the amount of our senior secured credit facilities that was required to be repaid from
the sale proceeds. The amount of interest expense allocated to and included in discontinued
operations was $0.7 million and $0.9 million for the
three-month periods, and $1.7 million and $2.0
million for the six-month periods ended April 2, 2011 and April 3, 2010, respectively.
Smith & Hawken Ltd.
In July 2009, Scotts Miracle-Gro announced that its wholly-owned subsidiary, Smith & Hawken, Ltd.,
had adopted a plan to close the Smith & Hawken®+ business. During the Company’s first
quarter of fiscal 2010, all Smith & Hawken stores were closed and substantially all operational
activities of Smith & Hawken were discontinued. As a result, effective in its first quarter of
fiscal 2010, the Company classified Smith & Hawken as discontinued operations.
In the first six months of fiscal 2010, the Company incurred charges related to the liquidation of
the Smith & Hawken business primarily associated with the termination of retail site lease
obligations, third-party agency fees and severance and benefit
commitments. These charges were partially offset by a gain of approximately $18 million from the
sale of the Smith & Hawken intellectual property on December 30, 2009.
The following table summarizes the results of Global Pro and Smith & Hawken as discontinued
operations (in millions):
The major classes of assets and liabilities of Global Pro were as follows (in millions):
The major classes of assets and liabilities of Smith & Hawken were as follows (in millions):
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- Definition
Disclosure includes the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain or loss recognized in the income statement and the income statement caption that includes that gain or loss, amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Product Registration and Recall Matters
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| Product Registration and Recall Matters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PRODUCT REGISTRATION AND RECALL MATTERS |
NOTE 3. PRODUCT REGISTRATION AND RECALL MATTERS
In April 2008, the Company became aware that a former associate apparently deliberately
circumvented the Company’s policies and U.S. Environmental Protection Agency (“U.S. EPA”)
regulations under the Federal Insecticide, Fungicide, and Rodenticide Act of 1947, as amended
(“FIFRA”), by failing to obtain valid registrations for certain products and/or causing certain
invalid product registration forms to be submitted to regulators. Since that time, the Company has
been cooperating with both the U.S. EPA and the U.S. Department of Justice (the “U.S. DOJ”) in
related civil and criminal investigations into the pesticide product registration issues as well as
a state civil investigation into related allegations arising under state pesticide registration
laws and regulations.
In late April of 2008, in connection with the U.S. EPA’s investigation, the Company conducted a
consumer-level recall of certain consumer lawn and garden products and a Scotts LawnService®
product. Subsequently, the Company and the U.S. EPA agreed upon a Compliance Review Plan for
conducting a comprehensive, independent review of the Company’s product registration records.
Pursuant to the Compliance Review Plan, an independent third-party firm, Quality Associates
Incorporated (“QAI”), reviewed substantially all of the Company’s U.S. pesticide product
registrations and associated advertisements, some of which were historical in nature and no longer
related to sales of the Company’s products. The U.S. EPA investigation and the QAI review process
resulted in the temporary suspension of sales and shipments of certain products. In addition, as
the QAI review process or the Company’s internal
review identified potential FIFRA registration issues (some of which appear unrelated to the
actions of the former associate), the Company endeavored to stop selling or distributing the
affected products until the issues could be resolved. QAI’s review of the Company’s U.S. pesticide
product registrations and associated advertisements is now substantially complete. The results of
the QAI review process did not materially affect the Company’s fiscal 2010 or year-to-date fiscal
2011 sales and are not expected to materially affect the Company’s sales during the remainder of
fiscal 2011.
In June of 2008, the California Department of Pesticide Regulation (“CDPR”) issued a request for
information to the Company relating to products that had been the subject of the April 2008 recall.
The Company cooperated with that inquiry and reached agreement with CDPR that CDPR would place its
investigation on hold pending the completion of the Company’s internal audit. In furtherance of
that agreement, in May of 2010, the Company and CDPR executed a tolling agreement that extends
CDPR’s rights through April 2012. In July of 2010, CDPR notified the Company that CDPR planned to
proceed with its investigation independent of the U.S. EPA and U.S. DOJ. On or about March 3, 2011,
the Company received a letter from CDPR offering to settle the matter without the need for an
enforcement proceeding for $245,631. As of April 2, 2011, no reserve was established for this
matter.
As a result of these registration and recall matters, the Company has recorded charges for affected
inventory and other registration and recall-related costs. The effects of these
adjustments were pre-tax charges of $2.5 million and $1.7 million for the three-month periods, and
$4.2 million and $4.3 million for the six-month periods ended April 2, 2011 and April 3, 2010,
respectively. The Company expects to incur $8-$10 million in fiscal 2011 on recall and registration
matters, excluding possible fines, penalties, judgments and/or litigation costs. The Company
expects that these charges will include costs associated with the rework of certain finished goods
inventories, the potential disposal of certain products and ongoing third-party professional
services related to the U.S. EPA, U.S. DOJ and state investigations.
The U.S. EPA, U.S. DOJ and CDPR investigations continue and may result in future state, federal or
private rights of action including fines and/or penalties with respect to known or potential
additional product registration issues. Until the U.S. EPA, U.S. DOJ and related state
investigations are complete, the Company cannot reasonably determine the scope or magnitude of
possible liabilities that could result from known or potential product registration issues. No
reserves for these potential liabilities have been established as of April 2, 2011. However, it is
possible that such liabilities, including fines, penalties, judgments and/or litigation costs,
could be material and have an adverse effect on the Company’s financial condition, results of
operations or cash flows.
The following tables summarize the impact of the product registration and recall matters on the
Company’s results of operations during the three and six months ended April 2, 2011 and April 3,
2010, and on accrued liabilities and inventory reserves as of April 2, 2011 (in millions):
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Description of product recalls and product registration matters, as well as summarized financial information related to these matters. No definition available.
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Detail of Inventories, Net
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Apr. 02, 2011
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| Detail of Inventories, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DETAIL OF INVENTORIES, NET |
NOTE 4. DETAIL OF INVENTORIES, NET
Inventories,
net of reserves for slow moving and obsolete inventories of $22.7 million, $26.2 million
and $27.0 million as of April 2, 2011, April 3, 2010 and September 30, 2010,
respectively, consisted of:
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- Definition
This element represents the complete disclosure related to inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Marketing Agreement
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Apr. 02, 2011
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| Marketing Agreement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MARKETING AGREEMENT |
NOTE 5. MARKETING AGREEMENT
The Company is Monsanto’s exclusive agent for the marketing and distribution of consumer
Roundup®* herbicide products (with additional rights to new products containing
glyphosate or other similar non-selective herbicides) in the consumer lawn and garden market within
the United States and other specified countries, including Australia, Austria, Belgium, Canada,
France, Germany, the Netherlands and the United Kingdom. Under the terms of the Marketing
Agreement, the Company is entitled to receive an annual commission from Monsanto as consideration
for the performance of the Company’s duties as agent. The annual gross commission under the
Marketing Agreement is calculated as a percentage of the actual earnings before interest and income
taxes (EBIT) of the consumer Roundup® business in the markets covered by the Marketing Agreement
and is based on the achievement of two earnings thresholds, as defined in the Marketing Agreement.
The Marketing Agreement also requires the Company to make annual payments to Monsanto as a
contribution against the overall expenses of the consumer Roundup® business. The annual
contribution payment is defined in the Marketing Agreement as $20 million.
In consideration for the rights granted to the Company under the Marketing Agreement for North
America, the Company was required to pay a marketing fee of $32 million to Monsanto. The Company
has deferred this amount on the basis that the payment will provide a future benefit through
commissions that will be earned under the Marketing Agreement. Based on management’s current
assessment of the likely term of the Marketing Agreement, the useful life over which the marketing
fee is being amortized is 20 years.
Under the terms of the Marketing Agreement, the Company performs certain functions, primarily
manufacturing conversion, distribution and logistics, and selling and marketing support, on behalf
of Monsanto in the conduct of the consumer Roundup® business. The actual costs incurred for these
activities are charged to and reimbursed by Monsanto. The Company records costs incurred under the
Marketing Agreement for which the Company is the primary obligor on a gross basis, recognizing such
costs in “Cost of sales” and the reimbursement of these costs in “Net sales,” with no effect on
gross profit or net income. The related net sales and cost of sales were $19.0 million and $18.4
million for the three-month periods, and $34.2 million and $35.1 million for the six-month periods
ended April 2, 2011 and April 3, 2010, respectively.
The elements of the net commission earned under the Marketing Agreement and included in “Net sales”
are as follows (in millions):
The Marketing Agreement has no definite term except as it relates to the European Union countries
(the “EU term”). The EU term extends through September 30, 2011, with up to two additional
automatic renewal periods of two years each, subject to non-renewal only upon the occurrence of
certain performance defaults. Thereafter, the Marketing Agreement provides that the parties may
agree to renew the EU term for an additional three years.
The Marketing Agreement provides Monsanto with the right to terminate the Marketing Agreement upon
an event of default (as defined in the Marketing Agreement) by the Company, a change in control of
Monsanto or the sale of the consumer Roundup® business. The Marketing Agreement provides the
Company with the right to terminate the Marketing Agreement in certain circumstances, including an
event of default by Monsanto or the sale of the consumer Roundup® business. Unless Monsanto
terminates the Marketing Agreement due to an event of default by the Company, Monsanto is required
to pay a termination fee to the Company that varies by program year. The termination fee is
calculated as a percentage of the value of the Roundup® business exceeding a certain threshold, but
in no event will the termination fee be less than $16 million. If Monsanto were to terminate the
Marketing Agreement due to an event of default by the Company, however, the Company would not be
entitled to any termination fee, and the Company would lose all, or a substantial portion, of the
significant source of earnings and overhead expense absorption the Marketing Agreement provides.
Monsanto may also be able to terminate the Marketing Agreement within a given region, including
North America, without paying a termination fee if unit volume sales to consumers in that region
decline: (1) over a cumulative three-fiscal-year period; or (2) by more than 5% for each of two
consecutive years.
Under the Marketing Agreement, Monsanto must provide the Company with notice of any proposed sale
of the consumer Roundup® business, allow the Company to participate in the sale process and
negotiate in good faith with the Company with respect to any such proposed sale. In the event the
Company acquires the consumer Roundup® business in such a sale, the Company would receive as a
credit against the purchase price the amount of the termination fee that would have been paid to
the Company if Monsanto had exercised its right to terminate the Marketing Agreement in connection
with a sale to another party. If Monsanto decides to sell the consumer Roundup® business to another
party, the Company must let Monsanto know whether the Company intends to terminate the Marketing
Agreement and forfeit any right to a termination fee or whether it will agree to continue to
perform under the Marketing Agreement on behalf of the purchaser.
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- Definition
Additional information and disclosure related to the exclusive agency agreement of the entity for certain products. No definition available.
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Debt
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Apr. 02, 2011
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| Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT |
NOTE 6. DEBT
The components of long-term debt are as follows (in millions):
In February 2007, Scotts Miracle-Gro and certain of its subsidiaries entered into the following
senior secured credit facilities totaling up to $2.15 billion in the aggregate: (a) a senior
secured five-year term loan facility in the principal amount of $560 million and (b) a senior
secured five-year revolving loan facility in the aggregate principal amount of up to $1.59 billion.
Under the terms of these senior secured credit facilities, the Company may request an additional
$200 million in revolving credit and/or term credit commitments, subject to approval from the
lenders. In December 2010, the senior secured credit facilities were amended to increase the
maximum permitted principal amount of unsecured indebtedness that is not subordinated from $200
million to $450 million. Borrowings may be made in various currencies including U.S. dollars,
Euros, British pounds, Australian dollars and Canadian dollars. Amortization payments on the term
loan portion of the senior secured credit facilities began on September 30, 2007. As of April 2,
2011, cumulative payments on the term loan totaled $560 million, thereby eliminating the balance of
the Company’s term loan.
As of April 2, 2011, there was $803.1 million of availability under the senior secured credit
facilities, including letters of credit. Under the senior secured credit facilities, the Company
has the ability to issue letter of credit commitments up to $65 million. At April 2, 2011, the
Company had letters of credit in the aggregate face amount of $26.3 million outstanding.
On January 14, 2010, Scotts Miracle-Gro issued $200 million aggregate principal amount of 7.25%
Senior Notes due 2018 (the “7.25% Senior Notes”). The net proceeds of the offering were used to
reduce outstanding borrowings under the Company’s senior secured credit facilities. The
7.25% Senior Notes represent general unsecured senior obligations of Scotts Miracle-Gro, and were
sold to the public at 99.254% of the principal amount thereof, to yield 7.375% to maturity. The
7.25% Senior Notes have interest payment dates of January 15 and July 15 of each year, which began
on July 15, 2010, and may be redeemed prior to maturity at applicable redemption premiums. The
7.25% Senior Notes contain usual and customary incurrence-based covenants, which include, but are
not limited to, restrictions on the incurrence of additional indebtedness, the incurrence of liens
and the issuance of certain preferred shares, and the making of certain distributions, investments
and other restricted payments, as well as other usual and customary covenants, which include, but
are not limited to, restrictions on sale and leaseback transactions, restrictions on purchases or
redemptions of Scotts Miracle-Gro stock and prepayments of subordinated debt, limitations on asset
sales and restrictions on transactions with affiliates. The 7.25% Senior Notes mature on January
15, 2018.
On December 16, 2010, Scotts Miracle-Gro issued $200 million aggregate principal amount of 6.625%
Senior Notes due 2020 (the “6.625% Senior Notes”) in a private placement exempt from the
registration requirements under the Securities Act of 1933, as amended. The net proceeds of the
offering were used to repay outstanding borrowings under the Company’s senior secured credit
facilities and for general corporate purposes. The 6.625% Senior Notes represent general unsecured
senior obligations of Scotts Miracle-Gro and rank equal in right of payment with the Company’s
existing and future unsecured senior debt, including, without limitation, the 7.25% Senior Notes.
The 6.625% Senior Notes have interest payment dates of June 15 and December 15 of each year,
commencing June 15, 2011, and may be redeemed prior to maturity at applicable redemption premiums.
The 6.625% Senior Notes
contain usual and customary incurrence-based covenants, as well as other usual and customary
covenants, substantially similar to those contained in the 7.25% Senior Notes. The 6.625% Senior
Notes mature on December 15, 2020.
Certain of Scotts Miracle-Gro’s domestic subsidiaries serve as guarantors of both the 7.25% and the
6.625% Senior Notes. Refer to “NOTE 15. FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND
NON-GUARANTORS” for more information regarding the guarantor entities.
The Company was in compliance with the terms of all borrowing agreements at April 2, 2011.
At April 2, 2011, the Company had outstanding interest rate swap agreements with major financial
institutions that effectively convert a portion of variable-rate debt denominated in U.S. dollars
to a fixed rate. The swap agreements had a total U.S. dollar notional amount of $900 million at
April 2, 2011. Interest payments made between the effective date and expiration date are hedged by
the swap agreements, except as noted below. The notional amount, effective date, expiration date and
rate of these swap agreements are shown in the table below.
Master Accounts Receivable Purchase Agreement
On May 1, 2009, the Company entered into a Master Accounts Receivable Purchase Agreement (the “2009
MARP Agreement”), with an initial stated termination date of May 1, 2010, or such later date as may
be mutually agreed by the Company and its lender. The 2009 MARP Agreement provided for the
discounted sale, on an uncommitted, revolving basis, of accounts receivable generated by a
specified account debtor, with aggregate limits not to exceed $80 million. The 2009 MARP Agreement
provided an interest rate that approximated the 7-day LIBOR rate plus 225 basis points.
On May 13, 2010, the Company and its lender entered into a First Amendment to the 2009 MARP
Agreement (the “First Amendment”). The First Amendment, which was effective May 1, 2010, extended
the stated termination date of the 2009 MARP Agreement through May 12, 2011, or such later date as
may be mutually agreed by the Company and its lender. On May 10, 2011, the Company and its lender
entered into a Second Amendment to the 2009 MARP Agreement which further extended the stated
termination date through September 30, 2011, or such later date as may be mutually agreed by the
Company and its lender.
The 2009 MARP Agreement, as amended by the First Amendment, provides an interest rate that
approximates the 7-day LIBOR rate plus 125 basis points; the amendments did not otherwise modify
any substantive provisions of the 2009 MARP Agreement.
The Company accounts for the sale of receivables under the 2009 MARP Agreement, as amended, as
short-term debt and continues to carry the receivables on its Condensed, Consolidated Balance
Sheet, primarily as a result of the Company’s right to repurchase receivables sold. The caption
“Accounts receivable pledged” on the accompanying Condensed, Consolidated Balance Sheets in the
amount of $80.5 million as of April 3, 2010 represents the pool of receivables that were designated
as “sold” under the 2009 MARP Agreement and served as collateral for short-term debt thereunder in
the amount of $72.3 million as of April 3, 2010. There were no short-term borrowings under the
amended 2009 MARP Agreement as of April 2, 2011 and September 30, 2010.
Contingent Consideration
In May 2006, the Company acquired certain brands and assets of Turf-Seed, Inc., a leading producer
of quality commercial turfgrasses, for cash of $10.0 million, assumed liabilities of $4.5 million
and contingent consideration due in the second half of fiscal 2012. The final determination of the
contingent consideration is largely based on the performance of the Company’s consumer and
professional seed business for the twelve-month period ending in May 2012.
Estimated Fair Values
A description of the methods and assumptions used to estimate the fair values of the Company’s debt
instruments is as follows:
Credit Facilities
The interest rate currently available to the Company fluctuates with the applicable LIBOR rate,
prime rate or Federal Funds Effective Rate, and thus the carrying value is a reasonable estimate of
fair value.
7.25% Senior Notes
The fair value of the 7.25% Senior Notes can be determined based on the trading of the 7.25% Senior
Notes in the open market. The difference between the carrying value and the fair value of the 7.25%
Senior Notes represents the premium or discount on that date. Based on the trading value on or
around April 2, 2011, the fair value of the 7.25% Senior Notes was approximately $212.0 million.
6.625% Senior Notes
The fair value of the 6.625% Senior Notes can be determined based on the trading of the 6.625%
Senior Notes. The difference between the carrying value and the fair value of the 6.625% Senior
Notes represents the premium or discount on that date. Based on the trading value on or around
April 2, 2011, the fair value of the 6.625% Senior Notes was approximately $205.8 million.
Accounts Receivable Pledged
The interest rate on the short-term debt associated with accounts receivable pledged under the 2009
MARP Agreement fluctuates with the one-week LIBOR rate, and thus the carrying value is a reasonable
estimate of fair value.
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Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Comprehensive Income
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Apr. 02, 2011
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| Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COMPREHENSIVE INCOME |
NOTE 7. COMPREHENSIVE INCOME
The components of other comprehensive income (expense) (“OCI”) and total comprehensive income were
as follows (in millions):
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- Definition
This label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Retirement and Retiree Medical Plans Cost Information
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Apr. 02, 2011
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| Retirement and Retiree Medical Plans Cost Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RETIREMENT AND RETIREE MEDICAL PLANS COST INFORMATION |
NOTE 8. RETIREMENT AND RETIREE MEDICAL PLANS COST INFORMATION
The following summarizes the net periodic benefit cost from continuing operations for the various
retirement and retiree medical plans sponsored by the Company (in millions):
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- Definition
Description containing the entire pension and other postretirement benefits disclosure as a single block of text. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Share-Based Compensation Awards
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Apr. 02, 2011
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| Stock-Based Compensation Awards [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARE-BASED COMPENSATION AWARDS |
NOTE 9. SHARE-BASED COMPENSATION AWARDS
Share-Based Awards
The following is a summary of the share-based compensation awards granted during the periods
indicated:
At April 2, 2011, approximately 0.7 million common shares authorized for issuance pursuant to The
Scotts Miracle-Gro Company Amended and Restated 2006 Long-Term Incentive Plan were not subject to
outstanding awards and were available to underlie the grant of new share-based awards.
Total share-based compensation recognized was as follows for the periods indicated (in millions):
Stock Options/Stock Appreciation Rights
Aggregate stock option and stock appreciation right (“SAR”) activity consisted of the following for
the six months ended April 2, 2011 (options/SARs in millions):
The following summarizes certain information pertaining to stock option and SAR awards outstanding
and exercisable at April 2, 2011 (options/SARs in millions):
The intrinsic value of the stock option and SAR awards outstanding and exercisable at April 2, 2011
was as follows (in millions):
The grant date fair value of stock option awards is estimated using a binomial model and the
assumptions in the following table. Expected market price volatility is based on implied
volatilities from traded options on Scotts Miracle-Gro’s common shares and historical volatility
specific to the common shares. Historical data, including demographic factors impacting historical
exercise behavior, is used to estimate stock option exercises and employee terminations within the
valuation model. The risk-free interest rate for periods within the contractual life (normally ten
years) of the stock option is based on the U.S. Treasury yield curve in effect at the time of
grant. The expected life of stock options is based on historical experience and expectations for
grants outstanding. The weighted average assumptions for awards granted during the six months ended
April 2, 2011 are as follows:
Restricted Stock (including Performance Shares)
Restricted stock award activity for the period was as follows:
Restricted Stock Units (including Deferred Stock Units and Performance Units)
Restricted stock unit award activity for the period was as follows:
As of April 2, 2011, total unrecognized compensation cost related to non-vested share-based awards
amounted to $20.7 million. This cost is expected to be recognized over a weighted-average period of
1.7 years. Unearned compensation cost is amortized by grant on the straight-line method over the
vesting period, with the amortization expense classified as a component of “Selling, general and
administrative” expense within the Condensed, Consolidated Statements of Operations. Vesting
periods are generally three years, although compensation expense related to non-vested share-based
awards is accelerated for those employees who are eligible for early vesting based on age and
service requirements.
During the six months ended April 2, 2011, the total intrinsic value of stock options exercised was
$23.9 million. The total fair value of restricted stock and restricted stock units vested during
the six months ended April 2, 2011 was $5.2 million and $0.4 million, respectively. Cash received
from the exercise of stock options for the six months ended April 2, 2011 was $21.8 million.
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- Definition
Disclosure of components of a stock option or other award plan under which share-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from share-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from share-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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6 Months Ended |
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Apr. 02, 2011
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| Income Taxes [Abstract] | |
| INCOME TAXES |
NOTE 10. INCOME TAXES
The effective tax rate related to continuing operations for the six months ended April 2,
2011 was 35.9%, compared to 38.3% for the six months ended April 3, 2010.
The effective tax rate used for interim reporting purposes is based on management’s
best estimate of factors impacting the effective tax rate for the full fiscal year. In accordance
with the Company’s decision to report certain aspects of the business as discontinued operations,
an allocation of the income tax expense has been separately determined to
specifically report the discontinued operations net of tax. There can be no assurance that the
effective tax rate estimated for interim financial reporting purposes will approximate the
effective tax rate
determined at fiscal year end.
Scotts Miracle-Gro or one or more of its subsidiaries files income tax returns in the U.S. federal
jurisdiction and various state, local and foreign jurisdictions. With few exceptions, the Company
is no longer subject to examinations by these tax authorities for fiscal years prior to 2007. The
Company is currently under examination by the Internal Revenue Service (the “IRS”) and certain
foreign and U.S. state and local tax authorities. The IRS is currently reviewing the fiscal 2008
tax period only. In regards to a local German audit, the tax periods under investigation are
limited to fiscal years 2004 through 2008. In regards to U.S. state and local audits, the tax
periods under investigation are limited to fiscal years 1997 through 2008. In addition to these
audits, certain other tax deficiency notices and refund claims for previous years remain
unresolved.
The Company currently anticipates that few of its open and active audits will be resolved within
the next 12 months. The Company is unable to make a reasonably reliable estimate as to when or if
cash settlements with taxing authorities may occur. Although audit outcomes and the timing of audit
payments are subject to significant uncertainty, the Company does not currently anticipate that the
resolution of these tax matters or any events related thereto will result in a material change to
its consolidated financial position, results of operations or cash flows.
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- Definition
Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Contingencies
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6 Months Ended |
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Apr. 02, 2011
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| Contingencies [Abstract] | |
| CONTINGENCIES |
NOTE 11. CONTINGENCIES
Management regularly evaluates the Company’s contingencies, including various lawsuits and claims
which arise in the normal course of business, product and general liabilities, workers’
compensation, property losses and other fiduciary liabilities for which the Company is self-insured
or retains a high exposure limit. Self-insurance reserves are established based on actuarial loss
estimates for specific individual claims plus actuarially estimated amounts for incurred but not
reported claims and adverse development factors applied to existing claims. Legal costs incurred in
connection with the resolution of claims, lawsuits and other contingencies are expensed
as incurred. In the opinion of management, its assessment of contingencies is reasonable and
related reserves, in the aggregate, are adequate; however, there can be no assurance that final
resolution of these matters will not have a material adverse effect on the Company’s financial
condition, results of operations or cash flows. The following are the more significant of the
Company’s identified contingencies:
FIFRA Compliance and the Corresponding Governmental Investigations
For a description of the Company’s ongoing FIFRA compliance efforts and the corresponding
governmental investigations, see “NOTE 3. PRODUCT REGISTRATION AND RECALL MATTERS.”
Other Regulatory Matters
In 2004, the Company completed negotiations with the Philadelphia District of the U.S. Army Corps
of Engineers (the “Corps”) regarding the terms of site remediation and the resolution of the Corps’
civil penalty demand in connection with the Company’s prior peat harvesting operations at its
Lafayette, New Jersey facility. The final consent decree required the Company to perform five
years of wetland monitoring and to complete additional actions if after five years the monitoring
indicated the wetlands had not developed satisfactorily. As site monitoring activities were not
initiated until the beginning of 2006, the five-year monitoring period extended until December
2010. Having received notice from the Environmental Defense Section of the U.S. DOJ that the terms
of the consent decree had been satisfied, on January 24, 2011, the United States District Court for
the District of New Jersey ordered the matter closed.
At April 2, 2011, $2.9 million was accrued for other regulatory matters in the “Other liabilities”
line in the Condensed, Consolidated Balance Sheet. The amounts accrued are believed to be adequate
to cover such known regulatory exposures based on current facts and estimates of likely outcomes.
However, if facts and circumstances change significantly, they could result in a material adverse
effect on the Company’s financial condition, results of operations or cash flows.
Other
The Company has been named as a defendant in a number of cases alleging injuries that the lawsuits
claim resulted from exposure to asbestos-containing products, apparently based on the Company’s
historic use of vermiculite in certain of its products. The complaints in these cases are not
specific about the plaintiffs’ contacts with the Company or its products. The Company in each case
is one of numerous defendants and none of the claims seek damages from the Company alone. The
Company believes that the claims against it are without merit and is vigorously defending against
them. It is not currently possible to reasonably estimate a probable loss, if any, associated with
these cases and, accordingly, no accrual or reserves have been recorded in the Company’s condensed,
consolidated financial statements. The Company is reviewing agreements and policies that may
provide insurance coverage or indemnity as to these claims and is pursuing coverage under some of
these agreements and policies, although there can be no assurance of the results of these efforts.
There can be no assurance that these cases, whether as a result of adverse outcomes or as a result
of significant defense costs, will not have a material adverse effect on the Company’s financial
condition, results of operations or cash flows.
The Company is involved in other lawsuits and claims which arise in the normal course of business.
These claims individually and in
the aggregate are not expected to result in a material adverse effect on the Company’s financial
condition, results of operations or cash flows.
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- Definition
Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made. No definition available.
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Derivative Instruments and Hedging Activities
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Apr. 02, 2011
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| Derivative Instruments and Hedging Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
NOTE 12. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivatives and Hedging
The Company is exposed to market risks, such as changes in interest rates, currency exchange rates
and commodity prices. To manage a portion of the volatility related to these exposures, the Company
enters into various financial transactions. The utilization of these financial transactions is
governed by policies covering acceptable counterparty exposure, instrument types and other hedging
practices. The Company does not hold or issue derivative financial instruments for speculative
trading purposes.
The Company formally designates and documents qualifying instruments as hedges of underlying
exposures at inception. The Company formally assesses, both at inception and at least quarterly,
whether the financial instruments used in hedging transactions are effective at offsetting changes
in cash flows of the related underlying exposure. Fluctuations in the value of these instruments
generally are offset by changes in the cash flows of the underlying exposures being hedged. This
offset is driven by the high degree of effectiveness between the exposure being hedged and the
hedging instrument. GAAP requires all derivative instruments to be recognized as either assets or
liabilities at fair value in the Condensed, Consolidated Balance Sheets. The Company designates
commodity hedges as cash flow hedges of forecasted purchases of commodities and interest rate swap
agreements as cash flow hedges of interest payments on variable rate borrowings. Any ineffective
portion of a change in the fair value of a qualifying instrument is immediately recognized in
earnings. The amounts recorded in earnings related to ineffectiveness of derivative hedges for the
three- and six-month periods ended April 2, 2011 and April 3, 2010 were not significant.
Foreign Currency Swap Contracts
The Company periodically uses foreign currency swap contracts to manage the exchange rate risk
associated with intercompany loans with foreign subsidiaries that are denominated in local
currencies. At April 2, 2011, the notional amount of outstanding foreign currency swap contracts
was $107.7 million, with a liability position based on negative fair value of $0.4 million. At
April 3, 2010, there were no outstanding foreign currency swap contracts. Foreign currency swap contracts that do not qualify for hedge accounting treatment in accordance with GAAP are recorded at fair value as an element of interest expense. The fair value of foreign
currency swap contracts is determined based on changes in spot rates. The unrealized loss on the
foreign currency swap contracts approximates the unrealized gain on the intercompany loans
recognized by the Company’s lending subsidiaries.
Interest Rate Swap Agreements
The Company enters into interest rate swap agreements as a means to hedge its variable interest
rate exposure on debt instruments. The fair values are reflected in the Company’s Condensed,
Consolidated Balance Sheets. Net amounts to be received or paid under the swap agreements are
reflected as adjustments to interest expense. Since the interest rate swap agreements have been
designated as hedging instruments, unrealized gains or losses resulting from adjusting these swaps
to fair value are recorded as elements of accumulated other comprehensive loss (“AOCI”) within the
Condensed, Consolidated Balance Sheets. The fair value of the swap agreements is determined based
on the present value of the estimated future net cash flows using implied rates in the applicable
yield curve as of the valuation date.
At April 2, 2011 and April 3, 2010, the Company had outstanding interest rate swap agreements with
major financial institutions that effectively converted a portion of the Company’s variable-rate
debt to a fixed rate. The swap agreements had a total U.S. dollar equivalent notional amount of
$900 million and $450 million at April 2, 2011 and April 3, 2010, respectively. Refer to “NOTE 6.
DEBT” for the terms of the swap agreements outstanding at April 2, 2011. Included in the AOCI
balance at April 2, 2011 was a pre-tax loss of $12.8 million related to interest rate swap
agreements that is expected to be reclassified to earnings during the next 12 months, consistent
with the timing of the underlying hedged transactions.
Commodity Hedges
The Company had outstanding hedging arrangements at April 2, 2011 designed to fix the price of a
portion of its urea needs. The contracts are designated as hedges of the Company’s exposure to
future cash flow fluctuations associated with the cost of urea. The objective of the hedges is to
mitigate the earnings and cash flow volatility attributable to the risk of changing prices.
Unrealized gains or losses in the fair value of these contracts are recorded to the AOCI component
of shareholders’ equity. Realized gains or losses remain as a component of AOCI until the related
inventory is sold. Upon sale of the underlying inventory, the gain or loss is reclassified to cost
of sales. Included in the AOCI balance at April 2, 2011 was a pre-tax gain of $1.6 million related
to urea derivatives that is expected to be reclassified to earnings during the next 12 months,
consistent with the timing of the underlying hedged transactions.
The Company enters into fuel derivatives for its Scotts LawnService® business that qualify for
hedge accounting treatment. Unrealized gains or losses in the fair value of these contracts are
recorded in OCI except for any ineffective portion of the change in fair value, which is
immediately recorded in earnings. For the effective portion of the change in fair value, realized
gains or losses remain as a component of AOCI until the related fuel is consumed by the Scotts
LawnService® service vehicles. Upon consumption
of the fuel, the gain or loss is reclassified to cost of sales. Included in the AOCI balance at
April 2, 2011 was a pre-tax gain of $0.1 million related to fuel derivatives that is expected to be
reclassified to earnings during the next 12 months, consistent with the timing of the underlying
hedged transactions.
Periodically, the Company also uses fuel derivatives to partially mitigate the effect of
fluctuating diesel and gasoline costs on operating results. Fuel derivatives used by the Company
that do not qualify for hedge accounting treatment in accordance with GAAP are recorded at fair
value, with unrealized gains and losses on open contracts and realized gains or losses on settled
contracts recorded as an element of cost of sales.
As of April 2, 2011, the Company had the following outstanding commodity contracts that were
entered into to hedge forecasted purchases:
Fair Values of Derivative Instruments
The fair values of the Company’s derivative instruments were as follows (in millions):
Refer to “NOTE 13. FAIR VALUE MEASUREMENTS” for the Company’s fair value measurements of
derivative instruments as they relate to the valuation hierarchy.
The effect of derivative instruments on AOCI and the Condensed, Consolidated Statements of
Operations for the three- and six-month periods ended April 2, 2011 and April 3, 2010 was as
follows:
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- Details
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| X | ||||||||||
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- Definition
This element can be used to disclose the entity's entire derivative instruments and hedging activities disclosure as a single block of text. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements
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Apr. 02, 2011
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| Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE MEASUREMENTS |
NOTE 13. FAIR VALUE MEASUREMENTS
GAAP defines fair value, establishes a framework for measuring fair value, and prescribes
disclosures about fair value measurements. It defines fair value as the exchange price that would
be received for an asset or paid to transfer a liability (an exit price) in the principal or the
most advantageous market for the asset or liability in an orderly transaction between market
participants at the measurement date. GAAP establishes a three-level fair value hierarchy that
prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the
use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs
used to measure fair value are as follows:
The following describes the valuation methodologies used for financial assets and liabilities
measured at fair value on a recurring basis, as well as the general classification within the
valuation hierarchy.
Derivatives
Derivatives consist of foreign currency, interest rate and commodity derivative instruments. For
further information on the Company’s derivative instruments, refer to “NOTE 12. DERIVATIVE
INSTRUMENTS AND HEDGING ACTIVITIES.”
Other
Other financial assets consist of investment securities in non-qualified retirement plan assets.
These securities are valued using observable market prices in active markets.
The following table presents the Company’s financial assets and liabilities measured at fair value
on a recurring basis at April 2, 2011 (in millions):
The following table presents the Company’s financial assets and liabilities measured at fair value
on a recurring basis at April 3, 2010 (in millions):
The following table presents the Company’s financial assets and liabilities measured at fair value
on a recurring basis at September 30, 2010 (in millions):
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- Definition
This element represents the disclosure related to the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segment Information
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Apr. 02, 2011
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| Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT INFORMATION |
NOTE 14. SEGMENT INFORMATION
The Company divides its business into the following segments — Global Consumer and Scotts
LawnService®. This division of reportable segments is consistent with how the segments
report to and are managed by senior management of the Company. Reclassifications have been made to
prior period segment amounts to reflect changes in the allocation of certain shared expenses among
the segments, which in management’s judgment better align those expenses with the associated
drivers and benefits. Furthermore, the Company’s reportable segments have been revised to reflect
the sale of a significant majority of its previously reported Global Professional business segment,
which is now reported in discontinued operations. For additional information regarding the sale,
refer to “NOTE 2. DISCONTINUED OPERATIONS.”
The Global Consumer segment consists of the U. S. Consumer and International Consumer
business groups. The business groups comprising this segment manufacture, market and sell dry,
granular slow-release lawn fertilizers, combination lawn fertilizer and control products, grass
seed, spreaders, water-soluble, liquid and continuous release garden and indoor plant foods, plant
care products, potting, garden and lawn soils, mulches and other growing media products, wild bird
food, pesticide and rodenticide products. Products are marketed to mass merchandisers, home
centers, large hardware chains, warehouse clubs, distributors, garden centers and grocers in the
United States, Canada, Europe, Latin America and Australia.
The Scotts LawnService® segment provides lawn fertilization, disease and insect control
and other related services such as core aeration, tree and shrub fertilization and limited pest
control services primarily to residential consumers through Company-owned branches and franchises
in the United States.
Segment performance is evaluated based on several factors, including income from continuing
operations before amortization, product registration and recall costs, and impairment,
restructuring and other charges, which is not a GAAP measure. Senior management of the Company uses
this measure of operating profit to gauge segment performance because the Company believes this
measure is the most indicative of performance trends and the overall earnings potential of each
segment.
Corporate & Other consists of the non-European professional seed business and corporate general and
administrative expenses.
The following tables present segment financial information (in millions):
Total assets reported for the Company’s operating segments include the intangible assets associated
with the acquired businesses within those segments. Corporate & Other assets primarily include
deferred financing and debt issuance costs, corporate intangible assets and deferred tax assets,
and Smith & Hawken assets.
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- Definition
This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Financial Information for Subsidiary Guarantors and Non-Guarantors
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Apr. 02, 2011
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| Financial Information for Subsidiary Guarantors and Non-Guarantors [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND NON-GUARANTORS |
NOTE 15. FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS AND NON-GUARANTORS
The 7.25% and 6.625% Senior Notes (collectively, the “Senior Notes”) issued by Scotts Miracle-Gro
on January 14, 2010 and December 16, 2010, respectively, are guaranteed by certain of its domestic
subsidiaries and, therefore, the Company has disclosed condensed, consolidating financial
information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and
Issuers of Guaranteed Securities Registered or Being Registered. The following 100% directly or
indirectly owned subsidiaries fully and unconditionally guarantee the Senior Notes on a joint and
several basis: EG Systems, Inc., dba Scotts LawnService®; Gutwein & Co., Inc.; Hyponex
Corporation; Miracle-Gro Lawn Products, Inc.; OMS Investments, Inc.; Rod McLellan Company; Sanford
Scientific, Inc.; Scotts Temecula Operations, LLC; Scotts Manufacturing Company; Scotts Products
Co.; Scotts Professional Products Co.; Scotts-Sierra Investments, Inc.; SMG Growing Media, Inc.;
Swiss Farms Products, Inc.; and The Scotts Company LLC (collectively, the “Guarantors”).
The following information presents condensed, consolidating Statements of Operations for the three-
and six-month periods ended April 2, 2011 and April 3, 2010, condensed, consolidating Statements of
Cash Flows for the six-month periods ended April 2, 2011
and April 3, 2010, and condensed, consolidating Balance Sheets as of April 2, 2011, April 3, 2010
and September 30, 2010. The condensed, consolidating financial information presents, in separate
columns, financial information for: Scotts Miracle-Gro on a Parent-only basis, carrying its
investment in subsidiaries under the equity method; Guarantors on a combined basis, carrying their
investments in subsidiaries which do not guarantee the debt (collectively, the “Non-Guarantors”)
under the equity method; Non-Guarantors on a combined basis; and eliminating entries. The
eliminating entries primarily reflect intercompany transactions, such as interest expense, accounts
receivable and payable, short and long-term debt, and the elimination of equity investments and
income in subsidiaries. Because Scotts Miracle-Gro, as the Parent, is obligated to pay the unpaid
principal amount and interest on all amounts borrowed by the Guarantors or Non-Guarantors under the
senior secured five-year revolving loan facility, the borrowings and related interest expense for
the revolving loans outstanding of the Guarantors and Non-Guarantors are also presented in the
accompanying Parent-only financial information, and are then eliminated.
Condensed, Consolidating Statement of Operations
for the three months ended April 2, 2011 (in millions)
Condensed, Consolidating Statement of Operations
for the six months ended April 2, 2011 (in millions)
Condensed, Consolidating Statement of Cash Flows
for the six months ended April 2, 2011 (in millions)
Condensed, Consolidating Balance Sheet
as of April 2, 2011 (in millions)
Condensed, Consolidating Statement of Operations
for the three months ended April 3, 2010 (in millions)
Condensed, Consolidating Statement of Operations
for the six months ended April 3, 2010 (in millions)
Condensed, Consolidating Statement of Cash Flows
for the six months ended April 3, 2010 (in millions)
Condensed, Consolidating Balance Sheet
as of April 3, 2010 (in millions)
Condensed, Consolidating Balance Sheet
as of September 30, 2010 (in millions)
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- Definition
Condensed financial information disclosure presented in accordance with SEC Regulation S-X Rule 3-10, including the financial position, cash flows, and the results of operations of the parent company, subsidiary guarantors and subsidiary non-guarantors as of the same dates or for the same periods for which consolidated financial statements are being presented. No definition available.
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- Details
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