Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 14, 2013 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | CHIPOTLE MEXICAN GRILL INC | |
Entity Central Index Key | 1058090 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 30,944,400 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $308,076 | $322,553 |
Accounts receivable, net of allowance for doubtful accounts of $1,200 and $1,187 as of September 30, 2013 and December 31, 2012, respectively | 14,575 | 16,800 |
Inventory | 12,509 | 11,096 |
Current deferred tax asset | 9,829 | 8,862 |
Prepaid expenses and other current assets | 34,696 | 27,378 |
Income tax receivable | 9,612 | |
Investments | 224,097 | 150,306 |
Total current assets | 603,782 | 546,607 |
Leasehold improvements, property and equipment, net | 936,023 | 866,703 |
Long term investments | 303,700 | 190,868 |
Other assets | 45,988 | 42,550 |
Goodwill | 21,939 | 21,939 |
Total assets | 1,911,432 | 1,668,667 |
Liabilities and shareholders' equity | ||
Accounts payable | 70,267 | 58,700 |
Accrued payroll and benefits | 60,406 | 71,731 |
Accrued liabilities | 47,800 | 56,421 |
Income tax payable | 1,225 | |
Total current liabilities | 179,698 | 186,852 |
Deferred rent | 185,980 | 167,057 |
Deferred income tax liability | 56,522 | 48,947 |
Other liabilities | 23,490 | 19,885 |
Total liabilities | 445,690 | 422,741 |
Shareholders equity: | ||
Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of September 30, 2013 and December 31, 2012, respectively | ||
Common stock, $0.01 par value, 230,000 shares authorized, and 35,066 and 34,912 shares issued as of September 30, 2013 and December 31, 2012, respectively | 351 | 349 |
Additional paid-in capital | 885,891 | 816,612 |
Treasury stock, at cost, 4,131 and 3,819 common shares at September 30, 2013 and December 31, 2012, respectively | -619,173 | -521,518 |
Accumulated other comprehensive income | 1,398 | 1,024 |
Retained earnings | 1,197,275 | 949,459 |
Total shareholders' equity | 1,465,742 | 1,245,926 |
Total liabilities and shareholders' equity | $1,911,432 | $1,668,667 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheet (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheet [Abstract] | ||
Allowance for doubtful accounts, Accounts receivable | $1,200 | $1,187 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 600,000,000 | 600,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 230,000,000 | 230,000,000 |
Common stock, shares issued | 35,066,000 | 34,912,000 |
Treasury stock, shares at cost | 4,131,000 | 3,819,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Income and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Consolidated Statement of Income and Comprehensive Income [Abstract] | ||||
Revenue | $826,907 | $700,528 | $2,370,444 | $2,032,063 |
Restaurant operating costs (exclusive of depreciation and amortization shown separately below): | ||||
Food, beverage and packaging | 277,503 | 228,566 | 787,602 | 656,673 |
Labor | 188,709 | 162,655 | 545,982 | 474,535 |
Occupancy | 50,128 | 43,777 | 146,312 | 126,044 |
Other operating costs | 89,060 | 73,728 | 252,012 | 206,260 |
General and administrative expenses | 52,726 | 48,606 | 147,889 | 140,235 |
Depreciation and amortization | 24,618 | 21,362 | 71,151 | 61,989 |
Pre-opening costs | 4,604 | 2,772 | 10,736 | 8,526 |
Loss on disposal of assets | 2,405 | 1,399 | 5,144 | 4,124 |
Total operating expenses | 689,753 | 582,865 | 1,966,828 | 1,678,386 |
Income from operations | 137,154 | 117,663 | 403,616 | 353,677 |
Interest and other income, net | 765 | 547 | 1,361 | 1,358 |
Income before income taxes | 137,919 | 118,210 | 404,977 | 355,035 |
Provision for income taxes | -54,540 | -45,910 | -157,161 | -138,388 |
Net income | 83,379 | 72,300 | 247,816 | 216,647 |
Earnings per share | ||||
Basic | $2.70 | $2.28 | $8.01 | $6.86 |
Diluted | $2.66 | $2.27 | $7.93 | $6.80 |
Weighted average common shares outstanding | ||||
Basic | 30,897 | 31,643 | 30,937 | 31,583 |
Diluted | 31,296 | 31,846 | 31,234 | 31,881 |
Comprehensive income | $84,890 | $73,260 | $248,190 | $217,232 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ||
Net income | $247,816 | $216,647 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 71,151 | 61,989 |
Deferred income tax provision (benefit) | 6,585 | -5,792 |
Loss on disposal of assets | 5,144 | 4,124 |
Bad debt allowance | 24 | 906 |
Stock-based compensation expense | 50,622 | 52,252 |
Excess tax benefit on stock-based compensation | -17,694 | -74,576 |
Other | 403 | 367 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,200 | -7,059 |
Inventory | -1,415 | -1,047 |
Prepaid expenses and other current assets | -7,304 | -3,243 |
Other assets | -3,428 | -10,867 |
Accounts payable | 3,389 | 8,368 |
Accrued liabilities | -19,966 | -12,626 |
Income tax payable/receivable | 28,531 | 44,137 |
Deferred rent | 18,939 | 16,834 |
Other long-term liabilities | 3,718 | 3,523 |
Net cash provided by operating activities | 388,715 | 293,937 |
Investing activities | ||
Purchases of leasehold improvements, property and equipment | -136,665 | -137,505 |
Purchases of investments | -293,929 | -128,870 |
Maturities of investments | 106,750 | |
Net cash used in investing activities | -323,844 | -266,375 |
Financing activities | ||
Acquisition of treasury stock | -97,655 | -82,561 |
Proceeds from employee stock plan transactions | 291 | 249 |
Excess tax benefit on stock-based compensation | 17,694 | 74,576 |
Other financing payments | -106 | -99 |
Net cash used in financing activities | -79,776 | -7,835 |
Effect of exchange rate changes on cash and cash equivalents | 428 | 179 |
Net change in cash and cash equivalents | -14,477 | 19,906 |
Cash and cash equivalents at beginning of period | 322,553 | 401,243 |
Cash and cash equivalents at end of period | 308,076 | 421,149 |
Supplemental disclosures of cash flow information | ||
Increase in purchases of leasehold improvements, property and equipment accrued in accounts payable | $8,181 | $10,331 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation |
Chipotle Mexican Grill, Inc. (the “Company”), a Delaware corporation, develops and operates fast-casual, fresh Mexican food restaurants throughout the United States. The Company also has six restaurants in Canada, six in England, one in France, and one in Germany. As of September 30, 2013, the Company operated 1,539 restaurants, including three ShopHouse Southeast Asian Kitchen restaurants. The Company manages its operations based on seven regions and has aggregated its operations to one reportable segment. | |
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation of its financial position and results of operations. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year. The financial statements and related notes do not include all information and footnotes required by U.S. generally accepted accounting principles for annual reports. This quarterly report should be read in conjunction with the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2012. | |
Certain amounts in prior periods have been reclassified to conform to the current year presentation. During the first quarter of 2013, the Company reclassified amounts related to lease financing liabilities from deemed landlord financing to other liabilities, and from current portion of deemed landlord financing to accrued liabilities. Such reclassifications did not have a material effect on the Company’s consolidated financial position or results of operations. | |
The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the day the financial statements are issued. | |
Adoption_of_New_Accounting_Pri
Adoption of New Accounting Principles | 9 Months Ended |
Sep. 30, 2013 | |
Adoption of New Accounting Principles [Abstract] | |
Adoption of New Accounting Principles | 2. Adoption of New Accounting Principles |
Effective January 1, 2013, the Company adopted Accounting Standards Update (“ASU”) No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The adoption of ASU 2013-02 concerns presentation and disclosure only and did not have an impact on the Company’s consolidated financial position or results of operations. | |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 3. Fair Value of Financial Instruments |
The carrying value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of their short-term nature. Investments, all of which are classified as held-to-maturity, are carried at amortized cost, which approximates fair value. Investments consist of U.S. treasury notes and CDARS, certificates of deposit placed through an account registry service, with maturities up to approximately two years. Fair market value of U.S. treasury notes is measured using level 1 inputs (quoted prices for identical assets in active markets) and fair market value of CDARS is measured based on level 2 inputs (quoted prices for identical assets in markets that are not active). | |
The Company also maintains a rabbi trust to fund obligations under a deferred compensation plan. Amounts in the rabbi trust are invested in mutual funds, which are designated as trading securities and carried at fair value, and are included in other assets in the consolidated balance sheet. Fair market value of mutual funds is measured using level 1 inputs (quoted prices for identical assets in active markets). The fair value of the investments in the rabbi trust was $12,771 and $10,037 as of September 30, 2013 and December 31, 2012, respectively. The Company records trading gains and losses in general and administrative expenses in the consolidated statement of income, along with the offsetting amount related to the increase or decrease in deferred compensation to reflect its exposure of the deferred plan liability. The Company recorded $289 and $427 of unrealized gains on investments held in the rabbi trust during the three and nine months ended September 30, 2013, respectively. The Company recorded $242 and $151 of unrealized gains on investments held in the rabbi trust during the three and nine months ended September 30, 2012, respectively. | |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | |
Income Taxes | 4. Income Taxes |
In January 2013, the United States Congress authorized, and the President signed into law, certain federal tax credits that were reflected in the Company’s U.S. tax return for 2012. However, since the law was enacted in 2013, the financial statement benefit of such credits totaling $3,275 was reflected in the provision for income taxes in the consolidated statement of income and comprehensive income during the first quarter of 2013. | |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Shareholders' Equity [Abstract] | |
Shareholder's Equity | 5. Shareholders’ Equity |
The Company has announced authorizations by its Board of Directors of repurchases of shares of common stock, which in the aggregate authorized expenditures of up to $700,000. Under the remaining repurchase authorizations, shares may be purchased from time to time in open market transactions, subject to market conditions. | |
On November 20, 2012 the Company entered into a privately negotiated accelerated share repurchase transaction (“ASR”) to repurchase $25,000 of its common stock. The Company advanced $25,000 on November 20, 2012 and received 65 shares, which represented 70% of the total number of shares to be repurchased calculated using the closing price on November 20, 2012. The agreement was settled in February 2013, and the Company received an additional 22 shares, resulting in a weighted-average price per share of $287.20 for the ASR. | |
During the nine months ended September 30, 2013 shares of common stock repurchased under authorized programs, including the ASR, was 311 for a total cost of $97,202. The cumulative shares repurchased under authorized programs as of September 30, 2013 are 4,034 for a total cost of $597,305. As of September 30, 2013, $102,986 was available to repurchase shares under the current repurchase authorization. The shares are being held in treasury stock until such time as they are reissued or retired at the discretion of the Board of Directors. | |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 6. Stock-based Compensation |
During the first quarter of 2013, the Company granted stock only stock appreciation rights (“SOSARs”) on 662 shares of its common stock to eligible employees, of which 191 include performance conditions. The grant date fair value of the SOSARs was $82.03 per share with an exercise price of $318.45 per share based on the closing price of common stock on the date of grant. The SOSARs (other than those subject to performance conditions) vest in two equal installments on the second and third anniversary of the grant date. | |
Total stock-based compensation expense was $16,567 and $51,465 ($10,069 and $31,280 net of tax) for the three and nine months ended September 30, 2013, respectively, and was $15,039 and $53,844 ($9,171 and $32,834 net of tax) for the three and nine months ended September 30, 2012. A portion of stock-based compensation totaling $278 and $843 for the three and nine months ended September 30, 2013, and $464 and $1,592 for the three and nine months ended September 30, 2012, was recognized as capitalized development and is included in leasehold improvements, property and equipment in the consolidated balance sheet. During the nine months ended September 30, 2013, 245 options or SOSARs were exercised, 55 SOSARs were forfeited, and 6 non-vested stock awards vested. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | 7. Earnings Per Share | |||||||||||
Basic earnings per share is calculated by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share (“diluted EPS”) is calculated using income available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include common shares related to stock options, SOSARs and non-vested stock awards (collectively “stock awards”). For the three and nine months ended September 30, 2013, 7 and 523 stock awards were excluded from the calculation of diluted EPS, and for the three and nine months ended September 30, 2012, 413 and 345 stock awards, were excluded from the calculation of diluted EPS because they were anti-dilutive. In addition, 287 and 411 stock awards for the three and nine months ended September 30, 2013 and 492 and 467 stock awards for the three and nine months ended September 30, 2012 were excluded from the calculation of diluted EPS because they were subject to performance conditions. | ||||||||||||
The following table sets forth the computations of basic and diluted earnings per share: | ||||||||||||
Three months ended September 30 | Nine months ended September 30 | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Net income | $ | 83,379 | $ | 72,300 | $ | 247,816 | $ | 216,647 | ||||
Shares: | ||||||||||||
Weighted average number of common shares outstanding | 30,897 | 31,643 | 30,937 | 31,583 | ||||||||
Dilutive stock awards | 399 | 203 | 297 | 298 | ||||||||
Diluted weighted average number of common | 31,296 | 31,846 | 31,234 | 31,881 | ||||||||
shares outstanding | ||||||||||||
Basic earnings per share | $ | 2.70 | $ | 2.28 | $ | 8.01 | $ | 6.86 | ||||
Diluted earnings per share | $ | 2.66 | $ | 2.27 | $ | 7.93 | $ | 6.80 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies |
Notices of Inspection of Work Authorization Documents and Related Civil and Criminal Investigations | |
Following an inspection during 2010 by the U.S. Department of Homeland Security, or DHS, of the work authorization documents of the Company’s restaurant employees in Minnesota, the Immigration and Customs Enforcement arm of DHS, or ICE, issued to the Company a Notice of Suspect Documents identifying a large number of employees who, according to ICE and notwithstanding the Company’s review of work authorization documents for each employee at the time they were hired, appeared not to be authorized to work in the U.S. The Company approached each of the named employees to explain ICE’s determination and afforded each employee an opportunity to confirm the validity of their original work eligibility documents, or provide valid work eligibility documents. Employees who were unable to provide valid work eligibility documents were terminated in accordance with the law. In December 2010, the Company was also requested by DHS to provide the work authorization documents of restaurant employees in the District of Columbia and Virginia, and the Company provided the requested documents in January 2011, and subsequently received additional requests for work authorization documents covering all of the Company’s employees since 2007, plus employee lists and other documents concerning work authorization. The Company believes its practices with regard to the work authorization of its employees, including the review and retention of work authorization documents, are in compliance with applicable law. However, the termination of large numbers of employees in a short period of time does disrupt restaurant operations and results in a temporary increase in labor costs as new employees are trained. | |
In May 2012, the U.S. Securities and Exchange Commission notified the Company that it is conducting a civil investigation of the Company’s compliance with employee work authorization verification requirements and its related disclosures and statements, and the office of the U.S. Attorney for the District of Columbia advised the Company that its investigation has broadened to include a parallel criminal and civil investigation of the Company’s compliance with federal securities laws. The Company intends to continue to fully cooperate in the government’s investigations. It is not possible at this time to determine whether the Company will incur any fines, penalties or further liabilities in connection with these matters. | |
Shareholder Derivative Actions | |
On July 12, 2012, Ralph B. Richey filed a shareholder derivative action in the U.S. District Court for the District of Colorado alleging that the members of the Company’s Board of Directors breached their fiduciary duties in connection with employee work authorization compliance matters. On September 21, 2012, Joanne Nelson filed a shareholder derivative action in the same court alleging that the members of the Company’s Board of Directors and the Company’s Chief Financial Officer breached their fiduciary duties, caused waste of corporate assets, and were unjustly enriched in connection with employee work authorization compliance matters, as well as in connection with the Company’s alleged failure to disclose material information about the Company’s business results and prospects, and in connection with compensation paid to some of the Company’s officers. On October 4, 2012, Francis Schmitz filed a shareholder derivative action in the same court, making allegations substantially the same as those in the Nelson complaint. Each of these actions purports to state a claim for damages on behalf of the Company, and is based on statements in the Company’s SEC filings and related public disclosures, as well as media reports and Company records, in part regarding the matters described above under “-Notices of Inspection of Work Authorization Documents and Related Civil and Criminal Investigations.” On January 17, 2013, these three shareholder derivative actions were consolidated by the court and will proceed as a single action. On March 20, 2013, an amended and consolidated complaint for the cases was filed by plaintiff Saleem Mohammed. On May 22, 2013, the Company filed a motion to dismiss the consolidated cases, and a ruling on the motion remains pending. The Company intends to defend the cases vigorously, but it is not possible at this time to reasonably estimate the outcome of or any potential liability from these cases. | |
Miscellaneous | |
The Company is involved in various other claims and legal actions that arise in the ordinary course of business. The Company does not believe that the ultimate resolution of these actions will have a material adverse effect on the Company’s financial position, results of operations, liquidity or capital resources. However, a significant increase in the number of these claims, or one or more successful claims under which the Company incurs greater liabilities than the Company currently anticipates, could materially and adversely affect the Company’s business, financial condition, results of operations and cash flows. | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | ||||||||||||
Three months ended September 30 | Nine months ended September 30 | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Net income | $ | 83,379 | $ | 72,300 | $ | 247,816 | $ | 216,647 | ||||
Shares: | ||||||||||||
Weighted average number of common shares outstanding | 30,897 | 31,643 | 30,937 | 31,583 | ||||||||
Dilutive stock awards | 399 | 203 | 297 | 298 | ||||||||
Diluted weighted average number of common | 31,296 | 31,846 | 31,234 | 31,881 | ||||||||
shares outstanding | ||||||||||||
Basic earnings per share | $ | 2.70 | $ | 2.28 | $ | 8.01 | $ | 6.86 | ||||
Diluted earnings per share | $ | 2.66 | $ | 2.27 | $ | 7.93 | $ | 6.80 | ||||
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
segment | |
item | |
region | |
Number of restaurants | 1,539 |
Number of regions | 7 |
Number of reportable segments | 1 |
ShopHouse Southeast Asian Kitchen [Member] | |
Number of restaurants | 3 |
Canada [Member] | |
Number of restaurants | 6 |
England [Member] | |
Number of restaurants | 6 |
France [Member] | |
Number of restaurants | 1 |
Germany [Member] | |
Number of restaurants | 1 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Fair Value of Financial Instruments [Abstract] | |||||
Fair value of investments in rabbi trust | $12,771 | $12,771 | $10,037 | ||
Investment maturity term | 2 years | 2 years | |||
Unrealized gains on investments held in rabbi trust | $289 | $242 | $427 | $151 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Income Taxes [Abstract] | |
Federal tax credit benefit from law enacted in 2013 | $3,275 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 9 Months Ended | 60 Months Ended | 0 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 19, 2013 | Nov. 20, 2012 |
Accelerated Share Repurchase Transaction [Member] | Accelerated Share Repurchase Transaction [Member] | |||
Acquisition of treasury stock (shares) | 311 | 4,034 | 22 | 65 |
Acquisition of treasury stock (value) | $97,202 | $597,305 | ||
Stock repurchase program, authorized amount | 700,000 | 25,000 | ||
Percentage of treasury shares acquired | 70.00% | |||
Weighted-average price per share | $287.20 | |||
Value of common shares remaining to be repurchased | 102,986 | |||
Advance payment under agreement | $25,000 |
Stock_Based_Compensation_Narra
Stock Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise Price | $318.45 | ||||
Grant date fair value | $82.03 | ||||
Stock-based compensation expense | $16,567 | $15,039 | $51,465 | $53,844 | |
Stock-based compensation expense, net of tax | 10,069 | 9,171 | 31,280 | 32,834 | |
Stock only stock appreciation rights (SOSARs) granted | 662 | ||||
Options or SOSARs exercised | 245 | ||||
SOSARs forfeited | 55 | ||||
Non-vested stock awards vested | 6 | ||||
Performance SOSARs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock only stock appreciation rights (SOSARs) granted | 191 | ||||
Leasehold Improvements [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation recognized as capitalized development | $278 | $464 | $843 | $1,592 | |
First Half Vested [Member] | Stock Options And SOSARs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period for SOSARs | 2 years | ||||
Second Half Vested [Member] | Stock Options And SOSARs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period for SOSARs | 3 years |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||||
Stock awards excluded, anti-dilutive | 7 | 413 | 523 | 345 |
Stock awards excluded, performance conditions | 287 | 492 | 411 | 467 |
Earnings_Per_Share_Basic_and_D
Earnings Per Share (Basic and Diluted Earnings) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||||
Net income | $83,379 | $72,300 | $247,816 | $216,647 |
Weighted average number of common shares outstanding | 30,897 | 31,643 | 30,937 | 31,583 |
Dilutive stock awards | 399 | 203 | 297 | 298 |
Diluted weighted average number of common shares outstanding | 31,296 | 31,846 | 31,234 | 31,881 |
Basic earnings per share | $2.70 | $2.28 | $8.01 | $6.86 |
Diluted earnings per share | $2.66 | $2.27 | $7.93 | $6.80 |