Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Nov. 01, 2013 | Mar. 31, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'BECN | ' | ' |
Entity Registrant Name | 'BEACON ROOFING SUPPLY INC | ' | ' |
Entity Central Index Key | '0001124941 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 48,997,267 | ' |
Entity Public Float | ' | ' | $1,878,622,217 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $47,027 | $40,205 |
Accounts receivable, less allowances of $9,832 in 2013 and $13,464 in 2012 | 329,673 | 291,456 |
Inventories | 251,370 | 222,740 |
Prepaid expenses and other current assets | 62,422 | 60,287 |
Deferred income taxes | 14,591 | 16,087 |
Total current assets | 705,083 | 630,775 |
Property and equipment, net | 67,659 | 57,376 |
Goodwill | 469,203 | 443,161 |
Other assets, net | 96,751 | 85,670 |
Total assets | 1,338,696 | 1,216,982 |
Current liabilities: | ' | ' |
Accounts payable | 182,914 | 167,390 |
Accrued expenses | 68,298 | 71,627 |
Current portions of long-term obligations | 62,524 | 56,932 |
Total current liabilities | 313,736 | 295,949 |
Senior notes payable, net of current portion | 196,875 | 208,125 |
Deferred income taxes | 61,003 | 48,196 |
Long-term obligations under equipment financing and other, net of current portion | 12,726 | 12,750 |
Commitments and contingencies (Notes 9 and 13) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock (voting); $.01 par value; 100,000,000 shares authorized; 48,984,550 issued and 48,898,622 outstanding at September 30, 2013; and 47,775,180 issued and 47,667,147 outstanding at September 30, 2012; and | 488 | 477 |
Undesignated Preferred Stock; 5,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Additional paid-in capital | 312,962 | 280,184 |
Retained earnings | 441,282 | 368,675 |
Accumulated other comprehensive income (loss) | -376 | 2,626 |
Total stockholders' equity | 754,356 | 651,962 |
Total liabilities and stockholders' equity | $1,338,696 | $1,216,982 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $9,832 | $13,464 |
Common stock (voting), par value | $0.01 | $0.01 |
Common stock (voting), shares authorized | 100,000,000 | 100,000,000 |
Common stock (voting), issued | 48,984,550 | 47,775,180 |
Common Stock, Shares, Outstanding | 48,898,622 | 47,667,147 |
Undesignated Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Undesignated Preferred Stock, issued | 0 | 0 |
Undesignated Preferred Stock, outstanding | 0 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Net sales | $2,240,723 | $2,043,658 | $1,817,423 |
Cost of products sold | 1,709,326 | 1,542,254 | 1,397,798 |
Gross profit | 531,397 | 501,404 | 419,625 |
Operating expenses | 401,676 | 357,732 | 315,883 |
Income from operations | 129,721 | 143,672 | 103,742 |
Interest expense, financing costs and other | 8,247 | 17,173 | 13,364 |
Income before provision for income taxes | 121,474 | 126,499 | 90,378 |
Provision for income taxes | 48,867 | 50,934 | 31,158 |
Net income | $72,607 | $75,565 | $59,220 |
Net income per share: | ' | ' | ' |
Basic | $1.50 | $1.62 | $1.29 |
Diluted | $1.47 | $1.58 | $1.27 |
Weighted average shares used in computing net income per share: | ' | ' | ' |
Basic | 48,472,240 | 46,718,948 | 45,919,198 |
Diluted | 49,385,335 | 47,840,967 | 46,753,152 |
Consolidated_Statements_of_Oth
Consolidated Statements of Other Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Net income | $72,607 | $75,565 | $59,220 |
Change in foreign currency translation | -4,401 | 5,283 | -4,162 |
Change in fair value of derivatives, net of tax benefit/(expense) of $(868), $(483) and $(1,453), respectively | 1,399 | 748 | 2,396 |
Total other comprehensive income/(loss) | -3,002 | 6,031 | -1,766 |
Total comprehensive income | $69,605 | $81,596 | $57,454 |
Consolidated_Statements_of_Oth1
Consolidated Statements of Other Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Change in fair value of derivatives, net of tax benefit | ($868) | ($483) | ($1,453) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | |||||
Beginning Balances at Sep. 30, 2010 | $468,844 | $457 | $236,136 | $233,890 | ($1,639) |
Beginning Balances (in shares) at Sep. 30, 2010 | ' | 45,663,858 | ' | ' | ' |
Issuance of common stock (in shares) | 490,249 | 490,249 | ' | ' | ' |
Issuance of common stock | 6,056 | 5 | 6,051 | ' | ' |
Stock-based compensation | 6,073 | ' | 6,073 | ' | ' |
Net income | 59,220 | ' | ' | 59,220 | ' |
Foreign currency translation adjustment | -4,162 | ' | ' | ' | -4,162 |
Unrealized gain on financial derivatives, net | 2,396 | ' | ' | ' | 2,396 |
Ending Balances at Sep. 30, 2011 | 538,427 | 462 | 248,260 | 293,110 | -3,405 |
Ending Balances (in shares) at Sep. 30, 2011 | ' | 46,154,107 | ' | ' | ' |
Issuance of common stock (in shares) | 1,508,544 | 1,513,040 | ' | ' | ' |
Issuance of common stock | 24,066 | 15 | 24,051 | ' | ' |
Stock-based compensation | 7,873 | ' | 7,873 | ' | ' |
Net income | 75,565 | ' | ' | 75,565 | ' |
Foreign currency translation adjustment | 5,283 | ' | ' | ' | 5,283 |
Unrealized gain on financial derivatives, net | 748 | ' | ' | ' | 748 |
Ending Balances at Sep. 30, 2012 | 651,962 | 477 | 280,184 | 368,675 | 2,626 |
Ending Balances (in shares) at Sep. 30, 2012 | ' | 47,667,147 | ' | ' | ' |
Issuance of common stock (in shares) | 1,189,010 | 1,231,475 | ' | ' | ' |
Issuance of common stock | 23,523 | 11 | 23,512 | ' | ' |
Stock-based compensation | 9,266 | ' | 9,266 | ' | ' |
Net income | 72,607 | ' | ' | 72,607 | ' |
Foreign currency translation adjustment | -4,401 | ' | ' | ' | -4,401 |
Unrealized gain on financial derivatives, net | 1,399 | ' | ' | ' | 1,399 |
Ending Balances at Sep. 30, 2013 | $754,356 | $488 | $312,962 | $441,282 | ($376) |
Ending Balances (in shares) at Sep. 30, 2013 | ' | 48,898,622 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Operating activities | ' | ' | ' |
Net income | $72,607 | $75,565 | $59,220 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 30,415 | 24,353 | 25,060 |
Stock-based compensation | 9,266 | 7,873 | 6,073 |
Adjustment of liability for contingent consideration | 0 | 250 | 0 |
Certain interest expense and other financing costs | -1,541 | 4,359 | 0 |
Gain on sale of fixed assets | -1,487 | -1,278 | -750 |
Deferred income taxes | 4,416 | 7,700 | -465 |
Changes in assets and liabilities, net of the effects of businesses acquired: | ' | ' | ' |
Accounts receivable | -22,790 | 19,804 | -35,314 |
Inventories | -16,033 | 13,338 | -35,016 |
Prepaid expenses and other assets | 8,343 | -22,448 | 7,470 |
Accounts payable and accrued expenses | -4,703 | -44,155 | 53,012 |
Net cash provided by operating activities | 78,493 | 85,361 | 79,290 |
Investing activities | ' | ' | ' |
Purchases of property and equipment | -26,120 | -17,404 | -14,433 |
Acquisition of businesses | -64,606 | -141,049 | -34,942 |
Proceeds from sales of assets | 1,235 | 1,418 | 1,543 |
Net cash used in investing activities | -89,491 | -157,035 | -47,832 |
Financing activities | ' | ' | ' |
Borrowings (repayments) under revolving lines of credit, net | 6,296 | 41,272 | -50 |
Borrowings under senior notes payable | 0 | 225,000 | 0 |
Repayments under senior notes payable and other, net | -11,806 | -316,785 | -11,053 |
Payment of deferred financing costs | 0 | -5,377 | 0 |
Proceeds from exercise of options | 18,579 | 21,478 | 5,302 |
Income tax benefit from stock-based compensation deductions in excess of the associated compensation cost | 4,944 | 2,588 | 756 |
Net cash used by financing activities | 18,013 | -31,824 | -5,045 |
Effect of exchange rate changes on cash | -193 | 676 | -522 |
Net increase (decrease) in cash and cash equivalents | 6,822 | -102,822 | 25,891 |
Cash and cash equivalents at beginning of year | 40,205 | 143,027 | 117,136 |
Cash and cash equivalents at end of year | 47,027 | 40,205 | 143,027 |
Cash paid during the year for: | ' | ' | ' |
Interest | 12,012 | 11,636 | 13,524 |
Income taxes, net of refunds | $29,680 | $55,813 | $23,855 |
The_Company
The Company | 12 Months Ended |
Sep. 30, 2013 | |
The Company [Abstract] | ' |
The Company | ' |
1. The Company | |
Business | |
Beacon Roofing Supply, Inc. (the "Company"), which was formed on August 22, 1997, distributes roofing materials and other complementary building materials to customers in 39 states and six provinces in Canada and is incorporated in Delaware. The Company operates its business under regional and local trade names. The Company’s current subsidiaries are Beacon Sales Acquisition, Inc., Beacon Canada, Inc. and Beacon Roofing Supply Canada Company. | |
Estimates | |
The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the date of the consolidated financial statements. Actual amounts could differ from those estimates. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
2. Summary of Significant Accounting Policies | |||||||||||
Consolidation | |||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company transactions have been eliminated. Certain reclassifications have been made to the prior year information to conform to the current year presentation. | |||||||||||
Fiscal Year | |||||||||||
The fiscal years presented are the years ended September 30, 2013 ("2013"), September 30, 2012 (“2012”), and September 30, 2011 (“2011”). Each of the Company's first three quarters ends on the last day of the calendar month. | |||||||||||
Industry Segment Information | |||||||||||
Based on qualitative and quantitative criteria, the Company has determined that it operates within one reportable segment, which is the wholesale distribution of building materials. Please refer to the “Goodwill” summary below for discussion of the Company’s reporting unit and the related impairment review. | |||||||||||
Cash and Cash Equivalents | |||||||||||
The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents also include unsettled credit card transactions. Cash equivalents are comprised of money market funds which invest primarily in commercial paper or bonds with a rating of A-1 or better, and bank certificates of deposit. | |||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||
Accounts receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects the Company’s estimate of credit exposure, determined principally on the basis of its collection experience, aging of its receivables and significant individual account credit risk. | |||||||||||
Inventories and Rebates | |||||||||||
Inventories, consisting substantially of finished goods, are valued at the lower of cost or market (net realizable value). Cost is determined using the moving weighted-average cost method. | |||||||||||
The Company's arrangements with vendors typically provide for rebates after it makes a special purchase and/or monthly, quarterly and/or annual rebates of a specified amount of consideration payable when a number of measures have been achieved, generally related to a specified cumulative level of calendar-year purchases. The Company accounts for such rebates as a reduction of the inventory value until the product is sold, at which time such rebates reduce cost of sales in the consolidated statements of operations. Throughout the year, the Company estimates the amount of the periodic rebates based upon the expected level of purchases. The Company continually revises these estimates to reflect actual rebates earned based on actual purchase levels. Amounts due from vendors under these arrangements as of September 30, 2013 and September 30, 2012 totaled $49.5 million and $37.4 million, respectively, and are included in "Prepaid expenses and other current assets" in the accompanying consolidated balance sheets. | |||||||||||
Property and Equipment | |||||||||||
Property and equipment acquired in connection with acquisitions are recorded at fair value as of the date of the acquisition and depreciated utilizing the straight-line method over the remaining lives. All other additions are recorded at cost, and depreciation is computed using the straight-line method over the following estimated useful lives: | |||||||||||
Asset | Estimated Useful Life | ||||||||||
Buildings and improvements | 10 to 40 years | ||||||||||
Equipment | 3 to 10 years | ||||||||||
Furniture and fixtures | 5 to 10 years | ||||||||||
Leasehold improvements | Shorter of the estimated useful life or the term of the lease, considering renewal options expected to be exercised. | ||||||||||
Revenue Recognition | |||||||||||
The Company recognizes revenue when the following four basic criteria are met: | |||||||||||
· | persuasive evidence of an arrangement exists; | ||||||||||
· | delivery has occurred or services have been rendered; | ||||||||||
· | the price to the buyer is fixed and determinable; and | ||||||||||
· | collectability is reasonability assured. | ||||||||||
Based on these criteria, the Company generally recognizes revenue at the point of sale or upon delivery to the customer site. For goods shipped by third party carriers, the Company recognizes revenue upon shipment since the terms are generally FOB shipping point. The Company also arranges for certain products to be shipped directly from the manufacturer to the customer. The Company recognizes the gross revenue for these sales upon notifications of deliveries from the vendors. | |||||||||||
The Company also provides certain job site delivery services, which include crane rentals and rooftop deliveries of certain products, for which the associated revenues are recognized upon completion of the services. These revenues represent less than 1% of the Company's sales. | |||||||||||
All revenues recognized are net of sales taxes collected, allowances for discounts and estimated returns. Sales taxes collected are subsequently remitted to the appropriate government authorities. | |||||||||||
Shipping and Handling Costs | |||||||||||
The Company classifies shipping and handling costs, consisting of driver wages and vehicle expenses, as operating expenses in the accompanying consolidated statements of operations. Shipping and handling costs were approximately $103,544 in 2013, $85,888 in 2012, and $75,172 in 2011. | |||||||||||
Financial Derivatives | |||||||||||
The Company enters into interest rate swaps to minimize the risks and costs associated with financing activities, as well as to maintain an appropriate mix of fixed-rate and floating-rate debt. The swap agreements are contracts to exchange variable-rate for fixed-interest rate payments over the life of the agreements. The Company's current derivative instruments are designated as cash flow hedges, for which the Company records the effective portions of changes in their fair value, net of tax, in other comprehensive income. The Company recognizes any ineffective portion of the hedges in earnings through interest expense, financing costs and other. The Company's refinancing transaction in April 2012 resulted in hedge ineffectiveness on the derivative instruments that expired in April 2013, as the underlying term debt being hedged was repaid before the expiration of the derivative instruments. | |||||||||||
Concentrations of Risk | |||||||||||
Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of accounts receivable. The Company's accounts receivable are primarily from customers in the building industry located in the United States and Canada. Concentration of credit risk with respect to accounts receivable is limited due to the large number of customers comprising the Company's customer base. The Company performs credit evaluations of its customers; however, the Company's policy is not to require collateral. At September 30, 2013 and 2012, the Company had no significant concentrations of credit risk. | |||||||||||
The Company purchases a major portion of its products from a small number of vendors. Approximately two-thirds of the Company’s total cost of inventory purchases was from 11 vendors in 2013, 12 vendors in 2012 and 9 vendors in 2011. In addition, more than 10% of the total cost of purchases was made from each of three vendors in 2013, 2012 and 2011. | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
Impairment losses are required to be recorded on long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying value. If such assets are considered to be impaired, the impairment to be recognized is the total by which the carrying value exceeds the fair value of the assets. | |||||||||||
Amortizable and Other Intangible Assets | |||||||||||
The Company amortizes its identifiable intangible assets, currently consisting of non-compete agreements, customer relationships and deferred financing costs, because these assets have finite lives. Non-compete agreements are amortized on a straight-line basis over the terms of the associated contractual agreements; customer relationship assets are amortized on an accelerated basis based on the expected cash flows generated by the existing customers; and deferred financing costs are amortized over the lives of the associated financings. Trademarks are not amortized because they have indefinite lives. The Company evaluates its trademarks for impairment on an annual basis based on the fair value of the underlying assets. | |||||||||||
The Company applied the provisions of Accounting Standards No. 2012-02, Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, which permits an entity the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. | |||||||||||
Based on management’s 2013 year-end review, the Company concluded that there were no indicators of impairment and therefore it was more likely than not that the fair value of the other intangible assets exceeded the net carrying amount and there was no reason to perform the two-step impairment test as of September 30, 2013. For the evaluation of trademarks, the main factor reviewed was the revenue base, which was relied upon in applying the royalty savings method at inception, to be derived from covered product sales made under the trademarks. The Company also reviewed the latest projected revenues. In addition, there have been no specific events or circumstances that management believes have negatively affected the value of the trademarks. | |||||||||||
Goodwill | |||||||||||
The Company tests goodwill for impairment in the fourth quarter of each fiscal year or at any other time when impairment indicators exist. Examples of such indicators include a significant change in the business climate, unexpected competition, loss of key personnel or a decline in the Company’s market capitalization below the Company’s net book value. | |||||||||||
The Company performs a qualitative assessment based on economic, industry and company-specific factors as the initial step in the annual goodwill impairment test for all or selected reporting units. Based on the results of the qualitative assessment, companies are only required to perform Step 1 of the annual impairment test for a reporting unit if the company concludes that it is more likely than not that the unit’s fair value is less than its carrying amount. | |||||||||||
To the extent the Company concludes it is more likely than not that a reporting unit’s fair value is less than its carrying amount, the two-step approach is applied. The first step would require a comparison of each reporting unit’s fair value to the respective carrying value. If the carrying value exceeds the fair value, a second step is performed to measure the amount of impairment loss, if any. | |||||||||||
The Company assesses goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, referred to as a component (i.e. a business for which discrete financial information is available and regularly reviewed by component managers). The Company currently has five components which it evaluates for aggregation. | |||||||||||
The Company evaluates the distribution methods, sales mix, and operating results of each of its components to determine if these characteristics have or will be sustained over a long-term basis. For purposes of this evaluation, the Company would expect its components to exhibit similar economic characteristics 3-5 years after events such as an acquisition within the Company’s core roofing business or management/business restructuring. This evaluation also considers major storm activity or local economic challenges that may impact the short term operations of an individual component. Components that exhibit similar economic characteristic are subsequently aggregated into a single reporting unit. | |||||||||||
Based on the Company’s evaluation at August 31, 2013, it was determined that all of the Company’s components exhibited similar economic characteristics and therefore were aggregated into a single reporting unit (collectively the “Reporting Unit”). | |||||||||||
The Company concluded that the fair value of the Reporting Unit has more likely than not exceeded its respective carrying value at the goodwill measurement date. This position is consistent with the 2013 operating results in which sales for the Reporting Unit exceeded those in the prior year by 9.6%. The Company noted that operating income as compared to prior year decreased by 9.7%. The decrease in the operating margin reflects short term pricing pressure experienced by the Company. The Company expects the Reporting Unit to experience moderate growth in the near future. The Company’s analysis further noted the total market capitalization exceeded the Company’s carrying value by approximately 179% at August 31, 2013. This compares to 105% and 62% for that same measure at August 31, 2012 and 2011, respectively. In addition, the Company did not identify any macroeconomic or industry conditions or cost related factors that would indicate the fair value of the Reporting Unit was more likely than not to be less than its respective carrying value. | |||||||||||
Lastly, there have been no events or circumstances since the date of the above assessments that would change the Company’s conclusion. If circumstances change or events occur to indicate it is more likely than not that the fair value of the Reporting Unit (under the guidelines discussed above) has fallen below its carrying values, the Company would test such Reporting Unit for impairment. | |||||||||||
Stock-Based Compensation | |||||||||||
The Company accounts for employee and non-employee director stock-based compensation using the fair value method of accounting. Compensation cost arising from stock options and restricted stock awards granted to employees and non-employee directors is recognized using the straight-line method over the vesting period, which represents the requisite service or performance period. In calculating the expense related to stock-based compensation, the Company estimates option forfeitures and projects the number of restricted shares and units that are expected to vest based on the related performance measures. | |||||||||||
The Company recorded stock-based compensation expense of $9.3 million ($5.6 million net of tax) or $0.11 per basic share and per diluted share in 2013, $7.9 million ($4.8 million net of tax) or $0.10 per basic share and per diluted share in 2012, and $6.1 million ($3.7 million net of tax) or $0.08 per basic share and per diluted share in 2011. At September 30, 2013, the Company had $21.9 million of excess tax benefits available for potential deferred tax write-offs related to previously recognized stock-based compensation. | |||||||||||
Comprehensive Gain (Loss) | |||||||||||
Accumulated other comprehensive gain (loss) consisted of the following: | |||||||||||
September 30, | September 30, | ||||||||||
2013 | 2012 | ||||||||||
(dollars in thousands) | |||||||||||
Foreign currency translation adjustment | $ | 1,885 | $ | 6,286 | |||||||
Foreign currency translation adjustment, net | 1,885 | 6,286 | |||||||||
Unrealized loss on financial derivatives | -3,737 | -6,004 | |||||||||
Tax effect | 1,476 | 2,344 | |||||||||
Unrealized loss on financial derivatives, net | -2,261 | -3,660 | |||||||||
Accumulated other comprehensive gain (loss) | $ | -376 | $ | 2,626 | |||||||
Net Income per Share | |||||||||||
Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted average number of common shares and dilutive common share equivalents then outstanding using the treasury stock method. Common equivalent shares consist of the incremental common shares issuable upon the exercise of stock options. | |||||||||||
The following table reflects the calculation of weighted average shares outstanding for each period presented: | |||||||||||
Year Ended September 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Weighted-average common shares outstanding for basic | 48,472,240 | 46,718,948 | 45,919,198 | ||||||||
Dilutive effect of stock options | 913,095 | 1,122,019 | 833,954 | ||||||||
Weighted-average shares assuming dilution | 49,385,335 | 47,840,967 | 46,753,152 | ||||||||
Fair Value of Financial Instruments | |||||||||||
Financial instruments consist mainly of cash and cash equivalents, accounts receivable, accounts payable, borrowings under the Company's revolving lines of credit and long-term debt. Except for the long-term debt, these instruments are short-term in nature, and there is currently no known trading market for the Company’s debt. Therefore, at September 30, 2013 and 2012, the Company believes the carrying amounts of its financial instruments approximated their fair values. Please refer to Note 16 for disclosures of the Company’s financial derivatives that are recorded at fair value. The Company recorded the estimated fair value of contingent consideration as reported in Note 4 based on expected likelihood of such payments under various scenarios. Subsequent changes in fair value were recorded in the Company’s consolidated statements of operations. | |||||||||||
Income Taxes | |||||||||||
The Company accounts for income taxes using the liability method, which requires it to recognize a current tax liability or asset for current taxes payable or refundable and a deferred tax liability or asset for the estimated future tax effects of temporary differences between the financial statement and tax reporting bases of assets and liabilities to the extent that they are realizable. Deferred tax expense (benefit) results from the net change in deferred tax assets and liabilities during the year. See Note 12 for a discussion of the 2011 impact from a change in the tax status of the Company’s Canadian operations. | |||||||||||
FASB ASC Topic 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Based on this guidance, the Company analyzes its filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. Tax benefits from uncertain tax positions are recognized if it is more likely than not that the position is sustainable based solely on its technical merits. | |||||||||||
Foreign Currency Translation | |||||||||||
The assets and liabilities of the Company's foreign regions, Beacon Roofing Supply Canada Company ("BRSCC") and Enercon Products (“Enercon”), are translated into U.S. dollars at current exchange rates as of the balance sheet date, and revenues and expenses are translated at average monthly exchange rates. Net unrealized translation gains or losses associated with the Canadian net assets are recorded directly to a separate component of stockholders' equity, net of the related deferred taxes prior to 2011 (see Note 12). Realized gains and losses from foreign currency transactions were not material for any of the periods presented. The Company has inter-company receivables from both BRSCC and Enercon, for which the short-term portion is marked to market each period with a corresponding entry recorded as a component of the consolidated statement of operations. Since repayment of the long-term portion is not planned or anticipated in the foreseeable future, the long-term balances are marked to market each period with a corresponding entry recorded as a separate component of stockholders' equity. | |||||||||||
Adoption of Recent Accounting Pronouncements | |||||||||||
During fiscal year 2013, the Company adopted Accounting Standards Update ("ASU") 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income (“ASU 2011-05”), which requires companies to present net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. In addition, ASU 2011-05 eliminates the option for companies to present the components of other comprehensive income as part of the statement of changes in shareowners' equity. In December 2011, the FASB issued ASU 2011-12 which deferred the requirement to present components of reclassifications of other comprehensive income on the face of the income statement. The Company chose to present net earnings and other comprehensive income in two separate but consecutive statements. The adoption of this guidance had no impact on the Company's consolidated financial position, results of operations or cash flows. | |||||||||||
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 finalizes the requirements of ASU 2011-05 that ASU 2011-12 deferred, clarifying how to report the effect of significant reclassifications out of accumulated other comprehensive income (“AOCI”) by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the accompanying notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, companies are required to cross-reference to other disclosures that provide additional detail on those amounts. The Company chose to present the requirements in the notes to the financial statements. The adoption of this guidance had no impact on the Company's consolidated financial position, results of operations or cash flows. | |||||||||||
Goodwill_Intangibles_and_Other
Goodwill, Intangibles and Other Assets | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Goodwill Intangible Assets and Other Assets [Abstract] | ' | |||||||
Goodwill, Intangibles and Other Assets | ' | |||||||
3. Goodwill, Intangibles and Other Assets | ||||||||
Goodwill was $469,203 and $443,161 at September 30, 2013 and 2012, respectively. Goodwill increased by $26,042 in 2013, reflecting goodwill associated with acquisitions of $27,835 net of a loss from foreign currency translation of $1,793, after increases of $59,943 due to acquisitions and a gain from foreign currency translation of $2,299 in 2012. | ||||||||
Intangibles and other assets, included in other long-term assets, consisted of the following: | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
(dollars in thousands) | ||||||||
Amortizable intangible assets | ||||||||
Non-compete agreements | $ | 3,552 | $ | 8,062 | ||||
Customer relationships | 163,383 | 138,473 | ||||||
Beneficial lease arrangements | 636 | 610 | ||||||
Deferred financing costs | 5,810 | 5,886 | ||||||
173,381 | 153,031 | |||||||
Less: accumulated amortization | 90,725 | 81,008 | ||||||
82,656 | 72,023 | |||||||
Unamortizable trademarks | 9,750 | 9,750 | ||||||
Other assets | 4,345 | 3,897 | ||||||
Total other assets, net | $ | 96,751 | $ | 85,670 | ||||
Amortization expense related to intangible assets amounted to approximately $15,087, $9,829, and $9,442 in 2013, 2012, and 2011, respectively. The intangible lives range from one to fifteen years and the weighted average remaining life was 13.1 years at September 30, 2013. | ||||||||
Estimated future annual amortization for the above intangible assets as of September 30, 2013 is as follows: | ||||||||
Future | ||||||||
(dollars in thousands) | Amortization | |||||||
Year ending September 30, | ||||||||
2014 | $ | 15,210 | ||||||
2015 | 12,929 | |||||||
2016 | 10,957 | |||||||
2017 | 8,659 | |||||||
2018 | 6,885 | |||||||
Thereafter | 28,016 | |||||||
Total future amortization | $ | 82,656 | ||||||
Acquisitions
Acquisitions | 12 Months Ended | ||
Sep. 30, 2013 | |||
Acquisitions [Abstract] | ' | ||
Acquisitions | ' | ||
4. Acquisitions | |||
In 2013, the Company acquired 19 branches from the three following acquisitions at a total cost of $64.6 million, with resulting goodwill of $27.8 million: | |||
· | On December 28, 2012, the Company purchased certain assets of Ford Wholesale Co. of San Jose ("Ford Wholesale") and Construction Materials Supply ("CMS"), distributors of residential and commercial roofing products with a combined five locations in Northern California and recent annual sales of approximately $60 million. | ||
· | On November 1, 2012, the Company purchased the stock of McClure-Johnston Company (“McClure-Johnston”), a distributor of residential and commercial roofing products and related accessories headquartered in the Pittsburgh suburb of Braddock, Pa. McClure-Johnston has 14 locations with eight in Pennsylvania, three in West Virginia, one in Western Maryland and two in Georgia. Recent annual sales were approximately $85 million. | ||
In 2012, the Company acquired twenty-two branches from the five following acquisitions at a total cost of $141.1 million, with resulting goodwill of $59.9 million: | |||
· | In August 2012, the Company purchased certain assets of Contractors Roofing & Supply Co. ("CRS"), a distributor of residential roofing products and related accessories. CRS has one location in the St. Louis suburb of O'Fallon, MO and recent annual sales of approximately $14 million. | ||
· | In July 2012, the Company purchased certain assets of Structural Materials Co. ("Structural"), a distributor of residential and commercial roofing products and related accessories headquartered in Santa Ana, CA. Structural has six locations in Los Angeles and Orange Counties and in the surrounding areas, with recent annual sales of approximately $81 million in 2011. Shortly after the Structural acquisition, the Company terminated two members of Structural’s management, with whom the Company had entered into employment agreements, and established a liability for the resulting termination benefits and related payroll taxes that are being paid over five years. The associated charge of approximately $2 million was recorded in the fourth quarter of 2012 and included in operating expenses. | ||
· | In June 2012, the Company purchased certain assets of Cassady Pierce Company (“Cassady Pierce”), a distributor of residential and commercial roofing products and related accessories headquartered in Pittsburgh, Pa. Cassady Pierce has six locations in the Pittsburgh area and recent annual sales of approximately $52 million. | ||
· | In November 2011, the Company purchased all of the stock of Fowler & Peth, Inc. (“F&P”), a distributor of residential and commercial roofing products and related accessories. F&P has five branches in Colorado, two in Wyoming and one in Nebraska, with recent annual sales of approximately $60 million. The Company and the selling stockholders mutually agreed to file a Section 338 election with the Internal Revenue Service to treat the transaction for tax purposes as an asset purchase. | ||
· | In October 2011, the Company purchased all of the stock of CCP Atlantic Specialty Products, Inc. d/b/a The Roofing Connection, a distributor of mostly residential roofing products and related accessories with one location in Dartmouth, Nova Scotia, a suburb of Halifax. | ||
In connection with the above acquisitions, the Company incurred legal fees of approximately $0.7 million and $1.0 million that were included in operating expenses in 2013 and 2012, respectively. The total aggregate impact of the above acquisitions on the 2013 and 2012 operating results was not considered material for the reporting of pro forma financial information. | |||
A total of $6.7 million of the acquisition prices for the above acquisitions remained in escrow at September 30, 2013, primarily for purchase price adjustments and post-closing indemnification claims, with $3.7 million included in other current assets and accrued expenses and $3.0 million included in other long-term assets and liabilities. | |||
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Prepaid Expenses and Other Current Assets [Abstract] | ' | |||||||
Prepaid Expenses and Other Current Assets | ' | |||||||
5. Prepaid Expenses and Other Current Assets | ||||||||
The significant components of prepaid expenses and other current assets were as follows: | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
(dollars in thousands) | ||||||||
Vendor rebates | $ | 49,487 | $ | 37,398 | ||||
Prepaid income taxes | 2,375 | 12,314 | ||||||
Other | 10,560 | 10,575 | ||||||
$ | 62,422 | $ | 60,287 | |||||
Property_and_Equipment_net
Property and Equipment, net | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property and Equipment, net [Abstract] | ' | |||||||
Property and Equipment, net | ' | |||||||
6. Property and Equipment, net | ||||||||
Property and equipment, net, consisted of the following: | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
(dollars in thousands) | ||||||||
Land | $ | 3,308 | $ | 3,317 | ||||
Buildings and leasehold improvements | 27,067 | 24,066 | ||||||
Equipment | 149,178 | 132,715 | ||||||
Furniture and fixtures | 14,338 | 12,370 | ||||||
193,891 | 172,468 | |||||||
Less: accumulated depreciation and amortization | 126,232 | 115,092 | ||||||
$ | 67,659 | $ | 57,376 | |||||
Depreciation and amortization of property and equipment totaled $16,410, $14,524 and $15,618 in 2013, 2012 and 2011, respectively. | ||||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accrued Expenses [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
7. Accrued Expenses | ||||||||
The significant components of accrued expenses were as follows: | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
(dollars in thousands) | ||||||||
Uninvoiced inventory receipts | $ | 12,061 | $ | 9,307 | ||||
Employee-related accruals | 22,994 | 26,752 | ||||||
Unrealized loss on financial derivatives | 3,731 | 8,626 | ||||||
Other | 29,512 | 26,942 | ||||||
$ | 68,298 | $ | 71,627 | |||||
Financing_Arrangements
Financing Arrangements | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Financing Arrangements [Abstract] | ' | |||||||||||||
Financing Arrangements | ' | |||||||||||||
8. Financing Arrangements | ||||||||||||||
Senior Secured Credit Facility | ||||||||||||||
On April 5, 2012, the Company replaced its prior credit facility with a new five-year senior secured credit facility that includes a $550 million U.S. credit facility (individually, the “U.S. Credit Facility”) and a C$15 million ($14.6 million at September 30, 2013) Canadian credit facility (individually, the “Canadian Revolver”) with Wells Fargo Bank, National Association, and a syndicate of other lenders (combined, the “Credit Facility”). The Company paid off debt of $304.0 million that was outstanding under the prior credit facility with the proceeds from the Credit Facility and from approximately $79 million of cash on hand. In the third quarter of 2012, the Company recorded a charge of approximately $1.2 million ($0.7 million net of tax), included in interest expense, financing costs and other associated with this transaction. In addition, this transaction impacted the effectiveness of the Company’s interest rate swaps existing as of the refinancing date as discussed in Note 16. | ||||||||||||||
The $550 million U.S Credit Facility consists of a revolving credit facility of $325 million (the “U.S. Revolver”), which includes a sub-facility of $20 million for letters of credit, and a $225 million term loan (the “Term Loan”). The Term Loan has required amortization of 5% per year that is payable in quarterly installments, with the balance due on March 31, 2017. The Company may increase the Credit Facility by up to $200 million under certain conditions. There was $45.0 million, $2.4 million (C$2.5 million) and $208.1 million outstanding under the U.S. Revolver, Canadian Revolver and Term Loan, respectively, at September 30, 2013. There were $7.0 million of outstanding standby letters of credit at September 30, 2013. | ||||||||||||||
Interest | ||||||||||||||
Borrowings under the Credit Facility carry interest at a margin above the LIBOR Rate. The margin is currently 1.75% per annum and can range from 1.50% to 2.50% per annum depending upon the Company's Consolidated Total Leverage Ratio, as defined in the Credit Facility. The Credit Facility also provides for a US base rate, defined in the agreement as the higher of the Prime Rate, or the Federal Funds Rate plus 0.50%, plus a margin above that rate. In addition, the Canadian credit facility permits borrowings under a base rate, defined in the agreement as the higher of the Canadian Prime Rate, or the annual rate of interest equal to the sum of the CDOR rate plus 1.0%, plus a margin above that rate. The margin for both base rates is currently 0.75% per annum and can range from 0.50% to 1.50% per annum depending upon the Company's Consolidated Total Leverage Ratio, as defined in the Credit Facility. Current unused commitment fees on the revolving credit facilities are 0.375% per annum. The unused commitment fees can range from 0.35% to 0.50% per annum, again depending upon the Company's Consolidated Total Leverage Ratio. | ||||||||||||||
As of September 30, 2013, outstanding borrowings under the U.S. Revolver carried an interest rate of LIBOR plus 1.75% (1.93% at September 30, 2013) while outstanding borrowings under the Canadian Revolver carried an interest rate of Canadian Prime plus 0.75% (3.75% at September 30, 2013). Borrowings under the Term Loan carried an interest rate of LIBOR plus 1.75% (1.93% at September 30, 2013). | ||||||||||||||
Financial covenants under the Credit Facility are as follows: | ||||||||||||||
Maximum Consolidated Total Leverage Ratio | ||||||||||||||
On the last day of each fiscal quarter, the Company's Consolidated Total Leverage Ratio (the ratio of outstanding debt to trailing twelve-month earnings before interest, income taxes, depreciation, amortization and stock-based compensation), as more fully defined in the Credit Facility, must not be greater than 3.50:1.0, or 4.00:1.0 under a one-time request by the Company subsequent to an acquisition that meets the requirements under the Credit Facility. At September 30, 2013, this ratio was 1.63:1. | ||||||||||||||
Minimum Consolidated Interest Coverage Ratio | ||||||||||||||
On the last day of each fiscal quarter, the Company's Consolidated Interest Coverage Ratio (the ratio of trailing twelve-month earnings before interest, income taxes, depreciation, amortization and stock-based compensation to cash interest expense for the same period), as more fully defined in the Credit Facility, must not be less than 3.00:1.0. At September 30, 2012, this ratio was 15.95:1. | ||||||||||||||
As of September 30, 2013, the Company was in compliance with these covenants. Substantially all of the Company's assets, including the capital stock and assets of wholly-owned subsidiaries, secure obligations under the Credit Facility. | ||||||||||||||
Senior Notes Payable | ||||||||||||||
Senior notes payable under the Term Loan consisted of the following: | ||||||||||||||
September 30, | September 30, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | ||||||||||||
Senior notes payable to commercial lenders, | ||||||||||||||
due in equal quarterly payments of principal of $2.8 million with | ||||||||||||||
the remainder due in 2017, plus interest at the higher of the prime | ||||||||||||||
rate or the Federal Funds Rate plus 0.50%, plus a margin rate (4.00% at | ||||||||||||||
September 30, 2012) or LIBOR plus 1.75% (1.93% at September 30, 2013) | 208,125 | 219,375 | ||||||||||||
Less current portion | 11,250 | 11,250 | ||||||||||||
$ | 196,875 | $ | 208,125 | |||||||||||
Equipment Financing Facilities | ||||||||||||||
As of September 30, 2013, there was a total of $10.6 million outstanding under prior equipment financing facilities, with fixed interest rates ranging from 2.51% to 6.75% and payments due through June 2020. The Company’s current facility provides for up to $30 million of purchased transportation and material handling equipment through October 1, 2014. The applicable interest rate at the time of the advances will be approximately 1.26% above the 3-year term swap rate for 5-year loans and 1.21% above the 4-year term swap rate for 7-year loans. No further amounts can be drawn on prior facilities. | ||||||||||||||
Other Information | ||||||||||||||
Annual principal payments for all outstanding borrowings for each of the next five years and thereafter as of September 30, 2013 were as follows: | ||||||||||||||
Revolving | ||||||||||||||
(dollars in thousands) | Senior Secured | Equipment | Lines of | |||||||||||
Fiscal year | Credit Facility | Financing | Credit | Total | ||||||||||
2014 | $ | 11,250 | $ | 3,848 | $ | 47,426 | $ | 62,524 | ||||||
2015 | 11,250 | 2,087 | - | 13,337 | ||||||||||
2016 | 11,250 | 1,621 | - | 12,871 | ||||||||||
2017 | 174,375 | 1,433 | - | 175,808 | ||||||||||
2018 | - | 588 | - | 588 | ||||||||||
Thereafter | - | 1,065 | - | 1,065 | ||||||||||
Subtotal | 208,125 | 10,642 | 47,426 | 266,193 | ||||||||||
Less current portion | 11,250 | 3,848 | 47,426 | 62,524 | ||||||||||
Total long-term debt | $ | 196,875 | $ | 6,794 | $ | - | $ | 203,669 | ||||||
Leases
Leases | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases | ' | ||||
9. Leases | |||||
The Company mostly operates in leased facilities, which are accounted for as operating leases. The leases typically provide for a base rent plus real estate taxes. Certain of the leases provide for escalating rents over the lives of the leases and rent expense is recognized over the terms of those leases on a straight-line basis. | |||||
At September 30, 2013, the minimal rental commitments under all non-cancelable operating leases with initial or remaining terms of more than one year were as follows: | |||||
Operating | |||||
(dollars in thousands) | Leases | ||||
Year ending September 30, | |||||
2014 | 31,739 | ||||
2015 | 26,466 | ||||
2016 | 20,216 | ||||
2017 | 13,160 | ||||
2018 | 6,661 | ||||
Thereafter | 10,813 | ||||
Total minimum lease payments | $ | 109,055 | |||
Rent expense was $32,736 in 2013, $28,860 in 2012 and $26,049 in 2011. Sublet income was immaterial for these years. | |||||
Stock_Options_and_Restricted_S
Stock Options and Restricted Stock Awards | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Stock Options and Restricted Stock Awards [Abstract] | ' | |||||||||||||
Stock Options and Restricted Stock Awards | ' | |||||||||||||
10. Stock Options and Restricted Stock Awards | ||||||||||||||
The Company is currently making stock-based awards under its 2004 Stock Plan, which was adopted on September 21, 2004 and most recently amended and restated on February 8, 2012 (the “Plan”). The Plan allows for the granting of up to 7,800,000 shares of Common Stock in the form of stock options or stock awards to key employees and members of the Board of Directors. The key terms of the grants are determined by the Company's Board of Directors. As of September 30, 2013, there were 1,368,438 shares of common stock available for awards under the Plan. | ||||||||||||||
The 1998 Stock Plan allowed for the granting of options to purchase up to 3,100,000 shares of Common Stock. These options were generally allowed to be exercised beginning 18 months after the date of grant and terminate ten years from the grant date. No further awards will be made under the 1998 Stock Plan. | ||||||||||||||
Stock Options | ||||||||||||||
As of September 30, 2013, there was $8.6 million of total unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized over a weighted-average period of 2.0 years. Except under certain conditions, the options are subject to continued employment and vest in one-third increments over a three-year period following the grant dates. | ||||||||||||||
The fair values of the options were estimated on the dates of grants using the Black-Scholes option-pricing model with the following weighted-average assumptions: | ||||||||||||||
Year Ended September 30, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Dividend yield | - | - | - | |||||||||||
Expected life in years | 5.7 | 6.5 | 7 | |||||||||||
Risk-free interest rate | 0.6 | % | 0.94 | % | 1.51 | % | ||||||||
Expected volatility | 43.8 | % | 47 | % | 48 | % | ||||||||
Weighted average fair value of options granted | $ | 12.59 | $ | 8.78 | $ | 7.82 | ||||||||
Expected lives of the options granted are based primarily on historical activity, while expected volatilities are based on historical volatilities of the Company’s stock and consideration of comparable public companies’ stock. Estimated forfeiture rates vary by grant and range up to 8.0% as of September 30, 2013. | ||||||||||||||
In the event of a change in control of the Company, all outstanding options are immediately vested. | ||||||||||||||
Information regarding the Company's stock options is summarized below (not in thousands): | ||||||||||||||
Weighted- | ||||||||||||||
Weighted- | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Number of | Exercise | Contractual | Intrinsic | |||||||||||
Shares | Price | Life | Value | |||||||||||
(in millions) | ||||||||||||||
Outstanding at September 30, 2010 | 3,773,732 | $ | 14.41 | |||||||||||
Granted | 701,249 | 15.57 | ||||||||||||
Exercised | -490,249 | 10.81 | ||||||||||||
Canceled | -89,149 | 14.91 | ||||||||||||
Outstanding at September 30, 2011 | 3,895,583 | 15.06 | ||||||||||||
Granted | 789,332 | 18.78 | ||||||||||||
Exercised | -1,508,544 | 14.24 | ||||||||||||
Canceled | -109,291 | 16.65 | ||||||||||||
Outstanding at September 30, 2012 | 3,067,080 | $ | 16.36 | |||||||||||
Granted | 691,086 | 30.69 | ||||||||||||
Exercised | -1,189,010 | 16.13 | ||||||||||||
Canceled | -64,550 | 22.66 | ||||||||||||
Outstanding at September 30, 2013 | 2,504,606 | $ | 20.26 | 6.9 | $ | 41.6 | ||||||||
Vested or Expected to Vest at September 30, 2013 | 2,404,688 | $ | 20.08 | 6.9 | $ | 40.4 | ||||||||
Exercisable at September 30, 2013 | 1,161,997 | $ | 15.7 | 5.2 | $ | 24.6 | ||||||||
The aggregate intrinsic values above include only in-the-money options. The intrinsic values of stock options exercised during 2013 and 2012 were $22.0 million and $17.1 million, respectively. | ||||||||||||||
Restricted Stock Awards | ||||||||||||||
As of September 30, 2013, there was $4.2 million of total unrecognized compensation cost related to unvested restricted stock awards. That cost is expected to be recognized over a weighted-average period of 2.1 years. | ||||||||||||||
The total fair values of the restricted stock awards were determined based upon the number of shares or units and the closing prices of the Company’s common stock on the dates of the grants. The restricted stock awards granted to management are subject to continued employment, except under certain conditions, and will vest if the Company attains a targeted rate of return on invested capital at the end of a three-year period. The actual number of shares or units that will vest can range from 0% to 125% of the management grants depending upon actual Company performance below or above the target level and the Company estimates that performance in determining the projected number of shares or units that will vest and the related compensation cost. The restricted stock awards granted to non-employee directors are also subject to continued service, vest at the end of one year (except under certain conditions) and the underlying common shares will not be distributed until six months after the director separates from the Company. In November 2013, the Company has also issued restricted stock awards that are subject to continued employment and will vest over three to five years. | ||||||||||||||
Information regarding the Company's restricted shares and units is summarized below (not in thousands): | ||||||||||||||
Weighted- | ||||||||||||||
Weighted- | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Number of | Grant | Contractual | Intrinsic | |||||||||||
Shares | Price | Life | Value | |||||||||||
(in Years) | (in Millions) | |||||||||||||
Outstanding at September 30, 2011 | 135,009 | $ | 16.7 | |||||||||||
Granted | 148,100 | 20.26 | ||||||||||||
Vested | -4,496 | 20.02 | ||||||||||||
Canceled | - | - | ||||||||||||
Outstanding at September 30, 2012 | 278,613 | 18.54 | ||||||||||||
Granted | 138,291 | 31.9 | ||||||||||||
Vested | -42,465 | 18.47 | ||||||||||||
Canceled | -3,268 | 21.85 | ||||||||||||
Outstanding at September 30, 2013 | 371,171 | $ | 23.52 | 2.5 | $ | 13.3 | ||||||||
Vested or Expected to Vest at September 30, 2013 | 371,171 | $ | 23.52 | 2.5 | $ | 13.3 | ||||||||
In November 2013, the Company granted 420,191 additional options,75,673 performance based restricted stock units and 125,738 time based restricted stock units under the Plan to management. | ||||||||||||||
Benefit_Plans
Benefit Plans | 12 Months Ended |
Sep. 30, 2013 | |
Benefit Plans [Abstract] | ' |
Benefit Plans | ' |
11. Benefit Plans | |
The Company maintains defined contribution plans covering all full-time employees of the Company who have 90 days of service and are at least 21 years old. An eligible employee may elect to make a before-tax contribution of between 1% and 100% of his or her compensation through payroll deductions, not to exceed the annual limit set by law. The Company currently matches the first 50% of participant contributions limited to 6% of a participant's gross compensation (maximum Company match is 3%). Additional amounts associated with profit sharing were contributed in the three years presented and are scheduled to be contributed in fiscal year 2013 for 2012 as well. All Company contributions are subject to the discretion of management and the board of directors. The combined total expense for this plan and a similar plan for Canadian employees was $4,921, $7,094 and $6,165 in 2013, 2012 and 2011, respectively. | |
The Company also contributes to an external pension fund for certain of its employees who belong to a local union. Annual contributions were $133, $125 and $146 in 2013, 2012, and 2011, respectively. | |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
12. Income Taxes | |||||||||||||
The income tax provision consisted of the following: | |||||||||||||
Fiscal year | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 34,364 | $ | 34,070 | $ | 24,919 | |||||||
Foreign | 1,895 | 860 | 1,523 | ||||||||||
State | 8,192 | 8,304 | 5,181 | ||||||||||
44,451 | 43,234 | 31,623 | |||||||||||
Deferred: | |||||||||||||
Federal | 3,855 | 6,166 | -296 | ||||||||||
Foreign | -493 | 471 | - | ||||||||||
State | 1,054 | 1,063 | -169 | ||||||||||
4,416 | 7,700 | -465 | |||||||||||
$ | 48,867 | $ | 50,934 | $ | 31,158 | ||||||||
The following table shows the principal reasons for the differences between the effective income tax rate and the statutory federal income tax rate: | |||||||||||||
Fiscal Year | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income taxes at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal benefit | 4.95 | 4.84 | 4.42 | ||||||||||
Foreign income taxes | -0.02 | -0.09 | -0.33 | ||||||||||
Change in tax status of foreign entity | - | - | -6.11 | ||||||||||
Non-deductible meals and entertainment | 0.37 | 0.27 | 0.27 | ||||||||||
Tax reserves | 0.16 | - | -0.28 | ||||||||||
Other | -0.23 | 0.24 | 1.5 | ||||||||||
Total | 40.23 | % | 40.26 | % | 34.47 | % | |||||||
The components of the Company's deferred taxes were as follows: | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
(dollars in thousands) | |||||||||||||
Deferred tax liabilities: | |||||||||||||
Excess tax over book depreciation and amortization | $ | 68,695 | $ | 55,413 | |||||||||
Other | 615 | 600 | |||||||||||
69,310 | 56,013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred compensation | 8,308 | 8,365 | |||||||||||
Allowance for doubtful accounts | 3,692 | 5,337 | |||||||||||
Accrued vacation & other | 4,265 | 3,439 | |||||||||||
Unrealized loss on financial derivatives | 1,467 | 3,373 | |||||||||||
Inventory valuation | 5,166 | 3,390 | |||||||||||
22,898 | 23,904 | ||||||||||||
Net deferred income tax liabilities | $ | 46,412 | $ | 32,109 | |||||||||
In 2011, the Company’s request to have its Canadian subsidiary (Beacon Roofing Supply Canada Company or “BRSCC”) treated as a Controlled Foreign Corporation (“CFC”), retroactive to October 1, 2009, was approved by the IRS. BRSCC was previously treated as a “pass-through” or disregarded entity for U.S. federal income tax purposes. Subsequent to October 1, 2009, BRSCC’s taxable income, which reflects all of the Company’s Canadian operations, is being taxed only in Canada and would generally be taxed in the U.S. only upon an actual or deemed distribution. The Company expects that BRSCC’s earnings, which includes the earnings of Enercon Products for tax purposes, will be indefinitely reinvested for the foreseeable future and therefore no U.S. deferred tax asset or liability for the differences between the book basis and the tax basis of BRSCC has been recorded at September 30, 2013. In connection with this change in the indefinite reinvestment assertion, the Company recorded a reversal of a deferred tax liability of $3.2 million in 2011 previously reported as a component of other comprehensive income. The reversal was recorded in that year’s earnings as backwards tracing of such amounts to other comprehensive income is prohibited. Unremitted earnings of $34.6 million were considered permanently reinvested at September 30, 2013. Of this amount, $31.0 million of unremitted earnings were previously taxed in the U.S. and the remittance on these earnings would not generate additional U.S. tax. | |||||||||||||
ASC 740 provides that the effect of an election for a voluntary change in tax status is recognized for accounting purposes on the approval date. Therefore all of the associated adjustments to the Company’s income tax accounts for the above approved election were recorded in the fourth quarter of 2011, including the adjustments resulting from a lower Canadian tax rate compared to the U.S. tax rate in 2011 and 2010. Deferred assets and liabilities that were recorded over the time BRSCC was treated as a pass-through entity were derecognized and the resulting impact was included in income from continuing operations, including items previously reported in other financial statement components (such as in other comprehensive income as noted above). | |||||||||||||
As of September 30, 2013, there were no available tax benefits related to foreign tax credit carryforwards. Available tax benefits related to foreign tax credit carryforwards as of September 30, 2012 totaling $288 were utilized against foreign income included in the U.S. tax return for the fiscal year ended September 30, 2012. | |||||||||||||
As of September 30, 2013, goodwill was $469,203, of which $315,207 can be amortized for income tax purposes. | |||||||||||||
As of September 30, 2013, there was $364 of uncertain tax positions which, if recognized, would affect the Company’s effective tax rate. The Company’s continuing practice is to recognize any interest and penalties related to income tax matters in income tax expense in the consolidated statements of operations.A reconciliation of the beginning and ending amounts of the gross unrecognized income tax benefits is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars in thousands) | |||||||||||||
Balance, beginning of year | $ | 164 | $ | 57 | |||||||||
Current year uncertain tax positions | 200 | 164 | |||||||||||
Expiration of statutes of limitations | - | -57 | |||||||||||
Balance, end of year | $ | 364 | $ | 164 | |||||||||
In 2013, 2012, and 2011, the Company had reductions in income taxes payable of $12,125, $6,698 and $1,782, respectively, as a result of stock option exercises. | |||||||||||||
The Company has operations in 39 U.S. states and six provinces in Canada and is subject to tax audits in each of these jurisdictions and federally in both the United States and Canada. These audits may involve complex issues, which may require an extended period of time to resolve. The Company has provided for its estimate of taxes payable in the accompanying financial statements. Additional taxes are reasonably possible, however the amounts cannot be estimated at this time. The Company is no longer subject to U.S. federal tax examinations for fiscal years prior to 2010. For the majority of states, the Company is also no longer subject to tax examinations for fiscal years before 2010. In Canada, the Company is no longer subject to tax examinations for fiscal years prior to 2008. For the Canadian provinces, the Company is no longer subject to tax examinations for fiscal years before 2010. | |||||||||||||
Contingencies
Contingencies | 12 Months Ended |
Sep. 30, 2013 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
13. Contingencies | |
The Company is subject to loss contingencies pursuant to various federal, state and local environmental laws and regulations; however, the Company is not aware of any reasonably possible losses that would have a material impact on its results of operations, financial position, or liquidity. Potential loss contingencies include possible obligations to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical or other substances by the Company or by other parties. In connection with its acquisitions, the Company has been indemnified for any and all known environmental liabilities as of the respective dates of acquisition. Historically, environmental liabilities have not had a material impact on the Company's results of operations, financial position or liquidity. | |
The Company is subject to litigation from time to time in the ordinary course of business; however the Company does not expect the results, if any, to have a material adverse impact on its results of operations, financial position or liquidity. | |
Geographic_and_Product_Data
Geographic and Product Data | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Geographic and Product Data [Abstract] | ' | ||||||||||||||||||||||||||||
Geographic and Product Data | ' | ||||||||||||||||||||||||||||
14. Geographic and Product Data | |||||||||||||||||||||||||||||
The Company's geographic and product information was as follows: | |||||||||||||||||||||||||||||
Year Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Property | Property | Property | |||||||||||||||||||||||||||
Income | and | Income | and | Income | and | ||||||||||||||||||||||||
Net | before | Equipment, | Net | before | Equipment, | Net | before | Equipment, | |||||||||||||||||||||
Revenues | taxes | net | Revenues | taxes | net | Revenues | taxes | net | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
U.S. | $ | 2,064,135 | $ | 116,853 | $ | 58,399 | $ | 1,873,584 | $ | 122,836 | $ | 49,782 | $ | 1,676,072 | $ | 85,171 | $ | 40,667 | |||||||||||
Canada | 176,588 | 4,621 | 9,260 | 170,074 | 3,663 | 7,594 | 141,351 | 5,207 | 6,760 | ||||||||||||||||||||
Total | $ | 2,240,723 | $ | 121,474 | $ | 67,659 | $ | 2,043,658 | $ | 126,499 | $ | 57,376 | $ | 1,817,423 | $ | 90,378 | $ | 47,427 | |||||||||||
Net revenues from external customers by product group were as follows: | |||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Residential roofing products | $ | 1,100,508 | $ | 1,023,547 | $ | 849,970 | |||||||||||||||||||||||
Non-residential roofing products | 822,726 | 757,906 | 718,145 | ||||||||||||||||||||||||||
Complementary building products | 317,489 | 262,205 | 249,308 | ||||||||||||||||||||||||||
Total | $ | 2,240,723 | $ | 2,043,658 | $ | 1,817,423 | |||||||||||||||||||||||
Prior year revenues by product group are presented in a manner consistent with the current year’s product classifications. | |||||||||||||||||||||||||||||
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Allowance For Doubtful Accounts [Abstract] | ' | |||||||||||||
Allowance for Doubtful Accounts | ' | |||||||||||||
15. Allowance for Doubtful Accounts | ||||||||||||||
The activity in the allowance for doubtful accounts consisted of the following: | ||||||||||||||
Balance at | ||||||||||||||
beginning | Provision | Balance at | ||||||||||||
Fiscal Year | of year | Additions | Write-offs | end of year | ||||||||||
(dollars in thousands) | ||||||||||||||
30-Sep-13 | $ | 13,464 | $ | 369 | $ | -4,001 | $ | 9,832 | ||||||
30-Sep-12 | $ | 13,816 | $ | 4,619 | $ | -4,971 | $ | 13,464 | ||||||
30-Sep-11 | $ | 11,817 | $ | 7,960 | $ | -5,960 | $ | 13,816 | ||||||
Financial_Derivatives
Financial Derivatives | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Financial Derivatives [Abstract] | ' | |||||||||||
Financial Derivatives | ' | |||||||||||
16. Financial Derivatives | ||||||||||||
The Company uses derivative financial instruments to manage its exposure related to fluctuating cash flows from changes in interest rates. Use of derivative financial instruments in hedging programs subjects the Company to certain risks, such as market and credit risks. Market risk represents the possibility that the value of the derivative instrument will change. In a hedging relationship, the change in the value of the derivative is offset to a great extent by the change in the value of the underlying hedged item. Credit risk related to derivatives represents the possibility that the counterparty will not fulfill the terms of the contract. The notional, or contractual, amount of derivative financial instrument is used to measure interest to be paid or received and does not represent the Company’s exposure due to credit risk. The Company’s current derivative instruments are with large financial counterparties rated highly by nationally recognized credit rating agencies. | ||||||||||||
As of September 30, 2013, the outstanding interest rate derivative instruments included a $213.8 million interest rate swap with interest payments at a fixed rate of 1.38%. This interest rate swap has been designated as an effective cash flow hedge and amortizes at $2.8 million per quarter beginning on June 28, 2013 and expires on March 31, 2017. | ||||||||||||
For derivative instruments designated as cash flow hedges, the Company records the effective portions of changes in their fair value, net of taxes, in other comprehensive income. The effectiveness of the hedges is periodically assessed by the Company during the lives of the hedges by 1) comparing the current terms of the hedges with the related hedged debt to assure they continue to coincide and 2) through an evaluation of the ability of the counterparties to the hedges to honor their obligations under the hedges. Any ineffective portions of the hedges are recognized in earnings through interest expense, financing costs and other. The Company’s refinancing transaction in 2012 resulted in hedge ineffectiveness on three derivative instruments that expired in April 2013, as the underlying term debt being hedged was repaid before the expiration of the derivative instruments. This resulted in a $4.9 million charge to interest expense financing costs and other in the third quarter of 2012 for the fair value of the derivative instruments previously recorded as a component of comprehensive loss. Subsequent changes in the fair value of those swaps are also being recognized in interest expense financing costs and other. | ||||||||||||
The Company records any differences paid or received on its interest rate hedges as adjustments to interest expense, financing costs and other. The table below presents the combined fair values of the interest rate derivative instruments: | ||||||||||||
Unrealized Losses | ||||||||||||
Location on | September 30, | September 30, | ||||||||||
Instrument | Balance Sheet | 2013 | 2012 | Fair Value Hierarchy | ||||||||
(dollars in thousands) | ||||||||||||
Designated interest rate swaps (effective) | Accrued expenses | $ | 3,731 | $ | 6,005 | |||||||
Non-designated interest rate swaps (ineffective) | Accrued expenses | - | 2,621 | Level 2 | ||||||||
$ | 3,731 | $ | 8,626 | |||||||||
The fair values of the interest rate hedges were determined through the use of pricing models, which utilize verifiable inputs such as market interest rates that are observable at commonly quoted intervals (generally referred to as the “LIBOR Curve”) for the full terms of the hedge agreements. These values reflect a Level 2 measurement under the applicable fair value hierarchy. | ||||||||||||
The table below presents the amounts of gain (loss) on the interest rate derivative instruments recognized in other comprehensive income (OCI): | ||||||||||||
(dollars in thousands) | 2013 | 2012 | ||||||||||
Amount of Gain (Loss) Recognized in OCI (net of tax) | ||||||||||||
Designated interest rate swaps | $ | 1,399 | $ | -3,660 | ||||||||
Non-designated interest rate swaps (reclassified from accumulated OCI) | - | 2,984 | ||||||||||
The table below presents the amounts of gain (loss) on the interest rate derivative instruments recognized in interest expense and other financing costs: | ||||||||||||
(dollars in thousands) | 2013 | 2012 | ||||||||||
Amount of Gain (Loss) Recognized in Interest Expense, Financing Costs and Other | ||||||||||||
Non-designated interest rate swaps | $ | 7 | $ | 2,311 | ||||||||
Non-designated interest rate swaps (reclassified from accumulated OCI) | - | -4,932 | ||||||||||
$ | 7 | $ | -2,621 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||
Consolidation | ' | ||||||||||
Consolidation | |||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company transactions have been eliminated. Certain reclassifications have been made to the prior year information to conform to the current year presentation. | |||||||||||
Fiscal Year | ' | ||||||||||
Fiscal Year | |||||||||||
The fiscal years presented are the years ended September 30, 2013 ("2013"), September 30, 2012 (“2012”), and September 30, 2011 (“2011”). Each of the Company's first three quarters ends on the last day of the calendar month. | |||||||||||
Industry Segment Information | ' | ||||||||||
Industry Segment Information | |||||||||||
Based on qualitative and quantitative criteria, the Company has determined that it operates within one reportable segment, which is the wholesale distribution of building materials. Please refer to the “Goodwill” summary below for discussion of the Company’s reporting unit and the related impairment review. | |||||||||||
Cash and Cash Equivalents | ' | ||||||||||
Cash and Cash Equivalents | |||||||||||
The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents also include unsettled credit card transactions. Cash equivalents are comprised of money market funds which invest primarily in commercial paper or bonds with a rating of A-1 or better, and bank certificates of deposit. | |||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | ' | ||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||
Accounts receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects the Company’s estimate of credit exposure, determined principally on the basis of its collection experience, aging of its receivables and significant individual account credit risk. | |||||||||||
Inventories and Rebates | ' | ||||||||||
Inventories and Rebates | |||||||||||
Inventories, consisting substantially of finished goods, are valued at the lower of cost or market (net realizable value). Cost is determined using the moving weighted-average cost method. | |||||||||||
The Company's arrangements with vendors typically provide for rebates after it makes a special purchase and/or monthly, quarterly and/or annual rebates of a specified amount of consideration payable when a number of measures have been achieved, generally related to a specified cumulative level of calendar-year purchases. The Company accounts for such rebates as a reduction of the inventory value until the product is sold, at which time such rebates reduce cost of sales in the consolidated statements of operations. Throughout the year, the Company estimates the amount of the periodic rebates based upon the expected level of purchases. The Company continually revises these estimates to reflect actual rebates earned based on actual purchase levels. Amounts due from vendors under these arrangements as of September 30, 2013 and September 30, 2012 totaled $49.5 million and $37.4 million, respectively, and are included in "Prepaid expenses and other current assets" in the accompanying consolidated balance sheets. | |||||||||||
Property and Equipment | ' | ||||||||||
Property and Equipment | |||||||||||
Property and equipment acquired in connection with acquisitions are recorded at fair value as of the date of the acquisition and depreciated utilizing the straight-line method over the remaining lives. All other additions are recorded at cost, and depreciation is computed using the straight-line method over the following estimated useful lives: | |||||||||||
Asset | Estimated Useful Life | ||||||||||
Buildings and improvements | 10 to 40 years | ||||||||||
Equipment | 3 to 10 years | ||||||||||
Furniture and fixtures | 5 to 10 years | ||||||||||
Leasehold improvements | Shorter of the estimated useful life or the term of the lease, considering renewal options expected to be exercised. | ||||||||||
Revenue Recognition | ' | ||||||||||
Revenue Recognition | |||||||||||
The Company recognizes revenue when the following four basic criteria are met: | |||||||||||
· | persuasive evidence of an arrangement exists; | ||||||||||
· | delivery has occurred or services have been rendered; | ||||||||||
· | the price to the buyer is fixed and determinable; and | ||||||||||
· | collectability is reasonability assured. | ||||||||||
Based on these criteria, the Company generally recognizes revenue at the point of sale or upon delivery to the customer site. For goods shipped by third party carriers, the Company recognizes revenue upon shipment since the terms are generally FOB shipping point. The Company also arranges for certain products to be shipped directly from the manufacturer to the customer. The Company recognizes the gross revenue for these sales upon notifications of deliveries from the vendors. | |||||||||||
The Company also provides certain job site delivery services, which include crane rentals and rooftop deliveries of certain products, for which the associated revenues are recognized upon completion of the services. These revenues represent less than 1% of the Company's sales. | |||||||||||
All revenues recognized are net of sales taxes collected, allowances for discounts and estimated returns. Sales taxes collected are subsequently remitted to the appropriate government authorities. | |||||||||||
Shipping and Handling Costs | ' | ||||||||||
Shipping and Handling Costs | |||||||||||
The Company classifies shipping and handling costs, consisting of driver wages and vehicle expenses, as operating expenses in the accompanying consolidated statements of operations. Shipping and handling costs were approximately $103,544 in 2013, $85,888 in 2012, and $75,172 in 2011. | |||||||||||
Financial Derivatives | ' | ||||||||||
Financial Derivatives | |||||||||||
The Company enters into interest rate swaps to minimize the risks and costs associated with financing activities, as well as to maintain an appropriate mix of fixed-rate and floating-rate debt. The swap agreements are contracts to exchange variable-rate for fixed-interest rate payments over the life of the agreements. The Company's current derivative instruments are designated as cash flow hedges, for which the Company records the effective portions of changes in their fair value, net of tax, in other comprehensive income. The Company recognizes any ineffective portion of the hedges in earnings through interest expense, financing costs and other. The Company's refinancing transaction in April 2012 resulted in hedge ineffectiveness on the derivative instruments that expired in April 2013, as the underlying term debt being hedged was repaid before the expiration of the derivative instruments. | |||||||||||
Concentrations of Risk | ' | ||||||||||
Concentrations of Risk | |||||||||||
Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of accounts receivable. The Company's accounts receivable are primarily from customers in the building industry located in the United States and Canada. Concentration of credit risk with respect to accounts receivable is limited due to the large number of customers comprising the Company's customer base. The Company performs credit evaluations of its customers; however, the Company's policy is not to require collateral. At September 30, 2013 and 2012, the Company had no significant concentrations of credit risk. | |||||||||||
The Company purchases a major portion of its products from a small number of vendors. Approximately two-thirds of the Company’s total cost of inventory purchases was from 11 vendors in 2013, 12 vendors in 2012 and 9 vendors in 2011. In addition, more than 10% of the total cost of purchases was made from each of three vendors in 2013, 2012 and 2011. | |||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||
Impairment of Long-Lived Assets | |||||||||||
Impairment losses are required to be recorded on long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying value. If such assets are considered to be impaired, the impairment to be recognized is the total by which the carrying value exceeds the fair value of the assets. | |||||||||||
Amortizable and Other Intangible Assets | ' | ||||||||||
Amortizable and Other Intangible Assets | |||||||||||
The Company amortizes its identifiable intangible assets, currently consisting of non-compete agreements, customer relationships and deferred financing costs, because these assets have finite lives. Non-compete agreements are amortized on a straight-line basis over the terms of the associated contractual agreements; customer relationship assets are amortized on an accelerated basis based on the expected cash flows generated by the existing customers; and deferred financing costs are amortized over the lives of the associated financings. Trademarks are not amortized because they have indefinite lives. The Company evaluates its trademarks for impairment on an annual basis based on the fair value of the underlying assets. | |||||||||||
The Company applied the provisions of Accounting Standards No. 2012-02, Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, which permits an entity the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. | |||||||||||
Based on management’s 2013 year-end review, the Company concluded that there were no indicators of impairment and therefore it was more likely than not that the fair value of the other intangible assets exceeded the net carrying amount and there was no reason to perform the two-step impairment test as of September 30, 2013. For the evaluation of trademarks, the main factor reviewed was the revenue base, which was relied upon in applying the royalty savings method at inception, to be derived from covered product sales made under the trademarks. The Company also reviewed the latest projected revenues. In addition, there have been no specific events or circumstances that management believes have negatively affected the value of the trademarks. | |||||||||||
Goodwill | ' | ||||||||||
Goodwill | |||||||||||
The Company tests goodwill for impairment in the fourth quarter of each fiscal year or at any other time when impairment indicators exist. Examples of such indicators include a significant change in the business climate, unexpected competition, loss of key personnel or a decline in the Company’s market capitalization below the Company’s net book value. | |||||||||||
The Company performs a qualitative assessment based on economic, industry and company-specific factors as the initial step in the annual goodwill impairment test for all or selected reporting units. Based on the results of the qualitative assessment, companies are only required to perform Step 1 of the annual impairment test for a reporting unit if the company concludes that it is more likely than not that the unit’s fair value is less than its carrying amount. | |||||||||||
To the extent the Company concludes it is more likely than not that a reporting unit’s fair value is less than its carrying amount, the two-step approach is applied. The first step would require a comparison of each reporting unit’s fair value to the respective carrying value. If the carrying value exceeds the fair value, a second step is performed to measure the amount of impairment loss, if any. | |||||||||||
The Company assesses goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, referred to as a component (i.e. a business for which discrete financial information is available and regularly reviewed by component managers). The Company currently has five components which it evaluates for aggregation. | |||||||||||
The Company evaluates the distribution methods, sales mix, and operating results of each of its components to determine if these characteristics have or will be sustained over a long-term basis. For purposes of this evaluation, the Company would expect its components to exhibit similar economic characteristics 3-5 years after events such as an acquisition within the Company’s core roofing business or management/business restructuring. This evaluation also considers major storm activity or local economic challenges that may impact the short term operations of an individual component. Components that exhibit similar economic characteristic are subsequently aggregated into a single reporting unit. | |||||||||||
Based on the Company’s evaluation at August 31, 2013, it was determined that all of the Company’s components exhibited similar economic characteristics and therefore were aggregated into a single reporting unit (collectively the “Reporting Unit”). | |||||||||||
The Company concluded that the fair value of the Reporting Unit has more likely than not exceeded its respective carrying value at the goodwill measurement date. This position is consistent with the 2013 operating results in which sales for the Reporting Unit exceeded those in the prior year by 9.6%. The Company noted that operating income as compared to prior year decreased by 9.7%. The decrease in the operating margin reflects short term pricing pressure experienced by the Company. The Company expects the Reporting Unit to experience moderate growth in the near future. The Company’s analysis further noted the total market capitalization exceeded the Company’s carrying value by approximately 179% at August 31, 2013. This compares to 105% and 62% for that same measure at August 31, 2012 and 2011, respectively. In addition, the Company did not identify any macroeconomic or industry conditions or cost related factors that would indicate the fair value of the Reporting Unit was more likely than not to be less than its respective carrying value. | |||||||||||
Lastly, there have been no events or circumstances since the date of the above assessments that would change the Company’s conclusion. If circumstances change or events occur to indicate it is more likely than not that the fair value of the Reporting Unit (under the guidelines discussed above) has fallen below its carrying values, the Company would test such Reporting Unit for impairment. | |||||||||||
Stock-Based Compensation | ' | ||||||||||
Stock-Based Compensation | |||||||||||
The Company accounts for employee and non-employee director stock-based compensation using the fair value method of accounting. Compensation cost arising from stock options and restricted stock awards granted to employees and non-employee directors is recognized using the straight-line method over the vesting period, which represents the requisite service or performance period. In calculating the expense related to stock-based compensation, the Company estimates option forfeitures and projects the number of restricted shares and units that are expected to vest based on the related performance measures. | |||||||||||
The Company recorded stock-based compensation expense of $9.3 million ($5.6 million net of tax) or $0.11 per basic share and per diluted share in 2013, $7.9 million ($4.8 million net of tax) or $0.10 per basic share and per diluted share in 2012, and $6.1 million ($3.7 million net of tax) or $0.08 per basic share and per diluted share in 2011. At September 30, 2013, the Company had $21.9 million of excess tax benefits available for potential deferred tax write-offs related to previously recognized stock-based compensation. | |||||||||||
Comprehensive Gain (Loss) | ' | ||||||||||
Comprehensive Gain (Loss) | |||||||||||
Accumulated other comprehensive gain (loss) consisted of the following: | |||||||||||
September 30, | September 30, | ||||||||||
2013 | 2012 | ||||||||||
(dollars in thousands) | |||||||||||
Foreign currency translation adjustment | $ | 1,885 | $ | 6,286 | |||||||
Foreign currency translation adjustment, net | 1,885 | 6,286 | |||||||||
Unrealized loss on financial derivatives | -3,737 | -6,004 | |||||||||
Tax effect | 1,476 | 2,344 | |||||||||
Unrealized loss on financial derivatives, net | -2,261 | -3,660 | |||||||||
Accumulated other comprehensive gain (loss) | $ | -376 | $ | 2,626 | |||||||
Net Income per Share | ' | ||||||||||
Net Income per Share | |||||||||||
Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted average number of common shares and dilutive common share equivalents then outstanding using the treasury stock method. Common equivalent shares consist of the incremental common shares issuable upon the exercise of stock options. | |||||||||||
The following table reflects the calculation of weighted average shares outstanding for each period presented: | |||||||||||
Year Ended September 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Weighted-average common shares outstanding for basic | 48,472,240 | 46,718,948 | 45,919,198 | ||||||||
Dilutive effect of stock options | 913,095 | 1,122,019 | 833,954 | ||||||||
Weighted-average shares assuming dilution | 49,385,335 | 47,840,967 | 46,753,152 | ||||||||
Fair Value of Financial Instruments | ' | ||||||||||
Fair Value of Financial Instruments | |||||||||||
Financial instruments consist mainly of cash and cash equivalents, accounts receivable, accounts payable, borrowings under the Company's revolving lines of credit and long-term debt. Except for the long-term debt, these instruments are short-term in nature, and there is currently no known trading market for the Company’s debt. Therefore, at September 30, 2013 and 2012, the Company believes the carrying amounts of its financial instruments approximated their fair values. Please refer to Note 16 for disclosures of the Company’s financial derivatives that are recorded at fair value. The Company recorded the estimated fair value of contingent consideration as reported in Note 4 based on expected likelihood of such payments under various scenarios. Subsequent changes in fair value were recorded in the Company’s consolidated statements of operations. | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | |||||||||||
The Company accounts for income taxes using the liability method, which requires it to recognize a current tax liability or asset for current taxes payable or refundable and a deferred tax liability or asset for the estimated future tax effects of temporary differences between the financial statement and tax reporting bases of assets and liabilities to the extent that they are realizable. Deferred tax expense (benefit) results from the net change in deferred tax assets and liabilities during the year. See Note 12 for a discussion of the 2011 impact from a change in the tax status of the Company’s Canadian operations. | |||||||||||
FASB ASC Topic 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Based on this guidance, the Company analyzes its filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. Tax benefits from uncertain tax positions are recognized if it is more likely than not that the position is sustainable based solely on its technical merits. | |||||||||||
Foreign Currency Translation | ' | ||||||||||
Foreign Currency Translation | |||||||||||
The assets and liabilities of the Company's foreign regions, Beacon Roofing Supply Canada Company ("BRSCC") and Enercon Products (“Enercon”), are translated into U.S. dollars at current exchange rates as of the balance sheet date, and revenues and expenses are translated at average monthly exchange rates. Net unrealized translation gains or losses associated with the Canadian net assets are recorded directly to a separate component of stockholders' equity, net of the related deferred taxes prior to 2011 (see Note 12). Realized gains and losses from foreign currency transactions were not material for any of the periods presented. The Company has inter-company receivables from both BRSCC and Enercon, for which the short-term portion is marked to market each period with a corresponding entry recorded as a component of the consolidated statement of operations. Since repayment of the long-term portion is not planned or anticipated in the foreseeable future, the long-term balances are marked to market each period with a corresponding entry recorded as a separate component of stockholders' equity. | |||||||||||
Adoption of Recent Accounting Pronouncements | ' | ||||||||||
Adoption of Recent Accounting Pronouncements | |||||||||||
During fiscal year 2013, the Company adopted Accounting Standards Update ("ASU") 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income (“ASU 2011-05”), which requires companies to present net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. In addition, ASU 2011-05 eliminates the option for companies to present the components of other comprehensive income as part of the statement of changes in shareowners' equity. In December 2011, the FASB issued ASU 2011-12 which deferred the requirement to present components of reclassifications of other comprehensive income on the face of the income statement. The Company chose to present net earnings and other comprehensive income in two separate but consecutive statements. The adoption of this guidance had no impact on the Company's consolidated financial position, results of operations or cash flows. | |||||||||||
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 finalizes the requirements of ASU 2011-05 that ASU 2011-12 deferred, clarifying how to report the effect of significant reclassifications out of accumulated other comprehensive income (“AOCI”) by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the accompanying notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, companies are required to cross-reference to other disclosures that provide additional detail on those amounts. The Company chose to present the requirements in the notes to the financial statements. The adoption of this guidance had no impact on the Company's consolidated financial position, results of operations or cash flows. | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Property and Equipment | |||||||||||
Property and equipment acquired in connection with acquisitions are recorded at fair value as of the date of the acquisition and depreciated utilizing the straight-line method over the remaining lives. All other additions are recorded at cost, and depreciation is computed using the straight-line method over the following estimated useful lives: | |||||||||||
Asset | Estimated Useful Life | ||||||||||
Buildings and improvements | 10 to 40 years | ||||||||||
Equipment | 3 to 10 years | ||||||||||
Furniture and fixtures | 5 to 10 years | ||||||||||
Leasehold improvements | Shorter of the estimated useful life or the term of the lease, considering renewal options expected to be exercised. | ||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||
Accumulated other comprehensive gain (loss) consisted of the following: | |||||||||||
September 30, | September 30, | ||||||||||
2013 | 2012 | ||||||||||
(dollars in thousands) | |||||||||||
Foreign currency translation adjustment | $ | 1,885 | $ | 6,286 | |||||||
Foreign currency translation adjustment, net | 1,885 | 6,286 | |||||||||
Unrealized loss on financial derivatives | -3,737 | -6,004 | |||||||||
Tax effect | 1,476 | 2,344 | |||||||||
Unrealized loss on financial derivatives, net | -2,261 | -3,660 | |||||||||
Accumulated other comprehensive gain (loss) | $ | -376 | $ | 2,626 | |||||||
Calculation of Weighted Average Shares Outstanding | ' | ||||||||||
The following table reflects the calculation of weighted average shares outstanding for each period presented: | |||||||||||
Year Ended September 30, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Weighted-average common shares outstanding for basic | 48,472,240 | 46,718,948 | 45,919,198 | ||||||||
Dilutive effect of stock options | 913,095 | 1,122,019 | 833,954 | ||||||||
Weighted-average shares assuming dilution | 49,385,335 | 47,840,967 | 46,753,152 | ||||||||
Goodwill_Intangibles_and_Other1
Goodwill, Intangibles and Other Assets (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Goodwill Intangible Assets and Other Assets [Abstract] | ' | |||||||
Intangibles and Other Assets, Included in Other Long-term Assets | ' | |||||||
Intangibles and other assets, included in other long-term assets, consisted of the following: | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
(dollars in thousands) | ||||||||
Amortizable intangible assets | ||||||||
Non-compete agreements | $ | 3,552 | $ | 8,062 | ||||
Customer relationships | 163,383 | 138,473 | ||||||
Beneficial lease arrangements | 636 | 610 | ||||||
Deferred financing costs | 5,810 | 5,886 | ||||||
173,381 | 153,031 | |||||||
Less: accumulated amortization | 90,725 | 81,008 | ||||||
82,656 | 72,023 | |||||||
Unamortizable trademarks | 9,750 | 9,750 | ||||||
Other assets | 4,345 | 3,897 | ||||||
Total other assets, net | $ | 96,751 | $ | 85,670 | ||||
Estimated Future Annual Amortization | ' | |||||||
Estimated future annual amortization for the above intangible assets as of September 30, 2013 is as follows: | ||||||||
Future | ||||||||
(dollars in thousands) | Amortization | |||||||
Year ending September 30, | ||||||||
2014 | $ | 15,210 | ||||||
2015 | 12,929 | |||||||
2016 | 10,957 | |||||||
2017 | 8,659 | |||||||
2018 | 6,885 | |||||||
Thereafter | 28,016 | |||||||
Total future amortization | $ | 82,656 | ||||||
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Prepaid Expenses and Other Current Assets [Abstract] | ' | |||||||
Significant Components of Prepaid Expenses and Other Current Assets | ' | |||||||
The significant components of prepaid expenses and other current assets were as follows: | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
(dollars in thousands) | ||||||||
Vendor rebates | $ | 49,487 | $ | 37,398 | ||||
Prepaid income taxes | 2,375 | 12,314 | ||||||
Other | 10,560 | 10,575 | ||||||
$ | 62,422 | $ | 60,287 | |||||
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property and Equipment, net [Abstract] | ' | |||||||
Property and Equipment, Net | ' | |||||||
Property and equipment, net, consisted of the following: | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
(dollars in thousands) | ||||||||
Land | $ | 3,308 | $ | 3,317 | ||||
Buildings and leasehold improvements | 27,067 | 24,066 | ||||||
Equipment | 149,178 | 132,715 | ||||||
Furniture and fixtures | 14,338 | 12,370 | ||||||
193,891 | 172,468 | |||||||
Less: accumulated depreciation and amortization | 126,232 | 115,092 | ||||||
$ | 67,659 | $ | 57,376 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accrued Expenses [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
The significant components of accrued expenses were as follows: | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
(dollars in thousands) | ||||||||
Uninvoiced inventory receipts | $ | 12,061 | $ | 9,307 | ||||
Employee-related accruals | 22,994 | 26,752 | ||||||
Unrealized loss on financial derivatives | 3,731 | 8,626 | ||||||
Other | 29,512 | 26,942 | ||||||
$ | 68,298 | $ | 71,627 | |||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Financing Arrangements [Abstract] | ' | |||||||||||||
Senior Notes Payable under the Term Loan | ' | |||||||||||||
Senior notes payable under the Term Loan consisted of the following: | ||||||||||||||
September 30, | September 30, | |||||||||||||
(dollars in thousands) | 2013 | 2012 | ||||||||||||
Senior notes payable to commercial lenders, | ||||||||||||||
due in equal quarterly payments of principal of $2.8 million with | ||||||||||||||
the remainder due in 2017, plus interest at the higher of the prime | ||||||||||||||
rate or the Federal Funds Rate plus 0.50%, plus a margin rate (4.00% at | ||||||||||||||
September 30, 2012) or LIBOR plus 1.75% (1.93% at September 30, 2013) | 208,125 | 219,375 | ||||||||||||
Less current portion | 11,250 | 11,250 | ||||||||||||
$ | 196,875 | $ | 208,125 | |||||||||||
Annual Principal Payments for All Outstanding Borrowings for Each of the Next Five Years and Thereafter | ' | |||||||||||||
Annual principal payments for all outstanding borrowings for each of the next five years and thereafter as of September 30, 2013 were as follows: | ||||||||||||||
Revolving | ||||||||||||||
(dollars in thousands) | Senior Secured | Equipment | Lines of | |||||||||||
Fiscal year | Credit Facility | Financing | Credit | Total | ||||||||||
2014 | $ | 11,250 | $ | 3,848 | $ | 47,426 | $ | 62,524 | ||||||
2015 | 11,250 | 2,087 | - | 13,337 | ||||||||||
2016 | 11,250 | 1,621 | - | 12,871 | ||||||||||
2017 | 174,375 | 1,433 | - | 175,808 | ||||||||||
2018 | - | 588 | - | 588 | ||||||||||
Thereafter | - | 1,065 | - | 1,065 | ||||||||||
Subtotal | 208,125 | 10,642 | 47,426 | 266,193 | ||||||||||
Less current portion | 11,250 | 3,848 | 47,426 | 62,524 | ||||||||||
Total long-term debt | $ | 196,875 | $ | 6,794 | $ | - | $ | 203,669 | ||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Leases [Abstract] | ' | ||||
Minimal Rental Commitments under all Non-cancelable Operating Leases | ' | ||||
At September 30, 2013, the minimal rental commitments under all non-cancelable operating leases with initial or remaining terms of more than one year were as follows: | |||||
Operating | |||||
(dollars in thousands) | Leases | ||||
Year ending September 30, | |||||
2014 | 31,739 | ||||
2015 | 26,466 | ||||
2016 | 20,216 | ||||
2017 | 13,160 | ||||
2018 | 6,661 | ||||
Thereafter | 10,813 | ||||
Total minimum lease payments | $ | 109,055 | |||
Stock_Options_and_Restricted_S1
Stock Options and Restricted Stock Awards (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Stock Options and Restricted Stock Awards [Abstract] | ' | |||||||||||||
Fair Values of Options, Black-Scholes Option-Pricing Model, Weighted-Average Assumptions | ' | |||||||||||||
The fair values of the options were estimated on the dates of grants using the Black-Scholes option-pricing model with the following weighted-average assumptions: | ||||||||||||||
Year Ended September 30, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Dividend yield | - | - | - | |||||||||||
Expected life in years | 5.7 | 6.5 | 7 | |||||||||||
Risk-free interest rate | 0.6 | % | 0.94 | % | 1.51 | % | ||||||||
Expected volatility | 43.8 | % | 47 | % | 48 | % | ||||||||
Weighted average fair value of options granted | $ | 12.59 | $ | 8.78 | $ | 7.82 | ||||||||
Stock Options Outstanding and Activity During the Period | ' | |||||||||||||
Information regarding the Company's stock options is summarized below (not in thousands): | ||||||||||||||
Weighted- | ||||||||||||||
Weighted- | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Number of | Exercise | Contractual | Intrinsic | |||||||||||
Shares | Price | Life | Value | |||||||||||
(in millions) | ||||||||||||||
Outstanding at September 30, 2010 | 3,773,732 | $ | 14.41 | |||||||||||
Granted | 701,249 | 15.57 | ||||||||||||
Exercised | -490,249 | 10.81 | ||||||||||||
Canceled | -89,149 | 14.91 | ||||||||||||
Outstanding at September 30, 2011 | 3,895,583 | 15.06 | ||||||||||||
Granted | 789,332 | 18.78 | ||||||||||||
Exercised | -1,508,544 | 14.24 | ||||||||||||
Canceled | -109,291 | 16.65 | ||||||||||||
Outstanding at September 30, 2012 | 3,067,080 | $ | 16.36 | |||||||||||
Granted | 691,086 | 30.69 | ||||||||||||
Exercised | -1,189,010 | 16.13 | ||||||||||||
Canceled | -64,550 | 22.66 | ||||||||||||
Outstanding at September 30, 2013 | 2,504,606 | $ | 20.26 | 6.9 | $ | 41.6 | ||||||||
Vested or Expected to Vest at September 30, 2013 | 2,404,688 | $ | 20.08 | 6.9 | $ | 40.4 | ||||||||
Exercisable at September 30, 2013 | 1,161,997 | $ | 15.7 | 5.2 | $ | 24.6 | ||||||||
Restricted Shares and Units Outstanding and Activity During the Period | ' | |||||||||||||
Information regarding the Company's restricted shares and units is summarized below (not in thousands): | ||||||||||||||
Weighted- | ||||||||||||||
Weighted- | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Number of | Grant | Contractual | Intrinsic | |||||||||||
Shares | Price | Life | Value | |||||||||||
(in Years) | (in Millions) | |||||||||||||
Outstanding at September 30, 2011 | 135,009 | $ | 16.7 | |||||||||||
Granted | 148,100 | 20.26 | ||||||||||||
Vested | -4,496 | 20.02 | ||||||||||||
Canceled | - | - | ||||||||||||
Outstanding at September 30, 2012 | 278,613 | 18.54 | ||||||||||||
Granted | 138,291 | 31.9 | ||||||||||||
Vested | -42,465 | 18.47 | ||||||||||||
Canceled | -3,268 | 21.85 | ||||||||||||
Outstanding at September 30, 2013 | 371,171 | $ | 23.52 | 2.5 | $ | 13.3 | ||||||||
Vested or Expected to Vest at September 30, 2013 | 371,171 | $ | 23.52 | 2.5 | $ | 13.3 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Tax Provision | ' | ||||||||||||
The income tax provision consisted of the following: | |||||||||||||
Fiscal year | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 34,364 | $ | 34,070 | $ | 24,919 | |||||||
Foreign | 1,895 | 860 | 1,523 | ||||||||||
State | 8,192 | 8,304 | 5,181 | ||||||||||
44,451 | 43,234 | 31,623 | |||||||||||
Deferred: | |||||||||||||
Federal | 3,855 | 6,166 | -296 | ||||||||||
Foreign | -493 | 471 | - | ||||||||||
State | 1,054 | 1,063 | -169 | ||||||||||
4,416 | 7,700 | -465 | |||||||||||
$ | 48,867 | $ | 50,934 | $ | 31,158 | ||||||||
Principal Reason for the Difference Between Effective Income Tax Rate and the Statutory Federal Income | ' | ||||||||||||
The following table shows the principal reasons for the differences between the effective income tax rate and the statutory federal income tax rate: | |||||||||||||
Fiscal Year | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income taxes at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal benefit | 4.95 | 4.84 | 4.42 | ||||||||||
Foreign income taxes | -0.02 | -0.09 | -0.33 | ||||||||||
Change in tax status of foreign entity | - | - | -6.11 | ||||||||||
Non-deductible meals and entertainment | 0.37 | 0.27 | 0.27 | ||||||||||
Tax reserves | 0.16 | - | -0.28 | ||||||||||
Other | -0.23 | 0.24 | 1.5 | ||||||||||
Total | 40.23 | % | 40.26 | % | 34.47 | % | |||||||
Components of the Company's Deferred Taxes | ' | ||||||||||||
The components of the Company's deferred taxes were as follows: | |||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | ||||||||||||
(dollars in thousands) | |||||||||||||
Deferred tax liabilities: | |||||||||||||
Excess tax over book depreciation and amortization | $ | 68,695 | $ | 55,413 | |||||||||
Other | 615 | 600 | |||||||||||
69,310 | 56,013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred compensation | 8,308 | 8,365 | |||||||||||
Allowance for doubtful accounts | 3,692 | 5,337 | |||||||||||
Accrued vacation & other | 4,265 | 3,439 | |||||||||||
Unrealized loss on financial derivatives | 1,467 | 3,373 | |||||||||||
Inventory valuation | 5,166 | 3,390 | |||||||||||
22,898 | 23,904 | ||||||||||||
Net deferred income tax liabilities | $ | 46,412 | $ | 32,109 | |||||||||
Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Income Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amounts of the gross unrecognized income tax benefits is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars in thousands) | |||||||||||||
Balance, beginning of year | $ | 164 | $ | 57 | |||||||||
Current year uncertain tax positions | 200 | 164 | |||||||||||
Expiration of statutes of limitations | - | -57 | |||||||||||
Balance, end of year | $ | 364 | $ | 164 | |||||||||
Geographic_and_Product_Data_Ta
Geographic and Product Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Geographic and Product Data [Abstract] | ' | ||||||||||||||||||||||||||||
Company's Geographic and Product Information | ' | ||||||||||||||||||||||||||||
The Company's geographic and product information was as follows: | |||||||||||||||||||||||||||||
Year Ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Property | Property | Property | |||||||||||||||||||||||||||
Income | and | Income | and | Income | and | ||||||||||||||||||||||||
Net | before | Equipment, | Net | before | Equipment, | Net | before | Equipment, | |||||||||||||||||||||
Revenues | taxes | net | Revenues | taxes | net | Revenues | taxes | net | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
U.S. | $ | 2,064,135 | $ | 116,853 | $ | 58,399 | $ | 1,873,584 | $ | 122,836 | $ | 49,782 | $ | 1,676,072 | $ | 85,171 | $ | 40,667 | |||||||||||
Canada | 176,588 | 4,621 | 9,260 | 170,074 | 3,663 | 7,594 | 141,351 | 5,207 | 6,760 | ||||||||||||||||||||
Total | $ | 2,240,723 | $ | 121,474 | $ | 67,659 | $ | 2,043,658 | $ | 126,499 | $ | 57,376 | $ | 1,817,423 | $ | 90,378 | $ | 47,427 | |||||||||||
Net Revenues from External Customers by Product Group | ' | ||||||||||||||||||||||||||||
Net revenues from external customers by product group were as follows: | |||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Residential roofing products | $ | 1,100,508 | $ | 1,023,547 | $ | 849,970 | |||||||||||||||||||||||
Non-residential roofing products | 822,726 | 757,906 | 718,145 | ||||||||||||||||||||||||||
Complementary building products | 317,489 | 262,205 | 249,308 | ||||||||||||||||||||||||||
Total | $ | 2,240,723 | $ | 2,043,658 | $ | 1,817,423 | |||||||||||||||||||||||
Allowance_for_Doubtful_Account1
Allowance for Doubtful Accounts (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Allowance For Doubtful Accounts [Abstract] | ' | |||||||||||||
Activity in Allowance for Doubtful Accounts | ' | |||||||||||||
The activity in the allowance for doubtful accounts consisted of the following: | ||||||||||||||
Balance at | ||||||||||||||
beginning | Provision | Balance at | ||||||||||||
Fiscal Year | of year | Additions | Write-offs | end of year | ||||||||||
(dollars in thousands) | ||||||||||||||
30-Sep-13 | $ | 13,464 | $ | 369 | $ | -4,001 | $ | 9,832 | ||||||
30-Sep-12 | $ | 13,816 | $ | 4,619 | $ | -4,971 | $ | 13,464 | ||||||
30-Sep-11 | $ | 11,817 | $ | 7,960 | $ | -5,960 | $ | 13,816 | ||||||
Financial_Derivatives_Tables
Financial Derivatives (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Financial Derivatives [Abstract] | ' | |||||||||||
Fair Value of Interest Rate Derivative Instruments | ' | |||||||||||
The Company records any differences paid or received on its interest rate hedges as adjustments to interest expense, financing costs and other. The table below presents the combined fair values of the interest rate derivative instruments: | ||||||||||||
Unrealized Losses | ||||||||||||
Location on | September 30, | September 30, | ||||||||||
Instrument | Balance Sheet | 2013 | 2012 | Fair Value Hierarchy | ||||||||
(dollars in thousands) | ||||||||||||
Designated interest rate swaps (effective) | Accrued expenses | $ | 3,731 | $ | 6,005 | |||||||
Non-designated interest rate swaps (ineffective) | Accrued expenses | - | 2,621 | Level 2 | ||||||||
$ | 3,731 | $ | 8,626 | |||||||||
Schedule of Interest Rate Derivatives | ' | |||||||||||
The table below presents the amounts of gain (loss) on the interest rate derivative instruments recognized in other comprehensive income (OCI): | ||||||||||||
(dollars in thousands) | 2013 | 2012 | ||||||||||
Amount of Gain (Loss) Recognized in OCI (net of tax) | ||||||||||||
Designated interest rate swaps | $ | 1,399 | $ | -3,660 | ||||||||
Non-designated interest rate swaps (reclassified from accumulated OCI) | - | 2,984 | ||||||||||
The table below presents the amounts of gain (loss) on the interest rate derivative instruments recognized in interest expense and other financing costs: | ||||||||||||
(dollars in thousands) | 2013 | 2012 | ||||||||||
Amount of Gain (Loss) Recognized in Interest Expense, Financing Costs and Other | ||||||||||||
Non-designated interest rate swaps | $ | 7 | $ | 2,311 | ||||||||
Non-designated interest rate swaps (reclassified from accumulated OCI) | - | -4,932 | ||||||||||
$ | 7 | $ | -2,621 | |||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Schedule of Property and Equipment Estimated Useful Life) (Detail) | 12 Months Ended |
Sep. 30, 2013 | |
Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | 'Shorter of the estimated useful life or the term of the lease, considering renewal options expected to be exercised. |
Maximum [Member] | Buildings and Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum | '40 years |
Maximum [Member] | Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum | '10 years |
Maximum [Member] | Furniture And Fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum | '10 years |
Minimum [Member] | Buildings and Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum | '10 years |
Minimum [Member] | Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum | '3 years |
Minimum [Member] | Furniture And Fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, minimum | '5 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Foreign currency translation adjustment | $1,885 | $6,286 |
Foreign currency translation adjustment, net | 1,885 | 6,286 |
Unrealized loss on financial derivatives | -3,737 | -6,004 |
Tax effect | 1,476 | 2,344 |
Unrealized loss on financial derivatives, net | -2,261 | -3,660 |
Accumulated other comprehensive gain (loss) | ($376) | $2,626 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Calculation of Weighted Average Shares Outstanding) (Detail) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items] | ' | ' | ' |
Weighted-average common shares outstanding for basic | 48,472,240 | 46,718,948 | 45,919,198 |
Dilutive effect of stock options | 913,095 | 1,122,019 | 833,954 |
Weighted-average shares assuming dilution | 49,385,335 | 47,840,967 | 46,753,152 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Additional Information) (Detail) (USD $) | 12 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Amounts due from vendors due to rebate arrangements | $49,500,000 | $37,400,000 | ' | ' | ' | ' |
Shipping and handling costs | 103,544,000 | 85,888,000 | 75,172,000 | ' | ' | ' |
Stock-based compensation | 9,266,000 | 7,873,000 | 6,073,000 | ' | ' | ' |
Stock-based compensation expense, net of tax | 5,600,000 | 4,800,000 | 3,700,000 | ' | ' | ' |
Stock-based compensation expense per basic and diluted shares | $0.11 | $0.10 | $0.08 | ' | ' | ' |
Excess tax benefit for potential deferred tax write-off previously recognized in stock based compensation | $21,900,000 | ' | ' | ' | ' | ' |
Sales for Aggregated Reporting Unit that exceeded prior year, percentage | 9.60% | ' | ' | ' | ' | ' |
Operating earnings for Aggregated Reporting Unit that exceeded prior year, percentage | -9.70% | ' | ' | ' | ' | ' |
Derivative, Maturity Date | 30-Apr-13 | ' | ' | ' | ' | ' |
Percentage Increase In Market Capitalization Over Carrying Value | ' | ' | ' | 179.00% | 105.00% | 62.00% |
Supplier Concentration Risk [Member] | Cost of Goods, Total [Member] | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Number of vendors | 11 | 12 | 9 | ' | ' | ' |
Major Supplier Concentration Risk [Member] | Cost of Goods, Total [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Job site delivery service revenues as a percentage of Sales | 1.00% | 1.00% | 1.00% | ' | ' | ' |
Goodwill impairment test period | '5 years | ' | ' | ' | ' | ' |
Major Supplier Concentration Risk [Member] | Cost of Goods, Total [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill impairment test period | '3 years | ' | ' | ' | ' | ' |
Goodwill_Intangibles_and_Other2
Goodwill, Intangibles and Other Assets (Intangibles and Other Assets, Included in Other Long-term Assets) (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items] | ' | ' |
Amortizable intangible assets | $173,381 | $153,031 |
Less: accumulated amortization | 90,725 | 81,008 |
Finite-Lived Intangible Assets, Net, Total | 82,656 | 72,023 |
Unamortizable trademarks | 9,750 | 9,750 |
Other assets | 4,345 | 3,897 |
Total other assets, net | 96,751 | 85,670 |
Noncompete Agreements [Member] | ' | ' |
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items] | ' | ' |
Amortizable intangible assets | 3,552 | 8,062 |
Customer Relationships [Member] | ' | ' |
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items] | ' | ' |
Amortizable intangible assets | 163,383 | 138,473 |
Beneficial Lease Arrangements [Member] | ' | ' |
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items] | ' | ' |
Amortizable intangible assets | 636 | 610 |
Deferred Financing Costs [Member] | ' | ' |
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items] | ' | ' |
Amortizable intangible assets | $5,810 | $5,886 |
Goodwill_Intangibles_and_Other3
Goodwill, Intangibles and Other Assets (Estimated Future Annual Amortization) (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 | $15,210 | ' |
2015 | 12,929 | ' |
2016 | 10,957 | ' |
2017 | 8,659 | ' |
2018 | 6,885 | ' |
Thereafter | 28,016 | ' |
Total future amortization | $82,656 | $72,023 |
Goodwill_Intangibles_and_Other4
Goodwill, Intangibles and Other Assets (Additional Information) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Goodwill | $469,203 | $443,161 | ' |
Goodwill, increased during the period | 26,042 | ' | ' |
Goodwill, acquired during period | 27,835 | 59,943 | ' |
Goodwill, foreign currency translation adjustments | 1,793 | 2,299 | ' |
Amortization expense related to intangible assets | $15,087 | $9,829 | $9,442 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '13 years 1 month 6 days | ' | ' |
Maximum [Member] | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Intangible assets life range, minimum | '15 years | ' | ' |
Minimum [Member] | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Intangible assets life range, minimum | '1 year | ' | ' |
Acquisitions_Additional_Inform
Acquisitions (Additional Information) (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Oct. 31, 2011 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 28, 2012 | Dec. 28, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Nov. 11, 2012 | Nov. 11, 2011 | Nov. 11, 2011 | Nov. 11, 2011 | Aug. 31, 2012 | Aug. 31, 2012 | Nov. 01, 2012 | Nov. 01, 2012 | Nov. 01, 2012 | Nov. 01, 2012 | Nov. 01, 2012 | |
Dartmouth And Nova Scotia [Member] | Contract Termination [Member] | Accrued Liabilities [Member] | Other Noncurrent Liabilities [Member] | Ford Wholesale Co [Member] | Ford Wholesale Co [Member] | Structural Materials Co [Member] | Structural Materials Co [Member] | Cassady Pierce Company [Member] | Cassady Pierce Company [Member] | Fowler Peth Inc [Member] | Fowler Peth Inc [Member] | Fowler Peth Inc [Member] | Fowler Peth Inc [Member] | Contractors Roofing Supply Co [Member] | Contractors Roofing Supply Co [Member] | Mcclure-Johnston Co [Member] | Mcclure-Johnston Co [Member] | Mcclure-Johnston Co [Member] | Mcclure-Johnston Co [Member] | Mcclure-Johnston Co [Member] | ||||
Northern California [Member] | Los Angeles and Orange Counties [Member] | Pittsburgh [Member] | Wyoming [Member] | Colorado [Member] | Nebraska [Member] | St. Louis Suburb of O'Fallon, MO [Member] | Pennsylvania [Member] | West Virginia [Member] | Western Maryland [Member] | Georgia [Member] | ||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition total cost | $64,600,000 | $141,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, goodwill | 27,800,000 | 59,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, sales reported by acquired entity for last annual period | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | 81,000,000 | ' | 52,000,000 | ' | 60,000,000 | ' | ' | ' | 14,000,000 | ' | 85,000,000 | ' | ' | ' | ' |
Business acquisition, purchase price adjustments and post closing indemnification claims, liabilities | ' | ' | ' | ' | ' | 3,700,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Stores | 19 | 22 | ' | 1 | ' | ' | ' | ' | 5 | ' | 6 | ' | 6 | ' | 2 | 5 | 1 | ' | 1 | 14 | 8 | 3 | 1 | 2 |
Operating expenses | 401,676,000 | 357,732,000 | 315,883,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal Fees | 700,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Of Acquisition Prices That Remain In Escrow | $6,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets (Significant Components of Prepaid Expenses and Other Current Assets) (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Line Items] | ' | ' |
Vendor rebates | $49,487 | $37,398 |
Prepaid income taxes | 2,375 | 12,314 |
Other | 10,560 | 10,575 |
Prepaid Expense and Other Assets, Current, Total | $62,422 | $60,287 |
Property_and_Equipment_net_Sch
Property and Equipment, net (Schedule of Property and Equipment) (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $193,891 | $172,468 | ' |
Less: accumulated depreciation and amortization | 126,232 | 115,092 | ' |
Property, Plant and Equipment, Net, Total | 67,659 | 57,376 | 47,427 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 3,308 | 3,317 | ' |
Buildings and Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 27,067 | 24,066 | ' |
Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 149,178 | 132,715 | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $14,338 | $12,370 | ' |
Property_and_Equipment_Net_Add
Property and Equipment, Net (Additional Information) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization of property and equipment | $16,410 | $14,524 | $15,618 |
Accrued_Expenses_Significant_C
Accrued Expenses (Significant Components of Accrued Expenses) (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Accrued Liabilities [Line Items] | ' | ' |
Uninvoiced inventory receipts | $12,061 | $9,307 |
Employee-related accruals | 22,994 | 26,752 |
Unrealized loss on financial derivatives | 3,731 | 8,626 |
Other | 29,512 | 26,942 |
Accrued Liabilities, Current, Total | $68,298 | $71,627 |
Financing_Arrangements_Senior_
Financing Arrangements (Senior Notes Payable) (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Senior notes payable to commercial lenders,due in equal quarterly payments of principal of $2.8 million with the remainder due in 2017, plus interest at the higher of the prime rate or the Federal Funds Rate plus 0.50%, plus a margin rate (4.00% at September 30, 2012) or LIBOR plus 1.75% (1.93% at September 30, 2013) | $208,125 | $219,375 |
Less current portion | 11,250 | 11,250 |
Senior notes payable, net of current portion | $196,875 | $208,125 |
Financing_Arrangements_Senior_1
Financing Arrangements (Senior Notes Payable) (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument Basis Spread On Variable Rate Description | 'interest at the higher of the prime rate or the Federal Funds Rate plus 0.50%, plus a margin rate (4.00% at September 30, 2012) or LIBOR plus 1.75% (1.93% at September 30, 2013) | 'interest at the higher of the prime rate or the Federal Funds Rate plus 0.50%, plus a margin rate (4.00% at September 30, 2012) or LIBOR plus 1.75% (1.93% at September 30, 2013) |
Term Loan Facility [Member] | U.S. Senior Secured Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes payable to commercial lenders, required quarterly payments of principal | 2.8 | 2.8 |
Senior notes payable to commercial lenders, interest rate at period end | 1.93% | 1.93% |
Senior notes payable to commercial lenders, due date | '2017 | '2017 |
LIBOR [Member] | Term Loan Facility [Member] | U.S. Senior Secured Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes payable to commercial lenders, interest rate margin | 1.75% | 1.75% |
Financing_Arrangements_Annual_
Financing Arrangements (Annual Principal Payments for All Outstanding Borrowings for Each of the Next Five Years and Thereafter) (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2014 | $62,524 | ' |
2015 | 13,337 | ' |
2016 | 12,871 | ' |
2017 | 175,808 | ' |
2018 | 588 | ' |
Thereafter | 1,065 | ' |
Subtotal | 266,193 | ' |
Less current portion | 62,524 | 56,932 |
Total long-term debt | 203,669 | ' |
Senior Secured Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 11,250 | ' |
2015 | 11,250 | ' |
2016 | 11,250 | ' |
2017 | 174,375 | ' |
2018 | 0 | ' |
Thereafter | 0 | ' |
Subtotal | 208,125 | ' |
Less current portion | 11,250 | ' |
Total long-term debt | 196,875 | ' |
Equipment Financing Facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 3,848 | ' |
2015 | 2,087 | ' |
2016 | 1,621 | ' |
2017 | 1,433 | ' |
2018 | 588 | ' |
Thereafter | 1,065 | ' |
Subtotal | 10,642 | ' |
Less current portion | 3,848 | ' |
Total long-term debt | 6,794 | ' |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 47,426 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 0 | ' |
Subtotal | 47,426 | ' |
Less current portion | 47,426 | ' |
Total long-term debt | $0 | ' |
Financing_Arrangements_Additio
Financing Arrangements (Additional Information) (Detail) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 05, 2012 | Sep. 30, 2013 | Apr. 05, 2012 | Apr. 05, 2012 | Sep. 30, 2013 | Apr. 05, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 05, 2012 | Apr. 05, 2012 |
USD ($) | USD ($) | USD ($) | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter Of Credit [Member] | Term Loan [Member] | Term Loan [Member] | Consolidated Total Leverage Ratio [Member] | Standby Letters Of Credit [Member] | Canadian Revolving Credit facility [Member] | Canadian Revolving Credit facility [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Term Loan Facilitys [Member] | Term Loan Facilitys [Member] | Equipment Financing Facility [Member] | Equipment Financing Facility [Member] | Equipment Financing Facility [Member] | U.S. Senior Secured Credit Facility [Member] | U.S. Senior Secured Credit Facility [Member] | U.S. Senior Secured Credit Facility [Member] | U.S. Senior Secured Credit Facility [Member] | Canadian Senior Secured Credit Facility [Member] | Canadian Senior Secured Credit Facility [Member] | Wells Fargo Bank National Association [Member] | Wells Fargo Bank National Association [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | Consolidated Total Leverage Ratio [Member] | Consolidated Total Leverage Ratio [Member] | Maximum [Member] | Minimum [Member] | USD ($) | Three Year Term Swap Rate [Member] | Four Year Term Swap Rate [Member] | Maximum [Member] | Minimum [Member] | Term Loan Facilitys [Member] | Term Loan Facilitys [Member] | Maximum [Member] | Minimum [Member] | USD ($) | CAD | ||||||||
LIBOR [Member] | LIBOR [Member] | Base Rates [Member] | Base Rates [Member] | LIBOR [Member] | LIBOR [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount outstanding | ' | ' | ' | $550 | $45 | $325 | $20 | $208.10 | $225 | ' | $7 | $2.40 | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.60 | 15 |
Line Of Credit Facility Additional Borrowing Capacity | 200 | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maximum financing amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes payable to commercial lenders, interest rate margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.93% | 1.75% | ' | ' | ' | 1.93% | 1.75% | 1.75% | 1.75% | 3.75% | 0.75% | ' | ' |
Line of credit facility, unused fees | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, fixed interest rate minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.51% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, fixed interest rate maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Amortization Of Term Loan | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | 2.50% | 1.50% | 1.50% | 0.50% | ' | ' | ' | 1.26% | 1.21% | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | ' | 'higher of the Prime Rate, or the Federal Funds Rate plus 0.50%, plus a margin above that rate | ' | ' | 'LIBOR plus 1.75% (1.93% at September 30, 2013) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Rate Descriptions | ' | 'the higher of the Canadian Prime Rate, or the annual rate of interest equal to the sum of the CDOR rate plus 1.0%, plus a margin above that rate. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Frequency | ' | 'quarterly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | 304 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | 79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Gain (Loss), Net of Tax | $0.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases_Schedule_of_Operating_L
Leases (Schedule of Operating Leases Future Minimum Payments) (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $31,739 |
2015 | 26,466 |
2016 | 20,216 |
2017 | 13,160 |
2018 | 6,661 |
Thereafter | 10,813 |
Total minimum lease payments | $109,055 |
Leases_Additional_Information_
Leases (Additional Information) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating lease rent expenses | $32,736 | $28,860 | $26,049 |
Stock_Options_and_Restricted_S2
Stock Options and Restricted Stock Awards (Fair Values of Options, Black-Scholes Option-Pricing Model, Weighted-Average Assumptions) (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected life in years | '5 years 8 months 12 days | '6 years 6 months | '7 years |
Risk-free interest rate | 0.60% | 0.94% | 1.51% |
Expected volatility | 43.80% | 47.00% | 48.00% |
Weighted average fair value of options granted | $12.59 | $8.78 | $7.82 |
Stock_Options_and_Restricted_S3
Stock Options and Restricted Stock Awards (Stock Options Outstanding and Activity during the Period) (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Number of Shares | ' | ' | ' |
Outstanding Beginning Balance | 3,067,080 | 3,895,583 | 3,773,732 |
Granted | 691,086 | 789,332 | 701,249 |
Exercised | -1,189,010 | -1,508,544 | -490,249 |
Canceled | -64,550 | -109,291 | -89,149 |
Outstanding Ending Balance | 2,504,606 | 3,067,080 | 3,895,583 |
Vested or Expected to Vest at September 30, 2013 | 2,404,688 | ' | ' |
Exercisable at September 30, 2013 | 1,161,997 | ' | ' |
Weighted-Average Exercise Price | ' | ' | ' |
Outstanding Beginning Balance | $16.36 | $15.06 | $14.41 |
Granted | $30.69 | $18.78 | $15.57 |
Exercised | $16.13 | $14.24 | $10.81 |
Canceled | $22.66 | $16.65 | $14.91 |
Outstanding Ending Balance | $20.26 | $16.36 | $15.06 |
Vested or Expected to Vest at September 30, 2013 | $20.08 | ' | ' |
Exercisable at September 30, 2013 | $15.70 | ' | ' |
Weighted-Average Remaining Contractual Life | ' | ' | ' |
Outstanding at September 30, 2013 | '6 years 10 months 24 days | ' | ' |
Vested or Expected to Vest at September 30, 2013 | '6 years 10 months 24 days | ' | ' |
Exercisable at September 30, 2013 | '5 years 2 months 12 days | ' | ' |
Average Intrinsic Value | ' | ' | ' |
Outstanding at September 30, 2013 | $41.60 | ' | ' |
Vested or Expected to Vest at September 30, 2013 | 40.4 | ' | ' |
Exercisable at September 30, 2013 | $24.60 | ' | ' |
Stock_Options_and_Restricted_S4
Stock Options and Restricted Stock Awards (Restricted Shares and Units Outstanding and Activity During the Period) (Detail) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Number of Shares | ' | ' |
Outstanding | 278,613 | 135,009 |
Granted | 138,291 | 148,100 |
Vested | -42,465 | -4,496 |
Canceled | -3,268 | 0 |
Outstanding | 371,171 | 278,613 |
Vested or Expected to Vest at September 30, 2013 | 371,171 | ' |
Weighted - Average Grant Price | ' | ' |
Outstanding | $18.54 | $16.70 |
Granted | $31.90 | $20.26 |
Vested | $18.47 | $20.02 |
Canceled | $21.85 | $0 |
Outstanding | $23.52 | $18.54 |
Vested or Expected to Vest at September 30, 2013 | $23.52 | ' |
Weighted Average Remaining Contractual Life | ' | ' |
Outstanding | '2 years 6 months | ' |
Vested or Expected to Vest at September 30, 2013 | '2 years 6 months | ' |
Aggregate Intrinsic Value | ' | ' |
Outstanding | $13.30 | ' |
Vested or Expected to Vest at September 30, 2013 | $13.30 | ' |
Stock_Options_and_Restricted_S5
Stock Options and Restricted Share Awards (Additional Information) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 08, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Maximum [Member] | 2004 Stock Plan [Member] | 2004 Stock Plan [Member] | 1998 Stock Plan [Member] | Stock Option [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Based Restricted Stock [Member] | Time Based Restricted Stock [Member] | Share Grants [Member] | Share Grants [Member] | Share Grants [Member] | ||||
Maximum [Member] | Minimum [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||||||||||
Maximum [Member] | Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation number of shares authorized | ' | ' | ' | ' | ' | 7,800,000 | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted | 138,291 | 148,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,673 | 125,738 | ' | ' | ' |
Stock-based compensation number of shares available for awards | ' | ' | ' | ' | 1,368,438 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '3 years | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to unvested stock | ' | ' | ' | ' | ' | ' | ' | $8.60 | $4.20 | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to unvested stock, expected weighted-average period of recognition | ' | ' | ' | ' | ' | ' | ' | '2 years | '2 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of stock options exercised | $22 | $17.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted | 691,086 | 789,332 | 701,249 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 420,191 | ' | ' |
Percentage of shares that will vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumption Expected Forfeitures | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit_Plans_Additional_Infor
Benefit Plans (Additional Information) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Age | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution plans covering full-time employees minimum days of service | '90 days | ' | ' |
Defined contribution plans, employer contribution, matching contribution, percentage of participant contribution | 50.00% | ' | ' |
Defined contribution plans, combined expense | $4,921 | $7,094 | $6,165 |
Contribution to an external pension fund for certain employees | $133 | $125 | $146 |
Defined contribution plans covering full-time employees minimum age | 21 | ' | ' |
Minimum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution plans, employee contribution, percentage of compensation | 1.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution plans, employee contribution, percentage of compensation | 100.00% | ' | ' |
Defined contribution plans, employer limited contribution, percentage of participants gross compensation | 6.00% | ' | ' |
Defined contribution plans, employer contribution, percentage of gross compensation | 3.00% | ' | ' |
Income_Taxes_Income_Tax_Provis
Income Taxes (Income Tax Provision) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Current: | ' | ' | ' |
Federal | $34,364 | $34,070 | $24,919 |
Foreign | 1,895 | 860 | 1,523 |
State | 8,192 | 8,304 | 5,181 |
Current Income Tax Expense (Benefit), Total | 44,451 | 43,234 | 31,623 |
Deferred: | ' | ' | ' |
Federal | 3,855 | 6,166 | -296 |
Foreign | -493 | 471 | 0 |
State | 1,054 | 1,063 | -169 |
Deferred Income Tax Expense (Benefit), Total | 4,416 | 7,700 | -465 |
Provision for income taxes | $48,867 | $50,934 | $31,158 |
Income_Taxes_Principal_Reason_
Income Taxes (Principal Reason for the Difference Between Effective Income Tax Rate and the Statutory Federal Income Tax Rate) (Detail) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Reconciliation of Provision of Income Taxes [Line Items] | ' | ' | ' |
Federal income taxes at statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 4.95% | 4.84% | 4.42% |
Foreign income taxes | -0.02% | -0.09% | -0.33% |
Change in tax status of foreign entity | 0.00% | 0.00% | -6.11% |
Non-deductible meals and entertainment | 0.37% | 0.27% | 0.27% |
Tax reserves | 0.16% | 0.00% | -0.28% |
Other | -0.23% | 0.24% | 1.50% |
Total | 40.23% | 40.26% | 34.47% |
Income_Taxes_Components_of_the
Income Taxes (Components of the Company's Deferred Taxes) (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities: | ' | ' |
Excess tax over book depreciation and amortization | $68,695 | $55,413 |
Other | 615 | 600 |
Deferred Tax Liabilities, Total | 69,310 | 56,013 |
Deferred tax assets: | ' | ' |
Deferred compensation | 8,308 | 8,365 |
Allowance for doubtful accounts | 3,692 | 5,337 |
Accrued vacation & other | 4,265 | 3,439 |
Unrealized loss on financial derivatives | 1,467 | 3,373 |
Inventory valuation | 5,166 | 3,390 |
Deferred Tax Assets, Net, Total | 22,898 | 23,904 |
Net deferred income tax liabilities | $46,412 | $32,109 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Income Tax Benefits) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Contingency [Line Items] | ' | ' |
Balance, beginning of year | $164 | $57 |
Current year uncertain tax positions | 200 | 164 |
Expiration of statutes of limitations | 0 | -57 |
Balance, end of year | $364 | $164 |
Income_Taxes_Additional_Inform
Income Taxes (Additional Information) (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' | ' | ' |
Reversal of a deferred tax liability reported as a component of other comprehensive income | ' | ' | $3,200,000 |
Unremitted earnings considered permanently reinvested | 31,000,000 | 34,600,000 | ' |
Tax benefit related to foreign tax credit carryforwards | ' | 288,000 | ' |
Reduction in income tax payable resulting from stock option exercises | 12,125,000 | 6,698,000 | 1,782,000 |
Goodwill | 469,203,000 | 443,161,000 | ' |
Unrecognized tax benefits that would impact effective tax rate | 364,000 | ' | ' |
Amortization of goodwill for income tax purposes | $315,207,000 | ' | ' |
U.S [Member] | ' | ' | ' |
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' | ' | ' |
Number of states the company operates | 39 | ' | ' |
Geographic_and_Product_Data_Co
Geographic and Product Data (Company's Geographic and Product Information) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | $2,240,723 | $2,043,658 | $1,817,423 |
Income before provision for income taxes | 121,474 | 126,499 | 90,378 |
Property and equipment, net | 67,659 | 57,376 | 47,427 |
U.S [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 2,064,135 | 1,873,584 | 1,676,072 |
Income before provision for income taxes | 116,853 | 122,836 | 85,171 |
Property and equipment, net | 58,399 | 49,782 | 40,667 |
Canada [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 176,588 | 170,074 | 141,351 |
Income before provision for income taxes | 4,621 | 3,663 | 5,207 |
Property and equipment, net | $9,260 | $7,594 | $6,760 |
Geographic_and_Product_Data_Ne
Geographic and Product Data (Net Revenues from External Customers by Product Group) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Revenue from External Customer [Line Items] | ' | ' | ' |
Net revenues from external customers | $2,240,723 | $2,043,658 | $1,817,423 |
Residential Roofing Products [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Net revenues from external customers | 1,100,508 | 1,023,547 | 849,970 |
Non-Residential Roofing Products [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Net revenues from external customers | 822,726 | 757,906 | 718,145 |
Complementary Building Products [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Net revenues from external customers | $317,489 | $262,205 | $249,308 |
Allowance_for_Doubtful_Account2
Allowance for Doubtful Accounts (Activity in Allowance for Doubtful Accounts) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at beginning of year | $13,464 | $13,816 | $11,817 |
Provision Additions | 369 | 4,619 | 7,960 |
Write-offs | -4,001 | -4,971 | -5,960 |
Balance at end of year | $9,832 | $13,464 | $13,816 |
Financial_Derivatives_Fair_Val
Financial Derivatives (Fair Value of Interest Rate Derivative Instruments) (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Unrealized Losses | $3,731 | $8,626 |
Designated Interest Rate Swaps [Member] | Level 2 [Member] | Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Unrealized Losses | 3,731 | 6,005 |
Non Designated Interest Rate Swaps [Member] | Level 2 [Member] | Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Unrealized Losses | $0 | $2,621 |
Financial_Derivatives_Gain_Los
Financial Derivatives (Gain (Loss) On The Interest Rate Derivative Instruments) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Expense and Other Financing Costs [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain (Loss) On Interest Rate Derivative Instruments | $7 | ($2,621) |
Designated Interest Rate Swaps [Member] | Other Comprehensive Income (Loss) [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain (Loss) On Interest Rate Derivative Instruments | 1,399 | -3,660 |
Non Designated Interest Rate Swaps [Member] | Interest Expense and Other Financing Costs [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain (Loss) On Interest Rate Derivative Instruments | 7 | 2,311 |
Non-designated interest rate swaps (reclassified from accumulated OCI) [Member] | Other Comprehensive Income (Loss) [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain (Loss) On Interest Rate Derivative Instruments | 0 | 2,984 |
Non-designated interest rate swaps (reclassified from accumulated OCI) [Member] | Interest Expense and Other Financing Costs [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gain (Loss) On Interest Rate Derivative Instruments | $0 | ($4,932) |
Financial_Derivatives_Addition
Financial Derivatives (Additional Information) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2012 | Sep. 30, 2013 |
Interest Rate Swap Fixed Rate Of 1.38% [Member] | ||
Derivative [Line Items] | ' | ' |
Interest rate swap derivative instruments, outstanding | ' | $213.80 |
Interest rate swap, interest rate | ' | 1.38% |
Interest rate swap, expire date | ' | '2017-03 |
Derivative, Inception Date | ' | 28-Jun-13 |
Derivative Amortizes Amount | ' | 2.8 |
Derivative Amortization Frequency | ' | 'quarter |
Financing Interest Expense | $4.90 | ' |