Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Jun. 30, 2014 | Aug. 06, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'BECN | ' |
Entity Common Stock, Shares Outstanding | ' | 49,347,586 |
Entity Registrant Name | 'BEACON ROOFING SUPPLY INC | ' |
Entity Central Index Key | '0001124941 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $26,405 | $47,027 | $26,375 |
Accounts receivable, less allowance of $8,458, $9,832 and $10,989 at June 30, 2014, September 30, 2013 and June 30, 2013, respectively | 352,554 | 329,673 | 313,698 |
Inventories | 399,619 | 251,370 | 335,438 |
Prepaid expenses and other assets | 72,048 | 62,422 | 82,166 |
Deferred income taxes | 14,376 | 14,591 | 14,424 |
Total current assets | 865,002 | 705,083 | 772,101 |
Property and equipment, net | 81,433 | 67,659 | 64,022 |
Goodwill | 467,916 | 469,203 | 468,388 |
Other assets, net | 84,841 | 96,751 | 100,852 |
TOTAL ASSETS | 1,499,192 | 1,338,696 | 1,405,363 |
Current liabilities: | ' | ' | ' |
Accounts payable | 227,630 | 182,914 | 253,262 |
Accrued expenses | 102,539 | 68,298 | 98,425 |
Borrowings under revolving lines of credit | 88,331 | 47,426 | 45,006 |
Current portion of long-term obligations | 15,466 | 15,098 | 15,585 |
Total current liabilities | 433,966 | 313,736 | 412,278 |
Senior notes payable, net of current portion | 188,438 | 196,875 | 199,688 |
Deferred income taxes | 60,024 | 61,003 | 57,618 |
Long-term obligations under equipment financing and other, net of current portion | 23,152 | 12,726 | 13,930 |
Total liabilities | 705,580 | 584,340 | 683,514 |
Commitments and contingencies | ' | ' | ' |
Stockholders' equity: | ' | ' | ' |
Common stock (voting); $.01 par value; 100,000,000 shares authorized; 49,334,088 issued and outstanding at June 30, 2014, 48,984,550 issued and 48,898,622 outstanding at September 30, 2013, and 48,864,262 issued and 48,777,734 outstanding at June 30, 2013 | 493 | 488 | 488 |
Undesignated preferred stock; 5,000,000 shares authorized, none issued or outstanding | 0 | 0 | 0 |
Additional paid-in capital | 325,086 | 312,962 | 308,422 |
Retained earnings | 470,921 | 441,282 | 413,876 |
Accumulated other comprehensive income (loss) | -2,888 | -376 | -937 |
Total stockholders' equity | 793,612 | 754,356 | 721,849 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,499,192 | $1,338,696 | $1,405,363 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | |||
Accounts receivable, allowances | $8,458 | $9,832 | $10,989 |
Common stock (voting), par value | $0.01 | $0.01 | $0.01 |
Common stock (voting), shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock (voting), issued | 49,334,088 | 48,984,550 | 48,864,262 |
Common Stock (voting), outstanding | 49,334,088 | 48,898,622 | 48,777,734 |
Undesignated Preferred Stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Undesignated Preferred Stock, issued | 0 | 0 | 0 |
Undesignated Preferred Stock, outstanding | 0 | 0 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales | $663,397 | $627,168 | $1,600,411 | $1,557,155 |
Cost of products sold | 512,584 | 479,835 | 1,235,901 | 1,183,417 |
Gross profit | 150,813 | 147,333 | 364,510 | 373,738 |
Operating expenses | 105,004 | 99,380 | 308,826 | 291,588 |
Operating income | 45,809 | 47,953 | 55,684 | 82,150 |
Interest expense, financing costs and other | 2,510 | 2,701 | 7,707 | 6,597 |
Income before provision for income taxes | 43,299 | 45,252 | 47,977 | 75,553 |
Provision for income taxes | 16,500 | 18,094 | 18,338 | 30,350 |
Net income | $26,799 | $27,158 | $29,639 | $45,203 |
Net income per common share: | ' | ' | ' | ' |
Basic | $0.54 | $0.56 | $0.60 | $0.93 |
Diluted | $0.54 | $0.55 | $0.59 | $0.92 |
Weighted average shares used in computing net income per common share: | ' | ' | ' | ' |
Basic | 49,315,892 | 48,717,686 | 49,185,893 | 48,355,285 |
Diluted | 50,027,240 | 49,585,152 | 49,946,381 | 49,298,902 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $26,799 | $27,158 | $29,639 | $45,203 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | 3,096 | -3,103 | -2,832 | -5,269 |
Amount of gain (loss) recognized in OCI (net of tax) | -222 | 1,756 | 320 | 1,706 |
Total other comprehensive income (loss), net of tax | 2,874 | -1,347 | -2,512 | -3,563 |
Comprehensive income (loss) | $29,673 | $25,811 | $27,127 | $41,640 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities | ' | ' |
Net income | $29,639 | $45,203 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization | 22,609 | 22,429 |
Stock-based compensation | 5,239 | 6,886 |
Certain interest expense and other financing costs | 816 | -1,816 |
Gain on sale of fixed assets | -660 | -729 |
Deferred income taxes | 793 | 1,441 |
Other | 177 | 0 |
Changes in assets and liabilities, net of the effects of businesses acquired: | ' | ' |
Accounts receivable | -23,789 | -7,485 |
Inventories | -148,384 | -102,893 |
Prepaid expenses and other assets | -12,697 | -10,041 |
Accounts payable and accrued expenses | 79,475 | 96,399 |
Net cash (used in) provided by operating activities | -46,782 | 49,394 |
Investing activities | ' | ' |
Purchases of property and equipment | -26,090 | -17,933 |
Acquisition of businesses | 0 | -64,484 |
Proceeds from sales of assets | 760 | 885 |
Net cash used in investing activities | -25,330 | -81,532 |
Financing activities | ' | ' |
Borrowings under revolving lines of credit, net of repayments | 40,647 | 3,706 |
Repayments under term loan | -8,437 | -8,437 |
Borrowings under equipment financing facilities, net of repayments | 11,450 | 525 |
Proceeds from exercise of options | 6,890 | 17,259 |
Excess tax benefit from equity-based compensation | 949 | 4,093 |
Net cash provided by financing activities | 51,499 | 17,146 |
Effect of exchange rate changes on cash | -9 | 1,162 |
Net decrease in cash and cash equivalents | -20,622 | -13,830 |
Cash and cash equivalents, beginning of year | 47,027 | 40,205 |
Cash and cash equivalents, end of period | 26,405 | 26,375 |
Cash paid during the year for: | ' | ' |
Interest | 6,849 | 9,609 |
Income taxes, net of refunds | $21,715 | $17,593 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Jun. 30, 2014 | ||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' | |
Basis of Presentation | ' | |
1 | BASIS OF PRESENTATION | |
Beacon Roofing Supply, Inc. (the “Company”) prepared the condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the requirements of the Securities and Exchange Commission (SEC). As permitted under those rules, certain footnotes or other financial information have been condensed or omitted. The balance sheet as of June 30, 2013 has been presented for a better understanding of the impact of seasonal fluctuations on the Company's financial condition. | ||
In management's opinion, the financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company's financial position and operating results. The results for the three-month period (third quarter) and nine-month period (year-to-date) ended June 30, 2014 are not necessarily indicative of the results to be expected for the twelve months ending September 30, 2014 (fiscal year 2014 or “2014”). | ||
The Company’s inventories are primarily comprised of finished goods valued at the lower of cost or market (net realizable value). Cost is determined using the moving weighted-average cost method. | ||
The nine-month periods ended June 30, 2014 and June 30, 2013 each had 189 business days, while the three-month periods ended June 30, 2014 and June 30, 2013 each had 64 business days. | ||
These interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the Company’s fiscal year 2013 (“2013”) Annual Report on Form 10-K for the year ended September 30, 2013, collectively referred to as the “2013 Annual Report”. Certain reclassifications of prior year's data have been made to conform to current year's presentation. | ||
Recently Issued Accounting Pronouncements | ||
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition”. The FASB issued ASU 2014-09 to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The core principle of this updated guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new rule also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods therein, which is effective for the Company beginning October 1, 2017, the first day of the Company’s 2018 fiscal year. The Company is currently evaluating the impact of this accounting guidance and does not expect any significant impact on its consolidated financial statements. | ||
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Net Income per Share | ' | |||||||||||||
2 | 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 during the period. 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 and vesting of restricted stock awards. | ||||||||||||||
The following table presents the basic and diluted weighted average shares outstanding for each period presented: | ||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Weighted average common shares outstanding | 49,315,892 | 48,717,686 | 49,185,893 | 48,355,285 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock option awards | 597,218 | 777,574 | 636,700 | 856,560 | ||||||||||
Restricted stock awards | 114,130 | 89,892 | 123,788 | 87,057 | ||||||||||
Shares for diluted earnings per share | 50,027,240 | 49,585,152 | 49,946,381 | 49,298,902 | ||||||||||
The following table includes the number of shares that may be dilutive potential common shares in the future. These shares were not included in the computation of diluted earnings per share because the effect was either antidilutive or the performance condition was not met. | ||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Stock options awards | 926,693 | 23,438 | 925,729 | 77,504 | ||||||||||
Restricted stock awards | 197,700 | 99,694 | 176,700 | 114,956 | ||||||||||
Comprehensive_Income_Loss_And_
Comprehensive Income (Loss) And Capital Structure | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Comprehensive Income And Capital Structure [Abstract] | ' | ||||||||||||||||
Comprehensive Income And Capital Structure | ' | ||||||||||||||||
3 | COMPREHENSIVE INCOME (LOSS) AND CAPITAL STRUCTURE | ||||||||||||||||
The following table presents the activity included in stockholders’ equity during the nine months ended June 30, 2014: | |||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other | Total Stockholders’ Equity | |||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||
Balance at September 30, 2013 | $ | 488 | $ | 312,962 | $ | 441,282 | $ | -376 | $ | 754,356 | |||||||
Issuance of common stock | 5 | 6,885 | — | — | 6,890 | ||||||||||||
Stock-based compensation | — | 5,239 | — | — | 5,239 | ||||||||||||
Net income | — | — | 29,639 | — | 29,639 | ||||||||||||
Other comprehensive loss | — | — | — | -2,512 | -2,512 | ||||||||||||
Balance at June 30, 2014 | $ | 493 | $ | 325,086 | $ | 470,921 | $ | -2,888 | $ | 793,612 | |||||||
Accumulated other comprehensive income (loss) consists of adjustments related to the translation of foreign currencies and fair value adjustments associated with cash flow hedges. The following table presents the changes in accumulated other comprehensive income (loss), by component, during the nine months ended June 30, 2014: | |||||||||||||||||
Foreign Currency Translation | Derivative Financial Instruments | Accumulated Other Comprehensive | |||||||||||||||
Income (Loss) | |||||||||||||||||
Balance at September 30, 2013 | $ | 1,885 | $ | -2,261 | $ | -376 | |||||||||||
Other comprehensive income (loss) recognized in accumulated other comprehensive income (loss) | -2,832 | 320 | -2,512 | ||||||||||||||
Balance at June 30, 2014 | $ | -947 | $ | -1,941 | $ | -2,888 | |||||||||||
There were no reclassifications out of accumulated other comprehensive income (loss) during the nine months ended June 30, 2014. | |||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||||||||
Stock-based compensation | ' | |||||||||||||
4. STOCK-BASED COMPENSATION | ||||||||||||||
On February 12, 2014, the shareholders of the Company approved the Beacon Roofing Supply, Inc. 2014 Stock Plan (the “2014 Plan”). The 2014 Plan provides for discretionary awards of stock options, stock, stock units and stock appreciation rights (“SARs”) for up to 5,100,000 shares of common stock to selected employees and non-employee directors. As of June 30, 2014, there were 4,346,485 shares of common stock available for awards under the 2014 Plan. | ||||||||||||||
In addition to the 2014 Plan, the Company also maintains the amended and restated Beacon Roofing Supply, Inc. 2004 Stock Plan (the “2004 Plan”). Upon shareholder approval of the 2014 Plan, the Company ceased issuing equity awards from the pre-existing 2004 Plan and all future equity awards will be issued from the 2014 Plan. | ||||||||||||||
The Company recognizes the cost of employee services rendered in exchange for awards of equity instruments based on the fair value of those awards at the date of the grant. Compensation expense for time-based equity awards is recognized, on a straight-line basis, net of forfeitures, over the requisite service period for the fair value of the awards that actually vest. Compensation expense for performance-based equity awards is recognized, net of forfeitures, by projecting the number of restricted units that are expected to vest based on the achievement of the underlying related performance measures. | ||||||||||||||
During the three months ended June 30, 2014, the Company recorded an adjustment of $2.4 million to reverse stock-based compensation expense recorded in the current and prior periods for previously issued performance-based equity awards. In accordance with the provisions of the 2004 Plan, the Company has adjusted the projection for the number of restricted units that are expected to vest based on the achievement of the underlying related performance measures. Inclusive of the adjustment in the third quarter of 2014, the Company recorded stock-based compensation expense for award grants of ($0.3) million and $5.2 million for the three and nine months ended June 30, 2014, respectively, and $2.2 million and $6.9 million for the three and nine months ended June 30, 2013, respectively. | ||||||||||||||
Stock options | ||||||||||||||
As of June 30, 2014, there was $10.2 million of total unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized over a weighted-average period of 1.86 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 following table illustrates the assumptions used in the Black-Scholes pricing model for stock options granted during the year-to-date period ended June 30, 2014: | ||||||||||||||
Risk-free interest rate | 1.76 | % | ||||||||||||
Expected volatility | 44 | % | ||||||||||||
Expected life in years | 6 | |||||||||||||
Expected dividend yield | 0 | % | ||||||||||||
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 public companies’ stock. Estimated forfeiture rates vary by grant and range up to 8.0% as of June 30, 2014. | ||||||||||||||
The following table summarizes stock options outstanding as of June 30, 2014, as well as activity during the nine months then ended: | ||||||||||||||
Weighted- | ||||||||||||||
Weighted- | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Number of | Exercise | Contractual | Intrinsic | |||||||||||
Shares | Price | Life | Value | |||||||||||
(in years) | (in millions) | |||||||||||||
Outstanding at September 30, 2013 | 2,504,606 | $ | 20.26 | |||||||||||
Granted | 421,918 | $ | 36.2 | |||||||||||
Exercised | -371,624 | $ | 18.93 | |||||||||||
Canceled | -123,929 | $ | 30.16 | |||||||||||
Outstanding at June 30, 2014 | 2,430,971 | $ | 22.77 | 6.56 | $ | 26.6 | ||||||||
Vested or Expected to Vest at June 30, 2014 | 2,384,949 | $ | 22.69 | 6.53 | $ | 26.3 | ||||||||
Exercisable at June 30, 2014 | 1,445,692 | $ | 17.57 | 5.18 | $ | 22.5 | ||||||||
Restricted stock awards | ||||||||||||||
As of June 30, 2014, there was $5.8 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 3.32 years. | ||||||||||||||
The Company grants both time-based and performance-based restricted stock awards. 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. | ||||||||||||||
Performance-based 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. | ||||||||||||||
Time-based restricted stock awards granted to management are subject to continued service and vest at the end of three years (except under certain conditions). Time-based restricted stock awards granted to non-employee directors are also subject to continued service and vest at the end of one year (except under certain conditions). | ||||||||||||||
The following table summarizes restricted shares and units outstanding as of June 30, 2014, as well as activity during the nine months then ended: | ||||||||||||||
Weighted- | ||||||||||||||
Weighted- | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Number of | Grant | Contractual | Intrinsic | |||||||||||
Shares/Units | Price | Life | Value | |||||||||||
(in years) | (in millions) | |||||||||||||
Outstanding at September 30, 2013 | 371,171 | $ | 23.52 | |||||||||||
Granted | 258,671 | $ | 35.74 | |||||||||||
Lapse of restrictions/conversions | -63,842 | $ | 19.08 | |||||||||||
Canceled | -83,924 | $ | 23.85 | |||||||||||
Outstanding at June 30, 2014 | 482,076 | $ | 31.28 | 1.94 | $ | 16 | ||||||||
Vested or Expected to Vest at June 30, 2014 | 305,698 | $ | 30.22 | 2.04 | $ | 10.1 | ||||||||
Acquisitions
Acquisitions | 9 Months Ended |
Jun. 30, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
5. ACQUISITIONS | |
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 then 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. The aggregate purchase price of these three acquisitions totaled approximately $64.6 million, with resulting goodwill of approximately $27.8 million. | |
As of June 30, 2014, we maintain $3.3 million in escrow for purchase price adjustments and post-closing indemnification claims related to previous acquisitions, with $0.3 million included in other current assets and accrued expenses and $3.0 million included in other long-term assets and other long-term liabilities. | |
Financing_Arrangements
Financing Arrangements | 9 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Financing Arrangements | ' | ||||||||||
6 | FINANCING ARRANGEMENTS | ||||||||||
Financing arrangements consisted of the following: | |||||||||||
June 30, | September 30, | June 30, | |||||||||
2014 | 2013 | 2013 | |||||||||
Senior Secured Credit Facility | |||||||||||
Revolving Lines of Credit: | |||||||||||
Canadian revolver-expires March 31, 2017 (3.75% at June 30, 2014, September 30, 2013 and June 30, 2013) | $ | 11,246 | $ | 2,426 | $ | 7,606 | |||||
U.S. Revolver-expires March 31, 2017 (effective rate on borrowings of 2.64% at June 30, 2014, 1.93% at September 30, 2013 and 2.63% at June 30, 2013) | 77,085 | 45,000 | 37,400 | ||||||||
Term Loan: | |||||||||||
Term Loan-matures March 31, 2017 (1.90% at June 30, 2014, 1.93% on September 30, 2013 and 1.95% at June 30, 2013) | 199,688 | 208,125 | 210,938 | ||||||||
Total borrowings under Senior Secured Credit Facility | 288,019 | 255,551 | 255,944 | ||||||||
Less: current portion | -99,581 | -58,676 | -56,256 | ||||||||
Total long-term portion of borrowings under Senior Secured Credit Facility | $ | 188,438 | $ | 196,875 | $ | 199,688 | |||||
Equipment Financing Facilities | |||||||||||
Borrowings under various equipment financing facilities-various maturities from January 2014 through February 2021 (various fixed interest rates ranging from 2.33% to 6.75% at June 30, 2014, | $ | 22,043 | $ | 10,597 | $ | 11,842 | |||||
2.51% to 6.75% at September 30, 2013 and 2.51% to 6.75% at June 30, 2013) | |||||||||||
Less: current portion | -4,216 | -3,848 | -4,335 | ||||||||
Total long-term portion of borrowings under equipment financing facilities | $ | 17,827 | $ | 6,749 | $ | 7,507 | |||||
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Financial Instruments | ' | |||||||||||||||
7 | FINANCIAL INSTRUMENTS | |||||||||||||||
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 the Company's derivative financial instruments 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. | ||||||||||||||||
The Company uses interest rate derivative instruments to manage the risk related to fluctuating cash flows from interest rate changes by converting a portion of its variable-rate borrowings into fixed-rate borrowings. On March 28, 2013, we entered into an interest rate swap agreement with a notional amount of $213.8 million that expires on March 31, 2017. This agreement swaps the thirty-day LIBOR to a fixed-rate of 1.38%. The instrument has scheduled reductions of the notional amount equal to $2.8 million per quarter, effectively matching our principal repayment schedule under our Term Loan. As of June 30, 2014, the interest rate swap has a notional amount of $199.7 million 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 on April 5, 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. Subsequent changes in the fair value of those swaps were recognized in interest expense, financing costs and other. There was a decline of $2.6 million in the fair value of the ineffective swaps in first half of fiscal year 2013. These changes in fair value were recognized as a reduction to 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: | ||||||||||||||||
Instrument | Balance Sheet Location | June 30, | September 30, 2013 | June 30, | Fair Value Hierarchy | |||||||||||
2014 | 2013 | |||||||||||||||
Designated interest rate swaps (effective) | Accrued expenses | $ | 3,202 | $ | 3,731 | $ | 3,160 | Level 2 | ||||||||
$ | 3,202 | $ | 3,731 | $ | 3,160 | |||||||||||
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): | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amount of gain (loss) recognized in OCI (net of tax) | ||||||||||||||||
Designated interest rate swaps | $ | -222 | $ | 1,756 | $ | 320 | $ | 1,706 | ||||||||
The table below presents the amounts of gain/(loss) on the interest rate derivative instruments recognized in interest expense, financing costs and other: | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amount of gain (loss) recognized in interest expense, financing costs and other | ||||||||||||||||
Non-designated interest rate swaps | $ | — | $ | — | $ | — | $ | 2,621 | ||||||||
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 have been 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. The carrying values of the cash equivalents for the periods presented equaled the fair values, which were determined under Level 1 of the Fair Value Hierarchy. | ||||||||||||||||
Foreign_Net_Revenue
Foreign Net Revenue | 9 Months Ended |
Jun. 30, 2014 | |
Revenue and Total Property From External Customers Attributed To Foreign Countries By Geographic Area Disclosure [Abstract] | ' |
Foreign Net Revenue | ' |
8. FOREIGN NET REVENUE | |
Foreign (Canadian) net revenue totaled $51.7 million and $49.6 million during the three months ended June 30, 2014 and 2013, respectively, and $111.8 million and $114.1 million during the nine months ended June 30, 2014 and 2013, respectively. | |
Basis_Of_Presentation_Summary_
Basis Of Presentation (Summary of Significant Accounting Policies) (Policies) | 9 Months Ended |
Jun. 30, 2014 | |
Recent Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition”. The FASB issued ASU 2014-09 to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The core principle of this updated guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new rule also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods therein, which is effective for the Company beginning October 1, 2017, the first day of the company’s 2018 fiscal year. The Company is currently evaluating the impact of this accounting guidance and does not expect any significant impact on its consolidated financial statements. | |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Calculation of Weighted-Average Shares Outstanding | ' | |||||||||||||
The following table presents the basic and diluted weighted average shares outstanding for each period presented: | ||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Weighted average common shares outstanding | 49,315,892 | 48,717,686 | 49,185,893 | 48,355,285 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock option awards | 597,218 | 777,574 | 636,700 | 856,560 | ||||||||||
Restricted stock awards | 114,130 | 89,892 | 123,788 | 87,057 | ||||||||||
Shares for diluted earnings per share | 50,027,240 | 49,585,152 | 49,946,381 | 49,298,902 | ||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | |||||||||||||
The following table includes the number of shares that may be dilutive potential common shares in the future. These shares were not included in the computation of diluted earnings per share because the effect was either antidilutive or the performance condition was not met. | ||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Stock options awards | 926,693 | 23,438 | 925,729 | 77,504 | ||||||||||
Restricted stock awards | 197,700 | 99,694 | 176,700 | 114,956 | ||||||||||
Comprehensive_Income_Loss_And_1
Comprehensive Income (Loss) And Capital Structure (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Comprehensive Income And Capital Structure [Abstract] | ' | ||||||||||||||||
Schedule of Stockholders Equity | ' | ||||||||||||||||
The following table presents the activity included in stockholders’ equity during the nine months ended June 30, 2014: | |||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other | Total Stockholders’ Equity | |||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||
Balance at September 30, 2013 | $ | 488 | $ | 312,962 | $ | 441,282 | $ | -376 | $ | 754,356 | |||||||
Issuance of common stock | 5 | 6,885 | — | — | 6,890 | ||||||||||||
Stock-based compensation | — | 5,239 | — | — | 5,239 | ||||||||||||
Net income | — | — | 29,639 | — | 29,639 | ||||||||||||
Other comprehensive loss | — | — | — | -2,512 | -2,512 | ||||||||||||
Balance at June 30, 2014 | $ | 493 | $ | 325,086 | $ | 470,921 | $ | -2,888 | $ | 793,612 | |||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The following table presents the changes in accumulated other comprehensive income (loss), by component, during the nine months ended June 30, 2014: | |||||||||||||||||
Foreign Currency Translation | Derivative Financial Instruments | Accumulated Other Comprehensive | |||||||||||||||
Income (Loss) | |||||||||||||||||
Balance at September 30, 2013 | $ | 1,885 | $ | -2,261 | $ | -376 | |||||||||||
Other comprehensive income (loss) recognized in accumulated other comprehensive income (loss) | -2,832 | 320 | -2,512 | ||||||||||||||
Balance at June 30, 2014 | $ | -947 | $ | -1,941 | $ | -2,888 | |||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||||||||
Fair Values of Options, Black-Scholes Option-Pricing Model, Weighted-Average Assumptions | ' | |||||||||||||
The following table illustrates the assumptions used in the Black-Scholes pricing model for stock options granted during the year-to-date period ended June 30, 2014: | ||||||||||||||
Risk-free interest rate | 1.76 | % | ||||||||||||
Expected volatility | 44 | % | ||||||||||||
Expected life in years | 6 | |||||||||||||
Expected dividend yield | 0 | % | ||||||||||||
Stock Options Outstanding and Activity During the Period | ' | |||||||||||||
The following table summarizes stock options outstanding as of June 30, 2014, as well as activity during the nine months then ended: | ||||||||||||||
Weighted- | ||||||||||||||
Weighted- | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Number of | Exercise | Contractual | Intrinsic | |||||||||||
Shares | Price | Life | Value | |||||||||||
(in years) | (in millions) | |||||||||||||
Outstanding at September 30, 2013 | 2,504,606 | $ | 20.26 | |||||||||||
Granted | 421,918 | $ | 36.2 | |||||||||||
Exercised | -371,624 | $ | 18.93 | |||||||||||
Canceled | -123,929 | $ | 30.16 | |||||||||||
Outstanding at June 30, 2014 | 2,430,971 | $ | 22.77 | 6.56 | $ | 26.6 | ||||||||
Vested or Expected to Vest at June 30, 2014 | 2,384,949 | $ | 22.69 | 6.53 | $ | 26.3 | ||||||||
Exercisable at June 30, 2014 | 1,445,692 | $ | 17.57 | 5.18 | $ | 22.5 | ||||||||
Restricted Shares and Units Outstanding and Activity During the Period | ' | |||||||||||||
The following table summarizes restricted shares and units outstanding as of June 30, 2014, as well as activity during the nine months then ended: | ||||||||||||||
Weighted- | ||||||||||||||
Weighted- | Average | |||||||||||||
Average | Remaining | Aggregate | ||||||||||||
Number of | Grant | Contractual | Intrinsic | |||||||||||
Shares/Units | Price | Life | Value | |||||||||||
(in years) | (in millions) | |||||||||||||
Outstanding at September 30, 2013 | 371,171 | $ | 23.52 | |||||||||||
Granted | 258,671 | $ | 35.74 | |||||||||||
Lapse of restrictions/conversions | -63,842 | $ | 19.08 | |||||||||||
Canceled | -83,924 | $ | 23.85 | |||||||||||
Outstanding at June 30, 2014 | 482,076 | $ | 31.28 | 1.94 | $ | 16 | ||||||||
Vested or Expected to Vest at June 30, 2014 | 305,698 | $ | 30.22 | 2.04 | $ | 10.1 | ||||||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 9 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||||
Financing arrangements consisted of the following: | |||||||||||
June 30, | September 30, | June 30, | |||||||||
2014 | 2013 | 2013 | |||||||||
Senior Secured Credit Facility | |||||||||||
Revolving Lines of Credit: | |||||||||||
Canadian revolver-expires March 31, 2017 (3.75% at June 30, 2014, September 30, 2013 and June 30, 2013) | $ | 11,246 | $ | 2,426 | $ | 7,606 | |||||
U.S. Revolver-expires March 31, 2017 (effective rate on borrowings of 2.64% at June 30, 2014, 1.93% at September 30, 2013 and 2.63% at June 30, 2013) | 77,085 | 45,000 | 37,400 | ||||||||
Term Loan: | |||||||||||
Term Loan-matures March 31, 2017 (1.90% at June 30, 2014, 1.93% on September 30, 2013 and 1.95% at June 30, 2013) | 199,688 | 208,125 | 210,938 | ||||||||
Total borrowings under Senior Secured Credit Facility | 288,019 | 255,551 | 255,944 | ||||||||
Less: current portion | -99,581 | -58,676 | -56,256 | ||||||||
Total long-term portion of borrowings under Senior Secured Credit Facility | $ | 188,438 | $ | 196,875 | $ | 199,688 | |||||
Equipment Financing Facilities | |||||||||||
Borrowings under various equipment financing facilities-various maturities from January 2014 through February 2021 (various fixed interest rates ranging from 2.33% to 6.75% at June 30, 2014, | $ | 22,043 | $ | 10,597 | $ | 11,842 | |||||
2.51% to 6.75% at September 30, 2013 and 2.51% to 6.75% at June 30, 2013) | |||||||||||
Less: current portion | -4,216 | -3,848 | -4,335 | ||||||||
Total long-term portion of borrowings under equipment financing facilities | $ | 17,827 | $ | 6,749 | $ | 7,507 | |||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [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: | ||||||||||||||||
Instrument | Balance Sheet Location | June 30, | September 30, 2013 | June 30, | Fair Value Hierarchy | |||||||||||
2014 | 2013 | |||||||||||||||
Designated interest rate swaps (effective) | Accrued expenses | $ | 3,202 | $ | 3,731 | $ | 3,160 | Level 2 | ||||||||
$ | 3,202 | $ | 3,731 | $ | 3,160 | |||||||||||
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): | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amount of gain (loss) recognized in OCI (net of tax) | ||||||||||||||||
Designated interest rate swaps | $ | -222 | $ | 1,756 | $ | 320 | $ | 1,706 | ||||||||
The table below presents the amounts of gain/(loss) on the interest rate derivative instruments recognized in interest expense, financing costs and other: | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Amount of gain (loss) recognized in interest expense, financing costs and other | ||||||||||||||||
Non-designated interest rate swaps | $ | — | $ | — | $ | — | $ | 2,621 | ||||||||
Net_Income_Per_Share_Details
Net Income Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Weighted average common shares outstanding | 49,315,892 | 48,717,686 | 49,185,893 | 48,355,285 |
Effect of dilutive securities: | ' | ' | ' | ' |
Shares for diluted earnings per share | 50,027,240 | 49,585,152 | 49,946,381 | 49,298,902 |
Stock Option Awards | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 597,218 | 777,574 | 636,700 | 856,560 |
Restricted Stock Awards | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' |
Weighted Average Number Diluted Shares Outstanding Adjustment | 114,130 | 89,892 | 123,788 | 87,057 |
Net_Income_Per_Share_Details1
Net Income Per Share (Details1) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock Options | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 926,693 | 23,438 | 925,729 | 77,504 |
Restricted Stock | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 197,700 | 99,694 | 176,700 | 114,956 |
Comprehensive_Income_Loss_And_2
Comprehensive Income (Loss) And Capital Structure (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Stockholders Equity, Opening Balance | ' | ' | $754,356 | ' |
Issuance of common stock | ' | ' | 6,890 | ' |
Stock-based compensation | ' | ' | 5,239 | 6,886 |
Net income | 26,799 | 27,158 | 29,639 | 45,203 |
Other comprehensive loss | ' | ' | -2,512 | ' |
Stockholders Equity, Ending Balance | 793,612 | 721,849 | 793,612 | 721,849 |
Common Stock | ' | ' | ' | ' |
Stockholders Equity, Opening Balance | ' | ' | 488 | ' |
Issuance of common stock | ' | ' | 5 | ' |
Stock-based compensation | ' | ' | 0 | ' |
Net income | ' | ' | 0 | ' |
Other comprehensive loss | ' | ' | 0 | ' |
Stockholders Equity, Ending Balance | 493 | ' | 493 | ' |
Additional Paid-in Capital | ' | ' | ' | ' |
Stockholders Equity, Opening Balance | ' | ' | 312,962 | ' |
Issuance of common stock | ' | ' | 6,885 | ' |
Stock-based compensation | ' | ' | 5,239 | ' |
Net income | ' | ' | 0 | ' |
Other comprehensive loss | ' | ' | 0 | ' |
Stockholders Equity, Ending Balance | 325,086 | ' | 325,086 | ' |
Retained Earnings | ' | ' | ' | ' |
Stockholders Equity, Opening Balance | ' | ' | 441,282 | ' |
Issuance of common stock | ' | ' | 0 | ' |
Stock-based compensation | ' | ' | 0 | ' |
Net income | ' | ' | 29,639 | ' |
Other comprehensive loss | ' | ' | 0 | ' |
Stockholders Equity, Ending Balance | 470,921 | ' | 470,921 | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' |
Stockholders Equity, Opening Balance | ' | ' | -376 | ' |
Issuance of common stock | ' | ' | 0 | ' |
Stock-based compensation | ' | ' | 0 | ' |
Net income | ' | ' | 0 | ' |
Other comprehensive loss | ' | ' | -2,512 | ' |
Stockholders Equity, Ending Balance | ($2,888) | ' | ($2,888) | ' |
Comprehensive_Income_Loss_And_3
Comprehensive Income (Loss) And Capital Structure (Details 1) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Foreign Currency Translation [Abstract] | ' | ' |
Balance at September 30, 2013 | $1,885 | ' |
Other comprehensive income (loss) recognized in accumulated other comprehensive income | -2,832 | ' |
Balance at June 30, 2014 | -947 | ' |
Derivative Financial Instruments [Abstract] | ' | ' |
Balance at September 30, 2013 | -2,261 | ' |
Other comprehensive income (loss) recognized in accumulated other comprehensive income | 320 | ' |
Balance at June 30, 2014 | -1,941 | ' |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' |
Balance at September 30, 2013 | -376 | -937 |
Other comprehensive income (loss) recognized in accumulated other comprehensive income | -2,512 | ' |
Balance at June 30, 2014 | ($2,888) | ($937) |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) | 9 Months Ended |
Jun. 30, 2014 | |
Risk-free interest rate | 1.76% |
Expected volatility | 44.00% |
Expected life in years | '6 years |
Expected dividend yield | 0.00% |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 |
Number of Shares | ' |
Outstanding at September 30, 2013 | 2,504,606 |
Granted | 421,918 |
Exercised | -371,624 |
Canceled | -123,929 |
Outstanding at June 30, 2014 | 2,430,971 |
Vested or Expected to Vest at June 30, 2014 | 2,384,949 |
Exercisable at June 30, 2014 | 1,445,692 |
Weighted-Average Exercise Price | ' |
Outstanding at September 30, 2013 | $20.26 |
Granted | $36.20 |
Exercised | $18.93 |
Canceled | $30.16 |
Outstanding at June 30, 2014 | $22.77 |
Vested or Expected to Vest at June 30, 2014 | $22.69 |
Exercisable at March 31, 2014 | $17.57 |
Weighted-Average Remaining Contractual Life | ' |
Outstanding at June 30, 2014 | '6 years 6 months 22 days |
Vested or Expected to Vest at June 30, 2014 | '6 years 6 months 11 days |
Exercisable at June 30, 2014 | '5 years 2 months 5 days |
Average Intrinsic Value | ' |
Outstanding at June 30, 2014 | $26.60 |
Vested or Expected to Vest at March 31, 2014 | 26.3 |
Exercisable at March 31, 2014 | $22.50 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 |
Number of Shares/Units | ' |
Outstanding at September 30, 2013 | 371,171 |
Granted | 258,671 |
Lapse of restrictions/conversions | -63,842 |
Canceled | -83,924 |
Outstanding at June 30, 2014 | 482,076 |
Vested or Expected to Vest at June 30, 2014 | 305,698 |
Weighted - Average Grant Price | ' |
Outstanding at September 30, 2013 | $23.52 |
Granted | $35.74 |
Lapse of restrictions/conversions | $19.08 |
Canceled | $23.85 |
Outstanding at June 30, 2014 | $31.28 |
Vested or Expected to Vest at June 30, 2014 | $30.22 |
Weighted - Average Remaining Contractual Life | ' |
Outstanding at June 30, 2014 | '1 year 11 months 8 days |
Vested or Expected to Vest at June 30, 2014 | '2 years 14 days |
Aggregate Intrinsic Value | ' |
Vested or Expected to Vest at June 30, 2014 | $10.10 |
Outstanding at June 30, 2014 | $16 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense, net of tax | $0.30 | $2.20 | $5.20 | $6.90 |
Allocated Share-based Compensation Expense | 2.4 | ' | ' | ' |
2014 Stock Plan | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation number of shares authorized | 5,100,000 | ' | 5,100,000 | ' |
Stock-based compensation number of shares available for awards | 4,346,485 | ' | 4,346,485 | ' |
Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total unrecognized compensation cost related to unvested stock | 5.8 | ' | 5.8 | ' |
Total unrecognized compensation cost related to unvested stock, expected weighted-average period of recognition | ' | ' | '3 years 3 months 25 days | ' |
Restricted Stock | Maximum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Percentage of shares that will vest | ' | ' | 125.00% | ' |
Restricted Stock | Minimum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Percentage of shares that will vest | ' | ' | 0.00% | ' |
Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total unrecognized compensation cost related to unvested stock | $10.20 | ' | $10.20 | ' |
Total unrecognized compensation cost related to unvested stock, expected weighted-average period of recognition | ' | ' | '1 year 10 months 10 days | ' |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumption Expected Forfeitures | ' | ' | 8.00% | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 1 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 28, 2012 | Jun. 30, 2014 | Dec. 28, 2012 | Nov. 01, 2012 | Jun. 30, 2014 | Jun. 30, 2014 |
Ford Wholesale Co | Mcclure Johnston Co | Mcclure Johnston Co | Mcclure Johnston Co | Accrued Expenses | Other Non-Current Liabilities | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Business Acquisition, sales reported by acquired entity for last annual period | $60 | ' | ' | ' | ' | ' |
Business Acquisitions Cost Of Acquired Entity Purchase Price | ' | ' | 64.6 | ' | ' | ' |
Business Acquisitions Purchase Price Allocation Goodwill Amount | ' | ' | ' | 27.8 | ' | ' |
Business Acquisition Cost Of Acquired Entity Amount In Escrow | ' | 3.3 | ' | ' | ' | ' |
Business Acquisition Purchase Price Adjustment And Post Closing Indemnification Claims Liabilities | ' | ' | ' | ' | $0.30 | $3 |
Financing_Arrangements_Details
Financing Arrangements (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Total borrowings under Senior Secured Credit Facility | $288,019 | $255,551 | $255,944 |
Less: current portion | -99,581 | -58,676 | -56,256 |
Total long-term portion of borrowings under Senior Secured Credit Facility | 188,438 | 196,875 | 199,688 |
Less: current portion | -15,466 | -15,098 | -15,585 |
Canadian Revolver | ' | ' | ' |
Total borrowings under Senior Secured Credit Facility | 11,246 | 2,426 | 7,606 |
US Revolver | ' | ' | ' |
Total borrowings under Senior Secured Credit Facility | 77,085 | 45,000 | 37,400 |
Term Loan | ' | ' | ' |
Total borrowings under Senior Secured Credit Facility | 199,688 | 208,125 | 210,938 |
Equipment Financing Facilities | ' | ' | ' |
Total borrowings under Equipment Financing Facilities | 22,043 | 10,597 | 11,842 |
Less: current portion | -4,216 | -3,848 | -4,335 |
Total long-term portion of borrowings under Equipment Financing Facilities | $17,827 | $6,749 | $7,507 |
Financing_Arrangements_Details1
Financing Arrangements (Details) (Parenthetical) | 9 Months Ended | ||
Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | |
Canadian Revolver | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 3.75% | 3.75% | 3.75% |
Line of Credit Facility, Expiration Date | 31-Mar-17 | ' | ' |
US Revolver | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 2.64% | 1.93% | 2.63% |
Line of Credit Facility, Expiration Date | 31-Mar-17 | ' | ' |
Term Loan | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 1.90% | 1.93% | 1.95% |
Line of Credit Facility, Expiration Date | 31-Mar-17 | ' | ' |
Equipment Financing Facilities | Maximum | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 6.75% | 6.75% | 6.75% |
Equipment Financing Facilities | Minimum | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 2.33% | 2.51% | 2.51% |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Unrealized Losses | $3,202 | $3,160 | $3,731 |
Designated | Interest Rate Swap | Level 2 | Accrued Expenses | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Unrealized Losses | $3,202 | $3,160 | $3,731 |
Financial_Instruments_Details_
Financial Instruments (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Amount of gain (loss) recognized in OCI (net of tax) | ($222) | $1,756 | $320 | $1,706 |
Designated interest rate swaps [Member] | Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Amount of gain (loss) recognized in OCI (net of tax) | -222 | 1,756 | 320 | 1,706 |
Non-designated interest rate swaps [Member] | Interest Expense And Other Financing Costs [Member] | ' | ' | ' | ' |
Amount of gain (loss) recognized in interest expense, financing costs and other | $0 | $0 | $0 | $2,621 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Mar. 28, 2013 | Jun. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2014 |
Interest Rate Swap | Interest Rate Swap Fixed Rate Of 1.38 % | |||
Derivative [Line Items] | ' | ' | ' | ' |
Interest rate swap, interest rate | ' | ' | ' | 1.38% |
Derivative, Maturity Date | 31-Mar-17 | ' | ' | 31-Mar-17 |
Increase Decrease In Fair Value Of Interest Rate Swaps Net | ' | ' | $2.60 | ' |
Derivative Amortizes Amount | ' | 2.8 | ' | ' |
Derivative, Notional Amount | $213.80 | $199.70 | ' | ' |
Foreign_Net_Revenue_Additional
Foreign Net Revenue - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $663,397 | $627,168 | $1,600,411 | $1,557,155 |
Canada | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $51,700 | $49,600 | $111,800 | $114,100 |