Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | BEACON ROOFING SUPPLY INC | |
Entity Central Index Key | 1124941 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | BECN | |
Entity Common Stock, Shares Outstanding | 49,623,825 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $22,956 | $54,472 | $34,041 |
Accounts receivable, less allowance of $8,929, $8,510 and $9,907 at March 31, 2015, September 30, 2014 and March 31, 2014, respectively | 248,154 | 360,802 | 230,379 |
Inventories, net | 361,317 | 301,626 | 421,756 |
Prepaid expenses and other current assets | 73,490 | 66,828 | 105,401 |
Deferred income taxes | 14,789 | 14,610 | 14,226 |
Total current assets | 720,706 | 798,338 | 805,803 |
Property and equipment, net | 85,054 | 88,565 | 70,759 |
Goodwill | 488,324 | 466,206 | 466,658 |
Intangible assets, net | 91,650 | 72,266 | 79,207 |
Other assets, net | 4,771 | 8,521 | 9,120 |
TOTAL ASSETS | 1,390,505 | 1,433,896 | 1,431,547 |
Current liabilities: | |||
Accounts payable | 202,713 | 220,834 | 308,209 |
Accrued expenses | 80,546 | 80,285 | 72,445 |
Borrowings under revolver lines of credit | 3,948 | 18,514 | 0 |
Current portion of long-term obligations | 16,612 | 16,602 | 15,346 |
Total current liabilities | 303,819 | 336,235 | 396,000 |
Senior notes payable, net of current portion | 180,000 | 185,625 | 191,250 |
Deferred income taxes | 63,426 | 64,100 | 60,350 |
Long-term obligations under equipment financing and other, net of current portion | 24,779 | 30,835 | 20,591 |
Total liabilities | 572,024 | 616,795 | 668,191 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock (voting); $.01 par value; 100,000,000 shares authorized; 49,607,351 issued and outstanding at March 31, 2015; 49,392,774 issued and outstanding at September 30, 2014; and 49,300,779 issued and outstanding at March 31, 2014 | 495 | 493 | 492 |
Undesignated preferred stock; 5,000,000 shares authorized, none issued or outstanding | 0 | 0 | 0 |
Additional paid-in capital | 335,972 | 328,059 | 324,504 |
Retained earnings | 498,249 | 495,128 | 444,122 |
Accumulated other comprehensive loss | -16,235 | -6,579 | -5,762 |
Total stockholders’ equity | 818,481 | 817,101 | 763,356 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $1,390,505 | $1,433,896 | $1,431,547 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | |||
Accounts receivable, allowances | $8,929 | $8,510 | $9,907 |
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 | 49,607,351 | 49,392,774 | 49,300,779 |
Common Stock (voting), outstanding | 49,607,351 | 49,392,774 | 49,300,779 |
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 | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Net sales | $413,184 | $384,885 | $1,009,226 | $937,014 |
Cost of products sold | 316,411 | 298,093 | 774,888 | 723,317 |
Gross profit | 96,773 | 86,792 | 234,338 | 213,697 |
Operating expenses | 110,979 | 104,004 | 224,724 | 203,822 |
Income (loss) from operations | -14,206 | -17,212 | 9,614 | 9,875 |
Interest expense, financing costs and other | 2,522 | 2,532 | 5,177 | 5,197 |
Income (loss) before provision for income taxes | -16,728 | -19,744 | 4,437 | 4,678 |
Provision (benefit) for income taxes | -6,942 | -7,627 | 1,316 | 1,838 |
Net income (loss) | ($9,786) | ($12,117) | $3,121 | $2,840 |
Net income (loss) per share: | ||||
Basic | ($0.20) | ($0.25) | $0.06 | $0.06 |
Diluted | ($0.20) | ($0.25) | $0.06 | $0.06 |
Weighted average shares used in computing net income (loss) per share: | ||||
Basic | 49,513,141 | 49,260,044 | 49,470,528 | 49,120,893 |
Diluted | 49,513,141 | 49,260,044 | 50,029,935 | 49,956,072 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Net income (loss) | ($9,786) | ($12,117) | $3,121 | $2,840 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | -6,169 | -3,454 | -9,358 | -5,928 |
Unrealized gain (loss) due to change in fair value of derivatives, net of tax | -263 | 226 | -298 | 542 |
Total other comprehensive income (loss), net of tax | -6,432 | -3,228 | -9,656 | -5,386 |
Comprehensive income (loss) | ($16,218) | ($15,345) | ($6,535) | ($2,546) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net income | $3,121 | $2,840 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 16,430 | 15,281 |
Stock-based compensation | 4,744 | 5,489 |
Certain interest expense and other financing costs | 543 | 545 |
Gain on sale of fixed assets | -273 | -480 |
Deferred income taxes | 287 | -1,418 |
Other, net | 181 | -3 |
Changes in assets and liabilities, net of the effects of businesses acquired: | ||
Accounts receivable | 118,564 | 97,706 |
Inventories | -50,305 | -171,748 |
Prepaid expenses and other assets | -5,007 | -43,252 |
Accounts payable and accrued expenses | -25,800 | 131,113 |
Net cash provided by operating activities | 62,485 | 36,073 |
Investing activities | ||
Purchases of property and equipment | -5,384 | -11,773 |
Acquisition of businesses | -69,745 | 0 |
Proceeds from sales of assets | 367 | 394 |
Net cash used in investing activities | -74,762 | -11,379 |
Financing activities | ||
Repayments under revolving lines of credit, net of borrowings | -13,632 | -47,398 |
Borrowings under equipment financing facilities and other | 0 | 10,971 |
Repayments under equipment financing facilities and other | -2,758 | -2,441 |
Repayments under senior term loan | -5,625 | -5,625 |
Proceeds from exercise of options | 3,171 | 6,057 |
Excess tax benefit from stock-based compensation | 262 | 876 |
Net cash used in financing activities | -18,582 | -37,560 |
Effect of exchange rate changes on cash | -657 | -120 |
Net decrease in cash and cash equivalents | -31,516 | -12,986 |
Cash and cash equivalents, beginning of year | 54,472 | 47,027 |
Cash and cash equivalents, end of period | 22,956 | 34,041 |
Cash paid during the year for: | ||
Interest | 4,660 | 4,276 |
Income taxes, net of refunds | $21,112 | $18,715 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |
Mar. 31, 2015 | ||
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 March 31, 2014 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 (second quarter) ended March 31, 2015 are not necessarily indicative of the results to be expected for the twelve months ending September 30, 2015 (fiscal year 2015 or “2015”). | ||
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 six-month periods ended March 31, 2015 and March 31, 2014 each had 125 business days, while the three-month periods ended March 31, 2015 and March 31, 2014 each had 63 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 2014 (“2014”) Annual Report on Form 10-K for the year ended September 30, 2014, collectively referred to as the “2014 Annual Report.” | ||
Net_Income_Per_Share
Net Income Per Share | 6 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
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 March 31, | Six Months Ended March 31, | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Weighted average common shares outstanding | 49,513,141 | 49,260,044 | 49,470,528 | 49,120,893 | ||||||
Effect of dilutive securities: | ||||||||||
Stock option awards | — | — | 469,698 | 659,233 | ||||||
Restricted stock awards | — | — | 89,709 | 175,946 | ||||||
Shares for diluted earnings per share | 49,513,141 | 49,260,044 | 50,029,935 | 49,956,072 | ||||||
The following table includes the number of shares that may be dilutive 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 March 31, | Six Months Ended March 31, | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Stock options awards | 1,838,400 | 1,141,465 | 1,370,873 | 951,739 | ||||||
Restricted stock awards | 78,533 | 175,261 | 123,332 | 24,000 | ||||||
Comprehensive_Income_and_Capit
Comprehensive Income and Capital Structure | 6 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Comprehensive Income And Capital Structure [Abstract] | |||||||||||||||||
Comprehensive Income And Capital Structure | 3 | Comprehensive Income and Capital Structure | |||||||||||||||
The following table presents the activity included in stockholders’ equity during the six months ended March 31, 2015: | |||||||||||||||||
Accumulated | |||||||||||||||||
Common | Additional Paid- | Retained | Other | Total | |||||||||||||
Stock | In Capital | Earnings | Comprehensive | Stockholders’ | |||||||||||||
Income (Loss) | Equity | ||||||||||||||||
Balance at September 30, 2014 | $ | 493 | $ | 328,059 | $ | 495,128 | $ | -6,579 | $ | 817,101 | |||||||
Issuance of common stock | 2 | 3,169 | — | — | 3,171 | ||||||||||||
Stock-based compensation | — | 4,744 | — | — | 4,744 | ||||||||||||
Net income | — | — | 3,121 | — | 3,121 | ||||||||||||
Other comprehensive loss | — | — | — | -9,656 | -9,656 | ||||||||||||
Balance at March 31, 2015 | $ | 495 | $ | 335,972 | $ | 498,249 | $ | -16,235 | $ | 818,481 | |||||||
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 six months ended March 31, 2015: | |||||||||||||||||
Accumulated | |||||||||||||||||
Foreign | Derivative | Other | |||||||||||||||
Currency | Financial | Comprehensive | |||||||||||||||
Translation | Instruments | Income (Loss) | |||||||||||||||
Balance at September 30, 2014 | $ | -5,290 | $ | -1,289 | $ | -6,579 | |||||||||||
Other comprehensive income (loss) recognized in accumulated | -9,358 | -298 | -9,656 | ||||||||||||||
other comprehensive income (loss) | |||||||||||||||||
Balance at March 31, 2015 | $ | -14,648 | $ | -1,587 | $ | -16,235 | |||||||||||
There were no reclassifications out of accumulated other comprehensive income (loss) during the six months ended March 31, 2015. | |||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 March 31, 2015, there were 3,417,989 shares of common stock available for awards under the 2014 Plan, subject to increase for shares that are forfeited or expire, or are used for tax withholding on stock awards and stock unit awards under the 2004 Plan (defined below) and 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. | ||||||||||||
For all equity awards granted prior to October 1, 2014, in the event of a change in control of the Company, all awards are immediately vested. Beginning in fiscal 2015, equity awards contain a “double trigger” change in control mechanism. Unless an award is continued or assumed by a public company in an equitable manner, an award shall become fully vested immediately prior to a change in control (at 100% in the case of a performance-based restricted stock award). If an award is so continued or assumed, vesting will continue in accordance with the terms of the award, unless there is a qualifying termination within one-year following the change in control, in which event the award shall become fully vested immediately (at 100% in the case of a performance-based restricted stock award). | ||||||||||||
Stock options | ||||||||||||
Non-qualified options generally expire 10 years after the grant date and, 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. During the six months ended March 31, 2015 and 2014, the Company recorded stock-based compensation expense related to stock option awards of $3.2 million and $3.5 million, respectively. As of March 31, 2015, there was $8.5 million of total unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized over a weighted-average period of 1.82 years. | ||||||||||||
The following table illustrates the assumptions used in the Black-Scholes pricing model for options granted during the six months ended March 31, 2015: | ||||||||||||
2015 | ||||||||||||
Risk-free interest rate | 1.83 | % | ||||||||||
Expected volatility | 31.69 | % | ||||||||||
Expected life (in years) | 5.58 | |||||||||||
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 8.86% as of March 31, 2015. | ||||||||||||
Information regarding the Company’s stock options is summarized below: | ||||||||||||
Weighted- | ||||||||||||
Weighted- | Average | |||||||||||
Average | Remaining | Aggregate | ||||||||||
Number of | Exercise | Contractual | Intrinsic | |||||||||
Shares | Price | Life | Value | |||||||||
(in years) | (in millions) | |||||||||||
Outstanding at September 30, 2014 | 2,364,211 | $ | 22.98 | |||||||||
Granted | 482,479 | $ | 28.58 | |||||||||
Exercised | -167,355 | $ | 17.43 | |||||||||
Canceled | -36,065 | $ | 32.74 | |||||||||
Outstanding at March 31, 2015 | 2,643,270 | $ | 24.24 | 6.6 | $ | 20.7 | ||||||
Vested or Expected to Vest at March 31, 2015 | 2,529,471 | $ | 23.97 | 6.5 | $ | 20.5 | ||||||
Exercisable at March 31, 2015 | 1,734,556 | $ | 20.63 | 5.4 | $ | 19.2 | ||||||
Restricted stock awards | ||||||||||||
During the six months ended March 31, 2015 and 2014, the Company recorded stock-based compensation expense related to restricted stock awards of $1.5 million and $2.0 million, respectively. As of March 31, 2015, there was $8.1 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 2.73 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. Beginning in 2014, the six month period was eliminated and shares will be delivered within ten days after termination of service on the board. In November 2014 and 2013, the Company 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: | ||||||||||||
Weighted- | ||||||||||||
Weighted- | Average | |||||||||||
Average | Remaining | Aggregate | ||||||||||
Number of | Grant | Contractual | Intrinsic | |||||||||
Shares | Price | Life | Value | |||||||||
(in years) | (in millions) | |||||||||||
Outstanding at September 30, 2014 | 482,076 | $ | 31.28 | |||||||||
Granted | 174,358 | $ | 27.94 | |||||||||
Lapse of restrictions/conversions | -67,953 | $ | 19.88 | |||||||||
Canceled | -20,295 | $ | 19.88 | |||||||||
Outstanding at March 31, 2015 | 568,186 | $ | 32.03 | 2.5 | $ | 17.8 | ||||||
Vested or Expected to Vest at March 31, 2015 | 394,454 | $ | 31.46 | 3.1 | $ | 12.3 | ||||||
Acquisitions
Acquisitions | 6 Months Ended | ||
Mar. 31, 2015 | |||
Business Combinations [Abstract] | |||
Acquisitions | 5 | Acquisitions | |
In October 2014, the Company acquired six branches from the following two acquisitions: | |||
· | On October 1, 2014, the Company purchased certain assets of Applicators Sales & Service (“Applicators”), a distributor of residential roofing, siding, windows and related accessories with four locations in Maine and one location in New Hampshire and annual sales of approximately $48 million. | ||
· | On October 15, 2014, the Company purchased certain assets of Wholesale Roofing Supply (“WRS”), a distributor of residential roofing products with a nine-acre facility located in Grand Prairie, Texas and annual sales of approximately $34 million. | ||
The Company preliminarily recorded the acquired assets and liabilities at their estimated fair values at the acquisition date, with resulting goodwill of $24.2 million (which is not deductible for tax purposes) and $28.8 million in intangible assets associated with these acquisitions. | |||
Financing_Arrangements
Financing Arrangements | 6 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Financing Arrangements | 6 | Financing Arrangements | |||||||||
Financing arrangements consisted of the following: | |||||||||||
March 31, | September 30, | March 31, | |||||||||
2015 | 2014 | 2014 | |||||||||
Senior Secured Credit Facility | |||||||||||
Revolving Lines of Credit: | |||||||||||
Canadian revolver-expires March 31, 2017 (3.60% at March 31, 2015 and 4.00% at September 30, 2014) | $ | 3,948 | $ | 10,714 | $ | — | |||||
U.S. Revolver-expires March 31, 2017 (4.25% at September 30, 2014) | — | 7,800 | — | ||||||||
Term Loan: | |||||||||||
Term Loan-matures March 31, 2017 (1.93% at March 31, 2015, 2.15% on September 30, 2014 and 1.90% at March 31, 2014) | 191,250 | 196,875 | 202,500 | ||||||||
Total borrowings under Senior Secured Credit Facility | 195,198 | 215,389 | 202,500 | ||||||||
Less: current portion | -15,198 | -29,764 | -11,250 | ||||||||
Total long-term portion of borrowings under Senior Secured Credit Facility | $ | 180,000 | $ | 185,625 | $ | 191,250 | |||||
Equipment Financing Facilities | |||||||||||
Borrowings under various equipment financing facilities-various maturities from November 2015 through December 2020 (various fixed interest rates ranging from 2.33% to 4.49% at March 31, 2015; 2.33% to 4.60% at September 30, 2014; and 2.33% to 6.75% at March 31, 2014) | $ | 28,283 | $ | 30,966 | $ | 19,122 | |||||
Less: current portion | -5,362 | -5,352 | -4,096 | ||||||||
Total long-term portion of borrowings under equipment financing facilities | $ | 22,921 | $ | 25,614 | $ | 15,026 | |||||
Financial_Instruments
Financial Instruments | 6 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
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 which 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 the repayment schedule under the Term Loan. As of March 31, 2015, the interest rate swap has a notional amount of $191.3 million. | |||||||||||||||
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 records any differences paid or received on its interest rate hedges as adjustments to interest expense. The table below presents the combined fair values of the interest rate derivative instruments: | |||||||||||||||
Instrument | Balance Sheet | March 31, | September 30, | March 31, | Fair Value | ||||||||||
Location | 2015 | 2014 | 2014 | Hierarchy | |||||||||||
Designated interest rate swaps | Accrued expenses | $ | 2,623 | $ | 2,124 | $ | 2,835 | Level 2 | |||||||
(effective) | |||||||||||||||
$ | 2,623 | $ | 2,124 | $ | 2,835 | ||||||||||
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 March 31, | Six Months Ended March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Amount of gain (loss) recognized in OCI (net of tax) | |||||||||||||||
Designated interest rate swaps | $ | -263 | $ | 226 | $ | -298 | $ | 542 | |||||||
During the three and six months ended March 31, 2015 and 2014, there were no amounts related to non-designated interest rate derivative instruments which were recognized in interest expense, financing costs and other. | |||||||||||||||
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 | 6 Months Ended | |
Mar. 31, 2015 | ||
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 $20.5 million and $18.3 million during the three months ended March 31, 2015 and 2014, respectively, and $66.1 million and $60.0 million during the six months ended March 31, 2015 and 2014, respectively. | ||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 6 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
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 March 31, | Six Months Ended March 31, | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Weighted average common shares outstanding | 49,513,141 | 49,260,044 | 49,470,528 | 49,120,893 | ||||||
Effect of dilutive securities: | ||||||||||
Stock option awards | — | — | 469,698 | 659,233 | ||||||
Restricted stock awards | — | — | 89,709 | 175,946 | ||||||
Shares for diluted earnings per share | 49,513,141 | 49,260,044 | 50,029,935 | 49,956,072 | ||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table includes the number of shares that may be dilutive 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 March 31, | Six Months Ended March 31, | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Stock options awards | 1,838,400 | 1,141,465 | 1,370,873 | 951,739 | ||||||
Restricted stock awards | 78,533 | 175,261 | 123,332 | 24,000 | ||||||
Comprehensive_Income_and_Capit1
Comprehensive Income and Capital Structure (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Comprehensive Income And Capital Structure [Abstract] | |||||||||||||||||
Schedule of Stockholders Equity | The following table presents the activity included in stockholders’ equity during the six months ended March 31, 2015: | ||||||||||||||||
Accumulated | |||||||||||||||||
Common | Additional Paid- | Retained | Other | Total | |||||||||||||
Stock | In Capital | Earnings | Comprehensive | Stockholders’ | |||||||||||||
Income (Loss) | Equity | ||||||||||||||||
Balance at September 30, 2014 | $ | 493 | $ | 328,059 | $ | 495,128 | $ | -6,579 | $ | 817,101 | |||||||
Issuance of common stock | 2 | 3,169 | — | — | 3,171 | ||||||||||||
Stock-based compensation | — | 4,744 | — | — | 4,744 | ||||||||||||
Net income | — | — | 3,121 | — | 3,121 | ||||||||||||
Other comprehensive loss | — | — | — | -9,656 | -9,656 | ||||||||||||
Balance at March 31, 2015 | $ | 495 | $ | 335,972 | $ | 498,249 | $ | -16,235 | $ | 818,481 | |||||||
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the changes in accumulated other comprehensive income (loss), by component, during the six months ended March 31, 2015: | ||||||||||||||||
Accumulated | |||||||||||||||||
Foreign | Derivative | Other | |||||||||||||||
Currency | Financial | Comprehensive | |||||||||||||||
Translation | Instruments | Income (Loss) | |||||||||||||||
Balance at September 30, 2014 | $ | -5,290 | $ | -1,289 | $ | -6,579 | |||||||||||
Other comprehensive income (loss) recognized in accumulated | -9,358 | -298 | -9,656 | ||||||||||||||
other comprehensive income (loss) | |||||||||||||||||
Balance at March 31, 2015 | $ | -14,648 | $ | -1,587 | $ | -16,235 | |||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 options granted during the six months ended March 31, 2015: | |||||||||||
2015 | ||||||||||||
Risk-free interest rate | 1.83 | % | ||||||||||
Expected volatility | 31.69 | % | ||||||||||
Expected life (in years) | 5.58 | |||||||||||
Expected dividend yield | 0 | % | ||||||||||
Stock Options Outstanding and Activity During the Period | Information regarding the Company’s stock options is summarized below: | |||||||||||
Weighted- | ||||||||||||
Weighted- | Average | |||||||||||
Average | Remaining | Aggregate | ||||||||||
Number of | Exercise | Contractual | Intrinsic | |||||||||
Shares | Price | Life | Value | |||||||||
(in years) | (in millions) | |||||||||||
Outstanding at September 30, 2014 | 2,364,211 | $ | 22.98 | |||||||||
Granted | 482,479 | $ | 28.58 | |||||||||
Exercised | -167,355 | $ | 17.43 | |||||||||
Canceled | -36,065 | $ | 32.74 | |||||||||
Outstanding at March 31, 2015 | 2,643,270 | $ | 24.24 | 6.6 | $ | 20.7 | ||||||
Vested or Expected to Vest at March 31, 2015 | 2,529,471 | $ | 23.97 | 6.5 | $ | 20.5 | ||||||
Exercisable at March 31, 2015 | 1,734,556 | $ | 20.63 | 5.4 | $ | 19.2 | ||||||
Restricted Shares and Units Outstanding and Activity During the Period | Information regarding the Company’s restricted shares and units is summarized below: | |||||||||||
Weighted- | ||||||||||||
Weighted- | Average | |||||||||||
Average | Remaining | Aggregate | ||||||||||
Number of | Grant | Contractual | Intrinsic | |||||||||
Shares | Price | Life | Value | |||||||||
(in years) | (in millions) | |||||||||||
Outstanding at September 30, 2014 | 482,076 | $ | 31.28 | |||||||||
Granted | 174,358 | $ | 27.94 | |||||||||
Lapse of restrictions/conversions | -67,953 | $ | 19.88 | |||||||||
Canceled | -20,295 | $ | 19.88 | |||||||||
Outstanding at March 31, 2015 | 568,186 | $ | 32.03 | 2.5 | $ | 17.8 | ||||||
Vested or Expected to Vest at March 31, 2015 | 394,454 | $ | 31.46 | 3.1 | $ | 12.3 | ||||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 6 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Schedule of Long-term Debt Instruments | Financing arrangements consisted of the following: | ||||||||||
March 31, | September 30, | March 31, | |||||||||
2015 | 2014 | 2014 | |||||||||
Senior Secured Credit Facility | |||||||||||
Revolving Lines of Credit: | |||||||||||
Canadian revolver-expires March 31, 2017 (3.60% at March 31, 2015 and 4.00% at September 30, 2014) | $ | 3,948 | $ | 10,714 | $ | — | |||||
U.S. Revolver-expires March 31, 2017 (4.25% at September 30, 2014) | — | 7,800 | — | ||||||||
Term Loan: | |||||||||||
Term Loan-matures March 31, 2017 (1.93% at March 31, 2015, 2.15% on September 30, 2014 and 1.90% at March 31, 2014) | 191,250 | 196,875 | 202,500 | ||||||||
Total borrowings under Senior Secured Credit Facility | 195,198 | 215,389 | 202,500 | ||||||||
Less: current portion | -15,198 | -29,764 | -11,250 | ||||||||
Total long-term portion of borrowings under Senior Secured Credit Facility | $ | 180,000 | $ | 185,625 | $ | 191,250 | |||||
Equipment Financing Facilities | |||||||||||
Borrowings under various equipment financing facilities-various maturities from November 2015 through December 2020 (various fixed interest rates ranging from 2.33% to 4.49% at March 31, 2015; 2.33% to 4.60% at September 30, 2014; and 2.33% to 6.75% at March 31, 2014) | $ | 28,283 | $ | 30,966 | $ | 19,122 | |||||
Less: current portion | -5,362 | -5,352 | -4,096 | ||||||||
Total long-term portion of borrowings under equipment financing facilities | $ | 22,921 | $ | 25,614 | $ | 15,026 | |||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Fair Value of Interest Rate Derivative Instruments | The table below presents the combined fair values of the interest rate derivative instruments: | ||||||||||||||
Instrument | Balance Sheet | March 31, | September 30, | March 31, | Fair Value | ||||||||||
Location | 2015 | 2014 | 2014 | Hierarchy | |||||||||||
Designated interest rate swaps | Accrued expenses | $ | 2,623 | $ | 2,124 | $ | 2,835 | Level 2 | |||||||
(effective) | |||||||||||||||
$ | 2,623 | $ | 2,124 | $ | 2,835 | ||||||||||
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 March 31, | Six Months Ended March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Amount of gain (loss) recognized in OCI (net of tax) | |||||||||||||||
Designated interest rate swaps | $ | -263 | $ | 226 | $ | -298 | $ | 542 | |||||||
Net_Income_Per_Share_Details
Net Income Per Share (Details) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Weighted average common shares outstanding | 49,513,141 | 49,260,044 | 49,470,528 | 49,120,893 |
Effect of dilutive securities: | ||||
Shares for diluted earnings per share | 49,513,141 | 49,260,044 | 50,029,935 | 49,956,072 |
Stock Options Awards | ||||
Effect of dilutive securities: | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 469,698 | 659,233 |
Restricted Stock Awards | ||||
Effect of dilutive securities: | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | 89,709 | 175,946 |
Net_Income_Per_Share_Details_1
Net Income Per Share (Details 1) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Stock Options Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,838,400 | 1,141,465 | 1,370,873 | 951,739 |
Restricted Stock Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 78,533 | 175,261 | 123,332 | 24,000 |
Comprehensive_Income_and_Capit2
Comprehensive Income and Capital Structure (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Stockholders Equity, Opening Balance | $817,101 | |||
Issuance of common stock | 3,171 | |||
Stock-based compensation | 4,744 | 5,489 | ||
Net income | -9,786 | -12,117 | 3,121 | 2,840 |
Other comprehensive loss | -9,656 | |||
Stockholders Equity, Ending Balance | 818,481 | 763,356 | 818,481 | 763,356 |
Common Stock | ||||
Stockholders Equity, Opening Balance | 493 | |||
Issuance of common stock | 2 | |||
Stock-based compensation | 0 | |||
Net income | 0 | |||
Other comprehensive loss | 0 | |||
Stockholders Equity, Ending Balance | 495 | 495 | ||
Additional Paid-in Capital | ||||
Stockholders Equity, Opening Balance | 328,059 | |||
Issuance of common stock | 3,169 | |||
Stock-based compensation | 4,744 | |||
Net income | 0 | |||
Other comprehensive loss | 0 | |||
Stockholders Equity, Ending Balance | 335,972 | 335,972 | ||
Retained Earnings | ||||
Stockholders Equity, Opening Balance | 495,128 | |||
Issuance of common stock | 0 | |||
Stock-based compensation | 0 | |||
Net income | 3,121 | |||
Other comprehensive loss | 0 | |||
Stockholders Equity, Ending Balance | 498,249 | 498,249 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Stockholders Equity, Opening Balance | -6,579 | |||
Issuance of common stock | 0 | |||
Stock-based compensation | 0 | |||
Net income | 0 | |||
Other comprehensive loss | -9,656 | |||
Stockholders Equity, Ending Balance | ($16,235) | ($16,235) |
Comprehensive_Income_and_Capit3
Comprehensive Income and Capital Structure (Details 1) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Foreign Currency Translation [Abstract] | ||
Balance at September 30, 2014 | ($5,290) | |
Other comprehensive income (loss) recognized in accumulated other comprehensive income (loss) | -9,358 | |
Balance at March 31, 2015 | -14,648 | |
Derivative Financial Instruments [Abstract] | ||
Balance at September 30, 2014 | -1,289 | |
Other comprehensive income (loss) recognized in accumulated other comprehensive income (loss) | -298 | |
Balance at March 31, 2015 | -1,587 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Balance at September 30, 2014 | -6,579 | -5,762 |
Other comprehensive income (loss) recognized in accumulated other comprehensive income (loss) | -9,656 | |
Balance at March 31, 2015 | ($16,235) | ($5,762) |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) | 6 Months Ended |
Mar. 31, 2015 | |
Risk-free interest rate | 1.83% |
Expected volatility | 31.69% |
Expected life (in years) | 5 years 6 months 29 days |
Expected dividend yield | 0.00% |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (USD $) | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Number of Shares | |
Outstanding at September 30, 2014 | 2,364,211 |
Granted | 482,479 |
Exercised | -167,355 |
Canceled | -36,065 |
Outstanding at March 31, 2015 | 2,643,270 |
Vested or Expected to Vest at March 31, 2015 | 2,529,471 |
Exercisable at March 31, 2015 | 1,734,556 |
Weighted-Average Exercise Price | |
Outstanding at September 30, 2014 | $22.98 |
Granted | $28.58 |
Exercised | $17.43 |
Canceled | $32.74 |
Outstanding at March 31, 2015 | $24.24 |
Vested or Expected to Vest at March 31, 2015 | $23.97 |
Exercisable at March 31, 2015 | $20.63 |
Weighted-Average Remaining Contractual Life | |
Outstanding at March 31, 2015 | 6 years 7 months 6 days |
Vested or Expected to Vest at March 31, 2015 | 6 years 6 months |
Exercisable at March 31, 2015 | 5 years 4 months 24 days |
Average Intrinsic Value | |
Outstanding at March 31, 2015 | $20.70 |
Vested or Expected to Vest at March 31, 2015 | 20.5 |
Exercisable at March 31, 2015 | $19.20 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) (USD $) | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Number of Shares/Units | |
Outstanding at September 30, 2014 | 482,076 |
Granted | 174,358 |
Lapse of restrictions/conversions | -67,953 |
Canceled | -20,295 |
Outstanding at March 31, 2015 | 568,186 |
Vested or Expected to Vest at March 31, 2015 | 394,454 |
Weighted - Average Grant Price | |
Outstanding at September 30, 2014 | $31.28 |
Granted | $27.94 |
Lapse of restrictions/conversions | $19.88 |
Canceled | $19.88 |
Outstanding at March 31, 2015 | $32.03 |
Vested or Expected to Vest at March 31, 2015 | $31.46 |
Weighted - Average Remaining Contractual Life | |
Outstanding at March 31, 2015 | 2 years 6 months |
Vested or Expected to Vest at March 31, 2015 | 3 years 1 month 6 days |
Aggregate Intrinsic Value | |
Outstanding at March 31, 2015 | $17.80 |
Vested or Expected to Vest at March 31, 2015 | $12.30 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Details) (USD $) | 6 Months Ended | 1 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Nov. 30, 2014 | Nov. 30, 2013 | Feb. 12, 2014 |
2014 Stock Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation number of shares authorized | 5,100,000 | ||||
Stock-based compensation number of shares available for awards | 3,417,989 | ||||
Restricted Stock Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost related to unvested stock | $8.10 | ||||
Total unrecognized compensation cost related to unvested stock, expected weighted-average period of recognition | 2 years 8 months 23 days | ||||
Percentage of shares that will vest | 100.00% | ||||
Allocated Share-based Compensation Expense | 1.5 | 2 | |||
Restricted Stock | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares that will vest | 125.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 5 years | |||
Restricted Stock | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares that will vest | 0.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | |||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost related to unvested stock | 8.5 | ||||
Total unrecognized compensation cost related to unvested stock, expected weighted-average period of recognition | 1 year 9 months 25 days | ||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumption Expected Forfeitures | 8.86% | ||||
Allocated Share-based Compensation Expense | $3.20 | $3.50 | |||
Non Qualified Options Expire | 10 years |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Details) (USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Oct. 02, 2014 | Oct. 15, 2014 | Mar. 31, 2015 |
Business Acquisition [Line Items] | |||
Business Acquisitions Purchase Price Allocation Goodwill Amount | $24.20 | ||
Business Acquisitions Purchase Price Allocation Intangible Assets Other Than Goodwill | 28.8 | ||
Applicators Sales Service [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, sales reported by acquired entity for last annual period | 48 | ||
Wholesale Roofing Supply [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, sales reported by acquired entity for last annual period | $34 |
Financing_Arrangements_Details
Financing Arrangements (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Total borrowings under Senior Secured Credit Facility | $195,198 | $215,389 | $202,500 |
Less: current portion | -15,198 | -29,764 | -11,250 |
Total long-term portion of borrowings under Senior Secured Credit Facility | 180,000 | 185,625 | 191,250 |
Less: current portion | -16,612 | -16,602 | -15,346 |
Canadian Revolver | |||
Total borrowings under Senior Secured Credit Facility | 3,948 | 10,714 | 0 |
US Revolver | |||
Total borrowings under Senior Secured Credit Facility | 0 | 7,800 | 0 |
Term Loan | |||
Total borrowings under Senior Secured Credit Facility | 191,250 | 196,875 | 202,500 |
Equipment Financing Facilities | |||
Total borrowings under Equipment Financing Facilities | 28,283 | 30,966 | 19,122 |
Less: current portion | -5,362 | -5,352 | -4,096 |
Total long-term portion of borrowings under equipment financing facilities | $22,921 | $25,614 | $15,026 |
Financing_Arrangements_Details1
Financing Arrangements (Details) (Parenthetical) | 6 Months Ended | ||
Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | |
Canadian Revolver | |||
Line of Credit Facility, Interest Rate at Period End | 3.60% | 4.00% | |
Line of Credit Facility, Expiration Date | 31-Mar-17 | ||
US Revolver | |||
Line of Credit Facility, Interest Rate at Period End | 4.25% | ||
Line of Credit Facility, Expiration Date | 31-Mar-17 | ||
Term Loan | |||
Line of Credit Facility, Interest Rate at Period End | 1.93% | 2.15% | 1.90% |
Line of Credit Facility, Expiration Date | 31-Mar-17 | ||
Equipment Financing Facilities | Maximum | |||
Line of Credit Facility, Interest Rate at Period End | 4.49% | 4.60% | 6.75% |
Equipment Financing Facilities | Minimum | |||
Line of Credit Facility, Interest Rate at Period End | 2.33% | 2.33% | 2.33% |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 |
Derivatives, Fair Value [Line Items] | |||
Unrealized Losses | $2,623 | $2,835 | $2,124 |
Designated | Interest Rate Swap | Level 2 | Accrued Expenses | |||
Derivatives, Fair Value [Line Items] | |||
Unrealized Losses | $2,623 | $2,835 | $2,124 |
Financial_Instruments_Details_
Financial Instruments (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Amount of gain (loss) recognized in OCI (net of tax) | ($263) | $226 | ($298) | $542 |
Designated interest rate swaps [Member] | Other Comprehensive Income (Loss) [Member] | ||||
Amount of gain (loss) recognized in OCI (net of tax) | ($263) | $226 | ($298) | $542 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 28, 2013 |
Derivative [Line Items] | ||
Derivative Amortizes Amount | $2.80 | |
Derivative, Notional Amount | $191.30 | $213.80 |
Interest Rate Swap Fixed Rate Of 1.38 % | ||
Derivative [Line Items] | ||
Interest rate swap, interest rate | 1.38% | |
Derivative Expiration Date | 3/31/17 | |
Derivative Amortization Frequency | quarter |
Foreign_Net_Revenue_Additional
Foreign Net Revenue - Additional Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||||
Net sales | $413,184 | $384,885 | $1,009,226 | $937,014 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $20,500 | $18,300 | $66,100 | $60,000 |