Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Nov. 14, 2014 | Mar. 31, 2014 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
AmendmentFlag | 'false | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Central Index Key | '0001323974 | ' | ' |
Trading Symbol | 'mwiv | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Registrant Name | 'MWI Veterinary Supply, Inc. | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well Known Seasoned Issuer | 'Yes | ' | ' |
Entity Common Stock Shares Outstanding | ' | 12,912,068 | ' |
Entity Public Float | ' | ' | $1,932 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' |
Product sales | $2,892,023 | $2,260,279 | $1,996,294 |
Product sales to related party | 68,501 | 68,355 | 61,873 |
Commissions | 20,514 | 18,851 | 16,979 |
Total revenues | 2,981,038 | 2,347,485 | 2,075,146 |
Cost of product sales | 2,609,725 | 2,043,147 | 1,808,230 |
Gross profit | 371,313 | 304,338 | 266,916 |
Selling, general and administrative expenses | 241,717 | 193,999 | 172,104 |
Depreciation and amortization | 11,836 | 10,016 | 9,045 |
Operating income | 117,760 | 100,323 | 85,767 |
Other income (expense): | ' | ' | ' |
Interest expense | -1,186 | -714 | -926 |
Earnings of equity method investees | 342 | 337 | 318 |
Other | 789 | 735 | 781 |
Total other (expense) income, net | -55 | 358 | 173 |
Income before taxes | 117,705 | 100,681 | 85,940 |
Income tax expense | -45,743 | -37,832 | -32,463 |
Net income | $71,962 | $62,849 | $53,477 |
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' | ' |
Basic | $5.66 | $4.96 | $4.24 |
Diluted | $5.65 | $4.95 | $4.23 |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 12,715 | 12,675 | 12,616 |
Weighted Average Number of Shares Outstanding, Diluted | 12,745 | 12,709 | 12,647 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $71,962 | $62,849 | $53,477 |
Other comprehensive income (loss) | ' | ' | ' |
Foreign currency translation | -293 | 237 | 1,877 |
Actuarial (loss) gain on unfunded pension liability, net of tax of $(207), $48, and $145, respectively | -318 | 139 | 228 |
Total comprehensive income | $71,351 | $63,225 | $55,582 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Actuarial gain on unfunded pension liability, tax (benefit) provision | ($207) | $48 | $145 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $2,433 | $953 |
Receivables, net | 398,990 | 307,445 |
Inventories | 430,499 | 326,093 |
Prepaid expenses and other current assets | 8,436 | 6,004 |
Deferred income taxes | 2,812 | 2,327 |
Total current assets | 843,170 | 642,822 |
Property and equipment, net | 50,150 | 39,183 |
Goodwill | 86,881 | 71,150 |
Intangibles, net | 50,093 | 40,490 |
Other assets, net | 11,622 | 8,910 |
Total assets | 1,041,916 | 802,555 |
Current Liabilities: | ' | ' |
Credit facilities | 78,200 | 18,801 |
Accounts payable | 417,388 | 324,057 |
Accrued expenses and other current liabilities | 28,792 | 21,816 |
Current portion of capital lease obligations | 1 | 103 |
Total current liabilities | 524,381 | 364,777 |
Deferred income taxes | 12,602 | 9,321 |
Long-term portion of capital lease obligations | ' | 16 |
Other long-term liabilities | 2,562 | 2,122 |
Commitments and contingencies | ' | ' |
Stockholders Equity | ' | ' |
Common stock $0.01 par value, 40,000 authorized; 12,912 and 12,848 shares issued and outstanding, respectively | 129 | 128 |
Additional paid in capital | 153,159 | 148,459 |
Retained earnings | 347,776 | 275,814 |
Accumulated other comprehensive income | 1,307 | 1,918 |
Total stockholders’ equity | 502,371 | 426,319 |
Total liabilities and stockholders’ equity | $1,041,916 | $802,555 |
Statement_of_Financial_Positio
Statement of Financial Position (Parentheticals) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Common Stock Par Value | $0.01 | $0.01 |
Common Stock shares authorized | 40,000,000 | 40,000,000 |
Common Stock, Shares Issued | 12,912,000 | 12,848,000 |
Common Stock Shares Outstanding | 12,912,000 | 12,848,000 |
STATEMENT_OF_STOCKHOLDERS_EQUI
STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Common Stock Member | Additional Paid In Capital Member | Accumulated Other Comprehensive Income (Loss) Member | Retained Earnings Member | Total |
In Thousands | |||||
Balance at Sep. 30, 2011 | $126 | $133,759 | ($563) | $159,488 | $292,810 |
Balance (shares) at Sep. 30, 2011 | 12,618 | ' | ' | ' | ' |
Net income | ' | ' | ' | 53,477 | 53,477 |
Issuance of common stock | ' | 562 | ' | ' | 562 |
Issuance of common stock (shares) | 7 | ' | ' | ' | ' |
Issuance of common stock for purchase of Micro | 1 | 7,158 | ' | ' | 7,159 |
Issuance of common stock for purchase of Micro (shares) | 94 | ' | ' | ' | ' |
Exercises of common stock options | ' | 154 | ' | ' | 154 |
Exercises of common stock options (shares) | 15 | ' | ' | ' | ' |
Tax benefit of common stock exercises | ' | 895 | ' | ' | 895 |
Issuance of stock awards, net of forfeitures | 1 | 2,139 | ' | ' | 2,140 |
Issuance of stock awards, net of forfeitures (shares) | 58 | ' | ' | ' | ' |
Foreign currency translation | ' | ' | 1,877 | ' | 1,877 |
Actuarial (loss) gain on unfunded pension liability, net of tax of $(207), $48, and $145, respectively | ' | ' | 228 | ' | 228 |
Balance at Sep. 30, 2012 | 128 | 144,667 | 1,542 | 212,965 | 359,302 |
Shares Balance at Sep. 30, 2012 | 12,792 | ' | ' | ' | ' |
Net income | ' | ' | ' | 62,849 | 62,849 |
Issuance of common stock | ' | 651 | ' | ' | 651 |
Issuance of common stock (shares) | 5 | ' | ' | ' | ' |
Exercises of common stock options | ' | 108 | ' | ' | 108 |
Exercises of common stock options (shares) | 6 | ' | ' | ' | ' |
Tax benefit of common stock exercises | ' | 1,323 | ' | ' | 1,323 |
Issuance of stock awards, net of forfeitures | ' | 1,710 | ' | ' | 1,710 |
Issuance of stock awards, net of forfeitures (shares) | 45 | ' | ' | ' | ' |
Foreign currency translation | ' | ' | 237 | ' | 237 |
Actuarial (loss) gain on unfunded pension liability, net of tax of $(207), $48, and $145, respectively | ' | ' | 139 | ' | 139 |
Balance at Sep. 30, 2013 | 128 | 148,459 | 1,918 | 275,814 | 426,319 |
Shares Balance at Sep. 30, 2013 | 12,848 | ' | ' | ' | 12,848 |
Net income | ' | ' | ' | 71,962 | 71,962 |
Issuance of common stock | ' | 841 | ' | ' | 841 |
Issuance of common stock (shares) | 6 | ' | ' | ' | ' |
Exercises of common stock options | ' | 72 | ' | ' | 72 |
Exercises of common stock options (shares) | 4 | ' | ' | ' | ' |
Tax benefit of common stock exercises | ' | 963 | ' | ' | 963 |
Issuance of stock awards, net of forfeitures | 1 | 2,912 | ' | ' | 2,913 |
Issuance of stock awards, net of forfeitures (shares) | 54 | ' | ' | ' | ' |
Foreign currency translation | ' | ' | -293 | ' | -293 |
Actuarial (loss) gain on unfunded pension liability, net of tax of $(207), $48, and $145, respectively | ' | ' | -318 | ' | -318 |
Other | ' | -88 | ' | ' | -88 |
Balance at Sep. 30, 2014 | $129 | $153,159 | $1,307 | $347,776 | $502,371 |
Shares Balance at Sep. 30, 2014 | 12,912 | ' | ' | ' | 12,912 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income | $71,962 | $62,849 | $53,477 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 11,858 | 10,038 | 9,062 |
Amortization of debt issuance costs | 39 | 38 | 41 |
Stock-based compensation | 5,033 | 3,553 | 2,157 |
Deferred income taxes | 1,017 | 1,410 | 1,182 |
Earnings of equity method investees | -342 | -337 | -318 |
Distribution from equity method investee | 337 | ' | ' |
Excess tax benefit of exercise of common stock options and restricted stock vesting | -963 | -1,323 | -895 |
(Gain)/loss on disposal of property and equipment | 600 | -111 | -32 |
Other | 91 | -280 | -206 |
Changes in operating assets and liabilities (net of effects of business acquisitions): | ' | ' | ' |
Receivables | -12,602 | -15,173 | -48,879 |
Inventories | -39,201 | -72,864 | -52,831 |
Prepaid expenses and other assets | -903 | 3,135 | -1,118 |
Accounts payable | 18,581 | 63,403 | 50,018 |
Accrued expenses | 4,358 | 2,889 | 2,516 |
Net cash provided by operating activities | 58,665 | 57,449 | 14,238 |
Cash Flows From Investing Activities: | ' | ' | ' |
Business acquisitions, net of cash acquired in fiscal year 2014 of $2,549 | -102,097 | -17,107 | -51,718 |
Purchases of property and equipment | -14,919 | -10,780 | -7,597 |
Proceeds from sales of property and equipment | 2,216 | 189 | 96 |
Other | -1,243 | -430 | -646 |
Net cash used in investing activities | -116,043 | -28,128 | -59,865 |
Cash Flows From Financing Activities: | ' | ' | ' |
Borrowings on credit facilities | 735,867 | 673,249 | 539,071 |
Payments on credit facilities | -676,559 | -702,271 | -494,186 |
Proceeds from issuance of common stock | 841 | 651 | 562 |
Proceeds from exercise of stock options | 72 | 108 | 154 |
Excess tax benefit of exercise of common stock options and restricted stock vesting | 963 | 1,323 | 895 |
Tax withholdings on net settlements of share-based awards | -2,120 | -1,855 | ' |
Debt issuance costs | ' | ' | -111 |
Payment on long-term debt and capital lease obligations | -110 | -312 | -986 |
Other | -125 | ' | ' |
Net cash provided by/(used in) financing activities | 58,829 | -29,107 | 45,399 |
Effect of Exchange Rate on Cash and Cash Equivalents | 29 | 225 | 136 |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,480 | 439 | -92 |
Cash and Cash Equivalents at Beginning of Period | 953 | 514 | 606 |
Cash and Cash Equivalents at End of Period | $2,433 | $953 | $514 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Statement Of Cash Flows [Abstract] | ' |
Cash Acquired from Acquisition | $2,549 |
Business_Description_and_Basis
Business Description and Basis of Presentation | 12 Months Ended |
Sep. 30, 2014 | |
Business Description and Basis of Presentation [Abstract] | ' |
General | ' |
1. Business Description and Basis of Presentation | |
MWI Veterinary Supply, Inc. is a leading distributor of animal health products in the United States and United Kingdom. We sell our products in both the companion and production animal markets. As of September 30, 2014, we operated twenty-three distribution centers located across the United States and one distribution center in the United Kingdom. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||
Summary of Significant Accounting Policies | ' | ||||
2. Summary of Significant Accounting Policies | |||||
Principles of Consolidation — The accompanying consolidated financial statements consist of MWI Veterinary Supply, Inc. and its wholly-owned subsidiaries, collectively referred to herein as “MWI” or the “Company.” All intercompany transactions have been eliminated. We use the equity method of accounting for our investments in entities in which we have significant influence. Our share of income or loss from these investments is reported as increases or decreases in the respective investment with a corresponding amount reported as other income/(expense). | |||||
Basis of Accounting and Use of Estimates — The accompanying consolidated financial statements have been prepared on the accrual basis of accounting using accounting principles generally accepted in the United States. In preparing financial information, we use certain estimates and assumptions that may affect the reported amounts and disclosures. Some of these estimates require difficult, subjective and complex judgments about matters that are inherently uncertain. As a result, actual results could differ from these estimates. Estimates are used when accounting for allowance for doubtful accounts, customer incentives, vendor rebates, inventories, goodwill and intangible assets, income taxes and contingencies. The estimates of fair value of assets and liabilities and the disclosure of contingent assets and liabilities as of the balance sheet date and reported amounts of revenue and expenses for the periods are based on assumptions that we believe to be reasonable. | |||||
Segment Information — We are a distributor of animal health products, primarily to veterinarians. Our financial results are disclosed as one reportable segment. We identified two operating segments based on geographic areas but aggregate based on applicable accounting standards. We determined that the two operating segments have similar operating margins and are expected to maintain this similarity into the future. Additionally, our products, customers, operations, delivery to market and regulatory environments are all similar in nature. | |||||
Foreign Currency Translation — For our international operations, local currencies have been determined to be the functional currencies. We translate functional currency assets and liabilities to their U.S. dollar equivalents at rates in effect at the balance sheet date and record these translation adjustments in Stockholders’ Equity – Accumulated Other Comprehensive Income/(Loss). We translate functional currency statement of income amounts to their U.S. dollar equivalents at average rates for the period. | |||||
Other Comprehensive Income — Comprehensive income includes cumulative foreign currency translation adjustments and actuarial adjustments on pension valuation. As of September 30, 2014, accumulated other comprehensive income is comprised of actuarial adjustments, net of tax, of ($385), and foreign currency translation adjustments of $1,692. | |||||
Revenue Recognition — We sell products we source from vendors to our customers through either a “buy/sell” transaction or an agency relationship with our vendors. In a “buy/sell” transaction, we purchase or take inventory of products from the vendor. When a customer places an order with us, we pick, pack, ship and invoice the customer for the order. We recognize revenue from “buy/sell” transactions as product sales when the product is delivered to the customer. We accept product returns from our customers. We estimate returns based on historical experience and recognize these estimated returns as a reduction of product sales. Product returns have not been significant to our financial statements. We record revenues net of sales tax. In an agency relationship, we generally do not purchase and take inventory of products from vendors. We receive an order from a customer, then transmit the order to the vendor, who picks, packs and ships the order to the customer. In some cases, the vendor invoices and collects payment from the customer, while in other cases we invoice and collect payment from the customer on behalf of the vendor. We receive a commission payment for soliciting the order from the customer and for providing other customer service activities. Commissions are recognized when the services upon which the commissions are based are complete. Gross billings from agency contracts were $355,773, $349,006 and $332,343 for the years ended September 30, 2014, 2013 and 2012, respectively, and generated commission revenue of $20,514, $18,851 and $16,979 for the years ended September 30, 2014, 2013 and 2012, respectively. | |||||
Cost of Product Sales and Vendor Rebates — Cost of product sales consist of our inventory product cost, including direct shipping costs to and from our distribution centers. Costs of fulfillment are included in selling, general and administrative costs. Vendor rebates are recorded based on the terms of the contracts or programs with each vendor. We receive quarterly, semi-annual and annual performance-based rebates from third-party vendors based upon attainment of certain sales and/or purchase goals. Sales rebates are classified in the accompanying consolidated statements of income as a reduction to cost of product sales at the time the sales performance measures are achieved. Purchase rebates are measured against inventory purchases from the vendors and are classified as a reduction of inventory until the product is sold. When the inventory is sold and purchase measures are achieved, purchase rebates are recognized as a reduction to cost of product sales. | |||||
Historically, actual results have not significantly deviated from those determined using the estimates described above. We expect that our estimates in the future will continue to be reasonable as our rebates are based on specific vendor program goals and are principally recorded upon achievement of sales or purchase performance measures. Vendors may change or eliminate rebate programs from year to year. | |||||
Customer Incentives — Customer incentives are accrued based on the terms of the contracts with each customer. These incentive programs provide that the customer receive an incentive based on their product purchases or attainment of performance goals. Incentives are estimated based on the specific terms in each agreement, historical experience and product growth rates. Incentives are recognized as a reduction to product sales. | |||||
Cash and Cash Equivalents — Cash equivalents consist of highly liquid investments with a maturity of three months or less from the date of purchase. Our banking arrangements allow us to fund outstanding checks when presented to the financial institution for payment. | |||||
Inventories — Inventories, consisting of pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, capital equipment and technology, supplies and nutritional products, are stated at the lower of cost (on a moving-average basis) or market. | |||||
Property and Equipment — Property and equipment are stated at cost and depreciation is computed using the straight-line method over the estimated useful lives, which include the shorter of useful life or lease term for leasehold improvements, of the related assets as follows: | |||||
Buildings | 25 to 35 years | ||||
Machinery, furniture and equipment | 3 to 15 years | ||||
Computer equipment | 3 to 7 years | ||||
Leasehold improvements | 1 to 10 years | ||||
The cost and accumulated depreciation of items sold or retired are removed from the property accounts and any resulting gain or loss is reflected in net income. Repairs and maintenance are expensed as incurred and improvements are capitalized. | |||||
We periodically review long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. No impairments were identified during the fiscal years ended September 30, 2014, 2013 and 2012. | |||||
Goodwill and Intangible Assets — We recognize the excess purchase price over the fair value of net assets acquired and liabilities assumed in a business combination as goodwill on the consolidated balance sheet. We perform an annual impairment test on goodwill as of September 30th each year. We calculate the fair value of each reporting unit using both an income approach and a market approach, and compare the fair value to its book value. We have concluded that there was no impairment during the fiscal years ended September 30, 2014, 2013 and 2012. Impairment tests will continue to be performed at least annually and more frequently if circumstances indicate a possible impairment. | |||||
Identifiable intangible assets primarily include customer relationships, trademarks and patents, technology and covenants not to compete and are amortized, as necessary, on a straight-line basis, over their useful lives or contractual term which range from 1-20 years. We review both indefinite-lived and definite-lived identifiable intangible assets at least annually for impairment or when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. No impairments were identified during the fiscal years ended September 30, 2014, 2013 and 2012. | |||||
Other Assets — Included in other assets are our equity method investments and investments in entities accounted for under the cost method of accounting. The carrying value of cost method investments was $5,989 and $4,932 at September 30, 2014 and 2013, respectively. We periodically evaluate these investments for other-than-temporary impairment using both qualitative and quantitative criteria, or when indicators of impairment are noted. In the event an investment is deemed to be other-than-temporarily impaired, we would recognize the loss component in the consolidated statements of income. Other assets also consist of debt issuance costs that are being amortized over the term of the related debt. | |||||
Earnings Per Common Share — Basic earnings per common share is calculated based on the weighted-average number of outstanding common shares during the applicable period. Diluted earnings per common share is based on the weighted-average number of outstanding common shares plus the weighted-average number of potential outstanding common shares. Potential common shares that would increase earnings per share amounts are antidilutive and are, therefore, excluded from the earnings per common share computations. Earnings per common share is computed separately for each period presented. | |||||
Income Taxes — Income taxes are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |||||
Deferred tax assets are recognized to the extent that we believe these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. | |||||
We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. | |||||
We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Income. Accrued interest and penalties, if any, are included within the related tax liability line in the Consolidated Balance Sheets. | |||||
Concentrations of Risk — Our financial instruments that are exposed to concentrations of credit risk consist primarily of our receivables. Our customers are geographically dispersed throughout the United States and United Kingdom. In the United Kingdom, we rely on a smaller number of relatively larger customers than does our business in the United States. These customers in the aggregate accounted for 12.3% and 14.5% of our consolidated accounts receivable balance as of September 30, 2014 and 2013, respectively. We routinely assess the financial strength of our customers and review their credit history before extending credit. In addition, we establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. | |||||
Advertising — Advertising costs are expensed when incurred and are included as part of selling, general and administrative expenses. Advertising costs were $1,481, $1,165 and $1,203 in fiscal years 2014, 2013 and 2012, respectively. | |||||
Recently Issued and New Accounting Pronouncements —In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This guidance is effective for our fiscal year and interim periods beginning October 1, 2017. We are currently evaluating the effect that adopting this new accounting guidance will have on our consolidated financial statements. | |||||
Business_Acquisition
Business Acquisition | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Business Acquisitions [Abstract] | ' | ||||||||
Business Acquisitions | ' | ||||||||
3. Business Acquisitions | |||||||||
On October 31, 2011, MWI Co. purchased substantially all of the assets of Micro Beef Technologies, Ltd. (“Micro”) for $60,878, including $53,400 in cash and 94,359 shares of common stock valued at $7,158, which is the fair value of the common stock as of the date of acquisition and a working capital adjustment of $320. The $53,400 paid in cash as consideration of Micro was funded with borrowings under our Credit Agreement (as defined in Note 7) as then in effect. Micro is a value-added distributor to the production animal market, including the distribution of micro feed ingredients, pharmaceuticals, vaccines, parasiticides, supplies and other animal health products. Micro also is a leading innovator of proprietary, computerized management systems for the production animal market. We incurred $1,104 of direct acquisition-related and integration expenses. The intangible assets acquired in the acquisition include technology, customer relationships, trade name and covenant not to compete. The useful life of the amortizing intangible assets ranges from 5 years to 17 years. Trade name is a non-amortizing intangible asset. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill recorded as part of the acquisition of Micro includes the expected synergies that we believed would result from this acquisition. The amount recorded in goodwill is deductible for tax purposes over 15 years. The fair values assigned to the tangible and intangible assets acquired and liabilities assumed are based on management's estimates and assumptions as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. | |||||||||
On December 31, 2012, MWI Co. purchased substantially all of the assets of Prescription Containers, Inc. (“PCI Animal Health”), for a net purchase price of $17,107, after consideration of post-closing adjustments. PCI Animal Health was a distributor of companion animal health products to veterinary practices, primarily in the Northeastern United States. The intangible asset acquired in the acquisition is for customer relationships and has a useful life of 10 years. The amount recorded in goodwill is expected to be deductible for tax purposes over 15 years. The fair values assigned to the tangible and intangible assets acquired and liabilities assumed are based on management's estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. | |||||||||
On November 1, 2013, MWI Co. purchased substantially all of the assets of IVESCO Holdings, LLC (“IVESCO”) for a net purchase price of $79,633, after giving effect to post-closing adjustments. The cash purchase price was funded with borrowings by the Company under its Prior Credit Agreement (as defined herein). IVESCO engaged in the distribution and sale of animal health and related products and services, logistics and technical support relating to such distribution and sale of animal health and related products. The intangible assets acquired in the acquisition include trade name and customer relationships. The intangible asset representing customer relationships acquired in the acquisition has an estimated useful life of 9 years. The amount recorded in goodwill is expected to be deductible for tax purposes over 15 years. The fair values assigned to the tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. | |||||||||
On September 2, 2014, MWI Co. purchased all of the outstanding share capital of VetSpace Limited and certain of its affiliates (collectively, VetSpace) for a net purchase price of $25,013. This transaction is subject to a final post-closing working capital adjustment. The cash purchase price was funded with borrowings by the Company under its Prior Credit Agreement (as defined herein). VetSpace is a provider of practice management software to veterinary practices, principally in the United Kingdom. The intangible assets acquired in the acquisition include trade name and customer relationships, which have useful lives ranging from 10 to 20 year. The amount recorded in goodwill will not be deductible for tax purposes. The fair values assigned to the tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. | |||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of each acquisition. The fair values for VetSpace may be adjusted during the measurement period as defined in Accounting Standards Codification (“ASC”) 805. These purchase price allocations are based on a combination of valuations and analyses. | |||||||||
2014 | 2013 | 2012 | |||||||
Cash | $ | 2,549 | $ | - | $ | 1 | |||
Receivables | 78,993 | 3,585 | 22,374 | ||||||
Inventories | 65,098 | 1,928 | 27,701 | ||||||
Other current assets | 491 | - | 105 | ||||||
Property and equipment | 7,693 | - | 8,882 | ||||||
Investments | 1,103 | - | 199 | ||||||
Goodwill | 16,053 | 9,327 | 12,473 | ||||||
Intangibles | 13,021 | 4,780 | 15,760 | ||||||
Total assets acquired | 185,001 | 19,620 | 87,495 | ||||||
Accounts payable | 74,863 | 2,513 | 25,026 | ||||||
Accrued expenses | 3,658 | - | 1,591 | ||||||
Other liabilities | 1,834 | - | |||||||
Total liabilities assumed | 80,355 | 2,513 | 26,617 | ||||||
Net assets acquired | $ | 104,646 | $ | 17,107 | $ | 60,878 | |||
Revenues and earnings of VetSpace that are included in our consolidated statements of income from the acquisition date of September 2, 2014 through September 30, 2014 are not presented separately as they are not material. Due to the commencement of the integration of IVESCO, it is impracticable to separately present the revenues and earnings of IVESCO that are included in our consolidated statements of income from the acquisition date of November 1, 2013 through September 30, 2014. This information for PCI Animal Health is also not presented as it is impracticable due to the integration of the acquired operations. | |||||||||
The following table presents information for Micro that is included in our consolidated statements of income from the acquisition date of October 31, 2011 through the fiscal year ended September 30, 2012: | |||||||||
Micro's operations included in MWI's results | |||||||||
Fiscal year ended September 30, 2012 | |||||||||
Revenues | $ | 246,624 | |||||||
Net Income | $ | 4,089 | |||||||
The following table presents supplemental pro forma information for the Company for the years ended September 30, 2014, 2013 and 2012 (unaudited) as if the acquisitions of substantially all of the assets of IVESCO and Micro had occurred on October 1, 2011 (pro forma information is not presented for VetSpace or PCI Animal Health as it is not material): | |||||||||
Unaudited Pro Forma Consolidated Results | |||||||||
Fiscal year ended September 30, | |||||||||
2014 | 2013 | 2012 | |||||||
Revenues | $ | 3,031,030 | $ | 2,849,712 | $ | 2,586,351 | |||
Net Income | $ | 71,963 | $ | 66,521 | $ | 57,143 | |||
The unaudited pro forma consolidated results are not necessarily indicative of what our consolidated results of operations would have been had we completed the acquisitions on October 1, 2011. Additionally, the unaudited pro forma consolidated results do not purport to project the future results of operations of the combined company. | |||||||||
Receivables
Receivables | 12 Months Ended | |||||
Sep. 30, 2014 | ||||||
Receivables [Abstract] | ' | |||||
Receivables | ' | |||||
4. Receivables | ||||||
Receivables consist of the following at September 30: | ||||||
2014 | 2013 | |||||
Trade | $ | 358,757 | $ | 282,923 | ||
Vendor rebates and programs | 43,179 | 26,983 | ||||
401,936 | 309,906 | |||||
Allowance for doubtful accounts | -2,946 | -2,461 | ||||
$ | 398,990 | $ | 307,445 | |||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||
Sep. 30, 2014 | ||||||
Property And Equipment [Abstract] | ' | |||||
Property And Equipment | ' | |||||
5. Property and Equipment | ||||||
Property and equipment consists of the following at September 30: | ||||||
2014 | 2013 | |||||
Land | $ | 2,023 | $ | 1,932 | ||
Building and leasehold improvements | 17,351 | 14,914 | ||||
Machinery, furniture and equipment | 44,877 | 38,032 | ||||
Computer equipment | 17,374 | 9,868 | ||||
Construction in progress | 5,641 | 4,328 | ||||
87,266 | 69,074 | |||||
Accumulated depreciation and amortization | -37,116 | -29,891 | ||||
$ | 50,150 | $ | 39,183 | |||
We recorded depreciation expense of $8,489, $6,974 and $6,210 for the years ended September 30, 2014, 2013 and 2012, respectively. | ||||||
Goodwill_and_Intangibles
Goodwill and Intangibles | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Goodwill and Intangibles [Abstract] | ' | |||||||||||
Goodwill and Intangibles | ' | |||||||||||
6. Goodwill and Intangibles | ||||||||||||
The changes in the carrying value of goodwill for the fiscal years ended September 30, are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Goodwill - Beginning of year | $ | 71,150 | $ | 61,841 | ||||||||
Acquisition activity | 16,053 | 9,327 | ||||||||||
Foreign exchange translation | -322 | -18 | ||||||||||
Goodwill - End of year | $ | 86,881 | $ | 71,150 | ||||||||
Balances of intangibles are as follows: | ||||||||||||
Estimated | ||||||||||||
Useful Lives | 30-Sep-14 | |||||||||||
Amortizing: | Cost | Accumulated Amortization | Net | |||||||||
Customer relationships | 9 - 20 years | $ | 45,860 | $ | -10,899 | $ | 34,961 | |||||
Covenants not to compete | 1 - 5 years | 372 | -163 | 209 | ||||||||
Technology | 11 years | 5,830 | -1,546 | 4,284 | ||||||||
Other | 2 - 10 years | 1,627 | -1,072 | 555 | ||||||||
53,689 | -13,680 | 40,009 | ||||||||||
Non-Amortizing: | ||||||||||||
Trade names and patents | 10,084 | - | 10,084 | |||||||||
$ | 63,773 | $ | -13,680 | $ | 50,093 | |||||||
Estimated | ||||||||||||
Useful Lives | 30-Sep-13 | |||||||||||
Amortizing: | Cost | Accumulated Amortization | Net | |||||||||
Customer relationships | 9 - 20 years | $ | 35,797 | $ | -8,393 | $ | 27,404 | |||||
Covenants not to compete | 1 - 5 years | 450 | -185 | 265 | ||||||||
Technology | 11 years | 5,830 | -1,016 | 4,814 | ||||||||
Other | 2 - 7 years | 1,126 | -794 | 332 | ||||||||
43,203 | -10,388 | 32,815 | ||||||||||
Non-Amortizing: | ||||||||||||
Trade names and patents | 7,675 | - | 7,675 | |||||||||
$ | 50,878 | $ | -10,388 | $ | 40,490 | |||||||
We recorded amortization expense of $3,368, $3,064 and $2,852 for the years ended September 30, 2014, 2013 and 2012, respectively. Estimated future amortization expense related to intangible assets as of September 30, 2014 is as follows: | ||||||||||||
Amount | ||||||||||||
2015 | $ | 3,438 | ||||||||||
2016 | 3,316 | |||||||||||
2017 | 3,237 | |||||||||||
2018 | 3,212 | |||||||||||
2019 | 3,041 | |||||||||||
Thereafter | 23,765 | |||||||||||
$ | 40,009 | |||||||||||
Debt
Debt | 12 Months Ended | |||||
Sep. 30, 2014 | ||||||
Debt [Abstract] | ' | |||||
Debt | ' | |||||
7. Debt | ||||||
2014 | 2013 | |||||
Revolving credit facility, 1.03% as of September 30, 2014 | $ | 78,200 | $ | 16,300 | ||
Sterling revolving credit facility | - | 2,501 | ||||
Capital lease obligations (1) | 1 | 119 | ||||
Total debt and capital lease obligations | 78,201 | 18,920 | ||||
Less: Long-term portion of capital lease obligations | - | -16 | ||||
Total debt and capital lease obligations included in current liabilities | $ | 78,201 | $ | 18,904 | ||
(1) The capital lease obligations have varying maturity dates. | ||||||
Revolving Credit Facility — MWI Co., as borrower, was party to a Credit Agreement dated December 13, 2006, as amended (the “Prior Credit Agreement”), by and among MWI Co., MWI, and Memorial Pet Care, Inc. and Bank of America, N.A. and Wells Fargo Bank, N.A. as lenders (collectively, the “Lenders”). The Prior Credit Agreement allowed for an aggregate revolving commitment of the Lenders of $200,000 and a maturity date of November 1, 2016. Under the Prior Credit Agreement, the margin on variable interest rate borrowings ranged from 0.95% to 1.50%. The commitment fee under the Credit Agreement ranged from 0.15% to 0.25% depending on the funded debt to EBITDA ratio. The variable interest rate was equal to the Daily LIBOR Floating Rate or the LIBOR 1-month, 2-month, 3-month or 6-month fixed rate (at MWI Co.’s option) plus the margin. The Credit Agreement contained financial covenants, including a fixed charge ratio and a funded debt to EBITDA ratio. We were in compliance with all of the covenants as of September 30, 2014 and 2013. | ||||||
On October 2, 2014, MWI Co., as borrower, entered into an Amended and Restated Credit Agreement (the “Amended Credit Agreement”), with MWI and Memorial Pet Care, Inc., as guarantors and the Lenders. The Amended Credit Agreement allows for an aggregate revolving commitment of the Lenders of $230,000 and includes a $45,000 sublimit for borrowings in alternative currencies. The Amended Credit Agreement has a maturity date of October 2, 2019. Under the Amended Credit Agreement, the margin on variable interest rate borrowings ranges from 0.95% to 1.50%. The commitment fee under the Amended Credit Agreement ranges from 0.15% to 0.25% depending on the funded debt to EBITDA ratio. The variable interest rate on borrowings in dollars, euros or British pounds is equal to the Daily LIBOR Floating Rate or the LIBOR 1-month, 2-month, 3-month or 6-month fixed rate (at MWI Co.’s option) plus the margin. The Amended Credit Agreement contains financial covenants, including an interest charge coverage ratio and a funded debt to EBITDA ratio. | ||||||
The Amended Credit Agreement replaces the Prior Credit Agreement. | ||||||
Sterling Revolving Credit Facility— On March 15, 2013, Centaur entered into a First Amendment (the “Amendment”) to the unsecured revolving line of credit facility (the “Sterling Revolving Credit Facility”) dated November 5, 2010 with Wells Fargo Bank, N.A. London Branch. The Amendment increases the maximum loan amount of the Sterling Revolving Credit Facility to £20,000, an increase of £7,500, and extends the term of the facility to November 1, 2016. Interest is based on LIBOR for the applicable interest period plus an applicable margin of 0.95% to 1.50%, and the commitment fee ranges from 0.15% to 0.25%, depending on our funded debt to EBITDA ratio. The facility contains a financial covenant requiring Centaur to maintain a minimum tangible net worth of £5,000. As of September 30, 2014 and 2013, Centaur was in compliance with the covenant. | ||||||
Also on March 15, 2013, Centaur entered into an uncommitted overdraft facility (the “Overdraft Facility”) with Wells Fargo. The Overdraft Facility allows Centaur to borrow an additional £10,000 to fund short term normal trading cycle fluctuations. The Overdraft Facility will expire on November 1, 2016. Interest on the borrowing under the Overdraft Facility is the same as the terms under the Sterling Revolving Credit Facility. | ||||||
MWI Co. guarantees the obligations of Centaur under the Sterling Revolving Credit Facility and the Overdraft Facility. | ||||||
Common_Stock_and_StockBased_Aw
Common Stock and Stock-Based Awards | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Common Stock and Stock-Based Awards [Abstract] | ' | ||||||||||||||||||||
Common Stock and Stock-Based Awards | ' | ||||||||||||||||||||
8. Common Stock and Stock-Based Awards | |||||||||||||||||||||
2002 Stock Plan | |||||||||||||||||||||
We had a 2002 Stock Plan (the “2002 Plan”) to provide our directors, executives and other key employees with additional incentives by allowing them to acquire an ownership interest in us and, as a result, encouraging them to contribute to our success. All options that were granted under this plan have been exercised and there are no additional shares available for issuance under the 2002 Plan. | |||||||||||||||||||||
2005 Stock Plan | |||||||||||||||||||||
We have a 2005 Stock-Based Award and Incentive Compensation Plan (the “2005 Plan”), under which we may offer restricted shares of our common stock and grant options to purchase shares of our common stock to selected employees and non-employee directors. The purpose of the 2005 Plan is to promote our long-term financial success by attracting, retaining and rewarding eligible participants. At September 30, 2014 and 2013 we had 757,588 and 815,260 shares, respectively, of our common stock available for issuance under the 2005 Plan. | |||||||||||||||||||||
The 2005 Plan permits us to grant stock options (both incentive stock options and non‑qualified stock options), restricted stock and deferred stock. The compensation committee will determine the number and type of stock-based awards to each participant, the exercise price of each award, the duration of the award (not to exceed ten years), vesting provisions and all other terms and conditions of such award in individual award agreements. The 2005 Plan provides for the cancellation of all unvested awards upon termination of employment with us, unless determined otherwise by the compensation committee at the time awards are granted. | |||||||||||||||||||||
A summary of common stock options activity under the 2002 and 2005 Plans is as follows: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||
Number | average | Number | average | Number | average | ||||||||||||||||
of | exercise | of | exercise | of | exercise | ||||||||||||||||
Shares | price | Shares | price | Shares | price | ||||||||||||||||
Outstanding at beginning of year | 16,038 | $ | 17.58 | 22,360 | $ | 17.53 | 37,385 | $ | 14.73 | ||||||||||||
Exercised | -4,030 | 17.84 | -6,186 | 17.43 | -14,769 | 10.44 | |||||||||||||||
Cancelled or expired | -74 | 17.00 | -136 | 17.00 | -256 | 17.00 | |||||||||||||||
Outstanding at end of year | 11,934 | $ | 17.49 | 16,038 | $ | 17.58 | 22,360 | $ | 17.53 | ||||||||||||
Exercisable at end of year | 11,934 | $ | 17.49 | 16,038 | $ | 17.58 | 22,360 | $ | 17.53 | ||||||||||||
Outstanding and exercisable options | |||||||||||||||||||||
Weighted | |||||||||||||||||||||
average | |||||||||||||||||||||
remaining | Weighted | ||||||||||||||||||||
contractual | average | ||||||||||||||||||||
Number of | life | exercise | |||||||||||||||||||
Range of exercise prices | Shares | (in years) | price | ||||||||||||||||||
$17.00 - $19.99 | 10,774 | 0.8 | $ | 17.00 | |||||||||||||||||
$20.00 - $22.60 | 1,160 | 1.0 | $ | 22.05 | |||||||||||||||||
The intrinsic value of the shares outstanding and exercisable was $1,562 as of September 30, 2014 and $2,114 as of September 30, 2013. The total intrinsic value of options exercised during the years ended September 30, 2014, 2013 and 2012 was $553, $644, and $1,105, respectively. | |||||||||||||||||||||
A summary of restricted stock awards activity under the 2005 Plan is as follows: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||
Number | average | Number | average | Number | average | ||||||||||||||||
of | grant date | of | grant date | of | grant date | ||||||||||||||||
Shares | fair value | Shares | fair value | Shares | fair value | ||||||||||||||||
Nonvested at beginning of year | 142,244 | $ | 83.13 | 129,396 | $ | 69.94 | 105,540 | $ | 61.69 | ||||||||||||
Granted | 76,555 | 148.10 | 70,575 | 145.65 | 74,848 | 101.97 | |||||||||||||||
Vested | -47,154 | 104.72 | -44,547 | 144.52 | -48,072 | 102.09 | |||||||||||||||
Forfeitures | -8,107 | 110.64 | -13,180 | 80.96 | -2,920 | 63.49 | |||||||||||||||
Nonvested at end of year | 163,538 | $ | 132.04 | 142,244 | $ | 83.13 | 129,396 | $ | 69.94 | ||||||||||||
As of September 30, 2014, total unrecognized stock based compensation expense related to nonvested awards was approximately $21,319 before income taxes, which is expected to be recognized over the remaining term of the awards which range from 1 to 5 years. During the fiscal years ended September 30, 2014 and 2013, we recognized $5,033 and $3,553, respectively, in compensation expense related to common stock awards. The total fair value of shares vested during the years ended September 30, 2014, 2013, and 2012, was $7,020, $6,438, and $4,908, respectively. | |||||||||||||||||||||
2008 Employee Stock Purchase Plan | |||||||||||||||||||||
The 2008 Employee Stock Purchase Plan (the “ESPP”) allows substantially all employees to purchase shares of our common stock at 95% of the fair market value on the date of purchase. The purchase date is the last trading date of the purchase period, which begins in March, June, September and December. Employees accumulate amounts through payroll deductions during the purchase period of between 1% and 10% but no more than $20 annually. An employee is allowed to purchase a maximum of 200 shares per purchase period. We issued 5,764 and 5,396 shares of our common stock under the ESPP during fiscal years ended September 30, 2014 and 2013, respectively. | |||||||||||||||||||||
Computation_of_Earnings_per_Sh
Computation of Earnings per Share | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Computation Of Earnings Per Common Share [Abstract] | ' | |||||||||||||||||
Computation Of Earnings Per Common Share | ' | |||||||||||||||||
9. Computation of Earnings per Common Share (In thousands, except per share data) | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||
Net income | $ | 71,962 | $ | 71,962 | $ | 62,849 | $ | 62,849 | $ | 53,477 | $ | 53,477 | ||||||
Weighted average common | ||||||||||||||||||
shares outstanding | 12,715 | 12,715 | 12,675 | 12,675 | 12,616 | 12,616 | ||||||||||||
Effect of dilutive securities | ||||||||||||||||||
Stock options and restricted stock | 30 | 34 | 31 | |||||||||||||||
Weighted average shares | ||||||||||||||||||
outstanding | 12,745 | 12,709 | 12,647 | |||||||||||||||
Earnings per share | $ | 5.66 | $ | 5.65 | $ | 4.96 | $ | 4.95 | $ | 4.24 | $ | 4.23 | ||||||
Anti-dilutive shares excluded from calculation | 3 | - | - | |||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
10. Income Taxes | |||||||||
Income before taxes is as follows: | |||||||||
2014 | 2013 | 2012 | |||||||
Income before taxes | |||||||||
United States | $ | 115,545 | $ | 96,915 | $ | 81,482 | |||
Foreign | 2,160 | 3,766 | 4,458 | ||||||
Total income before taxes | $ | 117,705 | $ | 100,681 | $ | 85,940 | |||
The components of income tax expense consist of the following: | |||||||||
2014 | 2013 | 2012 | |||||||
United States | |||||||||
Current payable | |||||||||
Federal | $ | 36,585 | $ | 30,200 | $ | 25,535 | |||
State | 6,875 | 4,952 | 4,494 | ||||||
Deferred | |||||||||
Federal | 1,216 | 1,652 | 1,308 | ||||||
State | 302 | 253 | 220 | ||||||
Total U.S. tax expense | 44,978 | 37,057 | 31,557 | ||||||
International | |||||||||
Current payable | 1,265 | 1,275 | 1,252 | ||||||
Deferred | -500 | -500 | -346 | ||||||
Total foreign tax expense | 765 | 775 | 906 | ||||||
Total income tax expense | $ | 45,743 | $ | 37,832 | $ | 32,463 | |||
Our deferred tax assets and liabilities consist of the following at September 30: | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Allowance for doubtful accounts | $ | 1,061 | $ | 866 | |||||
Inventories | 942 | 658 | |||||||
Lease expense | 713 | 544 | |||||||
Employee benefits | 599 | 334 | |||||||
Acquisition-related costs | - | 444 | |||||||
Other | 416 | 164 | |||||||
Total deferred tax assets | 3,731 | 3,010 | |||||||
Deferred tax liabilities: | |||||||||
Investments | -1,414 | -786 | |||||||
Property and equipment | -11,808 | -8,876 | |||||||
Prepaid expenses | -299 | -227 | |||||||
Other | - | -115 | |||||||
Total deferred tax liabilities | -13,521 | -10,004 | |||||||
Net deferred liabilities | $ | -9,790 | $ | -6,994 | |||||
Other deferred tax assets totaling $760 and $711 as of September 30, 2014 and 2013, respectively, arising from the Company’s foreign subsidiary, are subject to full valuation allowance. | |||||||||
Income tax expense differed from income taxes at the U.S. federal statutory tax rate for all periods presented as follows: | |||||||||
2014 | 2013 | 2012 | |||||||
Taxes computed at statutory rate | 35.0% | 35.0% | 35.0% | ||||||
State income taxes (net of federal income tax benefit) | 4.0 | 3.4 | 3.6 | ||||||
Foreign | -0.3 | -0.9 | -1.1 | ||||||
Other | 0.2 | 0.1 | 0.3 | ||||||
38.9% | 37.6% | 37.8% | |||||||
In general, it is the practice and intention of the Company to reinvest the earnings of its non-U.S. subsidiaries in those operations. We consider the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested as of September 30, 2014 and, accordingly, no provision for U.S. income taxes has been made with respect to any such amounts. As of September 30, 2014, the amount of cash and cash equivalents associated with indefinitely reinvested foreign earnings was approximately $2,192. We have not, nor do we anticipate the need to, repatriate funds to the United States to satisfy domestic liquidity needs arising in the ordinary course of business, including liquidity needs associated with our domestic debt service requirements. In the event that these funds are repatriated, such amounts would be subject to income tax liabilities in the United States. It is not practicable to estimate the amount of deferred tax liability related to investments in foreign subsidiaries because of the complexities of the hypothetical calculation. | |||||||||
A reconciliation of the unrecognized tax benefits is as follows: | |||||||||
2014 | 2013 | 2012 | |||||||
Unrecognized tax benefits – Beginning of year | $ | - | $ | - | $ | 23 | |||
Gross increases related to prior period tax positions | - | - | - | ||||||
Gross decreases related to prior period tax positions | - | - | -8 | ||||||
Gross increases related to current period tax positions | - | - | - | ||||||
Settlements | - | - | -15 | ||||||
Unrecognized tax benefits – End of year | $ | - | $ | - | $ | - | |||
For the fiscal years ended September 30, 2014, 2013 and 2012, the amount included in our income tax expense for tax-related interest and penalties was not significant. We expect no material changes to our unrecognized tax benefits during the next fiscal year. | |||||||||
With few exceptions, we are no longer subject to income tax examination for years before 2010 in the U.S. and significant state and local jurisdictions. We are no longer subject to income tax examinations for years before 2012 in significant foreign jurisdictions. | |||||||||
Statements_of_Cash_flows_Suppl
Statements of Cash flows - Supplemental and Non-Cash Disclosures | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Statements of Cash Flows — Supplemental and Noncash Disclosures [Abstract] | ' | ||||||||
Statements of Cash Flows — Supplemental and Noncash Disclosures | ' | ||||||||
11. Statements of Cash Flows — Supplemental and Noncash Disclosures | |||||||||
2014 | 2013 | 2012 | |||||||
Supplemental Disclosures | |||||||||
Cash paid for interest | $ | 1,110 | $ | 620 | $ | 788 | |||
Cash paid for income taxes | 45,117 | 34,045 | 31,025 | ||||||
Noncash Investing and Financing Activities | |||||||||
Issuance of restricted common stock for asset acquisition | - | - | 7,158 | ||||||
Capital lease asset additions and related obligations | - | - | 165 | ||||||
Property and equipment acquisitions financed with accounts payable | 364 | 265 | 192 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Commitments and Contingencies [Abstract] | ' | ||||||
Commitments and Contingencies | ' | ||||||
12. Commitments and Contingencies | |||||||
From time to time, in the normal course of business, we may become a party to legal proceedings that may have an adverse effect on our financial position, results of operations and cash flow. Except as set forth below, at September 30, 2014, we were not a party to any material pending legal proceedings and were not aware of any claims that individually or in the aggregate could have a material adverse effect on our financial position, results of operations or cash flows. | |||||||
On July 30, 2014, Ealena Callender, a purported stockholder of the Company, brought a derivative lawsuit in the Court of Chancery of the State of Delaware against the Company as nominal defendant and against each of the Company’s directors, as well as a former director, as defendants, alleging breach of fiduciary duty and unjust enrichment relating to the Company’s non-employee director stock grants made between 2012 and 2014. The complaint alleges that the directors breached their fiduciary duties by issuing stock grants that were inconsistent with the terms of the Company’s Amended and Restated 2005 Stock-Based Incentive Compensation Plan. The complaint seeks rescission of a total of 16,505 shares of common stock issued to the directors as well as damages plus pre-judgment and post-judgment interest. The Company believes that the allegations in the complaint are without merit. | |||||||
We have operating leases for office and distribution center space and equipment for varying periods. We also lease some of our vehicles in the United Kingdom under capital leases. Certain leases have renewal options and require contingent payments for increases, including executory costs, property taxes, insurance and certain other costs in excess of a base year amount. Total rent expense for the years ended September 30, 2014, 2013 and 2012 were $8,494, $6,301 and $5,382, respectively. | |||||||
The aggregate future noncancelable minimum rental payments on operating leases and capital leases at September 30, 2014 are as follows: | |||||||
Lease Obligations | |||||||
Fiscal Year | Operating Leases | Capital Leases | |||||
2015 | $ | 8,515 | $ | 1 | |||
2016 | 8,218 | ||||||
2017 | 7,649 | ||||||
2018 | 7,070 | ||||||
2019 | 5,976 | ||||||
Thereafter | 16,583 | ||||||
Total future minimum obligations | $ | 54,011 | $ | 1 | |||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||
Accumulated Other Comprehensive Income | ' | |||||||||
13. Accumulated Other Comprehensive Income | ||||||||||
Changes in accumulated other comprehensive income consisted of the following: | ||||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Balance, beginning of period | $ | 1,918 | $ | 1,542 | $ | -563 | ||||
Foreign currency translation gain (loss) in | ||||||||||
other comprehensive income | -293 | 237 | 1,877 | |||||||
Actuarial (loss) gain on unfunded pension liability | ||||||||||
net of tax of $(207), $48, and $145, respectively | -318 | 139 | 228 | |||||||
Balance, end of period | $ | 1,307 | $ | 1,918 | $ | 1,542 | ||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
14. Related Party Transactions | |
MWI Co. holds a 50% membership interest in Feeders’ Advantage that is accounted for as an investment using the equity method. Sales of products to Feeders’ Advantage, which are at our cost, were $68,501, $68,355 and $61,873 for the fiscal years ended September 30, 2014, 2013 and 2012, respectively. MWI Co. charged Feeders’ Advantage for certain operating and administrative services of $1,097, $1,079 and $1,008 for the fiscal years ended September 30, 2014, 2013 and 2012, respectively. Our President and Chief Executive Officer and a member of our Board of Directors are each members of the Board of Managers of Feeders’ Advantage. | |
MWI Co. allows Feeders’ Advantage to use its cash management system to finance its day-to-day operations. At any given time, the outstanding position used in the cash management system may be a receivable or payable depending on the cash activity. A receivable balance bears interest at the prime rate. The interest due on the outstanding receivable is calculated and charged to Feeders’ Advantage on the last day of each month. Conversely, to the extent MWI Co. has a payable balance due to Feeders’ Advantage, the payable balance accrues interest in favor of Feeders’ Advantage at the average federal funds rates in effect for that month. As of September 30, 2014 and 2013 MWI Co. had a payable balance to Feeders’ Advantage of $1,495 and $777, respectively. | |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||
15. Employee Benefit Plans | |||||||||||||||
We have a multi-employer defined contribution profit sharing plan with a 401(k) arrangement for employees in the United States. To become eligible for the profit sharing portion of the plan, an employee must complete two years of service and attain the age of twenty-one. Participation is automatic beginning the following January or July. To become eligible for the 401(k) portion of the plan, the employee must complete three-months of service and attain the age of twenty-one. | |||||||||||||||
Both portions of the plan allow for employer contributions. We match 50% of the employee’s contribution to the 401(k) portion of the plan up to 6% of the employee’s salary, at management’s discretion. Our matching contributions for the 401(k) portion of the plan were $2,451, $2,122 and $1,871 for the fiscal years ended September 30, 2014, 2013 and 2012, respectively. Employee’s contributions are fully vested immediately while employer contributions vest over a five-year period. | |||||||||||||||
Contributions to the profit sharing portion of the Plans are discretionary, ranging from 0% to 3%, and are approved by our Board of Directors. Total profit sharing expense for the fiscal years ended September 30, 2014, 2013 and 2012 were $2,203, $1,997 and $1,847, respectively. Employer contributions are fully vested immediately. | |||||||||||||||
Centaur sponsors a defined contribution plan for all other staff not participating in the defined benefit plan described below. The contributions made by the employer over the period are detailed below. Contributions are currently payable at a minimum of 3% up to a maximum of 6% of eligible pay if matched by employee. The matching contribution for the plan was $278, $257 and $250 for the fiscal years ended September 30, 2014, 2013 and 2012, respectively. | |||||||||||||||
Centaur operates a defined benefit pension plan which provides benefits based on pensionable pay and is closed to future benefit accrual. | |||||||||||||||
The fair value of plan assets, benefit obligation and funded status of the defined benefit plan as of September 30 is as follows: | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Fair value of plan assets | $ | 5,732 | $ | 5,242 | $ | 5,329 | |||||||||
Benefit obligation | -7,574 | -6,667 | -7,228 | ||||||||||||
Unfunded pension liability | $ | -1,842 | $ | -1,425 | $ | -1,899 | |||||||||
The unfunded pension liability is recognized as other long-term liabilities in the Consolidated Balance Sheets. Net periodic benefit expense for the fiscal year ended September 30 consisted of the following: | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Interest cost | $ | 234 | $ | 195 | $ | 219 | |||||||||
Expected return on plan assets | -322 | -252 | -249 | ||||||||||||
Net periodic cost | -88 | -57 | -30 | ||||||||||||
Other changes recognized in other comprehensive income | |||||||||||||||
Actuarial loss (gain) | 666 | -187 | -373 | ||||||||||||
Total recognized in net periodic benefit costs and | |||||||||||||||
other comprehensive income | $ | 578 | $ | -244 | $ | -403 | |||||||||
Total loss (gain) recognized in other comprehensive income, net of tax | $ | 318 | $ | -139 | $ | -228 | |||||||||
The estimated net actuarial gain that will be amortized from accumulated other comprehensive income into net periodic benefit costs during fiscal year 2014 is not significant. The following table provides the weighted-average actuarial assumptions: | |||||||||||||||
2014 | 2013 | ||||||||||||||
Assumptions used to determine benefit obligations | |||||||||||||||
Discount rate | 3.1% | 3.6% | |||||||||||||
Rate of compensation increase (1) | N/A | N/A | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Assumptions used to determine net periodic benefit cost | |||||||||||||||
Discount rate | 3.6% | 3.0% | 3.1% | ||||||||||||
Expected return on plan assets | 6.0% | 5.0% | 5.2% | ||||||||||||
Rate of compensation increase (1) | N/A | N/A | N/A | ||||||||||||
(1) There is no assumed rate of compensation increase as there have been no current active members since April 2006. | |||||||||||||||
The following table sets forth, by level within the fair value hierarchy, as discussed in Note 15, Fair Value of Financial Instruments, the assets of the plan, by major asset category, at fair value as of September 30: | |||||||||||||||
2014 | 2013 | ||||||||||||||
Market | Asset | Fair Value | Market | Asset | Fair Value | ||||||||||
Asset Class | Value | Allocation | Level | Value | Allocation | Level | |||||||||
Equities | $ | 2,418 | 42% | 2 | $ | 2,062 | 39% | 2 | |||||||
Corporate bonds | 822 | 14% | 2 | 979 | 19% | 2 | |||||||||
Cash | 152 | 3% | 1 | 82 | 2% | 1 | |||||||||
Other assets | 2,340 | 41% | 2 | 2,119 | 40% | 2 | |||||||||
Total | $ | 5,732 | 100% | $ | 5,242 | 100% | |||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Fair Value of Financial Instruments [Abstract] | ' | |||
Fair Value of Financial Instruments | ' | |||
16. Fair Value of Financial Instruments | ||||
Current fair value accounting guidance includes a hierarchy that is intended to increase consistency and comparability in fair value measurements and disclosures. This hierarchy prioritizes inputs to valuation techniques based on observable and unobservable data. The guidance categorizes these inputs used in measuring fair value into three levels which include the following: | ||||
· | Level 1 – observable inputs such as quoted prices in active markets; | |||
· | Level 2 – inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and | |||
· | Level 3 – unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||
As of September 30, 2014 and 2013, financial instruments include cash and cash equivalents, receivables and accounts payable, and the fair values approximate book values due to their short maturities. | ||||
Our revolving credit facilities in the United States and in the United Kingdom were amended in the recent past and are based on market conditions such as LIBOR. Because these credit facilities include interest rates based on current market conditions (Level 1 inputs), we believe that the estimated fair value of our debt was materially the same as our carrying value. | ||||
Geographic_Information
Geographic Information | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Geographic Information | ' | ||||||||
17. Geographic Information | |||||||||
Revenues and long-lived assets by geographic region are as follows: | |||||||||
2014 | 2013 | 2012 | |||||||
Revenues for the fiscal years ended September 30 | |||||||||
United States | $ | 2,651,818 | $ | 2,032,260 | $ | 1,776,414 | |||
International | 329,220 | 315,225 | 298,732 | ||||||
Total | $ | 2,981,038 | $ | 2,347,485 | $ | 2,075,146 | |||
Long-lived assets as of September 30 | |||||||||
United States | $ | 40,306 | $ | 32,881 | $ | 29,001 | |||
International | 9,844 | 6,302 | 6,783 | ||||||
Total | $ | 50,150 | $ | 39,183 | $ | 35,784 | |||
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||
18. Quarterly Financial Data (Unaudited) | ||||||||||||||||
Three-Months Ended | ||||||||||||||||
Dec. 31, | Mar. 31, | June 30, | Sept. 30, | Year (1) | ||||||||||||
(Dollars and shares in thousands, except per share data) | ||||||||||||||||
Fiscal Year 2014 | ||||||||||||||||
Total revenues | $ | 687,259 | $ | 721,272 | $ | 778,448 | $ | 794,059 | $ | 2,981,038 | ||||||
Gross profit | 89,088 | 91,060 | 97,475 | 93,690 | 371,313 | |||||||||||
Operating income | 30,206 | 27,431 | 31,329 | 28,793 | 117,760 | |||||||||||
Net income | 18,439 | 16,776 | 19,365 | 17,382 | 71,962 | |||||||||||
Earnings per common share — basic | $ | 1.45 | $ | 1.32 | $ | 1.52 | $ | 1.37 | $ | 5.66 | ||||||
Earnings per common share — diluted | $ | 1.45 | $ | 1.32 | $ | 1.52 | $ | 1.36 | $ | 5.65 | ||||||
Weighted average common shares | ||||||||||||||||
outstanding: | ||||||||||||||||
Basic | 12,707 | 12,712 | 12,718 | 12,722 | 12,715 | |||||||||||
Diluted | 12,743 | 12,748 | 12,744 | 12,747 | 12,745 | |||||||||||
Fiscal Year 2013 | ||||||||||||||||
Total revenues | $ | 572,848 | $ | 563,114 | $ | 606,443 | $ | 605,080 | $ | 2,347,485 | ||||||
Gross profit | 76,929 | 74,679 | 77,511 | 75,219 | 304,338 | |||||||||||
Operating income | 27,077 | 24,238 | 26,534 | 22,473 | 100,323 | |||||||||||
Net income | 16,751 | 15,100 | 16,781 | 14,217 | 62,849 | |||||||||||
Earnings per common share — basic | $ | 1.32 | $ | 1.19 | $ | 1.32 | $ | 1.12 | $ | 4.96 | ||||||
Earnings per common share — diluted | $ | 1.32 | $ | 1.19 | $ | 1.32 | $ | 1.12 | $ | 4.95 | ||||||
Weighted average common shares | ||||||||||||||||
outstanding: | ||||||||||||||||
Basic | 12,665 | 12,674 | 12,679 | 12,683 | 12,675 | |||||||||||
Diluted | 12,695 | 12,709 | 12,713 | 12,721 | 12,709 | |||||||||||
(1) The sums of the quarterly amounts may not agree to the year-to-date amount as a result of rounding. | ||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||
Principles of Consolidation | ' | ||||
Principles of Consolidation — The accompanying consolidated financial statements consist of MWI Veterinary Supply, Inc. and its wholly-owned subsidiaries, collectively referred to herein as “MWI” or the “Company.” All intercompany transactions have been eliminated. We use the equity method of accounting for our investments in entities in which we have significant influence. Our share of income or loss from these investments is reported as increases or decreases in the respective investment with a corresponding amount reported as other income/(expense). | |||||
Basis of Accounting and Use of Estimates | ' | ||||
Basis of Accounting and Use of Estimates — The accompanying consolidated financial statements have been prepared on the accrual basis of accounting using accounting principles generally accepted in the United States. In preparing financial information, we use certain estimates and assumptions that may affect the reported amounts and disclosures. Some of these estimates require difficult, subjective and complex judgments about matters that are inherently uncertain. As a result, actual results could differ from these estimates. Estimates are used when accounting for allowance for doubtful accounts, customer incentives, vendor rebates, inventories, goodwill and intangible assets, income taxes and contingencies. The estimates of fair value of assets and liabilities and the disclosure of contingent assets and liabilities as of the balance sheet date and reported amounts of revenue and expenses for the periods are based on assumptions that we believe to be reasonable. | |||||
Segment Information | ' | ||||
Segment Information — We are a distributor of animal health products, primarily to veterinarians. Our financial results are disclosed as one reportable segment. We identified two operating segments based on geographic areas but aggregate based on applicable accounting standards. We determined that the two operating segments have similar operating margins and are expected to maintain this similarity into the future. Additionally, our products, customers, operations, delivery to market and regulatory environments are all similar in nature. | |||||
Foreign Currency Translation | ' | ||||
Foreign Currency Translation — For our international operations, local currencies have been determined to be the functional currencies. We translate functional currency assets and liabilities to their U.S. dollar equivalents at rates in effect at the balance sheet date and record these translation adjustments in Stockholders’ Equity – Accumulated Other Comprehensive Income/(Loss). We translate functional currency statement of income amounts to their U.S. dollar equivalents at average rates for the period. | |||||
Other Comprehensive Income | ' | ||||
Other Comprehensive Income — Comprehensive income includes cumulative foreign currency translation adjustments and actuarial adjustments on pension valuation. As of September 30, 2014, accumulated other comprehensive income is comprised of actuarial adjustments, net of tax, of ($385), and foreign currency translation adjustments of $1,692. | |||||
Revenue Recognition | ' | ||||
Revenue Recognition — We sell products we source from vendors to our customers through either a “buy/sell” transaction or an agency relationship with our vendors. In a “buy/sell” transaction, we purchase or take inventory of products from the vendor. When a customer places an order with us, we pick, pack, ship and invoice the customer for the order. We recognize revenue from “buy/sell” transactions as product sales when the product is delivered to the customer. We accept product returns from our customers. We estimate returns based on historical experience and recognize these estimated returns as a reduction of product sales. Product returns have not been significant to our financial statements. We record revenues net of sales tax. In an agency relationship, we generally do not purchase and take inventory of products from vendors. We receive an order from a customer, then transmit the order to the vendor, who picks, packs and ships the order to the customer. In some cases, the vendor invoices and collects payment from the customer, while in other cases we invoice and collect payment from the customer on behalf of the vendor. We receive a commission payment for soliciting the order from the customer and for providing other customer service activities. Commissions are recognized when the services upon which the commissions are based are complete. Gross billings from agency contracts were $355,773, $349,006 and $332,343 for the years ended September 30, 2014, 2013 and 2012, respectively, and generated commission revenue of $20,514, $18,851 and $16,979 for the years ended September 30, 2014, 2013 and 2012, respectively. | |||||
Cost of Product Sales and Vendor Rebates | ' | ||||
Cost of Product Sales and Vendor Rebates — Cost of product sales consist of our inventory product cost, including direct shipping costs to and from our distribution centers. Costs of fulfillment are included in selling, general and administrative costs. Vendor rebates are recorded based on the terms of the contracts or programs with each vendor. We receive quarterly, semi-annual and annual performance-based rebates from third-party vendors based upon attainment of certain sales and/or purchase goals. Sales rebates are classified in the accompanying consolidated statements of income as a reduction to cost of product sales at the time the sales performance measures are achieved. Purchase rebates are measured against inventory purchases from the vendors and are classified as a reduction of inventory until the product is sold. When the inventory is sold and purchase measures are achieved, purchase rebates are recognized as a reduction to cost of product sales. | |||||
Historically, actual results have not significantly deviated from those determined using the estimates described above. We expect that our estimates in the future will continue to be reasonable as our rebates are based on specific vendor program goals and are principally recorded upon achievement of sales or purchase performance measures. Vendors may change or eliminate rebate programs from year to year. | |||||
Customer Incentives | ' | ||||
Customer Incentives — Customer incentives are accrued based on the terms of the contracts with each customer. These incentive programs provide that the customer receive an incentive based on their product purchases or attainment of performance goals. Incentives are estimated based on the specific terms in each agreement, historical experience and product growth rates. Incentives are recognized as a reduction to product sales. | |||||
Cash and Cash Equivalents | ' | ||||
Cash and Cash Equivalents — Cash equivalents consist of highly liquid investments with a maturity of three months or less from the date of purchase. Our banking arrangements allow us to fund outstanding checks when presented to the financial institution for payment. | |||||
Inventories | ' | ||||
Inventories — Inventories, consisting of pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, capital equipment and technology, supplies and nutritional products, are stated at the lower of cost (on a moving-average basis) or market. | |||||
Property and Equipment | ' | ||||
Property and Equipment — Property and equipment are stated at cost and depreciation is computed using the straight-line method over the estimated useful lives, which include the shorter of useful life or lease term for leasehold improvements, of the related assets as follows: | |||||
Buildings | 25 to 35 years | ||||
Machinery, furniture and equipment | 3 to 15 years | ||||
Computer equipment | 3 to 7 years | ||||
Leasehold improvements | 1 to 10 years | ||||
The cost and accumulated depreciation of items sold or retired are removed from the property accounts and any resulting gain or loss is reflected in net income. Repairs and maintenance are expensed as incurred and improvements are capitalized. | |||||
We periodically review long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. No impairments were identified during the fiscal years ended September 30, 2014, 2013 and 2012. | |||||
Goodwill and Intangible Assets | ' | ||||
Goodwill and Intangible Assets — We recognize the excess purchase price over the fair value of net assets acquired and liabilities assumed in a business combination as goodwill on the consolidated balance sheet. We perform an annual impairment test on goodwill as of September 30th each year. We calculate the fair value of each reporting unit using both an income approach and a market approach, and compare the fair value to its book value. We have concluded that there was no impairment during the fiscal years ended September 30, 2014, 2013 and 2012. Impairment tests will continue to be performed at least annually and more frequently if circumstances indicate a possible impairment. | |||||
Identifiable intangible assets primarily include customer relationships, trademarks and patents, technology and covenants not to compete and are amortized, as necessary, on a straight-line basis, over their useful lives or contractual term which range from 1-20 years. We review both indefinite-lived and definite-lived identifiable intangible assets at least annually for impairment or when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. No impairments were identified during the fiscal years ended September 30, 2014, 2013 and 2012. | |||||
Other Assets | ' | ||||
Other Assets — Included in other assets are our equity method investments and investments in entities accounted for under the cost method of accounting. The carrying value of cost method investments was $5,989 and $4,932 at September 30, 2014 and 2013, respectively. We periodically evaluate these investments for other-than-temporary impairment using both qualitative and quantitative criteria, or when indicators of impairment are noted. In the event an investment is deemed to be other-than-temporarily impaired, we would recognize the loss component in the consolidated statements of income. Other assets also consist of debt issuance costs that are being amortized over the term of the related debt. | |||||
Earnings Per Common Share | ' | ||||
Earnings Per Common Share — Basic earnings per common share is calculated based on the weighted-average number of outstanding common shares during the applicable period. Diluted earnings per common share is based on the weighted-average number of outstanding common shares plus the weighted-average number of potential outstanding common shares. Potential common shares that would increase earnings per share amounts are antidilutive and are, therefore, excluded from the earnings per common share computations. Earnings per common share is computed separately for each period presented. | |||||
Income Taxes | ' | ||||
Income Taxes — Income taxes are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |||||
Deferred tax assets are recognized to the extent that we believe these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. | |||||
We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. | |||||
We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Income. Accrued interest and penalties, if any, are included within the related tax liability line in the Consolidated Balance Sheets. | |||||
Concentrations of Risk | ' | ||||
Concentrations of Risk — Our financial instruments that are exposed to concentrations of credit risk consist primarily of our receivables. Our customers are geographically dispersed throughout the United States and United Kingdom. In the United Kingdom, we rely on a smaller number of relatively larger customers than does our business in the United States. These customers in the aggregate accounted for 12.3% and 14.5% of our consolidated accounts receivable balance as of September 30, 2014 and 2013, respectively. We routinely assess the financial strength of our customers and review their credit history before extending credit. In addition, we establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. | |||||
Advertising | ' | ||||
Advertising — Advertising costs are expensed when incurred and are included as part of selling, general and administrative expenses. Advertising costs were $1,481, $1,165 and $1,203 in fiscal years 2014, 2013 and 2012, respectively. | |||||
Recently Issued and New Accounting Pronouncements | ' | ||||
Recently Issued and New Accounting Pronouncements —In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This guidance is effective for our fiscal year and interim periods beginning October 1, 2017. We are currently evaluating the effect that adopting this new accounting guidance will have on our consolidated financial statements. | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Table) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||
Property and Equipment, Estimated Useful Lives | ' | ||||
Buildings | 25 to 35 years | ||||
Machinery, furniture and equipment | 3 to 15 years | ||||
Computer equipment | 3 to 7 years | ||||
Leasehold improvements | 1 to 10 years | ||||
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Business Acquisitions [Abstract] | ' | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||||||
2014 | 2013 | 2012 | |||||||
Cash | $ | 2,549 | $ | - | $ | 1 | |||
Receivables | 78,993 | 3,585 | 22,374 | ||||||
Inventories | 65,098 | 1,928 | 27,701 | ||||||
Other current assets | 491 | - | 105 | ||||||
Property and equipment | 7,693 | - | 8,882 | ||||||
Investments | 1,103 | - | 199 | ||||||
Goodwill | 16,053 | 9,327 | 12,473 | ||||||
Intangibles | 13,021 | 4,780 | 15,760 | ||||||
Total assets acquired | 185,001 | 19,620 | 87,495 | ||||||
Accounts payable | 74,863 | 2,513 | 25,026 | ||||||
Accrued expenses | 3,658 | - | 1,591 | ||||||
Other liabilities | 1,834 | - | |||||||
Total liabilities assumed | 80,355 | 2,513 | 26,617 | ||||||
Net assets acquired | $ | 104,646 | $ | 17,107 | $ | 60,878 | |||
Information Included in Statements of Income | ' | ||||||||
Micro's operations included in MWI's results | |||||||||
Fiscal year ended September 30, 2012 | |||||||||
Revenues | $ | 246,624 | |||||||
Net Income | $ | 4,089 | |||||||
Business Acquisition Pro Forma Information | ' | ||||||||
Unaudited Pro Forma Consolidated Results | |||||||||
Fiscal year ended September 30, | |||||||||
2014 | 2013 | 2012 | |||||||
Revenues | $ | 3,031,030 | $ | 2,849,712 | $ | 2,586,351 | |||
Net Income | $ | 71,963 | $ | 66,521 | $ | 57,143 | |||
Receivables_Table
Receivables (Table) | 12 Months Ended | |||||
Sep. 30, 2014 | ||||||
Receivables [Abstract] | ' | |||||
Schedule Of Accounts Receivable | ' | |||||
2014 | 2013 | |||||
Trade | $ | 358,757 | $ | 282,923 | ||
Vendor rebates and programs | 43,179 | 26,983 | ||||
401,936 | 309,906 | |||||
Allowance for doubtful accounts | -2,946 | -2,461 | ||||
$ | 398,990 | $ | 307,445 | |||
Property_and_Equipment_Table
Property and Equipment (Table) | 12 Months Ended | |||||
Sep. 30, 2014 | ||||||
Property And Equipment [Abstract] | ' | |||||
Property And Equipment | ' | |||||
2014 | 2013 | |||||
Land | $ | 2,023 | $ | 1,932 | ||
Building and leasehold improvements | 17,351 | 14,914 | ||||
Machinery, furniture and equipment | 44,877 | 38,032 | ||||
Computer equipment | 17,374 | 9,868 | ||||
Construction in progress | 5,641 | 4,328 | ||||
87,266 | 69,074 | |||||
Accumulated depreciation and amortization | -37,116 | -29,891 | ||||
$ | 50,150 | $ | 39,183 | |||
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Goodwill and Intangibles [Abstract] | ' | |||||||||||
Changes in the Carrying Value of Goodwill | ' | |||||||||||
2014 | 2013 | |||||||||||
Goodwill - Beginning of year | $ | 71,150 | $ | 61,841 | ||||||||
Acquisition activity | 16,053 | 9,327 | ||||||||||
Foreign exchange translation | -322 | -18 | ||||||||||
Goodwill - End of year | $ | 86,881 | $ | 71,150 | ||||||||
Schedule of Intangible Assets | ' | |||||||||||
Estimated | ||||||||||||
Useful Lives | 30-Sep-14 | |||||||||||
Amortizing: | Cost | Accumulated Amortization | Net | |||||||||
Customer relationships | 9 - 20 years | $ | 45,860 | $ | -10,899 | $ | 34,961 | |||||
Covenants not to compete | 1 - 5 years | 372 | -163 | 209 | ||||||||
Technology | 11 years | 5,830 | -1,546 | 4,284 | ||||||||
Other | 2 - 10 years | 1,627 | -1,072 | 555 | ||||||||
53,689 | -13,680 | 40,009 | ||||||||||
Non-Amortizing: | ||||||||||||
Trade names and patents | 10,084 | - | 10,084 | |||||||||
$ | 63,773 | $ | -13,680 | $ | 50,093 | |||||||
Estimated | ||||||||||||
Useful Lives | 30-Sep-13 | |||||||||||
Amortizing: | Cost | Accumulated Amortization | Net | |||||||||
Customer relationships | 9 - 20 years | $ | 35,797 | $ | -8,393 | $ | 27,404 | |||||
Covenants not to compete | 1 - 5 years | 450 | -185 | 265 | ||||||||
Technology | 11 years | 5,830 | -1,016 | 4,814 | ||||||||
Other | 2 - 7 years | 1,126 | -794 | 332 | ||||||||
43,203 | -10,388 | 32,815 | ||||||||||
Non-Amortizing: | ||||||||||||
Trade names and patents | 7,675 | - | 7,675 | |||||||||
$ | 50,878 | $ | -10,388 | $ | 40,490 | |||||||
Schedule of Expected Amortization Expense | ' | |||||||||||
Amount | ||||||||||||
2015 | $ | 3,438 | ||||||||||
2016 | 3,316 | |||||||||||
2017 | 3,237 | |||||||||||
2018 | 3,212 | |||||||||||
2019 | 3,041 | |||||||||||
Thereafter | 23,765 | |||||||||||
$ | 40,009 | |||||||||||
Debt_Table
Debt (Table) | 12 Months Ended | |||||
Sep. 30, 2014 | ||||||
Debt [Abstract] | ' | |||||
Schedule of Debt | ' | |||||
2014 | 2013 | |||||
Revolving credit facility, 1.03% as of September 30, 2014 | $ | 78,200 | $ | 16,300 | ||
Sterling revolving credit facility | - | 2,501 | ||||
Capital lease obligations (1) | 1 | 119 | ||||
Total debt and capital lease obligations | 78,201 | 18,920 | ||||
Less: Long-term portion of capital lease obligations | - | -16 | ||||
Total debt and capital lease obligations included in current liabilities | $ | 78,201 | $ | 18,904 | ||
(1) The capital lease obligations have varying maturity dates. | ||||||
Common_Stock_and_StockBased_Aw1
Common Stock and Stock-Based Awards (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Common Stock and Stock-Based Awards [Abstract] | ' | ||||||||||||||||||||
Stock Options Activity | ' | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||
Number | average | Number | average | Number | average | ||||||||||||||||
of | exercise | of | exercise | of | exercise | ||||||||||||||||
Shares | price | Shares | price | Shares | price | ||||||||||||||||
Outstanding at beginning of year | 16,038 | $ | 17.58 | 22,360 | $ | 17.53 | 37,385 | $ | 14.73 | ||||||||||||
Exercised | -4,030 | 17.84 | -6,186 | 17.43 | -14,769 | 10.44 | |||||||||||||||
Cancelled or expired | -74 | 17.00 | -136 | 17.00 | -256 | 17.00 | |||||||||||||||
Outstanding at end of year | 11,934 | $ | 17.49 | 16,038 | $ | 17.58 | 22,360 | $ | 17.53 | ||||||||||||
Exercisable at end of year | 11,934 | $ | 17.49 | 16,038 | $ | 17.58 | 22,360 | $ | 17.53 | ||||||||||||
Stock Options, by Exercise Price Range | ' | ||||||||||||||||||||
Outstanding and exercisable options | |||||||||||||||||||||
Weighted | |||||||||||||||||||||
average | |||||||||||||||||||||
remaining | Weighted | ||||||||||||||||||||
contractual | average | ||||||||||||||||||||
Number of | life | exercise | |||||||||||||||||||
Range of exercise prices | Shares | (in years) | price | ||||||||||||||||||
$17.00 - $19.99 | 10,774 | 0.8 | $ | 17.00 | |||||||||||||||||
$20.00 - $22.60 | 1,160 | 1.0 | $ | 22.05 | |||||||||||||||||
Schedule of Nonvested Share Activity | ' | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||
Number | average | Number | average | Number | average | ||||||||||||||||
of | grant date | of | grant date | of | grant date | ||||||||||||||||
Shares | fair value | Shares | fair value | Shares | fair value | ||||||||||||||||
Nonvested at beginning of year | 142,244 | $ | 83.13 | 129,396 | $ | 69.94 | 105,540 | $ | 61.69 | ||||||||||||
Granted | 76,555 | 148.10 | 70,575 | 145.65 | 74,848 | 101.97 | |||||||||||||||
Vested | -47,154 | 104.72 | -44,547 | 144.52 | -48,072 | 102.09 | |||||||||||||||
Forfeitures | -8,107 | 110.64 | -13,180 | 80.96 | -2,920 | 63.49 | |||||||||||||||
Nonvested at end of year | 163,538 | $ | 132.04 | 142,244 | $ | 83.13 | 129,396 | $ | 69.94 | ||||||||||||
Computation_of_Earnings_per_Co
Computation of Earnings per Common Share (Table) | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Computation Of Earnings Per Common Share [Abstract] | ' | |||||||||||||||||
Computation Of Earnings Per Common Share | ' | |||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||
Net income | $ | 71,962 | $ | 71,962 | $ | 62,849 | $ | 62,849 | $ | 53,477 | $ | 53,477 | ||||||
Weighted average common | ||||||||||||||||||
shares outstanding | 12,715 | 12,715 | 12,675 | 12,675 | 12,616 | 12,616 | ||||||||||||
Effect of dilutive securities | ||||||||||||||||||
Stock options and restricted stock | 30 | 34 | 31 | |||||||||||||||
Weighted average shares | ||||||||||||||||||
outstanding | 12,745 | 12,709 | 12,647 | |||||||||||||||
Earnings per share | $ | 5.66 | $ | 5.65 | $ | 4.96 | $ | 4.95 | $ | 4.24 | $ | 4.23 | ||||||
Anti-dilutive shares excluded from calculation | 3 | - | - | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Schedule of Income before Income Tax | ' | ||||||||
2014 | 2013 | 2012 | |||||||
Income before taxes | |||||||||
United States | $ | 115,545 | $ | 96,915 | $ | 81,482 | |||
Foreign | 2,160 | 3,766 | 4,458 | ||||||
Total income before taxes | $ | 117,705 | $ | 100,681 | $ | 85,940 | |||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||
2014 | 2013 | 2012 | |||||||
United States | |||||||||
Current payable | |||||||||
Federal | $ | 36,585 | $ | 30,200 | $ | 25,535 | |||
State | 6,875 | 4,952 | 4,494 | ||||||
Deferred | |||||||||
Federal | 1,216 | 1,652 | 1,308 | ||||||
State | 302 | 253 | 220 | ||||||
Total U.S. tax expense | 44,978 | 37,057 | 31,557 | ||||||
International | |||||||||
Current payable | 1,265 | 1,275 | 1,252 | ||||||
Deferred | -500 | -500 | -346 | ||||||
Total foreign tax expense | 765 | 775 | 906 | ||||||
Total income tax expense | $ | 45,743 | $ | 37,832 | $ | 32,463 | |||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Allowance for doubtful accounts | $ | 1,061 | $ | 866 | |||||
Inventories | 942 | 658 | |||||||
Lease expense | 713 | 544 | |||||||
Employee benefits | 599 | 334 | |||||||
Acquisition-related costs | - | 444 | |||||||
Other | 416 | 164 | |||||||
Total deferred tax assets | 3,731 | 3,010 | |||||||
Deferred tax liabilities: | |||||||||
Investments | -1,414 | -786 | |||||||
Property and equipment | -11,808 | -8,876 | |||||||
Prepaid expenses | -299 | -227 | |||||||
Other | - | -115 | |||||||
Total deferred tax liabilities | -13,521 | -10,004 | |||||||
Net deferred liabilities | $ | -9,790 | $ | -6,994 | |||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||
2014 | 2013 | 2012 | |||||||
Taxes computed at statutory rate | 35.0% | 35.0% | 35.0% | ||||||
State income taxes (net of federal income tax benefit) | 4.0 | 3.4 | 3.6 | ||||||
Foreign | -0.3 | -0.9 | -1.1 | ||||||
Other | 0.2 | 0.1 | 0.3 | ||||||
38.9% | 37.6% | 37.8% | |||||||
Schedule of Unrecognized Tax Benefits | ' | ||||||||
2014 | 2013 | 2012 | |||||||
Unrecognized tax benefits – Beginning of year | $ | - | $ | - | $ | 23 | |||
Gross increases related to prior period tax positions | - | - | - | ||||||
Gross decreases related to prior period tax positions | - | - | -8 | ||||||
Gross increases related to current period tax positions | - | - | - | ||||||
Settlements | - | - | -15 | ||||||
Unrecognized tax benefits – End of year | $ | - | $ | - | $ | - | |||
Recovered_Sheet1
Statements of Cash Flows - Supplemental and Noncash Disclosures (Table) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Statements of Cash Flows — Supplemental and Noncash Disclosures [Abstract] | ' | ||||||||
Schedule Of Supplemental and Noncash Disclosures | ' | ||||||||
2014 | 2013 | 2012 | |||||||
Supplemental Disclosures | |||||||||
Cash paid for interest | $ | 1,110 | $ | 620 | $ | 788 | |||
Cash paid for income taxes | 45,117 | 34,045 | 31,025 | ||||||
Noncash Investing and Financing Activities | |||||||||
Issuance of restricted common stock for asset acquisition | - | - | 7,158 | ||||||
Capital lease asset additions and related obligations | - | - | 165 | ||||||
Property and equipment acquisitions financed with accounts payable | 364 | 265 | 192 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Table) | 12 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Commitments and Contingencies [Abstract] | ' | ||||||
Contractual Obligation, Fiscal Year Maturity Schedule | ' | ||||||
Lease Obligations | |||||||
Fiscal Year | Operating Leases | Capital Leases | |||||
2015 | $ | 8,515 | $ | 1 | |||
2016 | 8,218 | ||||||
2017 | 7,649 | ||||||
2018 | 7,070 | ||||||
2019 | 5,976 | ||||||
Thereafter | 16,583 | ||||||
Total future minimum obligations | $ | 54,011 | $ | 1 | |||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Table) | 12 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||
Schedule of Accumulated Other Comprehensive Income | ' | |||||||||
Year Ended September 30, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Balance, beginning of period | $ | 1,918 | $ | 1,542 | $ | -563 | ||||
Foreign currency translation gain (loss) in | ||||||||||
other comprehensive income | -293 | 237 | 1,877 | |||||||
Actuarial (loss) gain on unfunded pension liability | ||||||||||
net of tax of $(207), $48, and $145, respectively | -318 | 139 | 228 | |||||||
Balance, end of period | $ | 1,307 | $ | 1,918 | $ | 1,542 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||
Schedule of Net Funded Status | ' | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Fair value of plan assets | $ | 5,732 | $ | 5,242 | $ | 5,329 | |||||||||
Benefit obligation | -7,574 | -6,667 | -7,228 | ||||||||||||
Unfunded pension liability | $ | -1,842 | $ | -1,425 | $ | -1,899 | |||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Interest cost | $ | 234 | $ | 195 | $ | 219 | |||||||||
Expected return on plan assets | -322 | -252 | -249 | ||||||||||||
Net periodic cost | -88 | -57 | -30 | ||||||||||||
Other changes recognized in other comprehensive income | |||||||||||||||
Actuarial loss (gain) | 666 | -187 | -373 | ||||||||||||
Total recognized in net periodic benefit costs and | |||||||||||||||
other comprehensive income | $ | 578 | $ | -244 | $ | -403 | |||||||||
Total loss (gain) recognized in other comprehensive income, net of tax | $ | 318 | $ | -139 | $ | -228 | |||||||||
Schedule of Weighted-Average Actuarial Assumptions | ' | ||||||||||||||
2014 | 2013 | ||||||||||||||
Assumptions used to determine benefit obligations | |||||||||||||||
Discount rate | 3.1% | 3.6% | |||||||||||||
Rate of compensation increase (1) | N/A | N/A | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Assumptions used to determine net periodic benefit cost | |||||||||||||||
Discount rate | 3.6% | 3.0% | 3.1% | ||||||||||||
Expected return on plan assets | 6.0% | 5.0% | 5.2% | ||||||||||||
Rate of compensation increase (1) | N/A | N/A | N/A | ||||||||||||
(1) There is no assumed rate of compensation increase as there have been no current active members since April 2006. | |||||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||
2014 | 2013 | ||||||||||||||
Market | Asset | Fair Value | Market | Asset | Fair Value | ||||||||||
Asset Class | Value | Allocation | Level | Value | Allocation | Level | |||||||||
Equities | $ | 2,418 | 42% | 2 | $ | 2,062 | 39% | 2 | |||||||
Corporate bonds | 822 | 14% | 2 | 979 | 19% | 2 | |||||||||
Cash | 152 | 3% | 1 | 82 | 2% | 1 | |||||||||
Other assets | 2,340 | 41% | 2 | 2,119 | 40% | 2 | |||||||||
Total | $ | 5,732 | 100% | $ | 5,242 | 100% | |||||||||
Geographic_Information_Table
Geographic Information (Table) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Revenues and Long-Lived Assets by Geographic Region | ' | ||||||||
2014 | 2013 | 2012 | |||||||
Revenues for the fiscal years ended September 30 | |||||||||
United States | $ | 2,651,818 | $ | 2,032,260 | $ | 1,776,414 | |||
International | 329,220 | 315,225 | 298,732 | ||||||
Total | $ | 2,981,038 | $ | 2,347,485 | $ | 2,075,146 | |||
Long-lived assets as of September 30 | |||||||||
United States | $ | 40,306 | $ | 32,881 | $ | 29,001 | |||
International | 9,844 | 6,302 | 6,783 | ||||||
Total | $ | 50,150 | $ | 39,183 | $ | 35,784 | |||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Table) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Three-Months Ended | ||||||||||||||||
Dec. 31, | Mar. 31, | June 30, | Sept. 30, | Year (1) | ||||||||||||
(Dollars and shares in thousands, except per share data) | ||||||||||||||||
Fiscal Year 2014 | ||||||||||||||||
Total revenues | $ | 687,259 | $ | 721,272 | $ | 778,448 | $ | 794,059 | $ | 2,981,038 | ||||||
Gross profit | 89,088 | 91,060 | 97,475 | 93,690 | 371,313 | |||||||||||
Operating income | 30,206 | 27,431 | 31,329 | 28,793 | 117,760 | |||||||||||
Net income | 18,439 | 16,776 | 19,365 | 17,382 | 71,962 | |||||||||||
Earnings per common share — basic | $ | 1.45 | $ | 1.32 | $ | 1.52 | $ | 1.37 | $ | 5.66 | ||||||
Earnings per common share — diluted | $ | 1.45 | $ | 1.32 | $ | 1.52 | $ | 1.36 | $ | 5.65 | ||||||
Weighted average common shares | ||||||||||||||||
outstanding: | ||||||||||||||||
Basic | 12,707 | 12,712 | 12,718 | 12,722 | 12,715 | |||||||||||
Diluted | 12,743 | 12,748 | 12,744 | 12,747 | 12,745 | |||||||||||
Fiscal Year 2013 | ||||||||||||||||
Total revenues | $ | 572,848 | $ | 563,114 | $ | 606,443 | $ | 605,080 | $ | 2,347,485 | ||||||
Gross profit | 76,929 | 74,679 | 77,511 | 75,219 | 304,338 | |||||||||||
Operating income | 27,077 | 24,238 | 26,534 | 22,473 | 100,323 | |||||||||||
Net income | 16,751 | 15,100 | 16,781 | 14,217 | 62,849 | |||||||||||
Earnings per common share — basic | $ | 1.32 | $ | 1.19 | $ | 1.32 | $ | 1.12 | $ | 4.96 | ||||||
Earnings per common share — diluted | $ | 1.32 | $ | 1.19 | $ | 1.32 | $ | 1.12 | $ | 4.95 | ||||||
Weighted average common shares | ||||||||||||||||
outstanding: | ||||||||||||||||
Basic | 12,665 | 12,674 | 12,679 | 12,683 | 12,675 | |||||||||||
Diluted | 12,695 | 12,709 | 12,713 | 12,721 | 12,709 | |||||||||||
(1) The sums of the quarterly amounts may not agree to the year-to-date amount as a result of rounding. | ||||||||||||||||
Business_Description_and_Basis1
Business Description and Basis of Presentation (Details) | 12 Months Ended |
Sep. 30, 2014 | |
store | |
UNITED STATES | ' |
Business Description And Basis Of Presentation Details [Line Items] | ' |
Number Of Distribution Centers | 23 |
UNITED KINGDOM | ' |
Business Description And Basis Of Presentation Details [Line Items] | ' |
Number Of Distribution Centers | 1 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Segment Information) (Details) | 12 Months Ended |
Sep. 30, 2014 | |
segment | |
Summary of Significant Accounting Policies [Abstract] | ' |
Number of Reportable Segments | 1 |
Number of Operating Segments | 2 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Other Comprehensive Income) (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Summary of Significant Accounting Policies [Abstract] | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | ($385) |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $1,692 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Revenue Recognition) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' |
Gross Billings From Agency Contracts | $355,773 | $349,006 | $332,343 |
Contracts Revenue | $20,514 | $18,851 | $16,979 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Property and Equipment) (Details) | 12 Months Ended |
Sep. 30, 2014 | |
Minimum [Member] | Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '25 years |
Minimum [Member] | Machinery, Furniture, and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Minimum [Member] | Computer Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Minimum [Member] | Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '1 year |
Maximum [Member] | Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '35 years |
Maximum [Member] | Machinery, Furniture, and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Maximum [Member] | Computer Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '7 years |
Maximum [Member] | Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Goodwill and Intangible Assets / Other Assets) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Minimum [Member] | Maximum [Member] | ||
Intangible Assets [Line Items] | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | ' | ' | '1 year | '20 years |
Cost Method Investments | $5,989 | $4,932 | ' | ' |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Concentrations of Risk) (Details) (Accounts Receivable [Member], Geographic Concentration Risk [Member]) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Accounts Receivable [Member] | Geographic Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Customer Concentration Risk | 12.30% | 14.50% |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Advertising) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' |
Advertising Expense | $1,481 | $1,165 | $1,203 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Nov. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Micro Beef Technologies [Member] | Micro Beef Technologies [Member] | Prescription Containers, Inc. [Member] | IVESCO Holdings, L.L.C. [Member] | IVESCO Holdings, L.L.C. [Member] | VetSpace [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |
Micro Beef Technologies [Member] | VetSpace [Member] | Micro Beef Technologies [Member] | VetSpace [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Date of Acquisition Agreement | 31-Oct-11 | ' | 31-Dec-12 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | $60,878 | $17,107 | $79,633 | ' | $25,013 | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | 53,400 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | ' | 320 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Transaction Costs | ' | 1,104 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | 94,359 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Equity Interests Issued and Issuable | ' | $7,158 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | '10 years | ' | '9 years | ' | '5 years | '10 years | '17 years | '20 years |
Business Acquisition, Goodwill, Expected Tax Deductible, Period | '15 years | ' | '15 years | ' | '15 years | ' | ' | ' | ' | ' |
Acquisitions_Schedule_of_Recog
Acquisitions (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill | $86,881 | $71,150 | $61,841 |
Nelson Laboratories [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Cash | ' | ' | 1 |
Receivables | ' | ' | 22,374 |
Inventories | ' | ' | 27,701 |
Other current assets | ' | ' | 105 |
Property and equipment | ' | ' | 8,882 |
Investments | ' | ' | 199 |
Goodwill | ' | ' | 12,473 |
Intangibles | ' | ' | 15,760 |
Total assets acquired | ' | ' | 87,495 |
Accounts payable | ' | ' | 25,026 |
Accrued expenses | ' | ' | 1,591 |
Total liabilities assumed | ' | ' | 26,617 |
Net assets acquired | ' | ' | 60,878 |
Micro Beef Technologies [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Receivables | ' | 3,585 | ' |
Inventories | ' | 1,928 | ' |
Goodwill | ' | 9,327 | ' |
Intangibles | ' | 4,780 | ' |
Total assets acquired | ' | 19,620 | ' |
Accounts payable | ' | 2,513 | ' |
Total liabilities assumed | ' | 2,513 | ' |
Net assets acquired | ' | 17,107 | ' |
Prescription Containers, Inc. [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Cash | 2,549 | ' | ' |
Receivables | 78,993 | ' | ' |
Inventories | 65,098 | ' | ' |
Other current assets | 491 | ' | ' |
Property and equipment | 7,693 | ' | ' |
Investments | 1,103 | ' | ' |
Goodwill | 16,053 | ' | ' |
Intangibles | 13,021 | ' | ' |
Total assets acquired | 185,001 | ' | ' |
Accounts payable | 74,863 | ' | ' |
Accrued expenses | 3,658 | ' | ' |
Other liabilities | 1,834 | ' | ' |
Total liabilities assumed | 80,355 | ' | ' |
Net assets acquired | $104,646 | ' | ' |
Acquisitions_Information_Inclu
Acquisitions (Information Included in Statements of Income) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Business Acquisitions [Abstract] | ' |
Business Acquisition, Revenue | $246,624 |
Business Acquisition, Net Income (Loss) | $4,089 |
Acquisitions_Business_Acquisit
Acquisitions (Business Acquisition Pro Forma Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Acquisitions [Abstract] | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | $3,031,030 | $2,849,712 | $2,586,351 |
Business Acquisition, Pro Forma Net Income (Loss) | $71,963 | $66,521 | $57,143 |
Receivables_Details
Receivables (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables, gross | $401,936 | $309,906 |
Allowance for doubtful accounts | -2,946 | -2,461 |
Receivables, net | 398,990 | 307,445 |
Trade Accounts Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables, gross | 358,757 | 282,923 |
Vendor Rebates and Programs [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Receivables, gross | $43,179 | $26,983 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $87,266 | $69,074 | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -37,116 | -29,891 | ' |
Property, Plant and Equipment, Net | 50,150 | 39,183 | 35,784 |
Depreciation | 8,489 | 6,974 | 6,210 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 2,023 | 1,932 | ' |
Building and Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 17,351 | 14,914 | ' |
Machinery, Furniture, and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 44,877 | 38,032 | ' |
Computer Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 17,374 | 9,868 | ' |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $5,641 | $4,328 | ' |
Goodwill_and_Intangibles_Chang
Goodwill and Intangibles (Changes in the Carrying Value of Goodwill) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill and Intangibles [Abstract] | ' | ' |
Goodwill, Beginning Balance | $71,150 | $61,841 |
Acquisition activity | 16,053 | 9,327 |
Foreign exchange | -322 | -18 |
Goodwill, Ending Balance | $86,881 | $71,150 |
Goodwill_and_Intangibles_Sched
Goodwill and Intangibles (Schedule Of Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $53,689 | $43,203 |
Accumulated Amortization | -13,680 | -10,388 |
Finite-Lived Intangible Assets, Net, Total | 40,009 | 32,815 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 10,084 | 7,675 |
Intangible Assets, Net | 50,093 | 40,490 |
Intangible Assets, Gross (Excluding Goodwill) | 63,773 | 50,878 |
Customer Relationships [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 45,860 | 35,797 |
Accumulated Amortization | -10,899 | -8,393 |
Finite-Lived Intangible Assets, Net, Total | 34,961 | 27,404 |
Noncompete Agreements [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 372 | 450 |
Accumulated Amortization | -163 | -185 |
Finite-Lived Intangible Assets, Net, Total | 209 | 265 |
Technology [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 5,830 | 5,830 |
Accumulated Amortization | -1,546 | -1,016 |
Finite-Lived Intangible Assets, Net, Total | 4,284 | 4,814 |
Finite-Lived Intangible Assets, Useful Life | '11 years | '11 years |
Other Intangible Assets [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 1,627 | 1,126 |
Accumulated Amortization | -1,072 | -794 |
Finite-Lived Intangible Assets, Net, Total | $555 | $332 |
Minimum [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '1 year | ' |
Minimum [Member] | Customer Relationships [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '9 years | '9 years |
Minimum [Member] | Noncompete Agreements [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '1 year | '1 year |
Minimum [Member] | Other Intangible Assets [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '2 years | '2 years |
Maximum [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '20 years | ' |
Maximum [Member] | Customer Relationships [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '20 years | '20 years |
Maximum [Member] | Noncompete Agreements [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '5 years | '5 years |
Maximum [Member] | Other Intangible Assets [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Useful Life | '10 years | '7 years |
Goodwill_and_Intangibles_Sched1
Goodwill and Intangibles (Schedule of Expected Amortization Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangibles [Abstract] | ' | ' | ' |
Year One (2015) | $3,438 | ' | ' |
Year Two (2016) | 3,316 | ' | ' |
Year Three (2017) | 3,237 | ' | ' |
Year Four (2018) | 3,212 | ' | ' |
Year Five (2019) | 3,041 | ' | ' |
Thereafter | 23,765 | ' | ' |
Finite-Lived Intangible Assets, Net, Total | 40,009 | 32,815 | ' |
Amortization of Intangible Assets | $3,368 | $3,064 | $2,852 |
Debt_Narrative_Details
Debt (Narrative) (Details) | 12 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 02, 2014 | Oct. 02, 2014 | Oct. 02, 2014 | |
Bank Of America And Wells Fargo Facilities [Member] | Wells Fargo Facility [Member] | Wells Fargo Facility [Member] | Overdraft Facility [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
USD ($) | GBP (£) | GBP (£) | GBP (£) | Bank Of America And Wells Fargo Facilities [Member] | Wells Fargo Facility [Member] | Bank Of America And Wells Fargo Facilities [Member] | Wells Fargo Facility [Member] | Bank Of America And Wells Fargo Facilities [Member] | Minimum [Member] | Maximum [Member] | |
USD ($) | Bank Of America And Wells Fargo Facilities [Member] | Bank Of America And Wells Fargo Facilities [Member] | |||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Borrowing Capacity | $200,000,000 | £ 20,000,000 | £ 20,000,000 | £ 10,000,000 | ' | ' | ' | ' | $230,000,000 | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | 0.95% | 0.95% | 1.50% | 1.50% | ' | 0.95% | 1.50% |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | 0.15% | 0.15% | 0.25% | 0.25% | ' | 0.15% | 0.25% |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' |
Termination Date | 1-Nov-16 | ' | 1-Nov-16 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Increase (Decrease) in Borrowing Capacity | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate at Period End | 1.03% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Minimum Tangible Net Worth | ' | £ 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_of_Longterm_Debt
Debt (Schedule of Long-term Debt Instruments) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt and capital lease obligations | $78,201 | $18,920 |
Less: Long-term portion of capital lease obligations | ' | -16 |
Total debt and capital lease obligations included in current liabilities | 78,201 | 18,904 |
Domestic Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt and capital lease obligations | 78,200 | 16,300 |
Foreign Line of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt and capital lease obligations | ' | 2,501 |
Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt and capital lease obligations | $1 | $119 |
Common_Stock_and_StockBased_Aw2
Common Stock and Stock-Based Awards (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-Based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares of common stock available for issuance | 757,588 | 815,260 | ' |
Award expiration period | '10 years | ' | ' |
Intrinsic value of the shares outstanding and exercisable | $1,562 | $2,114 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 553 | 644 | 1,105 |
Nonvested Awards, Total Compensation Cost Not yet Recognized | 21,319 | ' | ' |
Compensation Expense | 5,033 | 3,553 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 7,020 | 6,438 | 4,908 |
Share purchase price as a percentage of share market value | 95.00% | ' | ' |
Employee Stock Purchase Plan Payroll Deduction Rate Minimum | 1.00% | ' | ' |
Employee Stock Purchase Plan Payroll Deduction Rate Maximum | 10.00% | ' | ' |
Employee Stock Purchase Plan Annual Limit | $20 | ' | ' |
Maximum shares per purchase period | 200 | ' | ' |
Shares issued during the period pursuant to ESPP | 5,764 | ' | 5,396 |
Minimum [Member] | ' | ' | ' |
Share-Based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Share-Based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '5 years | ' | ' |
Common_Stock_and_StockBased_Aw3
Common Stock and Stock-Based Awards (Stock Options Activity) (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Common Stock and Stock-Based Awards [Abstract] | ' | ' | ' |
Outstanding at beginning of year | 16,038 | 22,360 | 37,385 |
Exercised | -4,030 | -6,186 | -14,769 |
Cancelled or expired | -74 | -136 | -256 |
Outstanding at end of year | 11,934 | 16,038 | 22,360 |
Exercisable at end of year | 11,934 | 16,038 | 22,360 |
Weighted average exercise price, Outstanding at beginning of year | $17.58 | $17.53 | $14.73 |
Weighted average exercise price, Exercised | $17.84 | $17.43 | $10.44 |
Weighted average exercise price, Cancelled or expired | $17 | $17 | $17 |
Weighted average exercise price, Outstanding at end of year | $17.49 | $17.58 | $17.53 |
Weighted average exercise price, Exercisable | $17.49 | $17.58 | $17.53 |
Common_Stock_and_StockBased_Aw4
Common Stock and Stock-Based Awards (Stock Options, by Exercise Price Range) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 |
$17.00 to $19.99 | $20.00 to $22.60 | ||||
Common Stock Outstanding [Line Items] | ' | ' | ' | ' | ' |
Shares Exercisable, End of Year | 11,934 | 16,038 | 22,360 | 10,774 | 1,160 |
Weighted Average Remaining Contractual Life (in years) | ' | ' | ' | '9 months 18 days | '1 year |
Weighted Average Exercise Price | $17.49 | $17.58 | $17.53 | $17 | $22.05 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | ' | $17 | $20 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | ' | ' | ' | $19.99 | $22.60 |
Common_Stock_and_StockBased_Aw5
Common Stock and Stock-Based Awards (Schedule of Nonvested Share Activity) (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Common Stock and Stock-Based Awards [Abstract] | ' | ' | ' |
Nonvested at beginning of year | 142,244 | 129,396 | 105,540 |
Granted | 76,555 | 70,575 | 74,848 |
Vested | -47,154 | -44,547 | -48,072 |
Forfeitures | -8,107 | -13,180 | -2,920 |
Nonvested at end of year | 163,538 | 142,244 | 129,396 |
Weighted average grant date fair value, Nonvested at beginning of year | $83.13 | $69.94 | $61.69 |
Weighted average grant date fair value, Granted | $148.10 | $145.65 | $101.97 |
Weighted average grant date fair value, Vested | $104.72 | $144.52 | $102.09 |
Weighted average grant date fair value, Forfeitures | $110.64 | $80.96 | $63.49 |
Weighted average grant date fair value, Nonvested at end of year | $132.04 | $83.13 | $69.94 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Computation Of Earnings Per Common Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $17,382 | $19,365 | $16,776 | $18,439 | $14,217 | $16,781 | $15,100 | $16,751 | $71,962 | $62,849 | $53,477 |
Weighted Average Number of Shares Outstanding, Basic | 12,722 | 12,718 | 12,712 | 12,707 | 12,683 | 12,679 | 12,674 | 12,665 | 12,715 | 12,675 | 12,616 |
Weighted Average Number Diluted Shares Outstanding Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 34 | 31 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 12,747 | 12,744 | 12,748 | 12,743 | 12,721 | 12,713 | 12,709 | 12,695 | 12,745 | 12,709 | 12,647 |
Basic EPS | $1.37 | $1.52 | $1.32 | $1.45 | $1.12 | $1.32 | $1.19 | $1.32 | $5.66 | $4.96 | $4.24 |
Diluted EPS | $1.36 | $1.52 | $1.32 | $1.45 | $1.12 | $1.32 | $1.19 | $1.32 | $5.65 | $4.95 | $4.23 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Contingency [Line Items] | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | $2,192 | ' |
Foreign Tax Authority [Member] | ' | ' |
Income Tax Contingency [Line Items] | ' | ' |
Deferred Tax Assets, Gross, Noncurrent | $760 | $711 |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income before Income Tax) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
United States | $115,545 | $96,915 | $81,482 |
Foreign | 2,160 | 3,766 | 4,458 |
Income before taxes | $117,705 | $100,681 | $85,940 |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
Current Federal Tax Expense (Benefit) | $36,585 | $30,200 | $25,535 |
Current State and Local Tax Expense (Benefit) | 6,875 | 4,952 | 4,494 |
Deferred Federal Income Tax Expense (Benefit) | 1,216 | 1,652 | 1,308 |
Deferred State and Local Income Tax Expense (Benefit) | 302 | 253 | 220 |
Federal, State, and Local Income Tax Expense (Benefit), Continuing Operations | 44,978 | 37,057 | 31,557 |
Current Foreign Tax Expense (Benefit) | 1,265 | 1,275 | 1,252 |
Deferred Foreign Income Tax Expense (Benefit) | -500 | -500 | -346 |
Foreign Income Tax Expense (Benefit), Continuing Operations, Total | 765 | 775 | 906 |
Total Income Tax Expense (Benefit) | $45,743 | $37,832 | $32,463 |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets [Abstract] | ' | ' |
Allowance for Doubtful Accounts | $1,061 | $866 |
Inventory | 942 | 658 |
Lease Expense | 713 | 544 |
Employee Benefits | 599 | 334 |
Acquisition-related costs | ' | 444 |
Other Deferred Tax Assets | 416 | 164 |
Total Deferred Tax Assets | 3,731 | 3,010 |
Components of Deferred Tax Liabilities [Abstract] | ' | ' |
Investments | -1,414 | -786 |
Property and Equipment | -11,808 | -8,876 |
Prepaid expenses | -299 | -227 |
Other Deferred Tax Liabilities | ' | -115 |
Total Deferred Tax Liabilities | -13,521 | -10,004 |
Deferred Tax Assets (Liabilities), Net | ($9,790) | ($6,994) |
Income_Taxes_Schedule_of_Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Abstract] | ' | ' | ' |
Taxes computed at statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes (net of federal income tax benefit) | 4.00% | 3.40% | 3.60% |
Foreign | -0.30% | -0.90% | -1.10% |
Other | 0.20% | 0.10% | 0.30% |
Effective Income Tax Rate, Total | 38.90% | 37.60% | 37.80% |
Income_Taxes_Schedule_of_Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Unrecognized Tax Benefits Details [Abstract] | ' |
Unrecognized Tax Benefits, Beginning of year | $23 |
Gross increases related to prior period tax positions | ' |
Gross decreases related to prior period tax positions | -8 |
Gross increases related to current period tax positions | ' |
Settlements | -15 |
Unrecognized Tax Benefits, End of year | ' |
Statements_of_Cash_Flows_Suppl1
Statements of Cash Flows - Supplemental and Noncash Disclosures (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Statements of Cash Flows — Supplemental and Noncash Disclosures [Abstract] | ' | ' | ' |
Cash paid for interest | $1,110 | $620 | $788 |
Cash paid for income taxes | 45,117 | 34,045 | 31,025 |
Issuance of restricted common stock for asset acquisition | ' | ' | 7,158 |
Capital lease asset additions and related obligations | ' | ' | 165 |
Property and equipment acquisitions financed with accounts payable | $364 | $265 | $192 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments and Contingencies [Abstract] | ' | ' | ' |
Rent Expense | $8,494 | $6,301 | $5,382 |
Loss Contingency, Shares | 16,505 | ' | ' |
Operating Lease Obligations [Abstract] | ' | ' | ' |
Future Minimum Payments (2015) | 8,515 | ' | ' |
Future Minimum Payments (2016) | 8,218 | ' | ' |
Future Minimum Payments (2017) | 7,649 | ' | ' |
Future Minimum Payments (2018) | 7,070 | ' | ' |
Future Minimum Payments (2019) | 5,976 | ' | ' |
Future Minimum Payments (Thereafter) | 16,583 | ' | ' |
Future Minimum Payments, Total | 54,011 | ' | ' |
Capital Lease Obligations [Abstract] | ' | ' | ' |
Future Minimum Payments (2015) | 1 | ' | ' |
Future Minimum Payments Due, Total | $1 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | $1,918 | $1,542 | ($563) |
Foreign currency translation gain (loss) in other comprehensive income | -293 | 237 | 1,877 |
Actuarial (loss) gain on unfunded pension liability net of tax of $(207), $48, and $145, respectively | -318 | 139 | 228 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 1,307 | 1,918 | 1,542 |
Actuarial gain on unfunded pension liability, tax (benefit) provision | ($207) | $48 | $145 |
Related_Party_Details
Related Party (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' |
Product sales to related party | $68,501 | $68,355 | $61,873 |
Feeders Advantage [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Equity Method Investment Ownership Percentage | 50.00% | ' | ' |
Product sales to related party | 68,501 | 68,355 | 61,873 |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 1,097 | 1,079 | 1,008 |
Due to Related Parties, Current | $1,495 | $777 | ' |
Benefit_Plans_Narrative_Detail
Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Contribution Plan [Line Items] | ' | ' | ' |
Defined Contribution Plan, Vesting Period | '5 years | ' | ' |
Minimum [Member] | ' | ' | ' |
Defined Contribution Plan [Line Items] | ' | ' | ' |
Defined Contribution Plan, Discretionary Matching Percentage | 0.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Defined Contribution Plan [Line Items] | ' | ' | ' |
Defined Contribution Plan, Discretionary Matching Percentage | 3.00% | ' | ' |
United States Defined Contribution Plans Of US Entity [Member] | ' | ' | ' |
Defined Contribution Plan [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $2,451 | $2,122 | $1,871 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 2,203 | 1,997 | 1,847 |
401k Portion [Member] | ' | ' | ' |
Defined Contribution Plan [Line Items] | ' | ' | ' |
Defined Contribution Plan, Requisite Service Period | '2 years | ' | ' |
Defined Contribution Plan, Minimum Age | '21 years | ' | ' |
Profit Sharing Portion [Member] | ' | ' | ' |
Defined Contribution Plan [Line Items] | ' | ' | ' |
Defined Contribution Plan, Requisite Service Period | '3 months | ' | ' |
Defined Contribution Plan, Minimum Age | '21 years | ' | ' |
Foreign Defined Contribution Plans [Member] | ' | ' | ' |
Defined Contribution Plan [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $278 | $257 | $250 |
Foreign Defined Contribution Plans [Member] | Minimum [Member] | ' | ' | ' |
Defined Contribution Plan [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ' | ' |
Foreign Defined Contribution Plans [Member] | Maximum [Member] | ' | ' | ' |
Defined Contribution Plan [Line Items] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ' | ' |
Benefit_Plans_Schedule_of_Net_
Benefit Plans (Schedule of Net Funded Status) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Employee Benefit Plans [Abstract] | ' | ' | ' |
Fair value of plan assets | $5,732 | $5,242 | $5,329 |
Benefit obligation | -7,574 | -6,667 | -7,228 |
Unfunded pension liability | ($1,842) | ($1,425) | ($1,899) |
Benefit_Plans_Schedule_of_Net_1
Benefit Plans (Schedule of Net Benefit Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Benefit Plans [Abstract] | ' | ' | ' |
Interest Cost | $234 | $195 | $219 |
Expected Return on Plan Assets | -322 | -252 | -249 |
Net periodic (benefit)/cost | -88 | -57 | -30 |
Other Changes Recognized In Other Comprehensive Income [Abstract] | ' | ' | ' |
Actuarial gain | 666 | -187 | -373 |
Total recognized in net periodic benefit costs and other comprehensive income | 578 | -244 | -403 |
Total gain recognized in other comprehensive income, net of tax | $318 | ($139) | ($228) |
Benefit_Plans_Schedule_of_Weig
Benefit Plans (Schedule of Weighted-Average Actuarial Assumptions) (Details) | 12 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' | |||
Discount Rate | 3.10% | 3.60% | ' | |||
Rate of Compensation Increase | ' | [1] | ' | [1] | ' | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' | |||
Discount Rate, Periodic Benefit Costs | 3.60% | 3.00% | 3.10% | |||
Expected Return on Assets | 6.00% | 5.00% | 5.20% | |||
Net Periodic Benefit Cost, Rate of Compensation Increase | ' | [1] | ' | [1] | ' | [1] |
[1] | There is no assumed rate of compensation increase as there have been no current active members since April 2006. |
Benefit_Plans_Plan_Assets_Deta
Benefit Plans (Plan Assets) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Equities [Member] | Equities [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Cash [Member] | Cash [Member] | Other Plan Assets [Member] | Other Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of Plan Assets | $5,732 | $5,242 | $5,329 | $2,418 | $2,062 | $822 | $979 | $152 | $82 | $2,340 | $2,119 |
Actual Plan Asset Allocations | 100.00% | 100.00% | ' | 42.00% | 39.00% | 14.00% | 19.00% | 3.00% | 2.00% | 41.00% | 40.00% |
Fair Value Measurement Level | ' | ' | ' | '2 | '2 | '2 | '2 | '1 | '1 | '2 | '2 |
Geographic_Information_Revenue
Geographic Information (Revenues and Long-Lived Assets by Geographic Region) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $794,059 | $778,448 | $721,272 | $687,259 | $605,080 | $606,443 | $563,114 | $572,848 | $2,981,038 | $2,347,485 | $2,075,146 |
Property, Plant and Equipment, Net | 50,150 | ' | ' | ' | 39,183 | ' | ' | ' | 50,150 | 39,183 | 35,784 |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,651,818 | 2,032,260 | 1,776,414 |
Property, Plant and Equipment, Net | 40,306 | ' | ' | ' | 32,881 | ' | ' | ' | 40,306 | 32,881 | 29,001 |
International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 329,220 | 315,225 | 298,732 |
Property, Plant and Equipment, Net | $9,844 | ' | ' | ' | $6,302 | ' | ' | ' | $9,844 | $6,302 | $6,783 |
Quarterly_Financial_Data_Sched
Quarterly Financial Data Schedule of Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $794,059 | $778,448 | $721,272 | $687,259 | $605,080 | $606,443 | $563,114 | $572,848 | $2,981,038 | $2,347,485 | $2,075,146 |
Gross profit | 93,690 | 97,475 | 91,060 | 89,088 | 75,219 | 77,511 | 74,679 | 76,929 | 371,313 | 304,338 | 266,916 |
Operating Income Loss | 28,793 | 31,329 | 27,431 | 30,206 | 22,473 | 26,534 | 24,238 | 27,077 | 117,760 | 100,323 | 85,767 |
Net income | $17,382 | $19,365 | $16,776 | $18,439 | $14,217 | $16,781 | $15,100 | $16,751 | $71,962 | $62,849 | $53,477 |
Basic EPS | $1.37 | $1.52 | $1.32 | $1.45 | $1.12 | $1.32 | $1.19 | $1.32 | $5.66 | $4.96 | $4.24 |
Diluted EPS | $1.36 | $1.52 | $1.32 | $1.45 | $1.12 | $1.32 | $1.19 | $1.32 | $5.65 | $4.95 | $4.23 |
Weighted average common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 12,722 | 12,718 | 12,712 | 12,707 | 12,683 | 12,679 | 12,674 | 12,665 | 12,715 | 12,675 | 12,616 |
Weighted Average Number of Shares Outstanding, Diluted | 12,747 | 12,744 | 12,748 | 12,743 | 12,721 | 12,713 | 12,709 | 12,695 | 12,745 | 12,709 | 12,647 |