Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 09, 2013 | Mar. 31, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'Wesco Aircraft Holdings, Inc | ' | ' |
Entity Central Index Key | '0001378718 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $410,303,528 |
Entity Common Stock, Shares Outstanding | ' | 95,294,510 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $78,716 | $60,856 |
Accounts receivable, net of allowance for doubtful accounts of $4,464 at September 30, 2013 and $4,067 at September 30, 2012 | 155,944 | 130,013 |
Inventories | 630,264 | 558,466 |
Prepaid expenses and other current assets | 12,195 | 8,683 |
Income taxes receivable | 16,119 | 45,261 |
Deferred income taxes | 39,671 | 32,872 |
Total current assets | 932,909 | 836,151 |
Property and equipment, net | 26,794 | 20,769 |
Deferred financing costs, net | 8,741 | 9,255 |
Goodwill | 562,493 | 563,896 |
Intangible assets, net | 99,641 | 106,808 |
Other assets | 574 | 537 |
Total assets | 1,631,152 | 1,537,416 |
Current liabilities | ' | ' |
Accounts payable | 98,934 | 79,940 |
Accrued expenses and other current liabilities | 21,047 | 19,788 |
Income taxes payable | 2,953 | 2,078 |
Capital lease obligations-current portion | 1,184 | 593 |
Total current liabilities | 124,118 | 102,399 |
Long-term debt | 568,000 | 626,000 |
Capital lease obligations | 1,414 | 205 |
Deferred income taxes | 72,184 | 55,445 |
Total liabilities | 765,716 | 784,049 |
Commitments and contingencies | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, $0.001 par value per share: 50,000,000 shares authorized; no shares issued and outstanding | ' | ' |
Common stock, $0.001 par value per share: 950,000,000 shares authorized; 94,776,683 and 93,087,049 shares outstnading as of September 30, 2013 and September 30, 2012, respectively | 95 | 93 |
Additional paid-in capital | 387,636 | 367,470 |
Accumulated other comprehensive loss | -10,189 | -5,730 |
Retained earnings | 496,346 | 391,534 |
Treasury stock at cost, 626,225 shares as of September 30, 2013 | -8,452 | ' |
Total stockholders' equity | 865,436 | 753,367 |
Total liabilities and stockholders' equity | $1,631,152 | $1,537,416 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
Accounts receivable, allowance for doubtful accounts (in dollars) | $4,464 | $4,067 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 950,000,000 | 950,000,000 |
Common stock, shares outstanding | 94,776,683 | 93,087,049 |
Treasury stock, shares | 626,225 | ' |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Consolidated Statements of Comprehensive Income | ' | ' | ' |
Net sales | $901,608 | $776,206 | $710,886 |
Cost of sales | 579,309 | 492,636 | 435,490 |
Gross profit | 322,299 | 283,570 | 275,396 |
Selling, general and administrative expenses | 141,497 | 124,738 | 113,786 |
Income from operations | 180,802 | 158,832 | 161,610 |
Interest expense, net | -25,178 | -24,646 | -34,491 |
Other income (expense), net | 2,003 | -524 | 1,005 |
Income before provision for income taxes | 157,627 | 133,662 | 128,124 |
Provision for income taxes | -52,815 | -41,487 | -52,526 |
Net income | 104,812 | 92,175 | 75,598 |
Net income per share: | ' | ' | ' |
Basic (in dollars per share) | $1.12 | $1 | $0.83 |
Diluted (in dollars per share) | $1.09 | $0.96 | $0.81 |
Weighted average shares outstanding: | ' | ' | ' |
Basic (in shares) | 93,285 | 92,058 | 90,697 |
Diluted (in shares) | 95,844 | 95,712 | 93,182 |
Other comprehensive income | -4,459 | 2,242 | -684 |
Total comprehensive income | $100,353 | $94,417 | $74,914 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Retained Earnings | Class A Common Stock | Class B Convertible Redeemable Common Stock |
In Thousands, except Share data, unless otherwise specified | Common Stock | Common Stock | |||||
Balance at Sep. 30, 2010 | $545,739 | $329,181 | ($7,288) | ' | $223,761 | $84 | $1 |
Balance (in shares) at Sep. 30, 2010 | ' | ' | ' | ' | ' | 83,875 | 1,090 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Recapitalization of capital structure | ' | ' | ' | ' | ' | 1 | -1 |
Recapitalization of capital structure (in shares) | ' | ' | ' | ' | ' | 1,090 | -1,090 |
Issuance of common stock from stock options exercised | 2,613 | 2,612 | ' | ' | ' | 1 | ' |
Issuance of common stock from stock options exercised (in shares) | ' | ' | ' | ' | ' | 571 | ' |
Excess tax benefit related to restricted stock units and stock options exercised | 1,547 | 1,547 | ' | ' | ' | ' | ' |
Stock-based compensation | 3,658 | 3,658 | ' | ' | ' | ' | ' |
Stock-based compensation (in shares) | ' | ' | ' | ' | ' | 181 | ' |
Net income | 75,598 | ' | ' | ' | 75,598 | ' | ' |
Other comprehensive income | -684 | ' | -684 | ' | ' | ' | ' |
Balance at Sep. 30, 2011 | 628,471 | 336,998 | -7,972 | ' | 299,359 | 86 | ' |
Balance (in shares) at Sep. 30, 2011 | ' | ' | ' | ' | ' | 85,717 | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock from stock options exercised | 7,377 | 7,375 | ' | ' | ' | 2 | ' |
Issuance of common stock from stock options exercised (in shares) | ' | ' | ' | ' | ' | 1,729 | ' |
Issuance of common stock related to the vesting of restricted stock units | 5 | ' | ' | ' | ' | 5 | ' |
Issuance of common stock related to the vesting of restricted stock units (in shares) | ' | ' | ' | ' | ' | 5,604 | ' |
Excess tax benefit related to restricted stock units and stock options exercised | 21,471 | 21,471 | ' | ' | ' | ' | ' |
Stock-based compensation | 1,626 | 1,626 | ' | ' | ' | ' | ' |
Stock-based compensation (in shares) | ' | ' | ' | ' | ' | 38 | ' |
Net income | 92,175 | ' | ' | ' | 92,175 | ' | ' |
Other comprehensive income | 2,242 | ' | 2,242 | ' | ' | ' | ' |
Balance at Sep. 30, 2012 | 753,367 | 367,470 | -5,730 | ' | 391,534 | 93 | ' |
Balance (in shares) at Sep. 30, 2012 | ' | ' | ' | ' | ' | 93,088 | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock from stock options exercised | 9,895 | 9,893 | ' | ' | ' | 2 | ' |
Issuance of common stock from stock options exercised (in shares) | ' | ' | ' | ' | ' | 2,133 | ' |
Purchase of Treasury Stock | -8,452 | ' | ' | -8,452 | ' | ' | ' |
Issuance of common stock related to the vesting of restricted stock units (in shares) | ' | ' | ' | ' | ' | 183 | ' |
Excess tax benefit related to restricted stock units and stock options exercised | 6,879 | 6,879 | ' | ' | ' | ' | ' |
Stock-based compensation | 3,394 | 3,394 | ' | ' | ' | ' | ' |
Net income | 104,812 | ' | ' | ' | 104,812 | ' | ' |
Other comprehensive income | -4,459 | ' | -4,459 | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | $865,436 | $387,636 | ($10,189) | ($8,452) | $496,346 | $95 | ' |
Balance (in shares) at Sep. 30, 2013 | ' | ' | ' | ' | ' | 95,404 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $104,812 | $92,175 | $75,598 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Amortization of intangible assets | 6,599 | 4,427 | 3,699 |
Depreciation | 4,781 | 5,536 | 5,859 |
Amortization of deferred financing costs | 7,788 | 2,803 | 11,416 |
Bad debt and sales return reserve | 411 | -218 | 256 |
Non-cash foreign currency exchange | -321 | 436 | -427 |
Non-cash stock-based compensation | 3,394 | 1,626 | 3,658 |
Excess tax benefit related to restricted stock units and stock options exercised | -6,879 | -21,476 | -1,547 |
Change in value of derivative | ' | -1,703 | -4,958 |
Deferred income tax provision | 9,941 | 20,616 | 11,176 |
Loss on fixed asset disposal | ' | 331 | ' |
Changes in assets and liabilities | ' | ' | ' |
Accounts receivable | -26,972 | -21,802 | -8,281 |
Income taxes receivable | 35,952 | -18,022 | -4,176 |
Inventories | -72,563 | -32,344 | -129 |
Prepaid expenses and other assets | -3,335 | -2,431 | 1,388 |
Accounts payable | 19,330 | 21,836 | -5,558 |
Accrued expenses and other liabilities | 1,071 | 1,833 | 2,406 |
Income taxes payable | 820 | 946 | -4,063 |
Net cash provided by operating activities | 84,829 | 54,569 | 86,317 |
Cash flows from investing activities | ' | ' | ' |
Purchases of property and equipment | -7,882 | -4,528 | -5,119 |
Acquisition of business, net of cash acquired | ' | -131,894 | ' |
Net cash used in investing activities | -7,882 | -136,422 | -5,119 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from issuance of long-term debt | 625,000 | 95,000 | 615,000 |
Repayment of long-term debt | -683,000 | -25,000 | -679,243 |
Financing fees | -7,274 | ' | -13,144 |
Repayment of capital lease obligations | -1,146 | -1,984 | -1,898 |
Excess tax benefit related to restricted stock units and stock options exercised | 6,879 | 21,476 | 1,547 |
Proceeds from exercise of stock options | 9,895 | 7,377 | 2,612 |
Purchase of treasury stock | -8,452 | ' | ' |
Net cash provided by (used in) financing activities | -58,098 | 96,869 | -75,126 |
Effect of foreign currency exchange rates on cash and cash equivalents | -989 | 315 | -10 |
Net increase in cash and cash equivalents | 17,860 | 15,331 | 6,062 |
Cash and cash equivalents, beginning of period | 60,856 | 45,525 | 39,463 |
Cash and cash equivalents, end of period | $78,716 | $60,856 | $45,525 |
Organization_and_Business
Organization and Business | 12 Months Ended |
Sep. 30, 2013 | |
Organization and Business | ' |
Organization and Business | ' |
Note 1. Organization and Business | |
Wesco Aircraft Holdings, Inc. is a distributor and provider of comprehensive supply chain management services to the global aerospace industry. The Company's services range from traditional distribution to the management of supplier relationships, quality assurance, kitting, just-in-time, or JIT delivery, and point-of-use inventory management. | |
In addition to the central stocking facilities, the Company uses a network of forward-stocking locations to service its customers in a JIT and/or ad hoc manner. There are over 20 stocking locations around the world with concentrations in North America and Europe. In addition to product fulfillment, the Company also provides comprehensive supply chain management services for selected customers. These services include procurement and just-in-time inventory management and delivery services. | |
On September 29, 2006, 100% of the outstanding stock of Wesco Aircraft Hardware, Wesco Aircraft Israel and the European entities of Flintbrook Ltd., Wesco Aircraft France and Wesco Aircraft Germany were acquired by the Company. The acquisition was completed in a leveraged transaction in which affiliates of The Carlyle Group invested approximately 85% of the total voting equity in the Company and the prior owner of the Company contributed the remaining 15% of the total voting equity invested. The prior owner's investment represented a contribution of ownership in the predecessor company to the newly formed holding company. In accordance with Accounting Standards Codification ("ASC") 805, Business Combinations, the acquired assets and liabilities have been recorded at fair value for the interests acquired by new investors and at carryover basis for the continuing investors. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||
Note 2. Summary of Significant Accounting Policies | ||||||||||||||
Principles of Consolidation | ||||||||||||||
The accompanying consolidated financial statements include the accounts of Wesco Aircraft Hardware, Wesco Aircraft Europe, Flintbrook Limited, Wesco Aircraft Germany GmbH, Wesco Aircraft France SAS, Wesco Aircraft Israel Limited, Wesco Aircraft Italy SRL, Wesco Aircraft Hardware India Pvt., Limited, Wesco Aircraft Trading Shanghai Co., Limited, Interfast Europe Limited, Interfast USA Inc. and Interfast USA Holdings Inc. All intercompany accounts and transactions have been eliminated. | ||||||||||||||
Use of Estimates in Preparation of Financial Statements | ||||||||||||||
The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to, receivable valuations and sales returns, inventory valuations of excess and obsolete inventories, the useful lives of long-lived assets including property, equipment and intangible assets, annual goodwill impairment assessment, stock-based compensation, income taxes and contingencies. Actual results could differ from such estimates. | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
The Company considers all highly liquid investments with original maturities from date of purchase by the Company of three months or less to be cash equivalents. | ||||||||||||||
Accounts Receivable | ||||||||||||||
Accounts receivable consist of amounts owed to the Company by customers. The Company performs periodic credit evaluations of the financial condition of its customers, monitors collections and payments from customers, and generally does not require collateral. Accounts receivable are generally due within 30 to 60 days. The Company provides for the possible inability to collect accounts receivable by recording an allowance for doubtful accounts. The Company reserves for an account when it is considered to be uncollectible. The Company estimates its allowance for doubtful accounts based on historical experience, aging of accounts receivable and information regarding the creditworthiness of its customers. To date, losses have been within the range of management's expectations. If the estimated allowance for doubtful accounts subsequently proves to be insufficient, additional allowances may be required. | ||||||||||||||
The Company's allowance for doubtful accounts activity consists of the following: | ||||||||||||||
Balance at | Changes to | Write-offs | Balance at | |||||||||||
Beginning of | Cost and | End of Period | ||||||||||||
Period | Expenses | |||||||||||||
Allowance for doubtful accounts at September 30, 2011 | $ | 6,236 | $ | 254 | $ | (2,233 | ) | $ | 4,257 | |||||
Allowance for doubtful accounts at September 30, 2012 | 4,257 | — | (190 | ) | 4,067 | |||||||||
Allowance for doubtful accounts at September 30, 2013 | 4,067 | 714 | (317 | ) | 4,464 | |||||||||
Inventories | ||||||||||||||
The Company's inventory is comprised solely of finished goods. Inventories are stated at the lower of weighted-average cost or market. In-bound freight-related costs are included as part of the cost of inventory held for resale. The Company records provisions, as appropriate, to write-down excess and obsolete inventory to estimated net realizable value. The process for evaluating excess and obsolete inventory often requires the Company to make subjective judgments and estimates concerning future sales levels, quantities and prices at which such inventories will be able to be sold in the normal course of business. | ||||||||||||||
Differences between actual and estimates of future sales may cause the actual results to differ from the estimates at the time such inventories are disposed or sold. | ||||||||||||||
Property and Equipment | ||||||||||||||
Property and equipment are stated at cost, less accumulated amortization and depreciation, computed using the straight-line method over the estimated useful life of each asset. Leasehold improvements are amortized over the lesser of the remaining lease term or the estimated useful life of the assets. Expenditures for repair and maintenance costs are expensed as incurred, and expenditures for major renewals and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any gain or loss is reflected in the Company's consolidated statements of operations. The useful lives and lease terms for depreciable assets are as follows: | ||||||||||||||
Buildings and improvements | 5 - 40 years | |||||||||||||
Machinery and equipment | 5 - 9 years | |||||||||||||
Furniture and fixtures | 7 years | |||||||||||||
Vehicles | 5 years | |||||||||||||
Computer & Software | 3 - 5 years | |||||||||||||
Impairment of Long Lived Assets | ||||||||||||||
The Company assesses potential impairments of its long-lived assets in accordance with the provisions of ASC 360, Property, Plant, and Equipment. An impairment review is performed whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Factors considered by the Company include, but are not limited to: significant underperformance relative to expected historical or projected future operating results; significant changes in the manner of use of the acquired assets or the strategy for the overall business; and significant negative industry or economic trends. The Company has determined that its asset group for impairment testing is comprised of the assets and liabilities of each of its reporting units as this is the lowest level of identifiable cash flows. The Company has identified customer relationships as the primary asset because it is the principal asset from which the reporting units derive their cash flow generating capacity and has the longest remaining useful life. The recoverability is assessed by comparing the carrying value of the assets group to the undiscounted cash flows expected to be generated by these assets. Impairment losses are measured as the amount by which the carrying values of the primary assets exceed their fair values. To date, the Company has not recognized an impairment charge related to the write-down of long-lived assets. | ||||||||||||||
Deferred Financing Costs | ||||||||||||||
Deferred financing costs are amortized using the effective interest method over the term of the related credit arrangement and are included in interest expense in the consolidated statement of comprehensive income. Amortization of deferred financing costs was $7,788, $2,803 and $11,416, respectively, for the years ended September 30, 2013, 2012 and 2011. As of September 30, 2013, 2012 and 2011, accumulated amortization of deferred financing cost amounted to $2,426, $5,166 and $2,363, respectively. The $4,985 increase in amortization of deferred financing costs in fiscal year 2013 as compared to fiscal year 2012 is the result of the Company refinancing its debt in December 2012. | ||||||||||||||
Goodwill and Indefinite-Lived Intangible Assets | ||||||||||||||
Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a purchase business combination. In accordance with the provisions of ASC 350, Intangibles—Goodwill and Other, goodwill and indefinite-lived intangible assets acquired in a business combination are not amortized, but instead tested for impairment at least annually or more frequently should an event occur or circumstances indicate that the carrying amount may be impaired. Such events or circumstances may be a significant change in business climate, economic and industry trends, legal factors, negative operating performance indicators, significant competition, changes in strategy, or disposition of a reporting unit or a portion thereof. Goodwill impairment testing is performed at the reporting unit level on July 1 of each year. | ||||||||||||||
Step 0 allows an entity the option to first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. Such qualitative factors may include the following: macroeconomic conditions; industry and market considerations; cost factors; overall financial performance; and other relevant entity-specific events. If the entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform the existing two-step quantitative impairment test which is used to identify potential goodwill impairments and to measure the amount of goodwill impairment losses to be recognized, if any, otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. | ||||||||||||||
The first step identifies potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. For all periods presented, our reporting units are consistent with our operating segments. The estimates of fair value of a reporting unit are determined based on a discounted cash flow analysis and market earnings multiples. A discounted cash flow analysis requires us to make various judgmental assumptions, including assumptions about future cash flows, growth rates and discount rates. These assumptions about future cash flows and growth rates are based on the forecast and long-term business plans of each operating segment. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting units. If the fair value exceeds its carrying amount, goodwill is not considered impaired and the second step of the test is unnecessary. If the carrying amount of a reporting unit's goodwill exceeds its fair value, the second step measures the impairment loss, if any. | ||||||||||||||
The second step compares the implied fair value of goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. If the carrying amount of goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. | ||||||||||||||
Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for each reporting unit. | ||||||||||||||
We test the indefinite-lived intangible asset, consisting of a trademark, for impairment in the fourth quarter or whenever events or circumstances indicate that it is more likely than not that their carrying values exceed their fair values. Fair value is estimated as the discounted value of future revenues using a royalty rate that a third party would pay for use of the asset. Variation in the royalty rates could impact the estimate of fair value. If the carrying amount of an asset exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess. | ||||||||||||||
We reviewed the carrying value of our reporting units and indefinite-lived intangible assets by comparing such amount to its fair value and determined that the carrying amount did not exceed its respective fair value. During the years ended September 30, 2013, 2012 and 2011, the fair value of our reporting units was substantially in excess of the reporting units' carrying values. Additionally, the fair value of our indefinite-lived intangible assets was substantially in excess of its carrying value. Accordingly, management believes there are no impairments as of September 30, 2013 related to either goodwill or the indefinite-lived intangible asset. | ||||||||||||||
During the year ended September 30, 2013, goodwill increased by $2,653 which was due primarily to foreign currency translation. During the year ended September 30, 2012, goodwill increased by $60,382 of which $58,471 was the result of the Interfast acquisition and $1,911 was due to foreign currency translation. During the year ended September 30, 2011, the decrease in goodwill was due to foreign currency translation effect of $77. During the three years ended September 30, 2013 no impairment charges have been recorded for goodwill or the indefinite-lived intangible asset. | ||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||
The Company's financial instruments consist of cash and cash equivalents, accounts receivable and payable, accrued and other current liabilities and line of credit. The carrying amounts of these instruments approximate fair value because of their short-term maturities. The fair value of the long-term debt instruments are determined using current applicable rates for similar instruments as of the balance sheet date (Level 2 measurement as described in Note 11. "Fair Value of Financial Instruments"). The carrying amounts and fair value of the debt instruments as of September 30, 2013 were as follows: | ||||||||||||||
Carrying Value | Fair Value | |||||||||||||
$625,000 term loan | $ | 568,000 | $ | 568,000 | ||||||||||
$200,000 revolving line of credit | $ | — | $ | — | ||||||||||
Comprehensive Income | ||||||||||||||
ASC 220, Comprehensive Income, establishes guidelines for the reporting and display of comprehensive income and its components in financial statements. Comprehensive income generally represents all changes in stockholders' equity, except those resulting from investments by or distributions to stockholders. The Company's comprehensive income includes foreign currency translation adjustments and is included in the consolidated statements of stockholders' equity. | ||||||||||||||
Revenue Recognition | ||||||||||||||
The Company recognizes hardware and service revenue when (i) persuasive evidence of an arrangement exists, (ii) title transfers to the customer, (iii) the sales price charged is fixed or determinable and (iv) collection is reasonably assured. | ||||||||||||||
In connection with the sales of its products, the Company often provides certain supply chain management programs. These services are provided exclusively in connection with the sales of products, and as such, the price of such services is generally included in the price of the products delivered to the customer. The Company does not account for these services as a separate element, as the services do not have stand-alone value and cannot be separated from the product element of the arrangement. Additionally, the Company does not present service revenues apart from product revenues, as the service fees represent less than 5% of the Company's consolidated net sales. There are no significant post-delivery obligations associated with these services. | ||||||||||||||
The Company also enters into sales rebates and profit sharing arrangements. Such customer incentives are accounted for as a reduction to gross sales and recorded based upon estimates at the time products are sold. These estimates are based upon historical experience for similar programs and products. The Company reviews such rebates and profit sharing arrangements on an ongoing basis and accruals are adjusted, if necessary, as additional information becomes available. | ||||||||||||||
Management provides allowances for credit losses and returns based on historic experience. The allowances are adjusted as considered necessary. To date, such allowances have been within the range of management's expectations. | ||||||||||||||
In connection with the Company's JIT supply chain management programs, the Company at times assumes customer inventory on a consignment basis. This consigned inventory remains the property of the customer but is managed and distributed by the Company. The Company earns a fixed fee per unit on each shipment of the consigned inventory; such amounts represent less than 1% of consolidated revenues. | ||||||||||||||
The Company leases certain equipment under its tool leasing program. Prior to the lease modifications in fiscal year 2011, such arrangements represent direct-financing leases under which the Company recognized revenue over the lease term using consistent rates of return. Since the revenue earned under these leasing arrangements represented less than 1% of the Company's consolidated revenues, the sales earned from such arrangements are included in net sales within the consolidated statements of income and are not presented separately as financing income. Subsequent to the lease modifications, such leases are accounted for as operating leases under which the Company recognizes revenue over the lease term on a straight-line basis. | ||||||||||||||
Shipping and Handling Costs | ||||||||||||||
The Company records revenue for shipping and handling billed to its customers. Shipping and handling revenues were approximately $1,304, $765 and $1,006 for the years ended September 30, 2013, 2012 and 2011, respectively. | ||||||||||||||
Shipping and handling costs are included in cost of sales. Total shipping and handling costs were approximately $8,330, $6,202 and $4,636 for the years ended September 30, 2013, 2012 and 2011, respectively. | ||||||||||||||
Income Taxes | ||||||||||||||
The Company accounts for income taxes in accordance with ASC 740, Income Taxes. ASC 740 requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax assets to the amount expected to be realized. The Company's foreign subsidiaries are taxed in local jurisdictions at local statutory rates. The Company intends to reinvest all earnings of foreign subsidiaries. | ||||||||||||||
Concentration of Credit Risk and Significant Vendors | ||||||||||||||
The Company maintains its cash and cash equivalents in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk from cash and cash equivalents. | ||||||||||||||
The Company purchases its products on credit terms from vendors located throughout North America and Europe. For the years ended September 30, 2013, 2012 and 2011, the Company made approximately 20%, 21% and 20%, respectively, of its purchases from Precision Castparts Corporation and the amounts payable to this vendor were approximately 14%, 13% and 10% of accounts payable at September 30, 2013, 2012 and 2011, respectively. Additionally, for the years ended September 30, 2013, 2012 and 2011, the Company made approximately 19%, 23% and 22%, respectively, of its purchases from Alcoa Fastening Systems and the amounts payable to this vendor were approximately 14%, 15% and 17% of amounts payable at September 30, 2013, 2012 and 2011, respectively. The majority of the products the Company sells are available through multiple channels and, therefore, this reduces the risk related to any vendor relationship. | ||||||||||||||
For the years ending September 30, 2013, 2012 and 2011, the Company derived approximately 4%, 9% and 16%, respectively, of its recorded sales from The Boeing Company and the accounts receivable balance associated with this customer was approximately 7%, 3% and 9% at September 30, 2013, 2012 and 2011, respectively. | ||||||||||||||
Foreign Currency Translation | ||||||||||||||
The financial statements of the foreign subsidiaries are translated into U.S. Dollars in accordance with ASC 830, Foreign Currency Matters. The financial statements of foreign subsidiaries and affiliates where the local currency is the functional currency are translated into U.S. Dollars using exchange rates in effect at the year-end for assets and liabilities and average exchange rates during the year for results of operations. The adjustment resulting from translating the financial statements of such foreign subsidiaries is reflected as a separate component of stockholders' equity. Foreign currency transaction gains and losses are reported as other income (expense), net in the consolidated statements of income. For the years ended September 30, 2013, 2012 and 2011, foreign currency transaction gains and (losses) were approximately $1,748, $(277) and $390, respectively. | ||||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation. ASC 718 requires all stock-based awards to employees and directors to be recognized as stock-based compensation expense based upon their fair values on the date of grant. In March 2005, the Securities Exchange Commission ("SEC") issued Staff Accounting Bulletin ("SAB") No. 107, Share-Based Payment, which provides guidance regarding the interaction of ASC 718 and certain SEC rules and regulations. The Company has applied the provision of SAB No. 107 in its adoption of ASC 718. | ||||||||||||||
ASC 718 requires companies to estimate the fair value of stock-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as an expense during the requisite service periods. The Company has estimated the fair value for each option award as of the date of grant using the Black-Scholes option pricing model. The Black-Scholes model considers, among other factors, the expected life of the award and the expected volatility of the Company's stock price. The Company recognizes the stock-based compensation expense over the requisite service period (generally a vesting term of 3 years) using the graded vesting method for performance condition awards and the straight line method for service condition only awards, which is generally a vesting term of 5 years. Stock options typically have a contractual term of 10 years. The stock options granted had an exercise price equal to the estimated fair value of the Company's common stock on the grant date. Compensation expense for restricted stock units and awards are based on the market price of the shares underlying the awards on the grant date. Compensation expense for performance based awards reflects the estimated probability that the performance condition will be met. | ||||||||||||||
Net Income Per Share | ||||||||||||||
Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. At September 30, 2013, 2012 and 2011, 2,434,507, 3,399,592 and 3,736,203 shares, respectively, of restricted stock and stock options issued to employees were unvested/unexercised and, therefore, excluded from the calculation of basic earnings per share for each of the fiscal years ended on those dates. Diluted net income per share includes the dilutive effect of both outstanding stock options and restricted shares, calculated using the treasury stock method. Assumed proceeds from the in-the-money options include the tax benefits, net of shortfalls, calculated under the "as-if" method as prescribed by ASC 718. | ||||||||||||||
September 30 | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands, except | ||||||||||||||
per share data) | ||||||||||||||
Net income | $ | 104,812 | $ | 92,175 | $ | 75,598 | ||||||||
Basic weighted average shares outstanding | 93,285 | 92,058 | 90,697 | |||||||||||
Dilutive effect of stock options and restricted stock awards/units | 2,559 | 3,654 | 2,485 | |||||||||||
Dilutive weighted average shares outstanding | 95,844 | 95,712 | 93,182 | |||||||||||
Basic net income per share | $ | 1.12 | $ | 1 | $ | 0.83 | ||||||||
Diluted net income per share | $ | 1.09 | $ | 0.96 | $ | 0.81 | ||||||||
Shares of common stock equivalents of zero, 273,315 and 37,883 for fiscal 2013, 2012 and 2011, respectively, were excluded from the diluted calculation due to their anti-dilutive effect. | ||||||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | ' |
Note 3. Recent Accounting Pronouncements | |
During the first quarter of 2013, the Company adopted ASU 2011-05, Presentation of Comprehensive Income, which amends FASB ASC 220, Comprehensive Income. This guidance, effective retrospectively for the interim and annual periods beginning on or after December 15, 2011 (early adoption is permitted), requires presentation of total comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The option to present components of other comprehensive income as part of the statement of stockholders' equity was eliminated. The items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income were not changed. Additionally, no changes were made to the calculation and presentation of earnings per share. The adoption of ASU 2011-05 did not have a material impact on the Company's consolidated financial statements. | |
During the first quarter of 2013, the Company adopted ASU 2012-02, Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment, which amends existing guidance by giving an entity the option to first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If this is the case, companies will need to perform a more detailed two-step goodwill impairment test, which is used to identify potential goodwill impairments and to measure the amount of goodwill impairment losses to be recognized, if any. ASU 2011-08 was effective for annual and interim goodwill impairment tests performed during fiscal 2013. The adoption of ASU 2011-08 did not have a material impact on the Company's consolidated financial statements. | |
During the third quarter of 2013, the FASB issued ASU 2013-05, Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, which amends FASB ASC 830, Foreign Currency Matters. This guidance requires the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in-substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. The Company does not anticipate that the adoption of ASU 2013-05 will have a material impact on the Company's consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which addresses the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. This guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. ASU 2013-11 will be effective for us beginning in the first quarter of fiscal 2014. Early adoption is permitted. Since ASU 2013-11 only impacts financial statement disclosure requirements for unrecognized tax benefits, the Company does not expect the adoption of the guidance to have a material impact on the Company's consolidated financial statements. | |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Acquisitions | ' | ||||
Acquisitions | ' | ||||
Note 4. Acquisitions | |||||
On July 3, 2012, the Company acquired substantially all of the assets of Interfast, Inc., an Ontario Corporation ("Interfast"). Interfast is a Toronto-based value-added distributor of specialty fasteners, fastening systems and production installation tooling for the aerospace, electronics and general industrial markets. The acquisition of Interfast provides the Company stronger relationships with strategic customers, a greater presence with commercial MRO (maintenance, repair and overhaul) providers and an entry into the high-end industrial fastener market. | |||||
The aggregate purchase price of the acquisition amounted to $131,894 which was funded by $95,000 in borrowings under the $150,000 revolving facility and $36,894 in cash. The Company incurred transaction related costs of $2,857, such costs were expensed as incurred. | |||||
The total purchase price has been allocated to the assets acquired and liabilities assumed based on their respective fair values at the acquisition date in accordance with the acquisition method of accounting. The results of operations of Interfast have been included in the consolidated financial statements from the date of acquisition. The excess purchase price over the net assets acquired has been allocated to goodwill. For income tax purposes, $58,471 of tax deductible goodwill resulting from the acquisition completed during the year ended September 30, 2012 is amortized over a 15-year period. | |||||
The estimated fair values of assets acquired and liabilities assumed on the acquisition date were as follows: | |||||
Current assets | $ | 55,130 | |||
Property and equipment | 1,094 | ||||
Identifiable Intangible assets | |||||
Trademarks | 1,087 | ||||
Customer relationships | 19,423 | ||||
Non-compete agreements | 455 | ||||
Backlog | 3,161 | ||||
Goodwill | 58,471 | ||||
Total assets acquired | 138,821 | ||||
Total liabilities assumed | (6,927 | ) | |||
Purchase price, net of liabilities assumed | $ | 131,894 | |||
The excess purchase price over the fair value of the net identifiable assets acquired was recorded as intangible assets and goodwill. The fair value assigned to the identifiable intangible assets acquired was based on an income approach method using assumptions and estimates derived by Company management. It was determined the customer relationships have a 15-year estimated useful life, the Interfast trademark has a 10-year useful life, the Interfast backlog has a 2-year useful life and the Interfast non-compete agreement has a useful life of 3-years. Factors considered in the determination of its useful lives include Interfast's performance over its forty six year history, its relative size as compared to its competitors and its ability to provide product that is difficult to source. | |||||
The goodwill related to the Interfast acquisition represents the value paid for assembled workforce, its international geographic presence in eastern Canada, and synergies expected to arise after the acquisition. The results of the acquisition have been included in the consolidated financial statements from the date of closing and are included within the North American Segment. The acquisition was not considered material, as a result no proforma information has been provided. | |||||
Excess_and_Obsolescence_Reserv
Excess and Obsolescence Reserve Policy | 12 Months Ended |
Sep. 30, 2013 | |
Excess and Obsolescence Reserve Policy | ' |
Excess and Obsolescence Reserve Policy | ' |
Note 5. Excess and Obsolescence Reserve Policy | |
The Company performs a monthly inventory analysis and records excess and obsolescence expense after weighing a number of factors, including historical sell-through rates, current selling and buying patterns, forecasted future sales, program delays or cancellations, inventory quantities and aging, rights we have with certain manufacturers to exchange unsold products for new products and open customer orders. These factors are described in greater detail below. | |
As of September 30, 2013 and 2012, the Company's excess and obsolete reserve was approximately $121,129 and $109,251, respectively. Of these amounts, approximately $8,710 and $13,140 was recorded during the year ended September 30, 2013 and 2012, respectively. The Company believes that these amounts are consistent with its historical experience and appropriately reflect the risk of excess and obsolete inventory inherent in its business. | |
The excess and obsolescence reserve includes both excess and slow-moving inventory which typically includes inventory held by the Company after strategic purchases are made to take advantage of favorable pricing terms, speculative purchases based on current market trends or purchases timed to take supplier lead times into account, which may result in us maintaining excess and slow-moving quantities of inventories. | |
Excess and Slow-Moving Inventory | |
In conducting a monthly reserve analysis with respect to excess and slow-moving inventory, the Company considers a variety of factors, including historical sell-through rates, current selling and buying patterns, inventory quantities and aging, rights the Company has with certain manufacturers to exchange unsold products for new products and open customer orders. Furthermore, although the Company's customers are not required to purchase a specific quantity of inventory, the Company is able to forecast future sales with a fair degree of precision by monitoring and tracking customers' production cycles, which forecasting is taken into account when conducting the reserve analysis. The Company further notes that it is required to make commitments to purchase inventory based on manufacturer lead times, which may be up to two years. In addition, the Company may be entitled to obtain price breaks or discounts based on the quantity of inventory committed to purchase. | |
Given the length of manufacturers' lead times, the Company's desire to obtain advantageous inventory pricing, the impact of macro and micro economic conditions and variability within specific customer programs, the inventory reserve may increase at a rate higher than the Company originally anticipated, which can impact the amount of excess and slow-moving inventory the Company holds. | |
A majority of the products the Company sells can be sold across multiple aircraft platforms and the lifespan of the products the Company sells along with the design of the aircrafts that utilize those products is typically not subject to a high degree of obsolescence. Accordingly, since 2006 the Company has only scrapped $16,755 of its inventory. Furthermore, the Company does take program delays and cancellations into account when conducting the reserve analysis. | |
Based on the Company's current analysis of these factors, in particular historical sales data, cycle times of programs, the multiple platforms on which individual parts can be sold and customer buying patterns, the Company maintains an unreserved excess and slow-moving inventory of $17,931 which they believe based on historical and anticipated sell through rates will be sold over the next three years, and accordingly, has not recorded a reserve for those amounts. However, in the future, the Company may determine that its necessary to reserve for a portion of this $17,931 of inventory. | |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
Note 6. Related Party Transactions | |
The Company entered into a management agreement with The Carlyle Group to provide certain financial, strategic advisory and consultancy services. Under this management agreement, the Company is obligated to pay The Carlyle Group, or a designee thereof, an annual management fee of $1,000 plus fees and expenses associated with company-related meetings. The Company incurred expense of approximately $1,053, $1,079 and $1,096 and for the years ended September 30, 2013, 2012 and 2011, respectively, related to this management agreement. These amounts were paid to The Carlyle Group during the years ended September 30, 2013, 2012 and 2011. | |
The Company leases several office and warehouse facilities under operating lease agreements from entities controlled by the Company's CEO. Rent expense on these facilities was approximately $1,754, $1,750 and $1,719 for the years ended September 30, 2013, 2012 and 2011, respectively (see Note 16). | |
On June 30, 2008, the Company's CEO purchased $50,000 of the total debt outstanding. During January 2011, the Company's CEO sold his holding in the Company's debt. Subsequent to the sale, the Company's CEO has no ownership interest in the Company's debt. For the years ended September 30, 2013, 2012 and 2011, total interest paid to the CEO related to the debt was approximately zero, zero and $281, respectively. | |
Property_and_Equipment_net
Property and Equipment, net | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property and Equipment, net | ' | |||||||
Property and Equipment, net | ' | |||||||
Note 7. Property and Equipment, net | ||||||||
Property and equipment, net, consist of the following: | ||||||||
2013 | 2012 | |||||||
Land, buildings and improvements | $ | 15,468 | $ | 15,237 | ||||
Machinery and equipment | 12,872 | 10,100 | ||||||
Vehicles | 871 | 703 | ||||||
Computer and software | 18,749 | 14,983 | ||||||
Furniture and fixtures | 3,064 | 2,890 | ||||||
Construction in progress | 3,492 | — | ||||||
54,516 | 43,913 | |||||||
Less: accumulated depreciation and amortization | (27,722 | ) | (23,144 | ) | ||||
Property and equipment, net | $ | 26,794 | $ | 20,769 | ||||
At September 30, 2013, 2012 and 2011, property and equipment included assets of approximately $9,345, $6,422 and $6,457, respectively, acquired under capital lease arrangements. Accumulated amortization of assets acquired under capital leases was approximately $6,700, $5,680 and $3,718 as of September 30, 2013, 2012 and 2011, respectively. | ||||||||
Depreciation and amortization expense for property and equipment was approximately $4,781, $5,536 and $5,859 during the years ended September 30, 2013, 2012 and 2011, respectively (including amortization expense of approximately $1,020, $2,114 and $1,756 on assets acquired under capital leases for 2013, 2012 and 2011, respectively). | ||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, net | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Goodwill and Intangible Assets, net | ' | |||||||||||||
Goodwill and Intangible Assets, net | ' | |||||||||||||
Note 8. Goodwill and Intangible Assets, net | ||||||||||||||
During the quarter ended June 30, 2013, the Company recorded a $1,250 decrease to goodwill associated with their finalization of Interfast's excess and obsolete inventory reserve. This adjustment was made within the one year measurement period and has been recorded retroactively to the acquisition date, July 3, 2012. | ||||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | |||||||||||||
Beginning balance | $ | 563,896 | $ | 504,764 | ||||||||||
Foreign currency translation | (1,403 | ) | 1,911 | |||||||||||
Purchase accounting adjustment | — | 57,221 | ||||||||||||
Ending balance | $ | 562,493 | $ | 563,896 | ||||||||||
As of September 30, 2013 and 2012, the gross amounts and accumulated amortization of intangible assets is as follows: | ||||||||||||||
2013 | 2012 | |||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||
Customer relationships (12 to 20 year life) | $ | 84,237 | $ | (24,842 | ) | $ | 84,713 | $ | (20,101 | ) | ||||
Trademarks (5 years to indefinite life) | 40,425 | (1,637 | ) | 40,450 | (1,528 | ) | ||||||||
Backlog (2 year life) | 4,327 | (3,136 | ) | 4,402 | (1,557 | ) | ||||||||
Non-compete agreements (3 to 4 year life) | 1,457 | (1,190 | ) | 1,468 | (1,039 | ) | ||||||||
Total intangible assets | $ | 130,446 | $ | (30,805 | ) | $ | 131,033 | $ | (24,225 | ) | ||||
Estimated future amortization expense at September 30, 2013 is as follows: | ||||||||||||||
2014 | $ | 6,192 | ||||||||||||
2015 | 4,963 | |||||||||||||
2016 | 4,849 | |||||||||||||
2017 | 4,849 | |||||||||||||
2018 | 4,849 | |||||||||||||
Thereafter | 36,107 | |||||||||||||
$ | 61,809 | |||||||||||||
Amortization expense included in the accompanying statements of operations for the years ended September 30, 2013, 2012 and 2011 was $6,599, $4,427 and $3,699, respectively. In addition to its amortizing intangibles, the Company assigned an indefinite life to the Wesco Aircraft trademark. As of September 30, 2013 and 2012, the trademark had a carrying value of $37,832. | ||||||||||||||
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accrued Expenses and Other Current Liabilities | ' | |||||||
Accrued Expenses and Other Current Liabilities | ' | |||||||
Note 9. Accrued Expenses and Other Current Liabilities | ||||||||
Accrued expenses and other current liabilities consist of the following: | ||||||||
2013 | 2012 | |||||||
Accrued compensation and related expenses | $ | 14,606 | $ | 10,364 | ||||
Accrual for commissions | 447 | 358 | ||||||
Accrued professional fees | 596 | 2,215 | ||||||
Accrued customer rebates | 1,743 | 2,226 | ||||||
Accrued taxes (property, sales and use) | 1,467 | 1,313 | ||||||
Accrued interest | 588 | 196 | ||||||
Integration costs | — | 917 | ||||||
Accrued profit sharing | 791 | 691 | ||||||
Other accruals | 809 | 1,508 | ||||||
Accrued expenses and other current liabilities | $ | 21,047 | $ | 19,788 | ||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended |
Sep. 30, 2013 | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | ' |
Note 10. Derivative Financial Instruments | |
The Company entered into an interest rate swap arrangement in order to manage its net exposure to interest rate changes on the Company's long-term debt. Interest rate swap contracts involve the exchange of floating rate interest payment obligations for fixed interest rate payments without the exchange of the underlying principal amounts. The Company accounts for this arrangement pursuant to the provisions of ASC 815, Derivatives and Hedging. ASC 815 establishes accounting and reporting standards requiring that every derivative instrument be recorded in the balance sheet as either an asset or liability measured at fair value and that any changes in fair value be recognized currently in earnings unless specific hedge accounting criteria are met. The Company's interest rate swap arrangement is not designated as a hedge pursuant to ASC 815 and, accordingly, the Company reflects the change in fair value of the interest rate swap in the consolidated statements of operations as part of interest expense. | |
These arrangements also contain an element of risk in that the counterparties may be unable to meet the terms of such arrangements. In the event the parties required to deliver commitments are unable to fulfill their obligations, the Company could potentially incur significant additional costs by replacing the positions at then current market rates. The Company manages its risk of exposure by limiting counterparties to those banks and institutions deemed appropriate by management. The Company considers its own risk of non-performance to be limited. Upon the maturity of its previous interest rate swaps, the Company entered into two interest rate swaps arrangements, which expired in February and June 2012. Each interest rate swap converts the interest rate on approximately $100,000 (notional amount) of its outstanding debt from variable rates to a fixed interest rate. The swap agreements have fixed the LIBOR component of the term debt to interest rates of 1.77% and 1.96%. As of September 30, 2013, the Company is not currently party to any swap agreements. | |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||
Sep. 30, 2013 | |||
Fair Value of Financial Instruments | ' | ||
Fair Value of Financial Instruments | ' | ||
Note 11. Fair Value of Financial Instruments | |||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To determine fair value, the Company primarily utilizes reported market transactions and discounted cash flow analyses. On October 1, 2008, the Company adopted the FASB's new fair value model that establishes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs to valuation techniques into three broad levels whereby the highest priority is given to Level 1 inputs and the lowest to Level 3 inputs. The three broad categories are: | |||
Level 1: | Quoted prices in active markets for identical assets or liabilities. | ||
Level 2: | Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. | ||
Level 3: | Unobservable inputs for the asset or liability. | ||
The Company makes use of observable market-based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters such as interest rates, yield curves and currency rates. These measurements are classified within Level 3. | |||
Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable. | |||
The guidance on fair value measurements expanded the definition of fair value to include the consideration of nonperformance risk. Nonperformance risk refers to the risk that an obligation (either by a counterparty or us) will not be fulfilled. For financial assets traded in an active market (Level 1), the nonperformance risk is included in the market price. For certain other financial assets and liabilities (Level 2 and 3), the Company's fair value calculations have been adjusted accordingly. | |||
Where available, the Company utilizes quoted market prices or observable inputs rather than unobservable inputs to determine fair value. | |||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ' | |||||||
Note 12. Long-Term Debt | ||||||||
Long-term debt consists of the following at: | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
$265,000 term loan, bearing interest based on Alternate Base Rate ("ABR") (defined as Prime Rate plus an applicable margin rate ranging from 1.25% -2.25%) or Eurodollar (defined as London Inter-Bank Offer Rate ("LIBOR") rates plus an applicable margin ranging from 2.25% - 3.25%), whichever was greater. The applicable margin rates were indexed to the Company's Consolidated Total Leverage Ratio and adjusted each reporting period based on operating results. The term loan was payable quarterly equal to 1.25% the first year, escalating to 3.75% by the fifth year of the principal amount of $265,000 with the final payment due on April 7, 2016. | $ | — | $ | 228,805 | ||||
$350,000 term loan, bearing interest based on the ABR (defined as Prime Rate plus an applicable margin rate ranging from 1.75% - 2.00%), or Eurodollar (defined as LIBOR rates plus an applicable margin rate ranging from 2.75% -3.00%), whichever was greater, provided however that at no time could the base rate be less than 1.25%. The applicable margin rates were indexed to the Company's Consolidated Total Leverage Ratio and adjusted each reporting period based on operating results. The term loan was payable quarterly equal to 0.25% of the principal amount of $350,000.The entire balance is due April 7, 2017. | — | 302,195 | ||||||
$150,000 revolving line of credit, bearing interest based on the "ABR" (defined as Prime Rate plus an applicable margin rate ranging from 1.25% - 2.25%) or Eurodollar (defined as LIBOR rates plus an applicable margin ranging from 2.25% - 3.25%), whichever was greater. The applicable margin rates were indexed to the Company's Consolidated Total Leverage Ratio and adjusted each reporting period based on operating results. The revolver would have been due on April 7, 2016. | — | 95,000 | ||||||
$625,000 term loan, bearing interest based on the ABR (defined as Prime Rate plus an applicable margin rate ranging from 0.75% - 1.50%), or Eurodollar (defined as LIBOR rates plus an applicable margin rate ranging from 1.75% -2.50%), whichever is greater. The applicable margin rates are indexed to the Company's Consolidated Total Leverage Ratio (as such ratio is defined in the new senior secured credit facilities) and adjusted each reporting period based on operating results. The term loan is payable quarterly equal to 1.25% the first year, escalating to 2.50% by the fifth year of the principal amount of $625,000 with the final payment due on December 7, 2017. Interest rate was 2.44% at September 30, 2013 | 568,000 | — | ||||||
$200,000 revolving line of credit, bearing interest based on the ABR (defined as Prime Rate plus an applicable margin rate ranging from 0.75% - 1.50%), or Eurodollar (defined as LIBOR rates plus an applicable margin rate ranging from 1.75% - 2.50%), whichever is greater. The applicable margin rates are indexed to the Company's Consolidated Total Leverage Ratio and (as such ratio is defined in the new senior secured credit facilities) adjusted each reporting period based on operating results. The revolver is due on December 7, 2017. Interest rate was 2.44% at September 30, 2013. | — | — | ||||||
Less: current portion | — | — | ||||||
Long-term debt | $ | 568,000 | $ | 626,000 | ||||
Aggregate maturities of long-term debt as of September 30, 2013 are as follows: | ||||||||
Years Ended September 30, | ||||||||
2014 | $ | — | ||||||
2015 | 40,656 | |||||||
2016 | 46,875 | |||||||
2017 | 58,594 | |||||||
2018 | 421,875 | |||||||
$ | 568,000 | |||||||
On December 7, 2012, the Company completed a refinancing of its existing debt facilities for the purpose of reducing the applicable interest rate on all loans. The new debt consists of a $200,000 revolving line of credit and a $625,000 term loan. The revolving line of credit and the term loan, which together we refer to as the new senior secured credit facilities, mature on December 7, 2017. | ||||||||
Under the terms and definitions of the new senior secured credit facilities as of September 30, 2013, the Company's Consolidated Total Leverage Ratio (as such ratio is defined in the new senior secured credit facilities) cannot exceed 4.00 and its Consolidated Net Interest Coverage Ratio (as such ratio is defined in the new senior secured credit facilities) cannot be less than 2.25. The new senior secured credit facilities also contain customary negative covenants, including restrictions on our and our restricted subsidiaries' ability to merge and consolidate with other companies, incur indebtedness, grant liens or security interests on assets, make acquisitions, loans, advances or investments, pay dividends, sell or otherwise transfer assets, optionally prepay or modify terms of any junior indebtedness or enter into transactions with affiliates. The Company was in compliance with these covenants as of September 30, 2013. As of September 30, 2013, our Consolidated Total Leverage Ratio was 2.45 and our Consolidated Net Interest Coverage Ratio was 11.53. | ||||||||
Borrowings under the new senior secured credit facilities are guaranteed by the Company and all of its direct and indirect, wholly-owned, domestic restricted subsidiaries (subject to certain exceptions) and secured by a first lien on substantially all of the Company's assets and the assets of its guarantor subsidiaries, including capital stock of subsidiaries (in each case, subject to certain exceptions). | ||||||||
During the year ended September 30, 2013, the Company had made voluntary prepayments totaling approximately $33,563 on the $625,000 term loan that have been applied to future required quarterly payments. As of September 30, 2013, there were no outstanding borrowings under the $200,000 revolving line of credit. | ||||||||
The Company's subsidiary, Wesco Aircraft Europe, has available a £7,000 ($11,295 based on the September 30, 2013 exchange rate) line of credit that automatically renews annually on October 1. The line of credit bears interest based on the base rate plus an applicable margin of 1.65%. The net outstanding borrowing under this line of credit was £0 as of September 30, 2013 and 2012, respectively. | ||||||||
As a result of the refinancing, the Company recorded a loss on extinguishment of debt in the amount of $4,960. The loss on extinguishment was recorded as a component of interest expense, net in the consolidated statements of earnings and comprehensive income during the three months ended December 31, 2012. Additionally, $3,894 of unamortized debt issuance costs remains capitalized and new creditor fees associated with the December 7, 2012 refinancing in the amount of $7,274 were capitalized. These fees will be amortized over the term of the debt using the effective interest rate method. The total deferred financing costs capitalized at the close of the transaction on December 7, 2012 totaled $11,168. | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||
Note 13. Income Taxes | ||||||||||||||||||||
Income before provision for income taxes for the years ended September 30, 2013, September 30, 2012 and September 30, 2011 consisted of the following: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
U.S. income | $ | 115,194 | $ | 110,120 | $ | 118,475 | ||||||||||||||
Foreign income | 42,433 | 23,542 | 9,649 | |||||||||||||||||
Total | $ | 157,627 | $ | 133,662 | $ | 128,124 | ||||||||||||||
The components of the Company's income tax provision for the years ended September 30, 2013, September 30, 2012 and September 30, 2011 are as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Current provision | ||||||||||||||||||||
Federal | $ | 29,366 | $ | 14,007 | $ | 31,840 | ||||||||||||||
State and local | 3,943 | 1,355 | 5,897 | |||||||||||||||||
Foreign | 9,566 | 5,744 | 3,613 | |||||||||||||||||
Subtotal | 42,875 | 21,106 | 41,350 | |||||||||||||||||
Deferred provision (benefit) | ||||||||||||||||||||
Federal | 8,901 | 18,867 | 9,157 | |||||||||||||||||
State and local | 1,022 | 1,719 | 1,991 | |||||||||||||||||
Foreign | 17 | (205 | ) | 28 | ||||||||||||||||
Subtotal | 9,940 | 20,381 | 11,176 | |||||||||||||||||
Provision for income taxes | $ | 52,815 | $ | 41,487 | $ | 52,526 | ||||||||||||||
The tax benefits associated with the exercise of employee stock options and vesting of restricted stock units were recognized in the current year tax return which were in excess of the previously recorded value at the time of grant. During fiscal year 2013, $6,879 of tax benefit has been credited to additional paid in capital. | ||||||||||||||||||||
For the years ended September 30, 2013 and September 30, 2012, the components of deferred income tax assets (liabilities) were as follows: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Current deferred tax assets/(liabilities) | ||||||||||||||||||||
Inventories | $ | 34,537 | $ | 29,345 | ||||||||||||||||
Reserves and other accruals | 2,811 | 1,517 | ||||||||||||||||||
Compensation accruals | 2,292 | 2,010 | ||||||||||||||||||
Other | 31 | |||||||||||||||||||
Total current deferred tax assets/(liabilities) | 39,671 | 32,872 | ||||||||||||||||||
Non-current deferred tax assets/(liabilities) | ||||||||||||||||||||
Property and equipment | (2,107 | ) | (2,237 | ) | ||||||||||||||||
Goodwill and intangible assets | (73,268 | ) | (56,987 | ) | ||||||||||||||||
Stock options | 3,062 | 3,779 | ||||||||||||||||||
Deferred financing costs and other | 129 | — | ||||||||||||||||||
Total non-current deferred tax assets/(liabilities) | (72,184 | ) | (55,445 | ) | ||||||||||||||||
Net deferred tax assets/(liabilities) | $ | (32,513 | ) | $ | (22,573 | ) | ||||||||||||||
The Company believes its deferred tax assets are more likely than not to be realized based on historical and projected taxable income levels. | ||||||||||||||||||||
The Company is subject to U.S. federal income tax as well as income taxes in various state and foreign jurisdictions. The earliest tax year still subject to examination by a significant taxing jurisdiction is September 30, 2009 onwards. | ||||||||||||||||||||
The undistributed earnings of the Company's foreign subsidiaries, which amount to $88,409, are considered to be indefinitely reinvested. Accordingly, no provision for federal or state and local taxes or foreign withholding taxes has been provided on such undistributed earnings and the determination of taxes associated with such undistributed earnings is not practicable. | ||||||||||||||||||||
The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. As of September 30, 2013 and September 30, 2012, the Company did not record a liability for uncertain tax positions. | ||||||||||||||||||||
A reconciliation of the Company's provision (benefit) for income taxes to the U.S. federal statutory rate is as follows for the years ended September 30, 2013, September 30, 2012 and September 30, 2011: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Provision for income taxes at statutory rate | $ | 55,169 | 35 | % | $ | 46,782 | 35 | % | $ | 44,843 | 35 | % | ||||||||
State taxes, net of tax benefit | 3,228 | 2.05 | 2,100 | 1.57 | 5,141 | 4.01 | ||||||||||||||
Nondeductible items | 5,310 | 3.37 | 1,340 | 1 | 2,948 | 2.3 | ||||||||||||||
Other | (2,060 | ) | (1.31 | ) | (407 | ) | (0.30 | ) | 1,302 | 1.02 | ||||||||||
IRC Section 199 and 41 | (610 | ) | (0.39 | ) | (3,550 | ) | (2.66 | ) | — | — | ||||||||||
Foreign income not taxed at the Federal rate | (4,910 | ) | (3.11 | ) | (2,699 | ) | (2.02 | ) | 2 | — | ||||||||||
Foreign tax credit | (3,312 | ) | (2.10 | ) | (2,079 | ) | (1.55 | ) | (1,710 | ) | (1.33 | ) | ||||||||
Actual provision for income taxes | $ | 52,815 | 33.51 | % | $ | 41,487 | 31.04 | % | $ | 52,526 | 41 | % | ||||||||
The Company's effective tax rate was 33.51% and 31.04% during the years ended September 30, 2013 and September 30, 2012, respectively. The increase in provision for income taxes was primarily related to deemed dividends from certain of the Company's foreign subsidiaries. | ||||||||||||||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity | ' |
Stockholders' Equity | ' |
Note 14. Stockholders' Equity | |
On August 2, 2011, the Company consummated its initial public offering. In connection with the IPO, the Company amended and restated its certificate of incorporation, pursuant to which (1) the pre-existing shares of class B common stock were converted to Class A common stock on a one-for-one basis and (2) each share of common stock was then split into nine shares of common stock by way of a stock split. Pursuant to the amended and restated certificate of incorporation, the Company's authorized capital stock consists of (1) 950,000,000 shares of common stock, par value $0.001 per share, and (2) 50,000,000 shares of preferred stock, par value $0.001 per share. The accompanying financial statements and notes to the financial statements give retroactive effect to the stock split for all periods presented. | |
Prior to the amended and restated certificate of incorporation the Company's capital structure consisted of two classes of common stock, Class A and Class B. These classes of stock differ primarily with respect to the voting and conversion rights. Only common stock—Class A shares have voting rights. Class B convertible redeemable common stock automatically converted to Class A common stock on a one-for-one basis immediately prior to a merger or consolidation of the Company in which the holders of the Class A common stock cease to hold more than 50% of the voting securities of the Company outstanding immediately prior to such transaction or upon the sale of substantially all the assets of the Company. | |
StockBased_and_Other_Compensat
Stock-Based and Other Compensation Arrangements | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Stock-Based and Other Compensation Arrangements | ' | |||||||||||||
Stock-Based and Other Compensation Arrangements | ' | |||||||||||||
Note 15. Stock-Based and Other Compensation Arrangements | ||||||||||||||
The Company's Amended and Restated Equity Incentive Plan (the "Prior Plan"), which was originally adopted in 2006 and the Company's 2011 Equity Incentive Award Plan (the "2011 Plan"), which was adopted in connection with our initial public offering, provide or provided for the issuance of stock options, restricted stock awards, stock option rights and restricted stock units to certain employees and directors of the Company. These awards are subject to call rights by the Company upon the occurrence of certain events, including employee separation. Awards that are called by the Company are valued at fair market value, as determined by the Company's Board of Directors. Following the adoption of the Company's 2011 Plan, no new awards will be granted under the Prior Plan. There are 5,850,000 shares authorized for issuance under the 2011 Plan. As of September 30, 2013, there were 4,635,705 shares remaining available for issuance under the 2011 Plan. | ||||||||||||||
Stock Options | ||||||||||||||
The Company's stock options are eligible to vest over 3 years in three equal annual installments, subject to continued employment on each vesting date. Vested options are exercisable at any time until the earlier of a change in control or approximately 10 years from the date of the option grant. Certain vesting restrictions may apply in the year of change of control. The stock options granted had an exercise price equal to the estimated fair value of the Company's common stock on the grant date. | ||||||||||||||
Continuous Employment Conditions | ||||||||||||||
At September 30, 2013, the Company has outstanding 527,362 unvested time-based stock options under the Plans, which will vest on the basis of continuous employment with the Company. Most of the time-based options vest ratably during the period of service. In case of a liquidity event, all the time-vesting options shall become fully vested and exercisable prior to the effective date of the first liquidity event. A liquidity event includes a sale, transfer or disposition of the equity securities of the Company held by all of the principal stockholders such that following such a transaction the total number of equity shares held by all of the principal stockholders is less than 30% of the total number of shares held at the effective date of acquisition of the Company, or a sale, transfer or other disposition of substantially all of the assets of the Company. | ||||||||||||||
The following table sets forth the summary of options activity under the plan for: | ||||||||||||||
Outstanding Options | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Shares | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value(1) | ||||||||||||
Price | Contractual | |||||||||||||
Life | ||||||||||||||
(in years) | ||||||||||||||
September 30, 2011 | 7,659,315 | $ | 5.09 | 5.7 | $ | 46,528,736 | ||||||||
Granted | — | $ | — | |||||||||||
Exercised | (1,729,030 | ) | $ | 4.27 | ||||||||||
Forfeited options | (1,350 | ) | $ | 15 | ||||||||||
September 30, 2012 | 5,928,935 | $ | 5.32 | 4.9 | $ | 50,006,187 | ||||||||
Granted | 687,338 | $ | 13.49 | |||||||||||
Exercised | (2,133,334 | ) | $ | 4.63 | ||||||||||
Forfeited options | (244,913 | ) | $ | 14.66 | ||||||||||
September 30, 2013 | 4,238,026 | $ | 6.46 | 4.6 | $ | 61,338,566 | ||||||||
-1 | ||||||||||||||
Aggregate intrinsic value is calculated on the difference between our closing stock price at year end and the exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders, had they all exercised all their options on the fiscal year end date. | ||||||||||||||
The total intrinsic value of options exercised during fiscal year 2013 and 2012 was $25,519 and $18,015, respectively. For the years ended September 30, 2013, 2012 and 2011, the Company recorded $1,713, $716 and $3,411, respectively, of stock-based compensation expense related to these options that is included within selling, general and administrative expenses. At September 30, 2013, the unrecognized stock-based compensation related to these options was approximately $2,907 and is expected to be recognized through September 30, 2015. As of September 30, 2013 there are 3,710,664 options which are exercisable. Cash received from the exercise of stock options by the Company during the years ended September 30, 2013, 2012, and 2011 was approximately $9,895, $7,377, and $2,612 respectively. | ||||||||||||||
Restricted Stock Units and Restricted Stock | ||||||||||||||
In fiscal year 2013, the Company granted 213,245 shares of restricted common stock to employees. In fiscal 2011, in connection with the Company's initial public offering, the Company granted 123,660 shares of restricted common stock to employees. These shares are eligible to vest over 3 years in three equal annual installments, subject to continued employment on each vesting date. For the fiscal year 2011 grants only, the vesting of one half of these shares were subject to the Company achieving a performance target for fiscal year 2011 that was established by the compensation committee and subsequently not met which resulted in the forfeiture of these performance shares. During the years ended September 30, 2013, 2012 and 2011, the Company granted 44,286, 37,740 and 25,704, respectively, of restricted common shares to its directors. The September 30, 2010 grants of 31,788 shares were authorized by the Compensation Committee for granting during 2010 but were not issued until 2011. Accordingly the compensation expense attributable to such awards was recorded in 2010 but the underlying shares of common stock have not been included in the Consolidated Statements of Stockholders' Equity or Consolidated Balance Sheets as issued and outstanding until fiscal year 2011. For the years ended September 30, 2013, 2012 and 2011, the Company recorded $1,681, $910 and $408, respectively, of stock-based compensation expense related to restricted stock that is included within selling, general and administrative expenses. The RSUs do not contain any redemption provisions that are not within the Company's control. Accordingly, these equity awards have been classified within stockholders' equity. At September 30, 2013, the unrecognized stock-based compensation related to restricted stock awards was approximately $1,945 and is expected to be recognized through September 30, 2015. | ||||||||||||||
Restricted share activity during fiscal 2013 was as follows: | ||||||||||||||
Shares | Weighted | |||||||||||||
Average | ||||||||||||||
Fair | ||||||||||||||
Value | ||||||||||||||
Outstanding at start of year | 102,300 | $ | 14.81 | |||||||||||
Granted(1) | 257,531 | $ | 13.52 | |||||||||||
Vested | (128,189 | ) | $ | 13.75 | ||||||||||
Forfeited | (75,011 | ) | $ | 14.6 | ||||||||||
Outstanding at end of year | 156,631 | $ | 13.65 | |||||||||||
-1 | ||||||||||||||
Under the terms of their respective RSA award agreements, RSA shareholders have the same voting rights as common stock shareholders, such rights exist even if the RSA have not vested. | ||||||||||||||
Fair value of our restricted shares is based on our closing stock price on the date of grant. The fair value of shares that were vested during fiscal years 2013, 2012 and 2011 was $1,764, $23,417 and $447, respectively. The fair value of shares that were granted during fiscal years 2013, 2012 and 2011 was $3,426, $412 and $2,055, respectively. The weighted average fair value at the grant date for restricted shares issued during fiscal 2013, 2012 and 2011 was $13.52, $10.93 and $13.76, respectively. Tax benefits realized from tax deductions associated with option exercises and restricted share activity for 2013, 2012 and 2011 totaled $6,879, $21,476 and $1,547, respectively. | ||||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company accounts for stock-based compensation in accordance with ASC 718. The Company currently uses the Black-Scholes option pricing model to determine the fair value of the stock options. The determination of the fair value of stock-based payment awards on the date of grant using an option-pricing model is affected by the Company's stock price as well as assumptions regarding complex and subjective variables. These variables include the expected stock price volatility over the term of the awards, risk-free interest rate and expected dividends. | ||||||||||||||
The Company estimated expected volatility based on historical data of comparable public companies. The expected term, which represents the period of time that options granted are expected to be outstanding, is estimated based on guidelines provided in SAB No. 110 and represents the average of the vesting tranches and contractual terms. The risk-free rate assumed in valuing the options is based on the U.S. Treasury rate in effect at the time of grant for the expected term of the option. The Company does not anticipate paying any cash dividends in the foreseeable future and, therefore, used an expected dividend yield of zero in the option pricing model. Compensation expense is recognized only for those options expected to vest with forfeitures estimated based on the Company's historical experience and future expectations. Stock-based compensation awards are amortized on a straight line basis over a 3 year period. | ||||||||||||||
The weighted average assumptions used to value the option grants are as follows: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Expected life (in years) | 5.97 | — | 6.7 | |||||||||||
Volatility | 46.5 | % | — | 45.57 | % | |||||||||
Risk free interest rate | 1.04 | % | — | 2.26 | % | |||||||||
Dividend yield | — | — | — | |||||||||||
The weighted average fair value per option at the grant date for options issued during fiscal 2013, 2012 and 2011 was $6.08, zero and $4.43, respectively. | ||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Commitments and Contingencies | ' | ||||||||||
Commitments and Contingencies | ' | ||||||||||
Note 16. Commitments and Contingencies | |||||||||||
Operating Leases | |||||||||||
The Company leases office and warehouse facilities (certain of which are from related parties), and warehouse equipment under various non-cancelable operating leases that expire at various dates through April 30, 2022. Certain leases contain escalation clauses based on the Consumer Price Index. The Company is also committed under the terms of certain of these operating lease agreements to pay property taxes, insurance, utilities and maintenance costs. | |||||||||||
Future minimum rental payments as of September 30, 2013 are as follows: | |||||||||||
Third | Related | Total | |||||||||
Party | Party | ||||||||||
Years Ended September 30, | |||||||||||
2014 | $ | 2,578 | $ | 1,766 | $ | 4,344 | |||||
2015 | 1,945 | 1,622 | 3,567 | ||||||||
2016 | 1,237 | 1,621 | 2,858 | ||||||||
2017 | 840 | 1,621 | 2,461 | ||||||||
2018 | 335 | 1,621 | 1,956 | ||||||||
Thereafter | 152 | 1,795 | 1,947 | ||||||||
$ | 7,087 | $ | 10,046 | $ | 17,133 | ||||||
Total rent expense for the years ended September 30, 2013, 2012 and 2011 was $4,654, $4,218 and $3,963, respectively. | |||||||||||
Capital Lease Commitments | |||||||||||
The Company leases certain equipment under capital lease agreements that require minimum monthly payments that expire at various dates through May 2018. | |||||||||||
Future minimum lease payments as of September 30, 2013 are as follows: | |||||||||||
2014 | $ | 1,139 | |||||||||
2015 | 1,038 | ||||||||||
2016 | 351 | ||||||||||
2017 | 131 | ||||||||||
2018 | 35 | ||||||||||
2,694 | |||||||||||
Less: interest | (96 | ) | |||||||||
Total | $ | 2,598 | |||||||||
Purchase Orders | |||||||||||
As of September 30, 2013, the Company has open inventory purchase orders in the amount of $334,318. | |||||||||||
Litigation | |||||||||||
The Company is involved in various legal matters that arise in the normal course of its business. Management, after consulting with outside legal counsel, believes that the ultimate outcome of such matters will not have a material adverse effect on the Company's financial position, results of operations or cash flows. There can be no assurance, however, that such actions will not be material or adversely affect the Company's business, financial position, and results of operations or cash flows. | |||||||||||
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Sep. 30, 2013 | |
Employee Benefit Plan | ' |
Employee Benefit Plan | ' |
Note 17. Employee Benefit Plan | |
The Company maintains a 401(k) defined contribution plan and a retirement saving plan for the benefit of its eligible employees. All full-time employees who have completed at least six months of service and are at least 21 years of age are eligible to participate in the plans. Eligible employees may elect to contribute up to 60% of their eligible compensation. Contributions by the Company were $945, $858 and $763 during the years ending September 30, 2013, 2012 and 2011, respectively. | |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Supplemental Cash Flow Information | ' | ||||||||||
Supplemental Cash Flow Information | ' | ||||||||||
Note 18. Supplemental Cash Flow Information | |||||||||||
2013 | 2012 | 2011 | |||||||||
Cash payments for: | |||||||||||
Interest paid | $ | 16,343 | $ | 21,006 | $ | 20,278 | |||||
Income taxes paid | $ | 5,977 | $ | 37,428 | $ | 49,567 | |||||
Schedule of non-cash investing and financing activities: | |||||||||||
Property and equipment acquired pursuant to capital leases | $ | 2,923 | $ | 116 | $ | 1,536 | |||||
Property and equipment disposed of pursuant to termination of capital leases | $ | 0 | $ | (154 | ) | $ | (275 | ) | |||
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Quarterly Financial Data (unaudited) | ' | |||||||||||||
Quarterly Financial Data (unaudited) | ' | |||||||||||||
Note 19. Quarterly Financial Data (unaudited) | ||||||||||||||
Summarized unaudited quarterly financial data for quarters ended December 31, 2011 through September 30, 2013 is as follows: | ||||||||||||||
Quarter Ended: | September 30, | June 30, | March 31, | December 31, | ||||||||||
2013 | 2013 | 2013 | 2012 | |||||||||||
Net sales | $ | 234,339 | $ | 230,236 | $ | 225,862 | $ | 211,170 | ||||||
Gross profit | 85,000 | 81,891 | 81,308 | 74,100 | ||||||||||
Income from operations | 48,880 | 46,135 | 46,412 | 39,375 | ||||||||||
Net income | 29,972 | 27,026 | 29,388 | 18,426 | ||||||||||
Basic net income per share(1) | $ | 0.32 | $ | 0.29 | $ | 0.32 | $ | 0.2 | ||||||
Diluted net income per share(1) | $ | 0.31 | $ | 0.28 | $ | 0.31 | $ | 0.19 | ||||||
Quarter Ended: | September 30, | June 30, | March 31, | December 31, | ||||||||||
2012 | 2012 | 2012 | 2011 | |||||||||||
Net sales | $ | 212,162 | $ | 189,347 | $ | 182,143 | $ | 192,554 | ||||||
Gross profit | 78,943 | 67,280 | 64,075 | 73,272 | ||||||||||
Income from operations | 42,436 | 34,952 | 36,365 | 45,079 | ||||||||||
Net income | 26,981 | 22,293 | 19,723 | 23,178 | ||||||||||
Basic net income per share(1) | $ | 0.29 | $ | 0.24 | $ | 0.21 | $ | 0.25 | ||||||
Diluted net income per share(1) | $ | 0.28 | $ | 0.23 | $ | 0.21 | $ | 0.24 | ||||||
-1 | ||||||||||||||
Net income per share calculations for each quarter are based on the weighted average diluted shares outstanding for that quarter and may not total to the full year amount. | ||||||||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||
Note 20. Segment Reporting | ||||||||||||||||||||
The Company is organized based on geographical location. The Company's reportable segments are comprised of North America and the Rest of World. | ||||||||||||||||||||
The Company evaluates segment performance based on segment operating earnings or loss. Each segment reports its results of operations and makes requests for capital expenditures and acquisition funding to the Company's chief operating decision-maker ("CODM"). The Company's Chief Executive Officer ("CEO") serves as CODM. Each operating segment has separate management teams and infrastructures dedicated to providing a full range of products and services to their customers. | ||||||||||||||||||||
The following table presents net sales and other financial information by business segment: | ||||||||||||||||||||
Fiscal Year Ended September 30, 2013 | ||||||||||||||||||||
North | Rest of | Intercompany | Consolidated | |||||||||||||||||
America | World | Elimination | ||||||||||||||||||
Net sales | $ | 807,885 | $ | 204,886 | $ | (111,163 | ) | $ | 901,608 | |||||||||||
Gross profit | 267,889 | 62,228 | (7,818 | ) | 322,299 | |||||||||||||||
Income from operations | 150,518 | 30,141 | 143 | 180,802 | ||||||||||||||||
Interest expense, net | (25,355 | ) | (177 | ) | — | (25,178 | ) | |||||||||||||
Provision for income taxes | 45,045 | 7,688 | 82 | 52,815 | ||||||||||||||||
Total assets | 1,657 | 304 | (330 | ) | 1,631 | |||||||||||||||
Goodwill | 555,714 | 6,779 | — | 562,493 | ||||||||||||||||
Capital expenditures | 7,220 | 662 | — | 7,882 | ||||||||||||||||
Depreciation and amortization | 10,425 | 955 | — | 11,380 | ||||||||||||||||
Fiscal Year Ended September 30, 2012 | ||||||||||||||||||||
North | Rest of | Intercompany | Consolidated | |||||||||||||||||
America | World | Elimination | ||||||||||||||||||
Net sales | $ | 689,663 | $ | 158,676 | $ | (72,133 | ) | $ | 776,206 | |||||||||||
Gross profit | 239,352 | 50,414 | (6,196 | ) | 283,570 | |||||||||||||||
Income from operations | 137,639 | 20,376 | 817 | 158,832 | ||||||||||||||||
Interest expense, net | (22,756 | ) | (1,890 | ) | — | (24,646 | ) | |||||||||||||
Provision for income taxes | 38,052 | 3,435 | — | 41,487 | ||||||||||||||||
Total assets | 1,737,489 | 270,654 | (470,727 | ) | 1,537,416 | |||||||||||||||
Goodwill | 557,105 | 6,791 | — | 563,896 | ||||||||||||||||
Capital expenditures | 4,037 | 491 | — | 4,528 | ||||||||||||||||
Depreciation and amortization | 9,101 | 862 | — | 9,963 | ||||||||||||||||
Fiscal Year Ended September 30, 2011 | ||||||||||||||||||||
North | Rest of | Intercompany | Consolidated | |||||||||||||||||
America | World | Elimination | ||||||||||||||||||
Net sales | $ | 645,034 | $ | 119,384 | $ | (53,532 | ) | $ | 710,886 | |||||||||||
Gross profit | 242,533 | 39,096 | (6,233 | ) | 275,396 | |||||||||||||||
Income from operations | 151,000 | 9,920 | (690 | ) | 161,610 | |||||||||||||||
Interest expense, net | (33,748 | ) | (743 | ) | — | (34,491 | ) | |||||||||||||
Provision for income taxes | 49,712 | 2,814 | — | 52,526 | ||||||||||||||||
Total assets | 1,237,964 | 113,631 | (50,210 | ) | 1,301,385 | |||||||||||||||
Goodwill | 498,200 | 6,564 | — | 504,764 | ||||||||||||||||
Capital expenditures | 4,745 | 374 | — | 5,199 | ||||||||||||||||
Depreciation and amortization | 8,575 | 983 | — | 9,558 | ||||||||||||||||
Geographic Information | ||||||||||||||||||||
The Company operated principally in three geographic areas, North America, Europe and emerging markets, such as Asia, Pacific Rim and the Middle East. | ||||||||||||||||||||
Net sales by geographic area, for the fiscal years ended September 30, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||
Fiscal Year Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Sales | % of | Sales | % of | Sales | % of | |||||||||||||||
Sales | Sales | Sales | ||||||||||||||||||
United States of America | $ | 628,220 | 69.7 | % | $ | 590,367 | 76.1 | % | $ | 583,069 | 82 | % | ||||||||
Canada | 73,409 | 8.1 | % | 28,538 | 3.7 | % | 9,440 | 1.3 | % | |||||||||||
United Kingdom | 134,943 | 15 | % | 116,809 | 15 | % | 92,375 | 13 | % | |||||||||||
Other European Countries | 52,927 | 5.9 | % | 31,087 | 4 | % | 17,034 | 2.4 | % | |||||||||||
Asia, Pacific Rim, Middle East and other | 12,109 | 1.3 | % | 9,405 | 1.2 | % | 8,968 | 1.3 | % | |||||||||||
$ | 901,608 | 100 | % | $ | 776,206 | 100 | % | $ | 710,886 | 100 | % | |||||||||
The Company determines the geographic area based on where the sale was originated from. | ||||||||||||||||||||
Long-lived assets by geographic area, for the fiscal years ended September 30, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||
Fiscal Year Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
North America | $ | 25,048 | $ | 19,104 | $ | 19,354 | ||||||||||||||
Europe | 1,746 | 1,665 | 1,598 | |||||||||||||||||
Asia, Pacific Rim, Middle East and other | — | — | — | |||||||||||||||||
$ | 26,794 | $ | 20,769 | $ | 20,952 | |||||||||||||||
Product and Services Information | ||||||||||||||||||||
Net sales by product categories, for the fiscal years ended September 30, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||
Fiscal Year Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Sales | % of | Sales | % of | Sales | % of | |||||||||||||||
Sales | Sales | Sales | ||||||||||||||||||
Hardware | $ | 744,741 | 82.6 | % | $ | 632,283 | 81.5 | % | $ | 585,272 | 82.3 | % | ||||||||
Electronic Components | 104,383 | 11.6 | % | 90,311 | 11.6 | % | 81,626 | 11.5 | % | |||||||||||
Bearings | 32,218 | 3.6 | % | 26,462 | 3.4 | % | 21,558 | 3 | % | |||||||||||
Machined Parts and Other | 20,266 | 2.2 | % | 27,150 | 3.5 | % | 22,430 | 3.2 | % | |||||||||||
$ | 901,608 | 100 | % | $ | 776,206 | 100 | % | $ | 710,886 | 100 | % | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||
Principles of Consolidation | ' | |||||||||||||
Principles of Consolidation | ||||||||||||||
The accompanying consolidated financial statements include the accounts of Wesco Aircraft Hardware, Wesco Aircraft Europe, Flintbrook Limited, Wesco Aircraft Germany GmbH, Wesco Aircraft France SAS, Wesco Aircraft Israel Limited, Wesco Aircraft Italy SRL, Wesco Aircraft Hardware India Pvt., Limited, Wesco Aircraft Trading Shanghai Co., Limited, Interfast Europe Limited, Interfast USA Inc. and Interfast USA Holdings Inc. All intercompany accounts and transactions have been eliminated. | ||||||||||||||
Use of Estimates in Preparation of Financial Statements | ' | |||||||||||||
Use of Estimates in Preparation of Financial Statements | ||||||||||||||
The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to, receivable valuations and sales returns, inventory valuations of excess and obsolete inventories, the useful lives of long-lived assets including property, equipment and intangible assets, annual goodwill impairment assessment, stock-based compensation, income taxes and contingencies. Actual results could differ from such estimates. | ||||||||||||||
Cash and Cash Equivalents | ' | |||||||||||||
Cash and Cash Equivalents | ||||||||||||||
The Company considers all highly liquid investments with original maturities from date of purchase by the Company of three months or less to be cash equivalents. | ||||||||||||||
Accounts Receivable | ' | |||||||||||||
Accounts Receivable | ||||||||||||||
Accounts receivable consist of amounts owed to the Company by customers. The Company performs periodic credit evaluations of the financial condition of its customers, monitors collections and payments from customers, and generally does not require collateral. Accounts receivable are generally due within 30 to 60 days. The Company provides for the possible inability to collect accounts receivable by recording an allowance for doubtful accounts. The Company reserves for an account when it is considered to be uncollectible. The Company estimates its allowance for doubtful accounts based on historical experience, aging of accounts receivable and information regarding the creditworthiness of its customers. To date, losses have been within the range of management's expectations. If the estimated allowance for doubtful accounts subsequently proves to be insufficient, additional allowances may be required. | ||||||||||||||
The Company's allowance for doubtful accounts activity consists of the following: | ||||||||||||||
Balance at | Changes to | Write-offs | Balance at | |||||||||||
Beginning of | Cost and | End of Period | ||||||||||||
Period | Expenses | |||||||||||||
Allowance for doubtful accounts at September 30, 2011 | $ | 6,236 | $ | 254 | $ | (2,233 | ) | $ | 4,257 | |||||
Allowance for doubtful accounts at September 30, 2012 | 4,257 | — | (190 | ) | 4,067 | |||||||||
Allowance for doubtful accounts at September 30, 2013 | 4,067 | 714 | (317 | ) | 4,464 | |||||||||
Inventories | ' | |||||||||||||
Inventories | ||||||||||||||
The Company's inventory is comprised solely of finished goods. Inventories are stated at the lower of weighted-average cost or market. In-bound freight-related costs are included as part of the cost of inventory held for resale. The Company records provisions, as appropriate, to write-down excess and obsolete inventory to estimated net realizable value. The process for evaluating excess and obsolete inventory often requires the Company to make subjective judgments and estimates concerning future sales levels, quantities and prices at which such inventories will be able to be sold in the normal course of business. | ||||||||||||||
Differences between actual and estimates of future sales may cause the actual results to differ from the estimates at the time such inventories are disposed or sold. | ||||||||||||||
Property and Equipment | ' | |||||||||||||
Property and Equipment | ||||||||||||||
Property and equipment are stated at cost, less accumulated amortization and depreciation, computed using the straight-line method over the estimated useful life of each asset. Leasehold improvements are amortized over the lesser of the remaining lease term or the estimated useful life of the assets. Expenditures for repair and maintenance costs are expensed as incurred, and expenditures for major renewals and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any gain or loss is reflected in the Company's consolidated statements of operations. The useful lives and lease terms for depreciable assets are as follows: | ||||||||||||||
Buildings and improvements | 5 - 40 years | |||||||||||||
Machinery and equipment | 5 - 9 years | |||||||||||||
Furniture and fixtures | 7 years | |||||||||||||
Vehicles | 5 years | |||||||||||||
Computer & Software | 3 - 5 years | |||||||||||||
Impairment of Long Lived Assets | ' | |||||||||||||
Impairment of Long Lived Assets | ||||||||||||||
The Company assesses potential impairments of its long-lived assets in accordance with the provisions of ASC 360, Property, Plant, and Equipment. An impairment review is performed whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Factors considered by the Company include, but are not limited to: significant underperformance relative to expected historical or projected future operating results; significant changes in the manner of use of the acquired assets or the strategy for the overall business; and significant negative industry or economic trends. The Company has determined that its asset group for impairment testing is comprised of the assets and liabilities of each of its reporting units as this is the lowest level of identifiable cash flows. The Company has identified customer relationships as the primary asset because it is the principal asset from which the reporting units derive their cash flow generating capacity and has the longest remaining useful life. The recoverability is assessed by comparing the carrying value of the assets group to the undiscounted cash flows expected to be generated by these assets. Impairment losses are measured as the amount by which the carrying values of the primary assets exceed their fair values. To date, the Company has not recognized an impairment charge related to the write-down of long-lived assets. | ||||||||||||||
Deferred Financing Costs | ' | |||||||||||||
Deferred Financing Costs | ||||||||||||||
Deferred financing costs are amortized using the effective interest method over the term of the related credit arrangement and are included in interest expense in the consolidated statement of comprehensive income. Amortization of deferred financing costs was $7,788, $2,803 and $11,416, respectively, for the years ended September 30, 2013, 2012 and 2011. As of September 30, 2013, 2012 and 2011, accumulated amortization of deferred financing cost amounted to $2,426, $5,166 and $2,363, respectively. The $4,985 increase in amortization of deferred financing costs in fiscal year 2013 as compared to fiscal year 2012 is the result of the Company refinancing its debt in December 2012. | ||||||||||||||
Goodwill and Indefinite-Lived Intangible Assets | ' | |||||||||||||
Goodwill and Indefinite-Lived Intangible Assets | ||||||||||||||
Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a purchase business combination. In accordance with the provisions of ASC 350, Intangibles—Goodwill and Other, goodwill and indefinite-lived intangible assets acquired in a business combination are not amortized, but instead tested for impairment at least annually or more frequently should an event occur or circumstances indicate that the carrying amount may be impaired. Such events or circumstances may be a significant change in business climate, economic and industry trends, legal factors, negative operating performance indicators, significant competition, changes in strategy, or disposition of a reporting unit or a portion thereof. Goodwill impairment testing is performed at the reporting unit level on July 1 of each year. | ||||||||||||||
Step 0 allows an entity the option to first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. Such qualitative factors may include the following: macroeconomic conditions; industry and market considerations; cost factors; overall financial performance; and other relevant entity-specific events. If the entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform the existing two-step quantitative impairment test which is used to identify potential goodwill impairments and to measure the amount of goodwill impairment losses to be recognized, if any, otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. | ||||||||||||||
The first step identifies potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. For all periods presented, our reporting units are consistent with our operating segments. The estimates of fair value of a reporting unit are determined based on a discounted cash flow analysis and market earnings multiples. A discounted cash flow analysis requires us to make various judgmental assumptions, including assumptions about future cash flows, growth rates and discount rates. These assumptions about future cash flows and growth rates are based on the forecast and long-term business plans of each operating segment. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting units. If the fair value exceeds its carrying amount, goodwill is not considered impaired and the second step of the test is unnecessary. If the carrying amount of a reporting unit's goodwill exceeds its fair value, the second step measures the impairment loss, if any. | ||||||||||||||
The second step compares the implied fair value of goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. If the carrying amount of goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. | ||||||||||||||
Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for each reporting unit. | ||||||||||||||
We test the indefinite-lived intangible asset, consisting of a trademark, for impairment in the fourth quarter or whenever events or circumstances indicate that it is more likely than not that their carrying values exceed their fair values. Fair value is estimated as the discounted value of future revenues using a royalty rate that a third party would pay for use of the asset. Variation in the royalty rates could impact the estimate of fair value. If the carrying amount of an asset exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess. | ||||||||||||||
We reviewed the carrying value of our reporting units and indefinite-lived intangible assets by comparing such amount to its fair value and determined that the carrying amount did not exceed its respective fair value. During the years ended September 30, 2013, 2012 and 2011, the fair value of our reporting units was substantially in excess of the reporting units' carrying values. Additionally, the fair value of our indefinite-lived intangible assets was substantially in excess of its carrying value. Accordingly, management believes there are no impairments as of September 30, 2013 related to either goodwill or the indefinite-lived intangible asset. | ||||||||||||||
During the year ended September 30, 2013, goodwill increased by $2,653 which was due primarily to foreign currency translation. During the year ended September 30, 2012, goodwill increased by $60,382 of which $58,471 was the result of the Interfast acquisition and $1,911 was due to foreign currency translation. During the year ended September 30, 2011, the decrease in goodwill was due to foreign currency translation effect of $77. During the three years ended September 30, 2013 no impairment charges have been recorded for goodwill or the indefinite-lived intangible asset. | ||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||
Fair Value of Financial Instruments | ||||||||||||||
The Company's financial instruments consist of cash and cash equivalents, accounts receivable and payable, accrued and other current liabilities and line of credit. The carrying amounts of these instruments approximate fair value because of their short-term maturities. The fair value of the long-term debt instruments are determined using current applicable rates for similar instruments as of the balance sheet date (Level 2 measurement as described in Note 11. "Fair Value of Financial Instruments"). The carrying amounts and fair value of the debt instruments as of September 30, 2013 were as follows: | ||||||||||||||
Carrying Value | Fair Value | |||||||||||||
$625,000 term loan | $ | 568,000 | $ | 568,000 | ||||||||||
$200,000 revolving line of credit | $ | — | $ | — | ||||||||||
Comprehensive Income | ' | |||||||||||||
Comprehensive Income | ||||||||||||||
ASC 220, Comprehensive Income, establishes guidelines for the reporting and display of comprehensive income and its components in financial statements. Comprehensive income generally represents all changes in stockholders' equity, except those resulting from investments by or distributions to stockholders. The Company's comprehensive income includes foreign currency translation adjustments and is included in the consolidated statements of stockholders' equity. | ||||||||||||||
Revenue Recognition | ' | |||||||||||||
Revenue Recognition | ||||||||||||||
The Company recognizes hardware and service revenue when (i) persuasive evidence of an arrangement exists, (ii) title transfers to the customer, (iii) the sales price charged is fixed or determinable and (iv) collection is reasonably assured. | ||||||||||||||
In connection with the sales of its products, the Company often provides certain supply chain management programs. These services are provided exclusively in connection with the sales of products, and as such, the price of such services is generally included in the price of the products delivered to the customer. The Company does not account for these services as a separate element, as the services do not have stand-alone value and cannot be separated from the product element of the arrangement. Additionally, the Company does not present service revenues apart from product revenues, as the service fees represent less than 5% of the Company's consolidated net sales. There are no significant post-delivery obligations associated with these services. | ||||||||||||||
The Company also enters into sales rebates and profit sharing arrangements. Such customer incentives are accounted for as a reduction to gross sales and recorded based upon estimates at the time products are sold. These estimates are based upon historical experience for similar programs and products. The Company reviews such rebates and profit sharing arrangements on an ongoing basis and accruals are adjusted, if necessary, as additional information becomes available. | ||||||||||||||
Management provides allowances for credit losses and returns based on historic experience. The allowances are adjusted as considered necessary. To date, such allowances have been within the range of management's expectations. | ||||||||||||||
In connection with the Company's JIT supply chain management programs, the Company at times assumes customer inventory on a consignment basis. This consigned inventory remains the property of the customer but is managed and distributed by the Company. The Company earns a fixed fee per unit on each shipment of the consigned inventory; such amounts represent less than 1% of consolidated revenues. | ||||||||||||||
The Company leases certain equipment under its tool leasing program. Prior to the lease modifications in fiscal year 2011, such arrangements represent direct-financing leases under which the Company recognized revenue over the lease term using consistent rates of return. Since the revenue earned under these leasing arrangements represented less than 1% of the Company's consolidated revenues, the sales earned from such arrangements are included in net sales within the consolidated statements of income and are not presented separately as financing income. Subsequent to the lease modifications, such leases are accounted for as operating leases under which the Company recognizes revenue over the lease term on a straight-line basis. | ||||||||||||||
Shipping and Handling Costs | ' | |||||||||||||
Shipping and Handling Costs | ||||||||||||||
The Company records revenue for shipping and handling billed to its customers. Shipping and handling revenues were approximately $1,304, $765 and $1,006 for the years ended September 30, 2013, 2012 and 2011, respectively. | ||||||||||||||
Shipping and handling costs are included in cost of sales. Total shipping and handling costs were approximately $8,330, $6,202 and $4,636 for the years ended September 30, 2013, 2012 and 2011, respectively. | ||||||||||||||
Income Taxes | ' | |||||||||||||
Income Taxes | ||||||||||||||
The Company accounts for income taxes in accordance with ASC 740, Income Taxes. ASC 740 requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established, when necessary, to reduce net deferred tax assets to the amount expected to be realized. The Company's foreign subsidiaries are taxed in local jurisdictions at local statutory rates. The Company intends to reinvest all earnings of foreign subsidiaries. | ||||||||||||||
Concentration of Credit Risk and Significant Vendors | ' | |||||||||||||
Concentration of Credit Risk and Significant Vendors | ||||||||||||||
The Company maintains its cash and cash equivalents in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk from cash and cash equivalents. | ||||||||||||||
The Company purchases its products on credit terms from vendors located throughout North America and Europe. For the years ended September 30, 2013, 2012 and 2011, the Company made approximately 20%, 21% and 20%, respectively, of its purchases from Precision Castparts Corporation and the amounts payable to this vendor were approximately 14%, 13% and 10% of accounts payable at September 30, 2013, 2012 and 2011, respectively. Additionally, for the years ended September 30, 2013, 2012 and 2011, the Company made approximately 19%, 23% and 22%, respectively, of its purchases from Alcoa Fastening Systems and the amounts payable to this vendor were approximately 14%, 15% and 17% of amounts payable at September 30, 2013, 2012 and 2011, respectively. The majority of the products the Company sells are available through multiple channels and, therefore, this reduces the risk related to any vendor relationship. | ||||||||||||||
For the years ending September 30, 2013, 2012 and 2011, the Company derived approximately 4%, 9% and 16%, respectively, of its recorded sales from The Boeing Company and the accounts receivable balance associated with this customer was approximately 7%, 3% and 9% at September 30, 2013, 2012 and 2011, respectively. | ||||||||||||||
Foreign Currency Translation | ' | |||||||||||||
Foreign Currency Translation | ||||||||||||||
The financial statements of the foreign subsidiaries are translated into U.S. Dollars in accordance with ASC 830, Foreign Currency Matters. The financial statements of foreign subsidiaries and affiliates where the local currency is the functional currency are translated into U.S. Dollars using exchange rates in effect at the year-end for assets and liabilities and average exchange rates during the year for results of operations. The adjustment resulting from translating the financial statements of such foreign subsidiaries is reflected as a separate component of stockholders' equity. Foreign currency transaction gains and losses are reported as other income (expense), net in the consolidated statements of income. For the years ended September 30, 2013, 2012 and 2011, foreign currency transaction gains and (losses) were approximately $1,748, $(277) and $390, respectively. | ||||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation. ASC 718 requires all stock-based awards to employees and directors to be recognized as stock-based compensation expense based upon their fair values on the date of grant. In March 2005, the Securities Exchange Commission ("SEC") issued Staff Accounting Bulletin ("SAB") No. 107, Share-Based Payment, which provides guidance regarding the interaction of ASC 718 and certain SEC rules and regulations. The Company has applied the provision of SAB No. 107 in its adoption of ASC 718. | ||||||||||||||
ASC 718 requires companies to estimate the fair value of stock-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as an expense during the requisite service periods. The Company has estimated the fair value for each option award as of the date of grant using the Black-Scholes option pricing model. The Black-Scholes model considers, among other factors, the expected life of the award and the expected volatility of the Company's stock price. The Company recognizes the stock-based compensation expense over the requisite service period (generally a vesting term of 3 years) using the graded vesting method for performance condition awards and the straight line method for service condition only awards, which is generally a vesting term of 5 years. Stock options typically have a contractual term of 10 years. The stock options granted had an exercise price equal to the estimated fair value of the Company's common stock on the grant date. Compensation expense for restricted stock units and awards are based on the market price of the shares underlying the awards on the grant date. Compensation expense for performance based awards reflects the estimated probability that the performance condition will be met. | ||||||||||||||
Net Income Per Share | ' | |||||||||||||
Net Income Per Share | ||||||||||||||
Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. At September 30, 2013, 2012 and 2011, 2,434,507, 3,399,592 and 3,736,203 shares, respectively, of restricted stock and stock options issued to employees were unvested/unexercised and, therefore, excluded from the calculation of basic earnings per share for each of the fiscal years ended on those dates. Diluted net income per share includes the dilutive effect of both outstanding stock options and restricted shares, calculated using the treasury stock method. Assumed proceeds from the in-the-money options include the tax benefits, net of shortfalls, calculated under the "as-if" method as prescribed by ASC 718. | ||||||||||||||
September 30 | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands, except | ||||||||||||||
per share data) | ||||||||||||||
Net income | $ | 104,812 | $ | 92,175 | $ | 75,598 | ||||||||
Basic weighted average shares outstanding | 93,285 | 92,058 | 90,697 | |||||||||||
Dilutive effect of stock options and restricted stock awards/units | 2,559 | 3,654 | 2,485 | |||||||||||
Dilutive weighted average shares outstanding | 95,844 | 95,712 | 93,182 | |||||||||||
Basic net income per share | $ | 1.12 | $ | 1 | $ | 0.83 | ||||||||
Diluted net income per share | $ | 1.09 | $ | 0.96 | $ | 0.81 | ||||||||
Shares of common stock equivalents of zero, 273,315 and 37,883 for fiscal 2013, 2012 and 2011, respectively, were excluded from the diluted calculation due to their anti-dilutive effect. | ||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||
Schedule of the Company's allowance for doubtful accounts activity | ' | |||||||||||||
Balance at | Changes to | Write-offs | Balance at | |||||||||||
Beginning of | Cost and | End of Period | ||||||||||||
Period | Expenses | |||||||||||||
Allowance for doubtful accounts at September 30, 2011 | $ | 6,236 | $ | 254 | $ | (2,233 | ) | $ | 4,257 | |||||
Allowance for doubtful accounts at September 30, 2012 | 4,257 | — | (190 | ) | 4,067 | |||||||||
Allowance for doubtful accounts at September 30, 2013 | 4,067 | 714 | (317 | ) | 4,464 | |||||||||
Schedule of useful lives and lease terms for depreciable assets | ' | |||||||||||||
Buildings and improvements | 5 - 40 years | |||||||||||||
Machinery and equipment | 5 - 9 years | |||||||||||||
Furniture and fixtures | 7 years | |||||||||||||
Vehicles | 5 years | |||||||||||||
Computer & Software | 3 - 5 years | |||||||||||||
Schedule of carrying amounts and fair value of the debt instruments | ' | |||||||||||||
Carrying Value | Fair Value | |||||||||||||
$625,000 term loan | $ | 568,000 | $ | 568,000 | ||||||||||
$200,000 revolving line of credit | $ | — | $ | — | ||||||||||
Schedule of net income per share | ' | |||||||||||||
September 30 | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In thousands, except | ||||||||||||||
per share data) | ||||||||||||||
Net income | $ | 104,812 | $ | 92,175 | $ | 75,598 | ||||||||
Basic weighted average shares outstanding | 93,285 | 92,058 | 90,697 | |||||||||||
Dilutive effect of stock options and restricted stock awards/units | 2,559 | 3,654 | 2,485 | |||||||||||
Dilutive weighted average shares outstanding | 95,844 | 95,712 | 93,182 | |||||||||||
Basic net income per share | $ | 1.12 | $ | 1 | $ | 0.83 | ||||||||
Diluted net income per share | $ | 1.09 | $ | 0.96 | $ | 0.81 | ||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Acquisitions | ' | ||||
Schedule of estimated fair values of assets acquired and liabilities assumed | ' | ||||
Current assets | $ | 55,130 | |||
Property and equipment | 1,094 | ||||
Identifiable Intangible assets | |||||
Trademarks | 1,087 | ||||
Customer relationships | 19,423 | ||||
Non-compete agreements | 455 | ||||
Backlog | 3,161 | ||||
Goodwill | 58,471 | ||||
Total assets acquired | 138,821 | ||||
Total liabilities assumed | (6,927 | ) | |||
Purchase price, net of liabilities assumed | $ | 131,894 | |||
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property and Equipment, net | ' | |||||||
Schedule of property and equipment, net | ' | |||||||
2013 | 2012 | |||||||
Land, buildings and improvements | $ | 15,468 | $ | 15,237 | ||||
Machinery and equipment | 12,872 | 10,100 | ||||||
Vehicles | 871 | 703 | ||||||
Computer and software | 18,749 | 14,983 | ||||||
Furniture and fixtures | 3,064 | 2,890 | ||||||
Construction in progress | 3,492 | — | ||||||
54,516 | 43,913 | |||||||
Less: accumulated depreciation and amortization | (27,722 | ) | (23,144 | ) | ||||
Property and equipment, net | $ | 26,794 | $ | 20,769 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, net (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Goodwill and Intangible Assets, net | ' | |||||||||||||
Schedule of goodwill | ' | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | |||||||||||||
Beginning balance | $ | 563,896 | $ | 504,764 | ||||||||||
Foreign currency translation | (1,403 | ) | 1,911 | |||||||||||
Purchase accounting adjustment | — | 57,221 | ||||||||||||
Ending balance | $ | 562,493 | $ | 563,896 | ||||||||||
Schedule of gross amounts and accumulated amortization of intangible assets | ' | |||||||||||||
2013 | 2012 | |||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||
Customer relationships (12 to 20 year life) | $ | 84,237 | $ | (24,842 | ) | $ | 84,713 | $ | (20,101 | ) | ||||
Trademarks (5 years to indefinite life) | 40,425 | (1,637 | ) | 40,450 | (1,528 | ) | ||||||||
Backlog (2 year life) | 4,327 | (3,136 | ) | 4,402 | (1,557 | ) | ||||||||
Non-compete agreements (3 to 4 year life) | 1,457 | (1,190 | ) | 1,468 | (1,039 | ) | ||||||||
Total intangible assets | $ | 130,446 | $ | (30,805 | ) | $ | 131,033 | $ | (24,225 | ) | ||||
Schedule of estimated future amortization expense | ' | |||||||||||||
2014 | $ | 6,192 | ||||||||||||
2015 | 4,963 | |||||||||||||
2016 | 4,849 | |||||||||||||
2017 | 4,849 | |||||||||||||
2018 | 4,849 | |||||||||||||
Thereafter | 36,107 | |||||||||||||
$ | 61,809 | |||||||||||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accrued Expenses and Other Current Liabilities | ' | |||||||
Schedule of accrued expenses and other current liabilities | ' | |||||||
2013 | 2012 | |||||||
Accrued compensation and related expenses | $ | 14,606 | $ | 10,364 | ||||
Accrual for commissions | 447 | 358 | ||||||
Accrued professional fees | 596 | 2,215 | ||||||
Accrued customer rebates | 1,743 | 2,226 | ||||||
Accrued taxes (property, sales and use) | 1,467 | 1,313 | ||||||
Accrued interest | 588 | 196 | ||||||
Integration costs | — | 917 | ||||||
Accrued profit sharing | 791 | 691 | ||||||
Other accruals | 809 | 1,508 | ||||||
Accrued expenses and other current liabilities | $ | 21,047 | $ | 19,788 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Long-Term Debt | ' | |||||||
Schedule of debt | ' | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
$265,000 term loan, bearing interest based on Alternate Base Rate ("ABR") (defined as Prime Rate plus an applicable margin rate ranging from 1.25% -2.25%) or Eurodollar (defined as London Inter-Bank Offer Rate ("LIBOR") rates plus an applicable margin ranging from 2.25% - 3.25%), whichever was greater. The applicable margin rates were indexed to the Company's Consolidated Total Leverage Ratio and adjusted each reporting period based on operating results. The term loan was payable quarterly equal to 1.25% the first year, escalating to 3.75% by the fifth year of the principal amount of $265,000 with the final payment due on April 7, 2016. | $ | — | $ | 228,805 | ||||
$350,000 term loan, bearing interest based on the ABR (defined as Prime Rate plus an applicable margin rate ranging from 1.75% - 2.00%), or Eurodollar (defined as LIBOR rates plus an applicable margin rate ranging from 2.75% -3.00%), whichever was greater, provided however that at no time could the base rate be less than 1.25%. The applicable margin rates were indexed to the Company's Consolidated Total Leverage Ratio and adjusted each reporting period based on operating results. The term loan was payable quarterly equal to 0.25% of the principal amount of $350,000.The entire balance is due April 7, 2017. | — | 302,195 | ||||||
$150,000 revolving line of credit, bearing interest based on the "ABR" (defined as Prime Rate plus an applicable margin rate ranging from 1.25% - 2.25%) or Eurodollar (defined as LIBOR rates plus an applicable margin ranging from 2.25% - 3.25%), whichever was greater. The applicable margin rates were indexed to the Company's Consolidated Total Leverage Ratio and adjusted each reporting period based on operating results. The revolver would have been due on April 7, 2016. | — | 95,000 | ||||||
$625,000 term loan, bearing interest based on the ABR (defined as Prime Rate plus an applicable margin rate ranging from 0.75% - 1.50%), or Eurodollar (defined as LIBOR rates plus an applicable margin rate ranging from 1.75% -2.50%), whichever is greater. The applicable margin rates are indexed to the Company's Consolidated Total Leverage Ratio (as such ratio is defined in the new senior secured credit facilities) and adjusted each reporting period based on operating results. The term loan is payable quarterly equal to 1.25% the first year, escalating to 2.50% by the fifth year of the principal amount of $625,000 with the final payment due on December 7, 2017. Interest rate was 2.44% at September 30, 2013 | 568,000 | — | ||||||
$200,000 revolving line of credit, bearing interest based on the ABR (defined as Prime Rate plus an applicable margin rate ranging from 0.75% - 1.50%), or Eurodollar (defined as LIBOR rates plus an applicable margin rate ranging from 1.75% - 2.50%), whichever is greater. The applicable margin rates are indexed to the Company's Consolidated Total Leverage Ratio and (as such ratio is defined in the new senior secured credit facilities) adjusted each reporting period based on operating results. The revolver is due on December 7, 2017. Interest rate was 2.44% at September 30, 2013. | — | — | ||||||
Less: current portion | — | — | ||||||
Long-term debt | $ | 568,000 | $ | 626,000 | ||||
Schedule of aggregate maturities of long-term debt | ' | |||||||
Years Ended September 30, | ||||||||
2014 | $ | — | ||||||
2015 | 40,656 | |||||||
2016 | 46,875 | |||||||
2017 | 58,594 | |||||||
2018 | 421,875 | |||||||
$ | 568,000 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||
Schedule of income before provision for income taxes | ' | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
U.S. income | $ | 115,194 | $ | 110,120 | $ | 118,475 | ||||||||||||||
Foreign income | 42,433 | 23,542 | 9,649 | |||||||||||||||||
Total | $ | 157,627 | $ | 133,662 | $ | 128,124 | ||||||||||||||
Schedule of components of the Company's income tax provision | ' | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Current provision | ||||||||||||||||||||
Federal | $ | 29,366 | $ | 14,007 | $ | 31,840 | ||||||||||||||
State and local | 3,943 | 1,355 | 5,897 | |||||||||||||||||
Foreign | 9,566 | 5,744 | 3,613 | |||||||||||||||||
Subtotal | 42,875 | 21,106 | 41,350 | |||||||||||||||||
Deferred provision (benefit) | ||||||||||||||||||||
Federal | 8,901 | 18,867 | 9,157 | |||||||||||||||||
State and local | 1,022 | 1,719 | 1,991 | |||||||||||||||||
Foreign | 17 | (205 | ) | 28 | ||||||||||||||||
Subtotal | 9,940 | 20,381 | 11,176 | |||||||||||||||||
Provision for income taxes | $ | 52,815 | $ | 41,487 | $ | 52,526 | ||||||||||||||
Schedule of deferred income tax assets (liabilities) | ' | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Current deferred tax assets/(liabilities) | ||||||||||||||||||||
Inventories | $ | 34,537 | $ | 29,345 | ||||||||||||||||
Reserves and other accruals | 2,811 | 1,517 | ||||||||||||||||||
Compensation accruals | 2,292 | 2,010 | ||||||||||||||||||
Other | 31 | |||||||||||||||||||
Total current deferred tax assets/(liabilities) | 39,671 | 32,872 | ||||||||||||||||||
Non-current deferred tax assets/(liabilities) | ||||||||||||||||||||
Property and equipment | (2,107 | ) | (2,237 | ) | ||||||||||||||||
Goodwill and intangible assets | (73,268 | ) | (56,987 | ) | ||||||||||||||||
Stock options | 3,062 | 3,779 | ||||||||||||||||||
Deferred financing costs and other | 129 | — | ||||||||||||||||||
Total non-current deferred tax assets/(liabilities) | (72,184 | ) | (55,445 | ) | ||||||||||||||||
Net deferred tax assets/(liabilities) | $ | (32,513 | ) | $ | (22,573 | ) | ||||||||||||||
Schedule of reconciliation of the Company's provision (benefit) for income taxes to the U.S. federal statutory rate | ' | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Provision for income taxes at statutory rate | $ | 55,169 | 35 | % | $ | 46,782 | 35 | % | $ | 44,843 | 35 | % | ||||||||
State taxes, net of tax benefit | 3,228 | 2.05 | 2,100 | 1.57 | 5,141 | 4.01 | ||||||||||||||
Nondeductible items | 5,310 | 3.37 | 1,340 | 1 | 2,948 | 2.3 | ||||||||||||||
Other | (2,060 | ) | (1.31 | ) | (407 | ) | (0.30 | ) | 1,302 | 1.02 | ||||||||||
IRC Section 199 and 41 | (610 | ) | (0.39 | ) | (3,550 | ) | (2.66 | ) | — | — | ||||||||||
Foreign income not taxed at the Federal rate | (4,910 | ) | (3.11 | ) | (2,699 | ) | (2.02 | ) | 2 | — | ||||||||||
Foreign tax credit | (3,312 | ) | (2.10 | ) | (2,079 | ) | (1.55 | ) | (1,710 | ) | (1.33 | ) | ||||||||
Actual provision for income taxes | $ | 52,815 | 33.51 | % | $ | 41,487 | 31.04 | % | $ | 52,526 | 41 | % | ||||||||
StockBased_and_Other_Compensat1
Stock-Based and Other Compensation Arrangements (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Stock-Based and Other Compensation Arrangements | ' | |||||||||||||
Summary of options activity | ' | |||||||||||||
Outstanding Options | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
Shares | Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value(1) | ||||||||||||
Price | Contractual | |||||||||||||
Life | ||||||||||||||
(in years) | ||||||||||||||
September 30, 2011 | 7,659,315 | $ | 5.09 | 5.7 | $ | 46,528,736 | ||||||||
Granted | — | $ | — | |||||||||||
Exercised | (1,729,030 | ) | $ | 4.27 | ||||||||||
Forfeited options | (1,350 | ) | $ | 15 | ||||||||||
September 30, 2012 | 5,928,935 | $ | 5.32 | 4.9 | $ | 50,006,187 | ||||||||
Granted | 687,338 | $ | 13.49 | |||||||||||
Exercised | (2,133,334 | ) | $ | 4.63 | ||||||||||
Forfeited options | (244,913 | ) | $ | 14.66 | ||||||||||
September 30, 2013 | 4,238,026 | $ | 6.46 | 4.6 | $ | 61,338,566 | ||||||||
-1 | ||||||||||||||
Aggregate intrinsic value is calculated on the difference between our closing stock price at year end and the exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders, had they all exercised all their options on the fiscal year end date. | ||||||||||||||
Schedule of restricted share activity | ' | |||||||||||||
Shares | Weighted | |||||||||||||
Average | ||||||||||||||
Fair | ||||||||||||||
Value | ||||||||||||||
Outstanding at start of year | 102,300 | $ | 14.81 | |||||||||||
Granted(1) | 257,531 | $ | 13.52 | |||||||||||
Vested | (128,189 | ) | $ | 13.75 | ||||||||||
Forfeited | (75,011 | ) | $ | 14.6 | ||||||||||
Outstanding at end of year | 156,631 | $ | 13.65 | |||||||||||
-1 | ||||||||||||||
Under the terms of their respective RSA award agreements, RSA shareholders have the same voting rights as common stock shareholders, such rights exist even if the RSA have not vested. | ||||||||||||||
Schedule of weighted average assumptions | ' | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Expected life (in years) | 5.97 | — | 6.7 | |||||||||||
Volatility | 46.5 | % | — | 45.57 | % | |||||||||
Risk free interest rate | 1.04 | % | — | 2.26 | % | |||||||||
Dividend yield | — | — | — | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Commitments and Contingencies | ' | ||||||||||
Schedule of future minimum rental payments under operating leases | ' | ||||||||||
Third | Related | Total | |||||||||
Party | Party | ||||||||||
Years Ended September 30, | |||||||||||
2014 | $ | 2,578 | $ | 1,766 | $ | 4,344 | |||||
2015 | 1,945 | 1,622 | 3,567 | ||||||||
2016 | 1,237 | 1,621 | 2,858 | ||||||||
2017 | 840 | 1,621 | 2,461 | ||||||||
2018 | 335 | 1,621 | 1,956 | ||||||||
Thereafter | 152 | 1,795 | 1,947 | ||||||||
$ | 7,087 | $ | 10,046 | $ | 17,133 | ||||||
Schedule of future minimum rental payments under capital leases | ' | ||||||||||
2014 | $ | 1,139 | |||||||||
2015 | 1,038 | ||||||||||
2016 | 351 | ||||||||||
2017 | 131 | ||||||||||
2018 | 35 | ||||||||||
2,694 | |||||||||||
Less: interest | (96 | ) | |||||||||
Total | $ | 2,598 | |||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Supplemental Cash Flow Information | ' | ||||||||||
Schedule of supplemental cash flow information | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Cash payments for: | |||||||||||
Interest paid | $ | 16,343 | $ | 21,006 | $ | 20,278 | |||||
Income taxes paid | $ | 5,977 | $ | 37,428 | $ | 49,567 | |||||
Schedule of non-cash investing and financing activities: | |||||||||||
Property and equipment acquired pursuant to capital leases | $ | 2,923 | $ | 116 | $ | 1,536 | |||||
Property and equipment disposed of pursuant to termination of capital leases | $ | 0 | $ | (154 | ) | $ | (275 | ) | |||
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Quarterly Financial Data (unaudited) | ' | |||||||||||||
Summary of unaudited quarterly financial data | ' | |||||||||||||
Quarter Ended: | September 30, | June 30, | March 31, | December 31, | ||||||||||
2013 | 2013 | 2013 | 2012 | |||||||||||
Net sales | $ | 234,339 | $ | 230,236 | $ | 225,862 | $ | 211,170 | ||||||
Gross profit | 85,000 | 81,891 | 81,308 | 74,100 | ||||||||||
Income from operations | 48,880 | 46,135 | 46,412 | 39,375 | ||||||||||
Net income | 29,972 | 27,026 | 29,388 | 18,426 | ||||||||||
Basic net income per share(1) | $ | 0.32 | $ | 0.29 | $ | 0.32 | $ | 0.2 | ||||||
Diluted net income per share(1) | $ | 0.31 | $ | 0.28 | $ | 0.31 | $ | 0.19 | ||||||
Quarter Ended: | September 30, | June 30, | March 31, | December 31, | ||||||||||
2012 | 2012 | 2012 | 2011 | |||||||||||
Net sales | $ | 212,162 | $ | 189,347 | $ | 182,143 | $ | 192,554 | ||||||
Gross profit | 78,943 | 67,280 | 64,075 | 73,272 | ||||||||||
Income from operations | 42,436 | 34,952 | 36,365 | 45,079 | ||||||||||
Net income | 26,981 | 22,293 | 19,723 | 23,178 | ||||||||||
Basic net income per share(1) | $ | 0.29 | $ | 0.24 | $ | 0.21 | $ | 0.25 | ||||||
Diluted net income per share(1) | $ | 0.28 | $ | 0.23 | $ | 0.21 | $ | 0.24 | ||||||
-1 | ||||||||||||||
Net income per share calculations for each quarter are based on the weighted average diluted shares outstanding for that quarter and may not total to the full year amount. | ||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||
Schedule of net sales and other financial information by business segment | ' | |||||||||||||||||||
Fiscal Year Ended September 30, 2013 | ||||||||||||||||||||
North | Rest of | Intercompany | Consolidated | |||||||||||||||||
America | World | Elimination | ||||||||||||||||||
Net sales | $ | 807,885 | $ | 204,886 | $ | (111,163 | ) | $ | 901,608 | |||||||||||
Gross profit | 267,889 | 62,228 | (7,818 | ) | 322,299 | |||||||||||||||
Income from operations | 150,518 | 30,141 | 143 | 180,802 | ||||||||||||||||
Interest expense, net | (25,355 | ) | (177 | ) | — | (25,178 | ) | |||||||||||||
Provision for income taxes | 45,045 | 7,688 | 82 | 52,815 | ||||||||||||||||
Total assets | 1,657 | 304 | (330 | ) | 1,631 | |||||||||||||||
Goodwill | 555,714 | 6,779 | — | 562,493 | ||||||||||||||||
Capital expenditures | 7,220 | 662 | — | 7,882 | ||||||||||||||||
Depreciation and amortization | 10,425 | 955 | — | 11,380 | ||||||||||||||||
Fiscal Year Ended September 30, 2012 | ||||||||||||||||||||
North | Rest of | Intercompany | Consolidated | |||||||||||||||||
America | World | Elimination | ||||||||||||||||||
Net sales | $ | 689,663 | $ | 158,676 | $ | (72,133 | ) | $ | 776,206 | |||||||||||
Gross profit | 239,352 | 50,414 | (6,196 | ) | 283,570 | |||||||||||||||
Income from operations | 137,639 | 20,376 | 817 | 158,832 | ||||||||||||||||
Interest expense, net | (22,756 | ) | (1,890 | ) | — | (24,646 | ) | |||||||||||||
Provision for income taxes | 38,052 | 3,435 | — | 41,487 | ||||||||||||||||
Total assets | 1,737,489 | 270,654 | (470,727 | ) | 1,537,416 | |||||||||||||||
Goodwill | 557,105 | 6,791 | — | 563,896 | ||||||||||||||||
Capital expenditures | 4,037 | 491 | — | 4,528 | ||||||||||||||||
Depreciation and amortization | 9,101 | 862 | — | 9,963 | ||||||||||||||||
Fiscal Year Ended September 30, 2011 | ||||||||||||||||||||
North | Rest of | Intercompany | Consolidated | |||||||||||||||||
America | World | Elimination | ||||||||||||||||||
Net sales | $ | 645,034 | $ | 119,384 | $ | (53,532 | ) | $ | 710,886 | |||||||||||
Gross profit | 242,533 | 39,096 | (6,233 | ) | 275,396 | |||||||||||||||
Income from operations | 151,000 | 9,920 | (690 | ) | 161,610 | |||||||||||||||
Interest expense, net | (33,748 | ) | (743 | ) | — | (34,491 | ) | |||||||||||||
Provision for income taxes | 49,712 | 2,814 | — | 52,526 | ||||||||||||||||
Total assets | 1,237,964 | 113,631 | (50,210 | ) | 1,301,385 | |||||||||||||||
Goodwill | 498,200 | 6,564 | — | 504,764 | ||||||||||||||||
Capital expenditures | 4,745 | 374 | — | 5,199 | ||||||||||||||||
Depreciation and amortization | 8,575 | 983 | — | 9,558 | ||||||||||||||||
Schedule of net sales by geographical area | ' | |||||||||||||||||||
Fiscal Year Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Sales | % of | Sales | % of | Sales | % of | |||||||||||||||
Sales | Sales | Sales | ||||||||||||||||||
United States of America | $ | 628,220 | 69.7 | % | $ | 590,367 | 76.1 | % | $ | 583,069 | 82 | % | ||||||||
Canada | 73,409 | 8.1 | % | 28,538 | 3.7 | % | 9,440 | 1.3 | % | |||||||||||
United Kingdom | 134,943 | 15 | % | 116,809 | 15 | % | 92,375 | 13 | % | |||||||||||
Other European Countries | 52,927 | 5.9 | % | 31,087 | 4 | % | 17,034 | 2.4 | % | |||||||||||
Asia, Pacific Rim, Middle East and other | 12,109 | 1.3 | % | 9,405 | 1.2 | % | 8,968 | 1.3 | % | |||||||||||
$ | 901,608 | 100 | % | $ | 776,206 | 100 | % | $ | 710,886 | 100 | % | |||||||||
Schedule of long-lived assets by geographic area | ' | |||||||||||||||||||
Fiscal Year Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
North America | $ | 25,048 | $ | 19,104 | $ | 19,354 | ||||||||||||||
Europe | 1,746 | 1,665 | 1,598 | |||||||||||||||||
Asia, Pacific Rim, Middle East and other | — | — | — | |||||||||||||||||
$ | 26,794 | $ | 20,769 | $ | 20,952 | |||||||||||||||
Schedule of net sales by product categories | ' | |||||||||||||||||||
Fiscal Year Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Sales | % of | Sales | % of | Sales | % of | |||||||||||||||
Sales | Sales | Sales | ||||||||||||||||||
Hardware | $ | 744,741 | 82.6 | % | $ | 632,283 | 81.5 | % | $ | 585,272 | 82.3 | % | ||||||||
Electronic Components | 104,383 | 11.6 | % | 90,311 | 11.6 | % | 81,626 | 11.5 | % | |||||||||||
Bearings | 32,218 | 3.6 | % | 26,462 | 3.4 | % | 21,558 | 3 | % | |||||||||||
Machined Parts and Other | 20,266 | 2.2 | % | 27,150 | 3.5 | % | 22,430 | 3.2 | % | |||||||||||
$ | 901,608 | 100 | % | $ | 776,206 | 100 | % | $ | 710,886 | 100 | % | |||||||||
Organization_and_Business_Deta
Organization and Business (Details) | 12 Months Ended | 0 Months Ended |
Sep. 30, 2013 | Sep. 29, 2006 | |
item | Wesco Aircraft Hardware Corp, Wesco Aircraft Israel and the European entities of Flintbrook Ltd., Wesco Aircraft France and Wesco Aircraft Germany acquired by the company | |
Organization and Business | ' | ' |
Minimum stocking locations | 20 | ' |
Organization and Business | ' | ' |
Percentage of outstanding stock acquired | ' | 100.00% |
Investment of affiliates of The Carlyle Group in the entities acquired in leveraged transaction (as a percent) | ' | 85.00% |
Prior owner's contribution of ownership (as a percent) | ' | 15.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Allowance for doubtful accounts activity | ' | ' | ' |
Balance at Beginning of Period | $4,067 | $4,257 | $6,236 |
Changes to Cost and Expenses | 714 | ' | 254 |
Write-offs | -317 | -190 | -2,233 |
Balance at End of Period | $4,464 | $4,067 | $4,257 |
Minimum | ' | ' | ' |
Accounts receivable | ' | ' | ' |
Accounts receivable dating | '30 days | ' | ' |
Maximum | ' | ' | ' |
Accounts receivable | ' | ' | ' |
Accounts receivable dating | '60 days | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Interfast Inc. | Interfast Inc. | Buildings and improvements | Buildings and improvements | Machinery and equipment | Machinery and equipment | Furniture and fixtures | Vehicles | Computer and software | Computer and software | ||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||
Property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful lives and lease terms for depreciable assets | ' | ' | ' | ' | ' | '5 years | '40 years | '5 years | '9 years | '7 years | '5 years | '3 years | '5 years |
Deferred Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred financing costs | $7,788 | $2,803 | $11,416 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization of deferred financing cost | 2,426 | 5,166 | 2,363 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in accumulated amortization of deferred financing cost | 4,985 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill and Indefinite-Lived Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in goodwill during the period | 2,653 | 60,382 | ' | -1,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in goodwill due to acquisition | ' | ' | ' | ' | 58,471 | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in goodwill due to foreign currency translation effect | -1,403 | 1,911 | 77 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges for goodwill or indefinite lived intangible asset | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
625,000 term loan | ' |
Fair value of financial instruments | ' |
Face amount | $625,000 |
625,000 term loan | Level 2 | ' |
Fair value of financial instruments | ' |
Face amount | 625,000 |
$200,000 revolving line of credit | Level 2 | ' |
Fair value of financial instruments | ' |
Face amount | 200,000 |
$265,000 term loan | ' |
Fair value of financial instruments | ' |
Face amount | 265,000 |
Carrying Value | 625,000 term loan | Level 2 | ' |
Fair value of financial instruments | ' |
Long-term debt | 568,000 |
Fair Value | 625,000 term loan | Level 2 | ' |
Fair value of financial instruments | ' |
Long-term debt | $568,000 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Foreign Currency Translation | ' | ' | ' |
Foreign currency transaction gains and (losses) | $1,748 | ($277) | $390 |
Shipping and Handling Costs | ' | ' | ' |
Shipping and handling revenues | 1,304 | 765 | 1,006 |
Shipping and handling costs | $8,330 | $6,202 | $4,636 |
Maximum | ' | ' | ' |
Revenue Recognition | ' | ' | ' |
Service fees as a percentage of consolidated net sales | 5.00% | ' | ' |
Consigned inventory fixed fees as a percentage of consolidated revenues | 1.00% | ' | ' |
Direct-financing lease revenues as a percentage of consolidated revenues | 1.00% | ' | ' |
Purchases | Vendors | Precision Castparts Corporation | ' | ' | ' |
Concentration of credit risk and significant vendors | ' | ' | ' |
Concentration risk (as a percent) | 20.00% | 21.00% | 20.00% |
Purchases | Vendors | Alcoa Fastening Systems | ' | ' | ' |
Concentration of credit risk and significant vendors | ' | ' | ' |
Concentration risk (as a percent) | 19.00% | 23.00% | 22.00% |
Amounts payable | Vendors | Precision Castparts Corporation | ' | ' | ' |
Concentration of credit risk and significant vendors | ' | ' | ' |
Concentration risk (as a percent) | 14.00% | 13.00% | 10.00% |
Amounts payable | Vendors | Alcoa Fastening Systems | ' | ' | ' |
Concentration of credit risk and significant vendors | ' | ' | ' |
Concentration risk (as a percent) | 14.00% | 15.00% | 17.00% |
Sales | Customer risk | The Boeing Company | ' | ' | ' |
Concentration of credit risk and significant vendors | ' | ' | ' |
Concentration risk (as a percent) | 4.00% | 9.00% | 16.00% |
Accounts receivable | Customer risk | The Boeing Company | ' | ' | ' |
Concentration of credit risk and significant vendors | ' | ' | ' |
Concentration risk (as a percent) | 7.00% | 3.00% | 9.00% |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Details 5) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Net Income Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock and stock options issued to employees that were unvested (in shares) | 2,434,507 | ' | ' | ' | 3,399,592 | ' | ' | ' | 2,434,507 | 3,399,592 | 3,736,203 |
Net income | $29,972 | $27,026 | $29,388 | $18,426 | $26,981 | $22,293 | $19,723 | $23,178 | $104,812 | $92,175 | $75,598 |
Basic weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 93,285,000 | 92,058,000 | 90,697,000 |
Dilutive effect of stock options and restricted stock awards/units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 2,559,000 | 3,654,000 | 2,485,000 |
Dilutive weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 95,844,000 | 95,712,000 | 93,182,000 |
Basic net income per share (in dollars per share) | $0.32 | $0.29 | $0.32 | $0.20 | $0.29 | $0.24 | $0.21 | $0.25 | $1.12 | $1 | $0.83 |
Diluted net income per share (in dollars per share) | $0.31 | $0.28 | $0.31 | $0.19 | $0.28 | $0.23 | $0.21 | $0.24 | $1.09 | $0.96 | $0.81 |
Shares of common stock equivalents excluded from the diluted calculation due to their anti-dilutive effect | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 273,315 | 37,883 |
Perfomance based awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based and other compensation arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting term | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based and other compensation arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting term | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Contractual term of stock options | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Jul. 03, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jul. 03, 2012 | Sep. 30, 2013 | Jul. 03, 2012 | Sep. 30, 2013 | Jul. 03, 2012 | Sep. 30, 2013 | Jul. 03, 2012 | Jul. 03, 2012 |
In Thousands, unless otherwise specified | Backlog | Interfast Inc. | Interfast Inc. | Interfast Inc. | Interfast Inc. | Interfast Inc. | Interfast Inc. | Interfast Inc. | Interfast Inc. | Interfast Inc. | Interfast Inc. | Interfast Inc. | Interfast Inc. | |||
Trademarks | Trademarks | Customer relationships | Customer relationships | Non-compete agreements | Non-compete agreements | Backlog | Backlog | $200,000 revolving line of credit | ||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of the acquisition funded in cash | ' | ' | ' | ' | $36,894 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $95,000 |
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 |
Transaction related costs | ' | ' | ' | ' | 2,857 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax deductible goodwill | ' | ' | ' | ' | ' | ' | 58,471 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill amortization period | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocation of the balance sheet upon acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | 55,130 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | ' | 1,094 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired identifiable intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 1,087 | ' | 19,423 | ' | 455 | ' | 3,161 | ' |
Goodwill | 562,493 | 563,896 | 504,764 | ' | 58,471 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets acquired | ' | ' | ' | ' | 138,821 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities assumed | ' | ' | ' | ' | -6,927 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price, net of liabilities assumed | ' | ' | ' | ' | $131,894 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life | ' | ' | ' | '2 years | ' | ' | ' | '10 years | ' | '15 years | ' | '3 years | ' | '2 years | ' | ' |
Period of performance of the entity | ' | ' | ' | ' | ' | '46 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess_and_Obsolescence_Reserv1
Excess and Obsolescence Reserve Policy (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Excess and Obsolescence Reserve Policy | ' | ' |
Excess and obsolete reserve | $121,129 | $109,251 |
Amount of excess and obsolete reserve recorded | 8,710 | 13,140 |
Maximum manufacturer lead time for commitment to purchase inventory | '2 years | ' |
Scrapped inventory since 2006 | 16,755 | ' |
Slow-moving inventory left unreserved | $17,931 | ' |
Period over which unreserved slow-moving inventory will be sold | '3 years | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2008 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Related Party Transactions | ' | ' | ' | ' |
Ownership interest in debt (as a percent) | ' | 0.00% | ' | ' |
The Carlyle Group | Management agreement | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' |
Annual management fee | ' | $1,000 | ' | ' |
Expenses incurred | ' | 1,053 | 1,079 | 1,096 |
CEO | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' |
Debt purchased | 50,000 | ' | ' | ' |
Total interest paid to the CEO related to the debt | ' | 0 | 0 | 281 |
CEO | Leases | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' |
Debt purchased | ' | $1,754 | $1,750 | $1,719 |
Property_and_Equipment_net_Det
Property and Equipment, net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Property and Equipment, net | ' | ' | ' |
Property and equipment, gross | $54,516 | $43,913 | ' |
Less: accumulated depreciation and amortization | -27,722 | -23,144 | ' |
Property and equipment, net | 26,794 | 20,769 | ' |
Depreciation and amortization expense | 4,781 | 5,536 | 5,859 |
Land, buildings and improvements | ' | ' | ' |
Property and Equipment, net | ' | ' | ' |
Property and equipment, gross | 15,468 | 15,237 | ' |
Machinery and equipment | ' | ' | ' |
Property and Equipment, net | ' | ' | ' |
Property and equipment, gross | 12,872 | 10,100 | ' |
Vehicles | ' | ' | ' |
Property and Equipment, net | ' | ' | ' |
Property and equipment, gross | 871 | 703 | ' |
Computer and software | ' | ' | ' |
Property and Equipment, net | ' | ' | ' |
Property and equipment, gross | 18,749 | 14,983 | ' |
Furniture and fixtures | ' | ' | ' |
Property and Equipment, net | ' | ' | ' |
Property and equipment, gross | 3,064 | 2,890 | ' |
Construction in progress | ' | ' | ' |
Property and Equipment, net | ' | ' | ' |
Property and equipment, gross | 3,492 | ' | ' |
Assets acquired under capital lease arrangements | ' | ' | ' |
Property and Equipment, net | ' | ' | ' |
Property and equipment, gross | 9,345 | 6,422 | 6,457 |
Less: accumulated depreciation and amortization | 6,700 | 5,680 | 3,718 |
Depreciation and amortization expense | $1,020 | $2,114 | $1,756 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, net (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Jun. 30, 2013 | Jul. 03, 2012 |
Interfast Inc. | Interfast Inc. | ||||
Change in goodwill | ' | ' | ' | ' | ' |
Beginning balance | $563,896 | $504,764 | ' | ' | $58,471 |
Foreign currency translation | -1,403 | 1,911 | 77 | ' | ' |
Purchase accounting adjustment | ' | 57,221 | ' | ' | ' |
Ending balance | 562,493 | 563,896 | 504,764 | ' | 58,471 |
Intangible Assets, net | ' | ' | ' | ' | ' |
Increase in goodwill during the period | ($2,653) | ($60,382) | ' | $1,250 | ' |
Measurement period for goodwill adjustment | ' | ' | ' | '1 year | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, net (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Intangible Assets, net | ' | ' | ' |
Gross Amount | $130,446 | $131,033 | ' |
Accumulated Amortization | -30,805 | -24,225 | ' |
Estimated future amortization expense | ' | ' | ' |
2014 | 6,192 | ' | ' |
2015 | 4,963 | ' | ' |
2016 | 4,849 | ' | ' |
2017 | 4,849 | ' | ' |
2018 | 4,849 | ' | ' |
Thereafter | 36,107 | ' | ' |
Total | 61,809 | ' | ' |
Amortization expense included in the accompanying statements of operations | ' | ' | ' |
Amortization expense | 6,599 | 4,427 | 3,699 |
Trademarks | ' | ' | ' |
Intangible Assets, net | ' | ' | ' |
Gross Amount | 40,425 | 40,450 | ' |
Accumulated Amortization | -1,637 | -1,528 | ' |
Indefinite life intangibles | ' | ' | ' |
Carrying value of Wesco Aircraft trademark | 37,832 | 37,832 | ' |
Trademarks | Minimum | ' | ' | ' |
Intangible Assets, net | ' | ' | ' |
Useful life | '5 years | ' | ' |
Customer relationships | ' | ' | ' |
Intangible Assets, net | ' | ' | ' |
Gross Amount | 84,237 | 84,713 | ' |
Accumulated Amortization | -24,842 | -20,101 | ' |
Customer relationships | Minimum | ' | ' | ' |
Intangible Assets, net | ' | ' | ' |
Useful life | '12 years | ' | ' |
Customer relationships | Maximum | ' | ' | ' |
Intangible Assets, net | ' | ' | ' |
Useful life | '20 years | ' | ' |
Backlog | ' | ' | ' |
Intangible Assets, net | ' | ' | ' |
Useful life | '2 years | ' | ' |
Gross Amount | 4,327 | 4,402 | ' |
Accumulated Amortization | -3,136 | -1,557 | ' |
Non-compete agreements | ' | ' | ' |
Intangible Assets, net | ' | ' | ' |
Gross Amount | 1,457 | 1,468 | ' |
Accumulated Amortization | ($1,190) | ($1,039) | ' |
Non-compete agreements | Minimum | ' | ' | ' |
Intangible Assets, net | ' | ' | ' |
Useful life | '3 years | ' | ' |
Non-compete agreements | Maximum | ' | ' | ' |
Intangible Assets, net | ' | ' | ' |
Useful life | '4 years | ' | ' |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities | ' | ' |
Accrued compensation and related expenses | $14,606 | $10,364 |
Accrual for commissions | 447 | 358 |
Accrued professional fees | 596 | 2,215 |
Accrued customer rebates | 1,743 | 2,226 |
Accrued taxes (property, sales and use) | 1,467 | 1,313 |
Accrued interest | 588 | 196 |
Integration costs | ' | 917 |
Accrued profit sharing | 791 | 691 |
Other accruals | 809 | 1,508 |
Accrued expenses and other current liabilities | $21,047 | $19,788 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Details) (Not designated as a hedge, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2011 |
Interest rate swap arrangement | ' |
Derivative financial instruments | ' |
Number of arrangements entered into by the entity | 2 |
Interest rate swap one | ' |
Derivative financial instruments | ' |
Variable rate basis | 'LIBOR |
Derivative fixed rate component (as a percent) | 1.77% |
Notional amounts and fair value of derivative financial instruments | ' |
Notional Amount | $100,000 |
Interest rate swap two | ' |
Derivative financial instruments | ' |
Variable rate basis | 'LIBOR |
Derivative fixed rate component (as a percent) | 1.96% |
Notional amounts and fair value of derivative financial instruments | ' |
Notional Amount | $100,000 |
LongTerm_Debt_Details
Long-Term Debt (Details) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 07, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 03, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | $265,000 term loan | $265,000 term loan | $265,000 term loan | $265,000 term loan | $265,000 term loan | $265,000 term loan | $265,000 term loan | $265,000 term loan | $350,000 term loan | $350,000 term loan | $350,000 term loan | $350,000 term loan | $350,000 term loan | $350,000 term loan | $350,000 term loan | $350,000 term loan | $350,000 term loan | Senior secured credit facilities | Senior secured credit facilities | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | Revolving line of credit | $625,000 term loan | $625,000 term loan | $625,000 term loan | $625,000 term loan | $625,000 term loan | $625,000 term loan | $625,000 term loan | Wesco Aircraft Europe Limited line of credit | Wesco Aircraft Europe Limited line of credit | |
USD ($) | USD ($) | ABR | ABR | ABR | Eurodollar (LIBOR) rates | Eurodollar (LIBOR) rates | Eurodollar (LIBOR) rates | USD ($) | USD ($) | Minimum | ABR | ABR | ABR | Eurodollar (LIBOR) rates | Eurodollar (LIBOR) rates | Eurodollar (LIBOR) rates | Amendment and restatement of credit agreement | Amendment and restatement of credit agreement | USD ($) | Interfast Inc. | Interfast Inc. | Amendment and restatement of credit agreement | ABR | ABR | ABR | ABR | ABR | ABR | Eurodollar (LIBOR) rates | Eurodollar (LIBOR) rates | Eurodollar (LIBOR) rates | Eurodollar (LIBOR) rates | Eurodollar (LIBOR) rates | Eurodollar (LIBOR) rates | USD ($) | ABR | ABR | ABR | Eurodollar (LIBOR) rates | Eurodollar (LIBOR) rates | Eurodollar (LIBOR) rates | Wesco Aircraft Europe Limited | Wesco Aircraft Europe Limited | |||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | USD ($) | Proforma | USD ($) | Minimum | Maximum | Amendment and restatement of credit agreement | Amendment and restatement of credit agreement | Amendment and restatement of credit agreement | Minimum | Maximum | Amendment and restatement of credit agreement | Amendment and restatement of credit agreement | Amendment and restatement of credit agreement | Minimum | Maximum | Minimum | Maximum | USD ($) | GBP (£) | ||||||||||||||||||||
Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount | ' | ' | ' | ' | $265,000 | ' | ' | ' | ' | ' | ' | ' | $350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $625,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Basis of interest rate | ' | ' | ' | ' | ' | ' | 'Prime Rate | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | 'Prime Rate | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | 'Prime Rate | ' | ' | 'Prime Rate | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | ' | 'Prime Rate | ' | ' | 'LIBOR | ' | ' | 'Base Rate | 'Base Rate |
Applicable margin rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 1.25% | 2.25% | ' | 2.25% | 3.25% | ' | ' | ' | ' | 1.75% | 2.00% | ' | 2.75% | 3.00% | ' | ' | ' | ' | ' | ' | ' | 1.25% | 2.25% | ' | 0.75% | 1.50% | ' | 2.25% | 3.25% | ' | 1.75% | 2.50% | ' | ' | 0.75% | 1.50% | ' | 1.75% | 2.50% | 1.65% | 1.65% |
Percentage of quarterly payment in year one | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of quarterly payment in year five | ' | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at end of period (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.44% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.44% | ' | ' | ' | ' | ' | ' | ' | ' |
Base rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of quarterly payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, current and noncurrent | ' | ' | 568,000 | ' | ' | 228,805 | ' | ' | ' | ' | ' | ' | ' | 302,195 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 568,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | 568,000 | 626,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | 40,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | 46,875 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | 58,594 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | 421,875 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | 568,000 | ' | ' | 228,805 | ' | ' | ' | ' | ' | ' | ' | 302,195 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 568,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,295 | 7,000 |
Consolidated Total Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | 2.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Net Interest Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25 | ' | ' | ' | 11.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voluntary prepayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,563 | ' | ' | ' | ' | ' | ' | ' | ' |
Net outstanding borrowing amount under line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Loss on extinguishment of debt | 4,960 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt issuance costs | ' | ' | 3,894 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of new creditor fees capitalized | ' | 7,274 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs capitalized | ' | $11,168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income before provision for income taxes | ' | ' | ' |
U.S. income | $115,194 | $110,120 | $118,475 |
Foreign income | 42,433 | 23,542 | 9,649 |
Income before provision for income taxes | 157,627 | 133,662 | 128,124 |
Current provision | ' | ' | ' |
Federal | 29,366 | 14,007 | 31,840 |
State and local | 3,943 | 1,355 | 5,897 |
Foreign | 9,566 | 5,744 | 3,613 |
Subtotal | 42,875 | 21,106 | 41,350 |
Deferred provision (benefit) | ' | ' | ' |
Federal | 8,901 | 18,867 | 9,157 |
State and local | 1,022 | 1,719 | 1,991 |
Foreign | 17 | -205 | 28 |
Subtotal | 9,940 | 20,381 | 11,176 |
Provision for income taxes | 52,815 | 41,487 | 52,526 |
Excess tax benefit (windfall) credited to additional paid in capital | $6,879 | ' | ' |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current deferred tax assets/(liabilities) | ' | ' |
Inventories | $34,537 | $29,345 |
Reserves and other accruals | 2,811 | 1,517 |
Compensation accruals | 2,292 | 2,010 |
Other | 31 | ' |
Total current deferred tax assets/(liabilities) | 39,671 | 32,872 |
Non-current deferred tax assets/(liabilities) | ' | ' |
Property and equipment | -2,107 | -2,237 |
Goodwill and intangible assets | -73,268 | -56,987 |
Stock options | 3,062 | 3,779 |
Deferred financing costs and other | 129 | ' |
Total non-current deferred tax assets/(liabilities) | -72,184 | -55,445 |
Net deferred tax assets/(liabilities) | ($32,513) | ($22,573) |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Taxes | ' | ' | ' |
Undistributed earnings of foreign subsidiaries considered to be indefinitely reinvested | $88,409 | ' | ' |
Federal or state and local taxes or foreign withholding tax provision on undistributed earnings | 0 | ' | ' |
Reconciliation of the Company's provision (benefit) for income taxes to the U.S. federal statutory rate | ' | ' | ' |
Provision for income taxes at statutory rate | 55,169 | 46,782 | 44,843 |
State taxes, net of tax benefit | 3,228 | 2,100 | 5,141 |
Nondeductible items | 5,310 | 1,340 | 2,948 |
Other | -2,060 | -407 | 1,302 |
IRC Section 199 and 41 | -610 | -3,550 | ' |
Foreign income not taxed at the Federal rate | -4,910 | -2,699 | 2 |
Foreign tax credit | -3,312 | -2,079 | -1,710 |
Provision for income taxes | $52,815 | $41,487 | $52,526 |
Reconciliation of the Company's provision (benefit) for income taxes to the U.S. federal statutory rate | ' | ' | ' |
Provision for income taxes at statutory rate (as a percent) | 35.00% | 35.00% | 35.00% |
State taxes, net of tax benefit (as a percent) | 2.05% | 1.57% | 4.01% |
Nondeductible items (as a percent) | 3.37% | 1.00% | 2.30% |
Other (as a percent) | -1.31% | -0.30% | 1.02% |
IRC Section 199 and 41 (as a percent) | -0.39% | -2.66% | ' |
Foreign income not taxed at the Federal rate (as a percent) | -3.11% | -2.02% | ' |
Foreign tax credit (as a percent) | -2.10% | -1.55% | -1.33% |
Actual provision for income taxes (as a percent) | 33.51% | 31.04% | 41.00% |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 1 Months Ended | ||
Aug. 02, 2011 | Jul. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | |
item | ||||
Stockholders' equity | ' | ' | ' | ' |
Number of shares of Class A common stock to be received for each share of class B common stock converted | 1 | ' | ' | ' |
Common stock split ratio | 9 | ' | ' | ' |
Common stock, shares authorized | 950,000,000 | ' | 950,000,000 | 950,000,000 |
Common stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 |
Preferred stock, shares authorized | 50,000,000 | ' | 50,000,000 | 50,000,000 |
Preferred stock, par value (in dollars per share) | $0.00 | ' | $0.00 | $0.00 |
Number of classes of common stock | ' | 2 | ' | ' |
Minimum | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | ' |
Common stock ownership percentage considered for conversion of securities prior to a merger or consolidation | 50.00% | ' | ' | ' |
StockBased_and_Other_Compensat2
Stock-Based and Other Compensation Arrangements (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Additional disclosures | ' | ' | ' |
Cash received from the exercise of stock options | $9,895 | $7,377 | $2,612 |
Stock Options | ' | ' | ' |
Stock-Based and Other Compensation Arrangements | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Exercisable term | '10 years | ' | ' |
Number of Shares | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 5,928,935 | 7,659,315 | ' |
Granted (in shares) | 687,338 | ' | ' |
Exercised (in shares) | -2,133,334 | -1,729,030 | ' |
Forfeited options (in shares) | -244,913 | -1,350 | ' |
Outstanding at the end of the period (in shares) | 4,238,026 | 5,928,935 | 7,659,315 |
Weighted Average Exercise Price | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $5.32 | $5.09 | ' |
Granted (in dollars per share) | $13.49 | ' | ' |
Exercised (in dollars per share) | $4.63 | $4.27 | ' |
Forfeited options (in dollars per share) | $14.66 | $15 | ' |
Outstanding at the end of the period (in dollars per share) | $6.46 | $5.32 | $5.09 |
Weighted Average Remaining Contractual Life | ' | ' | ' |
Outstanding at the end of the period | '4 years 7 months 6 days | '4 years 10 months 24 days | '5 years 8 months 12 days |
Aggregate Intrinsic Value | ' | ' | ' |
Outstanding at the end of the period | 61,338,566 | 50,006,187 | 46,528,736 |
Additional disclosures | ' | ' | ' |
Total intrinsic value of options exercised | 25,519 | 18,015 | ' |
Stock-based compensation expense | 1,713 | 716 | 3,411 |
Unrecognized stock-based compensation cost | $2,907 | ' | ' |
Options exercisable (in shares) | 3,710,664 | ' | ' |
Stock Options | Time-based | ' | ' | ' |
Stock-Based and Other Compensation Arrangements | ' | ' | ' |
Unvested stock options (in shares) | 527,362 | ' | ' |
Stock Options | Maximum | Time-based | ' | ' | ' |
Stock-Based and Other Compensation Arrangements | ' | ' | ' |
Percentage of total number of shares held by all principal stockholders to total number of equity shares held at effective date of a liquidity event | 30.00% | ' | ' |
Prior Plan | ' | ' | ' |
Number of Shares | ' | ' | ' |
Granted (in shares) | 0 | ' | ' |
2011 Plan | ' | ' | ' |
Stock-Based and Other Compensation Arrangements | ' | ' | ' |
Shares authorized for issuance | 5,850,000 | ' | ' |
Shares remaining available for issuance | 4,635,705 | ' | ' |
StockBased_and_Other_Compensat3
Stock-Based and Other Compensation Arrangements (Details 2) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Aug. 02, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Restricted Stock Units and Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Stock Options | Stock Options | Stock Options | ||||
Employees | Employees | Directors | Directors | Directors | Directors | |||||||||||
Stock-Based and Other Compensation Arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '3 years | ' | ' |
Vesting percentage on achievement of performance target | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | $1,681 | $910 | $408 | ' | ' | ' | ' | ' | ' | $1,713 | $716 | $3,411 |
Unrecognized stock-based compensation cost | ' | ' | ' | ' | 1,945 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at start of year (in shares) | ' | ' | ' | 102,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 257,531 | ' | ' | ' | 123,660 | 213,245 | 44,286 | 37,740 | 25,704 | 31,788 | ' | ' | ' |
Vested (in shares) | ' | ' | ' | 128,189 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | 75,011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at end of year (in shares) | ' | ' | ' | 156,631 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at start of year (in dollars per share) | ' | ' | ' | $14.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | $13.52 | $13.52 | $10.93 | $13.76 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | ' | ' | $13.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | $14.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at end of year (in dollars per share) | ' | ' | ' | $13.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of shares vested | ' | ' | ' | ' | 1,764 | 23,417 | 447 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of shares granted | ' | ' | ' | ' | 3,426 | 412 | 2,055 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefits realized from tax deductions associated with option exercised and restricted share activity | $6,879 | $21,476 | $1,547 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average assumptions used to value the option grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 11 months 19 days | ' | '6 years 8 months 12 days |
Volatility (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.50% | ' | 45.57% |
Risk free interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.04% | ' | 2.26% |
Weighted average fair value per option at grant date for options issued (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.08 | $0 | $4.43 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Operating Leases | ' | ' | ' |
2014 | $4,344 | ' | ' |
2015 | 3,567 | ' | ' |
2016 | 2,858 | ' | ' |
2017 | 2,461 | ' | ' |
2018 | 1,956 | ' | ' |
Thereafter | 1,947 | ' | ' |
Total | 17,133 | ' | ' |
Total rent expense | 4,654 | 4,218 | 3,963 |
Capital Lease Commitments | ' | ' | ' |
2014 | 1,139 | ' | ' |
2015 | 1,038 | ' | ' |
2016 | 351 | ' | ' |
2017 | 131 | ' | ' |
2018 | 35 | ' | ' |
Total including interest | 2,694 | ' | ' |
Less: interest | -96 | ' | ' |
Total | 2,598 | ' | ' |
Third Party | ' | ' | ' |
Operating Leases | ' | ' | ' |
2014 | 2,578 | ' | ' |
2015 | 1,945 | ' | ' |
2016 | 1,237 | ' | ' |
2017 | 840 | ' | ' |
2018 | 335 | ' | ' |
Thereafter | 152 | ' | ' |
Total | 7,087 | ' | ' |
Related Party | ' | ' | ' |
Operating Leases | ' | ' | ' |
2014 | 1,766 | ' | ' |
2015 | 1,622 | ' | ' |
2016 | 1,621 | ' | ' |
2017 | 1,621 | ' | ' |
2018 | 1,621 | ' | ' |
Thereafter | 1,795 | ' | ' |
Total | $10,046 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (Inventory, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Inventory | ' |
Purchase Orders | ' |
Open inventory purchase orders | $334,318 |
Employee_Benefit_Plan_Details
Employee Benefit Plan (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Employee Benefit Plan | ' | ' | ' |
Minimum requisite service period to participate in plan | '6 months | ' | ' |
Minimum age of full-time employees to be eligible to participate in the plan | '21 years | ' | ' |
Maximum percentage of employee gross pay the employee may contribute to a defined contribution plan. | 60.00% | ' | ' |
Employer contributions | $945 | $858 | $763 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Cash payments for: | ' | ' | ' |
Interest paid | $16,343 | $21,006 | $20,278 |
Income taxes paid | 5,977 | 37,428 | 49,567 |
Schedule of non-cash investing and financing activities: | ' | ' | ' |
Property and equipment acquired pursuant to capital leases | 2,923 | 116 | 1,536 |
Property and equipment disposed of pursuant to termination of capital leases | $0 | ($154) | ($275) |
Quarterly_Financial_Data_unaud2
Quarterly Financial Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Quarterly Financial Data (unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $234,339 | $230,236 | $225,862 | $211,170 | $212,162 | $189,347 | $182,143 | $192,554 | $901,608 | $776,206 | $710,886 |
Gross profit | 85,000 | 81,891 | 81,308 | 74,100 | 78,943 | 67,280 | 64,075 | 73,272 | 322,299 | 283,570 | 275,396 |
Income from operations | 48,880 | 46,135 | 46,412 | 39,375 | 42,436 | 34,952 | 36,365 | 45,079 | 180,802 | 158,832 | 161,610 |
Net income | $29,972 | $27,026 | $29,388 | $18,426 | $26,981 | $22,293 | $19,723 | $23,178 | $104,812 | $92,175 | $75,598 |
Basic net income per share (in dollars per share) | $0.32 | $0.29 | $0.32 | $0.20 | $0.29 | $0.24 | $0.21 | $0.25 | $1.12 | $1 | $0.83 |
Diluted net income per share (in dollars per share) | $0.31 | $0.28 | $0.31 | $0.19 | $0.28 | $0.23 | $0.21 | $0.24 | $1.09 | $0.96 | $0.81 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $234,339 | $230,236 | $225,862 | $211,170 | $212,162 | $189,347 | $182,143 | $192,554 | $901,608 | $776,206 | $710,886 |
Gross profit | 85,000 | 81,891 | 81,308 | 74,100 | 78,943 | 67,280 | 64,075 | 73,272 | 322,299 | 283,570 | 275,396 |
Income from operations | 48,880 | 46,135 | 46,412 | 39,375 | 42,436 | 34,952 | 36,365 | 45,079 | 180,802 | 158,832 | 161,610 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -25,178 | -24,646 | -34,491 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 52,815 | 41,487 | 52,526 |
Total assets | 1,631,152 | ' | ' | ' | 1,537,416 | ' | ' | ' | 1,631,152 | 1,537,416 | 1,301,385 |
Goodwill | 562,493 | ' | ' | ' | 563,896 | ' | ' | ' | 562,493 | 563,896 | 504,764 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 7,882 | 4,528 | 5,119 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 11,380 | 9,963 | 9,558 |
Operating segment | North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 807,885 | 689,663 | 645,034 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 267,889 | 239,352 | 242,533 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 150,518 | 137,639 | 151,000 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -25,355 | -22,756 | -33,748 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 45,045 | 38,052 | 49,712 |
Total assets | 1,657 | ' | ' | ' | 1,737,489 | ' | ' | ' | 1,657 | 1,737,489 | 1,237,964 |
Goodwill | 555,714 | ' | ' | ' | 557,105 | ' | ' | ' | 555,714 | 557,105 | 498,200 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 7,220 | 4,037 | 4,745 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 10,425 | 9,101 | 8,575 |
Operating segment | Rest of World | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 204,886 | 158,676 | 119,384 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 62,228 | 50,414 | 39,096 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 30,141 | 20,376 | 9,920 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -177 | -1,890 | -743 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 7,688 | 3,435 | 2,814 |
Total assets | 304 | ' | ' | ' | 270,654 | ' | ' | ' | 304 | 270,654 | 113,631 |
Goodwill | 6,779 | ' | ' | ' | 6,791 | ' | ' | ' | 6,779 | 6,791 | 6,564 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 662 | 491 | 374 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 955 | 862 | 983 |
Intercompany Elimination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | -111,163 | -72,133 | -53,532 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | -7,818 | -6,196 | -6,233 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 143 | 817 | -690 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 82 | ' | ' |
Total assets | ($330) | ' | ' | ' | ($470,727) | ' | ' | ' | ($330) | ($470,727) | ($50,210) |
Segment_Reporting_Details_2
Segment Reporting (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
item | |||||||||||
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of geographic areas in which the company operated | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $234,339 | $230,236 | $225,862 | $211,170 | $212,162 | $189,347 | $182,143 | $192,554 | $901,608 | $776,206 | $710,886 |
% of sales | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Long-lived assets | 26,794 | ' | ' | ' | 20,769 | ' | ' | ' | 26,794 | 20,769 | 20,952 |
Hardware | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 744,741 | 632,283 | 585,272 |
% of sales | ' | ' | ' | ' | ' | ' | ' | ' | 82.60% | 81.50% | 82.30% |
Electronic Components | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 104,383 | 90,311 | 81,626 |
% of sales | ' | ' | ' | ' | ' | ' | ' | ' | 11.60% | 11.60% | 11.50% |
Bearings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 32,218 | 26,462 | 21,558 |
% of sales | ' | ' | ' | ' | ' | ' | ' | ' | 3.60% | 3.40% | 3.00% |
Machined Parts and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 20,266 | 27,150 | 22,430 |
% of sales | ' | ' | ' | ' | ' | ' | ' | ' | 2.20% | 3.50% | 3.20% |
United States of America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 628,220 | 590,367 | 583,069 |
% of sales | ' | ' | ' | ' | ' | ' | ' | ' | 69.70% | 76.10% | 82.00% |
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 73,409 | 28,538 | 9,440 |
% of sales | ' | ' | ' | ' | ' | ' | ' | ' | 8.10% | 3.70% | 1.30% |
United Kingdom | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 134,943 | 116,809 | 92,375 |
% of sales | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | 13.00% |
Other European countries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 52,927 | 31,087 | 17,034 |
% of sales | ' | ' | ' | ' | ' | ' | ' | ' | 5.90% | 4.00% | 2.40% |
Asia, Pacific Rim, Middle East and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 12,109 | 9,405 | 8,968 |
% of sales | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | 1.20% | 1.30% |
North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | 25,048 | ' | ' | ' | 19,104 | ' | ' | ' | 25,048 | 19,104 | 19,354 |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets | $1,746 | ' | ' | ' | $1,665 | ' | ' | ' | $1,746 | $1,665 | $1,598 |