Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 18, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'USTR | ' |
Entity Registrant Name | 'UNITED STATIONERS INC | ' |
Entity Central Index Key | '0000355999 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 39,387,111 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $26,964 | $22,326 |
Accounts receivable, less allowance for doubtful accounts of $20,070 in 2014 and $20,608 in 2013 | 658,428 | 643,379 |
Inventories | 748,499 | 830,295 |
Other current assets | 28,766 | 29,255 |
Total current assets | 1,462,657 | 1,525,255 |
Property, plant and equipment, net | 138,907 | 143,050 |
Goodwill | 356,651 | 356,811 |
Intangible assets, net | 63,784 | 65,502 |
Other long-term assets | 27,170 | 25,576 |
Total assets | 2,049,169 | 2,116,194 |
Current liabilities: | ' | ' |
Accounts payable | 397,198 | 476,113 |
Accrued liabilities | 177,251 | 191,531 |
Current maturities of long-term debt | 1,048 | 373 |
Total current liabilities | 575,497 | 668,017 |
Deferred income taxes | 26,271 | 29,552 |
Long-term debt | 561,511 | 533,324 |
Other long-term liabilities | 55,888 | 59,787 |
Total liabilities | 1,219,167 | 1,290,680 |
Stockholders' equity: | ' | ' |
Common stock, $0.10 par value; authorized-100,000,000 shares, issued-74,435,628 shares in 2014 and 2013 | 7,444 | 7,444 |
Additional paid-in capital | 412,109 | 411,954 |
Treasury stock, at cost - 34,971,702 shares in 2014 and 34,714,083 shares in 2013 | -1,010,122 | -998,234 |
Retained earnings | 1,460,582 | 1,444,238 |
Accumulated other comprehensive loss | -40,011 | -39,888 |
Total stockholders' equity | 830,002 | 825,514 |
Total liabilities and stockholders' equity | $2,049,169 | $2,116,194 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, less allowance for doubtful accounts | $20,070 | $20,608 |
Common stock, par value | $0.10 | $0.10 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 74,435,628 | 74,435,628 |
Treasury stock, shares | 34,971,702 | 34,714,083 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $1,254,139 | $1,250,485 |
Cost of goods sold | 1,067,056 | 1,061,960 |
Gross profit | 187,083 | 188,525 |
Operating expenses: | ' | ' |
Warehousing, marketing and administrative expenses | 148,849 | 163,284 |
Operating income | 38,234 | 25,241 |
Interest expense, net | 3,374 | 3,113 |
Income before income taxes | 34,860 | 22,128 |
Income tax expense | 13,003 | 8,254 |
Net income | $21,857 | $13,874 |
Net income per share-basic: | ' | ' |
Net income per share-basic | $0.56 | $0.35 |
Average number of common shares outstanding-basic | 39,194 | 39,972 |
Net income per share-diluted: | ' | ' |
Net income per share-diluted | $0.55 | $0.34 |
Average number of common shares outstanding-diluted | 39,655 | 40,628 |
Dividends declared per share | $0.14 | $0.14 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net income | $21,857 | $13,874 |
Other comprehensive (loss) income, net of tax: | ' | ' |
Unrealized translation adjustment | -545 | 745 |
Minimum pension liability adjustments | 581 | 1,020 |
Unrealized interest rate swap adjustments | -159 | 144 |
Total other comprehensive (loss) income, net of tax | -123 | 1,909 |
Comprehensive income | $21,734 | $15,783 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Net income | $21,857 | $13,874 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 9,523 | 9,475 |
Share-based compensation | 3,225 | 2,420 |
(Gain) loss on the disposition of property, plant and equipment | -4 | 14 |
Amortization of capitalized financing costs | 287 | 224 |
Excess tax benefits related to share-based compensation | -494 | -1,477 |
Deferred income taxes | -2,450 | -2,079 |
Changes in operating assets and liabilities: | ' | ' |
(Increase) decrease in accounts receivable, net | -15,583 | 26,267 |
Decrease in inventory | 81,714 | 40,828 |
Increase in other assets | -1,041 | -3,999 |
Decrease in accounts payable | -47,191 | -77,404 |
(Decrease) increase in checks in-transit | -31,751 | 14,201 |
Decrease in accrued liabilities | -13,654 | -27,304 |
Decrease in other liabilities | -2,948 | -8,407 |
Net cash provided by (used in) operating activities | 1,490 | -13,367 |
Cash Flows From Investing Activities: | ' | ' |
Capital expenditures | -6,390 | -9,096 |
Proceeds from the disposition of property, plant and equipment | 458 | 86 |
Net cash used in investing activities | -5,932 | -9,010 |
Cash Flows From Financing Activities: | ' | ' |
Net borrowings (repayments) under Revolving Credit Facility | 4,562 | -37,028 |
Borrowings under Receivables Securitization Program | 9,300 | 49,700 |
Repayment of debt | -135,000 | ' |
Proceeds from the issuance of debt | 150,000 | ' |
Net (disbursements) proceeds from share-based compensation arrangements | -1,704 | 10,840 |
Acquisition of treasury stock, at cost | -12,491 | -7,124 |
Payment of cash dividends | -5,509 | -5,571 |
Excess tax benefits related to share-based compensation | 494 | 1,477 |
Payment of debt issuance costs | -605 | -345 |
Net cash provided by financing activities | 9,047 | 11,949 |
Effect of exchange rate changes on cash and cash equivalents | 33 | 31 |
Net change in cash and cash equivalents | 4,638 | -10,397 |
Cash and cash equivalents, beginning of period | 22,326 | 30,919 |
Cash and cash equivalents, end of period | 26,964 | 20,522 |
Other Cash Flow Information: | ' | ' |
Income tax payments, net | 2,236 | 9,843 |
Interest paid | $2,424 | $4,443 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying Condensed Consolidated Financial Statements represent United Stationers Inc. (“USI”) with its wholly owned subsidiary United Stationers Supply Co. (“USSC”), and USSC’s subsidiaries (collectively, “United” or the “Company”). The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States and include the accounts of USI and its subsidiaries. All intercompany transactions and balances have been eliminated. The Company operates in a single reportable segment as a leading distributor of business essentials. | |
The accompanying Condensed Consolidated Financial Statements are unaudited, except for the Condensed Consolidated Balance Sheet as of December 31, 2013, which was derived from the December 31, 2013 audited financial statements. The Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements, prepared in accordance with accounting principles generally accepted in the United States, have been condensed or omitted pursuant to such rules and regulations. Accordingly, the reader of this Quarterly Report on Form 10-Q should refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 for further information. | |
In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of United at March 31, 2014 and the results of operations and cash flows for the three months ended March 31, 2014 and 2013. The results of operations for the three months ended March 31, 2014 should not necessarily be taken as indicative of the results of operations that may be expected for the entire year. | |
Inventory | |
Approximately 75% and 76% of total inventory as of March 31, 2014 and December 31, 2013, respectively has been valued under the last-in, first-out (“LIFO”) accounting method. The remaining inventory is valued under the first-in, first-out (“FIFO”) accounting method. Inventory valued under the FIFO and LIFO accounting methods is recorded at the lower of cost or market. If the Company had valued its entire inventory under the lower of FIFO cost or market, inventory would have been $111.9 million and $112.4 million higher than reported as of March 31, 2014 and December 31, 2013, respectively. | |
The quarterly change in the LIFO reserve as of March 31, 2014 and March 31, 2013 resulted in a $0.5 million decrease and a $1.4 million increase, respectively, in cost of sales. The change in the LIFO reserve as of March 31, 2014 resulted in a $0.5 million decrease in cost of goods sold which included LIFO liquidations relating to decrements in the Company’s office products and furniture pools. These decrements resulted in liquidation of LIFO inventory quantities carried at lower costs in prior years as compared with the cost of current year purchases. This liquidation resulted in LIFO income of $4.0 million which was partially offset by LIFO expense of $3.5 million related to current inflation for an overall net decrease in cost of sales of $0.5 million as referenced above. | |
New Accounting Pronouncements | |
In July 2013, the FASB issued Accounting Standards Update No. 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 (ASU 2013-11). This ASU requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as either a reduction to a deferred tax asset or separately as a liability depending on the existence, availability and/or use of an operating loss carry forward, a similar tax loss, or a tax credit carry forward. This ASU was effective for the Company beginning in the first quarter of 2014. There was no impact on the Company’s financial condition or results of operations due to the adoption of this standard. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Share-Based Compensation | ' |
2. Share-Based Compensation | |
As of March 31, 2014, the Company has two active equity compensation plans. Under the Amended and Restated 2004 Long-Term Incentive Plan, award vehicles include, but are not limited to, stock options, restricted stock awards, restricted stock units, and performance-based awards. Associates and non-employee directors of the Company are eligible to become participants in the plan. The Nonemployee Directors’ Deferred Stock Compensation Plan allows non-employee directors to elect to defer receipt of all or a portion of their retainer and meeting fees. | |
The Company granted 56,451 shares of restricted stock, 145,355 restricted stock units (“RSUs”), and 5,538 stock options during the first three months of 2014. During the first three months of 2013, the Company granted 29,990 shares of restricted stock and 152,513 RSUs. There were no stock options granted during the first three months of 2013. |
Severance_and_Restructuring_Ch
Severance and Restructuring Charges | 3 Months Ended |
Mar. 31, 2014 | |
Restructuring And Related Activities [Abstract] | ' |
Severance and Restructuring Charges | ' |
3. Severance and Restructuring Charges | |
During the first quarter of 2013, the Company recorded a $14.4 million pre-tax charge related to a workforce reduction and facility closures. The pre-tax charge is comprised of certain OKI facility closure expenses of $1.2 million and severance and workforce reduction-related expenses of $13.2 million which were included in operating expenses. Cash outflows for these actions occurred primarily during 2013 and have continued into 2014. Cash outlays associated with these charges in the three months ended March 31, 2014 were $1.8 million. During 2013, the Company reversed a portion of these charges totaling $1.4 million. Additionally, the Company reversed a portion of these charges totaling $0.3 million in the first quarter of 2014. As of March 31, 2014 and December 31, 2013, the Company had accrued liabilities for these actions of $2.3 million and $4.4 million, respectively. | |
During the first quarter 2012, the Company approved a distribution network optimization and cost reduction program. This program was substantially completed in the first quarter of 2012 and the Company recorded a $6.2 million pre-tax charge in that period in connection with these actions. The pre-tax charge is comprised of facility closure expenses of $2.6 million and severance and workforce reduction related expense of $3.6 million which were included in operating expenses. Cash outflows for this action occurred primarily in 2012 and continued in 2013 and 2014. Cash outlays associated with this charge in the three months ended March 31, 2014 were $0.1 million. As of March 31, 2014 and December 31, 2013, the Company had accrued liabilities for these actions of $0.1 million and $0.2 million, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
4. Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
The change in Accumulated Other Comprehensive Income (Loss) (“AOCI”) by component, net of tax, for the period ended March 31, 2014 is as follows: | |||||||||||||||||
(amounts in thousands) | Foreign Currency | Cash Flow | Defined Benefit | Total | |||||||||||||
Translation | Hedges | Pension Plans | |||||||||||||||
AOCI, balance as of December 31, 2013 | $ | (6,661 | ) | $ | 871 | $ | (34,098 | ) | $ | (39,888 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (545 | ) | (159 | ) | — | (704 | ) | ||||||||||
Amounts reclassified from AOCI | — | — | 581 | 581 | |||||||||||||
Net other comprehensive (loss) income | (545 | ) | (159 | ) | 581 | (123 | ) | ||||||||||
AOCI, balance as of March 31, 2014 | $ | (7,206 | ) | $ | 712 | $ | (33,517 | ) | $ | (40,011 | ) | ||||||
The following table details the amounts reclassified out of AOCI into the income statement during the three-month period ending March 31, 2014 respectively: | |||||||||||||||||
Details About AOCI Components | Amount Reclassified From | ||||||||||||||||
AOCI | |||||||||||||||||
For the Three | Affected Line Item In The Statement Where Net | ||||||||||||||||
Months Ended | Income Is Presented | ||||||||||||||||
March 31, | |||||||||||||||||
2014 | |||||||||||||||||
Amortization of defined benefit pension plan items: | |||||||||||||||||
Prior service cost and unrecognized loss | $ | 950 | Warehousing, marketing and administrative | ||||||||||||||
expenses | |||||||||||||||||
(369 | ) | Tax provision | |||||||||||||||
Total reclassifications for the period | 581 | Net of tax | |||||||||||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
5. Earnings Per Share | |||||||||
Basic earnings per share (“EPS”) is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if dilutive securities were exercised into common stock. Stock options, restricted stock, restricted stock units and deferred stock units are considered dilutive securities. For the three-month period ending March 31, 2014, 0.5 million shares of such securities were outstanding but were not included in the computation of diluted earnings per share because the effect would be antidilutive. For the three-month period ending March 31, 2013, all shares of common stock outstanding were included in the computation of diluted earnings per share because there were no antidilutive securities outstanding. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net income | $ | 21,857 | $ | 13,874 | |||||
Denominator: | |||||||||
Denominator for basic earnings per share: | |||||||||
weighted average shares | 39,194 | 39,972 | |||||||
Effect of dilutive securities: | |||||||||
Employee stock options, restricted awards, restricted units, and deferred units | 461 | 656 | |||||||
Denominator for diluted earnings per share: | |||||||||
Adjusted weighted average shares and the effect of dilutive securities | 39,655 | 40,628 | |||||||
Net income per share: | |||||||||
Net income per share—basic | $ | 0.56 | $ | 0.35 | |||||
Net income per share—diluted | $ | 0.55 | $ | 0.34 | |||||
Common Stock Repurchases | |||||||||
As of December 31, 2013, the Company had Board authorization to repurchase $93.0 million of USI common stock. During the three-month periods ended March 31, 2014 and 2013, the Company repurchased 331,369 and 208,274 shares of USI’s common stock at an aggregate cost of $13.7 million and $7.8 million, respectively. Depending on market and business conditions and other factors, the Company may continue or suspend purchasing its common stock at any time without notice. Acquired shares are included in the issued shares of the Company and treasury stock, but are not included in average shares outstanding when calculating earnings per share data. During the first three months of 2014 and 2013, the Company reissued 73,750 and 563,551 shares, respectively, of treasury stock to fulfill its obligations under its equity incentive plans. | |||||||||
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
6. Debt | |||||||||
USI is a holding company and, as a result, its primary sources of funds are cash generated from operating activities of its direct operating subsidiary, USSC, and from borrowings by USSC. The 2013 Credit Agreement, the 2013 Note Purchase Agreement, the 2007 Note Purchase Agreement, and the Receivables Securitization Program (each as defined in Note 9 of the Company’s Form 10-K for the year ended December 31, 2013) contain restrictions on the use of cash transferred from USSC to USI. | |||||||||
Debt consisted of the following amounts (in millions): | |||||||||
As of | As of | ||||||||
March 31, 2014 | December 31, 2013 | ||||||||
2013 Credit Agreement | $ | 211.5 | $ | 206.8 | |||||
2013 Note Purchase Agreement | 150 | — | |||||||
2007 Note Purchase Agreement | — | 135 | |||||||
Receivables Securitization Program | 200 | 190.7 | |||||||
Mortgage & Capital Lease | 1 | 1.2 | |||||||
Total | $ | 562.5 | $ | 533.7 | |||||
As of March 31, 2014, 73% of the Company’s outstanding debt, excluding capital leases, is priced at variable interest rates based primarily on the applicable bank prime rate or London InterBank Offered Rate (“LIBOR”). | |||||||||
Pursuant to the 2013 Note Purchase Agreement, on January 15, 2014 USSC issued an aggregate of $150 million of senior secured notes due January 15, 2021 (the “2014 Notes”). USSC used the proceeds from the sale of the 2014 Notes to repay the Series 2007-A Notes issued under the 2007 Note Purchase Agreement and reduced the borrowings under the 2013 Credit Agreement. | |||||||||
The Company had outstanding letters of credit of $11.1 million under the 2013 Credit Agreement as of March 31, 2014 and December 31, 2013. | |||||||||
Borrowings under the 2013 Credit Agreement bear interest at LIBOR for specified interest periods or at the Alternate Base Rate (as defined in the 2013 Credit Agreement), plus, in each case, a margin determined based on the Company’s permitted debt to EBITDA ratio calculated as provided in Section 6.20 of the 2013 Credit Agreement (the “Leverage Ratio”). Depending on the Company’s Leverage Ratio, the margin on LIBOR-based loans ranges from 1.00% to 2.00% and on Alternate Base Rate loans ranges from 0.00% to 1.00%. As of March 31, 2014, the applicable margin for LIBOR-based loans was 1.25% and for Alternate Base Rate loans was 0.25%. USSC is required to pay the lenders a fee on the unutilized portion of the commitments under the 2013 Credit Agreement at a rate per annum between 0.15% and 0.35%, depending on the Company’s Leverage Ratio. | |||||||||
As of March 31, 2014 and December 31, 2013, $382.4 million and $355.4 million, respectively, of receivables had been sold to the Investors (as defined in Note 9 of the Company’s Form 10-K for the year ended December 31, 2013). As of March 31, 2014, USR had $200.0 million outstanding under the Receivables Securitization Program. As of December 31, 2013, USR had $190.7 million outstanding under the Receivables Securitization Program. | |||||||||
For additional information about the 2013 Credit Agreement, the 2013 Note Purchase Agreement, and the Receivables Securitization Program, see Note 9 of the Company’s Form 10-K for the year ended December 31, 2013. | |||||||||
Pension_and_PostRetirement_Ben
Pension and Post-Retirement Benefit Plans | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Pension and Post-Retirement Benefit Plans | ' | ||||||||
7. Pension and Post-Retirement Benefit Plans | |||||||||
The Company maintains pension plans covering union and certain non-union employees. For more information on the Company’s retirement plans, see Note 11 to the Company’s Consolidated Financial Statements in the Form 10-K for the year ended December 31, 2013. A summary of net periodic pension cost related to the Company’s pension plans for the three months ended March 31, 2014 and 2013 is as follows (dollars in thousands): | |||||||||
Pension Benefits | |||||||||
For the Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Service cost—benefit earned during the period | $ | 328 | $ | 304 | |||||
Interest cost on projected benefit obligation | 2,243 | 2,097 | |||||||
Expected return on plan assets | (2,558 | ) | (2,842 | ) | |||||
Amortization of prior service cost | 45 | 48 | |||||||
Amortization of actuarial loss | 905 | 1,577 | |||||||
Net periodic pension cost | $ | 963 | $ | 1,184 | |||||
The Company made cash contributions of $2.0 million and $13.0 million to its pension plans during each of the first three months ended March 31, 2014 and 2013, respectively. Additional fundings, if any, for 2014 have not yet been determined. As of March 31, 2014 and December 31, 2013, respectively, the Company had accrued $18.8 million and $20.8 million of pension liability within “Other Long-Term Liabilities” on the Condensed Consolidated Balance Sheets. | |||||||||
Defined Contribution Plan | |||||||||
The Company has defined contribution plans covering certain salaried associates and non-union hourly paid associates (the “Plan”). The Plan permits associates to defer a portion of their pre-tax and after-tax salary as contributions to the Plan. The Plan also provides for Company-funded discretionary contributions as well as matching associates’ salary deferral contributions, at the discretion of the Board of Directors. The Company recorded expense of $1.4 million for the Company match of employee contributions to the Plan for the three months ended March 31, 2014. During the same period last year, the Company recorded $1.4 million to match employee contributions. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||
8. Derivative Financial Instruments | |||||||||||||||||||||
Interest rate movements create a degree of risk to the Company’s operations by affecting the amount of interest payments. Interest rate swap agreements are used to manage the Company’s exposure to interest rate changes. The Company designates its floating-to-fixed interest rate swaps as cash flow hedges of the variability of future cash flows at the inception of the swap contract to support hedge accounting. | |||||||||||||||||||||
USSC has entered into various separate swap transactions to mitigate USSC’s floating rate risk on the noted aggregate notional amount of LIBOR-based interest rate risk noted in the table below. These swap transactions occurred as follows: | |||||||||||||||||||||
• | On November 6, 2007, USSC entered into an interest rate swap transaction (the “November 2007 Swap Transaction”) with U.S. Bank National Association as the counterparty. This swap transaction matured on January 15, 2013. | ||||||||||||||||||||
• | On July 18, 2012, USSC entered into a two-year forward, three-year interest rate swap transaction (the “July 2012 Swap Transaction”) with U.S. Bank National Association as the counterparty. The swap transaction has an effective date of July 18, 2014 and a maturity date of July 18, 2017. | ||||||||||||||||||||
• | On June 11, 2013, USSC entered into a seven-month forward, seven-year interest rate swap transaction (the “June 2013 Swap Transaction”) with J.P. Morgan Chase Bank as the counterparty. The swap transaction had an effective date of January 15, 2014 and a maturity date of January 15, 2021. This swap was terminated in October 2013. | ||||||||||||||||||||
As of March 31, 2014, approximately 27% ($150 million) of the Company’s current outstanding debt had its interest payments designated as hedged forecasted transactions. | |||||||||||||||||||||
The Company’s outstanding swap transaction is accounted for as a cash flow hedge and is recorded at fair value on the Condensed Consolidated Balance Sheet as of March 31, 2014 and December 31, 2013, at the following amounts (in thousands): | |||||||||||||||||||||
As of March 31, 2014 | Notional | Receive | Pay | Maturity Date | Fair Value Net | ||||||||||||||||
Amount | Asset (1) | ||||||||||||||||||||
July 2012 Swap Transaction | $ | 150,000 | Floating 1-month LIBOR | 1.054 | % | July 18, 2017 | $ | 342 | |||||||||||||
As of December 31, 2013 | Notional | Receive | Pay | Maturity Date | Fair Value Net | ||||||||||||||||
Amount | Asset (1) | ||||||||||||||||||||
July 2012 Swap Transaction | $ | 150,000 | Floating 1-month LIBOR | 1.054 | % | July 18, 2017 | $ | 599 | |||||||||||||
-1 | This interest rate derivative qualifies for hedge accounting, and is in a net asset position. Therefore, the fair value of the interest rate derivative is included in the Company’s Condensed Consolidated Balance Sheets as a component of “Other Assets,” with an offsetting component in “Stockholders’ Equity” as part of “Accumulated Other Comprehensive Loss”. | ||||||||||||||||||||
Under the terms of the July 2012 Swap Transaction, USSC will be required to make monthly fixed rate payments to the counterparty calculated based on the notional amounts noted in the table above at a fixed rate also noted in the table above, while the counterparty will be obligated to make monthly floating rate payments to USSC based on the one-month LIBOR on the same referenced notional amount. | |||||||||||||||||||||
The hedged transactions described above qualify as cash flow hedges in accordance with accounting guidance on derivative instruments. This guidance requires companies to recognize all of their derivative instruments as either assets or liabilities in the statement of financial position at fair value. The Company does not offset fair value amounts recognized for interest rate swaps executed with the same counterparty. | |||||||||||||||||||||
For derivative instruments that are designated and qualify as a cash flow hedge (for example, hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings (for example, in “interest expense” when the hedged transactions are interest cash flows associated with floating-rate debt). | |||||||||||||||||||||
In connection with the pricing of the 2013 Note Purchase Agreement, the Company terminated the June 2013 Swap Transaction. The gain of $0.9 million realized by the Company on the termination has been recorded as a component of Other Comprehensive Income on the Company’s consolidated balance sheet as of December 31, 2013 and will be reclassified into earnings over the term of the 2014 Notes. During 2014, $0.1 million will be recognized in earnings. This swap reduced the exposure to variability in interest rates between the date the Company entered into the hedge and the date the Company priced 2014 Notes. | |||||||||||||||||||||
The July 2012 Swap Transaction effectively converts a portion of the Company’s future floating-rate debt to a fixed-rate basis. This swap transaction reduces the impact of interest rate changes on future interest expense. By using such derivative financial instruments, the Company exposes itself to credit risk and market risk. Credit risk is the risk that the counterparty to the interest rate swap (as noted above) will fail to perform under the terms of the agreement. The Company attempts to minimize the credit risk in these agreements by only entering into transactions with counterparties the Company determines are creditworthy. The market risk is the adverse effect on the value of a derivative financial instrument that results from a change in interest rates. | |||||||||||||||||||||
The Company’s agreement with its derivative counterparty provides that if an event of default occurs on any Company debt of $25 million or more, the counterparty can terminate the swap agreement. If an event of default had occurred and the counterparty had exercised early termination right under the outstanding swap transaction as of March 31, 2014, the Company would have been entitled to receive the aggregate fair value net asset of $0.3 million plus accrued interest from the counterparty. | |||||||||||||||||||||
The swap transaction that was in effect as of March 31, 2014 and the swap transaction that was in effect as of March 31, 2013 contained no ineffectiveness; therefore, all gains or losses on those derivative instruments were reported as a component of other comprehensive income (“OCI”) and reclassified into earnings as “interest expense” in the same period or periods during which they affected earnings. The following table depicts the effect of these derivative instruments on the statements of income and comprehensive income for the three-month periods ended March 31, 2014 and March 31, 2013. | |||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||
Recognized in | Reclassified from | Reclassified | |||||||||||||||||||
OCI on Derivative | Accumulated OCI into | from Accumulated OCI into Income | |||||||||||||||||||
(Effective Portion) | Income (Effective | (Effective Portion) | |||||||||||||||||||
For the Three | For the Three | Portion) | For the Three | For the Three | |||||||||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
November 2007 Swap Transaction | $ | — | $ | (77 | ) | Interest expense, net | $ | — | $ | (228 | ) | ||||||||||
July 2012 Swap Transaction | (159 | ) | (7 | ) | Interest expense, net | — | — | ||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
9. Fair Value Measurements | |||||||||||||||||
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including interest rate swap derivatives, based on the mark-to-market position of the Company’s positions and other observable interest rates (see Note 8 “Derivative Financial Instruments”, for more information on these interest rate swaps). | |||||||||||||||||
Accounting guidance on fair value establishes a hierarchy for those instruments measured at fair value which distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). The hierarchy consists of three levels: | |||||||||||||||||
• | Level 1—Quoted market prices in active markets for identical assets or liabilities; | ||||||||||||||||
• | Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable; and | ||||||||||||||||
• | Level 3—Unobservable inputs developed using estimates and assumptions developed by the Company which reflect those that a market participant would use. | ||||||||||||||||
Determining which level to apply to an asset or liability requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The following table summarizes the financial instruments measured at fair value in the accompanying Condensed Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
Fair Value Measurements as of March 31, 2014 | |||||||||||||||||
Quoted Market | Significant Other | Significant | |||||||||||||||
Prices in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets or | |||||||||||||||||
Liabilities | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Interest rate swap asset | $ | 342 | $ | — | $ | 342 | $ | — | |||||||||
Fair Value Measurements as of December 31, 2013 | |||||||||||||||||
Quoted Market | Significant Other | Significant | |||||||||||||||
Prices in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets or | |||||||||||||||||
Liabilities | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Interest rate swap asset | $ | 599 | $ | — | $ | 599 | $ | — | |||||||||
The carrying amount of accounts receivable at March 31, 2014, including $382.4 million of receivables sold under the Receivables Securitization Program, approximates fair value because of the short-term nature of this item. | |||||||||||||||||
Accounting guidance on fair value measurements requires separate disclosure of assets and liabilities measured at fair value on a recurring basis, as noted above, from those measured at fair value on a nonrecurring basis. As of March 31, 2014, no assets or liabilities are measured at fair value on a nonrecurring basis. | |||||||||||||||||
Other_Assets_and_Liabilities
Other Assets and Liabilities | 3 Months Ended |
Mar. 31, 2014 | |
Text Block [Abstract] | ' |
Other Assets and Liabilities | ' |
10. Other Assets and Liabilities | |
The Company had receivables related to supplier allowances totaling $77.0 million and $103.2 million included in “Accounts receivable” in the Condensed Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013, respectively. | |
Accrued customer rebates of $37.3 million and $52.6 million as of March 31, 2014 and December 31, 2013, respectively, were included in “Accrued liabilities” in the Condensed Consolidated Balance Sheets. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Change in Accumulated Other Comprehensive Income (Loss) (AOCI) by Component, Net of Tax | ' | ||||||||||||||||
The change in Accumulated Other Comprehensive Income (Loss) (“AOCI”) by component, net of tax, for the period ended March 31, 2014 is as follows: | |||||||||||||||||
(amounts in thousands) | Foreign Currency | Cash Flow | Defined Benefit | Total | |||||||||||||
Translation | Hedges | Pension Plans | |||||||||||||||
AOCI, balance as of December 31, 2013 | $ | (6,661 | ) | $ | 871 | $ | (34,098 | ) | $ | (39,888 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (545 | ) | (159 | ) | — | (704 | ) | ||||||||||
Amounts reclassified from AOCI | — | — | 581 | 581 | |||||||||||||
Net other comprehensive (loss) income | (545 | ) | (159 | ) | 581 | (123 | ) | ||||||||||
AOCI, balance as of March 31, 2014 | $ | (7,206 | ) | $ | 712 | $ | (33,517 | ) | $ | (40,011 | ) | ||||||
Amounts Reclassified Out of AOCI into Income Statement | ' | ||||||||||||||||
The following table details the amounts reclassified out of AOCI into the income statement during the three-month period ending March 31, 2014 respectively: | |||||||||||||||||
Details About AOCI Components | Amount Reclassified From | ||||||||||||||||
AOCI | |||||||||||||||||
For the Three | Affected Line Item In The Statement Where Net | ||||||||||||||||
Months Ended | Income Is Presented | ||||||||||||||||
March 31, | |||||||||||||||||
2014 | |||||||||||||||||
Amortization of defined benefit pension plan items: | |||||||||||||||||
Prior service cost and unrecognized loss | $ | 950 | Warehousing, marketing and administrative | ||||||||||||||
expenses | |||||||||||||||||
(369 | ) | Tax provision | |||||||||||||||
Total reclassifications for the period | 581 | Net of tax | |||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Computation of Basic and Diluted Earnings Per Share | ' | ||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net income | $ | 21,857 | $ | 13,874 | |||||
Denominator: | |||||||||
Denominator for basic earnings per share: | |||||||||
weighted average shares | 39,194 | 39,972 | |||||||
Effect of dilutive securities: | |||||||||
Employee stock options, restricted awards, restricted units, and deferred units | 461 | 656 | |||||||
Denominator for diluted earnings per share: | |||||||||
Adjusted weighted average shares and the effect of dilutive securities | 39,655 | 40,628 | |||||||
Net income per share: | |||||||||
Net income per share—basic | $ | 0.56 | $ | 0.35 | |||||
Net income per share—diluted | $ | 0.55 | $ | 0.34 | |||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-Term Debt Components | ' | ||||||||
Debt consisted of the following amounts (in millions): | |||||||||
As of | As of | ||||||||
March 31, 2014 | December 31, 2013 | ||||||||
2013 Credit Agreement | $ | 211.5 | $ | 206.8 | |||||
2013 Note Purchase Agreement | 150 | — | |||||||
2007 Note Purchase Agreement | — | 135 | |||||||
Receivables Securitization Program | 200 | 190.7 | |||||||
Mortgage & Capital Lease | 1 | 1.2 | |||||||
Total | $ | 562.5 | $ | 533.7 | |||||
Pension_and_PostRetirement_Ben1
Pension and Post-Retirement Benefit Plans (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Summary of Net Periodic Pension Cost Related to Pension Plans | ' | ||||||||
A summary of net periodic pension cost related to the Company’s pension plans for the three months ended March 31, 2014 and 2013 is as follows (dollars in thousands): | |||||||||
Pension Benefits | |||||||||
For the Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Service cost—benefit earned during the period | $ | 328 | $ | 304 | |||||
Interest cost on projected benefit obligation | 2,243 | 2,097 | |||||||
Expected return on plan assets | (2,558 | ) | (2,842 | ) | |||||
Amortization of prior service cost | 45 | 48 | |||||||
Amortization of actuarial loss | 905 | 1,577 | |||||||
Net periodic pension cost | $ | 963 | $ | 1,184 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Interest Rate Swap Agreements, Cash Flow Hedge | ' | ||||||||||||||||||||
The Company’s outstanding swap transaction is accounted for as a cash flow hedge and is recorded at fair value on the Condensed Consolidated Balance Sheet as of March 31, 2014 and December 31, 2013, at the following amounts (in thousands): | |||||||||||||||||||||
As of March 31, 2014 | Notional | Receive | Pay | Maturity Date | Fair Value Net | ||||||||||||||||
Amount | Asset (1) | ||||||||||||||||||||
July 2012 Swap Transaction | $ | 150,000 | Floating 1-month LIBOR | 1.054 | % | July 18, 2017 | $ | 342 | |||||||||||||
As of December 31, 2013 | Notional | Receive | Pay | Maturity Date | Fair Value Net | ||||||||||||||||
Amount | Asset (1) | ||||||||||||||||||||
July 2012 Swap Transaction | $ | 150,000 | Floating 1-month LIBOR | 1.054 | % | July 18, 2017 | $ | 599 | |||||||||||||
-1 | This interest rate derivative qualifies for hedge accounting, and is in a net asset position. Therefore, the fair value of the interest rate derivative is included in the Company’s Condensed Consolidated Balance Sheets as a component of “Other Assets,” with an offsetting component in “Stockholders’ Equity” as part of “Accumulated Other Comprehensive Loss”. | ||||||||||||||||||||
Schedule of Effect of Derivative Instruments on Income Statement | ' | ||||||||||||||||||||
The following table depicts the effect of these derivative instruments on the statements of income and comprehensive income for the three-month periods ended March 31, 2014 and March 31, 2013. | |||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||
Recognized in | Reclassified from | Reclassified | |||||||||||||||||||
OCI on Derivative | Accumulated OCI into | from Accumulated OCI into Income | |||||||||||||||||||
(Effective Portion) | Income (Effective | (Effective Portion) | |||||||||||||||||||
For the Three | For the Three | Portion) | For the Three | For the Three | |||||||||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | ||||||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
November 2007 Swap Transaction | $ | — | $ | (77 | ) | Interest expense, net | $ | — | $ | (228 | ) | ||||||||||
July 2012 Swap Transaction | (159 | ) | (7 | ) | Interest expense, net | — | — |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Financial Instruments Measured at Fair Value | ' | ||||||||||||||||
The Company evaluates its hierarchy disclosures each quarter. The following table summarizes the financial instruments measured at fair value in the accompanying Condensed Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
Fair Value Measurements as of March 31, 2014 | |||||||||||||||||
Quoted Market | Significant Other | Significant | |||||||||||||||
Prices in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets or | |||||||||||||||||
Liabilities | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Interest rate swap asset | $ | 342 | $ | — | $ | 342 | $ | — | |||||||||
Fair Value Measurements as of December 31, 2013 | |||||||||||||||||
Quoted Market | Significant Other | Significant | |||||||||||||||
Prices in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical Assets or | |||||||||||||||||
Liabilities | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets | |||||||||||||||||
Interest rate swap asset | $ | 599 | $ | — | $ | 599 | $ | — | |||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' |
Percentage of LIFO Inventory | 75.00% | ' | 76.00% |
LIFO Inventory Amount | $111.90 | ' | $112.40 |
Inventory, LIFO Reserve, Effect on Income, Net | -0.5 | 1.4 | ' |
Effect of LIFO Inventory Liquidation on Income | 4 | ' | ' |
Inventory, LIFO Reserve, Period Charge | $3.50 | ' | ' |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of share-based compensation plans | 2 | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock and restricted stock units granted | 56,451 | 29,990 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock and restricted stock units granted | 145,355 | 152,513 |
Employee Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options granted | 5,538 | 0 |
Severance_and_Restructuring_Ch1
Severance and Restructuring Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Distribution Network Optimization and Cost Reduction Program [Member] | Distribution Network Optimization and Cost Reduction Program [Member] | Distribution Network Optimization and Cost Reduction Program [Member] | Workforce Reduction and Facility Closure Program [Member] | Workforce Reduction and Facility Closure Program [Member] | Workforce Reduction and Facility Closure Program [Member] | Facility Closure Cost [Member] | Facility Closure Cost [Member] | Severance and Related Expenses [Member] | Severance and Related Expenses [Member] | Severance and Restructuring Charges [Member] | Severance and Restructuring Charges [Member] | Severance and Restructuring Charges [Member] | |
Distribution Network Optimization and Cost Reduction Program [Member] | Workforce Reduction and Facility Closure Program [Member] | Distribution Network Optimization and Cost Reduction Program [Member] | Workforce Reduction and Facility Closure Program [Member] | Distribution Network Optimization and Cost Reduction Program [Member] | Workforce Reduction and Facility Closure Program [Member] | Workforce Reduction and Facility Closure Program [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax charge | $6.20 | ' | ' | $14.40 | ' | ' | $2.60 | $1.20 | $3.60 | $13.20 | ' | ' | ' |
Cash outlays associated with severance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 1.8 | ' |
Accrued liabilities | ' | 0.1 | 0.2 | ' | 2.3 | 4.4 | ' | ' | ' | ' | ' | ' | ' |
Reversal of severance charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.30 | $1.40 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Change in Accumulated Other Comprehensive Income (Loss) (AOCI) by Component, Net of Tax (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' |
AOCI, balance as of December 31, 2013 | ($39,888) | ' |
Other comprehensive (loss) income before reclassifications | -704 | ' |
Amounts reclassified from AOCI | 581 | ' |
Net other comprehensive (loss) income | -123 | 1,909 |
AOCI, balance as of March 31, 2014 | -40,011 | ' |
Foreign Currency Translation [Member] | ' | ' |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' |
AOCI, balance as of December 31, 2013 | -6,661 | ' |
Other comprehensive (loss) income before reclassifications | -545 | ' |
Amounts reclassified from AOCI | ' | ' |
Net other comprehensive (loss) income | -545 | ' |
AOCI, balance as of March 31, 2014 | -7,206 | ' |
Cash Flow Hedges [Member] | ' | ' |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' |
AOCI, balance as of December 31, 2013 | 871 | ' |
Other comprehensive (loss) income before reclassifications | -159 | ' |
Amounts reclassified from AOCI | ' | ' |
Net other comprehensive (loss) income | -159 | ' |
AOCI, balance as of March 31, 2014 | 712 | ' |
Defined Benefit Pension Plans [Member] | ' | ' |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' |
AOCI, balance as of December 31, 2013 | -34,098 | ' |
Other comprehensive (loss) income before reclassifications | ' | ' |
Amounts reclassified from AOCI | 581 | ' |
Net other comprehensive (loss) income | 581 | ' |
AOCI, balance as of March 31, 2014 | ($33,517) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified Out of AOCI into Income Statement (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Warehousing, marketing and administrative expenses | ($148,849) | ($163,284) |
Tax provision | -13,003 | -8,254 |
Amount Reclassified From AOCI [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net of tax | 581 | ' |
Amount Reclassified From AOCI [Member] | Defined Benefit Pension Plans [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Warehousing, marketing and administrative expenses | 950 | ' |
Tax provision | ($369) | ' |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share amount | ' | 500,000 | 0 |
Additional authorized repurchase amount | $93 | ' | ' |
Number of shares repurchased | ' | 331,369 | 208,274 |
Repurchase of common stock, value | ' | $13.70 | $7.80 |
Treasury stock reissued, shares | ' | 73,750 | 563,551 |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income | $21,857 | $13,874 |
Denominator for basic earnings per share: weighted average shares | 39,194 | 39,972 |
Employee stock options, restricted awards, restricted units, and deferred units | 461 | 656 |
Denominator for diluted earnings per share: Adjusted weighted average shares and the effect of dilutive securities | 39,655 | 40,628 |
Net income per share-basic | $0.56 | $0.35 |
Net income per share-diluted | $0.55 | $0.34 |
Debt_Schedule_of_LongTerm_Debt
Debt - Schedule of Long-Term Debt Components (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Mortgage & Capital Lease | $1 | $1.20 |
Total | 562.5 | 533.7 |
2013 Credit Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2013 Credit Agreement | 211.5 | 206.8 |
2013 Note Purchase Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note Purchase Agreement | 150 | ' |
2007 Note Purchase Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note Purchase Agreement | ' | 135 |
Secured Debt [Member] | Receivables Securitization Program [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2013 Credit Agreement | $200 | $190.70 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Receivables Securitization Program [Member] | Receivables Securitization Program [Member] | Receivables Securitization Program [Member] | Receivables Securitization Program [Member] | Receivables Securitization Program [Member] | Receivables Securitization Program [Member] | 2013 Credit Agreement [Member] | 2013 Credit Agreement [Member] | 2013 Credit Agreement [Member] | 2013 Credit Agreement [Member] | Note Purchase Agreement 2013 [Member] | |
Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Maximum [Member] | Minimum [Member] | |||||||
USR [Member] | USR [Member] | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding debt priced at variable interest rates | 73.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables sold to Investors | $382.40 | $382.40 | $355.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility | ' | ' | ' | 200 | 190.7 | 200 | 190.7 | ' | ' | ' | ' | ' |
Senior secured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 |
Maturity date of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Jan-21 |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | $11.10 | $11.10 | ' | ' | ' |
LIBOR-based loans rates | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | 2.00% | 1.00% | ' |
Alternate base rate loans rates | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | 1.00% | 0.00% | ' |
Percentage of lenders fee on unutilized portion borrowing facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | 0.15% | ' |
Pension_and_PostRetirement_Ben2
Pension and Post-Retirement Benefit Plans - Summary of Net Periodic Pension Cost Related to Pension Plans (Detail) (Pension Benefits [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost-benefit earned during the period | $328 | $304 |
Interest cost on projected benefit obligation | 2,243 | 2,097 |
Expected return on plan assets | -2,558 | -2,842 |
Amortization of prior service cost | 45 | 48 |
Amortization of actuarial loss | 905 | 1,577 |
Net periodic pension cost | $963 | $1,184 |
Pension_Plans_and_PostRetireme
Pension Plans and Post-Retirement Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Cash contribution to pension plans in next fiscal year | $2 | $13 |
Pension plan liabilities | 18.8 | 20.8 |
Company contributions | $1.40 | $1.40 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Swap | Note Purchase Agreement 2013 [Member] | Note Purchase Agreement 2013 [Member] | July 2012 Swap Transaction [Member] | July 2012 Swap Transaction [Member] | June 2013 Swap Transaction [Member] | June 2013 Swap Transaction [Member] | |
Interest Rate Swap [Member] | Forward Contracts [Member] | Interest Rate Swap [Member] | Forward Contracts [Member] | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of swap transactions | 5 | ' | ' | ' | ' | ' | ' |
Derivative contract period | ' | ' | ' | '3 years | '2 years | '7 years | '7 months |
Amount of debt hedged | $150,000,000 | ' | ' | ' | ' | ' | ' |
Outstanding debt percentage | 27.00% | ' | ' | ' | ' | ' | ' |
Gain realized by the company | ' | 900,000 | ' | ' | ' | ' | ' |
Swap transaction gain to be reclassified during next 12 months | ' | ' | 100,000 | ' | ' | ' | ' |
Fair value of net Asset | 25,000,000 | ' | ' | ' | ' | ' | ' |
Minimum debt default amount | $300,000 | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Schedule of Interest Rate Swap Agreements, Cash Flow Hedges (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Fair Value Net Asset | $342 | $599 |
July 2012 Swap Transaction [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount, Asset | 150,000 | ' |
Notional Amount, Liability | ' | 150,000 |
Receive | 'Floating 1-month LIBOR | 'Floating 1-month LIBOR |
Pay | 1.05% | 1.05% |
Maturity Date | 18-Jul-17 | 18-Jul-17 |
Fair Value Net Asset | $342 | $599 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on Income Statement (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
November 2007 Swap Transaction [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | ' | ($77) |
November 2007 Swap Transaction [Member] | Interest expense, net [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ' | -228 |
July 2012 Swap Transaction [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | -159 | -7 |
July 2012 Swap Transaction [Member] | Interest expense, net [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap asset | $342 | $599 |
Quoted Prices in Active Markets for Identical Assets or Liabilities Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap asset | ' | ' |
Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap asset | 342 | 599 |
Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap asset | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Fair Value Disclosures [Abstract] | ' |
Carrying amount of accounts receivable under Current Receivables Securitization Program, which also approximates fair value | $382.40 |
Other_Assets_and_Liabilities_A
Other Assets and Liabilities - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Supplier Allowances [Member] | ' | ' |
Regulatory Assets And Liabilities [Line Items] | ' | ' |
Receivables related to supplier allowances | $77 | $103.20 |
Customer Rebates [Member] | ' | ' |
Regulatory Assets And Liabilities [Line Items] | ' | ' |
Accrued liabilities | $37.30 | $52.60 |