DEI_Document
DEI Document | 9 Months Ended | |
Dec. 31, 2013 | Feb. 06, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ARG | ' |
Entity Registrant Name | 'AIRGAS INC | ' |
Entity Central Index Key | '0000804212 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 73,961,790 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Statements_Of_Ear
Consolidated Statements Of Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Sales | $1,242,846 | $1,207,708 | $3,804,707 | $3,694,574 |
Costs and Expenses: | ' | ' | ' | ' |
Cost of products sold (excluding depreciation) | 537,670 | 530,565 | 1,676,225 | 1,660,447 |
Selling, distribution and administrative expenses | 472,687 | 459,175 | 1,420,617 | 1,368,776 |
Restructuring and other special charges (benefits), net (Note 16) | 0 | -1,729 | 0 | 6,426 |
Depreciation | 69,905 | 65,804 | 205,422 | 194,820 |
Amortization | 7,665 | 6,614 | 22,141 | 19,950 |
Total costs and expenses | 1,087,927 | 1,060,429 | 3,324,405 | 3,250,419 |
Operating Income | 154,919 | 147,279 | 480,302 | 444,155 |
Interest expense, net | -16,216 | -16,472 | -57,675 | -48,102 |
Loss on the extinguishment of debt (Note 7) | -9,150 | 0 | -9,150 | 0 |
Other income, net | 2,292 | 805 | 3,879 | 10,329 |
Earnings before income taxes | 131,845 | 131,612 | 417,356 | 406,382 |
Income taxes | -49,086 | -48,697 | -154,929 | -151,649 |
Net Earnings | $82,759 | $82,915 | $262,427 | $254,733 |
Net Earnings Per Common Share | ' | ' | ' | ' |
Basic earnings per share | $1.12 | $1.07 | $3.57 | $3.30 |
Diluted earnings per share | $1.10 | $1.05 | $3.51 | $3.23 |
Weighted Average Shares Outstanding: | ' | ' | ' | ' |
Basic | 73,767 | 77,417 | 73,505 | 77,123 |
Diluted | 75,094 | 78,944 | 74,812 | 78,883 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Earnings | $82,759 | $82,915 | $262,427 | $254,733 |
Other comprehensive income (loss), before tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -1,308 | -135 | -1,845 | 361 |
Reclassification of hedging loss included in net earnings | 129 | 129 | 388 | 388 |
Other comprehensive income (loss), before tax | -1,179 | -6 | -1,457 | 749 |
Net tax expense of other comprehensive income items | -48 | -48 | -144 | -144 |
Other comprehensive income (loss), net of tax | -1,227 | -54 | -1,601 | 605 |
Comprehensive income | $81,532 | $82,861 | $260,826 | $255,338 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash | $62,225 | $86,386 |
Trade receivables, less allowances for doubtful accounts of $35,543 and $28,650 at December 31, 2013 and March 31, 2013, respectively | 664,966 | 710,740 |
Inventories, net | 489,379 | 474,821 |
Deferred income tax asset, net | 58,242 | 53,562 |
Prepaid expenses and other current assets | 127,561 | 138,321 |
Total current assets | 1,402,373 | 1,463,830 |
Plant and equipment at cost | 4,840,799 | 4,585,933 |
Less accumulated depreciation | -2,071,679 | -1,899,628 |
Plant and equipment, net | 2,769,120 | 2,686,305 |
Goodwill | 1,277,266 | 1,195,613 |
Other intangible assets, net | 262,486 | 226,824 |
Other non-current assets | 44,014 | 45,653 |
Total assets | 5,755,259 | 5,618,225 |
Current Liabilities | ' | ' |
Accounts payable, trade | 159,033 | 183,258 |
Accrued expenses and other current liabilities | 350,475 | 374,883 |
Short-term debt | 443,209 | 0 |
Current portion of long-term debt | 400,376 | 303,573 |
Total current liabilities | 1,353,093 | 861,714 |
Long-term debt, excluding current portion | 1,704,744 | 2,304,245 |
Deferred income tax liability, net | 839,367 | 825,612 |
Other non-current liabilities | 89,469 | 89,671 |
Commitments and contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock, 20,030 shares authorized, no shares issued or outstanding at December 31, 2013 and March 31, 2013 | 0 | 0 |
Common stock, par value $0.01 per share, 200,000 shares authorized, 87,301 and 87,135 shares issued at December 31, 2013 and March 31, 2013, respectively | 873 | 871 |
Capital in excess of par value | 776,790 | 729,850 |
Retained earnings | 2,002,146 | 1,861,395 |
Accumulated other comprehensive income | 2,837 | 4,438 |
Treasury stock, 13,472 and 14,077 shares at cost at December 31, 2013 and March 31, 2013, respectively | -1,014,060 | -1,059,571 |
Total stockholders' equity | 1,768,586 | 1,536,983 |
Total liabilities and stockholders' equity | $5,755,259 | $5,618,225 |
Consolidated_Balance_Sheets_Ba
Consolidated Balance Sheets Balance Sheet Parenthetical (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable | $35,543 | $28,650 |
Preferred Stock, Shares Authorized | 20,030 | 20,030 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 200,000 | 200,000 |
Common stock, shares, issued | 87,301 | 87,135 |
Treasury stock, shares | 13,472 | 14,077 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Earnings | $262,427 | $254,733 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation | 205,422 | 194,820 |
Amortization | 22,141 | 19,950 |
Impairment | 0 | 1,729 |
Deferred income taxes | 9,061 | 14,163 |
Gain on sales of plant and equipment | -1,268 | -126 |
Gain on sale of business | 0 | -6,822 |
Stock-based compensation expense | 24,542 | 22,744 |
Loss on the extinguishment of debt | 9,150 | 0 |
Changes in assets and liabilities, excluding effects of business acquisitions and divestitures: | ' | ' |
Trade receivables, net | 52,930 | 15,579 |
Inventories, net | -9,885 | -49,972 |
Prepaid expenses and other current assets | 8,023 | -37,410 |
Accounts payable, trade | -26,663 | -19,594 |
Accrued expenses and other current liabilities | -597 | -6,526 |
Other, net | -1,421 | 1,790 |
Net cash provided by operating activities | 553,862 | 405,058 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -257,476 | -244,052 |
Proceeds from sales of plant, equipment and businesses | 11,427 | 23,438 |
Business acquisitions and holdback settlements | -179,581 | -94,630 |
Other, net | -957 | -1,668 |
Net cash used in investing activities | -426,587 | -316,912 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Net increase (decrease) in short-term debt | 442,948 | -104,181 |
Proceeds from borrowings of long-term debt | 132,525 | 260,372 |
Repayment of long-term debt | -635,721 | -18,115 |
Financing costs | -7,676 | -2,076 |
Purchase of treasury stock | -8,127 | -222,163 |
Proceeds from the exercise of stock options | 29,771 | 78,091 |
Stock issued for the Employee Stock Purchase Plan | 12,974 | 12,781 |
Excess tax benefit realized from the exercise of stock options | 9,426 | 33,352 |
Dividends paid to stockholders | -105,936 | -92,655 |
Change in cash overdraft and other | -21,620 | -11,609 |
Net cash used in financing activities | -151,436 | -66,203 |
Change in cash | -24,161 | 21,943 |
Cash - Beginning of period | 86,386 | 44,663 |
Cash - End of period | $62,225 | $66,606 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation [Text Block] | ' |
BASIS OF PRESENTATION | |
The consolidated financial statements include the accounts of Airgas, Inc. and its subsidiaries (“Airgas” or the “Company”). Intercompany accounts and transactions are eliminated in consolidation. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These consolidated financial statements do not include all disclosures required for annual financial statements. These consolidated financial statements should be read in conjunction with the complete disclosures contained in the Company’s audited consolidated financial statements for the fiscal year ended March 31, 2013. | |
The preparation of financial statements in accordance with GAAP requires the use of estimates. The consolidated financial statements reflect, in the opinion of management, reasonable estimates and all adjustments necessary to present fairly the Company’s results of operations, financial position and cash flows for the periods presented. The interim operating results are not necessarily indicative of the results to be expected for the entire year. | |
The Company reclassified $3.1 million and $11.9 million out of selling, distribution and administrative expenses into cost of products sold (excluding depreciation) for the three and nine months ended December 31, 2012, respectively, to correct an error in the prior year classification. Consolidated operating income and net earnings for the three and nine months ended December 31, 2012 were not impacted by the correction, and the amounts are not material to either of the impacted line items in the Company’s Consolidated Statement of Earnings for the three and nine months ended December 31, 2012. |
Accounting_and_Disclosure_Chan
Accounting and Disclosure Changes | 9 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Accounting and Disclosure Changes [Text Block] | ' |
ACCOUNTING AND DISCLOSURE CHANGES | |
Accounting Pronouncements Not Yet Adopted | |
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-05, Foreign Currency Matters (Topic 830): 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 (a consensus of the FASB Emerging Issues Task Force) (“ASU 2013-05”), which clarifies the accounting for the release of cumulative translation adjustments (“CTA”) into net income upon deconsolidation and consolidation transactions related to foreign entities. ASU 2013-05 states that for transactions within a foreign entity (such as a sale of assets), CTA should be released into net income in its entirety when the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets resided. However, transactions impacting investments in a foreign entity (such as a sale of ownership interests) may result in a full or partial release of CTA into net income even if complete or substantially complete liquidation of the foreign entity has not occurred. Step acquisitions, in which the acquirer holds an equity interest prior to obtaining control, are also impacted such that the acquiring company is required to release CTA into net income when control is obtained and consolidation occurs. The new guidance is effective prospectively for fiscal years (and interim periods within those years) beginning after December 15, 2013, with early adoption permitted. The guidance is not expected to have a material impact on the Company’s financial position, results of operation or liquidity upon adoption; rather, the Company will apply the provisions of the new guidance to applicable transactions related to its foreign entities subsequent to adoption. The Company’s CTA balance at December 31, 2013 was $3.4 million. | |
In July 2013, the FASB issued ASU 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 (a consensus of the FASB Emerging Issues Task Force) (“ASU 2013-11”), which provides clarification on the financial statement presentation of unrecognized tax benefits. ASU 2013-11 specifies that an unrecognized tax benefit (or a portion thereof) shall be presented in the financial statements as a reduction to a deferred tax asset when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. If such deferred tax asset is not available at the reporting date to settle additional income taxes resulting from the disallowance of a tax position, or the entity does not plan to use the deferred tax asset for such purpose given the option, the unrecognized tax benefit shall be presented in the financial statements as a liability and shall not be combined with deferred tax assets. The amendments in ASU 2013-11 are effective for fiscal years (and interim periods within those years) beginning after December 15, 2013, with early adoption permitted. The Company has unrecognized state tax benefits of approximately $17 million (excluding accrued interest) recorded on a gross basis in other non-current liabilities at December 31, 2013. However, the Company does not believe the new guidance will have a material impact on the balance sheet presentation of its unrecognized tax benefits based on the nature of these items. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 9 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Acquisitions and Divestitures [Text Block] | ' | |||||||||||
ACQUISITIONS AND DIVESTITURES | ||||||||||||
Current Year Acquisitions | ||||||||||||
Acquisitions have been recorded using the acquisition method of accounting and accordingly, results of their operations have been included in the Company’s consolidated financial statements since the effective date of each respective acquisition. | ||||||||||||
During the nine months ended December 31, 2013, the Company paid net cash consideration of $181.1 million for the purchase of nine businesses and the settlement of holdback liabilities and payments related to contingent consideration arrangements associated with prior year acquisitions. The nine businesses acquired during the nine months ended December 31, 2013 had historical annual sales of approximately $70 million. The largest of these businesses was The Encompass Gas Group, Inc. (“Encompass”), headquartered in Rockford, Illinois. With eleven locations in Illinois, Wisconsin, and Iowa, Encompass was one of the largest privately-owned suppliers of industrial, medical, and specialty gases and related hardgoods in the United States, generating approximately $55 million in annual sales in calendar 2012. Transaction and other integration costs incurred during the nine months ended December 31, 2013 were $1 million and were included in selling, distribution and administrative expenses in the Company’s Consolidated Statement of Earnings. These acquisitions contributed approximately $14 million in net sales for the nine months ended December 31, 2013. | ||||||||||||
The Company negotiated the respective purchase prices of the businesses based on the expected cash flows to be derived from their operations after integration into the Company’s existing distribution, production and service networks. The acquisition purchase price for each business is allocated based on the fair values of the assets acquired and liabilities assumed, which are based on management estimates and third-party appraisals. Purchase price allocations for the businesses acquired during the nine months ended December 31, 2013 are primarily based on provisional fair values and are subject to revision as the Company finalizes appraisals and other analyses. Final determination of the fair values may result in further adjustments to the values presented below. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed related to fiscal 2014 acquisitions, as well as adjustments to finalize the valuations of certain prior year acquisitions. Valuation adjustments related to prior year acquisitions were not significant. | ||||||||||||
(In thousands) | Distribution | All Other | Total | |||||||||
Business | Operations | |||||||||||
Segment | Business Segment | |||||||||||
Current assets, net | $ | 12,485 | $ | 9 | $ | 12,494 | ||||||
Plant and equipment | 41,249 | (746 | ) | 40,503 | ||||||||
Goodwill | 82,369 | (216 | ) | 82,153 | ||||||||
Other intangible assets | 56,439 | — | 56,439 | |||||||||
Current liabilities | (8,707 | ) | 1,367 | (7,340 | ) | |||||||
Non-current liabilities | (3,118 | ) | — | (3,118 | ) | |||||||
Net assets acquired | $ | 180,717 | $ | 414 | $ | 181,131 | ||||||
The fair value of trade receivables acquired with fiscal 2014 acquisitions was $7.7 million, with gross contractual amounts receivable of $8.1 million. Goodwill associated with fiscal 2014 acquisitions was $80.1 million of which $76.5 million is deductible for income tax purposes. Goodwill largely consists of expected synergies resulting from the acquisitions, including the expansion of geographical coverage that will facilitate the sale of industrial, medical and specialty gases, and related supplies. Other intangible assets related to fiscal 2014 acquisitions represent customer relationships and non-competition agreements, and amounted to $53.5 million and $2.8 million, respectively. See Note 5 for further information on goodwill and other intangible assets. | ||||||||||||
The following table provides unaudited pro forma results of operations for the nine months ended December 31, 2013 and 2012, as if fiscal 2014 acquisitions had occurred on April 1, 2012. The pro forma results were prepared from financial information obtained from the sellers of the businesses, as well as information obtained during the due diligence process associated with the acquisitions. The unaudited pro forma results reflect certain adjustments related to the acquisitions, such as increased depreciation and amortization expense resulting from the stepped-up basis to fair value of assets acquired and adjustments to reflect the Company’s borrowing and tax rates. The pro forma operating results do not include any anticipated synergies related to combining the businesses. Accordingly, such pro forma operating results were prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of April 1, 2012 or of results that may occur in the future. | ||||||||||||
Nine Months Ended | ||||||||||||
December 31, | ||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | ||||||||||
Net sales | $ | 3,844,583 | $ | 3,745,623 | ||||||||
Net earnings | 264,250 | 256,964 | ||||||||||
Diluted earnings per share | $ | 3.53 | $ | 3.26 | ||||||||
Prior Year Acquisitions | ||||||||||||
During the nine months ended December 31, 2012, the Company purchased fifteen businesses. A total of $94.6 million in net cash was paid for the fifteen businesses, the settlement of holdback liabilities and the settlement of a contingent consideration arrangement associated with a prior year acquisition. Transaction and other integration costs incurred during the nine months ended December 31, 2012 were $1 million. The acquired businesses had aggregate historical annual sales of approximately $94 million. These acquisitions contributed approximately $10 million in net sales for the nine months ended December 31, 2012. The Company acquired these businesses in order to expand its geographic coverage and strengthen its national network of branch-store locations. | ||||||||||||
Divestitures | ||||||||||||
On June 1, 2012, the Company divested the assets and operations of five branch locations in western Canada. The Company realized a gain on the sale of $6.8 million ($5.5 million after tax) recorded in “Other income, net” in its Consolidated Statement of Earnings. The operations were included in the Distribution business segment and contributed net sales that were not material to the Company’s Consolidated Statement of Earnings. |
Inventories_Net
Inventories, Net | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories, Net [Text Block] | ' | |||||||
INVENTORIES, NET | ||||||||
Inventories, net, consist of: | ||||||||
(In thousands) | December 31, 2013 | March 31, 2013 | ||||||
Hardgoods | $ | 325,611 | $ | 317,119 | ||||
Gases | 163,768 | 157,702 | ||||||
$ | 489,379 | $ | 474,821 | |||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Goodwill And Other Intangible Assets [Text Block] | ' | |||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||
Goodwill represents the excess of the purchase price of an acquired entity over the amounts assigned to the assets acquired and liabilities assumed in a business combination. The valuations of assets acquired and liabilities assumed from certain recent acquisitions are based on preliminary estimates of fair value and are subject to revision as the Company finalizes appraisals and other analyses. Changes in the carrying amount of goodwill by business segment for the nine months ended December 31, 2013 were as follows: | ||||||||||||||||||||||||||||
(In thousands) | Distribution Business Segment | All Other | Total | |||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||
Segment | ||||||||||||||||||||||||||||
Balance at March 31, 2013 | $ | 998,128 | $ | 197,485 | $ | 1,195,613 | ||||||||||||||||||||||
Acquisitions (a) | 82,369 | (216 | ) | 82,153 | ||||||||||||||||||||||||
Other adjustments, including foreign currency translation | (446 | ) | (54 | ) | (500 | ) | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,080,051 | $ | 197,215 | $ | 1,277,266 | ||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(a) | Includes acquisitions completed during the current year and adjustments made to prior year acquisitions. | |||||||||||||||||||||||||||
Annual Test for Goodwill Impairment | ||||||||||||||||||||||||||||
The Company is required to test goodwill associated with each of its reporting units for impairment at least annually and whenever events or circumstances indicate that it is more likely than not that goodwill may be impaired. The Company performs its annual goodwill impairment test as of October 31 of each year. At October 31, 2013, the Company had 20 reporting units in the Distribution business segment and 6 reporting units in the All Other Operations business segment, each of which constitutes an operating segment for purposes of the Company’s segment reporting. | ||||||||||||||||||||||||||||
GAAP provides that prior to performing the traditional two-step goodwill impairment test, the Company is permitted to first perform a qualitative assessment about the likelihood of the carrying value of a reporting unit exceeding its fair value, referred to as the “Step 0” assessment. The Step 0 assessment requires the evaluation of certain events and circumstances such as macroeconomic conditions, industry and market considerations, cost factors and overall financial performance, as well as company and reporting unit-specific items. After performing the Step 0 assessment, should the Company determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, it is required to perform the prescribed two-step goodwill impairment test to identify the potential goodwill impairment and measure the amount of the goodwill impairment loss, if any, to be recognized for that reporting unit. However, if the Company concludes otherwise based on the Step 0 assessment, the two-step goodwill impairment test is not required. The Step 0 assessment can be applied to none, some or all of the Company’s reporting units in any period, and the Company may also bypass the Step 0 assessment for any reporting unit in any period and proceed directly to performing the first step of the two-step goodwill impairment test for the given reporting unit. | ||||||||||||||||||||||||||||
For the October 31, 2013 goodwill impairment test, the Company applied the Step 0 assessment to all 20 of the reporting units in the Distribution business segment and 4 of the 6 reporting units in the All Other Operations business segment. After performing the Step 0 assessment for these reporting units, the Company concluded that it is not more likely than not that the fair value of each reporting unit is less than its carrying amount. Therefore, the two-step goodwill impairment test is not necessary for these reporting units. | ||||||||||||||||||||||||||||
However, the Company bypassed the option to perform the Step 0 assessment and proceeded directly to performing the first step of the two-step goodwill impairment test for two of its reporting units in the All Other Operations business segment, namely its refrigerants business and a small medical systems business. The Company determined the estimated fair value of these reporting units as of October 31, 2013 using a discounted cash flow model and compared these values to the carrying values of the respective reporting units. Significant assumptions used in the cash flow model include revenue growth rates and profit margins based on the reporting unit business plans, future capital expenditures, working capital needs, and discount and perpetual growth rates. The discount rate used to estimate the fair value of the reporting units exceeded the Company’s weighted average cost of capital as a whole, as the discount rate used for this purpose assigns a higher risk premium to the smaller entities. The perpetual growth rate assumed in the discounted cash flow model was in line with the long-term growth rate as measured by the U.S. Gross Domestic Product and the industry’s long-term rate of growth. In addition to Company and reporting unit-specific growth targets, general economic conditions, the long-term economic outlook for the U.S. economy, and market conditions affecting borrowing costs and returns on equity all influence the estimated fair value of the reporting units. | ||||||||||||||||||||||||||||
For the Company’s refrigerants business, the result of the annual goodwill impairment test indicated that the fair value of the reporting unit was substantially in excess of its carrying amount. The forecasted cash flows for this business reflect an evolving regulatory environment, which most recently was impacted by the United States Environmental Protection Agency’s (“EPA”) ruling in March 2013 that allowed for an increase in the production and import of Refrigerant-22 (“R-22”) in calendar year 2013. The ruling pressured both volumes and pricing of R-22 given the increased supply in the market. The Company believes that the impact on its earnings from the EPA’s ruling will be temporary in nature, and that its refrigerants business is well-positioned to benefit from an expected increase in demand for reclaimed and recycled R-22, as well as from expected increases in market pricing of R-22, as the phase-out related to regulations adopted by the U.S. in response to the Montreal Protocol on Substances that Deplete the Ozone Layer progresses. However, changes in the amount or timing of the reporting unit’s estimated future cash flows as a result of unexpected regulatory changes could adversely affect the fair value or carrying amount of this reporting unit. As a result, the Company will continue to monitor this business and consider interim analyses of goodwill as appropriate. The amount of goodwill associated with this reporting unit was $88 million at December 31, 2013. | ||||||||||||||||||||||||||||
The result of the goodwill impairment test for the medical systems business in the Company’s All Other Operations business segment did not indicate that the reporting unit’s goodwill was potentially impaired. However, the fair value of the reporting unit was not substantially in excess of its carrying amount. The Company will continue to monitor this business and consider interim analyses of goodwill as appropriate; however, the amount of goodwill associated with this reporting unit is not material to the Company’s consolidated financial statements. | ||||||||||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||||||
Other intangible assets by major class are as follows: | ||||||||||||||||||||||||||||
December 31, 2013 | March 31, 2013 | |||||||||||||||||||||||||||
(In thousands) | Weighted Average Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
Customer relationships | 17 | $ | 343,141 | $ | (101,968 | ) | $ | 241,173 | 15 | $ | 294,598 | $ | (91,354 | ) | $ | 203,244 | ||||||||||||
Non-competition agreements | 7 | 39,834 | (18,710 | ) | 21,124 | 7 | 42,891 | (19,338 | ) | 23,553 | ||||||||||||||||||
Other | 199 | (10 | ) | 189 | 1,295 | (1,268 | ) | 27 | ||||||||||||||||||||
$ | 383,174 | $ | (120,688 | ) | $ | 262,486 | $ | 338,784 | $ | (111,960 | ) | $ | 226,824 | |||||||||||||||
Other intangible assets primarily consist of customer relationships, which are amortized over the estimated benefit periods ranging from seven to 25 years, and non-competition agreements, which are amortized over the terms of the agreements. The determination of the estimated benefit periods associated with customer relationships is based on an analysis of historical customer sales attrition information and other customer-related factors at the date of acquisition. There are no expected residual values related to these intangible assets. The Company evaluates the estimated benefit periods and recoverability of its other intangible assets when facts and circumstances indicate that the lives may not be appropriate and/or the carrying values of the assets may not be recoverable. If the carrying value of an other intangible asset or asset group is not recoverable, impairment is measured as the amount by which the carrying value exceeds its estimated fair value. | ||||||||||||||||||||||||||||
As the Company’s other intangible assets amortize and reach the end of their respective amortization periods, the fully amortized balances are removed from the gross carrying and accumulated amortization amounts. Amortization expense related to the Company’s other intangible assets for the nine months ended December 31, 2013 and 2012 was $21.2 million and $19.2 million, respectively. Estimated future amortization expense for the Company’s other intangible assets by fiscal year is as follows: remainder of fiscal 2014 - $7.3 million; 2015 - $28.8 million; 2016 - $27.1 million; 2017 - $25.3 million; 2018 - $23.6 million; and $150.4 million thereafter. | ||||||||||||||||||||||||||||
Prior Year Impairment Evaluation | ||||||||||||||||||||||||||||
In June 2012, the Company re-evaluated the economic viability of a small hospital piping construction business associated with a reporting unit in the Company’s All Other Operations business segment. In accordance with relevant accounting guidance, if events or circumstances exist indicating that it is more likely than not that goodwill may be impaired, the Company is required to perform an interim assessment of the carrying value of goodwill. However, prior to performing the test for goodwill impairment, the Company is required to perform an assessment of the recoverability of the long-lived assets (including amortizing intangible assets) of the business. Long-lived assets are not considered recoverable when the carrying amount of the long-lived asset or asset group exceeds the undiscounted expected future cash flows. If long-lived assets are not recoverable, an impairment loss is recognized to the extent that the carrying amount exceeds fair value. | ||||||||||||||||||||||||||||
As a result of the impairment analysis performed on the long-lived assets at this reporting unit, the Company recorded a charge of $1.7 million related to certain of the intangible assets associated with this business during the three months ended June 30, 2012. The charge was reflected in the “Restructuring and other special charges (benefits), net” line item of the Company’s Consolidated Statement of Earnings and was not allocated to the Company’s business segments (see Note 14). | ||||||||||||||||||||||||||||
Subsequent to the intangible asset write-down, the Company performed an assessment of the carrying value of goodwill associated with the reporting unit. The assessment did not indicate that the reporting unit’s goodwill was potentially impaired. Although the fair value of the reporting unit was not substantially in excess of its carrying amount, the amount of goodwill associated with this reporting unit is not material to the Company’s consolidated financial statements. |
Accrued_Expenses_And_Other_Cur
Accrued Expenses And Other Current Liabilities | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Expenses and Other Current Liabilities [Abstract] | ' | |||||||
Accrued Expenses And Other Current Liabilities [Text Block] | ' | |||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ||||||||
Accrued expenses and other current liabilities include: | ||||||||
(In thousands) | December 31, 2013 | March 31, 2013 | ||||||
Accrued payroll and employee benefits | $ | 101,363 | $ | 89,131 | ||||
Business insurance reserves (a) | 52,610 | 53,619 | ||||||
Taxes other than income taxes | 20,842 | 23,154 | ||||||
Cash overdraft | 63,088 | 83,158 | ||||||
Deferred rental revenue | 33,144 | 31,909 | ||||||
Accrued interest | 13,103 | 23,373 | ||||||
Other accrued expenses and current liabilities | 66,325 | 70,539 | ||||||
$ | 350,475 | $ | 374,883 | |||||
____________________ | ||||||||
(a) | With respect to the business insurance reserves above, the Company had corresponding insurance receivables of $13.9 million and $14.0 million at December 31, 2013 and March 31, 2013, respectively, which are included within the “Prepaid expenses and other current assets” line item on the Company’s Consolidated Balance Sheets. The insurance receivables represent the balance of probable claim losses in excess of the Company’s deductible for which the Company is fully insured. |
Indebtedness
Indebtedness | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Instruments [Abstract] | ' | |||||||
Indebtedness [Text Block] | ' | |||||||
INDEBTEDNESS | ||||||||
Total debt consists of: | ||||||||
(In thousands) | December 31, 2013 | March 31, 2013 | ||||||
Short-term | ||||||||
Money market loans | $ | — | $ | — | ||||
Commercial paper | 443,209 | — | ||||||
Short-term debt | $ | 443,209 | $ | — | ||||
Long-term | ||||||||
Trade receivables securitization | $ | 295,000 | $ | 295,000 | ||||
Revolving credit borrowings - U.S. | — | — | ||||||
Revolving credit borrowings - Multi-currency | 52,236 | 36,705 | ||||||
Revolving credit borrowings - France | 8,040 | 7,372 | ||||||
Senior notes, net | 1,748,669 | 2,050,820 | ||||||
Senior subordinated notes | — | 215,446 | ||||||
Other long-term debt | 1,175 | 2,475 | ||||||
Total long-term debt | 2,105,120 | 2,607,818 | ||||||
Less current portion of long-term debt | (400,376 | ) | (303,573 | ) | ||||
Long-term debt, excluding current portion | $ | 1,704,744 | $ | 2,304,245 | ||||
Total debt | $ | 2,548,329 | $ | 2,607,818 | ||||
Money Market Loans | ||||||||
The Company has an agreement with a financial institution to provide access to short-term advances not to exceed $35 million that was extended in November 2013 and now expires on December 30, 2014. The agreement may be further extended subject to renewal provisions contained in the agreement. The advances may be for one to six months with rates at a fixed spread over the corresponding London Interbank Offering Rate (“LIBOR”). At December 31, 2013, there were no advances outstanding under the agreement. | ||||||||
The Company also has an agreement with another financial institution that provides access to additional short-term advances not to exceed $35 million that expires on July 31, 2014. The agreement may be extended subject to renewal provisions contained in the agreement. The advances are generally overnight or for up to seven days. The amount, term and interest rate of an advance are established through mutual agreement with the financial institution when the Company requests such an advance. At December 31, 2013, there were no advances outstanding under the agreement. | ||||||||
Commercial Paper | ||||||||
The Company participates in a $750 million commercial paper program supported by its $750 million revolving credit facility (see below). This program allows the Company to obtain favorable short-term borrowing rates with maturities that may vary, but will generally not exceed 90 days from the date of issue, and is classified as short-term debt. At maturity, the commercial paper balances are often rolled over rather than repaid or refinanced. The Company has used proceeds from commercial paper issuances for general corporate purposes. At December 31, 2013, $443 million was outstanding under the commercial paper program and the average effective interest rate was 0.35%. There were no borrowings outstanding under the commercial paper program as of March 31, 2013. | ||||||||
Trade Receivables Securitization | ||||||||
The Company participates in a securitization agreement with three commercial bank conduits to which it sells qualifying trade receivables on a revolving basis (the “Securitization Agreement”). The Company’s sale of qualified trade receivables is accounted for as a secured borrowing under which qualified trade receivables collateralize amounts borrowed from the commercial bank conduits. Trade receivables that collateralize the Securitization Agreement are held in a bankruptcy-remote special purpose entity, which is consolidated for financial reporting purposes and represents the Company’s only variable interest entity. Qualified trade receivables in the amount of the outstanding borrowing under the Securitization Agreement are not available to the general creditors of the Company. The maximum amount available under the Securitization Agreement is $295 million and it bears interest at approximately LIBOR plus 75 basis points. | ||||||||
On December 5, 2013, the Company entered into the Fourth Amendment to the Securitization Agreement which extended the expiration date of the Securitization Agreement from December 4, 2015 to December 5, 2016. At December 31, 2013, the amount of outstanding borrowing under the Securitization Agreement was $295 million. Amounts borrowed under the Securitization Agreement could fluctuate monthly based on the Company’s funding requirements and the level of qualified trade receivables available to collateralize the Securitization Agreement. The Securitization Agreement contains customary events of termination, including standard cross-default provisions with respect to outstanding debt. | ||||||||
Senior Credit Facility | ||||||||
The Company participates in a $750 million Amended and Restated Credit Facility (the “Credit Facility”). The Credit Facility consists of a $650 million U.S. dollar revolving credit line, with a $65 million letter of credit sublimit and a $50 million swingline sublimit, and a $100 million (U.S. dollar equivalent) multi-currency revolving credit line. The expiration date of the Credit Facility is July 19, 2016. Under circumstances described in the Credit Facility, the revolving credit line may be increased by an additional $325 million, provided that the multi-currency revolving credit line may not be increased by more than an additional $50 million. | ||||||||
As of December 31, 2013, the Company had $52 million of borrowings under the Credit Facility, all of which were under the multi-currency revolver. There were no borrowings under the U.S. dollar revolver at December 31, 2013. The Company also had outstanding U.S. letters of credit of $51 million issued under the Credit Facility. U.S. dollar revolver borrowings bear interest at LIBOR plus 125 basis points. The multi-currency revolver bears interest based on a rate of 125 basis points over the Euro currency rate applicable to each foreign currency borrowing. As of December 31, 2013, the weighted average effective interest rate on the multi-currency revolver was 1.74%. In addition to the borrowing spread of 125 basis points for U.S. dollar and multi-currency revolver borrowings, the Company pays a commitment (or unused) fee on the undrawn portion of the Credit Facility equal to 20 basis points per annum. | ||||||||
At December 31, 2013, the financial covenant of the Credit Facility did not restrict the Company’s ability to borrow on the unused portion of the Credit Facility. The Credit Facility contains customary events of default, including, without limitation, failure to make payments, a cross-default to certain other debt, breaches of covenants, breaches of representations and warranties, certain monetary judgments and bankruptcy and ERISA events. At December 31, 2013, the Company was in compliance with all covenants under all of its debt agreements. In the event of default, repayment of borrowings under the Credit Facility may be accelerated. As of December 31, 2013, $203 million remained available under the Company’s Credit Facility, after giving effect to the borrowings under the commercial paper program backstopped by the Credit Facility, the outstanding U.S. letters of credit and the borrowings under the multi-currency revolver. | ||||||||
The Company also maintains a committed revolving line of credit of up to €8.0 million (U.S. $11.0 million) to fund its operations in France. These revolving credit borrowings are outside of the Company’s Credit Facility. At December 31, 2013, these revolving credit borrowings were €5.9 million (U.S. $8.0 million) and are classified as long-term debt on the Company’s Consolidated Balance Sheet. The variable interest rates on the French revolving credit borrowings are based on the Euro currency rate plus 125 basis points. As of December 31, 2013, the effective interest rate on the French revolving credit borrowings was 1.43%. The line of credit expires on July 19, 2016. | ||||||||
Senior Notes | ||||||||
At December 31, 2013, the Company had $400 million outstanding of 4.50% senior notes maturing on September 15, 2014 (the “2014 Notes”). The 2014 Notes were issued at a discount with a yield of 4.527%. Interest on the 2014 Notes is payable semi-annually on March 15 and September 15 of each year. The 2014 Notes are included within the “Current portion of long-term debt” line item on the Company’s Consolidated Balance Sheet based on the maturity date. | ||||||||
At December 31, 2013, the Company had $250 million outstanding of 3.25% senior notes maturing on October 1, 2015 (the “2015 Notes”). The 2015 Notes were issued at a discount with a yield of 3.283%. Interest on the 2015 Notes is payable semi-annually on April 1 and October 1 of each year. | ||||||||
At December 31, 2013, the Company had $250 million outstanding of 2.95% senior notes maturing on June 15, 2016 (the “2016 Notes”). The 2016 Notes were issued at a discount with a yield of 2.980%. Interest on the 2016 Notes is payable semi-annually on June 15 and December 15 of each year. | ||||||||
At December 31, 2013, the Company had $325 million outstanding of 1.65% senior notes maturing on February 15, 2018 (the “2018 Notes”). The 2018 Notes were issued at a discount with a yield of 1.685%. Interest on the 2018 Notes is payable semi-annually on February 15 and August 15 of each year. | ||||||||
At December 31, 2013, the Company had $275 million outstanding of 2.375% senior notes maturing on February 15, 2020 (the “2020 Notes”). The 2020 Notes were issued at a discount with a yield of 2.392%. Interest on the 2020 Notes is payable semi-annually on February 15 and August 15 of each year. | ||||||||
At December 31, 2013, the Company had $250 million outstanding of 2.90% senior notes maturing on November 15, 2022 (the “2022 Notes”). The 2022 Notes were issued at a discount with a yield of 2.913%. Interest on the 2022 Notes is payable semi-annually on May 15 and November 15 of each year. | ||||||||
The 2014, 2015, 2016, 2018, 2020 and 2022 Notes (collectively, the “Senior Notes”) contain covenants that restrict the incurrence of liens and limit sale and leaseback transactions. The Company has the option to redeem the Senior Notes prior to their maturity, in whole or in part, at 100% of the principal plus any accrued but unpaid interest and applicable make-whole payments. | ||||||||
On October 1, 2013, the Company’s $300 million of 2.85% senior notes (the “2013 Notes”) matured. | ||||||||
Senior Subordinated Notes | ||||||||
At March 31, 2013, the Company had $215 million outstanding of 7.125% senior subordinated notes originally due to mature on October 1, 2018 (the “2018 Senior Subordinated Notes”). The 2018 Senior Subordinated Notes had a redemption provision which permitted the Company, at its option, to call the 2018 Senior Subordinated Notes at scheduled dates and prices beginning on October 1, 2013. On October 2, 2013, the 2018 Senior Subordinated Notes were redeemed in full at a price of 103.563%. A loss on the early extinguishment of the 2018 Senior Subordinated Notes of $9.1 million was recognized during the three months ended December 31, 2013 related to the redemption premium and the write-off of unamortized debt issuance costs. | ||||||||
Other Long-term Debt | ||||||||
The Company’s other long-term debt primarily consists of capitalized lease obligations and notes issued to sellers of businesses acquired, which are repayable in periodic installments. At December 31, 2013, other long-term debt totaled $1.2 million with an average interest rate of approximately 6.5% and an average maturity of approximately 1.9 years. | ||||||||
Aggregate Long-term Debt Maturities | ||||||||
The aggregate maturities of long-term debt at December 31, 2013 are as follows: | ||||||||
(In thousands) | Debt Maturities (a) | |||||||
31-Dec-14 | $ | 400,376 | ||||||
31-Mar-15 | 216 | |||||||
31-Mar-16 | 250,266 | |||||||
31-Mar-17 | 605,497 | |||||||
31-Mar-18 | 325,095 | |||||||
Thereafter | 525,000 | |||||||
$ | 2,106,450 | |||||||
____________________ | ||||||||
(a) | Outstanding borrowings under the Securitization Agreement at December 31, 2013 are reflected as maturing at the agreement’s expiration on December 5, 2016. | |||||||
The Senior Notes are reflected in the debt maturity schedule at their maturity values rather than their carrying values, which are net of aggregate discounts of $1.3 million at December 31, 2013. |
Derivative_Instruments_And_Hed
Derivative Instruments And Hedging Activities | 9 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||||
Derivative Instruments And Hedging Activities [Text Block] | ' | |||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||
The Company manages its exposure to changes in market interest rates. The Company’s involvement with derivative instruments has been limited to highly effective interest rate swap agreements used to manage well-defined interest rate risk exposures and treasury rate lock agreements used to fix the interest rate related to forecasted debt issuances. When the Company has derivative instruments outstanding, it monitors its positions as well as the credit ratings of its counterparties, including the potential for non-performance by the counterparties. The Company does not enter into interest rate swap or treasury rate lock agreements for trading purposes. The Company recognizes outstanding derivative instruments as either assets or liabilities at fair value on the Consolidated Balance Sheets. | ||||||||||||
Cash Flow Hedges | ||||||||||||
In anticipation of the issuance of the 2015 Notes, the Company entered into a treasury rate lock agreement in July 2010 with a notional amount of $100 million that matured in September 2010. The treasury rate lock agreement was designated as a cash flow hedge of the semi-annual interest payments associated with the forecasted issuance of the 2015 Notes. When the treasury rate lock agreement matured, the Company realized a loss of $2.6 million ($1.6 million after tax) which was reported as a component within accumulated other comprehensive income (“AOCI”) and is being reclassified into earnings over the term of the 2015 Notes. For the nine months ended December 31, 2013 and 2012, $388 thousand of the loss on the treasury rate lock was reclassified to interest expense during each period. At December 31, 2013, the estimated loss recorded in AOCI on the treasury rate lock agreement that is expected to be reclassified into earnings within the next twelve months is $517 thousand ($326 thousand after tax). See Note 10 for additional details regarding the impact of the treasury rate lock agreement on the Company’s other comprehensive income and reclassifications from AOCI into earnings. | ||||||||||||
Fair Value Hedges | ||||||||||||
The Company previously had five variable interest rate swap agreements outstanding with a notional amount of $300 million, which were designated as fair value hedges. These variable interest rate swaps were used to effectively convert the Company’s $300 million of fixed rate 2013 Notes to variable rate debt. The swap agreements matured on October 1, 2013, coinciding with the maturity date of the Company’s 2013 Notes. For derivative instruments designated as fair value hedges, the gain or loss on the derivative as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in current earnings. | ||||||||||||
During the nine months ended December 31, 2013, the fair value of the variable interest rate swaps decreased by $2.5 million. The carrying value of the 2013 Notes caused by the hedged risk also decreased by $2.5 million during the nine months ended December 31, 2013. The Company recorded the gain or loss on the hedged item (i.e., the 2013 Notes) and the gain or loss on the variable interest rate swaps in interest expense. The net gain or loss recorded in earnings as a result of hedge ineffectiveness related to the designated fair value hedges was immaterial for the three and nine months ended December 31, 2013 and 2012. | ||||||||||||
Tabular Disclosure | ||||||||||||
The following tables reflect the fair values of derivative instruments on the Company’s Consolidated Balance Sheets as well as the effect of derivative instruments in fair value hedging relationships on the Company’s earnings. See Note 10 for the tabular presentation of derivative instruments in cash flow hedging relationships related to the treasury rate lock agreement. | ||||||||||||
Fair Value of Derivatives Designated as Hedging Instruments | ||||||||||||
December 31, 2013 | March 31, 2013 | |||||||||||
(In thousands) | Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||
Location | Location | |||||||||||
Interest rate swaps: | ||||||||||||
Variable interest rate swaps | Prepaid expenses and other current assets | $ | — | Prepaid expenses and other current assets | $ | 2,490 | ||||||
Effect of Derivative Instruments in Fair Value Hedging Relationships on Earnings | ||||||||||||
Location of Gain (Loss) | Amount of Gain (Loss) Recognized in Pre-Tax Income | |||||||||||
(In thousands) | Recognized in Pre-tax | Nine Months Ended December 31, | ||||||||||
Derivatives in Fair Value Hedging Relationships | Income | 2013 | 2012 | |||||||||
Change in fair value of variable interest rate swaps | Interest expense, net | $ | (2,490 | ) | $ | (3,009 | ) | |||||
Change in carrying value of 2013 Notes | Interest expense, net | 2,496 | 3,034 | |||||||||
Net effect | Interest expense, net | $ | 6 | $ | 25 | |||||||
Fair_Value_Of_Financial_Assets
Fair Value Of Financial Assets And Liabilities | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Of Financial Assets And Liabilities [Text Block] | ' | |||||||||||||||
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | ||||||||||||||||
Fair value is defined as 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. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. The hierarchical levels related to the subjectivity of the valuation inputs are defined as follows: | ||||||||||||||||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date. | |||||||||||||||
• | Level 2 inputs are inputs, other than quoted prices included within Level 1, that are directly or indirectly observable through corroboration with observable market data at the measurement date. | |||||||||||||||
• | Level 3 inputs are unobservable inputs that reflect management’s best estimate of the assumptions (including assumptions about risk) that market participants would use in pricing the asset or liability at the measurement date. | |||||||||||||||
The carrying values of cash, trade receivables, other current receivables, trade payables and other current liabilities (e.g., deposit liabilities, cash overdrafts, etc.) approximate fair value. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and March 31, 2013 are categorized in the tables below based on the lowest level of significant input to the valuation. During the periods presented, there were no transfers between fair value hierarchical levels. | ||||||||||||||||
Balance at | Quoted prices in | Significant other | Significant | |||||||||||||
active markets | observable inputs | unobservable inputs | ||||||||||||||
(In thousands) | December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Deferred compensation plan assets | $ | 16,255 | $ | 16,255 | $ | — | $ | — | ||||||||
Total assets measured at fair value on a recurring basis | $ | 16,255 | $ | 16,255 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation plan liabilities | $ | 16,255 | $ | 16,255 | $ | — | $ | — | ||||||||
Contingent consideration liabilities | 2,028 | — | — | 2,028 | ||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 18,283 | $ | 16,255 | $ | — | $ | 2,028 | ||||||||
Balance at | Quoted prices in | Significant other | Significant | |||||||||||||
active markets | observable inputs | unobservable inputs | ||||||||||||||
(In thousands) | March 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Deferred compensation plan assets | $ | 13,631 | $ | 13,631 | $ | — | $ | — | ||||||||
Derivative assets - variable interest rate swap agreements | 2,490 | — | 2,490 | — | ||||||||||||
Total assets measured at fair value on a recurring basis | $ | 16,121 | $ | 13,631 | $ | 2,490 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation plan liabilities | $ | 13,631 | $ | 13,631 | $ | — | $ | — | ||||||||
Contingent consideration liabilities | 3,632 | — | — | 3,632 | ||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 17,263 | $ | 13,631 | $ | — | $ | 3,632 | ||||||||
The following is a general description of the valuation methodologies used for financial assets and liabilities measured at fair value: | ||||||||||||||||
Deferred compensation plan assets and corresponding liabilities — The Company’s deferred compensation plan assets consist of open-ended mutual funds (Level 1) and are included within other non-current assets on the Consolidated Balance Sheets. The Company’s deferred compensation plan liabilities are equal to the plan’s assets and are included within other non-current liabilities on the Consolidated Balance Sheets. Gains or losses on the deferred compensation plan assets are recognized as other income, net, while gains or losses on the deferred compensation plan liabilities are recognized as compensation expense in the Consolidated Statements of Earnings. | ||||||||||||||||
Derivative assets — interest rate swap agreements — The Company’s variable interest rate swap agreements were with highly-rated counterparties, were designated as fair value hedges and effectively converted the Company’s fixed rate 2013 Notes to variable rate debt. The swap agreements were valued using an income approach that relies on observable market inputs such as interest rate yield curves and treasury spreads (Level 2). Expected future cash flows under the approach were converted to a present value amount based upon market expectations of the changes in these interest rate yield curves. The fair values of the interest rate swap agreements were included in prepaid expenses and other current assets on the Company’s Consolidated Balance Sheet. On October 1, 2013, the variable interest rate swaps matured, coinciding with the maturity date of the Company’s 2013 Notes. See Note 8 for additional derivatives disclosures. | ||||||||||||||||
Contingent consideration liabilities — As part of the consideration for certain acquisitions, the Company has arrangements in place whereby future consideration in the form of cash may be transferred to the sellers contingent upon the achievement of certain earnings targets. The fair values of the contingent consideration arrangements were estimated using the income approach with inputs that are not observable in the market. Key assumptions for each arrangement, as applicable, include a discount rate commensurate with the level of risk of achievement, time horizon and other risk factors, and probability adjusted earnings growth, all of which the Company believes are appropriate and representative of market participant assumptions. Of the total liability for contingent consideration arrangements at December 31, 2013, $1.4 million is included within other non-current liabilities while the remainder is included within accrued expenses and other current liabilities on the Consolidated Balance Sheet. The impact on the Company’s earnings as a result of the contingent consideration arrangements for the three and nine months ended December 31, 2013 and 2012 was immaterial. | ||||||||||||||||
Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the nine months ended December 31, 2013 were as follows (in thousands): | ||||||||||||||||
Balance at March 31, 2013 | $ | 3,632 | ||||||||||||||
Contingent consideration liabilities recorded | — | |||||||||||||||
Settlements made during the period | (1,750 | ) | ||||||||||||||
Adjustments to fair value measurement | 146 | |||||||||||||||
Balance at December 31, 2013 | $ | 2,028 | ||||||||||||||
Fair Value of Debt | ||||||||||||||||
The carrying value of debt, which is reported on the Company’s Consolidated Balance Sheets, generally reflects the cash proceeds received upon its issuance, net of subsequent repayments, plus the impact of the Company’s fair value hedges as applicable. The fair value of the Company’s variable interest rate revolving credit borrowings disclosed in the table below was estimated based on observable forward yield curves and credit spreads management believes a market participant would assume for these facilities under market conditions as of the balance sheet date (Level 2). The fair values of the fixed rate notes disclosed below were determined based on quoted prices from the broker/dealer market, observable market inputs for similarly termed treasury notes adjusted for the Company’s credit spread and inputs management believes a market participant would use in determining imputed interest for obligations without a stated interest rate (Level 2). The fair values of the securitized receivables and the commercial paper approximate their carrying values. | ||||||||||||||||
Carrying Value at | Fair Value at | Carrying Value at | Fair Value at | |||||||||||||
(In thousands) | December 31, 2013 | December 31, 2013 | March 31, 2013 | March 31, 2013 | ||||||||||||
Commercial paper | $ | 443,209 | $ | 443,209 | $ | — | $ | — | ||||||||
Trade receivables securitization | 295,000 | 295,000 | 295,000 | 295,000 | ||||||||||||
Revolving credit borrowings | 60,276 | 60,276 | 44,077 | 44,077 | ||||||||||||
2013 Notes | — | — | 302,466 | 303,413 | ||||||||||||
2014 Notes | 399,928 | 411,617 | 399,856 | 421,582 | ||||||||||||
2015 Notes | 249,868 | 259,165 | 249,811 | 263,702 | ||||||||||||
2016 Notes | 249,831 | 258,721 | 249,778 | 262,954 | ||||||||||||
2018 Notes | 324,552 | 317,975 | 324,471 | 325,401 | ||||||||||||
2020 Notes | 274,738 | 260,499 | 274,706 | 274,432 | ||||||||||||
2022 Notes | 249,752 | 227,102 | 249,732 | 248,404 | ||||||||||||
2018 Senior Subordinated Notes | — | — | 215,446 | 229,381 | ||||||||||||
Other long-term debt | 1,175 | 1,272 | 2,475 | 2,603 | ||||||||||||
Total debt | $ | 2,548,329 | $ | 2,534,836 | $ | 2,607,818 | $ | 2,670,949 | ||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||
Stockholders' Equity [Text Block] | ' | |||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
Changes in stockholders’ equity were as follows: | ||||||||||||||||||||||||
(In thousands of shares) | Shares of | Shares of | ||||||||||||||||||||||
Common | Treasury | |||||||||||||||||||||||
Stock $0.01 | Stock | |||||||||||||||||||||||
Par Value | ||||||||||||||||||||||||
Balance at March 31, 2013 | 87,135 | (14,077 | ) | |||||||||||||||||||||
Common stock issuance (a) | 166 | |||||||||||||||||||||||
Reissuance of treasury stock for stock option exercises | 605 | |||||||||||||||||||||||
Balance at December 31, 2013 | 87,301 | (13,472 | ) | |||||||||||||||||||||
(In thousands) | Common | Capital in | Retained | Accumulated | Treasury | Total | ||||||||||||||||||
Stock | Excess of | Earnings | Other | Stock | Stockholders’ | |||||||||||||||||||
Par Value | Comprehensive | Equity | ||||||||||||||||||||||
Income | ||||||||||||||||||||||||
Balance at March 31, 2013 | $ | 871 | $ | 729,850 | $ | 1,861,395 | $ | 4,438 | $ | (1,059,571 | ) | $ | 1,536,983 | |||||||||||
Net earnings | 262,427 | 262,427 | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (1,601 | ) | (1,601 | ) | ||||||||||||||||||||
Common stock issuances and reissuances from treasury stock - employee benefit plans (b) | 2 | 12,972 | (15,740 | ) | 45,511 | 42,745 | ||||||||||||||||||
Excess tax benefit from stock option exercises | 9,426 | 9,426 | ||||||||||||||||||||||
Dividends paid on common stock ($1.44 per share) | (105,936 | ) | (105,936 | ) | ||||||||||||||||||||
Stock-based compensation (c) | 24,542 | 24,542 | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 873 | $ | 776,790 | $ | 2,002,146 | $ | 2,837 | $ | (1,014,060 | ) | $ | 1,768,586 | |||||||||||
___________________ | ||||||||||||||||||||||||
(a) | Issuance of common stock for purchases through the Employee Stock Purchase Plan. | |||||||||||||||||||||||
(b) | Issuance of common stock for purchases through the Employee Stock Purchase Plan and reissuance of treasury stock for stock option exercises. | |||||||||||||||||||||||
(c) | The Company recognized compensation expense with a corresponding amount recorded to capital in excess of par value. | |||||||||||||||||||||||
The table below presents the gross and net changes in the balances within each component of AOCI for the nine months ended December 31, 2013. | ||||||||||||||||||||||||
(In thousands) | Foreign Currency | Treasury Rate | Total Accumulated | |||||||||||||||||||||
Translation | Lock Agreement | Other Comprehensive | ||||||||||||||||||||||
Adjustments | Income (Loss) | |||||||||||||||||||||||
Balance at March 31, 2013 | $ | 5,253 | $ | (815 | ) | $ | 4,438 | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (1,845 | ) | (1,845 | ) | ||||||||||||||||||||
Amounts reclassified from AOCI | 388 | 388 | ||||||||||||||||||||||
Tax effect of other comprehensive income items | (144 | ) | (144 | ) | ||||||||||||||||||||
Net after-tax other comprehensive income (loss) | (1,845 | ) | 244 | (1,601 | ) | |||||||||||||||||||
Balance at December 31, 2013 | $ | 3,408 | $ | (571 | ) | $ | 2,837 | |||||||||||||||||
The table below represents the reclassifications out of AOCI and their effect on the respective line items of the Consolidated Statements of Earnings impacted by the reclassifications for the nine months ended December 31, 2013 and 2012. | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income | Affected Line Items in the Consolidated Statements of Earnings | ||||||||||||||||||||||
Nine Months Ended December 31, 2013: | ||||||||||||||||||||||||
Losses on cash flow hedges: | ||||||||||||||||||||||||
Treasury rate lock commitment | $ | 388 | Interest expense, net | |||||||||||||||||||||
(144 | ) | Income taxes | ||||||||||||||||||||||
$ | 244 | Net earnings | ||||||||||||||||||||||
Nine Months Ended December 31, 2012: | ||||||||||||||||||||||||
Losses on cash flow hedges: | ||||||||||||||||||||||||
Treasury rate lock commitment | $ | 388 | Interest expense, net | |||||||||||||||||||||
(144 | ) | Income taxes | ||||||||||||||||||||||
$ | 244 | Net earnings | ||||||||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | |||||||||||||||
Stock-Based Compensation [Text Block] | ' | |||||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||||
The Company recognizes stock-based compensation expense for its Equity Incentive Plan and Employee Stock Purchase Plan. The following table summarizes stock-based compensation expense recognized by the Company for the three and nine months ended December 31, 2013 and 2012. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Stock-based compensation expense related to: | ||||||||||||||||
Equity Incentive Plan | $ | 3,581 | $ | 3,528 | $ | 21,441 | 19,682 | |||||||||
Employee Stock Purchase Plan - options to purchase stock | 995 | 1,024 | 3,101 | 3,062 | ||||||||||||
4,576 | 4,552 | 24,542 | 22,744 | |||||||||||||
Tax benefit | (1,503 | ) | (1,443 | ) | (8,931 | ) | (7,826 | ) | ||||||||
Stock-based compensation expense, net of tax | $ | 3,073 | $ | 3,109 | $ | 15,611 | $ | 14,918 | ||||||||
Fair Value | ||||||||||||||||
The Company utilizes the Black-Scholes option pricing model to determine the fair value of stock options. The weighted-average grant date fair value of stock options granted during the nine months ended December 31, 2013 and 2012 was $32.40 and $29.40, respectively. | ||||||||||||||||
Summary of Stock Option Activity | ||||||||||||||||
The following table summarizes the stock option activity during the nine months ended December 31, 2013: | ||||||||||||||||
(In thousands, except per share amounts) | Number of Stock Options | Weighted-Average | ||||||||||||||
Exercise Price | ||||||||||||||||
Outstanding at March 31, 2013 | 5,052 | $ | 60.26 | |||||||||||||
Granted | 953 | $ | 102.93 | |||||||||||||
Exercised | (609 | ) | $ | 49.55 | ||||||||||||
Forfeited | (82 | ) | $ | 84.74 | ||||||||||||
Outstanding at December 31, 2013 | 5,314 | $ | 68.76 | |||||||||||||
Vested or expected to vest at December 31, 2013 | 5,296 | $ | 68.66 | |||||||||||||
Exercisable at December 31, 2013 | 3,124 | $ | 55.16 | |||||||||||||
A total of 4.1 million shares of common stock were available for grant under the Second Amended and Restated 2006 Equity Incentive Plan as of December 31, 2013. | ||||||||||||||||
As of December 31, 2013, $47.6 million of unrecognized non-cash compensation expense related to non-vested stock options is expected to be recognized over a weighted-average vesting period of 1.8 years. | ||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
The Company’s Employee Stock Purchase Plan (the “ESPP”) encourages and assists employees in acquiring an equity interest in the Company. As of December 31, 2013, the ESPP had 1.4 million shares of Company common stock available for issuance. | ||||||||||||||||
Compensation expense is measured based on the fair value of the employees’ option to purchase shares of common stock at the grant date and is recognized over the future periods in which the related employee service is rendered. The fair value per share of employee options to purchase shares under the ESPP was $19.28 and $16.73 for the nine months ended December 31, 2013 and 2012, respectively. The fair value of the employees’ option to purchase shares of common stock was estimated using the Black-Scholes model. | ||||||||||||||||
ESPP - Purchase Option Activity | ||||||||||||||||
The following table summarizes the activity of the ESPP during the nine months ended December 31, 2013: | ||||||||||||||||
(In thousands, except per share amounts) | Number of Purchase Options | Weighted-Average | ||||||||||||||
Exercise Price | ||||||||||||||||
Outstanding at March 31, 2013 | 62 | $ | 68.74 | |||||||||||||
Granted | 207 | $ | 82.88 | |||||||||||||
Exercised | (166 | ) | $ | 78.34 | ||||||||||||
Outstanding at December 31, 2013 | 103 | $ | 81.64 | |||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
Basic earnings per share is calculated by dividing net earnings by the weighted average number of shares of the Company’s common stock outstanding during the period. Outstanding shares consist of issued shares less treasury stock. Diluted earnings per share is calculated by dividing net earnings by the weighted average common shares outstanding adjusted for the dilutive effect of common stock equivalents related to stock options and the Company’s ESPP. | ||||||||||||
Outstanding stock options that are anti-dilutive are excluded from the Company’s diluted earnings per share computation. There were approximately 1.3 million and 1.4 million shares covered by outstanding stock options that were not dilutive for the three months ended December 31, 2013 and 2012, respectively. There were approximately 1.4 million and 1.3 million shares covered by outstanding stock options that were not dilutive for the nine months ended December 31, 2013 and 2012, respectively. | ||||||||||||
The table below presents the computation of basic and diluted weighted average common shares outstanding for the three and nine months ended December 31, 2013 and 2012: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
December 31, | December 31, | |||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||
Weighted average common shares outstanding: | ||||||||||||
Basic shares outstanding | 73,767 | 77,417 | 73,505 | 77,123 | ||||||||
Incremental shares from assumed exercises of stock options and options under the ESPP | 1,327 | 1,527 | 1,307 | 1,760 | ||||||||
Diluted shares outstanding | 75,094 | 78,944 | 74,812 | 78,883 | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies [Text Block] | ' |
COMMITMENTS AND CONTINGENCIES | |
Litigation | |
The Company is involved in various legal and regulatory proceedings that have arisen in the ordinary course of business and have not been fully adjudicated. These actions, when ultimately concluded and determined, will not, in the opinion of management, have a material adverse effect upon the Company’s consolidated financial condition, results of operations or liquidity. |
Summary_by_Business_Segment
Summary by Business Segment | 9 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Summary by Business Segment [Text Block] | ' | |||||||||||||||||||||||||||||||
SUMMARY BY BUSINESS SEGMENT | ||||||||||||||||||||||||||||||||
Business segment information for the Company’s Distribution and All Other Operations business segments is presented below for the three and nine months ended December 31, 2013 and 2012. Although corporate operating expenses are generally allocated to each business segment based on sales dollars, the Company reports expenses (excluding depreciation) related to the implementation of its SAP system under selling, distribution and administrative expenses in the “Eliminations and Other” column below. Additionally, the Company’s restructuring and other special charges (benefits), net are not allocated to the Company’s business segments. These costs (benefits) are also reflected in the “Eliminations and Other” column below. Intercompany sales are recorded on the same basis as sales to third parties and intercompany transactions are eliminated in consolidation. Management utilizes more than one measurement and multiple views of data to measure segment performance and to allocate resources to the segments. However, the predominant measurements are consistent with the Company’s consolidated financial statements and accordingly, are reported on the same basis below. | ||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | Distribution | All Other | Eliminations | Total | Distribution | All Other | Eliminations | Total | ||||||||||||||||||||||||
Ops. | and Other | Ops. | and Other | |||||||||||||||||||||||||||||
Gas and rent | $ | 674,465 | $ | 123,768 | $ | (7,338 | ) | $ | 790,895 | $ | 642,884 | $ | 138,152 | $ | (8,062 | ) | $ | 772,974 | ||||||||||||||
Hardgoods | 451,057 | 895 | (1 | ) | 451,951 | 433,218 | 1,518 | (2 | ) | 434,734 | ||||||||||||||||||||||
Total net sales (a) | 1,125,522 | 124,663 | (7,339 | ) | 1,242,846 | 1,076,102 | 139,670 | (8,064 | ) | 1,207,708 | ||||||||||||||||||||||
Cost of products sold (excluding depreciation) (a) | 484,083 | 60,926 | (7,339 | ) | 537,670 | 465,030 | 73,599 | (8,064 | ) | 530,565 | ||||||||||||||||||||||
Selling, distribution and administrative expenses | 427,440 | 43,409 | 1,838 | 472,687 | 405,591 | 44,866 | 8,718 | 459,175 | ||||||||||||||||||||||||
Restructuring and other special charges (benefits), net | — | — | — | — | — | — | (1,729 | ) | (1,729 | ) | ||||||||||||||||||||||
Depreciation | 63,968 | 5,937 | — | 69,905 | 60,372 | 5,432 | — | 65,804 | ||||||||||||||||||||||||
Amortization | 6,620 | 1,045 | — | 7,665 | 5,384 | 1,230 | — | 6,614 | ||||||||||||||||||||||||
Operating income | $ | 143,411 | $ | 13,346 | $ | (1,838 | ) | $ | 154,919 | $ | 139,725 | $ | 14,543 | $ | (6,989 | ) | $ | 147,279 | ||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | Distribution | All Other | Eliminations | Total | Distribution | All Other | Eliminations | Total | ||||||||||||||||||||||||
Ops. | and Other | Ops. | and Other | |||||||||||||||||||||||||||||
Gas and rent | $ | 2,028,340 | $ | 418,948 | $ | (23,715 | ) | $ | 2,423,573 | $ | 1,914,092 | $ | 444,371 | $ | (26,370 | ) | $ | 2,332,093 | ||||||||||||||
Hardgoods | 1,377,842 | 3,295 | (3 | ) | 1,381,134 | 1,357,502 | 4,984 | (5 | ) | 1,362,481 | ||||||||||||||||||||||
Total net sales (a) | 3,406,182 | 422,243 | (23,718 | ) | 3,804,707 | 3,271,594 | 449,355 | (26,375 | ) | 3,694,574 | ||||||||||||||||||||||
Cost of products sold (excluding depreciation) (a) | 1,480,870 | 219,073 | (23,718 | ) | 1,676,225 | 1,453,426 | 233,396 | (26,375 | ) | 1,660,447 | ||||||||||||||||||||||
Selling, distribution and administrative expenses | 1,282,022 | 132,361 | 6,234 | 1,420,617 | 1,210,753 | 130,749 | 27,274 | 1,368,776 | ||||||||||||||||||||||||
Restructuring and other special charges (benefits), net | — | — | — | — | — | — | 6,426 | 6,426 | ||||||||||||||||||||||||
Depreciation | 188,497 | 16,925 | — | 205,422 | 178,759 | 16,061 | — | 194,820 | ||||||||||||||||||||||||
Amortization | 18,875 | 3,266 | — | 22,141 | 16,171 | 3,779 | — | 19,950 | ||||||||||||||||||||||||
Operating income | $ | 435,918 | $ | 50,618 | $ | (6,234 | ) | $ | 480,302 | $ | 412,485 | $ | 65,370 | $ | (33,700 | ) | $ | 444,155 | ||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
(a) | Amounts in the “Eliminations and Other” column represent the elimination of intercompany sales and associated gross profit on sales from the Company’s All Other Operations business segment to its Distribution business segment. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Cash Flow Information [Text Block] | ' | |||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
Cash Paid for Interest and Income Taxes | ||||||||
Cash paid for interest and income taxes was as follows: | ||||||||
Nine Months Ended | ||||||||
December 31, | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Interest | $ | 68,297 | $ | 55,263 | ||||
Income taxes (net of refunds) | 126,081 | 120,093 | ||||||
Noncash Investing Transactions | ||||||||
Liabilities assumed as a result of acquisitions were as follows: | ||||||||
Nine Months Ended | ||||||||
December 31, | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Fair value of assets acquired | $ | 191,589 | $ | 114,007 | ||||
Net cash paid for acquisitions (a) | (181,131 | ) | (94,630 | ) | ||||
Liabilities assumed | $ | 10,458 | $ | 19,377 | ||||
____________________ | ||||||||
(a) | Includes the purchase of businesses and the settlement of holdback liabilities and payments related to contingent consideration arrangements associated with prior year acquisitions. |
Restructuring_and_Other_Specia
Restructuring and Other Special Charges (Benefits), Net | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||
Restructuring And Other Special Charges (Benefits), Net [Text Block] | ' | |||||||
RESTRUCTURING AND OTHER SPECIAL CHARGES (BENEFITS), NET | ||||||||
The Company incurred no restructuring and other special charges for the three and nine months ended December 31, 2013. The following table presents the components of restructuring and other special charges (benefits), net for the three and nine months ended December 31, 2012: | ||||||||
Three Months Ended | Nine Months Ended | |||||||
(In thousands) | 31-Dec-12 | 31-Dec-12 | ||||||
Restructuring costs (benefits), net | $ | (3,332 | ) | $ | (2,535 | ) | ||
Other related costs | 1,603 | 7,232 | ||||||
Asset impairment charges | — | 1,729 | ||||||
Total restructuring and other special charges (benefits), net | $ | (1,729 | ) | $ | 6,426 | |||
Restructuring Costs (Benefits), Net | ||||||||
In May 2011, the Company announced the alignment of its then twelve regional distribution companies into four new divisions, and the consolidation of its regional company accounting and certain administrative functions into four newly created Business Support Centers (“BSCs”). Additionally, the Company initiated a related change in its legal entity structure on January 1, 2012 whereby each Airgas regional distribution company would merge, once converted to SAP, into a single limited liability company (“LLC”) of which Airgas, Inc. is the sole member. Prior to conversion to SAP, each of the Company’s twelve regional distribution companies operated its own accounting and administrative functions. Enabled by the Company’s conversion to a single information platform across all of its regional distribution businesses as part of the SAP implementation, the restructuring allows Airgas to more effectively utilize its resources across its regional distribution businesses and form an operating structure to leverage the full benefits of its new SAP platform. | ||||||||
As of March 31, 2013, the divisional alignment was complete and all material costs related to the restructuring had been accrued. Cash payments and other adjustments to the March 31, 2013 accrued liability balance of $5.0 million associated with the restructuring plan were $3.5 million for the nine months ended December 31, 2013. | ||||||||
During the three and nine months ended December 31, 2012, the Company recorded $3.3 million and $2.5 million, respectively, in net restructuring benefits. During the three months ended December 31, 2012, the Company re-evaluated its remaining severance liability related to the divisional realignment and, as a result of this analysis, reduced its severance liability by $3.7 million. The change in estimate was driven by fewer than expected individuals meeting the requirements to receive severance benefits. This reduction was due to both the retention of employees through relocation or acceptance of new positions, as well as former associates who chose not to remain with the Company through their designated separation dates. Offsetting the benefit from the reduction to the severance liability were additional restructuring costs of $0.4 million and $1.2 million for the three and nine months ended December 31, 2012, respectively, primarily related to relocation and other costs. The net restructuring benefits were not allocated to the Company’s business segments (see Note 14). | ||||||||
Other Related Costs | ||||||||
For the three and nine months ended December 31, 2012, the Company incurred $1.6 million and $7.2 million, respectively, of other costs related to the divisional alignment and LLC formation. These costs primarily related to transition staffing for the BSCs, legal costs and other expenses associated with the Company’s organizational and legal entity changes. | ||||||||
Asset Impairment Charges | ||||||||
The Company recorded special charges of $1.7 million related to asset impairments during the nine months ended December 31, 2012 – see Note 5 for further information. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event [Text Block] | ' |
SUBSEQUENT EVENT | |
On January 30, 2014, the Company announced that its Board of Directors declared a regular quarterly cash dividend of $0.48 per share. The dividend is payable March 31, 2013 to stockholders of record as of March 14, 2014. |
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 9 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Summary of Fair Values of the Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed related to fiscal 2014 acquisitions, as well as adjustments to finalize the valuations of certain prior year acquisitions. Valuation adjustments related to prior year acquisitions were not significant. | ||||||||||||
(In thousands) | Distribution | All Other | Total | |||||||||
Business | Operations | |||||||||||
Segment | Business Segment | |||||||||||
Current assets, net | $ | 12,485 | $ | 9 | $ | 12,494 | ||||||
Plant and equipment | 41,249 | (746 | ) | 40,503 | ||||||||
Goodwill | 82,369 | (216 | ) | 82,153 | ||||||||
Other intangible assets | 56,439 | — | 56,439 | |||||||||
Current liabilities | (8,707 | ) | 1,367 | (7,340 | ) | |||||||
Non-current liabilities | (3,118 | ) | — | (3,118 | ) | |||||||
Net assets acquired | $ | 180,717 | $ | 414 | $ | 181,131 | ||||||
Pro Forma Operating Results [Table Text Block] | ' | |||||||||||
The following table provides unaudited pro forma results of operations for the nine months ended December 31, 2013 and 2012, as if fiscal 2014 acquisitions had occurred on April 1, 2012. The pro forma results were prepared from financial information obtained from the sellers of the businesses, as well as information obtained during the due diligence process associated with the acquisitions. The unaudited pro forma results reflect certain adjustments related to the acquisitions, such as increased depreciation and amortization expense resulting from the stepped-up basis to fair value of assets acquired and adjustments to reflect the Company’s borrowing and tax rates. The pro forma operating results do not include any anticipated synergies related to combining the businesses. Accordingly, such pro forma operating results were prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of April 1, 2012 or of results that may occur in the future. | ||||||||||||
Nine Months Ended | ||||||||||||
December 31, | ||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | ||||||||||
Net sales | $ | 3,844,583 | $ | 3,745,623 | ||||||||
Net earnings | 264,250 | 256,964 | ||||||||||
Diluted earnings per share | $ | 3.53 | $ | 3.26 | ||||||||
Inventories_Net_Tables
Inventories, Net (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories, Net [Table Text Block] | ' | |||||||
Inventories, net, consist of: | ||||||||
(In thousands) | December 31, 2013 | March 31, 2013 | ||||||
Hardgoods | $ | 325,611 | $ | 317,119 | ||||
Gases | 163,768 | 157,702 | ||||||
$ | 489,379 | $ | 474,821 | |||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Changes In Goodwill by Business Segment [Table Text Block] | ' | |||||||||||||||||||||||||||
Changes in the carrying amount of goodwill by business segment for the nine months ended December 31, 2013 were as follows: | ||||||||||||||||||||||||||||
(In thousands) | Distribution Business Segment | All Other | Total | |||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||||
Segment | ||||||||||||||||||||||||||||
Balance at March 31, 2013 | $ | 998,128 | $ | 197,485 | $ | 1,195,613 | ||||||||||||||||||||||
Acquisitions (a) | 82,369 | (216 | ) | 82,153 | ||||||||||||||||||||||||
Other adjustments, including foreign currency translation | (446 | ) | (54 | ) | (500 | ) | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,080,051 | $ | 197,215 | $ | 1,277,266 | ||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(a) | Includes acquisitions completed during the current year and adjustments made to prior year acquisitions. | |||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets Acquired by Major Asset Class [Table Text Block] | ' | |||||||||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||||||
Other intangible assets by major class are as follows: | ||||||||||||||||||||||||||||
December 31, 2013 | March 31, 2013 | |||||||||||||||||||||||||||
(In thousands) | Weighted Average Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
Customer relationships | 17 | $ | 343,141 | $ | (101,968 | ) | $ | 241,173 | 15 | $ | 294,598 | $ | (91,354 | ) | $ | 203,244 | ||||||||||||
Non-competition agreements | 7 | 39,834 | (18,710 | ) | 21,124 | 7 | 42,891 | (19,338 | ) | 23,553 | ||||||||||||||||||
Other | 199 | (10 | ) | 189 | 1,295 | (1,268 | ) | 27 | ||||||||||||||||||||
$ | 383,174 | $ | (120,688 | ) | $ | 262,486 | $ | 338,784 | $ | (111,960 | ) | $ | 226,824 | |||||||||||||||
Accrued_Expenses_And_Other_Cur1
Accrued Expenses And Other Current Liabilities (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Expenses and Other Current Liabilities [Abstract] | ' | |||||||
Accrued Expenses And Other Current Liabilities [Table Text Block] | ' | |||||||
Accrued expenses and other current liabilities include: | ||||||||
(In thousands) | December 31, 2013 | March 31, 2013 | ||||||
Accrued payroll and employee benefits | $ | 101,363 | $ | 89,131 | ||||
Business insurance reserves (a) | 52,610 | 53,619 | ||||||
Taxes other than income taxes | 20,842 | 23,154 | ||||||
Cash overdraft | 63,088 | 83,158 | ||||||
Deferred rental revenue | 33,144 | 31,909 | ||||||
Accrued interest | 13,103 | 23,373 | ||||||
Other accrued expenses and current liabilities | 66,325 | 70,539 | ||||||
$ | 350,475 | $ | 374,883 | |||||
____________________ | ||||||||
(a) | With respect to the business insurance reserves above, the Company had corresponding insurance receivables of $13.9 million and $14.0 million at December 31, 2013 and March 31, 2013, respectively, which are included within the “Prepaid expenses and other current assets” line item on the Company’s Consolidated Balance Sheets. The insurance receivables represent the balance of probable claim losses in excess of the Company’s deductible for which the Company is fully insured. |
Indebtedness_Tables
Indebtedness (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Instruments [Abstract] | ' | |||||||
Schedule Of Debt [Table Text Block] | ' | |||||||
Total debt consists of: | ||||||||
(In thousands) | December 31, 2013 | March 31, 2013 | ||||||
Short-term | ||||||||
Money market loans | $ | — | $ | — | ||||
Commercial paper | 443,209 | — | ||||||
Short-term debt | $ | 443,209 | $ | — | ||||
Long-term | ||||||||
Trade receivables securitization | $ | 295,000 | $ | 295,000 | ||||
Revolving credit borrowings - U.S. | — | — | ||||||
Revolving credit borrowings - Multi-currency | 52,236 | 36,705 | ||||||
Revolving credit borrowings - France | 8,040 | 7,372 | ||||||
Senior notes, net | 1,748,669 | 2,050,820 | ||||||
Senior subordinated notes | — | 215,446 | ||||||
Other long-term debt | 1,175 | 2,475 | ||||||
Total long-term debt | 2,105,120 | 2,607,818 | ||||||
Less current portion of long-term debt | (400,376 | ) | (303,573 | ) | ||||
Long-term debt, excluding current portion | $ | 1,704,744 | $ | 2,304,245 | ||||
Total debt | $ | 2,548,329 | $ | 2,607,818 | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||
The aggregate maturities of long-term debt at December 31, 2013 are as follows: | ||||||||
(In thousands) | Debt Maturities (a) | |||||||
31-Dec-14 | $ | 400,376 | ||||||
31-Mar-15 | 216 | |||||||
31-Mar-16 | 250,266 | |||||||
31-Mar-17 | 605,497 | |||||||
31-Mar-18 | 325,095 | |||||||
Thereafter | 525,000 | |||||||
$ | 2,106,450 | |||||||
____________________ | ||||||||
(a) | Outstanding borrowings under the Securitization Agreement at December 31, 2013 are reflected as maturing at the agreement’s expiration on December 5, 2016. | |||||||
The Senior Notes are reflected in the debt maturity schedule at their maturity values rather than their carrying values, which are net of aggregate discounts of $1.3 million at December 31, 2013. |
Derivative_Instruments_And_Hed1
Derivative Instruments And Hedging Activities (Tables) | 9 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||||
Fair Values Of Derivatives Designated As Hedging Instruments [Table Text Block] | ' | |||||||||||
Fair Value of Derivatives Designated as Hedging Instruments | ||||||||||||
December 31, 2013 | March 31, 2013 | |||||||||||
(In thousands) | Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||
Location | Location | |||||||||||
Interest rate swaps: | ||||||||||||
Variable interest rate swaps | Prepaid expenses and other current assets | $ | — | Prepaid expenses and other current assets | $ | 2,490 | ||||||
Effect Of Derivative Instruments On Earnings [Table Text Block] | ' | |||||||||||
Effect of Derivative Instruments in Fair Value Hedging Relationships on Earnings | ||||||||||||
Location of Gain (Loss) | Amount of Gain (Loss) Recognized in Pre-Tax Income | |||||||||||
(In thousands) | Recognized in Pre-tax | Nine Months Ended December 31, | ||||||||||
Derivatives in Fair Value Hedging Relationships | Income | 2013 | 2012 | |||||||||
Change in fair value of variable interest rate swaps | Interest expense, net | $ | (2,490 | ) | $ | (3,009 | ) | |||||
Change in carrying value of 2013 Notes | Interest expense, net | 2,496 | 3,034 | |||||||||
Net effect | Interest expense, net | $ | 6 | $ | 25 | |||||||
Fair_Value_Of_Financial_Assets1
Fair Value Of Financial Assets And Liabilities (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis [Table Text Block] | ' | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and March 31, 2013 are categorized in the tables below based on the lowest level of significant input to the valuation. During the periods presented, there were no transfers between fair value hierarchical levels. | ||||||||||||||||
Balance at | Quoted prices in | Significant other | Significant | |||||||||||||
active markets | observable inputs | unobservable inputs | ||||||||||||||
(In thousands) | December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Deferred compensation plan assets | $ | 16,255 | $ | 16,255 | $ | — | $ | — | ||||||||
Total assets measured at fair value on a recurring basis | $ | 16,255 | $ | 16,255 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation plan liabilities | $ | 16,255 | $ | 16,255 | $ | — | $ | — | ||||||||
Contingent consideration liabilities | 2,028 | — | — | 2,028 | ||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 18,283 | $ | 16,255 | $ | — | $ | 2,028 | ||||||||
Balance at | Quoted prices in | Significant other | Significant | |||||||||||||
active markets | observable inputs | unobservable inputs | ||||||||||||||
(In thousands) | March 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Deferred compensation plan assets | $ | 13,631 | $ | 13,631 | $ | — | $ | — | ||||||||
Derivative assets - variable interest rate swap agreements | 2,490 | — | 2,490 | — | ||||||||||||
Total assets measured at fair value on a recurring basis | $ | 16,121 | $ | 13,631 | $ | 2,490 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation plan liabilities | $ | 13,631 | $ | 13,631 | $ | — | $ | — | ||||||||
Contingent consideration liabilities | 3,632 | — | — | 3,632 | ||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 17,263 | $ | 13,631 | $ | — | $ | 3,632 | ||||||||
Changes In Fair Value Of Recurring Measurements Using Significant Unobservable Inputs [Table Text Block] | ' | |||||||||||||||
Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the nine months ended December 31, 2013 were as follows (in thousands): | ||||||||||||||||
Balance at March 31, 2013 | $ | 3,632 | ||||||||||||||
Contingent consideration liabilities recorded | — | |||||||||||||||
Settlements made during the period | (1,750 | ) | ||||||||||||||
Adjustments to fair value measurement | 146 | |||||||||||||||
Balance at December 31, 2013 | $ | 2,028 | ||||||||||||||
Fair Value Of Debt [Table Text Block] | ' | |||||||||||||||
Carrying Value at | Fair Value at | Carrying Value at | Fair Value at | |||||||||||||
(In thousands) | December 31, 2013 | December 31, 2013 | March 31, 2013 | March 31, 2013 | ||||||||||||
Commercial paper | $ | 443,209 | $ | 443,209 | $ | — | $ | — | ||||||||
Trade receivables securitization | 295,000 | 295,000 | 295,000 | 295,000 | ||||||||||||
Revolving credit borrowings | 60,276 | 60,276 | 44,077 | 44,077 | ||||||||||||
2013 Notes | — | — | 302,466 | 303,413 | ||||||||||||
2014 Notes | 399,928 | 411,617 | 399,856 | 421,582 | ||||||||||||
2015 Notes | 249,868 | 259,165 | 249,811 | 263,702 | ||||||||||||
2016 Notes | 249,831 | 258,721 | 249,778 | 262,954 | ||||||||||||
2018 Notes | 324,552 | 317,975 | 324,471 | 325,401 | ||||||||||||
2020 Notes | 274,738 | 260,499 | 274,706 | 274,432 | ||||||||||||
2022 Notes | 249,752 | 227,102 | 249,732 | 248,404 | ||||||||||||
2018 Senior Subordinated Notes | — | — | 215,446 | 229,381 | ||||||||||||
Other long-term debt | 1,175 | 1,272 | 2,475 | 2,603 | ||||||||||||
Total debt | $ | 2,548,329 | $ | 2,534,836 | $ | 2,607,818 | $ | 2,670,949 | ||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||
Schedule of Stockholders' Equity [Table Text Block] | ' | |||||||||||||||||||||||
Changes in stockholders’ equity were as follows: | ||||||||||||||||||||||||
(In thousands of shares) | Shares of | Shares of | ||||||||||||||||||||||
Common | Treasury | |||||||||||||||||||||||
Stock $0.01 | Stock | |||||||||||||||||||||||
Par Value | ||||||||||||||||||||||||
Balance at March 31, 2013 | 87,135 | (14,077 | ) | |||||||||||||||||||||
Common stock issuance (a) | 166 | |||||||||||||||||||||||
Reissuance of treasury stock for stock option exercises | 605 | |||||||||||||||||||||||
Balance at December 31, 2013 | 87,301 | (13,472 | ) | |||||||||||||||||||||
(In thousands) | Common | Capital in | Retained | Accumulated | Treasury | Total | ||||||||||||||||||
Stock | Excess of | Earnings | Other | Stock | Stockholders’ | |||||||||||||||||||
Par Value | Comprehensive | Equity | ||||||||||||||||||||||
Income | ||||||||||||||||||||||||
Balance at March 31, 2013 | $ | 871 | $ | 729,850 | $ | 1,861,395 | $ | 4,438 | $ | (1,059,571 | ) | $ | 1,536,983 | |||||||||||
Net earnings | 262,427 | 262,427 | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (1,601 | ) | (1,601 | ) | ||||||||||||||||||||
Common stock issuances and reissuances from treasury stock - employee benefit plans (b) | 2 | 12,972 | (15,740 | ) | 45,511 | 42,745 | ||||||||||||||||||
Excess tax benefit from stock option exercises | 9,426 | 9,426 | ||||||||||||||||||||||
Dividends paid on common stock ($1.44 per share) | (105,936 | ) | (105,936 | ) | ||||||||||||||||||||
Stock-based compensation (c) | 24,542 | 24,542 | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 873 | $ | 776,790 | $ | 2,002,146 | $ | 2,837 | $ | (1,014,060 | ) | $ | 1,768,586 | |||||||||||
___________________ | ||||||||||||||||||||||||
(a) | Issuance of common stock for purchases through the Employee Stock Purchase Plan. | |||||||||||||||||||||||
(b) | Issuance of common stock for purchases through the Employee Stock Purchase Plan and reissuance of treasury stock for stock option exercises. | |||||||||||||||||||||||
(c) | The Company recognized compensation expense with a corresponding amount recorded to capital in excess of par value. | |||||||||||||||||||||||
Gross and Net Changes in the Balances within Each Component of AOCI [Table Text Block] | ' | |||||||||||||||||||||||
The table below presents the gross and net changes in the balances within each component of AOCI for the nine months ended December 31, 2013. | ||||||||||||||||||||||||
(In thousands) | Foreign Currency | Treasury Rate | Total Accumulated | |||||||||||||||||||||
Translation | Lock Agreement | Other Comprehensive | ||||||||||||||||||||||
Adjustments | Income (Loss) | |||||||||||||||||||||||
Balance at March 31, 2013 | $ | 5,253 | $ | (815 | ) | $ | 4,438 | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (1,845 | ) | (1,845 | ) | ||||||||||||||||||||
Amounts reclassified from AOCI | 388 | 388 | ||||||||||||||||||||||
Tax effect of other comprehensive income items | (144 | ) | (144 | ) | ||||||||||||||||||||
Net after-tax other comprehensive income (loss) | (1,845 | ) | 244 | (1,601 | ) | |||||||||||||||||||
Balance at December 31, 2013 | $ | 3,408 | $ | (571 | ) | $ | 2,837 | |||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||||||
The table below represents the reclassifications out of AOCI and their effect on the respective line items of the Consolidated Statements of Earnings impacted by the reclassifications for the nine months ended December 31, 2013 and 2012. | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income | Affected Line Items in the Consolidated Statements of Earnings | ||||||||||||||||||||||
Nine Months Ended December 31, 2013: | ||||||||||||||||||||||||
Losses on cash flow hedges: | ||||||||||||||||||||||||
Treasury rate lock commitment | $ | 388 | Interest expense, net | |||||||||||||||||||||
(144 | ) | Income taxes | ||||||||||||||||||||||
$ | 244 | Net earnings | ||||||||||||||||||||||
Nine Months Ended December 31, 2012: | ||||||||||||||||||||||||
Losses on cash flow hedges: | ||||||||||||||||||||||||
Treasury rate lock commitment | $ | 388 | Interest expense, net | |||||||||||||||||||||
(144 | ) | Income taxes | ||||||||||||||||||||||
$ | 244 | Net earnings | ||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | |||||||||||||||
Stock-Based Compensation Expense Recognized [Table Text Block] | ' | |||||||||||||||
The following table summarizes stock-based compensation expense recognized by the Company for the three and nine months ended December 31, 2013 and 2012. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Stock-based compensation expense related to: | ||||||||||||||||
Equity Incentive Plan | $ | 3,581 | $ | 3,528 | $ | 21,441 | 19,682 | |||||||||
Employee Stock Purchase Plan - options to purchase stock | 995 | 1,024 | 3,101 | 3,062 | ||||||||||||
4,576 | 4,552 | 24,542 | 22,744 | |||||||||||||
Tax benefit | (1,503 | ) | (1,443 | ) | (8,931 | ) | (7,826 | ) | ||||||||
Stock-based compensation expense, net of tax | $ | 3,073 | $ | 3,109 | $ | 15,611 | $ | 14,918 | ||||||||
Summary of Stock Option Activity [Table Text Block] | ' | |||||||||||||||
The following table summarizes the stock option activity during the nine months ended December 31, 2013: | ||||||||||||||||
(In thousands, except per share amounts) | Number of Stock Options | Weighted-Average | ||||||||||||||
Exercise Price | ||||||||||||||||
Outstanding at March 31, 2013 | 5,052 | $ | 60.26 | |||||||||||||
Granted | 953 | $ | 102.93 | |||||||||||||
Exercised | (609 | ) | $ | 49.55 | ||||||||||||
Forfeited | (82 | ) | $ | 84.74 | ||||||||||||
Outstanding at December 31, 2013 | 5,314 | $ | 68.76 | |||||||||||||
Vested or expected to vest at December 31, 2013 | 5,296 | $ | 68.66 | |||||||||||||
Exercisable at December 31, 2013 | 3,124 | $ | 55.16 | |||||||||||||
ESPP - Purchase Option Activity [Table Text Block] | ' | |||||||||||||||
The following table summarizes the activity of the ESPP during the nine months ended December 31, 2013: | ||||||||||||||||
(In thousands, except per share amounts) | Number of Purchase Options | Weighted-Average | ||||||||||||||
Exercise Price | ||||||||||||||||
Outstanding at March 31, 2013 | 62 | $ | 68.74 | |||||||||||||
Granted | 207 | $ | 82.88 | |||||||||||||
Exercised | (166 | ) | $ | 78.34 | ||||||||||||
Outstanding at December 31, 2013 | 103 | $ | 81.64 | |||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computation Of Basic And Diluted Weighted Average Common Shares Outstanding [Table Text Block] | ' | |||||||||||
The table below presents the computation of basic and diluted weighted average common shares outstanding for the three and nine months ended December 31, 2013 and 2012: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
December 31, | December 31, | |||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||
Weighted average common shares outstanding: | ||||||||||||
Basic shares outstanding | 73,767 | 77,417 | 73,505 | 77,123 | ||||||||
Incremental shares from assumed exercises of stock options and options under the ESPP | 1,327 | 1,527 | 1,307 | 1,760 | ||||||||
Diluted shares outstanding | 75,094 | 78,944 | 74,812 | 78,883 | ||||||||
Summary_by_Business_Segment_Ta
Summary by Business Segment (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Financial Information by Segment [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | Distribution | All Other | Eliminations | Total | Distribution | All Other | Eliminations | Total | ||||||||||||||||||||||||
Ops. | and Other | Ops. | and Other | |||||||||||||||||||||||||||||
Gas and rent | $ | 674,465 | $ | 123,768 | $ | (7,338 | ) | $ | 790,895 | $ | 642,884 | $ | 138,152 | $ | (8,062 | ) | $ | 772,974 | ||||||||||||||
Hardgoods | 451,057 | 895 | (1 | ) | 451,951 | 433,218 | 1,518 | (2 | ) | 434,734 | ||||||||||||||||||||||
Total net sales (a) | 1,125,522 | 124,663 | (7,339 | ) | 1,242,846 | 1,076,102 | 139,670 | (8,064 | ) | 1,207,708 | ||||||||||||||||||||||
Cost of products sold (excluding depreciation) (a) | 484,083 | 60,926 | (7,339 | ) | 537,670 | 465,030 | 73,599 | (8,064 | ) | 530,565 | ||||||||||||||||||||||
Selling, distribution and administrative expenses | 427,440 | 43,409 | 1,838 | 472,687 | 405,591 | 44,866 | 8,718 | 459,175 | ||||||||||||||||||||||||
Restructuring and other special charges (benefits), net | — | — | — | — | — | — | (1,729 | ) | (1,729 | ) | ||||||||||||||||||||||
Depreciation | 63,968 | 5,937 | — | 69,905 | 60,372 | 5,432 | — | 65,804 | ||||||||||||||||||||||||
Amortization | 6,620 | 1,045 | — | 7,665 | 5,384 | 1,230 | — | 6,614 | ||||||||||||||||||||||||
Operating income | $ | 143,411 | $ | 13,346 | $ | (1,838 | ) | $ | 154,919 | $ | 139,725 | $ | 14,543 | $ | (6,989 | ) | $ | 147,279 | ||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
(In thousands) | Distribution | All Other | Eliminations | Total | Distribution | All Other | Eliminations | Total | ||||||||||||||||||||||||
Ops. | and Other | Ops. | and Other | |||||||||||||||||||||||||||||
Gas and rent | $ | 2,028,340 | $ | 418,948 | $ | (23,715 | ) | $ | 2,423,573 | $ | 1,914,092 | $ | 444,371 | $ | (26,370 | ) | $ | 2,332,093 | ||||||||||||||
Hardgoods | 1,377,842 | 3,295 | (3 | ) | 1,381,134 | 1,357,502 | 4,984 | (5 | ) | 1,362,481 | ||||||||||||||||||||||
Total net sales (a) | 3,406,182 | 422,243 | (23,718 | ) | 3,804,707 | 3,271,594 | 449,355 | (26,375 | ) | 3,694,574 | ||||||||||||||||||||||
Cost of products sold (excluding depreciation) (a) | 1,480,870 | 219,073 | (23,718 | ) | 1,676,225 | 1,453,426 | 233,396 | (26,375 | ) | 1,660,447 | ||||||||||||||||||||||
Selling, distribution and administrative expenses | 1,282,022 | 132,361 | 6,234 | 1,420,617 | 1,210,753 | 130,749 | 27,274 | 1,368,776 | ||||||||||||||||||||||||
Restructuring and other special charges (benefits), net | — | — | — | — | — | — | 6,426 | 6,426 | ||||||||||||||||||||||||
Depreciation | 188,497 | 16,925 | — | 205,422 | 178,759 | 16,061 | — | 194,820 | ||||||||||||||||||||||||
Amortization | 18,875 | 3,266 | — | 22,141 | 16,171 | 3,779 | — | 19,950 | ||||||||||||||||||||||||
Operating income | $ | 435,918 | $ | 50,618 | $ | (6,234 | ) | $ | 480,302 | $ | 412,485 | $ | 65,370 | $ | (33,700 | ) | $ | 444,155 | ||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
(a) | Amounts in the “Eliminations and Other” column represent the elimination of intercompany sales and associated gross profit on sales from the Company’s All Other Operations business segment to its Distribution business segment. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Cash Paid For Interest And Income Taxes [Table Text Block] | ' | |||||||
Cash paid for interest and income taxes was as follows: | ||||||||
Nine Months Ended | ||||||||
December 31, | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Interest | $ | 68,297 | $ | 55,263 | ||||
Income taxes (net of refunds) | 126,081 | 120,093 | ||||||
Schedule of Noncash or Part Noncash Acquisitions [Table Text Block] | ' | |||||||
Liabilities assumed as a result of acquisitions were as follows: | ||||||||
Nine Months Ended | ||||||||
December 31, | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Fair value of assets acquired | $ | 191,589 | $ | 114,007 | ||||
Net cash paid for acquisitions (a) | (181,131 | ) | (94,630 | ) | ||||
Liabilities assumed | $ | 10,458 | $ | 19,377 | ||||
____________________ | ||||||||
(a) | Includes the purchase of businesses and the settlement of holdback liabilities and payments related to contingent consideration arrangements associated with prior year acquisitions. |
Restructuring_and_Other_Specia1
Restructuring and Other Special Charges (Benefits), Net (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||
Components Of Restructuring And Other Special Charges (Benefits), Net [Table Text Block] | ' | |||||||
The following table presents the components of restructuring and other special charges (benefits), net for the three and nine months ended December 31, 2012: | ||||||||
Three Months Ended | Nine Months Ended | |||||||
(In thousands) | 31-Dec-12 | 31-Dec-12 | ||||||
Restructuring costs (benefits), net | $ | (3,332 | ) | $ | (2,535 | ) | ||
Other related costs | 1,603 | 7,232 | ||||||
Asset impairment charges | — | 1,729 | ||||||
Total restructuring and other special charges (benefits), net | $ | (1,729 | ) | $ | 6,426 | |||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 |
Selling, Distribution and Administrative Expenses [Member] | ' | ' |
Prior Period Reclassification Adjustment | ($3.10) | ($11.90) |
Cost of Products Sold, Excluding Depreciation [Member] | ' | ' |
Prior Period Reclassification Adjustment | $3.10 | $11.90 |
Accounting_and_Disclosure_Chan1
Accounting and Disclosure Changes (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Cumulative translation adjustment | $3.40 |
Unrecognized tax benefits | $17 |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures (Acquisitions Narrative) (Details) (USD $) | 9 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | ||
FY14 Acquisitions [Member] | FY14 Acquisitions [Member] | FY14 Acquisitions [Member] | The Encompass Gas Group, Inc. [Member] | FY13 Acquisitions [Member] | |||
businesses_acquired | Customer Relationships [Member] | Non-competition agreements [Member] | locations | businesses_acquired | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | |
Net cash paid for acquired businesses and settlement of holdback liabilities and contingent consideration | ' | $181,100,000 | ' | ' | ' | $94,600,000 | |
Number of businesses acquired | ' | 9 | ' | ' | ' | 15 | |
Historical annual sales of acquired businesses | ' | 70,000,000 | ' | ' | 55,000,000 | 94,000,000 | |
Number of locations | ' | ' | ' | ' | 11 | ' | |
Transaction and other integration costs | ' | 1,000,000 | ' | ' | ' | 1,000,000 | |
Net sales from current year acquisitions | ' | 14,000,000 | ' | ' | ' | 10,000,000 | |
Fair value of trade receivables acquired | ' | 7,700,000 | ' | ' | ' | ' | |
Gross contractual amounts of acquired receivables | ' | 8,100,000 | ' | ' | ' | ' | |
Goodwill acquired during period | 82,153,000 | [1] | 80,100,000 | ' | ' | ' | ' |
Goodwill deductible for income tax purposes | ' | 76,500,000 | ' | ' | ' | ' | |
Other intangible assets acquired | ' | ' | $53,500,000 | $2,800,000 | ' | ' | |
[1] | Includes acquisitions completed during the current year and adjustments made to prior year acquisitions. |
Acquisitions_and_Divestitures_2
Acquisitions and Divestitures (Summary of Fair Values of the Assets Acquired and Liabilities Assumed) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill | $1,277,266 | $1,195,613 |
Distribution Business Segment [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Goodwill | 1,080,051 | 998,128 |
All Other Operations Business Segment [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Goodwill | 197,215 | 197,485 |
FY14 and FY13 Acquisitions [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Current assets, net | 12,494 | ' |
Plant and equipment | 40,503 | ' |
Goodwill | 82,153 | ' |
Other intangible assets | 56,439 | ' |
Current liabilities | -7,340 | ' |
Non-current liabilities | -3,118 | ' |
Net assets acquired | 181,131 | ' |
FY14 and FY13 Acquisitions [Member] | Distribution Business Segment [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Current assets, net | 12,485 | ' |
Plant and equipment | 41,249 | ' |
Goodwill | 82,369 | ' |
Other intangible assets | 56,439 | ' |
Current liabilities | -8,707 | ' |
Non-current liabilities | -3,118 | ' |
Net assets acquired | 180,717 | ' |
FY14 and FY13 Acquisitions [Member] | All Other Operations Business Segment [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Current assets, net | 9 | ' |
Plant and equipment | -746 | ' |
Goodwill | -216 | ' |
Other intangible assets | 0 | ' |
Current liabilities | 1,367 | ' |
Non-current liabilities | 0 | ' |
Net assets acquired | $414 | ' |
Acquisitions_and_Divestitures_3
Acquisitions and Divestitures (Pro Forma Operating Results) (Details) (FY14 Acquisitions [Member], USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
FY14 Acquisitions [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Net sales | $3,844,583 | $3,745,623 |
Net earnings | $264,250 | $256,964 |
Diluted earnings per share | $3.53 | $3.26 |
Acquisitions_and_Divestitures_4
Acquisitions and Divestitures (Divestitures Narrative) (Details) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Business Combinations [Abstract] | ' | ' |
Sale of businesses, gain (loss) on disposal | $0 | $6,822,000 |
Sale of businesses, gain (loss) on disposal, net of tax | ' | $5,500,000 |
Inventories_Net_Details
Inventories, Net (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Line Items] | ' | ' |
Inventories, net | $489,379 | $474,821 |
Hardgoods [Member] | ' | ' |
Inventories [Line Items] | ' | ' |
Inventories, net | 325,611 | 317,119 |
Gases [Member] | ' | ' |
Inventories [Line Items] | ' | ' |
Inventories, net | $163,768 | $157,702 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Changes In Goodwill) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Goodwill [Roll Forward] | ' | |
Goodwill at period start date | $1,195,613 | |
Acquisitions | 82,153 | [1] |
Other adjustments, including foreign currency translation | -500 | |
Goodwill at period end date | 1,277,266 | |
Distribution Business Segment [Member] | ' | |
Goodwill [Roll Forward] | ' | |
Goodwill at period start date | 998,128 | |
Acquisitions | 82,369 | [1] |
Other adjustments, including foreign currency translation | -446 | |
Goodwill at period end date | 1,080,051 | |
All Other Operations Business Segment [Member] | ' | |
Goodwill [Roll Forward] | ' | |
Goodwill at period start date | 197,485 | |
Acquisitions | -216 | [1] |
Other adjustments, including foreign currency translation | -54 | |
Goodwill at period end date | $197,215 | |
[1] | Includes acquisitions completed during the current year and adjustments made to prior year acquisitions. |
Recovered_Sheet1
Goodwill and Other Intangible Assets (Annual Goodwill Impairment Test) (Details) (USD $) | Dec. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | reporting_units | ||
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $1,277,266 | ' | $1,195,613 |
Distribution Business Segment [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Number of reporting units | ' | 20 | ' |
Number of reporting units, applied step 0 of goodwill impairment test | ' | 20 | ' |
Goodwill | 1,080,051 | ' | 998,128 |
All Other Operations Business Segment [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Number of reporting units | ' | 6 | ' |
Number of reporting units, applied step 0 of goodwill impairment test | ' | 4 | ' |
Number of reporting units, applied step 1 of goodwill impairment test | ' | 2 | ' |
Goodwill | 197,215 | ' | 197,485 |
All Other Operations Business Segment [Member] | Refrigerants Reporting Unit [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | $88,000 | ' | ' |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Other Intangibles) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Customer Relationships [Member] | Customer Relationships [Member] | Non-competition agreements [Member] | Non-competition agreements [Member] | Other intangible assets [Member] | Other intangible assets [Member] | Customer relationships, non-competition agreements and other [Member] | Customer relationships, non-competition agreements and other [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Minimum [Member] | Maximum [Member] | ||||||
Customer Relationships [Member] | Customer Relationships [Member] | Non-competition agreements [Member] | Non-competition agreements [Member] | Customer Relationships [Member] | Customer Relationships [Member] | ||||||||||||||
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '17 years | '15 years | '7 years | '7 years | '7 years | '25 years |
Gross Carrying Amount | $383,174,000 | ' | $383,174,000 | ' | $338,784,000 | $343,141,000 | $294,598,000 | $39,834,000 | $42,891,000 | $199,000 | $1,295,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Amortization | -120,688,000 | ' | -120,688,000 | ' | -111,960,000 | -101,968,000 | -91,354,000 | -18,710,000 | -19,338,000 | -10,000 | -1,268,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net | 262,486,000 | ' | 262,486,000 | ' | 226,824,000 | 241,173,000 | 203,244,000 | 21,124,000 | 23,553,000 | 189,000 | 27,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible asset residual value | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization | 7,665,000 | 6,614,000 | 22,141,000 | 19,950,000 | ' | ' | ' | ' | ' | ' | ' | 21,200,000 | 19,200,000 | ' | ' | ' | ' | ' | ' |
Estimated future amortization expense in remainder of 2014 | 7,300,000 | ' | 7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future amortization expense in 2015 | 28,800,000 | ' | 28,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future amortization expense in 2016 | 27,100,000 | ' | 27,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future amortization expense in 2017 | 25,300,000 | ' | 25,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future amortization expense in 2018 | 23,600,000 | ' | 23,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future amortization expense thereafter | $150,400,000 | ' | $150,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Prior Year Impairment Evaluation) (Details) (Hospital Piping Business [Member], Finite-Lived Intangible Assets [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Hospital Piping Business [Member] | Finite-Lived Intangible Assets [Member] | ' |
Finite Lived Intangible Assets [Line Items] | ' |
Impairment of Intangible Assets (Excluding Goodwill) | $1.70 |
Accrued_Expenses_And_Other_Cur2
Accrued Expenses And Other Current Liabilities (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | ||
Accrued Expenses and Other Current Liabilities [Abstract] | ' | ' | ||
Accrued payroll and employee benefits | $101,363,000 | $89,131,000 | ||
Business insurance reserves | 52,610,000 | [1] | 53,619,000 | [1] |
Taxes other than income taxes | 20,842,000 | 23,154,000 | ||
Cash overdraft | 63,088,000 | 83,158,000 | ||
Deferred rental revenue | 33,144,000 | 31,909,000 | ||
Accrued interest | 13,103,000 | 23,373,000 | ||
Other accrued expenses and current liabilities | 66,325,000 | 70,539,000 | ||
Accrued expenses and other current liabilities | 350,475,000 | 374,883,000 | ||
Insurance receivables | $13,900,000 | $14,000,000 | ||
[1] | With respect to the business insurance reserves above, the Company had corresponding insurance receivables of $13.9 million and $14.0 million at DecemberB 31, 2013 and MarchB 31, 2013, respectively, which are included within the bPrepaid expenses and other current assetsb line item on the Companybs Consolidated Balance Sheets. The insurance receivables represent the balance of probable claim losses in excess of the Companybs deductible for which the Company is fully insured. |
Indebtedness_Schedule_Of_Debt_
Indebtedness (Schedule Of Debt) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Short-term debt | $443,209 | $0 |
Total long-term debt | 2,105,120 | 2,607,818 |
Less current portion of long-term debt | -400,376 | -303,573 |
Long-term debt, excluding current portion | 1,704,744 | 2,304,245 |
Total debt | 2,548,329 | 2,607,818 |
Trade receivables securitization [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 295,000 | 295,000 |
Revolving Credit Borrowings US [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 0 | 0 |
Revolving Credit Borrowings Multi Currency [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 52,236 | 36,705 |
Revolving Credit Borrowings France [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 8,040 | 7,372 |
Senior Notes, Net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 1,748,669 | 2,050,820 |
Senior Subordinated Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 0 | ' |
Subordinated Debt | ' | 215,446 |
Other long-term debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 1,175 | 2,475 |
Money market loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Short-term debt | 0 | 0 |
Commercial paper [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Short-term debt | $443,209 | $0 |
Indebtedness_Money_Market_Loan
Indebtedness (Money Market Loans Narrative) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Agreement Expiring In December 2014 [Member] | Agreement Expiring In July 2014 [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||
Agreement Expiring In December 2014 [Member] | Agreement Expiring In December 2014 [Member] | Agreement Expiring In July 2014 [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Money market loans maximum amount allowed | ' | ' | $35,000,000 | $35,000,000 | ' | ' | ' |
Money market advances agreement expiration | ' | ' | 'December 30, 2014 | 'July 31, 2014 | ' | ' | ' |
Short-term debt, terms | ' | ' | 'advances may be for one to six months with rates at a fixed spread over the corresponding London Interbank Offering Rate (bLIBORb) | 'advances are generally overnight or for up to seven days. The amount, term and interest rate of an advance are established through mutual agreement with the financial institution when the Company requests such an advance | ' | ' | ' |
Short term debt maturity period | ' | ' | ' | ' | '1 month | '6 months | '7 days |
Short-term debt | $443,209,000 | $0 | $0 | $0 | ' | ' | ' |
Indebtedness_Commercial_Paper_
Indebtedness (Commercial Paper Narrative) (Details) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Mar. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Short-term debt | $443,209,000 | $0 |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving line of credit, maximum borrowing capacity | 750,000,000 | ' |
Commercial paper [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving line of credit, maximum borrowing capacity | 750,000,000 | ' |
Short-term debt, terms | 'maturities that may vary, but will generally not exceed 90 days from the date of issue | ' |
Short-term debt | $443,209,000 | $0 |
Debt Instrument, Interest Rate, Effective Percentage | 0.35% | ' |
Maximum [Member] | Commercial paper [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Short term debt maturity period | '90 days | ' |
Indebtedness_Trade_Receivables
Indebtedness (Trade Receivables Securitization Narrative) (Details) (Trade receivables securitization [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
entities | |
Debt Instrument [Line Items] | ' |
Number of commercial bank conduits participating in trade receivables securitization agreement | 3 |
Accounts receivable from Securitization | $295 |
Accounts Receivable Securitization, Expiration Date, Original | 'December 4, 2015 |
Accounts Receivable Securitization, Expiration Date | 'December 5, 2016 |
Basis spread on variable rate | 0.75% |
Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Accounts receivable from Securitization | $295 |
Indebtedness_Senior_Credit_Fac
Indebtedness (Senior Credit Facility Narrative) (Details) | 9 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Revolving Credit Facility [Member] | Revolving Credit Borrowings US [Member] | Revolving Credit Borrowings Multi Currency [Member] | Revolving Credit Borrowings France [Member] | Revolving Credit Borrowings France [Member] | Maximum [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | Revolving Credit Facility [Member] | |
USD ($) | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Revolving line of credit, maximum borrowing capacity | $750 | $650 | $100 | $11 | € 8 | ' |
Letters of Credit, Sublimit | ' | ' | ' | ' | ' | 65 |
Debt Swingline, Sublimit | ' | ' | ' | ' | ' | 50 |
Line of Credit Facility, Expiration Date | 19-Jul-16 | 19-Jul-16 | 19-Jul-16 | 19-Jul-16 | 19-Jul-16 | ' |
Revolving credit facility, maximum increase | 325 | ' | 50 | ' | ' | ' |
Revolver, outstanding borrowings | 52 | 0 | 52 | 8 | 5.9 | ' |
Letters of credit outstanding | ' | 51 | ' | ' | ' | ' |
Basis spread on variable rate | ' | 1.25% | 1.25% | 1.25% | 1.25% | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | 1.74% | 1.43% | 1.43% | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | 0.20% | 0.20% | ' | ' | ' |
Remaining availability under revolving credit facility | $203 | ' | ' | ' | ' | ' |
Indebtedness_Senior_Notes_Narr
Indebtedness (Senior Notes Narrative) (Details) (Senior Notes, Net [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' |
Call feature description | 'The 2014, 2015, 2016, 2018, 2020 and 2022 Notes (collectively, the bSenior Notesb) contain covenants that restrict the incurrence of liens and limit sale and leaseback transactions. The Company has the option to redeem the Senior Notes prior to their maturity, in whole or in part, at 100% of the principal plus any accrued but unpaid interest and applicable make-whole payments. |
Percentage Of Principal That Must Be Repaid In Addition To Accrued Interest Under Call Feature Of Notes | 100.00% |
4.5% Senior Notes Maturing September 2014 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | 400 |
Debt Instrument, Interest rate | 4.50% |
Debt Instrument, Maturity Date | 15-Sep-14 |
Debt Instrument, Interest Rate, Effective Percentage | 4.53% |
Interest rate terms | 'semi-annually on MarchB 15 and SeptemberB 15 of each year |
3.25% Senior Notes Due October 2015 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | 250 |
Debt Instrument, Interest rate | 3.25% |
Debt Instrument, Maturity Date | 1-Oct-15 |
Debt Instrument, Interest Rate, Effective Percentage | 3.28% |
Interest rate terms | 'semi-annually on AprilB 1 and OctoberB 1 of each year |
2.95% Senior Notes Maturing June 2016 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | 250 |
Debt Instrument, Interest rate | 2.95% |
Debt Instrument, Maturity Date | 15-Jun-16 |
Debt Instrument, Interest Rate, Effective Percentage | 2.98% |
Interest rate terms | 'semi-annually on JuneB 15 and DecemberB 15 of each year |
1.65% Senior Notes Maturing February 2018 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | 325 |
Debt Instrument, Interest rate | 1.65% |
Debt Instrument, Maturity Date | 15-Feb-18 |
Debt Instrument, Interest Rate, Effective Percentage | 1.69% |
Interest rate terms | 'semi-annually on February 15 and August 15 of each year |
2.375% Senior Notes Maturing February 2020 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | 275 |
Debt Instrument, Interest rate | 2.38% |
Debt Instrument, Maturity Date | 15-Feb-20 |
Debt Instrument, Interest Rate, Effective Percentage | 2.39% |
Interest rate terms | 'semi-annually on February 15 and August 15 of each year |
2.90% Senior Notes Maturing November 2022 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | 250 |
Debt Instrument, Interest rate | 2.90% |
Debt Instrument, Maturity Date | 15-Nov-22 |
Debt Instrument, Interest Rate, Effective Percentage | 2.91% |
Interest rate terms | 'semi-annually on May 15 and November 15 of each year. |
2.85% Senior Notes Maturing October 2013 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | 300 |
Debt Instrument, Interest rate | 2.85% |
Debt Instrument, Maturity Date | 1-Oct-13 |
Indebtedness_Senior_Subordinat
Indebtedness (Senior Subordinated Notes Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Senior Subordinated Notes [Member] | 7.125% Senior Subordinated Notes Maturing 2018 [Member] | 7.125% Senior Subordinated Notes Maturing 2018 [Member] | |||||
Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Subordinated Debt | ' | ' | ' | ' | $215,446 | ' | ' |
Debt Instrument, Interest rate | ' | ' | ' | ' | ' | 7.13% | 7.13% |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | 1-Oct-18 |
First scheduled optional redemption date | ' | ' | ' | ' | ' | ' | 1-Oct-13 |
Debt Instrument, Redemption Date | ' | ' | ' | ' | ' | ' | 2-Oct-13 |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | ' | ' | 103.56% |
Loss on the extinguishment of debt | ($9,150) | $0 | ($9,150) | $0 | ' | $9,100 | ' |
Indebtedness_Other_LongTerm_De
Indebtedness (Other Long-Term Debt Narrative) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Other long-term debt [Member] | Other long-term debt [Member] | Weighted Average [Member] | ||
Other long-term debt [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term Debt | $2,105,120 | $2,607,818 | $1,175 | $2,475 | ' |
Other long-term debt, average interest rate | ' | ' | 6.50% | ' | ' |
Debt Instrument, Maturity Period | ' | ' | ' | ' | '1 year 11 months |
Indebtedness_Schedule_Of_LongT
Indebtedness (Schedule Of Long-Term Debt Maturities) (Details) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | ||
Maturities of Long-term Debt [Abstract] | ' | |
31-Dec-14 | 400,376,000 | [1] |
31-Mar-15 | 216,000 | [1] |
31-Mar-16 | 250,266,000 | [1] |
31-Mar-17 | 605,497,000 | [1] |
31-Mar-18 | 325,095,000 | [1] |
Thereafter | 525,000,000 | [1] |
Total maturities of long-term debt | 2,106,450,000 | [1] |
Trade receivables securitization [Member] | ' | |
Maturities of Long-term Debt [Abstract] | ' | |
Accounts Receivable Securitization, Expiration Date | 'December 5, 2016 | |
Senior Notes, Net [Member] | ' | |
Maturities of Long-term Debt [Abstract] | ' | |
Unamortized Discounts | 1,300,000 | |
[1] | Outstanding borrowings under the Securitization Agreement at DecemberB 31, 2013 are reflected as maturing at the agreementbs expiration on December 5, 2016.The Senior Notes are reflected in the debt maturity schedule at their maturity values rather than their carrying values, which are net of aggregate discounts of $1.3 million at DecemberB 31, 2013. |
Derivative_Instruments_And_Hed2
Derivative Instruments And Hedging Activities (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2010 | Jul. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Interest Rate Lock Commitments [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Fair Value Hedging [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Swap [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | ||||||
derivative_instruments | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | $100,000,000 | $300,000,000 | ' | ' |
Derivative, Maturity date | ' | ' | ' | ' | ' | 1-Sep-10 | ' | 1-Oct-13 | ' | ' |
Other comprehensive income (loss), derivatives qualifiying as hedges, before tax | ' | ' | ' | ' | ' | -2,600,000 | ' | ' | ' | ' |
Other comprehensive income (loss), derivatives qualifying as hedges, net of tax | ' | ' | ' | ' | ' | -1,600,000 | ' | ' | ' | ' |
Amounts reclassified from AOCI | ' | ' | ' | ' | ' | ' | ' | ' | 388,000 | 388,000 |
Gross amount of existing losses recorded in 'Accumulated other comprehensive income (loss), ' to be reclassified during the next 12 months | ' | ' | ' | ' | 517,000 | ' | ' | ' | ' | ' |
Net amount of existing losses recorded in 'Accumulated other comprehensive income (loss)', to be reclassified during the next 12 months, net of tax | ' | ' | ' | ' | 326,000 | ' | ' | ' | ' | ' |
Number of interest rate derivatives held | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
Derivative, Amount of Hedged Item | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' |
Change in fair value of variable interest rate swaps | ' | ' | ' | ' | ' | ' | ' | -2,500,000 | ' | ' |
Change in carrying value of 2013 Notes | ' | ' | ' | ' | ' | ' | ' | ($2,500,000) | ' | ' |
Fair Value Hedge Ineffectiveness is Immaterial | 'The net gain or loss recorded in earnings as a result of hedge ineffectiveness related to the designated fair value hedges was immaterial | 'The net gain or loss recorded in earnings as a result of hedge ineffectiveness related to the designated fair value hedges was immaterial | 'The net gain or loss recorded in earnings as a result of hedge ineffectiveness related to the designated fair value hedges was immaterial | 'The net gain or loss recorded in earnings as a result of hedge ineffectiveness related to the designated fair value hedges was immaterial | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_And_Hed3
Derivative Instruments And Hedging Activities (Fair Value Of Derivatives Designated As Hedging Instruments) (Details) (Interest Rate Swap [Member], Prepaid expenses and other current assets [Member], USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | Prepaid expenses and other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of interest rate fair value hedges | $0 | $2,490 |
Derivative_Instruments_And_Hed4
Derivative Instruments And Hedging Activities (Effect On Earnings And Equity Statements) (Details) (Interest Rate Swap [Member], Fair Value Hedging [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Change in fair value of variable interest rate swaps | ($2,500) | ' |
Change in carrying value of 2013 Notes | -2,500 | ' |
Interest Expense [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Change in fair value of variable interest rate swaps | -2,490 | -3,009 |
Change in carrying value of 2013 Notes | 2,496 | 3,034 |
Amount of gain (loss) recognized in pre-tax income | $6 | $25 |
Fair_Value_Of_Financial_Assets2
Fair Value Of Financial Assets And Liabilities (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Deferred compensation plan assets | $16,255 | $13,631 |
Derivative assets - variable interest rate swap agreements | ' | 2,490 |
Total assets measured at fair value on a recurring basis | 16,255 | 16,121 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Deferred compensation plan liabilities | 16,255 | 13,631 |
Contingent consideration liabilities | 2,028 | 3,632 |
Total liabilities measured at fair value on a recurring basis | 18,283 | 17,263 |
Quoted Prices In Active Markets Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Deferred compensation plan assets | 16,255 | 13,631 |
Derivative assets - variable interest rate swap agreements | ' | 0 |
Total assets measured at fair value on a recurring basis | 16,255 | 13,631 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Deferred compensation plan liabilities | 16,255 | 13,631 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities measured at fair value on a recurring basis | 16,255 | 13,631 |
Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Deferred compensation plan assets | 0 | 0 |
Derivative assets - variable interest rate swap agreements | ' | 2,490 |
Total assets measured at fair value on a recurring basis | 0 | 2,490 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Deferred compensation plan liabilities | 0 | 0 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Deferred compensation plan assets | 0 | 0 |
Derivative assets - variable interest rate swap agreements | ' | 0 |
Total assets measured at fair value on a recurring basis | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Deferred compensation plan liabilities | 0 | 0 |
Contingent consideration liabilities | 2,028 | 3,632 |
Total liabilities measured at fair value on a recurring basis | $2,028 | $3,632 |
Fair_Value_Of_Financial_Assets3
Fair Value Of Financial Assets And Liabilities (Contingent Consideration Liability) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Contingent Consideration Liability [Member] | Other Noncurrent Liabilities [Member] | |||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration liabilities | ' | ' | ' | ' | $2,028 | $3,632 | ' | $1,400 |
Fair Value, Measurement with Unobservable Inputs Recurring Basis, Liability, Gain (Loss) Included in Earnings Is Immaterial | 'The impact on the Company's earnings as a result of the contingent consideration arrangements for the three months ended December 31, 2013 was immaterial. | 'The impact on the Company's earnings as a result of the contingent consideration arrangements for the three months ended December 31, 2012 was immaterial. | 'The impact on the Company's earnings as a result of the contingent consideration arrangements for the nine months ended December 31, 2013 was immaterial. | 'The impact on the Company's earnings as a result of the contingent consideration arrangements for the nine months ended December 31, 2012 was immaterial. | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Period Start | ' | ' | ' | ' | ' | ' | 3,632 | ' |
Contingent consideration liabilities recorded | ' | ' | ' | ' | ' | ' | 0 | ' |
Settlements made during the period | ' | ' | ' | ' | ' | ' | -1,750 | ' |
Adjustments to fair value measurement | ' | ' | ' | ' | ' | ' | 146 | ' |
Balance at Period End | ' | ' | ' | ' | ' | ' | $2,028 | ' |
Fair_Value_Of_Financial_Assets4
Fair Value Of Financial Assets And Liabilities (Carrying Value And Fair Value Of Debt) (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | $2,105,120 | $2,607,818 |
Total Debt, Carrying Value | 2,548,329 | 2,607,818 |
Trade receivables securitization [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 295,000 | 295,000 |
Senior Subordinated Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 0 | ' |
Other long-term debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 1,175 | 2,475 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Debt | 2,534,836 | 2,670,949 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Trade receivables securitization [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Debt | 295,000 | 295,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Revolving Credit Borrowings [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Debt | 60,276 | 44,077 |
Estimate of Fair Value, Fair Value Disclosure [Member] | 2.85% Senior Notes Maturing October 2013 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Debt | 0 | 303,413 |
Estimate of Fair Value, Fair Value Disclosure [Member] | 4.5% Senior Notes Maturing September 2014 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Debt | 411,617 | 421,582 |
Estimate of Fair Value, Fair Value Disclosure [Member] | 3.25% Senior Notes Due October 2015 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Debt | 259,165 | 263,702 |
Estimate of Fair Value, Fair Value Disclosure [Member] | 2.95% Senior Notes Maturing June 2016 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Debt | 258,721 | 262,954 |
Estimate of Fair Value, Fair Value Disclosure [Member] | 1.65% Senior Notes Maturing February 2018 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Debt | 317,975 | 325,401 |
Estimate of Fair Value, Fair Value Disclosure [Member] | 2.375% Senior Notes Maturing February 2020 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Debt | 260,499 | 274,432 |
Estimate of Fair Value, Fair Value Disclosure [Member] | 2.90% Senior Notes Maturing November 2022 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Debt | 227,102 | 248,404 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Senior Subordinated Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Debt | 0 | 229,381 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Other long-term debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Debt | 1,272 | 2,603 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value of Debt | 443,209 | 0 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total Debt, Carrying Value | 2,548,329 | 2,607,818 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Trade receivables securitization [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 295,000 | 295,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Revolving Credit Borrowings [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 60,276 | 44,077 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 2.85% Senior Notes Maturing October 2013 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 0 | 302,466 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.5% Senior Notes Maturing September 2014 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 399,928 | 399,856 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.25% Senior Notes Due October 2015 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 249,868 | 249,811 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 2.95% Senior Notes Maturing June 2016 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 249,831 | 249,778 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 1.65% Senior Notes Maturing February 2018 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 324,552 | 324,471 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 2.375% Senior Notes Maturing February 2020 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 274,738 | 274,706 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 2.90% Senior Notes Maturing November 2022 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 249,752 | 249,732 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Senior Subordinated Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 0 | 215,446 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Other long-term debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Carrying Value | 1,175 | 2,475 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Commercial Paper, Carrying Value | $443,209 | $0 |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Stockholders' Equity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | |
Common stock, shares, issued | 87,301 | ' | 87,301 | ' | 87,135 | |
Common stock issuance during period, shares, Employee Stock Purchase Plans | ' | ' | 166 | [1] | ' | ' |
Treasury stock, shares | -13,472 | ' | -13,472 | ' | -14,077 | |
Reissuance of treasury stock for stock option exercises, shares | ' | ' | 605 | ' | ' | |
Common Stock, Dividends, Per Share, Cash Paid | ' | ' | $1.44 | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | |
Balance at March 31, 2013 | ' | ' | $1,536,983 | ' | ' | |
Net Earnings | 82,759 | 82,915 | 262,427 | 254,733 | ' | |
Other comprehensive income (loss), net of tax | -1,227 | -54 | -1,601 | 605 | ' | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | ' | ' | 42,745 | [2] | ' | ' |
Excess tax benefit from stock option exercises | ' | ' | 9,426 | ' | ' | |
Dividends paid on common stock ($1.44 per share) | ' | ' | -105,936 | -92,655 | ' | |
Stock-based compensation | ' | ' | 24,542 | [3] | ' | ' |
Balance at December 31, 2013 | 1,768,586 | ' | 1,768,586 | ' | ' | |
Common Stock [Member] | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | |
Balance at March 31, 2013 | ' | ' | 871 | ' | ' | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | ' | ' | 2 | [2] | ' | ' |
Balance at December 31, 2013 | 873 | ' | 873 | ' | ' | |
Capital In Excess of Par Value [Member] | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | |
Balance at March 31, 2013 | ' | ' | 729,850 | ' | ' | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | ' | ' | 12,972 | [2] | ' | ' |
Excess tax benefit from stock option exercises | ' | ' | 9,426 | ' | ' | |
Stock-based compensation | ' | ' | 24,542 | [3] | ' | ' |
Balance at December 31, 2013 | 776,790 | ' | 776,790 | ' | ' | |
Retained Earnings [Member] | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | |
Balance at March 31, 2013 | ' | ' | 1,861,395 | ' | ' | |
Net Earnings | ' | ' | 262,427 | ' | ' | |
Treasury Stock Reissued at Lower than Repurchase Price | ' | ' | -15,740 | [2] | ' | ' |
Dividends paid on common stock ($1.44 per share) | ' | ' | -105,936 | ' | ' | |
Balance at December 31, 2013 | 2,002,146 | ' | 2,002,146 | ' | ' | |
Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | |
Balance at March 31, 2013 | ' | ' | 4,438 | ' | ' | |
Other comprehensive income (loss), net of tax | ' | ' | -1,601 | ' | ' | |
Balance at December 31, 2013 | 2,837 | ' | 2,837 | ' | ' | |
Treasury Stock [Member] | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | |
Balance at March 31, 2013 | ' | ' | -1,059,571 | ' | ' | |
Stock Issued During Period, Value, Treasury Stock Reissued for Stock Option Exercises | ' | ' | 45,511 | [2] | ' | ' |
Balance at December 31, 2013 | ($1,014,060) | ' | ($1,014,060) | ' | ' | |
[1] | Issuance of common stock for purchases through the Employee Stock Purchase Plan. | |||||
[2] | Issuance of common stock for purchases through the Employee Stock Purchase Plan and reissuance of treasury stock for stock option exercises. | |||||
[3] | The Company recognized compensation expense with a corresponding amount recorded to capital in excess of par value. |
Stockholders_Equity_Changes_in
Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive income at period start date | ' | ' | $4,438 | ' |
Foreign currency translation adjustments | -1,308 | -135 | -1,845 | 361 |
Amounts reclassified from AOCI | ' | ' | 388 | ' |
Tax effect of other comprehensive income items | -48 | -48 | -144 | -144 |
Net after-tax other comprehensive income (loss) | -1,227 | -54 | -1,601 | 605 |
Accumulated other comprehensive income at period end date | 2,837 | ' | 2,837 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Lock Commitments [Member] | ' | ' | ' | ' |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive income at period start date | ' | ' | -815 | ' |
Amounts reclassified from AOCI | ' | ' | 388 | ' |
Tax effect of other comprehensive income items | ' | ' | -144 | ' |
Net after-tax other comprehensive income (loss) | ' | ' | 244 | ' |
Accumulated other comprehensive income at period end date | -571 | ' | -571 | ' |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Accumulated other comprehensive income at period start date | ' | ' | 5,253 | ' |
Foreign currency translation adjustments | ' | ' | -1,845 | ' |
Net after-tax other comprehensive income (loss) | ' | ' | -1,845 | ' |
Accumulated other comprehensive income at period end date | $3,408 | ' | $3,408 | ' |
Stockholders_Equity_Reclassifi
Stockholders' Equity (Reclassifications out of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' |
Income taxes | ($49,086) | ($48,697) | ($154,929) | ($151,649) |
Net Earnings | 82,759 | 82,915 | 262,427 | 254,733 |
Interest Rate Lock Commitments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' |
Interest Expense, Net | ' | ' | 388 | 388 |
Interest Rate Lock Commitments [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' |
Interest Expense, Net | ' | ' | 388 | 388 |
Income taxes | ' | ' | -144 | -144 |
Net Earnings | ' | ' | $244 | $244 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average grant date fair value of stock options granted | $32.40 | $29.40 |
Shares available for grant | 4.1 | ' |
Unrecognized compensation expense related to non-vested stock options | $47.60 | ' |
Weighted-average vesting period of non-vested stock options (in years) | '1 year 10 months | ' |
Employee Stock Purchase Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average grant date fair value of stock options granted | $19.28 | $16.73 |
Shares available for grant | 1.4 | ' |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock-based compensation expense related to: | ' | ' | ' | ' |
Equity Incentive Plan | $3,581 | $3,528 | $21,441 | $19,682 |
Employee Stock Purchase Plan - options to purchase stock | 995 | 1,024 | 3,101 | 3,062 |
Stock-based compensation expense | 4,576 | 4,552 | 24,542 | 22,744 |
Tax benefit | -1,503 | -1,443 | -8,931 | -7,826 |
Stock-based compensation expense, net of tax | $3,073 | $3,109 | $15,611 | $14,918 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Stock Option Activity) (Details) (Stock Option [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Stock Option [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding at the beginning of period, Number Of Stock Options | 5,052 |
Granted, Number Of Stock Options | 953 |
Exercised, Number Of Stock Options | -609 |
Forfeited, Number Of Stock Options | -82 |
Outstanding at the end of period, Number Of Stock Options | 5,314 |
Vested or expected to vest as of December 31, 2013, Number Of Stock Options | 5,296 |
Exercisable as of December 31, 2013, Number Of Stock Options | 3,124 |
Outstanding at the beginning of period, Weighted-Average Exercise Price Per Share | $60.26 |
Granted, Weighted-Average Exercise Price Per Share | $102.93 |
Exercised, Weighted-Average Exercise Price Per Share | $49.55 |
Forfeited, Weighted-Average Exercise Price Per Share | $84.74 |
Outstanding at the end of period, Weighted-Average Exercise Price Per Share | $68.76 |
Vested or expected to vest as of December 31, 2013, Weighted-Average Exercise Price Per Share | $68.66 |
Exercisable at December 31, 2013, Weighted-Average Exercise Price Per Share | $55.16 |
StockBased_Compensation_ESPP_P
Stock-Based Compensation (ESPP - Purchase Option Activity) (Details) (Employee Stock Purchase Plan [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Employee Stock Purchase Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' |
Outstanding at the beginning of period, Number Of Stock Options | 62 |
Granted, Number Of Stock Options | 207 |
Exercised, Number Of Stock Options | -166 |
Outstanding at the end of period, Number Of Stock Options | 103 |
Outstanding at the beginning of period, Weighted-Average Exercise Price Per Share | $68.74 |
Granted, Weighted-Average Exercise Price Per Share | $82.88 |
Exercised, Weighted-Average Exercise Price Per Share | $78.34 |
Outstanding at the end of period, Weighted-Average Exercise Price Per Share | $81.64 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Anti-dilutive securities excluded from the computation of diluted earnings per share | 1,300,000 | 1,400,000 | 1,400,000 | 1,300,000 |
Weighted average basic shares outstanding | 73,767,000 | 77,417,000 | 73,505,000 | 77,123,000 |
Incremental shares from assumed exercises of stock options and options under the ESPP | 1,327,000 | 1,527,000 | 1,307,000 | 1,760,000 |
Weighted average diluted shares outstanding | 75,094,000 | 78,944,000 | 74,812,000 | 78,883,000 |
Summary_by_Business_Segment_Fi
Summary by Business Segment (Financial Information by Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net Sales | $1,242,846 | $1,207,708 | $3,804,707 | $3,694,574 | ||||
Cost of products sold (excluding depreciation) | 537,670 | 530,565 | 1,676,225 | 1,660,447 | ||||
Selling, distribution and administrative expenses | 472,687 | 459,175 | 1,420,617 | 1,368,776 | ||||
Restructuring and other special charges (benefits), net | 0 | -1,729 | 0 | 6,426 | ||||
Depreciation | 69,905 | 65,804 | 205,422 | 194,820 | ||||
Amortization | 7,665 | 6,614 | 22,141 | 19,950 | ||||
Operating Income | 154,919 | 147,279 | 480,302 | 444,155 | ||||
Distribution Business Segment [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net Sales | 1,125,522 | 1,076,102 | 3,406,182 | 3,271,594 | ||||
Cost of products sold (excluding depreciation) | 484,083 | 465,030 | 1,480,870 | 1,453,426 | ||||
Selling, distribution and administrative expenses | 427,440 | 405,591 | 1,282,022 | 1,210,753 | ||||
Restructuring and other special charges (benefits), net | 0 | 0 | 0 | 0 | ||||
Depreciation | 63,968 | 60,372 | 188,497 | 178,759 | ||||
Amortization | 6,620 | 5,384 | 18,875 | 16,171 | ||||
Operating Income | 143,411 | 139,725 | 435,918 | 412,485 | ||||
All Other Operations Business Segment [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net Sales | 124,663 | 139,670 | 422,243 | 449,355 | ||||
Cost of products sold (excluding depreciation) | 60,926 | 73,599 | 219,073 | 233,396 | ||||
Selling, distribution and administrative expenses | 43,409 | 44,866 | 132,361 | 130,749 | ||||
Restructuring and other special charges (benefits), net | 0 | 0 | 0 | 0 | ||||
Depreciation | 5,937 | 5,432 | 16,925 | 16,061 | ||||
Amortization | 1,045 | 1,230 | 3,266 | 3,779 | ||||
Operating Income | 13,346 | 14,543 | 50,618 | 65,370 | ||||
Gas and Rent [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net Sales | 790,895 | 772,974 | 2,423,573 | 2,332,093 | ||||
Gas and Rent [Member] | Distribution Business Segment [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net Sales | 674,465 | 642,884 | 2,028,340 | 1,914,092 | ||||
Gas and Rent [Member] | All Other Operations Business Segment [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net Sales | 123,768 | 138,152 | 418,948 | 444,371 | ||||
Hardgoods [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net Sales | 451,951 | 434,734 | 1,381,134 | 1,362,481 | ||||
Hardgoods [Member] | Distribution Business Segment [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net Sales | 451,057 | 433,218 | 1,377,842 | 1,357,502 | ||||
Hardgoods [Member] | All Other Operations Business Segment [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net Sales | 895 | 1,518 | 3,295 | 4,984 | ||||
Eliminations And Other Member | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net Sales | -7,339 | [1] | -8,064 | [1] | -23,718 | [1] | -26,375 | [1] |
Cost of products sold (excluding depreciation) | -7,339 | [1] | -8,064 | [1] | -23,718 | [1] | -26,375 | [1] |
Selling, distribution and administrative expenses | 1,838 | 8,718 | 6,234 | 27,274 | ||||
Restructuring and other special charges (benefits), net | 0 | -1,729 | 0 | 6,426 | ||||
Depreciation | 0 | 0 | 0 | 0 | ||||
Amortization | 0 | 0 | 0 | 0 | ||||
Operating Income | -1,838 | -6,989 | -6,234 | -33,700 | ||||
Eliminations And Other Member | Gas and Rent [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net Sales | -7,338 | -8,062 | -23,715 | -26,370 | ||||
Eliminations And Other Member | Hardgoods [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net Sales | ($1) | ($2) | ($3) | ($5) | ||||
[1] | Amounts in the bEliminations and Otherb column represent the elimination of intercompany sales and associated gross profit on sales from the Companybs All Other Operations business segment to its Distribution business segment. |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Cash Paid For Interest And Taxes) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Interest | $68,297 | $55,263 |
Income taxes (net of refunds) | $126,081 | $120,093 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information (Noncash Investing Activities) (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
FY14 Acquisitions [Member] | FY13 Acquisitions [Member] | |||
Noncash or Part Noncash Acquisitions [Line Items] | ' | ' | ||
Fair value of assets acquired | $191,589 | $114,007 | ||
Net cash paid for acquisitions | -181,131 | [1] | -94,630 | [1] |
Liabilities assumed | $10,458 | $19,377 | ||
[1] | Includes the purchase of businesses and the settlement of holdback liabilities and payments related to contingent consideration arrangements associated with prior year acquisitions. |
Restructuring_and_Other_Specia2
Restructuring and Other Special Charges (Benefits), Net (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2013 | |
division | ||||||
companies | ||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring and other special charges (benefits), net | $0 | ($1,729,000) | $0 | $6,426,000 | ' | ' |
Number of regional companies consolidated into divisions | ' | ' | ' | ' | 12 | ' |
Number of new divisions and Business Support Centers resulting from restructuring | ' | ' | ' | ' | 4 | ' |
Restructuring Reserve | ' | ' | ' | ' | ' | 5,000,000 |
Restructuring reserve, cash payments and other adjustments | ' | ' | 3,500,000 | ' | ' | ' |
Restructuring costs (benefits), net | ' | -3,332,000 | ' | -2,535,000 | ' | ' |
Restructuring costs | ' | 400,000 | ' | 1,200,000 | ' | ' |
Restructuring, other related costs | ' | 1,603,000 | ' | 7,232,000 | ' | ' |
Asset impairment charges | ' | 0 | 0 | 1,729,000 | ' | ' |
Employee Severance [Member] | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring Reserve, Accrual Adjustment | ' | ' | ' | ($3,700,000) | ' | ' |
Restructuring_and_Other_Specia3
Restructuring and Other Special Charges (Benefits), Net (Components of Restructuring) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring and Related Activities [Abstract] | ' | ' | ' | ' |
Restructuring costs (benefits), net | ' | ($3,332) | ' | ($2,535) |
Other related costs | ' | 1,603 | ' | 7,232 |
Asset impairment charges | ' | 0 | 0 | 1,729 |
Total restructuring and other special charges (benefits), net | $0 | ($1,729) | $0 | $6,426 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
Jan. 30, 2014 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends Payable, Date Declared | 30-Jan-14 |
Common Stock, Dividends, Per Share, Declared | $0.48 |
Dividends Payable, Date to be Paid | 31-Mar-13 |
Dividends Payable, Date of Record | 14-Mar-14 |