Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Feb. 04, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Entity Registrant Name | AIRGAS INC | |
Trading Symbol | ARG | |
Entity Central Index Key | 804212 | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Entity Common Stock, Shares Outstanding | 75,118,647 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net Sales | $1,331,820 | $1,242,846 | $4,003,162 | $3,804,707 |
Costs and Expenses: | ||||
Cost of products sold (excluding depreciation) | 588,933 | 537,670 | 1,772,873 | 1,676,225 |
Selling, distribution and administrative expenses | 496,409 | 472,687 | 1,491,497 | 1,420,617 |
Depreciation | 75,556 | 69,905 | 221,351 | 205,422 |
Amortization | 8,036 | 7,665 | 23,693 | 22,141 |
Total costs and expenses | 1,168,934 | 1,087,927 | 3,509,414 | 3,324,405 |
Operating Income | 162,886 | 154,919 | 493,748 | 480,302 |
Interest expense, net | -13,673 | -16,216 | -48,374 | -57,675 |
Loss on the extinguishment of debt | 0 | -9,150 | 0 | -9,150 |
Other income (expense), net | -238 | 2,292 | 1,712 | 3,879 |
Earnings before income taxes | 148,975 | 131,845 | 447,086 | 417,356 |
Income taxes | -55,776 | -49,086 | -166,723 | -154,929 |
Net Earnings | $93,199 | $82,759 | $280,363 | $262,427 |
Net Earnings Per Common Share: | ||||
Basic earnings per share | $1.25 | $1.12 | $3.76 | $3.57 |
Diluted earnings per share | $1.23 | $1.10 | $3.70 | $3.51 |
Weighted Average Shares Outstanding: | ||||
Basic | 74,767 | 73,767 | 74,534 | 73,505 |
Diluted | 75,954 | 75,094 | 75,721 | 74,812 |
Dividends Declared per Common Share | $0.55 | $0.48 | $1.65 | $1.44 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net earnings | $93,199 | $82,759 | $280,363 | $262,427 |
Other comprehensive income (loss), before tax: | ||||
Foreign currency translation adjustments | -5,692 | -1,308 | -8,508 | -1,845 |
Reclassification of hedging loss included in net earnings | 129 | 129 | 388 | 388 |
Other comprehensive income (loss), before tax | -5,563 | -1,179 | -8,120 | -1,457 |
Net tax expense of other comprehensive income items | -48 | -48 | -144 | -144 |
Other comprehensive income (loss), net of tax | -5,611 | -1,227 | -8,264 | -1,601 |
Comprehensive income | $87,588 | $81,532 | $272,099 | $260,826 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash | $73,588 | $69,561 |
Trade receivables, less allowances for doubtful accounts of $28,963 and $31,757 at December 31, 2014 and March 31, 2014, respectively | 692,748 | 701,060 |
Inventories, net | 499,570 | 478,149 |
Deferred income tax asset, net | 57,882 | 57,961 |
Prepaid expenses and other current assets | 150,686 | 92,356 |
Total current assets | 1,474,474 | 1,399,087 |
Plant and equipment at cost | 5,209,437 | 4,931,064 |
Less accumulated depreciation | -2,303,074 | -2,128,649 |
Plant and equipment, net | 2,906,363 | 2,802,415 |
Goodwill | 1,311,771 | 1,289,896 |
Other intangible assets, net | 249,705 | 258,836 |
Other non-current assets | 47,668 | 43,080 |
Total assets | 5,989,981 | 5,793,314 |
Current Liabilities | ||
Accounts payable, trade | 203,305 | 196,911 |
Accrued expenses and other current liabilities | 349,900 | 345,676 |
Short-term debt | 416,314 | 387,866 |
Current portion of long-term debt | 250,092 | 400,322 |
Total current liabilities | 1,219,611 | 1,330,775 |
Long-term debt, excluding current portion | 1,757,978 | 1,706,774 |
Deferred income tax liability, net | 839,124 | 825,897 |
Other non-current liabilities | 88,167 | 89,219 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Preferred stock, 20,030 shares authorized, no shares issued or outstanding at December 31, 2014 and March 31, 2014 | 0 | 0 |
Common stock, par value $0.01 per share, 200,000 shares authorized, 87,504 and 87,353 shares issued at December 31, 2014 and March 31, 2014, respectively | 875 | 874 |
Capital in excess of par value | 839,198 | 789,789 |
Retained earnings | 2,191,939 | 2,047,843 |
Accumulated other comprehensive income (loss) | -7,735 | 529 |
Treasury stock, 12,477 and 13,264 shares at cost at December 31, 2014 and March 31, 2014, respectively | -939,176 | -998,386 |
Total stockholders’ equity | 2,085,101 | 1,840,649 |
Total liabilities and stockholders’ equity | $5,989,981 | $5,793,314 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $28,963 | $31,757 |
Preferred stock, shares authorized | 20,030 | 20,030 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 87,504 | 87,353 |
Treasury stock, shares | 12,477 | 13,264 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings | $280,363 | $262,427 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 221,351 | 205,422 |
Amortization | 23,693 | 22,141 |
Deferred income taxes | 14,332 | 9,061 |
Gain on sales of plant and equipment | -1,654 | -1,268 |
Stock-based compensation expense | 25,618 | 24,542 |
Loss on the extinguishment of debt | 0 | -9,150 |
Changes in assets and liabilities, excluding effects of business acquisitions: | ||
Trade receivables, net | 14,337 | 52,930 |
Inventories, net | -20,974 | -9,885 |
Prepaid expenses and other current assets | -58,230 | 8,023 |
Accounts payable, trade | 5,195 | -26,663 |
Accrued expenses and other current liabilities | 17,972 | -597 |
Other, net | -7,319 | -1,421 |
Net cash provided by operating activities | 514,684 | 553,862 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | -338,905 | -257,476 |
Proceeds from sales of plant and equipment | 16,992 | 11,427 |
Business acquisitions and holdback settlements | -45,165 | -179,581 |
Other, net | 316 | -957 |
Net cash used in investing activities | -366,762 | -426,587 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in short-term debt | 27,966 | 442,948 |
Proceeds from borrowings of long-term debt | 312,941 | 132,525 |
Repayment of long-term debt | -406,345 | -635,721 |
Financing costs | -5,236 | -7,676 |
Purchase of treasury stock | 0 | -8,127 |
Proceeds from the exercise of stock options | 41,565 | 29,771 |
Stock issued for the Employee Stock Purchase Plan | 13,304 | 12,974 |
Excess tax benefit realized from the exercise of stock options | 10,487 | 9,426 |
Dividends paid to stockholders | -123,080 | -105,936 |
Change in cash overdraft and other | -15,497 | -21,620 |
Net cash used in financing activities | -143,895 | -151,436 |
Change in cash | 4,027 | -24,161 |
Cash – Beginning of period | 69,561 | 86,386 |
Cash – End of period | $73,588 | $62,225 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2014 | |
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, 2014. | |
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. |
Accounting_and_Disclosure_Chan
Accounting and Disclosure Changes | 9 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting and Disclosure Changes [Text Block] | ACCOUNTING AND DISCLOSURE CHANGES |
Recently Adopted Accounting Pronouncements | |
In March 2013, the Financial Accounting Standards Board (“FASB”) issued new guidance clarifying the accounting for the release of cumulative translation adjustments (“CTA”) into net income upon the occurrence of certain sale or other derecognition transactions related to foreign entities. The new guidance describes the circumstances in which CTA should be released (either partially or fully) into net income based on the type of transaction related to a foreign entity. The Company adopted the new guidance effective April 1, 2014. The guidance did not have an impact on the Company’s financial position, results of operation or liquidity upon adoption. The Company will prospectively apply the provisions of the new guidance to applicable transactions related to its foreign entities. | |
In July 2013, the FASB issued new guidance clarifying the financial statement presentation of unrecognized tax benefits. The new guidance 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 depending on the availability of certain deferred tax assets to settle the additional income taxes resulting from the disallowance of a tax position. If the deferred tax asset is not available 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 Company adopted the new guidance effective April 1, 2014, with no material impact on the balance sheet presentation of its unrecognized tax benefits. | |
Accounting Pronouncements Not Yet Adopted | |
In April 2014, the FASB issued new guidance on the reporting of discontinued operations. The guidance amends existing standards by limiting the presentation of discontinued operations to disposals that represent a strategic shift with a major effect on an entity’s operations and financial results. In contrast, many disposals under current standards, which may be more routine in nature and not change an entity’s strategy, are reported in discontinued operations. The guidance also requires new disclosures around both disposals qualifying for discontinued operations as well as significant disposals that are not considered discontinued operations. The new guidance is effective for the Company on a prospective basis starting April 1, 2015, with early adoption permitted for disposals that have not been previously reported in the Company’s financial statements. The impact of the new guidance on the Company’s consolidated financial statements will depend on the occurrence of disposal transactions subject to the guidance, and will only be applicable to new disposals subsequent to adoption. | |
In May 2014, the FASB issued new guidance on the accounting for revenue from contracts with customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new guidance will replace most existing GAAP revenue recognition guidance when it becomes effective. The new standard is effective for the Company on April 1, 2017, and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that the new guidance will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Acquisitions
Acquisitions | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Acquisitions [Text Block] | ACQUISITIONS | |||||||||||
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, 2014, the Company acquired 13 businesses with historical annual sales of approximately $48 million. Transaction and other integration costs incurred during the nine months ended December 31, 2014 were $1.4 million and were included in selling, distribution and administrative expenses in the Company’s consolidated statement of earnings. These acquisitions contributed approximately $19 million in net sales during the nine months ended December 31, 2014. | ||||||||||||
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 certain businesses most recently acquired during the nine months ended December 31, 2014 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 consideration paid and the estimated fair values of the assets acquired and liabilities assumed for fiscal 2015 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 | |||||||||||
Consideration | ||||||||||||
Cash (a) | $ | 44,112 | $ | 1,053 | $ | 45,165 | ||||||
Airgas, Inc. common stock (b) | 4,458 | — | 4,458 | |||||||||
Fair value of total consideration transferred | $ | 48,570 | $ | 1,053 | $ | 49,623 | ||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | ||||||||||||
Current assets, net | $ | 8,927 | $ | 3 | $ | 8,930 | ||||||
Plant and equipment | 13,280 | — | 13,280 | |||||||||
Other intangible assets | 12,812 | 1,040 | 13,852 | |||||||||
Current liabilities | (6,107 | ) | (50 | ) | (6,157 | ) | ||||||
Non-current liabilities | (4,158 | ) | — | (4,158 | ) | |||||||
Total identifiable net assets | 24,754 | 993 | 25,747 | |||||||||
Goodwill | 23,816 | 60 | 23,876 | |||||||||
$ | 48,570 | $ | 1,053 | $ | 49,623 | |||||||
____________________ | ||||||||||||
(a) | Includes cash paid, net of cash acquired, for current year acquisitions as well as payments for the settlement of holdback liabilities and contingent consideration arrangements associated with prior year acquisitions. | |||||||||||
(b) | Represents 41,060 shares of Airgas, Inc. common stock issued in connection with a single acquisition. The fair value of the shares issued as part of the consideration for the acquisition was determined based on the closing sales price of Airgas, Inc. common stock on the acquisition date. | |||||||||||
The fair value of trade receivables acquired with fiscal 2015 acquisitions was $6.0 million, with gross contractual amounts receivable of $6.8 million. Goodwill associated with fiscal 2015 acquisitions was $22.1 million, of which $17.8 million is deductible for income tax purposes. Goodwill largely consists of expected synergies resulting from the acquisitions, including increased distribution density and enhanced capabilities that will facilitate the sale of industrial, medical and specialty gases, and related supplies. Other intangible assets related to fiscal 2015 acquisitions represent customer relationships and non-competition agreements, and amounted to $9.3 million and $4.5 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, 2014 and 2013, as if fiscal 2015 acquisitions had occurred on April 1, 2013. 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, 2013 or of results that may occur in the future. | ||||||||||||
Nine Months Ended | ||||||||||||
December 31, | ||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | ||||||||||
Net sales | $ | 4,018,779 | $ | 3,839,362 | ||||||||
Net earnings | 280,494 | 263,300 | ||||||||||
Diluted earnings per share | $ | 3.7 | $ | 3.52 | ||||||||
Prior Year Acquisitions | ||||||||||||
During the nine months ended December 31, 2013, the Company purchased nine businesses. A total of $181 million in net cash was paid for the nine 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, 2013 were $1 million. The acquired businesses had aggregate historical annual sales of approximately $70 million. These acquisitions contributed approximately $14 million in net sales for the nine months ended December 31, 2013. The Company acquired these businesses in order to expand its geographic coverage and strengthen its national network of branch-store locations. |
Inventories_Net
Inventories, Net | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ||||||||
Inventories, Net [Text Block] | INVENTORIES, NET | |||||||
Inventories, net, consist of: | ||||||||
(In thousands) | December 31, 2014 | March 31, 2014 | ||||||
Hardgoods | $ | 332,565 | $ | 313,127 | ||||
Gases | 167,005 | 165,022 | ||||||
$ | 499,570 | $ | 478,149 | |||||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Goodwill And Other Intangible Assets [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. 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, 2014 were as follows: | ||||||||||||||||||||||||||||
(In thousands) | Distribution Business Segment | All Other Operations Business Segment | Total | |||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 1,092,728 | $ | 197,168 | $ | 1,289,896 | ||||||||||||||||||||||
Acquisitions (a) | 23,816 | 60 | 23,876 | |||||||||||||||||||||||||
Other adjustments, including foreign currency translation | (1,943 | ) | (58 | ) | (2,001 | ) | ||||||||||||||||||||||
Balance at December 31, 2014 | $ | 1,114,601 | $ | 197,170 | $ | 1,311,771 | ||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(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, 2014, the Company had 21 reporting units in the Distribution business segment and 5 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, 2014 goodwill impairment test, the Company applied the Step 0 assessment to all 21 of the reporting units in the Distribution business segment and 4 of the 5 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 more likely than not that the fair value of each reporting unit is greater than its carrying amount. Therefore, the two-step goodwill impairment test is not required 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 the Company’s refrigerants business in the All Other Operations business segment. The Company determined the estimated fair value of the reporting unit as of October 31, 2014 using a discounted cash flow model and compared this value to the carrying value of the reporting unit. Significant assumptions used in the cash flow model include sales growth rates and profit margins based on the reporting unit’s business plan, future capital expenditures, working capital needs, and discount and perpetual growth rates. The discount rate used to estimate the fair value of the reporting unit 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 entity. 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 unit. The Company’s methodology used for valuing this reporting unit for the purpose of its goodwill impairment test is consistent with the prior year. | ||||||||||||||||||||||||||||
For the Company’s refrigerants business, the result of the annual goodwill impairment test indicated that the fair value of the reporting unit was in excess of its carrying amount by slightly more than 10%. The forecasted cash flows for this business reflect changes in the regulatory environment and market responses to those changes, which were recently impacted by rulings from the United States Environmental Protection Agency (“EPA”). Volumes and pricing for the refrigerants business were pressured following the EPA ruling in March 2013 that allowed for an increase in the production and import of Refrigerant-22 (“R-22”) in calendar years 2013 and 2014, resulting in a greater-than-expected availability of virgin R-22 in the marketplace. In October 2014, the EPA posted its final calendar year 2015 to 2019 allocation rule pertaining to allowances for virgin production and consumption of hydrochlorofluorocarbons (“HCFCs”), including R-22. The final rule provided clarity on the pace and magnitude of the reduction in allowable production of R-22 for the calendar year 2015 to 2019 time period, beginning with an approximately 60% reduction for calendar year 2015 and ending with a final ban on all production effective January 1, 2020. | ||||||||||||||||||||||||||||
The Company believes its refrigerants business remains well-positioned over the long-term to benefit from the affirmed production and consumption reductions as a leading reclaimer and recycler of R-22, and that the impact from the EPA’s October 2014 ruling will be incrementally positive for its refrigerants business over the long-term. However, there is uncertainty as to how the final ruling will impact the market dynamics in the near-term, as the market sheds the excess inventory that has accumulated throughout the supply chain since the previous EPA ruling in March 2013. Changes in the reporting unit’s estimated future cash flows as a result of near-term uncertainty in the market based on the excess inventory build-up, as well as the pace and extent of marketplace migration toward the use of reclaimed product, 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, 2014. | ||||||||||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||||||
Other intangible assets by major class are as follows: | ||||||||||||||||||||||||||||
December 31, 2014 | March 31, 2014 | |||||||||||||||||||||||||||
(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 | $ | 346,421 | $ | (117,031 | ) | $ | 229,390 | 17 | $ | 345,199 | $ | (107,577 | ) | $ | 237,622 | ||||||||||||
Non-competition agreements | 6 | 42,837 | (22,694 | ) | 20,143 | 7 | 40,316 | (19,287 | ) | 21,029 | ||||||||||||||||||
Other | 200 | (28 | ) | 172 | 199 | (14 | ) | 185 | ||||||||||||||||||||
$ | 389,458 | $ | (139,753 | ) | $ | 249,705 | $ | 385,714 | $ | (126,878 | ) | $ | 258,836 | |||||||||||||||
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 asset group containing other intangible assets 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, 2014 and 2013 was $22.6 million and $21.2 million, respectively. Estimated future amortization expense for the Company’s other intangible assets by fiscal year is as follows: remainder of fiscal 2015 - $7.3 million; 2016 - $28.9 million; 2017 - $27.0 million; 2018 - $25.3 million; 2019 - $23.3 million; and $137.9 million thereafter. |
Accrued_Expenses_And_Other_Cur
Accrued Expenses And Other Current Liabilities | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities and Other 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, 2014 | March 31, 2014 | ||||||
Accrued payroll and employee benefits | $ | 103,688 | $ | 92,038 | ||||
Business insurance reserves (a) | 50,126 | 49,372 | ||||||
Income taxes | 15,020 | 8,943 | ||||||
Taxes other than income taxes | 22,638 | 25,183 | ||||||
Cash overdraft | 52,748 | 68,245 | ||||||
Deferred rental revenue | 32,281 | 34,557 | ||||||
Accrued interest | 13,852 | 11,335 | ||||||
Other accrued expenses and current liabilities | 59,547 | 56,003 | ||||||
$ | 349,900 | $ | 345,676 | |||||
____________________ | ||||||||
(a) | With respect to the business insurance reserves above, the Company had corresponding insurance receivables of $11.6 million at December 31, 2014 and $11.8 million at March 31, 2014, 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, 2014 | ||||||||
Debt Instruments [Abstract] | ||||||||
Indebtedness [Text Block] | INDEBTEDNESS | |||||||
Total debt consists of: | ||||||||
(In thousands) | December 31, 2014 | March 31, 2014 | ||||||
Short-term | ||||||||
Money market loans | $ | — | $ | — | ||||
Commercial paper | 416,314 | 387,866 | ||||||
Short-term debt | $ | 416,314 | $ | 387,866 | ||||
Long-term | ||||||||
Trade receivables securitization | $ | 295,000 | $ | 295,000 | ||||
Revolving credit borrowings - U.S. | — | — | ||||||
Revolving credit borrowings - Multi-currency | 56,858 | 54,230 | ||||||
Revolving credit borrowings - France | 7,077 | 8,056 | ||||||
Senior notes, net | 1,648,513 | 1,748,774 | ||||||
Other long-term debt | 622 | 1,036 | ||||||
Total long-term debt | 2,008,070 | 2,107,096 | ||||||
Less current portion of long-term debt | (250,092 | ) | (400,322 | ) | ||||
Long-term debt, excluding current portion | $ | 1,757,978 | $ | 1,706,774 | ||||
Total debt | $ | 2,424,384 | $ | 2,494,962 | ||||
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 2014 and now expires on December 29, 2015. 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, 2014, 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, 2015. The agreement may be further 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, 2014, there were no advances outstanding under the agreement. | ||||||||
Senior Credit Facility | ||||||||
On November 18, 2014, the Company entered into a $1 billion Second Amended and Restated Credit Agreement (the “Credit Facility”) to amend and restate the previous amended and restated credit agreement dated July 19, 2011. The Credit Facility consists of a $875 million U.S. dollar revolving credit line, with a $100 million letter of credit sublimit and a $75 million swingline sublimit and a $125 million (U.S. dollar equivalent) multi-currency revolving credit line. The maturity date of the Credit Facility is November 18, 2019. Under circumstances described in the Second Amended and Restated Credit Agreement, the revolving credit line may be increased by an additional $500 million, provided that the multi-currency revolving credit line may not be increased by more than an additional $50 million. As a part of the Credit Facility renewal the Company pays a commitment (or unused) fee on the undrawn portion of the Credit Facility equal to 15 basis points per annum. | ||||||||
On December 12, 2014, the Company amended the terms of the French revolving credit agreement to reduce the commitment fees and extend the maturity to November 18, 2019. | ||||||||
As of December 31, 2014, the Company had $57 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, 2014. The Company also had outstanding U.S. letters of credit of $51 million issued under the Credit Facility. At December 31, 2014, the financial covenant of the Credit Facility did not restrict the Company’s ability to borrow on the unused portion of the Credit Facility, and the Company was in compliance with all covenants under all of its debt agreements. At December 31, 2014, $476 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. | ||||||||
Commercial Paper | ||||||||
In November 2014, the Company’s commercial paper program supported by its Credit Facility was increased to $1 billion in conjunction with the increased size of the Credit Facility. 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. The Company will use proceeds from the commercial paper program to pay down amounts outstanding under its Credit Facility and for general corporate purposes. | ||||||||
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, 2014, the Company entered into the Fifth Amendment to the Securitization Agreement which extended the expiration date of the Securitization Agreement from December 5, 2016 to December 5, 2017. At December 31, 2014, 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 Notes | ||||||||
On June 17, 2014, the Company issued $300 million of 3.65% senior notes maturing on July 15, 2024 (the “2024 Notes”). The 2024 Notes were issued at a discount with a yield of 3.673%. The net proceeds from the sale of the 2024 Notes were used for general corporate purposes, including to fund acquisitions and repay indebtedness under the Company’s commercial paper program. Interest on the 2024 Notes is payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2015. The 2024 Notes contain covenants that restrict the incurrence of liens and limit sale and leaseback transactions. The Company has the option to redeem the 2024 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. | ||||||||
In September 2014, the Company repaid $400 million of 4.50% senior notes that matured. | ||||||||
In October 2014, the $250 million outstanding of 3.25% senior notes maturing on October 1, 2015 (the “2015 Notes”) were reclassified to the “Current portion of long-term debt” line item on the Company’s Consolidated Balance Sheet based on the maturity date. | ||||||||
Debt Extinguishment Charges | ||||||||
During the three months ended December 31, 2013, the Company redeemed its $215 million 7.125% senior subordinated notes originally due to mature on October 1, 2018 in full at a price of 103.563%. A loss on the early extinguishment 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. | ||||||||
Aggregate Long-term Debt Maturities | ||||||||
The aggregate maturities of long-term debt at December 31, 2014 are as follows: | ||||||||
(In thousands) | Debt Maturities (a) | |||||||
Remainder of fiscal 2015 | $ | 34 | ||||||
March 31, 2016 | 250,272 | |||||||
March 31, 2017 | 250,221 | |||||||
March 31, 2018 | 620,095 | |||||||
March 31, 2019 | — | |||||||
Thereafter | 888,935 | |||||||
$ | 2,009,557 | |||||||
____________________ | ||||||||
(a) | Outstanding borrowings under the Securitization Agreement at December 31, 2014 are reflected as maturing at the agreement’s expiration on December 5, 2017. | |||||||
The Company’s 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 $1.5 million at December 31, 2014. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements [Text Block] | FAIR VALUE MEASUREMENTS | |||||||||||||||
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, 2014 and March 31, 2014 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, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Deferred compensation plan assets | $ | 16,145 | $ | 16,145 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation plan liabilities | $ | 16,145 | $ | 16,145 | $ | — | $ | — | ||||||||
Balance at | Quoted prices in | Significant other | Significant | |||||||||||||
active markets | observable inputs | unobservable inputs | ||||||||||||||
(In thousands) | March 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Deferred compensation plan assets | $ | 16,387 | $ | 16,387 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation plan liabilities | $ | 16,387 | $ | 16,387 | $ | — | $ | — | ||||||||
Contingent consideration liabilities | 323 | — | — | 323 | ||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 16,710 | $ | 16,387 | $ | — | $ | 323 | ||||||||
The following is a general description of the valuation methodologies used for 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. | ||||||||||||||||
Contingent consideration liabilities — As part of the consideration for certain acquisitions, the Company has utilized arrangements 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. The total liability for contingent consideration arrangements at December 31, 2014 and the impact on the Company’s earnings as a result of these arrangements for the three and nine months ended December 31, 2014 and 2013 were immaterial. | ||||||||||||||||
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. The fair values of the fixed rate notes disclosed in the following table 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 revolving credit borrowings, securitized receivables and commercial paper approximate their carrying values (see Note 7). | ||||||||||||||||
Carrying Value at | Fair Value at | Carrying Value at | Fair Value at | |||||||||||||
(In thousands) | December 31, 2014 | December 31, 2014 | March 31, 2014 | March 31, 2014 | ||||||||||||
4.50% senior notes due 2014 | — | — | 399,952 | 407,092 | ||||||||||||
3.25% senior notes due 2015 | 249,943 | 253,618 | 249,887 | 258,630 | ||||||||||||
2.95% senior notes due 2016 | 249,901 | 255,523 | 249,848 | 259,257 | ||||||||||||
1.65% senior notes due 2018 | 324,661 | 321,386 | 324,579 | 319,098 | ||||||||||||
2.375% senior notes due 2020 | 274,781 | 270,240 | 274,748 | 265,600 | ||||||||||||
2.90% senior notes due 2022 | 249,780 | 244,250 | 249,760 | 233,230 | ||||||||||||
3.65% senior notes due 2024 | 299,447 | 307,263 | — | — | ||||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
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, 2014 | 87,353 | (13,264 | ) | |||||||||||||||||||||
Common stock issuance (a) | 151 | |||||||||||||||||||||||
Reissuance of treasury stock for stock option exercises | 746 | |||||||||||||||||||||||
Reissuance of treasury stock for acquisition | 41 | |||||||||||||||||||||||
Balance at December 31, 2014 | 87,504 | (12,477 | ) | |||||||||||||||||||||
(In thousands) | Common | Capital in | Retained | Accumulated | Treasury | Total | ||||||||||||||||||
Stock | Excess of | Earnings | Other | Stock | Stockholders’ | |||||||||||||||||||
Par Value | Comprehensive | Equity | ||||||||||||||||||||||
Income (Loss) | ||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 874 | $ | 789,789 | $ | 2,047,843 | $ | 529 | $ | (998,386 | ) | $ | 1,840,649 | |||||||||||
Net earnings | 280,363 | 280,363 | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (8,264 | ) | (8,264 | ) | ||||||||||||||||||||
Common stock issuances and reissuances of treasury stock - employee benefit plans (b) | 1 | 11,936 | (13,187 | ) | 56,120 | 54,870 | ||||||||||||||||||
Reissuance of treasury stock for acquisition (Note 3) | 1,368 | 3,090 | 4,458 | |||||||||||||||||||||
Excess tax benefit from stock option exercises | 10,487 | 10,487 | ||||||||||||||||||||||
Dividends paid on common stock ($1.65 per share) | (123,080 | ) | (123,080 | ) | ||||||||||||||||||||
Stock-based compensation (c) | 25,618 | 25,618 | ||||||||||||||||||||||
Balance at December 31, 2014 | $ | 875 | $ | 839,198 | $ | 2,191,939 | $ | (7,735 | ) | $ | (939,176 | ) | $ | 2,085,101 | ||||||||||
___________________ | ||||||||||||||||||||||||
(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 following table presents the gross and net changes in the balances within each component of accumulated other comprehensive income (“AOCI”) for the nine months ended December 31, 2014: | ||||||||||||||||||||||||
(In thousands) | Foreign Currency | Treasury Rate | Total Accumulated | |||||||||||||||||||||
Translation | Lock Agreement | Other Comprehensive | ||||||||||||||||||||||
Adjustments | Income (Loss) | |||||||||||||||||||||||
Balance at March 31, 2014 | $ | 1,018 | $ | (489 | ) | $ | 529 | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (8,508 | ) | — | (8,508 | ) | |||||||||||||||||||
Amounts reclassified from AOCI (d) | — | 388 | 388 | |||||||||||||||||||||
Tax effect of other comprehensive income items | — | (144 | ) | (144 | ) | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (8,508 | ) | 244 | (8,264 | ) | |||||||||||||||||||
Balance at December 31, 2014 | $ | (7,490 | ) | $ | (245 | ) | $ | (7,735 | ) | |||||||||||||||
___________________ | ||||||||||||||||||||||||
(d) | The reclassifications out of AOCI were associated with a loss on a treasury rate lock agreement from July 2010 related to the issuance of the Company’s 2015 Notes, which is being reclassified into earnings (interest expense) over the term of the 2015 Notes. The effects on the respective line items of the consolidated statements of earnings impacted by the reclassifications were not material for the nine months ended December 31, 2014 and 2013. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, 2014 and 2013: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Stock-based compensation expense related to: | ||||||||||||||||
Equity Incentive Plan (a) | $ | 3,718 | $ | 3,581 | $ | 22,452 | $ | 21,441 | ||||||||
Employee Stock Purchase Plan - options to purchase stock | 1,067 | 995 | 3,166 | 3,101 | ||||||||||||
4,785 | 4,576 | 25,618 | 24,542 | |||||||||||||
Tax benefit | (1,588 | ) | (1,503 | ) | (9,138 | ) | (8,931 | ) | ||||||||
Stock-based compensation expense, net of tax | $ | 3,197 | $ | 3,073 | $ | 16,480 | $ | 15,611 | ||||||||
___________________ | ||||||||||||||||
(a) | Stock-based compensation expense related to stock options granted under the Company’s Equity Incentive Plan is highest during the Company’s fiscal first quarter ended June 30th relative to other quarters during the year. This is primarily due to a retirement-eligible vesting provision under the plan and the timing of the majority of the Company’s stock option awards each year during its fiscal first quarter. | |||||||||||||||
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, 2014 and 2013 was $28.72 and $32.40, respectively. | ||||||||||||||||
Summary of Stock Option Activity | ||||||||||||||||
The following table summarizes the stock option activity during the nine months ended December 31, 2014: | ||||||||||||||||
(In thousands, except per share amounts) | Number of Stock Options | Weighted-Average | ||||||||||||||
Exercise Price | ||||||||||||||||
Outstanding at March 31, 2014 | 5,104 | $ | 69.91 | |||||||||||||
Granted | 978 | $ | 104.8 | |||||||||||||
Exercised | (746 | ) | $ | 55.73 | ||||||||||||
Forfeited | (52 | ) | $ | 97.6 | ||||||||||||
Outstanding at December 31, 2014 | 5,284 | $ | 78.09 | |||||||||||||
Vested or expected to vest at December 31, 2014 | 5,265 | $ | 78 | |||||||||||||
Exercisable at December 31, 2014 | 3,106 | $ | 64.05 | |||||||||||||
A total of 3.2 million shares of common stock were available for grant under the Second Amended and Restated 2006 Equity Incentive Plan as of December 31, 2014. | ||||||||||||||||
As of December 31, 2014, $48.4 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 1.7 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, 2014, the ESPP had 1.2 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 $21.43 and $19.27 for the nine months ended December 31, 2014 and 2013, 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, 2014: | ||||||||||||||||
(In thousands, except per share amounts) | Number of Purchase Options | Weighted-Average | ||||||||||||||
Exercise Price | ||||||||||||||||
Outstanding at March 31, 2014 | 55 | $ | 80.77 | |||||||||||||
Granted | 196 | $ | 91.38 | |||||||||||||
Exercised | (150 | ) | $ | 88.51 | ||||||||||||
Outstanding at December 31, 2014 | 101 | $ | 89.85 | |||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 1.8 million and 1.3 million shares covered by outstanding stock options that were not dilutive for the three months ended December 31, 2014 and 2013, respectively. There were approximately 1.8 million and 1.4 million shares covered by outstanding stock options that were not dilutive for the nine months ended December 31, 2014 and 2013, respectively. | ||||||||||||
The following table presents the computation of basic and diluted weighted average common shares outstanding for the three and nine months ended December 31, 2014 and 2013: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
December 31, | December 31, | |||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||
Weighted average common shares outstanding: | ||||||||||||
Basic shares outstanding | 74,767 | 73,767 | 74,534 | 73,505 | ||||||||
Incremental shares from assumed exercises of stock options and options under the ESPP | 1,187 | 1,327 | 1,187 | 1,307 | ||||||||
Diluted shares outstanding | 75,954 | 75,094 | 75,721 | 74,812 | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2014 | |
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, 2014 | ||||||||||||||||||||||||||||||||
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 in the following table for the three and nine months ended December 31, 2014 and 2013. Although corporate operating expenses are generally allocated to each business segment based on sales dollars, the Company reported expenses (excluding depreciation) related to the implementation of its SAP system under selling, distribution and administrative expenses in the “Eliminations and Other” column. 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 in the following table. | ||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | Distribution | All Other | Eliminations | Total | Distribution | All Other | Eliminations | Total | ||||||||||||||||||||||||
Ops. | and Other | Ops. | and Other | |||||||||||||||||||||||||||||
Gas and rent | $ | 711,030 | $ | 139,226 | $ | (7,698 | ) | $ | 842,558 | $ | 674,465 | $ | 123,768 | $ | (7,338 | ) | $ | 790,895 | ||||||||||||||
Hardgoods | 488,315 | 950 | (3 | ) | 489,262 | 451,057 | 895 | (1 | ) | 451,951 | ||||||||||||||||||||||
Net sales (a) | 1,199,345 | 140,176 | (7,701 | ) | 1,331,820 | 1,125,522 | 124,663 | (7,339 | ) | 1,242,846 | ||||||||||||||||||||||
Cost of products sold (excluding depreciation) (a) | 521,782 | 74,852 | (7,701 | ) | 588,933 | 484,083 | 60,926 | (7,339 | ) | 537,670 | ||||||||||||||||||||||
Selling, distribution and administrative expenses | 449,616 | 46,793 | — | 496,409 | 427,440 | 43,409 | 1,838 | 472,687 | ||||||||||||||||||||||||
Depreciation | 69,134 | 6,422 | — | 75,556 | 63,968 | 5,937 | — | 69,905 | ||||||||||||||||||||||||
Amortization | 6,914 | 1,122 | — | 8,036 | 6,620 | 1,045 | — | 7,665 | ||||||||||||||||||||||||
Total costs and expenses | 1,047,446 | 129,189 | (7,701 | ) | 1,168,934 | 982,111 | 111,317 | (5,501 | ) | 1,087,927 | ||||||||||||||||||||||
Operating income | $ | 151,899 | $ | 10,987 | $ | — | $ | 162,886 | $ | 143,411 | $ | 13,346 | $ | (1,838 | ) | $ | 154,919 | |||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | Distribution | All Other | Eliminations | Total | Distribution | All Other | Eliminations | Total | ||||||||||||||||||||||||
Ops. | and Other | Ops. | and Other | |||||||||||||||||||||||||||||
Gas and rent | $ | 2,126,338 | $ | 423,139 | $ | (22,813 | ) | $ | 2,526,664 | $ | 2,028,340 | $ | 418,948 | $ | (23,715 | ) | $ | 2,423,573 | ||||||||||||||
Hardgoods | 1,473,629 | 2,875 | (6 | ) | 1,476,498 | 1,377,842 | 3,295 | (3 | ) | 1,381,134 | ||||||||||||||||||||||
Net sales (a) | 3,599,967 | 426,014 | (22,819 | ) | 4,003,162 | 3,406,182 | 422,243 | (23,718 | ) | 3,804,707 | ||||||||||||||||||||||
Cost of products sold (excluding | 1,574,582 | 221,110 | (22,819 | ) | 1,772,873 | 1,480,870 | 219,073 | (23,718 | ) | 1,676,225 | ||||||||||||||||||||||
depreciation) (a) | ||||||||||||||||||||||||||||||||
Selling, distribution and administrative expenses | 1,351,722 | 139,775 | — | 1,491,497 | 1,282,022 | 132,361 | 6,234 | 1,420,617 | ||||||||||||||||||||||||
Depreciation | 202,545 | 18,806 | — | 221,351 | 188,497 | 16,925 | — | 205,422 | ||||||||||||||||||||||||
Amortization | 20,519 | 3,174 | — | 23,693 | 18,875 | 3,266 | — | 22,141 | ||||||||||||||||||||||||
Total costs and expenses | 3,149,368 | 382,865 | (22,819 | ) | 3,509,414 | 2,970,264 | 371,625 | (17,484 | ) | 3,324,405 | ||||||||||||||||||||||
Operating income | $ | 450,599 | $ | 43,149 | $ | — | $ | 493,748 | $ | 435,918 | $ | 50,618 | $ | (6,234 | ) | $ | 480,302 | |||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
(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, 2014 | ||||||||
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) | 2014 | 2013 | ||||||
Interest | $ | 47,623 | $ | 68,297 | ||||
Income taxes, net of refunds | 176,298 | 126,081 | ||||||
Noncash Investing and Financing Activities | ||||||||
Liabilities assumed and stock issued as a result of acquisitions were as follows: | ||||||||
Nine Months Ended | ||||||||
December 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Fair value of assets acquired | $ | 59,938 | $ | 191,589 | ||||
Net cash paid for acquisitions (a) | (45,165 | ) | (181,131 | ) | ||||
Stock issued for acquisition (b) | (4,458 | ) | — | |||||
Liabilities assumed | $ | 10,315 | $ | 10,458 | ||||
____________________ | ||||||||
(a) | Includes cash paid, net of cash acquired, for current year acquisitions as well as payments for the settlement of holdback liabilities and contingent consideration arrangements associated with prior year acquisitions. | |||||||
(b) | Represents shares of Airgas, Inc. common stock issued in connection with a single acquisition – see Note 3 for further information. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENT |
On January 27, 2015, the Company announced that its Board of Directors declared a regular quarterly cash dividend of $0.55 per share. The dividend is payable March 31, 2015 to stockholders of record as of March 13, 2015. |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
Summary of the Consideration Transferred and the Fair Values of the Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the consideration paid and the estimated fair values of the assets acquired and liabilities assumed for fiscal 2015 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 | |||||||||||
Consideration | ||||||||||||
Cash (a) | $ | 44,112 | $ | 1,053 | $ | 45,165 | ||||||
Airgas, Inc. common stock (b) | 4,458 | — | 4,458 | |||||||||
Fair value of total consideration transferred | $ | 48,570 | $ | 1,053 | $ | 49,623 | ||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | ||||||||||||
Current assets, net | $ | 8,927 | $ | 3 | $ | 8,930 | ||||||
Plant and equipment | 13,280 | — | 13,280 | |||||||||
Other intangible assets | 12,812 | 1,040 | 13,852 | |||||||||
Current liabilities | (6,107 | ) | (50 | ) | (6,157 | ) | ||||||
Non-current liabilities | (4,158 | ) | — | (4,158 | ) | |||||||
Total identifiable net assets | 24,754 | 993 | 25,747 | |||||||||
Goodwill | 23,816 | 60 | 23,876 | |||||||||
$ | 48,570 | $ | 1,053 | $ | 49,623 | |||||||
____________________ | ||||||||||||
(a) | Includes cash paid, net of cash acquired, for current year acquisitions as well as payments for the settlement of holdback liabilities and contingent consideration arrangements associated with prior year acquisitions. | |||||||||||
(b) | Represents 41,060 shares of Airgas, Inc. common stock issued in connection with a single acquisition. The fair value of the shares issued as part of the consideration for the acquisition was determined based on the closing sales price of Airgas, Inc. common stock on the acquisition date. | |||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following table provides unaudited pro forma results of operations for the nine months ended December 31, 2014 and 2013, as if fiscal 2015 acquisitions had occurred on April 1, 2013. 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, 2013 or of results that may occur in the future. | |||||||||||
Nine Months Ended | ||||||||||||
December 31, | ||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | ||||||||||
Net sales | $ | 4,018,779 | $ | 3,839,362 | ||||||||
Net earnings | 280,494 | 263,300 | ||||||||||
Diluted earnings per share | $ | 3.7 | $ | 3.52 | ||||||||
Inventories_Net_Tables
Inventories, Net (Tables) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ||||||||
Inventories, Net [Table Text Block] | Inventories, net, consist of: | |||||||
(In thousands) | December 31, 2014 | March 31, 2014 | ||||||
Hardgoods | $ | 332,565 | $ | 313,127 | ||||
Gases | 167,005 | 165,022 | ||||||
$ | 499,570 | $ | 478,149 | |||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
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, 2014 were as follows: | |||||||||||||||||||||||||||
(In thousands) | Distribution Business Segment | All Other Operations Business Segment | Total | |||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 1,092,728 | $ | 197,168 | $ | 1,289,896 | ||||||||||||||||||||||
Acquisitions (a) | 23,816 | 60 | 23,876 | |||||||||||||||||||||||||
Other adjustments, including foreign currency translation | (1,943 | ) | (58 | ) | (2,001 | ) | ||||||||||||||||||||||
Balance at December 31, 2014 | $ | 1,114,601 | $ | 197,170 | $ | 1,311,771 | ||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||
(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 by major class are as follows: | |||||||||||||||||||||||||||
December 31, 2014 | March 31, 2014 | |||||||||||||||||||||||||||
(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 | $ | 346,421 | $ | (117,031 | ) | $ | 229,390 | 17 | $ | 345,199 | $ | (107,577 | ) | $ | 237,622 | ||||||||||||
Non-competition agreements | 6 | 42,837 | (22,694 | ) | 20,143 | 7 | 40,316 | (19,287 | ) | 21,029 | ||||||||||||||||||
Other | 200 | (28 | ) | 172 | 199 | (14 | ) | 185 | ||||||||||||||||||||
$ | 389,458 | $ | (139,753 | ) | $ | 249,705 | $ | 385,714 | $ | (126,878 | ) | $ | 258,836 | |||||||||||||||
Accrued_Expenses_And_Other_Cur1
Accrued Expenses And Other Current Liabilities (Tables) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities and Other Liabilities [Abstract] | ||||||||
Accrued Expenses And Other Current Liabilities [Table Text Block] | Accrued expenses and other current liabilities include: | |||||||
(In thousands) | December 31, 2014 | March 31, 2014 | ||||||
Accrued payroll and employee benefits | $ | 103,688 | $ | 92,038 | ||||
Business insurance reserves (a) | 50,126 | 49,372 | ||||||
Income taxes | 15,020 | 8,943 | ||||||
Taxes other than income taxes | 22,638 | 25,183 | ||||||
Cash overdraft | 52,748 | 68,245 | ||||||
Deferred rental revenue | 32,281 | 34,557 | ||||||
Accrued interest | 13,852 | 11,335 | ||||||
Other accrued expenses and current liabilities | 59,547 | 56,003 | ||||||
$ | 349,900 | $ | 345,676 | |||||
____________________ | ||||||||
(a) | With respect to the business insurance reserves above, the Company had corresponding insurance receivables of $11.6 million at December 31, 2014 and $11.8 million at March 31, 2014, 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, 2014 | ||||||||
Debt Instruments [Abstract] | ||||||||
Schedule Of Debt [Table Text Block] | Total debt consists of: | |||||||
(In thousands) | December 31, 2014 | March 31, 2014 | ||||||
Short-term | ||||||||
Money market loans | $ | — | $ | — | ||||
Commercial paper | 416,314 | 387,866 | ||||||
Short-term debt | $ | 416,314 | $ | 387,866 | ||||
Long-term | ||||||||
Trade receivables securitization | $ | 295,000 | $ | 295,000 | ||||
Revolving credit borrowings - U.S. | — | — | ||||||
Revolving credit borrowings - Multi-currency | 56,858 | 54,230 | ||||||
Revolving credit borrowings - France | 7,077 | 8,056 | ||||||
Senior notes, net | 1,648,513 | 1,748,774 | ||||||
Other long-term debt | 622 | 1,036 | ||||||
Total long-term debt | 2,008,070 | 2,107,096 | ||||||
Less current portion of long-term debt | (250,092 | ) | (400,322 | ) | ||||
Long-term debt, excluding current portion | $ | 1,757,978 | $ | 1,706,774 | ||||
Total debt | $ | 2,424,384 | $ | 2,494,962 | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The aggregate maturities of long-term debt at December 31, 2014 are as follows: | |||||||
(In thousands) | Debt Maturities (a) | |||||||
Remainder of fiscal 2015 | $ | 34 | ||||||
March 31, 2016 | 250,272 | |||||||
March 31, 2017 | 250,221 | |||||||
March 31, 2018 | 620,095 | |||||||
March 31, 2019 | — | |||||||
Thereafter | 888,935 | |||||||
$ | 2,009,557 | |||||||
____________________ | ||||||||
(a) | Outstanding borrowings under the Securitization Agreement at December 31, 2014 are reflected as maturing at the agreement’s expiration on December 5, 2017. | |||||||
The Company’s 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 $1.5 million at December 31, 2014. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, 2014 and March 31, 2014 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, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Deferred compensation plan assets | $ | 16,145 | $ | 16,145 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation plan liabilities | $ | 16,145 | $ | 16,145 | $ | — | $ | — | ||||||||
Balance at | Quoted prices in | Significant other | Significant | |||||||||||||
active markets | observable inputs | unobservable inputs | ||||||||||||||
(In thousands) | March 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Deferred compensation plan assets | $ | 16,387 | $ | 16,387 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation plan liabilities | $ | 16,387 | $ | 16,387 | $ | — | $ | — | ||||||||
Contingent consideration liabilities | 323 | — | — | 323 | ||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | 16,710 | $ | 16,387 | $ | — | $ | 323 | ||||||||
Fair Value Of Debt [Table Text Block] | ||||||||||||||||
Carrying Value at | Fair Value at | Carrying Value at | Fair Value at | |||||||||||||
(In thousands) | December 31, 2014 | December 31, 2014 | March 31, 2014 | March 31, 2014 | ||||||||||||
4.50% senior notes due 2014 | — | — | 399,952 | 407,092 | ||||||||||||
3.25% senior notes due 2015 | 249,943 | 253,618 | 249,887 | 258,630 | ||||||||||||
2.95% senior notes due 2016 | 249,901 | 255,523 | 249,848 | 259,257 | ||||||||||||
1.65% senior notes due 2018 | 324,661 | 321,386 | 324,579 | 319,098 | ||||||||||||
2.375% senior notes due 2020 | 274,781 | 270,240 | 274,748 | 265,600 | ||||||||||||
2.90% senior notes due 2022 | 249,780 | 244,250 | 249,760 | 233,230 | ||||||||||||
3.65% senior notes due 2024 | 299,447 | 307,263 | — | — | ||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
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, 2014 | 87,353 | (13,264 | ) | |||||||||||||||||||||
Common stock issuance (a) | 151 | |||||||||||||||||||||||
Reissuance of treasury stock for stock option exercises | 746 | |||||||||||||||||||||||
Reissuance of treasury stock for acquisition | 41 | |||||||||||||||||||||||
Balance at December 31, 2014 | 87,504 | (12,477 | ) | |||||||||||||||||||||
(In thousands) | Common | Capital in | Retained | Accumulated | Treasury | Total | ||||||||||||||||||
Stock | Excess of | Earnings | Other | Stock | Stockholders’ | |||||||||||||||||||
Par Value | Comprehensive | Equity | ||||||||||||||||||||||
Income (Loss) | ||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 874 | $ | 789,789 | $ | 2,047,843 | $ | 529 | $ | (998,386 | ) | $ | 1,840,649 | |||||||||||
Net earnings | 280,363 | 280,363 | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (8,264 | ) | (8,264 | ) | ||||||||||||||||||||
Common stock issuances and reissuances of treasury stock - employee benefit plans (b) | 1 | 11,936 | (13,187 | ) | 56,120 | 54,870 | ||||||||||||||||||
Reissuance of treasury stock for acquisition (Note 3) | 1,368 | 3,090 | 4,458 | |||||||||||||||||||||
Excess tax benefit from stock option exercises | 10,487 | 10,487 | ||||||||||||||||||||||
Dividends paid on common stock ($1.65 per share) | (123,080 | ) | (123,080 | ) | ||||||||||||||||||||
Stock-based compensation (c) | 25,618 | 25,618 | ||||||||||||||||||||||
Balance at December 31, 2014 | $ | 875 | $ | 839,198 | $ | 2,191,939 | $ | (7,735 | ) | $ | (939,176 | ) | $ | 2,085,101 | ||||||||||
___________________ | ||||||||||||||||||||||||
(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 following table presents the gross and net changes in the balances within each component of accumulated other comprehensive income (“AOCI”) for the nine months ended December 31, 2014: | |||||||||||||||||||||||
(In thousands) | Foreign Currency | Treasury Rate | Total Accumulated | |||||||||||||||||||||
Translation | Lock Agreement | Other Comprehensive | ||||||||||||||||||||||
Adjustments | Income (Loss) | |||||||||||||||||||||||
Balance at March 31, 2014 | $ | 1,018 | $ | (489 | ) | $ | 529 | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (8,508 | ) | — | (8,508 | ) | |||||||||||||||||||
Amounts reclassified from AOCI (d) | — | 388 | 388 | |||||||||||||||||||||
Tax effect of other comprehensive income items | — | (144 | ) | (144 | ) | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (8,508 | ) | 244 | (8,264 | ) | |||||||||||||||||||
Balance at December 31, 2014 | $ | (7,490 | ) | $ | (245 | ) | $ | (7,735 | ) | |||||||||||||||
___________________ | ||||||||||||||||||||||||
(d) | The reclassifications out of AOCI were associated with a loss on a treasury rate lock agreement from July 2010 related to the issuance of the Company’s 2015 Notes, which is being reclassified into earnings (interest expense) over the term of the 2015 Notes. The effects on the respective line items of the consolidated statements of earnings impacted by the reclassifications were not material for the nine months ended December 31, 2014 and 2013. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, 2014 and 2013: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Stock-based compensation expense related to: | ||||||||||||||||
Equity Incentive Plan (a) | $ | 3,718 | $ | 3,581 | $ | 22,452 | $ | 21,441 | ||||||||
Employee Stock Purchase Plan - options to purchase stock | 1,067 | 995 | 3,166 | 3,101 | ||||||||||||
4,785 | 4,576 | 25,618 | 24,542 | |||||||||||||
Tax benefit | (1,588 | ) | (1,503 | ) | (9,138 | ) | (8,931 | ) | ||||||||
Stock-based compensation expense, net of tax | $ | 3,197 | $ | 3,073 | $ | 16,480 | $ | 15,611 | ||||||||
___________________ | ||||||||||||||||
(a) | Stock-based compensation expense related to stock options granted under the Company’s Equity Incentive Plan is highest during the Company’s fiscal first quarter ended June 30th relative to other quarters during the year. This is primarily due to a retirement-eligible vesting provision under the plan and the timing of the majority of the Company’s stock option awards each year during its fiscal first quarter. | |||||||||||||||
Summary of Stock Option Activity [Table Text Block] | The following table summarizes the stock option activity during the nine months ended December 31, 2014: | |||||||||||||||
(In thousands, except per share amounts) | Number of Stock Options | Weighted-Average | ||||||||||||||
Exercise Price | ||||||||||||||||
Outstanding at March 31, 2014 | 5,104 | $ | 69.91 | |||||||||||||
Granted | 978 | $ | 104.8 | |||||||||||||
Exercised | (746 | ) | $ | 55.73 | ||||||||||||
Forfeited | (52 | ) | $ | 97.6 | ||||||||||||
Outstanding at December 31, 2014 | 5,284 | $ | 78.09 | |||||||||||||
Vested or expected to vest at December 31, 2014 | 5,265 | $ | 78 | |||||||||||||
Exercisable at December 31, 2014 | 3,106 | $ | 64.05 | |||||||||||||
ESPP - Purchase Option Activity [Table Text Block] | The following table summarizes the activity of the ESPP during the nine months ended December 31, 2014: | |||||||||||||||
(In thousands, except per share amounts) | Number of Purchase Options | Weighted-Average | ||||||||||||||
Exercise Price | ||||||||||||||||
Outstanding at March 31, 2014 | 55 | $ | 80.77 | |||||||||||||
Granted | 196 | $ | 91.38 | |||||||||||||
Exercised | (150 | ) | $ | 88.51 | ||||||||||||
Outstanding at December 31, 2014 | 101 | $ | 89.85 | |||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Computation Of Basic And Diluted Weighted Average Common Shares Outstanding [Table Text Block] | The following table presents the computation of basic and diluted weighted average common shares outstanding for the three and nine months ended December 31, 2014 and 2013: | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
December 31, | December 31, | |||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||
Weighted average common shares outstanding: | ||||||||||||
Basic shares outstanding | 74,767 | 73,767 | 74,534 | 73,505 | ||||||||
Incremental shares from assumed exercises of stock options and options under the ESPP | 1,187 | 1,327 | 1,187 | 1,307 | ||||||||
Diluted shares outstanding | 75,954 | 75,094 | 75,721 | 74,812 | ||||||||
Summary_by_Business_Segment_Ta
Summary by Business Segment (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Financial Information by Segment [Table Text Block] | ||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | Distribution | All Other | Eliminations | Total | Distribution | All Other | Eliminations | Total | ||||||||||||||||||||||||
Ops. | and Other | Ops. | and Other | |||||||||||||||||||||||||||||
Gas and rent | $ | 711,030 | $ | 139,226 | $ | (7,698 | ) | $ | 842,558 | $ | 674,465 | $ | 123,768 | $ | (7,338 | ) | $ | 790,895 | ||||||||||||||
Hardgoods | 488,315 | 950 | (3 | ) | 489,262 | 451,057 | 895 | (1 | ) | 451,951 | ||||||||||||||||||||||
Net sales (a) | 1,199,345 | 140,176 | (7,701 | ) | 1,331,820 | 1,125,522 | 124,663 | (7,339 | ) | 1,242,846 | ||||||||||||||||||||||
Cost of products sold (excluding depreciation) (a) | 521,782 | 74,852 | (7,701 | ) | 588,933 | 484,083 | 60,926 | (7,339 | ) | 537,670 | ||||||||||||||||||||||
Selling, distribution and administrative expenses | 449,616 | 46,793 | — | 496,409 | 427,440 | 43,409 | 1,838 | 472,687 | ||||||||||||||||||||||||
Depreciation | 69,134 | 6,422 | — | 75,556 | 63,968 | 5,937 | — | 69,905 | ||||||||||||||||||||||||
Amortization | 6,914 | 1,122 | — | 8,036 | 6,620 | 1,045 | — | 7,665 | ||||||||||||||||||||||||
Total costs and expenses | 1,047,446 | 129,189 | (7,701 | ) | 1,168,934 | 982,111 | 111,317 | (5,501 | ) | 1,087,927 | ||||||||||||||||||||||
Operating income | $ | 151,899 | $ | 10,987 | $ | — | $ | 162,886 | $ | 143,411 | $ | 13,346 | $ | (1,838 | ) | $ | 154,919 | |||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
(In thousands) | Distribution | All Other | Eliminations | Total | Distribution | All Other | Eliminations | Total | ||||||||||||||||||||||||
Ops. | and Other | Ops. | and Other | |||||||||||||||||||||||||||||
Gas and rent | $ | 2,126,338 | $ | 423,139 | $ | (22,813 | ) | $ | 2,526,664 | $ | 2,028,340 | $ | 418,948 | $ | (23,715 | ) | $ | 2,423,573 | ||||||||||||||
Hardgoods | 1,473,629 | 2,875 | (6 | ) | 1,476,498 | 1,377,842 | 3,295 | (3 | ) | 1,381,134 | ||||||||||||||||||||||
Net sales (a) | 3,599,967 | 426,014 | (22,819 | ) | 4,003,162 | 3,406,182 | 422,243 | (23,718 | ) | 3,804,707 | ||||||||||||||||||||||
Cost of products sold (excluding | 1,574,582 | 221,110 | (22,819 | ) | 1,772,873 | 1,480,870 | 219,073 | (23,718 | ) | 1,676,225 | ||||||||||||||||||||||
depreciation) (a) | ||||||||||||||||||||||||||||||||
Selling, distribution and administrative expenses | 1,351,722 | 139,775 | — | 1,491,497 | 1,282,022 | 132,361 | 6,234 | 1,420,617 | ||||||||||||||||||||||||
Depreciation | 202,545 | 18,806 | — | 221,351 | 188,497 | 16,925 | — | 205,422 | ||||||||||||||||||||||||
Amortization | 20,519 | 3,174 | — | 23,693 | 18,875 | 3,266 | — | 22,141 | ||||||||||||||||||||||||
Total costs and expenses | 3,149,368 | 382,865 | (22,819 | ) | 3,509,414 | 2,970,264 | 371,625 | (17,484 | ) | 3,324,405 | ||||||||||||||||||||||
Operating income | $ | 450,599 | $ | 43,149 | $ | — | $ | 493,748 | $ | 435,918 | $ | 50,618 | $ | (6,234 | ) | $ | 480,302 | |||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
(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, 2014 | ||||||||
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) | 2014 | 2013 | ||||||
Interest | $ | 47,623 | $ | 68,297 | ||||
Income taxes, net of refunds | 176,298 | 126,081 | ||||||
Schedule of Noncash or Part Noncash Acquisitions [Table Text Block] | Liabilities assumed and stock issued as a result of acquisitions were as follows: | |||||||
Nine Months Ended | ||||||||
December 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Fair value of assets acquired | $ | 59,938 | $ | 191,589 | ||||
Net cash paid for acquisitions (a) | (45,165 | ) | (181,131 | ) | ||||
Stock issued for acquisition (b) | (4,458 | ) | — | |||||
Liabilities assumed | $ | 10,315 | $ | 10,458 | ||||
____________________ | ||||||||
(a) | Includes cash paid, net of cash acquired, for current year acquisitions as well as payments for the settlement of holdback liabilities and contingent consideration arrangements associated with prior year acquisitions. | |||||||
(b) | Represents shares of Airgas, Inc. common stock issued in connection with a single acquisition – see Note 3 for further information. |
Acquisitions_Acquisitions_Narr
Acquisitions (Acquisitions Narrative) (Details) (USD $) | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Business Acquisition [Line Items] | ||||
Goodwill acquired during period | $23,876,000 | [1] | ||
Net cash paid for businesses | 45,165,000 | 179,581,000 | ||
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of businesses acquired | 13 | 9 | ||
Historical annual sales of acquired businesses | 48,000,000 | 70,000,000 | ||
Business acquisition, transaction costs | 1,400,000 | 1,000,000 | ||
Business combination, pro forma information, revenue of acquiree since acquisition date, actual | 19,000,000 | 14,000,000 | ||
Fair value of trade receivables acquired | 6,000,000 | |||
Gross contractual amounts of acquired receivables | 6,800,000 | |||
Goodwill acquired during period | 22,100,000 | |||
Goodwill deductible for income tax purposes | 17,800,000 | |||
Net cash paid for businesses | 45,165,000 | [2] | 181,000,000 | [2] |
Series of Individually Immaterial Business Acquisitions [Member] | Customer relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Other intangible assets acquired | 9,300,000 | |||
Series of Individually Immaterial Business Acquisitions [Member] | Non-competition agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Other intangible assets acquired | $4,500,000 | |||
[1] | Includes acquisitions completed during the current year and adjustments made to prior year acquisitions. | |||
[2] | Includes cash paid, net of cash acquired, for current year acquisitions as well as payments for the settlement of holdback liabilities and contingent consideration arrangements associated with prior year acquisitions. |
Acquisitions_Summary_of_the_Co
Acquisitions (Summary of the Consideration Transferred and the Fair Values of the Assets Acquired and Liabilities Assumed) (Details) (USD $) | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | ||
Consideration | |||||
Cash | $45,165 | $179,581 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Goodwill | 1,311,771 | 1,289,896 | |||
Series of Individually Immaterial Business Acquisitions [Member] | |||||
Consideration | |||||
Cash | 45,165 | [1] | 181,000 | [1] | |
Airgas, Inc. common stock | 4,458 | [2] | |||
Fair value of total consideration transferred | 49,623 | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Current assets, net | 8,930 | ||||
Plant and equipment | 13,280 | ||||
Other intangible assets | 13,852 | ||||
Current liabilities | -6,157 | ||||
Non-current liabilities | -4,158 | ||||
Total identifiable net assets | 25,747 | ||||
Goodwill | 23,876 | ||||
Recognized amounts of identifiable assets acquired, goodwill, and liabilities assumed, net | 49,623 | ||||
Number of shares of Airgas, Inc. common stock issued in connection with an acquisition | 41,060 | ||||
Distribution Business Segment [Member] | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Goodwill | 1,114,601 | 1,092,728 | |||
Distribution Business Segment [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||
Consideration | |||||
Cash | 44,112 | [1] | |||
Airgas, Inc. common stock | 4,458 | [2] | |||
Fair value of total consideration transferred | 48,570 | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Current assets, net | 8,927 | ||||
Plant and equipment | 13,280 | ||||
Other intangible assets | 12,812 | ||||
Current liabilities | -6,107 | ||||
Non-current liabilities | -4,158 | ||||
Total identifiable net assets | 24,754 | ||||
Goodwill | 23,816 | ||||
Recognized amounts of identifiable assets acquired, goodwill, and liabilities assumed, net | 48,570 | ||||
All Other Operations Business Segment [Member] | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Goodwill | 197,170 | 197,168 | |||
All Other Operations Business Segment [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||
Consideration | |||||
Cash | 1,053 | [1] | |||
Airgas, Inc. common stock | 0 | [2] | |||
Fair value of total consideration transferred | 1,053 | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Current assets, net | 3 | ||||
Plant and equipment | 0 | ||||
Other intangible assets | 1,040 | ||||
Current liabilities | -50 | ||||
Non-current liabilities | 0 | ||||
Total identifiable net assets | 993 | ||||
Goodwill | 60 | ||||
Recognized amounts of identifiable assets acquired, goodwill, and liabilities assumed, net | $1,053 | ||||
[1] | Includes cash paid, net of cash acquired, for current year acquisitions as well as payments for the settlement of holdback liabilities and contingent consideration arrangements associated with prior year acquisitions. | ||||
[2] | Represents 41,060 shares of Airgas, Inc. common stock issued in connection with a single acquisition. The fair value of the shares issued as part of the consideration for the acquisition was determined based on the closing sales price of Airgas, Inc. common stock on the acquisition date. |
Acquisitions_Pro_Forma_Operati
Acquisitions (Pro Forma Operating Results) (Details) (Series of Individually Immaterial Business Acquisitions [Member], USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Series of Individually Immaterial Business Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Net sales | $4,018,779 | $3,839,362 |
Net earnings | $280,494 | $263,300 |
Diluted earnings per share | $3.70 | $3.52 |
Inventories_Net_Details
Inventories, Net (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ||
Inventories, net | $499,570 | $478,149 |
Hardgoods [Member] | ||
Inventory [Line Items] | ||
Inventories, net | 332,565 | 313,127 |
Gases [Member] | ||
Inventory [Line Items] | ||
Inventories, net | $167,005 | $165,022 |
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, 2014 | |
Goodwill [Roll Forward] | ||
Balance at March 31, 2014 | $1,289,896 | |
Acquisitions | 23,876 | [1] |
Other adjustments, including foreign currency translation | -2,001 | |
Balance at December 31, 2014 | 1,311,771 | |
Distribution Business Segment [Member] | ||
Goodwill [Roll Forward] | ||
Balance at March 31, 2014 | 1,092,728 | |
Acquisitions | 23,816 | [1] |
Other adjustments, including foreign currency translation | -1,943 | |
Balance at December 31, 2014 | 1,114,601 | |
All Other Operations Business Segment [Member] | ||
Goodwill [Roll Forward] | ||
Balance at March 31, 2014 | 197,168 | |
Acquisitions | 60 | [1] |
Other adjustments, including foreign currency translation | -58 | |
Balance at December 31, 2014 | $197,170 | |
[1] | Includes acquisitions completed during the current year and adjustments made to prior year acquisitions. |
Annual_Goodwill_Impairment_Tes
Annual Goodwill Impairment Test (Details) (USD $) | 0 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Dec. 31, 2014 | Oct. 31, 2014 | Mar. 31, 2014 |
reporting_units | reporting_units | |||
Goodwill [Line Items] | ||||
Goodwill | $1,311,771 | $1,289,896 | ||
Distribution Business Segment [Member] | ||||
Goodwill [Line Items] | ||||
Number of reporting units | 21 | |||
Number of reporting units, applied step 0 of goodwill impairment test | 21 | 21 | ||
Goodwill | 1,114,601 | 1,092,728 | ||
All Other Operations Business Segment [Member] | ||||
Goodwill [Line Items] | ||||
Number of reporting units | 5 | |||
Number of reporting units, applied step 0 of goodwill impairment test | 4 | 4 | ||
Goodwill | 197,170 | 197,168 | ||
Refrigerants [Member] | ||||
Goodwill [Line Items] | ||||
Reporting unit, percentage of fair value in excess of carrying amount | 10.00% | 10.00% | ||
Goodwill | $88,000 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Other Intangibles) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Other intangible assets by major class | |||||
Gross carrying amount | $389,458,000 | $389,458,000 | 385,714,000 | ||
Accumulated amortization | -139,753,000 | -139,753,000 | -126,878,000 | ||
Net carrying amount | 249,705,000 | 249,705,000 | 258,836,000 | ||
Intangible asset residual value | 0 | 0 | |||
Amortization | 8,036,000 | 7,665,000 | 23,693,000 | 22,141,000 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||
Estimated future amortization expense in remainder of 2015 | 7,300,000 | 7,300,000 | |||
Estimated future amortization expense in 2016 | 28,900,000 | 28,900,000 | |||
Estimated future amortization expense in 2017 | 27,000,000 | 27,000,000 | |||
Estimated future amortization expense in 2018 | 25,300,000 | 25,300,000 | |||
Estimated future amortization expense in 2019 | 23,300,000 | 23,300,000 | |||
Estimated future amortization expense thereafter | 137,900,000 | 137,900,000 | |||
Customer relationships [Member] | |||||
Other intangible assets by major class | |||||
Gross carrying amount | 346,421,000 | 346,421,000 | 345,199,000 | ||
Accumulated amortization | -117,031,000 | -117,031,000 | -107,577,000 | ||
Net carrying amount | 229,390,000 | 229,390,000 | 237,622,000 | ||
Non-competition agreements [Member] | |||||
Other intangible assets by major class | |||||
Gross carrying amount | 42,837,000 | 42,837,000 | 40,316,000 | ||
Accumulated amortization | -22,694,000 | -22,694,000 | -19,287,000 | ||
Net carrying amount | 20,143,000 | 20,143,000 | 21,029,000 | ||
Other intangible assets [Member] | |||||
Other intangible assets by major class | |||||
Gross carrying amount | 200,000 | 200,000 | 199,000 | ||
Accumulated amortization | -28,000 | -28,000 | -14,000 | ||
Net carrying amount | 172,000 | 172,000 | 185,000 | ||
Customer relationships, non-competition agreements and other [Member] | |||||
Other intangible assets by major class | |||||
Amortization | $22,600,000 | $21,200,000 | |||
Weighted Average [Member] | Customer relationships [Member] | |||||
Other intangible assets by major class | |||||
Other intangible assets, useful life | 17 years | 17 years | |||
Weighted Average [Member] | Non-competition agreements [Member] | |||||
Other intangible assets by major class | |||||
Other intangible assets, useful life | 6 years | 7 years | |||
Minimum [Member] | Customer relationships [Member] | |||||
Other intangible assets by major class | |||||
Other intangible assets, useful life | 7 years | ||||
Maximum [Member] | Customer relationships [Member] | |||||
Other intangible assets by major class | |||||
Other intangible assets, useful life | 25 years |
Accrued_Expenses_And_Other_Cur2
Accrued Expenses And Other Current Liabilities (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | ||
Accrued Liabilities and Other Liabilities [Abstract] | ||||
Accrued payroll and employee benefits | $103,688,000 | $92,038,000 | ||
Business insurance reserves | 50,126,000 | [1] | 49,372,000 | [1] |
Income taxes | 15,020,000 | 8,943,000 | ||
Taxes other than income taxes | 22,638,000 | 25,183,000 | ||
Cash overdraft | 52,748,000 | 68,245,000 | ||
Deferred rental revenue | 32,281,000 | 34,557,000 | ||
Accrued interest | 13,852,000 | 11,335,000 | ||
Other accrued expenses and current liabilities | 59,547,000 | 56,003,000 | ||
Accrued expenses and other current liabilities | 349,900,000 | 345,676,000 | ||
Insurance receivables | $11,600,000 | $11,800,000 | ||
[1] | With respect to the business insurance reserves above, the Company had corresponding insurance receivables of $11.6 million at December 31, 2014 and $11.8 million at March 31, 2014, 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_Schedule_Of_Debt_
Indebtedness (Schedule Of Debt) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Short-term debt | $416,314 | $387,866 |
Long-term debt | 2,008,070 | 2,107,096 |
Less current portion of long-term debt | -250,092 | -400,322 |
Long-term debt, excluding current portion | 1,757,978 | 1,706,774 |
Total debt | 2,424,384 | 2,494,962 |
Money market loans [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | 0 | 0 |
Commercial paper [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | 416,314 | 387,866 |
Trade receivables securitization [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 295,000 | 295,000 |
Revolving credit borrowings - U.S. [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 0 |
Revolving credit borrowings - Multi-currency [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 56,858 | 54,230 |
Revolving credit borrowings - France [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 7,077 | 8,056 |
Senior notes, net [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,648,513 | 1,748,774 |
Other long-term debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $622 | $1,036 |
Indebtedness_Money_Market_Loan
Indebtedness (Money Market Loans Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Nov. 30, 2014 | Mar. 31, 2014 |
Debt Instrument [Line Items] | |||
Short-term debt | $416,314 | $387,866 | |
Money market loans [Member] | |||
Debt Instrument [Line Items] | |||
Short-term debt | 0 | 0 | |
Money market loans [Member] | Agreement expiring in December 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Short-term debt | 0 | ||
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 (“LIBORâ€) | ||
Money market loans [Member] | Agreement expiring in July 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Short-term debt | 0 | ||
Short-term debt, terms | 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 | ||
Maximum [Member] | Money market loans [Member] | Agreement expiring in December 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Short-term debt | 35,000 | ||
Short term debt maturity period | 6 months | ||
Maximum [Member] | Money market loans [Member] | Agreement expiring in July 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Short-term debt | $35,000 | ||
Short term debt maturity period | 7 days | ||
Minimum [Member] | Money market loans [Member] | Agreement expiring in December 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Short term debt maturity period | 1 month |
Indebtedness_Senior_Credit_Fac
Indebtedness (Senior Credit Facility Narrative) (Details) (USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Nov. 18, 2014 | Dec. 31, 2014 | Nov. 18, 2014 |
Revolving credit facility [Member] | |||
Senior Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $1,000 | $1,000 | |
Line of credit facility, increase, additional borrowings, maximum | 500 | ||
Line of credit facility, outstanding borrowings | 57 | ||
Line of credit facility, remaining borrowing capacity | 476 | ||
Revolving credit borrowings - U.S. [Member] | |||
Senior Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 875 | 875 | |
Line of credit facility, unused capacity, commitment fee percentage | 0.15% | ||
Line of credit facility, outstanding borrowings | 0 | ||
Revolving credit borrowings - Multi-currency [Member] | |||
Senior Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 125 | 125 | |
Line of credit facility, increase, additional borrowings, maximum | 50 | ||
Line of credit facility, unused capacity, commitment fee percentage | 0.15% | ||
Line of credit facility, outstanding borrowings | 57 | ||
Letter of credit [Member] | |||
Senior Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 100 | 100 | |
Line of credit facility, outstanding borrowings | 51 | ||
Swingline [Member] | |||
Senior Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $75 | $75 |
Indebtedness_Commercial_Paper_
Indebtedness (Commercial Paper Narrative) (Details) (Commercial paper [Member], USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Nov. 18, 2014 |
Short-term Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $1,000 | |
Short-term debt, terms | maturities that may vary, but will generally not exceed 90 days from the date of issue | |
Maximum [Member] | ||
Short-term Debt [Line Items] | ||
Short term debt maturity period | 90 days |
Indebtedness_Trade_Receivables
Indebtedness (Trade Receivables Securitization Narrative) (Details) (Trade receivables securitization [Member], USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Dec. 05, 2014 | Dec. 31, 2014 | Dec. 05, 2014 |
banks | |||
Debt Instrument [Line Items] | |||
Number of commercial bank conduits participating in trade receivables securitization agreement | 3 | 3 | |
Trade receivables securitization | $295 | ||
Debt instrument, basis spread on variable rate | 0.75% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Trade receivables securitization | 295 | 295 |
Indebtedness_Senior_Notes_Narr
Indebtedness (Senior Notes Narrative) (Details) (Senior notes, net [Member], USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Jun. 17, 2014 | Sep. 30, 2014 | Oct. 31, 2014 |
3.65% senior notes due July 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $300 | ||
Debt instrument, interest rate, stated percentage | 3.65% | ||
Debt instrument, interest rate, effective percentage | 3.67% | ||
Percentage of principal that must be repaid in addition to accrued interest and applicable make-whole payments under call feature of notes | 100.00% | ||
4.50% senior notes due September 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 400 | ||
Debt instrument, interest rate, stated percentage | 4.50% | ||
3.25% senior notes due October 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $250 | ||
Debt instrument, interest rate, stated percentage | 3.25% |
Indebtedness_Debt_Extinguishme
Indebtedness (Debt Extinguishment Charges Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Extinguishment of Debt [Line Items] | ||||
Loss on the extinguishment of debt | $0 | $9,150,000 | $0 | $9,150,000 |
Senior subordinated notes [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Extinguishment of debt, amount | 215,000,000 | |||
Debt instrument, interest rate, stated percentage | 7.13% | 7.13% | ||
Debt instrument, redemption price, percentage | 103.56% | |||
Loss on the extinguishment of debt | $9,100,000 |
Indebtedness_Schedule_Of_LongT
Indebtedness (Schedule Of Long-Term Debt Maturities) (Details) (USD $) | Dec. 31, 2014 | |
Maturities of Long-term Debt [Abstract] | ||
Remainder of fiscal 2015 | $34,000 | [1] |
31-Mar-16 | 250,272,000 | [1] |
31-Mar-17 | 250,221,000 | [1] |
31-Mar-18 | 620,095,000 | [1] |
31-Mar-19 | 0 | [1] |
Thereafter | 888,935,000 | [1] |
Total maturities of long-term debt | 2,009,557,000 | [1] |
Senior notes, net [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
Unamortized discounts | $1,500,000 | |
[1] | Outstanding borrowings under the Securitization Agreement at December 31, 2014 are reflected as maturing at the agreement’s expiration on December 5, 2017. The Company’s 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 $1.5 million at December 31, 2014. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan assets | $16,145 | $16,387 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan liabilities | 16,145 | 16,387 |
Contingent consideration liabilities | 323 | |
Total liabilities measured at fair value on a recurring basis | 16,710 | |
Quoted Prices In Active Markets Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan assets | 16,145 | 16,387 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan liabilities | 16,145 | 16,387 |
Contingent consideration liabilities | 0 | |
Total liabilities measured at fair value on a recurring basis | 16,387 | |
Significant Other Observable Inputs Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan liabilities | 0 | 0 |
Contingent consideration liabilities | 0 | |
Total liabilities measured at fair value on a recurring basis | 0 | |
Significant Unobservable Inputs Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan liabilities | 0 | 0 |
Contingent consideration liabilities | 323 | |
Total liabilities measured at fair value on a recurring basis | $323 |
Fair_Value_Measurements_Carryi
Fair Value Measurements (Carrying Value And Fair Value Of Debt) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying value | $2,008,070 | $2,107,096 |
4.50% senior notes due September 2014 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying value | 0 | 399,952 |
Long-term debt, fair value | 0 | 407,092 |
3.25% senior notes due October 2015 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying value | 249,943 | 249,887 |
Long-term debt, fair value | 253,618 | 258,630 |
2.95% senior notes due June 2016 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying value | 249,901 | 249,848 |
Long-term debt, fair value | 255,523 | 259,257 |
1.65% senior notes due February 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying value | 324,661 | 324,579 |
Long-term debt, fair value | 321,386 | 319,098 |
2.375% senior notes due February 2020 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying value | 274,781 | 274,748 |
Long-term debt, fair value | 270,240 | 265,600 |
2.90% senior notes due November 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying value | 249,780 | 249,760 |
Long-term debt, fair value | 244,250 | 233,230 |
3.65% senior notes due July 2024 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying value | 299,447 | 0 |
Long-term debt, fair value | $307,263 | $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, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Class of Stock [Line Items] | ||||||
Common stock, shares issued | 87,504 | 87,504 | 87,353 | |||
Common stock issuance | 151 | [1] | ||||
Treasury stock, shares | -12,477 | -12,477 | -13,264 | |||
Reissuance of treasury stock for stock option exercises | 746 | |||||
Reissuance of treasury stock for acquisition | 41 | |||||
Dividends paid per common share | $1.65 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance at March 31, 2014 | $1,840,649 | |||||
Net earnings | 93,199 | 82,759 | 280,363 | 262,427 | ||
Other comprehensive income (loss), net of tax | -5,611 | -1,227 | -8,264 | -1,601 | ||
Common stock issuances and reissuances of treasury stock - employee benefit plans | 54,870 | [2] | ||||
Reissuance of treasury stock for acquisition (Note 3) | 4,458 | |||||
Excess tax benefit from stock option exercises | 10,487 | |||||
Dividends paid on common stock | -123,080 | |||||
Stock-based compensation | 25,618 | [3] | ||||
Balance at December 31, 2014 | 2,085,101 | 2,085,101 | ||||
Common Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance at March 31, 2014 | 874 | |||||
Issuance of common stock for purchases through the Employee Stock Purchase Plan | 1 | [2] | ||||
Balance at December 31, 2014 | 875 | 875 | ||||
Capital In Excess of Par Value [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance at March 31, 2014 | 789,789 | |||||
Common stock issuances and reissuances of treasury stock - employee benefit plans | 11,936 | [2] | ||||
Reissuance of treasury stock for acquisition (Note 3) | 1,368 | |||||
Excess tax benefit from stock option exercises | 10,487 | |||||
Stock-based compensation | 25,618 | [3] | ||||
Balance at December 31, 2014 | 839,198 | 839,198 | ||||
Retained Earnings [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance at March 31, 2014 | 2,047,843 | |||||
Net earnings | 280,363 | |||||
Reissuance of treasury stock for stock option exercises at lower than repurchase price | -13,187 | [2] | ||||
Dividends paid on common stock | -123,080 | |||||
Balance at December 31, 2014 | 2,191,939 | 2,191,939 | ||||
Accumulated Other Comprehensive Income [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance at March 31, 2014 | 529 | |||||
Other comprehensive income (loss), net of tax | -8,264 | |||||
Balance at December 31, 2014 | -7,735 | -7,735 | ||||
Treasury Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance at March 31, 2014 | -998,386 | |||||
Reissuance of treasury stock for stock option exercises | 56,120 | [2] | ||||
Reissuance of treasury stock for acquisition (Note 3) | 3,090 | |||||
Balance at December 31, 2014 | ($939,176) | ($939,176) | ||||
[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, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
Balance at March 31, 2014 | $529 | ||||
Other comprehensive income (loss) before reclassifications | -8,508 | ||||
Amounts reclassified from AOCI | 388 | [1] | |||
Tax effect of other comprehensive income items | -48 | -48 | -144 | -144 | |
Other comprehensive income (loss), net of tax | -5,611 | -1,227 | -8,264 | -1,601 | |
Balance at December 31, 2014 | -7,735 | -7,735 | |||
Foreign Currency Translation Adjustments [Member] | |||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
Balance at March 31, 2014 | 1,018 | ||||
Other comprehensive income (loss) before reclassifications | -8,508 | ||||
Amounts reclassified from AOCI | 0 | ||||
Tax effect of other comprehensive income items | 0 | ||||
Other comprehensive income (loss), net of tax | -8,508 | ||||
Balance at December 31, 2014 | -7,490 | -7,490 | |||
Treasury Rate Lock Agreement [Member] | |||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||
Balance at March 31, 2014 | -489 | ||||
Other comprehensive income (loss) before reclassifications | 0 | ||||
Amounts reclassified from AOCI | 388 | [1] | |||
Tax effect of other comprehensive income items | -144 | ||||
Other comprehensive income (loss), net of tax | 244 | ||||
Balance at December 31, 2014 | ($245) | ($245) | |||
[1] | The reclassifications out of AOCI were associated with a loss on a treasury rate lock agreement from July 2010 related to the issuance of the Company’s 2015 Notes, which is being reclassified into earnings (interest expense) over the term of the 2015 Notes. The effects on the respective line items of the consolidated statements of earnings impacted by the reclassifications were not material for the nine months ended December 31, 2014 and 2013. |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (Stock Option [Member], USD $) | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average grant date fair value of stock options granted | $28.72 | $32.40 |
Shares available for grant | 3.2 | |
Unrecognized compensation expense related to non-vested stock options | $48.40 | |
Weighted-average vesting period of non-vested stock options (in years) | 1 year 8 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 | $21.43 | $19.27 |
Shares available for grant | 1.2 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Stock-based compensation expense related to: | ||||||||
Stock-based compensation expense | $4,785 | $4,576 | $25,618 | $24,542 | ||||
Tax benefit | -1,588 | -1,503 | -9,138 | -8,931 | ||||
Stock-based compensation expense, net of tax | 3,197 | 3,073 | 16,480 | 15,611 | ||||
Equity Incentive Plan [Member] | Stock Option [Member] | ||||||||
Stock-based compensation expense related to: | ||||||||
Stock-based compensation expense | 3,718 | [1] | 3,581 | [1] | 22,452 | [1] | 21,441 | [1] |
Employee Stock Purchase Plan [Member] | Stock Option [Member] | ||||||||
Stock-based compensation expense related to: | ||||||||
Stock-based compensation expense | $1,067 | $995 | $3,166 | $3,101 | ||||
[1] | Stock-based compensation expense related to stock options granted under the Company’s Equity Incentive Plan is highest during the Company’s fiscal first quarter ended June 30th relative to other quarters during the year. This is primarily due to a retirement-eligible vesting provision under the plan and the timing of the majority of the Company’s stock option awards each year during its fiscal first quarter. |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Stock Option Activity) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Exercised | -746 |
Equity Incentive Plan [Member] | Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at March 31, 2014 | 5,104 |
Granted | 978 |
Exercised | -746 |
Forfeited | -52 |
Outstanding at December 31, 2014 | 5,284 |
Vested or expected to vest at December 31, 2014, Number Of Stock Options | 5,265 |
Exercisable at December 31, 2014, Number Of Stock Options | 3,106 |
Outstanding at March 31, 2014, Weighted-Average Exercise Price Per Share | 69.91 |
Granted, Weighted-Average Exercise Price Per Share | 104.8 |
Exercised, Weighted-Average Exercise Price Per Share | 55.73 |
Forfeited, Weighted-Average Exercise Price Per Share | 97.6 |
Outstanding at December 31, 2014, Weighted-Average Exercise Price Per Share | 78.09 |
Vested or expected to vest at December 31, 2014, Weighted-Average Exercise Price Per Share | 78 |
Exercisable at December 31, 2014, Weighted-Average Exercise Price Per Share | 64.05 |
StockBased_Compensation_ESPP_P
Stock-Based Compensation (ESPP - Purchase Option Activity) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Exercised | -746 |
Employee Stock Purchase Plan [Member] | Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at March 31, 2014 | 55 |
Granted | 196 |
Exercised | -150 |
Outstanding at December 31, 2014 | 101 |
Outstanding at March 31, 2014, Weighted-Average Exercise Price Per Share | 80.77 |
Granted, Weighted-Average Exercise Price Per Share | 91.38 |
Exercised, Weighted-Average Exercise Price Per Share | 88.51 |
Outstanding at December 31, 2014, Weighted-Average Exercise Price Per Share | 89.85 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive securities excluded from the computation of diluted earnings per share | 1,800,000 | 1,300,000 | 1,800,000 | 1,400,000 |
Weighted average basic shares outstanding | 74,767,000 | 73,767,000 | 74,534,000 | 73,505,000 |
Incremental shares from assumed exercises of stock options and options under the ESPP | 1,187,000 | 1,327,000 | 1,187,000 | 1,307,000 |
Weighted average diluted shares outstanding | 75,954,000 | 75,094,000 | 75,721,000 | 74,812,000 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | $1,331,820 | $1,242,846 | $4,003,162 | $3,804,707 | ||||
Cost of products sold (excluding depreciation) | 588,933 | 537,670 | 1,772,873 | 1,676,225 | ||||
Selling, distribution and administrative expenses | 496,409 | 472,687 | 1,491,497 | 1,420,617 | ||||
Depreciation | 75,556 | 69,905 | 221,351 | 205,422 | ||||
Amortization | 8,036 | 7,665 | 23,693 | 22,141 | ||||
Total costs and expenses | 1,168,934 | 1,087,927 | 3,509,414 | 3,324,405 | ||||
Operating Income | 162,886 | 154,919 | 493,748 | 480,302 | ||||
Gas and Rent [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 842,558 | 790,895 | 2,526,664 | 2,423,573 | ||||
Hardgoods [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 489,262 | 451,951 | 1,476,498 | 1,381,134 | ||||
Operating Segments [Member] | Distribution Business Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 1,199,345 | 1,125,522 | 3,599,967 | 3,406,182 | ||||
Cost of products sold (excluding depreciation) | 521,782 | 484,083 | 1,574,582 | 1,480,870 | ||||
Selling, distribution and administrative expenses | 449,616 | 427,440 | 1,351,722 | 1,282,022 | ||||
Depreciation | 69,134 | 63,968 | 202,545 | 188,497 | ||||
Amortization | 6,914 | 6,620 | 20,519 | 18,875 | ||||
Total costs and expenses | 1,047,446 | 982,111 | 3,149,368 | 2,970,264 | ||||
Operating Income | 151,899 | 143,411 | 450,599 | 435,918 | ||||
Operating Segments [Member] | Distribution Business Segment [Member] | Gas and Rent [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 711,030 | 674,465 | 2,126,338 | 2,028,340 | ||||
Operating Segments [Member] | Distribution Business Segment [Member] | Hardgoods [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 488,315 | 451,057 | 1,473,629 | 1,377,842 | ||||
Operating Segments [Member] | All Other Operations Business Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 140,176 | 124,663 | 426,014 | 422,243 | ||||
Cost of products sold (excluding depreciation) | 74,852 | 60,926 | 221,110 | 219,073 | ||||
Selling, distribution and administrative expenses | 46,793 | 43,409 | 139,775 | 132,361 | ||||
Depreciation | 6,422 | 5,937 | 18,806 | 16,925 | ||||
Amortization | 1,122 | 1,045 | 3,174 | 3,266 | ||||
Total costs and expenses | 129,189 | 111,317 | 382,865 | 371,625 | ||||
Operating Income | 10,987 | 13,346 | 43,149 | 50,618 | ||||
Operating Segments [Member] | All Other Operations Business Segment [Member] | Gas and Rent [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 139,226 | 123,768 | 423,139 | 418,948 | ||||
Operating Segments [Member] | All Other Operations Business Segment [Member] | Hardgoods [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 950 | 895 | 2,875 | 3,295 | ||||
Eliminations and Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | -7,701 | [1] | -7,339 | [1] | -22,819 | [1] | -23,718 | [1] |
Cost of products sold (excluding depreciation) | -7,701 | [1] | -7,339 | [1] | -22,819 | [1] | -23,718 | [1] |
Selling, distribution and administrative expenses | 0 | 1,838 | 0 | 6,234 | ||||
Depreciation | 0 | 0 | 0 | 0 | ||||
Amortization | 0 | 0 | 0 | 0 | ||||
Total costs and expenses | -7,701 | -5,501 | -22,819 | -17,484 | ||||
Operating Income | 0 | -1,838 | 0 | -6,234 | ||||
Eliminations and Other [Member] | Gas and Rent [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | -7,698 | -7,338 | -22,813 | -23,715 | ||||
Eliminations and Other [Member] | Hardgoods [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | ($3) | ($1) | ($6) | ($3) | ||||
[1] | 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_Informa2
Supplemental Cash Flow Information (Cash Paid For Interest And Taxes) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Supplemental Cash Flow Information [Abstract] | ||
Interest | $47,623 | $68,297 |
Income taxes, net of refunds | $176,298 | $126,081 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information (Noncash Investing and Financing Activities) (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Net cash paid for acquisitions | ($45,165) | ($179,581) | ||
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Fair value of assets acquired | 59,938 | 191,589 | ||
Net cash paid for acquisitions | -45,165 | [1] | -181,131 | [1] |
Stock issued for acquisition | -4,458 | [2] | 0 | |
Liabilities assumed | $10,315 | $10,458 | ||
[1] | Includes cash paid, net of cash acquired, for current year acquisitions as well as payments for the settlement of holdback liabilities and contingent consideration arrangements associated with prior year acquisitions. | |||
[2] | Represents shares of Airgas, Inc. common stock issued in connection with a single acquisition – see Note 3 for further information. |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 27, 2015 | |
Subsequent Event [Line Items] | |||||
Dividends Declared per Common Share | $0.55 | $0.48 | $1.65 | $1.44 | |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends Declared per Common Share | $0.55 |