Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ENCORE WIRE CORP | |
Entity Central Index Key | 850,460 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 20,693,761 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 78,561 | $ 79,152 | |
Accounts receivable, net of allowance of $2,065 and $2,065 | 175,215 | 186,065 | |
Inventories | 98,472 | 95,254 | |
Income tax receivable | 2,361 | 7,344 | |
Prepaid expenses and other | 1,792 | 2,340 | |
Total current assets | 356,401 | 370,155 | |
Property, plant and equipment—at cost: | |||
Land and land improvements | 50,635 | 50,580 | |
Construction-in-progress | 23,332 | 33,942 | |
Buildings and improvements | 121,080 | 102,432 | |
Machinery and equipment | 276,776 | 274,755 | |
Furniture and fixtures | 9,114 | 9,012 | |
Total property, plant and equipment | 480,937 | 470,721 | |
Accumulated depreciation | (220,686) | (215,953) | |
Property, plant and equipment – net | 260,251 | 254,768 | |
Other assets | 3,192 | 3,193 | |
Total assets | 619,844 | 628,116 | |
Current liabilities: | |||
Trade accounts payable | 21,579 | 28,743 | |
Accrued liabilities | 16,704 | 25,499 | |
Deferred income taxes | 7,920 | 8,473 | |
Total current liabilities | 46,203 | 62,715 | |
Non-current deferred income taxes | $ 26,347 | $ 26,762 | |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Preferred stock, $.01 par value: Authorized shares – 2,000,000; none issued | $ 0 | $ 0 | |
Common stock, $.01 par value: Authorized shares - 40,000,000; Issued shares - 26,721,216 and 26,715,216 | 267 | 267 | |
Additional paid-in capital | 53,494 | 53,024 | |
Treasury stock, at cost – 6,027,455 and 6,027,455 shares | (91,056) | (91,056) | |
Retained earnings | 584,589 | 576,404 | |
Total stockholders’ equity | 547,294 | 538,639 | |
Total liabilities and stockholders’ equity | $ 619,844 | $ 628,116 | |
[1] | The consolidated balance sheet at December 31, 2015, as presented, is derived from the audited consolidated financial statements at that date. |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 2,065 | $ 2,065 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 26,721,216 | 26,715,216 |
Treasury stock, shares (in shares) | 6,027,455 | 6,027,455 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 225,544 | $ 250,262 |
Cost of goods sold | 195,401 | 217,832 |
Gross profit | 30,143 | 32,430 |
Selling, general, and administrative expenses | 17,309 | 16,031 |
Operating income | 12,834 | 16,399 |
Net interest and other expenses | (3) | (100) |
Income before income taxes | 12,837 | 16,499 |
Provision for income taxes | 4,238 | 5,710 |
Net income | $ 8,599 | $ 10,789 |
Earnings per common and common equivalent share - basic (in usd per share) | $ 0.42 | $ 0.52 |
Weighted average common and common equivalent shares outstanding - basic (in shares) | 20,688 | 20,725 |
Earnings per common and common equivalent share - diluted (in usd per share) | $ 0.41 | $ 0.52 |
Weighted average common and common equivalent shares outstanding - diluted (in shares) | 20,747 | 20,782 |
Cash dividends declared per share (in usd per share) | $ 0.02 | $ 0.02 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Operating Activities | |||
Net income | $ 8,599 | $ 10,789 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 4,846 | 3,897 | |
Deferred income taxes | (968) | (352) | |
Excess tax benefits of options exercised | (24) | 0 | |
Stock-based compensation | 639 | 220 | |
Other | (16) | (43) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 10,850 | 11,337 | |
Inventories | (3,218) | (7,103) | |
Trade accounts payable and accrued liabilities | (17,913) | (13,935) | |
Other assets and liabilities | 537 | 1,128 | |
Current income taxes receivable / payable | 5,007 | 3,409 | |
Net cash provided by (used in) operating activities | 8,339 | 9,347 | |
Investing Activities | |||
Purchases of property, plant and equipment | (8,658) | (10,488) | |
Proceeds from sale of assets | 4 | ||
Net cash provided by (used in) investing activities | (8,654) | (10,488) | |
Financing Activities | |||
Proceeds from issuance of common stock, net | 114 | 161 | |
Dividends paid | (414) | (415) | |
Excess tax benefits of options exercised | 24 | 0 | |
Net cash provided by (used in) financing activities | (276) | (254) | |
Net increase (decrease) in cash and cash equivalents | (591) | (1,395) | |
Cash and cash equivalents at beginning of period | 79,152 | [1] | 54,664 |
Cash and cash equivalents at end of period | $ 78,561 | $ 53,269 | |
[1] | The consolidated balance sheet at December 31, 2015, as presented, is derived from the audited consolidated financial statements at that date. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The unaudited consolidated financial statements of Encore Wire Corporation (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles for interim information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Results of operations for interim periods presented do not necessarily indicate the results that may be expected for the entire year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories are stated at the lower of cost, determined by the last-in, first-out (LIFO) method, or market. Inventories consist of the following: In Thousands March 31, 2016 December 31, 2015 Raw materials $ 22,336 $ 26,245 Work-in-process 28,783 20,155 Finished goods 71,029 70,348 Total 122,148 116,748 Adjust to LIFO cost (23,676 ) (21,494 ) Lower of cost or market adjustment — — Inventory, net $ 98,472 $ 95,254 LIFO pools are established at the end of each fiscal year. During the first three quarters of every year, LIFO calculations are based on the inventory levels and costs at that time. Accordingly, interim LIFO balances will fluctuate up and down depending on those inventory levels and costs. In the first quarter of 2016 , a LIFO adjustment was recorded, increasing cost of sales by $2.2 million , versus a LIFO adjustment decreasing cost of sales by $9.3 million in the first quarter of 2015 . During the first three months of 2016 , the Company liquidated a portion of the LIFO inventory layer in the aluminum wire pool established in prior years. This liquidation had an insignificant effect on the net income of the Company. During the first three months of 2015 , the Company did not liquidate any LIFO inventory layers established in prior years. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consist of the following: In Thousands March 31, 2016 December 31, 2015 Sales volume discounts payable $ 9,063 $ 13,193 Property taxes payable 869 3,444 Commissions payable 2,106 1,939 Accrued salaries 3,216 5,801 Other accrued liabilities 1,450 1,122 Total accrued liabilities $ 16,704 $ 25,499 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income taxes were accrued at an effective rate of 33.0% in the first quarter of 2016 versus 34.6% in the first quarter of 2015 , consistent with the Company’s estimated liabilities. The decrease in the effective rate was due to a change in the proportional effects of permanent differences between transactions reported for financial reporting and tax purposes. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Net earnings (loss) per common and common equivalent share are computed using the weighted average number of shares of common stock and common stock equivalents outstanding during each period. If dilutive, the effect of stock options, treated as common stock equivalents, is calculated using the treasury stock method. The following table sets forth the computation of basic and diluted net earnings per share: Quarters Ended In Thousands March 31, 2016 March 31, 2015 Numerator: Net income $ 8,599 $ 10,789 Denominator: Denominator for basic earnings per share – weighted average shares 20,688 20,725 Effect of dilutive securities: Employee stock options 59 57 Denominator for diluted earnings per share – weighted average shares 20,747 20,782 The weighted average of employee stock options excluded from the determination of diluted net income per common and common equivalent share for the first quarter was 187,000 in 2016 and 140,000 in 2015 . Such options were anti-dilutive for the respective periods. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The Company is party to a Credit Agreement (the “Credit Agreement”) with two banks, Bank of America, N.A., as administrative agent and letter of credit issuer, and Wells Fargo Bank, National Association, as syndication agent. The Credit Agreement extends through October 1, 2017 and provides for maximum borrowings of the lesser of $150.0 million or the amount of eligible accounts receivable plus the amount of eligible finished goods and raw materials, less any reserves established by the banks. Additionally, at our request and subject to certain conditions, the commitments under the Credit Agreement may be increased by a maximum of up to $100.0 million as long as existing or new lenders agree to provide such additional commitments. The calculated maximum borrowing amount available at March 31, 2016 , as computed under the Credit Agreement, was $149.3 million . Borrowings under the line of credit bear interest, at the Company’s option, at either (1) LIBOR plus a margin that varies from 0.875% to 1.75% depending upon the Leverage Ratio (as defined in the Credit Agreement), or (2) the base rate (which is the highest of the federal funds rate plus 0.5% , the prime rate, or LIBOR plus 1.0% ) plus 0% to 0.25% (depending upon the Leverage Ratio). A commitment fee ranging from 0.15% to 0.30% (depending upon the Leverage Ratio) is payable on the unused line of credit. At March 31, 2016 , there were no borrowings outstanding under the Credit Agreement. Obligations under the Credit Agreement are the only contractual borrowing obligations or commercial borrowing commitments of the Company. Obligations under the Credit Agreement are unsecured and contain customary covenants and events of default. The Company was in compliance with the covenants as of March 31, 2016 . |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY On November 10, 2006, the Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to an authorized amount of shares of its common stock on the open market or through privately negotiated transactions at prices determined by the President of the Company during the term of the program. The Company’s Board of Directors has authorized several increases and annual extensions of this stock repurchase program, and as of March 31, 2016 , the repurchase authorization had 1,132,946 shares remaining authorized through March 31, 2017 . The Company did not repurchase any shares of its stock in the first quarter of 2016 or 2015. Other than net income, there was no material change in stockholders' equity during the first quarter of 2016 or 2015. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES The Company is from time to time involved in litigation, certain other claims and arbitration matters arising in the ordinary course of its business. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Significant judgment is required in both the determination of the probability of a loss and the determination as to whether a loss is reasonably estimable. Any such accruals are reviewed at least quarterly and adjusted to reflect the effects of negotiations, settlements, rulings, advice of legal counsel and technical experts and other information and events pertaining to a particular matter. To the extent there is a reasonable possibility (within the meaning of ASC 450) that probable losses could exceed amounts already accrued, if any, and the additional loss or range of loss is able to be estimated, management discloses the additional loss or range of loss. For matters where the Company has evaluated that a loss is not probable, but is reasonably possible, the Company will disclose an estimate of the possible loss or range of loss or make a statement that such an estimate cannot be made. In some instances, for reasonably possible losses, the Company cannot estimate the possible loss or range of loss. The nature and progression of litigation can make it difficult to predict the impact a particular lawsuit will have on the Company. There are many reasons that the Company cannot make these assessments, including, among others, one or more of the following: the early stages of a proceeding; damages sought that are unspecified, unsupportable, unexplained or uncertain; discovery is incomplete; the complexity of the facts that are in dispute; the difficulty of assessing novel claims; the parties not having engaged in any meaningful settlement discussions; the possibility that other parties may share in any ultimate liability; and/or the often slow pace of litigation. On July 7, 2009, Southwire Company, a Delaware corporation (“Southwire”), filed a complaint for patent infringement against the Company and Cerro Wire, Inc. (“Cerro”) in the United States District Court for the Eastern District of Texas. In the complaint, Southwire alleged that the Company infringed one or more claims of United States Patent No. 7,557,301 (the “301 patent”), entitled “Method of Manufacturing Electrical Cable Having Reduced Required Force for Installation,” by making and selling electrical cables, including the Company’s Super Slick cables. The case has been transferred to the Northern District of Georgia and the parties have agreed to stay it pending reexamination of the ‘301 patent by the United States Patent and Trademark Office (the “USPTO”). On June 23, 2011, the USPTO issued an office action in the reexamination finally rejecting all the claims of the ‘301 patent. Southwire responded to these final rejections on August 8, 2011 by submitting substantially amended claims. The examiner determined that the amended claims captured patentable subject matter and on September 21, 2011 issued a notice that a reexamination certificate would be issued evidencing the patentability of the amended claims. The reexamination certificate was issued on the ‘301 patent on December 27, 2011. Subsequent to the issuance of the ‘301 reexamination certificate, a new inter partes reexamination proceeding was instituted by Cerro Wire against the reexamined ‘301 patent. The parties convened on March 21, 2012 and August 27, 2012 for settlement conferences regarding the ‘301 patent lawsuit. Such settlement conferences did not result in any negotiation, agreement, decision or other development that the Company believed is material to such lawsuit. Settlement discussions continue between the parties. On September, 29, 2015, the Patent Trial and Appeal Board (the “PTAB”) issued an opinion affirming the Examiner’s rejection of all of the claims of the ’301 Patent. Southwire intends to appeal this decision. On July 2, 2010, the Company filed a complaint against Southwire in the Northern District of Georgia. The complaint alleged that Southwire was using a deceptively misdescriptive trademark on its SimPull products and that Southwire had made false statements about the Company’s Slick Wire products. Southwire’s United States Patent No. 7,749,024 (“the ‘024 patent”) issued on July 6, 2010. The morning the patent issued, the Company amended its complaint to seek a declaratory judgment that the Company’s Slick Wire products do not infringe the ‘024 patent. Later that same day, Southwire filed a separate complaint against the Company and Cerro Wire in the Eastern District of Texas alleging infringement of the ‘024 patent. The Company’s complaint against Southwire was stayed by agreement on April 11, 2011. The complaint filed by Southwire in the Eastern District of Texas has been voluntarily dismissed. On October 8, 2010, the Company filed a request with the USPTO for an inter partes reexamination of the ‘024 patent. On November 9, 2010, the USPTO ordered the reexamination of the ‘024 patent. On March 28, 2014, the PTAB issued its Decision on Appeal, and issued its Decision on the Request for Rehearing on November 3, 2014. Southwire and the Company each appealed the PTAB’s Decision to the Federal Circuit. Oral argument was held on October 7, 2015. On October 20, 2015, the Federal Circuit dismissed the appeal as moot because the Federal Circuit had the same day affirmed the rejection of all the claims of the ’024 patent in the Cerro reexamination. On March 16, 2016, all claims pertaining to the case were dismissed with prejudice by the United States District Court for the Northern District of Georgia. With the exception of the issues related to the '024 patent just discussed, the potentially applicable factual and legal issues related to the above claims asserted against the Company have not been resolved. The Company disputes all of Southwire’s claims and alleged damages and intends to vigorously defend the lawsuits and vigorously pursue its own claims against Southwire if and when the litigation resumes. At this time, given the status of the proceedings, the complexities of the facts in dispute and the multiple claims involved, the Company has not concluded that a probable loss exists with respect to the Southwire litigation. Accordingly, no accrual has been made. Additionally, given the aforementioned uncertainties, while it is reasonably possible we may incur a loss, the Company is unable to estimate any possible loss or range of losses for disclosure purposes. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: In Thousands March 31, 2016 December 31, 2015 Raw materials $ 22,336 $ 26,245 Work-in-process 28,783 20,155 Finished goods 71,029 70,348 Total 122,148 116,748 Adjust to LIFO cost (23,676 ) (21,494 ) Lower of cost or market adjustment — — Inventory, net $ 98,472 $ 95,254 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | Accrued liabilities consist of the following: In Thousands March 31, 2016 December 31, 2015 Sales volume discounts payable $ 9,063 $ 13,193 Property taxes payable 869 3,444 Commissions payable 2,106 1,939 Accrued salaries 3,216 5,801 Other accrued liabilities 1,450 1,122 Total accrued liabilities $ 16,704 $ 25,499 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Earnings (Loss) Per Share | The following table sets forth the computation of basic and diluted net earnings per share: Quarters Ended In Thousands March 31, 2016 March 31, 2015 Numerator: Net income $ 8,599 $ 10,789 Denominator: Denominator for basic earnings per share – weighted average shares 20,688 20,725 Effect of dilutive securities: Employee stock options 59 57 Denominator for diluted earnings per share – weighted average shares 20,747 20,782 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 22,336 | $ 26,245 | |
Work-in-process | 28,783 | 20,155 | |
Finished goods | 71,029 | 70,348 | |
Total | 122,148 | 116,748 | |
Adjust to LIFO cost | (23,676) | (21,494) | |
Lower of cost or market adjustment | 0 | 0 | |
Inventory, net | $ 98,472 | $ 95,254 | [1] |
[1] | The consolidated balance sheet at December 31, 2015, as presented, is derived from the audited consolidated financial statements at that date. |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Inventory Disclosure [Abstract] | ||
Cost of sales LIFO adjustment | $ (2.2) | $ 9.3 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Accrued Liabilities, Current [Abstract] | |||
Sales volume discounts payable | $ 9,063 | $ 13,193 | |
Property taxes payable | 869 | 3,444 | |
Commissions payable | 2,106 | 1,939 | |
Accrued salaries | 3,216 | 5,801 | |
Other accrued liabilities | 1,450 | 1,122 | |
Total accrued liabilities | $ 16,704 | $ 25,499 | [1] |
[1] | The consolidated balance sheet at December 31, 2015, as presented, is derived from the audited consolidated financial statements at that date. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate (as a percent) | 33.00% | 34.60% |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Net Earnings (Loss) Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator: | ||
Net income | $ 8,599 | $ 10,789 |
Denominator: | ||
Denominator for basic earnings per share – weighted average shares (in shares) | 20,688 | 20,725 |
Effect of dilutive securities: | ||
Employee stock options (in shares) | 59 | 57 |
Denominator for diluted earnings per share - weighted average shares (in shares) | 20,747 | 20,782 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Weighted average employee stock options excluded from the determination of diluted net income per common and common equivalent share (in shares) | 187 | 140 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016USD ($)bank | |
Line of Credit Facility [Line Items] | |
Number of banks to which Company is party to a Credit Agreement | bank | 2 |
Calculated maximum borrowings | $ 150,000,000 |
Available increase in borrowings under Credit Agreement | 100,000,000 |
Calculated maximum borrowing amount available in current year | 149,300,000 |
Outstanding borrowings | $ 0 |
Credit Agreement | Minimum | |
Line of Credit Facility [Line Items] | |
Percentage of commitment fee | 0.15% |
Credit Agreement | Maximum | |
Line of Credit Facility [Line Items] | |
Percentage of commitment fee | 0.30% |
Credit Agreement | Credit Agreement Interest Rate Option One | Minimum | London Interbank Offered Rate (LIBOR) | |
Line of Credit Facility [Line Items] | |
Debt instrument basis spread on variable rate (as a percent) | 0.875% |
Credit Agreement | Credit Agreement Interest Rate Option One | Maximum | London Interbank Offered Rate (LIBOR) | |
Line of Credit Facility [Line Items] | |
Debt instrument basis spread on variable rate (as a percent) | 1.75% |
Credit Agreement | Credit Agreement Interest Rate Option Two | Minimum | Base Rate | |
Line of Credit Facility [Line Items] | |
Debt instrument basis spread on variable rate (as a percent) | 0.00% |
Credit Agreement | Credit Agreement Interest Rate Option Two | Maximum | London Interbank Offered Rate (LIBOR) | |
Line of Credit Facility [Line Items] | |
Debt instrument basis spread on variable rate (as a percent) | 1.00% |
Credit Agreement | Credit Agreement Interest Rate Option Two | Maximum | Prime Rate | |
Line of Credit Facility [Line Items] | |
Debt instrument basis spread on variable rate (as a percent) | 0.50% |
Credit Agreement | Credit Agreement Interest Rate Option Two | Maximum | Base Rate | |
Line of Credit Facility [Line Items] | |
Debt instrument basis spread on variable rate (as a percent) | 0.25% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Mar. 31, 2016shares |
Equity [Abstract] | |
Repurchase of common stock authorized remaining, Shares | 1,132,946 |