Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 25, 2013 | Jun. 29, 2012 | |
Entities [Table] | ' | ' | ' |
Entity Registrant Name | 'POOL CORP | ' | ' |
Entity Central Index Key | '0000945841 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $1,797,664,827 |
Entity Common Stock, Shares Outstanding | ' | 45,937,276 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $578,157 | $528,027 | $1,738,911 | $1,647,156 |
Cost of sales | 415,600 | 376,526 | 1,243,427 | 1,168,687 |
Gross profit | 162,557 | 151,501 | 495,484 | 478,469 |
Selling and administrative expenses | 109,182 | 103,544 | 323,184 | 316,357 |
Goodwill impairment | 0 | 6,946 | 0 | 6,946 |
Operating income | 53,375 | 41,011 | 172,300 | 155,166 |
Interest expense, net | 1,544 | 1,687 | 5,239 | 5,364 |
Income before income taxes and equity (loss) earnings | 51,831 | 39,324 | 167,061 | 149,802 |
Provision for income taxes | 19,496 | 17,965 | 64,808 | 60,020 |
Equity (loss) earnings in unconsolidated investments | -3 | 16 | 52 | 187 |
Net income | $32,332 | $21,375 | $102,305 | $89,969 |
Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.70 | $0.46 | $2.20 | $1.91 |
Diluted (in dollars per share) | $0.68 | $0.45 | $2.14 | $1.87 |
Weighted average shares outstanding: [Abstract] | ' | ' | ' | ' |
Basic (in shares) | 46,380 | 46,574 | 46,475 | 47,076 |
Diluted (in shares) | 47,598 | 47,787 | 47,720 | 48,205 |
Cash dividends declared per common share | $0.19 | $0.16 | $0.54 | $0.46 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $32,332 | $21,375 | $102,305 | $89,969 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | -128 | -135 | -361 | -466 |
Change in unrealized gains and losses on interest rate swaps, net of tax | -291 | -635 | 913 | -1,970 |
Total other comprehensive income (loss) | -419 | -770 | 552 | -2,436 |
Comprehensive income | $31,913 | $20,605 | $102,857 | $87,533 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Tax effect of change in unrealized gains and losses on interest rate swaps | $187 | $407 | ($582) | $1,260 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $24,222 | $12,463 | $28,818 |
Receivables, net | 180,898 | 113,859 | 174,385 |
Product inventories, net | 365,596 | 400,308 | 349,325 |
Prepaid expenses and other current assets | 9,474 | 11,280 | 8,078 |
Deferred income taxes | 3,742 | 5,186 | 6,946 |
Total current assets | 583,932 | 543,096 | 567,552 |
Property and equipment, net | 51,537 | 46,566 | 46,643 |
Goodwill | 169,983 | 169,983 | 169,983 |
Other intangible assets, net | 10,390 | 11,053 | 11,270 |
Equity interest investments | 1,112 | 1,160 | 1,066 |
Other assets, net | 9,920 | 8,718 | 8,207 |
Total assets | 826,874 | 780,576 | 804,721 |
Current liabilities: | ' | ' | ' |
Accounts payable | 142,777 | 199,787 | 163,543 |
Accrued expenses and other current liabilities | 64,737 | 48,186 | 98,755 |
Current portion of long-term debt and other long-term liabilities | 15 | 23 | 23 |
Total current liabilities | 207,529 | 247,996 | 262,321 |
Deferred income taxes | 15,463 | 13,453 | 9,221 |
Long-term debt | 260,432 | 230,882 | 214,328 |
Other long-term liabilities | 7,619 | 6,622 | 6,381 |
Total liabilities | 491,043 | 498,953 | 492,251 |
Stockholders' equity: | ' | ' | ' |
Common stock | 46 | 46 | 47 |
Additional paid-in capital | 305,831 | 276,334 | 265,129 |
Retained (deficit) earnings | 29,536 | 5,377 | 47,510 |
Accumulated other comprehensive income (loss) | 418 | -134 | -216 |
Total stockholders' equity | 335,831 | 281,623 | 312,470 |
Total liabilities and stockholders' equity | $826,874 | $780,576 | $804,721 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 46,068,927 | 46,303,728 | 46,596,813 |
Common stock, outstanding (in shares) | 46,068,927 | 46,303,728 | 46,596,813 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Net income | $102,305 | $89,969 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 9,716 | 8,481 |
Amortization | 922 | 962 |
Share-based compensation | 6,090 | 6,236 |
Excess tax benefits from share-based compensation | -4,367 | -2,534 |
Equity earnings in unconsolidated investments | -52 | -187 |
Goodwill impairment | 0 | 6,946 |
Other | -194 | 278 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ' | ' |
Receivables | -65,638 | -63,015 |
Product inventories | 34,709 | 39,644 |
Prepaid expenses and other assets | 1,063 | 2,607 |
Accounts payable | -57,641 | -15,500 |
Accrued expenses and other current liabilities | 26,933 | 50,643 |
Net cash provided by operating activities | 53,846 | 124,530 |
Investing activities | ' | ' |
Acquisition of businesses, net of cash acquired | -1,244 | -4,580 |
Purchase of property and equipment, net of sale proceeds | -14,407 | -13,717 |
Other investments, net | 76 | -249 |
Net cash used in investing activities | -15,575 | -18,546 |
Financing activities | ' | ' |
Proceeds from revolving line of credit | 596,642 | 482,669 |
Payments on revolving line of credit | -567,092 | -415,641 |
Payments on long-term debt and other long-term liabilities | -10 | -100,017 |
Payments of deferred financing costs | -754 | 0 |
Excess tax benefits from share-based compensation | 4,367 | 2,534 |
Proceeds from stock issued under share-based compensation plans | 19,040 | 13,180 |
Payments of cash dividends | -25,120 | -21,669 |
Purchases of treasury stock | -53,027 | -55,088 |
Net cash used in financing activities | -25,954 | -94,032 |
Effect of exchange rate changes on cash and cash equivalents | -558 | -621 |
Change in cash and cash equivalents | 11,759 | 11,331 |
Cash and cash equivalents at beginning of period | 12,463 | 17,487 |
Cash and cash equivalents at end of period | $24,222 | $28,818 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Note 1 – Summary of Significant Accounting Policies | |
Pool Corporation (the Company, which may be referred to as we, us or our) prepared the unaudited interim Consolidated Financial Statements following U.S. generally accepted accounting principles (GAAP) and the requirements of the Securities and Exchange Commission (SEC) for interim financial information. As permitted under those rules, we have condensed or omitted certain footnotes and other financial information required for complete financial statements. The Consolidated Financial Statements include all normal and recurring adjustments that are necessary for a fair presentation of our financial position and operating results including the elimination of all significant intercompany accounts and transactions among our wholly owned subsidiaries. | |
A description of our significant accounting policies is included in our 2012 Annual Report on Form 10-K. You should read the interim Consolidated Financial Statements in conjunction with the Consolidated Financial Statements and accompanying notes in our Annual Report. The results for our three and nine month periods ended September 30, 2013 are not necessarily indicative of the expected results for our fiscal year ending December 31, 2013. | |
Recent Accounting Pronouncements | |
On January 1, 2013, we adopted the Financial Accounting Standards Board Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). Under the new standard we are required to disclose the effect on income statement line items from the reclassification of a component of accumulated other comprehensive income into net income. If a reclassification does not impact net income, we are required to disclose the resulting financial statement effects and reference the applicable accounting guidance. The adoption of this guidance did not have an impact on our financial position or results of operations. We included the required disclosures in Note 4. | |
Reclassifications | |
For comparative purposes, we reclassified certain amounts in our 2012 financial statements to conform to the 2013 presentation. These changes included the reclassification of both our deferred tax balances and deferred tax valuation allowances between current and non‑current line items to reflect net presentation on the Consolidated Balance Sheets as of September 30, 2012. We also changed the presentation of deferred service charge income between Accrued expenses and other current liabilities and Receivables, net on the Consolidated Balance Sheets as of September 30, 2012. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Note 2 – Earnings Per Share | |||||||||||||||||
We calculate basic earnings per share (EPS) by dividing net income by the weighted average number of common shares outstanding. We include outstanding unvested restricted stock awards of our common stock in the basic weighted average share calculation. Diluted EPS includes the dilutive effects of other share-based awards. Stock options with exercise prices that are higher than the average market prices of our common stock for the periods presented are excluded from the diluted EPS calculation because their effect is anti-dilutive. | |||||||||||||||||
The table below presents the computation of earnings per share, including the reconciliation of basic and diluted weighted average shares outstanding (in thousands, except EPS): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 32,332 | $ | 21,375 | $ | 102,305 | $ | 89,969 | |||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 46,380 | 46,574 | 46,475 | 47,076 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and employee stock purchase plan | 1,218 | 1,213 | 1,245 | 1,129 | |||||||||||||
Diluted | 47,598 | 47,787 | 47,720 | 48,205 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.7 | $ | 0.46 | $ | 2.2 | $ | 1.91 | |||||||||
Diluted | $ | 0.68 | $ | 0.45 | $ | 2.14 | $ | 1.87 | |||||||||
Anti-dilutive stock options excluded from diluted earnings per share computations | — | 4 | — | 964 | |||||||||||||
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Note 3 – Acquisitions | |
In May 2013, we acquired certain distribution assets of B. Shapiro Supply, LLC, a swimming pool and hardscape products distributor with one sales center location in Warminster, Pennsylvania. In March 2013, we acquired certain distribution assets of Swimming Pool Supply Center, Inc., a local swimming pool products distributor with one sales center location in Los Angeles, California. This sales center will operate as a satellite location to more efficiently serve our west Los Angeles customers. | |
We completed our preliminary acquisition accounting for these acquisitions, subject to adjustments in accordance with the terms of the purchase agreements during the respective one year measurement periods. These acquisitions did not have a material impact on our financial position or results of operations. | |
In February 2012, we acquired the distribution assets of Ideal Distributors Ltd., a regional swimming pool products distributor with four sales center locations in British Columbia, Canada. In March 2012, we acquired the distribution assets of CCR Distribution, a swimming pool products distributor with one sales center in Ontario, Canada. We completed the acquisition accounting for each of our 2012 acquisitions. These acquisitions did not have a material impact on our financial position or results of operations. |
Fair_Value_Measurements_and_In
Fair Value Measurements and Interest Rate Swaps | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value Measurements and Interest Rate Swaps | ' | ||||||||
Note 4 – Fair Value Measurements and Interest Rate Swaps | |||||||||
Our assets and liabilities that are measured at fair value on a recurring basis include the unrealized gains or losses on our interest rate swap contracts. We use significant other observable market data or assumptions (Level 2 inputs as defined in the accounting guidance) that we believe market participants would use in pricing similar assets or liabilities, including assumptions about counterparty risk. Our fair value estimates reflect an income approach based on the terms of the interest rate contracts and inputs corroborated by observable market data including interest rate curves. | |||||||||
We have five interest rate swap contracts in place to reduce our exposure to fluctuations in interest rates on our unsecured syndicated senior credit facility (the Credit Facility). These swaps convert the variable interest rate to a fixed interest rate on borrowings under the Credit Facility. Each of these swap contracts terminates on October 19, 2016. The following table provides additional details related to each of these swap contracts: | |||||||||
Derivative | Effective Date | Notional | Fixed | ||||||
Amount | Interest | ||||||||
(in millions) | Rate | ||||||||
Interest rate swap 1 | November 21, 2011 | $25.00 | 1.19% | ||||||
Interest rate swap 2 | November 21, 2011 | $25.00 | 1.19% | ||||||
Interest rate swap 3 | December 21, 2011 | $50.00 | 1.10% | ||||||
Interest rate swap 4 | January 17, 2012 | $25.00 | 1.05% | ||||||
Interest rate swap 5 | January 19, 2012 | $25.00 | 0.99% | ||||||
We recognize any differences between the variable interest rate payments and the fixed interest rate settlements from our swap counterparties as an adjustment to interest expense over the life of the swaps. We have designated these swaps as cash flow hedges and we record the changes in the estimated fair value of the swaps to Accumulated other comprehensive income (loss) on our Consolidated Balance Sheets. If our interest rate swaps became ineffective, we would immediately recognize the changes in the estimated fair value of our swaps in earnings. Since inception, we have not recognized any gains or losses on these swaps through income and there has been no effect on income from hedge ineffectiveness. | |||||||||
A portion of the change in the estimated fair value of our interest rate swap contracts between periods relates to future interest expense. Recognition of the change in fair value between periods attributable to accrued interest is reclassified from Accumulated other comprehensive income (loss) to Interest expense, net on the Consolidated Statements of Income. These amounts were not material in the first nine months of 2013. | |||||||||
The table below presents the estimated fair value of our interest rate swap contracts (in thousands): | |||||||||
Fair Value at | |||||||||
September 30, | |||||||||
Level 2 | 2013 | 2012 | |||||||
Unrealized Losses on Interest Rate Swaps | $ | (1,909 | ) | $ | (3,650 | ) | |||
We include unrealized losses in Accrued expenses and other current liabilities and unrealized gains in Prepaid expenses and other current assets on the Consolidated Balance Sheets. | |||||||||
Failure of our swap counterparties would result in the loss of any potential benefit to us under our swap contracts. In this case, we would still be obligated to pay the variable interest payments underlying the Credit Facility. Additionally, failure of our swap counterparties would not eliminate our obligation to continue to make payments under our existing swap contracts if we continue to be in a net pay position. | |||||||||
The carrying values of cash, receivables, accounts payable and accrued liabilities approximate fair value due to the short maturity of those instruments and the carrying value of long-term debt approximates fair value. Our determination of the estimated fair value of long-term debt reflects a discounted cash flow model using our estimates, primarily those related to assumptions for borrowing rates (Level 3 inputs as defined in the accounting guidance). |
Debt
Debt | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt [Abstract] | ' | |
Debt Disclosure [Text Block] | ' | |
Note 5 – Debt | ||
On September 20, 2013, we entered into a Fourth Amendment to Credit Agreement and First Amendment to Subsidiary Guaranty Agreement (the Amendment) among us, as US Borrower, SCP Distributors Canada Inc., as Canadian Borrower, SCP Pool B.V., as Dutch Borrower, our subsidiary guarantors, Wells Fargo Bank, National Association, as Administrative Agent, and certain other lenders. The Amendment amends certain terms of our existing unsecured syndicated senior credit facility (the Credit Facility) including extending the maturity date to September 20, 2018, increasing the borrowing capacity to $465.0 million from $430.0 million, and providing additional capacity under certain negative covenants, including indebtedness, liens, investments, sale of assets and dividends. | ||
The amendment replaces JPMorgan Chase Bank, N.A. as syndication agent with each of Bank of America N.A. and Union Bank, N.A.. It also replaces JPMorgan Securities LLC as a joint lead arranger and joint bookrunner with each of Merrill Lynch, Pierce, Fenner & Smith Incorporated and Union Bank, N.A. Regions Bank and Capital One, N.A., each remain as a documentation agent. | ||
Our obligations under the Credit Facility are guaranteed by substantially all of our existing and future direct and indirect domestic subsidiaries. The Credit Facility contains terms and provisions (including representations, covenants and conditions) and events of default customary for transactions of this type. If we default under the Credit Facility, the lenders may terminate their obligations under the Credit Facility and may require us to repay all amounts. | ||
Revolving borrowings under the Credit Facility bear interest, at our option, at either of the following and in each case plus an applicable margin: | ||
a. | a base rate, which is the highest of (i) the Wells Fargo Bank, National Association prime rate, (ii) the Federal Funds Rate plus 0.500% and (iii) the London Interbank Offered Rate (LIBOR) Market Index Rate plus 1.000%; or | |
b. | the LIBOR. | |
Borrowings by the Canadian Borrower bear interest, at the Canadian Borrower’s option, at either of the following and in each case plus an applicable margin: | ||
a. | a base rate, which is the greatest of (i) the Canadian Reference Bank prime rate and (ii) the annual rate of interest equal to the sum of the Canadian Dealer Offered Rate (CDOR) plus 1.000%; or | |
b. | the CDOR. | |
Borrowings by the Dutch Borrower bear interest at LIBOR plus an applicable margin. | ||
The interest rate margins on the borrowings and letters of credit are based on our leverage ratio and will range from 1.150% to 1.625% on CDOR, LIBOR and swingline loans, and from 0.150% to 0.625% on Base Rate and Canadian Base Rate loans. Borrowings under the swingline loans are based on the LIBOR Market Index Rate plus any applicable margin. We are also required to pay an annual facility fee ranging from 0.10% to 0.25%, depending on our leverage ratio. | ||
This amendment did not have a material impact on our financial position, results of operations, or compliance with debt covenants as of and for the period ended September 30, 2013. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 6 – Subsequent Event | |
On October 11, 2013, we and certain of our subsidiaries entered into a two year accounts receivable securitization facility with a peak seasonal funding capacity of up to $120.0 million between March 1 and August 31 and up to $80.0 million between September 1 and February 28. Additional seasonal funding capacity of up to $40.0 million may be available, subject to agreement by the Purchasers, between April 1 and June 30. | |
SCP Distributors LLC, Horizon Distributors, Inc., Superior Pool Products LLC and Poolfx Supply LLC (collectively, the Originators) entered into a Receivables Sale and Contribution Agreement dated as of October 11, 2013 with Superior Commerce LLC (the Securitization Subsidiary) under which the Originators agreed to sell and, as applicable, contribute, all of their right, title and interest in and to their trade receivables and certain related rights to the Securitization Subsidiary without representation, warranty or recourse as to the collectability of the receivables or the creditworthiness of the obligors. The Receivables Sale and Contribution Agreement contains terms and conditions (including representations, covenants and conditions precedent) customary for transactions of this type. | |
The Securitization Subsidiary, as Seller, also entered into a Receivables Purchase Agreement dated as of October 11, 2013 with SCP Distributors LLC, as the Servicer, the purchasers from time to time (the Purchasers), The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Victory Group Co-Agent and Wells Fargo Bank, National Association, as the Wells Group Co-Agent and as Administrative Agent, under which the Securitization Subsidiary may sell or otherwise transfer to the Purchasers variable undivided percentage interests in the receivables and related rights acquired from the Originators. The Receivables Purchase Agreement contains terms and conditions (including representations, covenants and conditions precedent) customary for transactions of this type. Additionally, an amortization event will occur if we fail to maintain a maximum average total leverage ratio (average total funded debt/EBITDA) of 3.25 to 1 and a minimum fixed charge coverage ratio (EBITDAR/cash interest expense plus rental expense) of 2.25 to 1. | |
We guarantee all of the obligations of the Originators and the Servicer under both the Receivables Sale and Contribution Agreement and the Receivables Purchase Agreement in accordance with a Performance Undertaking. The Performance Undertaking does not, however, guarantee collectability of the receivables or any obligations of the Securitization Subsidiary to the Purchasers. | |
This agreement did not have an impact on our financial position or results of operations for the period ended September 30, 2013. We are currently assessing the impact of this agreement on our financial statement disclosures, but do not expect it to have a material impact on our financial position or results of operations. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of earnings per share and reconciliation of basic and diluted weighted average common shares outstanding | ' | ||||||||||||||||
The table below presents the computation of earnings per share, including the reconciliation of basic and diluted weighted average shares outstanding (in thousands, except EPS): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 32,332 | $ | 21,375 | $ | 102,305 | $ | 89,969 | |||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 46,380 | 46,574 | 46,475 | 47,076 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and employee stock purchase plan | 1,218 | 1,213 | 1,245 | 1,129 | |||||||||||||
Diluted | 47,598 | 47,787 | 47,720 | 48,205 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.7 | $ | 0.46 | $ | 2.2 | $ | 1.91 | |||||||||
Diluted | $ | 0.68 | $ | 0.45 | $ | 2.14 | $ | 1.87 | |||||||||
Anti-dilutive stock options excluded from diluted earnings per share computations | — | 4 | — | 964 | |||||||||||||
Fair_Value_Measurements_and_In1
Fair Value Measurements and Interest Rate Swaps (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Schedule of Interest Rate Derivatives | ' | ||||||||
The following table provides additional details related to each of these swap contracts: | |||||||||
Derivative | Effective Date | Notional | Fixed | ||||||
Amount | Interest | ||||||||
(in millions) | Rate | ||||||||
Interest rate swap 1 | November 21, 2011 | $25.00 | 1.19% | ||||||
Interest rate swap 2 | November 21, 2011 | $25.00 | 1.19% | ||||||
Interest rate swap 3 | December 21, 2011 | $50.00 | 1.10% | ||||||
Interest rate swap 4 | January 17, 2012 | $25.00 | 1.05% | ||||||
Interest rate swap 5 | January 19, 2012 | $25.00 | 0.99% | ||||||
Estimated fair value of swap contracts | ' | ||||||||
The table below presents the estimated fair value of our interest rate swap contracts (in thousands): | |||||||||
Fair Value at | |||||||||
September 30, | |||||||||
Level 2 | 2013 | 2012 | |||||||
Unrealized Losses on Interest Rate Swaps | $ | (1,909 | ) | $ | (3,650 | ) |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $32,332 | $21,375 | $102,305 | $89,969 |
Weighted average shares outstanding: [Abstract] | ' | ' | ' | ' |
Basic (in shares) | 46,380 | 46,574 | 46,475 | 47,076 |
Effect of dilutive securities: [Abstract] | ' | ' | ' | ' |
Stock options and employee stock purchase plan (in shares) | 1,218 | 1,213 | 1,245 | 1,129 |
Diluted (in shares) | 47,598 | 47,787 | 47,720 | 48,205 |
Basic (in dollars per share) | $0.70 | $0.46 | $2.20 | $1.91 |
Diluted (in dollars per share) | $0.68 | $0.45 | $2.14 | $1.87 |
Anti-dilutive stock options excluded from diluted earnings per share computations (in shares) | 0 | 4 | 0 | 964 |
Acquisitions_Details
Acquisitions (Details) | Sep. 30, 2013 |
B. Shapiro Supply, LLC [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of sales centers | 1 |
SPSC, Inc. [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of sales centers | 1 |
Ideal Distributors Ltd. [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of sales centers | 4 |
CCR Distribution [Member] | ' |
Business Acquisition [Line Items] | ' |
Number of sales centers | 1 |
Fair_Value_Measurements_and_In2
Fair Value Measurements and Interest Rate Swaps (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Derivative [Line Items] | ' |
Interest rate swap agreements, termination date | 19-Oct-16 |
Interest Rate Swap 1 [Member] | ' |
Derivative [Line Items] | ' |
Interest rate swap agreement, effective date | 21-Nov-11 |
Interest rate swap agreement, notional amount | 25 |
Interest rate swap agreement, fixed interest rate | 1.19% |
Interest Rate Swap 2 [Member] | ' |
Derivative [Line Items] | ' |
Interest rate swap agreement, effective date | 21-Nov-11 |
Interest rate swap agreement, notional amount | 25 |
Interest rate swap agreement, fixed interest rate | 1.19% |
Interest Rate Swap 3 [Member] | ' |
Derivative [Line Items] | ' |
Interest rate swap agreement, effective date | 21-Dec-11 |
Interest rate swap agreement, notional amount | 50 |
Interest rate swap agreement, fixed interest rate | 1.10% |
Interest Rate Swap 4 [Member] | ' |
Derivative [Line Items] | ' |
Interest rate swap agreement, effective date | 17-Jan-12 |
Interest rate swap agreement, notional amount | 25 |
Interest rate swap agreement, fixed interest rate | 1.05% |
Interest Rate Swap 5 [Member] | ' |
Derivative [Line Items] | ' |
Interest rate swap agreement, effective date | 19-Jan-12 |
Interest rate swap agreement, notional amount | 25 |
Interest rate swap agreement, fixed interest rate | 0.99% |
Fair_Value_Measurements_and_In3
Fair Value Measurements and Interest Rate Swaps (Details 2) (Accrued Expenses and Other Current Liabilities [Member], USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Unrealized Losses on Interest Rate Swaps | ($1,909) | ($3,650) |
Debt_Details
Debt (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Line of Credit Facility [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $465 |
Line of Credit Facility, Maturity Date | 20-Sep-18 |
Line of Credit Facility, Interest Rate Description | 'Revolving borrowings under the Credit Facility bear interest, at our option, at either of the following and in each case plus an applicable margin:a base rate, which is the highest of (i) the Wells Fargo Bank, National Association prime rate, (ii) the Federal Funds Rate plus 0.500% and (iii) the London Interbank Offered Rate (LIBOR) Market Index Rate plus 1.000%; or the LIBOR. Borrowings by the Canadian Borrower bear interest, at the Canadian Borrowerbs option, at either of the following and in each case plus an applicable margin:a base rate, which is the greatest of (i) the Canadian Reference Bank prime rate and (ii) the annual rate of interest equal to the sum of the Canadian Dealer Offered Rate (CDOR) plus 1.000%; or the CDOR. Borrowings by the Dutch Borrower bear interest at LIBOR plus an applicable margin.The interest rate margins on the borrowings and letters of credit are based on our leverage ratio and will range from 1.150% to 1.625% on CDOR, LIBOR and swingline loans, and from 0.150% to 0.625% on Base Rate and Canadian Base Rate loans.B B B Borrowings under the swingline loans are based on the LIBOR Market Index Rate plus any applicable margin.B |
Annual Facility Fee Percentage, Minimum | 0.10% |
Annual Facility Fee Percentage, Maximum | 0.25% |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 11, 2013 |
Subsequent Event [Abstract] | ' |
Asset Securitization, Term (in years) | '2 years |
Asset Securitization Capacity, Seasonal Maximum | $120 |
Asset Securitization Capacity, Nonseasonal Maximum | 80 |
Additional Seasonal Borrowing Capacity | $40 |