Pool (POOL) 10-Q 30 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 25, 2019
Cover page.
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-26640
Entity Registrant Name	POOL CORPORATION
Entity Central Index Key	0000945841
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3943363
Entity Address, Address Line One	109 Northpark Boulevard,
Entity Address, City or Town	Covington,
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70433-5001
City Area Code	(985)
Local Phone Number	892-5521
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	POOL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,037,736

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net sales	$ 898,500	$ 811,311	$ 2,617,283	$ 2,455,015
Cost of sales	640,569	576,308	1,854,408	1,745,283
Gross profit	257,931	235,003	762,875	709,732
Selling and administrative expenses	153,391	142,666	447,427	421,812
Operating income	104,540	92,337	315,448	287,920
Interest and other non-operating expenses, net	5,498	4,931	18,538	14,449
Income before income taxes and equity earnings	99,042	87,406	296,910	273,471
Provision for income taxes	19,593	18,206	53,569	55,989
Equity earnings in unconsolidated investments, net	76	61	210	167
Net income	$ 79,525	$ 69,261	$ 243,551	$ 217,649
Earnings per share:
Basic (in dollars per share)	$ 1.99	$ 1.71	$ 6.13	$ 5.39
Diluted (in dollars per share)	$ 1.95	$ 1.66	$ 5.97	$ 5.20
Weighted average shares outstanding: [Abstract]
Basic (in shares)	39,933	40,422	39,750	40,416
Diluted (in shares)	40,865	41,797	40,811	41,831
Cash dividends declared per common share	$ 0.55	$ 0.45	$ 1.55	$ 1.27

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other comprehensive (loss) income:
Foreign currency translation	$ (2,156)	$ 690	$ (734)	$ (2,188)
Change in unrealized (losses) gains on interest rate swaps, net of change in taxes of $188, $(177), $692 and $(636)	(565)	530	(2,074)	1,908
Total other comprehensive (loss) income	(2,721)	1,220	(2,808)	(280)
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest	76,804	70,481	240,743	217,369
Tax effect of change in unrealized gains and losses on interest rate swaps	$ 188	$ (177)	$ 692	$ (636)

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Current assets:
Cash and cash equivalents	$ 36,693	$ 16,358	$ 35,693
Receivables, net	95,971	69,493	90,775
Receivables pledged under receivables facility	211,827	138,308	196,998
Product inventories, net	616,217	672,579	609,983
Prepaid expenses and other current assets	12,384	18,506	19,457
Total current assets	973,092	915,244	952,906
Property and equipment, net	112,816	106,964	109,942
Goodwill	188,133	188,472	189,029
Other intangible assets, net	11,235	12,004	12,305
Equity interest investments	1,237	1,213	1,163
Operating lease assets	175,878
Other assets	19,017	16,974	18,413
Total assets	1,481,408	1,240,871	1,283,758
Current liabilities:
Accounts payable	214,309	237,835	204,706
Accrued expenses and other current liabilities	81,459	58,607	75,639
Short-term borrowings and current portion of long-term debt	11,840	9,168	9,343
Current operating lease liabilities	56,025
Total current liabilities	363,633	305,610	289,688
Deferred income taxes	27,951	29,399	24,802
Long-term debt, net	535,720	657,593	571,360
Other long-term liabilities	26,737	24,679	25,170
Non-current operating lease liabilities	121,397
Total liabilities	1,075,438	1,017,281	911,020
Stockholders' equity:
Common stock	40	40	40
Additional paid-in capital	480,478	453,193	449,276
Retained deficit	(60,743)	(218,646)	(68,943)
Accumulated other comprehensive loss	(13,805)	(10,997)	(7,635)
Total stockholders’ equity	405,970	223,590	372,738
Total liabilities and stockholders' equity	$ 1,481,408	$ 1,240,871	$ 1,283,758
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, authorized (in shares)	100,000,000	100,000,000	100,000,000
Common Stock, Shares, Outstanding	40,020,216	39,506,067	40,479,584

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net Income	$ 243,551	$ 217,649
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	20,648	19,499
Amortization	1,049	1,408
Share-based compensation	10,243	9,793
Equity earnings in unconsolidated investments, net	(210)	(167)
Other	5,334	3,584
Changes in operating assets and liabilities, net of effects of acquisitions:
Receivables	(98,538)	(93,911)
Product inventories	68,827	(80,142)
Prepaid expenses and other assets	1,231	143
Accounts payable	(29,782)	(40,143)
Accrued expenses and other current liabilities	20,900	13,547
Net cash provided by (used in) operating activities	243,253	51,260
Investing activities
Acquisition of businesses, net of cash acquired	(8,913)	(578)
Purchases of property and equipment, net of sale proceeds	(26,926)	(27,976)
Net cash used in investing activities	(35,839)	(28,554)
Financing activities
Proceeds from revolving line of credit	836,534	820,967
Payments on revolving line of credit	(1,011,430)	(813,996)
Proceeds from asset-backed financing	189,000	193,400
Payments on asset-backed financing	(136,300)	(138,400)
Proceeds from short-term borrowings and current portion of long-term debt	27,633	16,118
Payments on short-term borrowings and current portion of long-term debt	(24,962)	(17,610)
Payments of deferred and contingent acquisition consideration	(311)	(265)
Payments of deferred financing costs	0	(8)
Proceeds from stock issued under share-based compensation plans	17,042	12,732
Payments of cash dividends	(61,752)	(51,371)
Purchases of treasury stock	(23,188)	(38,906)
Net cash (used in) provided by financing activities	(187,734)	(17,339)
Effect of exchange rate changes on cash and cash equivalents	655	386
Change in cash and cash equivalents	20,335	5,753
Cash and cash equivalents at beginning of period	16,358	29,940
Cash and cash equivalents at end of period	$ 36,693	$ 35,693

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) Statement - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Deficit	Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Shares, Outstanding		40,212,000
Stockholders' Equity Attributable to Parent	$ 223,146	$ 40	$ 426,750	$ (196,316)	$ (7,328)
Balance (in shares) at Dec. 31, 2017		40,212,000
Balance at Dec. 31, 2017	223,146	$ 40	426,750	(196,316)	(7,328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	31,339	0	0	31,339	0
Foreign currency translation	976	0	0	0	976
Interest rate swaps, net of the change in taxes	824	$ 0	0	0	824
Repurchases of common stock, net of retirements (shares)		(18,000)
Repurchases of common stock, net of retirements	(2,592)	$ 0	0	(2,592)	0
Share-based compensation	3,321	$ 0	3,321	0	0
Issuance of shares under share-based compensation plans (shares)		375,000
Issuance of shares under share-based compensation plans	7,808	$ 1	7,807	0	0
Declaration of cash dividends	(15,011)	0	0	(15,011)	0
Other	(26)	0	0	0	(26)
Balance at Mar. 31, 2018	249,785	$ 41	437,878	(182,580)	(5,554)
Balance (in shares) at Mar. 31, 2018		40,569,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	31,339	$ 0	0	31,339	0
Foreign currency translation	976	0	0	0	976
Change in unrealized (losses) gains on interest rate swaps, net of change in taxes of $188, $(177), $692 and $(636)	824	$ 0	0	0	824
Stock Repurchased and Retired During Period, Shares		18,000
Stock Repurchased and Retired During Period, Value	2,592	$ 0	0	2,592	0
Share-based compensation	3,321	$ 0	3,321	0	0
Issuance of shares under share-based compensation plans (shares)		375,000
Issuance of shares under share-based compensation plans	7,808	$ 1	7,807	0	0
Dividends, Common Stock, Cash	15,011	$ 0	0	15,011	0
Common Stock, Shares, Outstanding		40,212,000
Stockholders' Equity Attributable to Parent	223,146	$ 40	426,750	(196,316)	(7,328)
Other	(26)	$ 0	0	0	(26)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	(275)
Balance (in shares) at Dec. 31, 2017		40,212,000
Balance at Dec. 31, 2017	223,146	$ 40	426,750	(196,316)	(7,328)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	217,649
Foreign currency translation	(2,188)
Interest rate swaps, net of the change in taxes	1,908
Balance at Sep. 30, 2018	$ 372,738	$ 40	449,276	(68,943)	(7,635)
Balance (in shares) at Sep. 30, 2018	40,479,584	40,480,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	$ 217,649
Foreign currency translation	(2,188)
Change in unrealized (losses) gains on interest rate swaps, net of change in taxes of $188, $(177), $692 and $(636)	$ 1,908
Common Stock, Shares, Outstanding	40,479,584	40,212,000
Stockholders' Equity Attributable to Parent	$ 223,146	$ 40	426,750	(196,316)	(7,328)
Common Stock, Shares, Outstanding		40,569,000
Stockholders' Equity Attributable to Parent	249,785	$ 41	437,878	(182,580)	(5,554)
Balance (in shares) at Mar. 31, 2018		40,569,000
Balance at Mar. 31, 2018	249,785	$ 41	437,878	(182,580)	(5,554)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	117,049	0	0	117,049	0
Foreign currency translation	(3,854)	0	0	0	(3,854)
Interest rate swaps, net of the change in taxes	554	$ 0	0	0	554
Repurchases of common stock, net of retirements (shares)		(259,000)
Repurchases of common stock, net of retirements	(36,284)	$ (1)	0	(36,283)	0
Share-based compensation	3,160	$ 0	3,160	0	0
Issuance of shares under share-based compensation plans (shares)		61,000
Issuance of shares under share-based compensation plans	1,575	$ 0	1,575	0	0
Declaration of cash dividends	(18,183)	0	0	(18,183)	0
Other	(1)	0	1	(1)	(1)
Balance at Jun. 30, 2018	313,801	$ 40	442,614	(119,998)	(8,855)
Balance (in shares) at Jun. 30, 2018		40,371,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	117,049	$ 0	0	117,049	0
Foreign currency translation	(3,854)	0	0	0	(3,854)
Change in unrealized (losses) gains on interest rate swaps, net of change in taxes of $188, $(177), $692 and $(636)	554	$ 0	0	0	554
Stock Repurchased and Retired During Period, Shares		259,000
Stock Repurchased and Retired During Period, Value	36,284	$ 1	0	36,283	0
Share-based compensation	3,160	$ 0	3,160	0	0
Issuance of shares under share-based compensation plans (shares)		61,000
Issuance of shares under share-based compensation plans	1,575	$ 0	1,575	0	0
Dividends, Common Stock, Cash	18,183	$ 0	0	18,183	0
Common Stock, Shares, Outstanding		40,569,000
Stockholders' Equity Attributable to Parent	249,785	$ 41	437,878	(182,580)	(5,554)
Other	(1)	$ 0	1	(1)	(1)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	(185)
Common Stock, Shares, Outstanding		40,371,000
Stockholders' Equity Attributable to Parent	313,801	$ 40	442,614	(119,998)	(8,855)
Net Income	69,261	0	0		0
Foreign currency translation	690	0	0	0	690
Interest rate swaps, net of the change in taxes	530	$ 0	0	0	530
Repurchases of common stock, net of retirements (shares)		0
Repurchases of common stock, net of retirements	(30)	$ 0	0	(30)	0
Share-based compensation	3,312	$ 0	3,312	0	0
Issuance of shares under share-based compensation plans (shares)		109,000
Issuance of shares under share-based compensation plans	3,349	$ 0	3,349	0	0
Declaration of cash dividends	(18,177)	0	0	(18,177)	0
Other	2	0	1	1	0
Balance at Sep. 30, 2018	$ 372,738	$ 40	449,276	(68,943)	(7,635)
Balance (in shares) at Sep. 30, 2018	40,479,584	40,480,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	$ 69,261	$ 0	0		0
Foreign currency translation	690	0	0	0	690
Change in unrealized (losses) gains on interest rate swaps, net of change in taxes of $188, $(177), $692 and $(636)	530	$ 0	0	0	530
Stock Repurchased and Retired During Period, Shares		0
Stock Repurchased and Retired During Period, Value	30	$ 0	0	30	0
Share-based compensation	3,312	$ 0	3,312	0	0
Issuance of shares under share-based compensation plans (shares)		109,000
Issuance of shares under share-based compensation plans	3,349	$ 0	3,349	0	0
Dividends, Common Stock, Cash	$ 18,177	$ 0	0	18,177	0
Common Stock, Shares, Outstanding	40,479,584	40,371,000
Stockholders' Equity Attributable to Parent	$ 313,801	$ 40	442,614	(119,998)	(8,855)
Other	2	$ 0	1	1	0
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ (177)
Common Stock, Shares, Outstanding	40,479,584	40,480,000
Stockholders' Equity Attributable to Parent	$ 372,738	$ 40	449,276	(68,943)	(7,635)
Common Stock, Shares, Outstanding	39,506,067	39,506,000
Stockholders' Equity Attributable to Parent	$ 223,590	$ 40	453,193	(218,646)	(10,997)
Balance (in shares) at Dec. 31, 2018	39,506,067	39,506,000
Balance at Dec. 31, 2018	$ 223,590	$ 40	453,193	(218,646)	(10,997)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	32,637	0	0	32,637	0
Foreign currency translation	214	0	0	0	214
Interest rate swaps, net of the change in taxes	(269)	$ 0	0	0	(269)
Repurchases of common stock, net of retirements (shares)		(155,000)
Repurchases of common stock, net of retirements	(23,097)	$ (1)	0	(23,096)	0
Share-based compensation	3,259	$ 0	3,259	0	0
Issuance of shares under share-based compensation plans (shares)		328,000
Issuance of shares under share-based compensation plans	7,071	$ 1	7,070	0	0
Declaration of cash dividends	(17,819)	0	0	(17,819)	0
Balance at Mar. 31, 2019	224,877	$ 40	463,522	(227,633)	(11,052)
Balance (in shares) at Mar. 31, 2019		39,679,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	32,637	$ 0	0	32,637	0
Foreign currency translation	214	0	0	0	214
Change in unrealized (losses) gains on interest rate swaps, net of change in taxes of $188, $(177), $692 and $(636)	(269)	$ 0	0	0	(269)
Stock Repurchased and Retired During Period, Shares		155,000
Stock Repurchased and Retired During Period, Value	23,097	$ 1	0	23,096	0
Share-based compensation	3,259	$ 0	3,259	0	0
Issuance of shares under share-based compensation plans (shares)		328,000
Issuance of shares under share-based compensation plans	7,071	$ 1	7,070	0	0
Dividends, Common Stock, Cash	$ 17,819	$ 0	0	17,819	0
Common Stock, Shares, Outstanding	39,506,067	39,506,000
Stockholders' Equity Attributable to Parent	$ 223,590	$ 40	453,193	(218,646)	(10,997)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ 90
Balance (in shares) at Dec. 31, 2018	39,506,067	39,506,000
Balance at Dec. 31, 2018	$ 223,590	$ 40	453,193	(218,646)	(10,997)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	243,551
Foreign currency translation	(734)
Interest rate swaps, net of the change in taxes	(2,074)
Balance at Sep. 30, 2019	$ 405,970	$ 40	480,478	(60,743)	(13,805)
Balance (in shares) at Sep. 30, 2019	40,020,216	40,020,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	$ 243,551
Foreign currency translation	(734)
Change in unrealized (losses) gains on interest rate swaps, net of change in taxes of $188, $(177), $692 and $(636)	$ (2,074)
Common Stock, Shares, Outstanding	40,020,216	39,506,000
Stockholders' Equity Attributable to Parent	$ 223,590	$ 40	453,193	(218,646)	(10,997)
Common Stock, Shares, Outstanding		39,679,000
Stockholders' Equity Attributable to Parent	224,877	$ 40	463,522	(227,633)	(11,052)
Balance (in shares) at Mar. 31, 2019		39,679,000
Balance at Mar. 31, 2019	224,877	$ 40	463,522	(227,633)	(11,052)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	131,390	0	0	131,390	0
Foreign currency translation	1,208	0	0	0	1,208
Interest rate swaps, net of the change in taxes	(1,240)	0	0	0	(1,240)
Share-based compensation	3,335	$ 0	3,335	0	0
Issuance of shares under share-based compensation plans (shares)		219,000
Issuance of shares under share-based compensation plans	5,533	$ 0	5,533	0	0
Declaration of cash dividends	(21,934)	0	0	(21,934)	0
Balance at Jun. 30, 2019	343,169	$ 40	472,390	(118,177)	(11,084)
Balance (in shares) at Jun. 30, 2019		39,898,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	131,390	$ 0	0	131,390	0
Foreign currency translation	1,208	0	0	0	1,208
Change in unrealized (losses) gains on interest rate swaps, net of change in taxes of $188, $(177), $692 and $(636)	(1,240)	0	0	0	(1,240)
Share-based compensation	3,335	$ 0	3,335	0	0
Issuance of shares under share-based compensation plans (shares)		219,000
Issuance of shares under share-based compensation plans	5,533	$ 0	5,533	0	0
Dividends, Common Stock, Cash	21,934	$ 0	0	21,934	0
Common Stock, Shares, Outstanding		39,679,000
Stockholders' Equity Attributable to Parent	224,877	$ 40	463,522	(227,633)	(11,052)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	413
Common Stock, Shares, Outstanding		39,898,000
Stockholders' Equity Attributable to Parent	343,169	$ 40	472,390	(118,177)	(11,084)
Net Income	79,525	0	0	79,525	0
Foreign currency translation	(2,156)	0	0	0	(2,156)
Interest rate swaps, net of the change in taxes	(565)	$ 0	0	0	(565)
Repurchases of common stock, net of retirements (shares)		(1,000)
Repurchases of common stock, net of retirements	(92)	$ 0	0	(92)	0
Share-based compensation	3,649	$ 0	3,649	0	0
Issuance of shares under share-based compensation plans (shares)		123,000
Issuance of shares under share-based compensation plans	4,439	$ 0	4,439	0	0
Declaration of cash dividends	(21,999)	0	0	(21,999)	0
Balance at Sep. 30, 2019	$ 405,970	$ 40	480,478	(60,743)	(13,805)
Balance (in shares) at Sep. 30, 2019	40,020,216	40,020,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	$ 79,525	$ 0	0	79,525	0
Foreign currency translation	(2,156)	0	0	0	(2,156)
Change in unrealized (losses) gains on interest rate swaps, net of change in taxes of $188, $(177), $692 and $(636)	(565)	$ 0	0	0	(565)
Stock Repurchased and Retired During Period, Shares		1,000
Stock Repurchased and Retired During Period, Value	92	$ 0	0	92	0
Share-based compensation	3,649	$ 0	3,649	0	0
Issuance of shares under share-based compensation plans (shares)		123,000
Issuance of shares under share-based compensation plans	4,439	$ 0	4,439	0	0
Dividends, Common Stock, Cash	$ 21,999	$ 0	0	21,999	0
Common Stock, Shares, Outstanding	40,020,216	39,898,000
Stockholders' Equity Attributable to Parent	$ 343,169	$ 40	472,390	(118,177)	(11,084)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ 188
Common Stock, Shares, Outstanding	40,020,216	40,020,000
Stockholders' Equity Attributable to Parent	$ 405,970	$ 40	$ 480,478	$ (60,743)	$ (13,805)

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
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 interim Consolidated Financial Statements include all normal and recurring adjustments that are necessary for a fair presentation of our financial position and operating results. All significant intercompany accounts and intercompany transactions have been eliminated. A description of our significant accounting policies is included in our 2018 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 2018 Annual Report on Form 10-K. The results for our three and nine month periods ended September 30, 2019 are not necessarily indicative of the expected results for our fiscal year ending December 31, 2019. Newly Adopted Accounting Pronouncements On January 1, 2019, we adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), and all the related amendments, which are codified into Accounting Standards Codification (ASC) 842. The adoption of ASU 2016-02 significantly increased assets and liabilities on our Consolidated Balance Sheets as we recorded a right-of-use asset and corresponding liability for each of our existing operating leases. We adopted this guidance using the modified retrospective approach by recognizing a cumulative adjustment to retained earnings on the adoption date, which was not material. Additionally, we elected to apply the practical expedient that allows us to exclude comparative presentation; thus, we did not restate our prior period balance sheets to reflect the new guidance. We recorded operating lease assets of approximately $175.7 million and operating lease liabilities of approximately $181.6 million as of January 1, 2019. The difference between the operating lease assets and operating lease liabilities primarily represents our straight-line rent liability of $5.1 million recorded under previous accounting guidance. Under ASU 2016-02, this liability is considered a reduction of the operating lease asset. We recorded the remaining difference between our operating lease assets and operating lease liabilities, net of the deferred tax impact, as an adjustment to retained earnings. Additionally, we reclassified prepaid rent of $4.9 million as of January 1, 2019 to our operating lease asset resulting in a balance of $180.6 million as of the adoption date. The adoption of this guidance did not materially impact our results of operations or cash flows. See Commitments and Contingencies within this note below for additional information regarding our adoption of this new guidance. On January 1, 2019, we adopted ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. This new standard expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedged items in the financial statements and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The adoption of this guidance did not impact our results of operations, statement of financial position or cash flows. Commitments and Contingencies We lease facilities for our corporate and administrative offices, sales centers and centralized shipping locations under operating leases that expire in various years through 2032. Most of our leases contain five-year terms with renewal options that allow us to extend the lease term beyond the initial period, subject to terms agreed upon at lease inception. Based on our leasing practices and contract negotiations, we determined that we are not reasonably certain to exercise the renewal options and, as such, we have not included optional renewal periods in our measurement of operating lease assets, liabilities and expected lease terms. We elected to apply the package of practical expedients available within ASU 2016-02, which is intended to provide some relief to issuers. Electing this option allowed us to retain our existing assessment of whether an arrangement is or contains a lease, is classified as an operating or financing lease and contains initial direct costs. We also elected the practical expedients that allow us to exclude short-term leases from our Consolidated Balance Sheets and to combine lease and non-lease components. For leases with step rent provisions whereby the rental payments increase incrementally over the life of the lease, we recognize expense on a straight-line basis determined by the total lease payments over the lease term. To the extent we determine that future obligations related to real estate taxes, insurance and other lease components are variable, we exclude them from the measurement of our operating lease assets and liabilities. Some of our real estate agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The table below presents expenses associated with facility and vehicle operating leases (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Lease Cost Classification 2019 2018 2019 2018 Operating lease cost (1) Selling and administrative expenses $ 16,358 $ 15,524 $ 47,690 $ 45,308 Variable lease cost Selling and administrative expenses 3,335 3,114 9,942 9,177 (1) Includes short-term lease cost, which is not material. Based on our lease portfolio as of September 30, 2019, the table below sets forth the approximate future lease payments related to operating leases with initial terms of one year or more (in thousands): 2019 $ 9,563 2020 54,926 2021 44,186 2022 35,217 2023 22,886 Thereafter 25,472 Total lease payments 192,250 Less: interest 14,828 Present value of lease liabilities 177,422 To calculate the present value of our lease liabilities, we determined our incremental borrowing rate based on the effective interest rate on our unsecured syndicated senior credit facility (the Credit Facility) adjusted for a collateral feature similar to that of our leased properties. The table below presents the weighted-average remaining lease term (years) of our operating leases and the weighted-average discount rate used in the above calculation: September 30, Lease Term and Discount Rate 2019 Weighted-average remaining lease term (years) Operating leases 4.55 Weighted-average discount rate Operating leases 3.47 % The table below presents the amount of cash paid for amounts included in the measurement of lease liabilities (in thousands): Nine Months Ended September 30, 2019 Operating cash flows for lease liabilities $ 42,167 We lease corporate and administrative offices from Northpark Corporate Center, LLC (NCC), an entity in which we have held a 50% ownership interest since May 2005. NCC owns and operates an office building in Covington, Louisiana. As of September 30, 2019, we occupy approximately 60,000 square feet of office space and we pay rent of $0.1 million per month. Our lease term ends in May 2025. We recorded rent expense of $0.9 million for each of the nine month periods ended September 30, 2019 and September 30, 2018. Income Taxes We reduce federal and state income taxes payable by the tax benefits associated with the exercise of nonqualified stock options and the lapse of restrictions on restricted stock awards. To the extent realized tax deductions exceed the amount of previously recognized deferred tax benefits related to share-based compensation, we record an excess tax benefit. We record all excess tax benefits as a component of income tax benefit or expense on the Consolidated Statements of Income in the period in which stock options are exercised or restrictions on awards lapse. We recorded excess tax benefits of $4.5 million and $3.3 million in the third quarters of 2019 and 2018, respectively, and $21.1 million in the first nine months of 2019 compared to $13.9 million in the same period of 2018. Retained Deficit We account for the retirement of treasury shares as a reduction of retained earnings (deficit). As of September 30, 2019, the Retained deficit on our Consolidated Balance Sheets reflects cumulative net income, the cumulative impact of adjustments for changes in accounting pronouncements, treasury share retirements since the inception of our share repurchase programs of $1.4 billion and cumulative dividends of $556.9 million. Accumulated Other Comprehensive Loss The table below presents the components of our Accumulated other comprehensive loss balance (in thousands): September 30, December 31, 2019 2018 2018 Foreign currency translation adjustments $ (13,156) $ (9,692) $ (12,422) Unrealized (losses) gains on interest rate swaps, net of tax (1) (649) 2,057 1,425 Accumulated other comprehensive loss $ (13,805) $ (7,635) $ (10,997) (1) In February 2018, the Financial Accounting Standards Board (FASB) issued guidance that allows entities the option to reclassify the tax effects related to items in accumulated other comprehensive income (loss) to retained earnings (deficit) if deemed to be stranded in accumulated other comprehensive income (loss) due to U.S. tax reform. We do not have any material amounts stranded in Accumulated other comprehensive loss as a result of U.S. tax reform. Recent Accounting Pronouncements Pending Adoption The following table summarizes the recent accounting pronouncements that we plan to adopt in future periods: Standard Description Effective Date Effect on Financial Statements and Other Significant Matters ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Changes the way companies evaluate credit losses for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model to evaluate impairment, potentially resulting in earlier recognition of allowances for losses. The new standard also requires enhanced disclosures, including the requirement to disclose the information used to track credit quality by year of origination for most financing receivables. The guidance must be applied using a cumulative-effect transition method. Annual periods beginning after December 15, 2019 We are currently evaluating the effect this will have on our financial position, results of operations and related disclosures. We do not expect that there will be a material impact to the financial statements as a result of adopting this ASU. ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge (commonly referred to as Step 2 under the current guidance). Rather, the measurement of a goodwill impairment charge will be based on the excess of a reporting unit’s carrying value over its fair value (Step 1 under the current guidance). This guidance should be applied prospectively. Annual and interim impairment tests performed in periods beginning after December 15, 2019 We are currently evaluating the effect this will have on our financial position, results of operations and related disclosures. ASU 2018-15, Intangibles - Goodwill and Other (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The amendments may be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Annual periods beginning after December 15, 2019 We are currently evaluating the effect this will have on our financial position, results of operations and related disclosures.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
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. Diluted EPS reflects the dilutive effects of potentially dilutive securities, which include in-the-money outstanding stock options and shares to be purchased under our employee stock purchase plan. Using the treasury stock method, the effect of dilutive securities includes these additional shares of common stock that would have been outstanding based on the assumption that these potentially dilutive securities had been issued. 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 the effect is anti-dilutive. The table below presents the computation of EPS, 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, 2019 2018 2019 2018 Net income $ 79,525 $ 69,261 $ 243,551 $ 217,649 Weighted average shares outstanding: Basic 39,933 40,422 39,750 40,416 Effect of dilutive securities: Stock options and employee stock purchase plan 932 1,375 1,061 1,415 Diluted 40,865 41,797 40,811 41,831 Earnings per share: Basic $ 1.99 $ 1.71 $ 6.13 $ 5.39 Diluted $ 1.95 $ 1.66 $ 5.97 $ 5.20 Anti-dilutive stock options excluded from diluted earnings per share computations — — 1 —

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions	Note 3 – Acquisitions In January 2019, we acquired the distribution assets of W.W. Adcock, Inc., a wholesale distributor of swimming pool products, equipment, parts and supplies adding two locations in Pennsylvania, one location in North Carolina and one location in Virginia. In November 2018, we acquired the distribution assets of Turf & Garden, Inc., a wholesale distributor of irrigation products and landscape maintenance equipment, parts and supplies with three locations in Virginia and one location in North Carolina. We have completed our acquisition accounting for these acquisitions, subject to adjustments for standard holdback provisions per the terms of the purchase agreements, which are not material. In January 2018, we acquired the distribution assets of Tore Pty. Ltd. (doing business as Pool Power), a wholesale distributor of pool and spa equipment in South Australia, with one distribution center in Adelaide, Australia. We have completed our acquisition accounting for this acquisition. These acquisitions did not have a material impact on our financial position or results of operations, either individually or in the aggregate.

Fair Value Measurements and Int

Fair Value Measurements and Interest Rate Swaps	9 Months Ended
	Sep. 30, 2019
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 and contingent consideration related to recent acquisitions. The three levels of the fair value hierarchy under the accounting guidance are described below: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include: • quoted prices for similar assets or liabilities in active markets; • quoted prices for identical or similar assets or liabilities in inactive markets; • inputs other than quoted prices that are observable for the asset or liability; or • inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The table below presents the estimated fair values of our interest rate swap contracts, our forward-starting interest rate swap contracts and our contingent consideration liabilities (in thousands): Fair Value at September 30, 2019 2018 Level 2 Unrealized gains on interest rate swaps $ 631 $ 3,542 Unrealized losses on interest rate swaps 1,532 — Level 3 Contingent consideration liabilities $ 745 $ 1,431 Interest Rate Swaps We utilize interest rate swap contracts and forward-starting interest rate swap contracts to reduce our exposure to fluctuations in variable interest rates for future interest payments on our Credit Facility. For determining the fair value of our interest rate swap and forward-starting interest rate swap contracts, we use significant other observable market data or assumptions (Level 2 inputs) 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 swap contracts and inputs corroborated by observable market data including interest rate curves. We include unrealized gains in Prepaid expenses and other current assets and unrealized losses in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. We recognize any differences between the variable interest rate in effect and the fixed interest rates per our swap contracts as an adjustment to interest expense over the life of the swaps. If determined to be effective cash flow hedges, we record the changes in the estimated fair value of the swaps to Accumulated other comprehensive loss on our Consolidated Balance Sheets. To the extent our interest rate swaps are determined to be ineffective, we recognize the changes in the estimated fair value of our swaps in Interest and other non-operating expenses, net on our Consolidated Statements of Income. We currently have three interest rate swap contracts in place, which became effective on October 19, 2016. These swaps were previously forward-starting contracts that were amended in October 2015 to bring the fixed rates per our forward-starting contracts in line with current market rates at that time and extend the hedged period for future interest payments on our Credit Facility. As amended, these swap contracts terminate on November 20, 2019. In the first nine months of 2019, we recognized a loss of $0.5 million as a result of ineffectiveness. The following table provides additional details related to each of these amended interest rate swap contracts: Derivative Amendment Date Notional Fixed Interest rate swap 1 October 1, 2015 $75.0 2.273% Interest rate swap 2 October 1, 2015 $25.0 2.111% Interest rate swap 3 October 1, 2015 $50.0 2.111% For the three interest rate swap contracts in effect at September 30, 2019, a portion of the change in the estimated fair value 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 loss on the Consolidated Balance Sheets to Interest and other non-operating expenses, net on the Consolidated Statements of Income. These amounts were not material in the nine month periods ended September 30, 2019 and September 30, 2018. In July 2016, we entered into a forward-starting interest rate swap contract to extend the hedged period for future interest payments on our Credit Facility to its maturity date at that time. This swap contract will convert the variable interest rate to a fixed interest rate on borrowings under the Credit Facility. This contract becomes effective on November 20, 2019 and terminates on November 20, 2020. In May and July 2019, we entered into additional forward-starting interest rate swap contracts to extend the hedged period for future interest payments on our Credit Facility to its maturity date. These swap contracts will convert the variable interest rate to a fixed interest rate on borrowings under the Credit Facility. The contracts become effective on November 20, 2020 and terminate on September 29, 2022. The following table provides additional details related to each of these forward-starting interest rate swap contracts: Derivative Inception Date Notional Fixed Forward-starting interest rate swap 1 July 6, 2016 $150.0 1.1425% Forward-starting interest rate swap 2 May 7, 2019 $75.0 2.0925% Forward-starting interest rate swap 3 July 25, 2019 $75.0 1.5500% Failure of our swap counterparties would result in the loss of any potential benefit to us under our swap agreements. In this case, we would still be obligated to pay the variable interest payments underlying our debt agreements. Additionally, failure of our swap counterparties would not eliminate our obligation to continue to make payments under our existing swap agreements if we continue to be in a net pay position. Our interest rate swap and forward-starting interest rate swap contracts are subject to master netting arrangements. According to our accounting policy, we do not offset the fair values of assets with the fair values of liabilities related to these contracts. Other

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Note 5 – Debt The table below presents the components of our debt (in thousands): September 30, 2019 2018 Variable rate debt Short-term borrowings $ 2,116 $ 321 Current portion of long-term debt: Australian credit facility 9,724 9,022 Short-term borrowings and current portion of long-term debt 11,840 9,343 Long-term portion: Revolving credit facility 375,235 417,410 Receivables securitization facility 161,200 155,000 Less: financing costs, net 715 1,050 Long-term debt, net 535,720 571,360 Total debt $ 547,560 $ 580,703 Our accounts receivable securitization facility (the Receivables Facility) provides for the sale of certain of our receivables to a wholly owned subsidiary (the Securitization Subsidiary). The Securitization Subsidiary transfers variable undivided percentage interests in the receivables and related rights to certain third-party financial institutions in exchange for cash proceeds, limited to the applicable funding capacities. We account for the sale of the receivable interests as a secured borrowing on our Consolidated Balance Sheets. The receivables subject to the agreement collateralize the cash proceeds received from the third-party financial institutions. We classify the entire outstanding balance as Long-term debt, net on our Consolidated Balance Sheets as we intend and have the ability to refinance the obligations on a long-term basis. We present the receivables that collateralize the cash proceeds separately as Receivables pledged under receivables facility on our Consolidated Balance Sheets.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Lease Cost	The table below presents expenses associated with facility and vehicle operating leases (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Lease Cost Classification 2019 2018 2019 2018 Operating lease cost (1) Selling and administrative expenses $ 16,358 $ 15,524 $ 47,690 $ 45,308 Variable lease cost Selling and administrative expenses 3,335 3,114 9,942 9,177
Lease Cost	Based on our lease portfolio as of September 30, 2019, the table below sets forth the approximate future lease payments related to operating leases with initial terms of one year or more (in thousands): 2019 $ 9,563 2020 54,926 2021 44,186 2022 35,217 2023 22,886 Thereafter 25,472 Total lease payments 192,250 Less: interest 14,828 Present value of lease liabilities 177,422
Schedule of Accumulated Other Comprehensive Loss	The table below presents the components of our Accumulated other comprehensive loss balance (in thousands): September 30, December 31, 2019 2018 2018 Foreign currency translation adjustments $ (13,156) $ (9,692) $ (12,422) Unrealized (losses) gains on interest rate swaps, net of tax (1) (649) 2,057 1,425 Accumulated other comprehensive loss $ (13,805) $ (7,635) $ (10,997) (1) In February 2018, the Financial Accounting Standards Board (FASB) issued guidance that allows entities the option to reclassify the tax effects related to items in accumulated other comprehensive income (loss) to retained earnings (deficit) if deemed to be stranded in accumulated other comprehensive income (loss) due to U.S. tax reform. We do not have any material amounts stranded in Accumulated other comprehensive loss as a result of U.S. tax reform.
Schedule of Recent Accounting Pronouncements	The following table summarizes the recent accounting pronouncements that we plan to adopt in future periods: Standard Description Effective Date Effect on Financial Statements and Other Significant Matters ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Changes the way companies evaluate credit losses for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model to evaluate impairment, potentially resulting in earlier recognition of allowances for losses. The new standard also requires enhanced disclosures, including the requirement to disclose the information used to track credit quality by year of origination for most financing receivables. The guidance must be applied using a cumulative-effect transition method. Annual periods beginning after December 15, 2019 We are currently evaluating the effect this will have on our financial position, results of operations and related disclosures. We do not expect that there will be a material impact to the financial statements as a result of adopting this ASU. ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge (commonly referred to as Step 2 under the current guidance). Rather, the measurement of a goodwill impairment charge will be based on the excess of a reporting unit’s carrying value over its fair value (Step 1 under the current guidance). This guidance should be applied prospectively. Annual and interim impairment tests performed in periods beginning after December 15, 2019 We are currently evaluating the effect this will have on our financial position, results of operations and related disclosures. ASU 2018-15, Intangibles - Goodwill and Other (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The amendments may be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Annual periods beginning after December 15, 2019 We are currently evaluating the effect this will have on our financial position, results of operations and related disclosures.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
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 EPS, 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, 2019 2018 2019 2018 Net income $ 79,525 $ 69,261 $ 243,551 $ 217,649 Weighted average shares outstanding: Basic 39,933 40,422 39,750 40,416 Effect of dilutive securities: Stock options and employee stock purchase plan 932 1,375 1,061 1,415 Diluted 40,865 41,797 40,811 41,831 Earnings per share: Basic $ 1.99 $ 1.71 $ 6.13 $ 5.39 Diluted $ 1.95 $ 1.66 $ 5.97 $ 5.20 Anti-dilutive stock options excluded from diluted earnings per share computations — — 1 —

Fair Value Measurements and I_2

Fair Value Measurements and Interest Rate Swaps (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative [Line Items]
Estimated fair value of contracts	The table below presents the estimated fair values of our interest rate swap contracts, our forward-starting interest rate swap contracts and our contingent consideration liabilities (in thousands): Fair Value at September 30, 2019 2018 Level 2 Unrealized gains on interest rate swaps $ 631 $ 3,542 Unrealized losses on interest rate swaps 1,532 — Level 3 Contingent consideration liabilities $ 745 $ 1,431
Interest Rate Swap Agreements[Member]
Derivative [Line Items]
Schedule of Interest Rate Derivatives	The following table provides additional details related to each of these amended interest rate swap contracts: Derivative Amendment Date Notional Fixed Interest rate swap 1 October 1, 2015 $75.0 2.273% Interest rate swap 2 October 1, 2015 $25.0 2.111% Interest rate swap 3 October 1, 2015 $50.0 2.111%
Forward-Starting Interest Rate Swap Agreements[Member]
Derivative [Line Items]
Schedule of Interest Rate Derivatives	The following table provides additional details related to each of these forward-starting interest rate swap contracts: Derivative Inception Date Notional Fixed Forward-starting interest rate swap 1 July 6, 2016 $150.0 1.1425% Forward-starting interest rate swap 2 May 7, 2019 $75.0 2.0925% Forward-starting interest rate swap 3 July 25, 2019 $75.0 1.5500%

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The table below presents the components of our debt (in thousands): September 30, 2019 2018 Variable rate debt Short-term borrowings $ 2,116 $ 321 Current portion of long-term debt: Australian credit facility 9,724 9,022 Short-term borrowings and current portion of long-term debt 11,840 9,343 Long-term portion: Revolving credit facility 375,235 417,410 Receivables securitization facility 161,200 155,000 Less: financing costs, net 715 1,050 Long-term debt, net 535,720 571,360 Total debt $ 547,560 $ 580,703

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Newly Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets	$ 180,600	$ 175,878
Present value of lease liabilities		$ 177,422
Straight-line rent liability	5,100
Prepaid rent	4,900
us-gaap_LeaseCostTableTextBlock		The table below presents the weighted-average remaining lease term (years) of our operating leases and the weighted-average discount rate used in the above calculation: September 30, Lease Term and Discount Rate 2019 Weighted-average remaining lease term (years) Operating leases 4.55 Weighted-average discount rate Operating leases 3.47 %
us-gaap_LeaseCostTableTextBlock1		The table below presents the amount of cash paid for amounts included in the measurement of lease liabilities (in thousands): Nine Months Ended September 30, 2019 Operating cash flows for lease liabilities $ 42,167
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets	175,700
Present value of lease liabilities	$ 181,600

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)ft²	Sep. 30, 2018USD ($)
Accounting Policies [Abstract]
Operating cash flows for lease liabilities			$ 42,167
Square feet of office space | ft²			60,000
Monthly rent payments			$ 100
Rent expense			900
Lease, Cost [Abstract]
Operating Lease, Cost	$ 16,358	$ 15,524	47,690	$ 45,308
Variable lease cost	$ 3,335	$ 3,114	$ 9,942	$ 9,177
Weighted-average remaining lease term (years)	4 years 6 months 18 days		4 years 6 months 18 days
Weighted-average discount rate	3.47%		3.47%
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019	$ 9,563		$ 9,563
2020	54,926		54,926
2021	44,186		44,186
2022	35,217		35,217
2023	22,886		22,886
Thereafter	25,472		25,472
Total lease payments	192,250		192,250
Less: interest	14,828		14,828
Present value of lease liabilities	$ 177,422		$ 177,422

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accounting Policies [Abstract]
Excess tax benefit	$ 4.5	$ 3.3	$ 21.1	$ 13.9

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Retained Deficit (Details) $ in Millions	Sep. 30, 2019USD ($)
Retained Earnings (Accumulated Deficit) [Abstract]
Cumulative share repurchases	$ 1,400
Cumulative dividends	$ 556.9

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Accumulated Other Comprehensive Loss [Line Items]
Accumulated other comprehensive loss	$ (13,805)	$ (10,997)	$ (7,635)
AOCI Attributable to Parent
Accumulated Other Comprehensive Loss [Line Items]
Accumulated other comprehensive loss	(13,805)	(10,997)	(7,635)
Foreign currency translation adjustments
Accumulated Other Comprehensive Loss [Line Items]
Accumulated other comprehensive loss	(13,156)	(12,422)	(9,692)
Unrealized (losses) gains on interest rate swaps, net of tax
Accumulated Other Comprehensive Loss [Line Items]
Accumulated other comprehensive loss	$ (649)	$ 1,425	$ 2,057

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net Income	$ 79,525	$ 131,390	$ 32,637	$ 69,261	$ 117,049	$ 31,339	$ 243,551	$ 217,649
Weighted average shares outstanding: [Abstract]
Basic (in shares)	39,933			40,422			39,750	40,416
Effect of dilutive securities: [Abstract]
Stock options and employee stock purchase plan (in shares)	932			1,375			1,061	1,415
Diluted (in shares)	40,865			41,797			40,811	41,831
Basic (in dollars per share)	$ 1.99			$ 1.71			$ 6.13	$ 5.39
Diluted (in dollars per share)	$ 1.95			$ 1.66			$ 5.97	$ 5.20
Anti-dilutive stock options excluded from diluted earnings per share computations (in shares)	0			0			1	0

Acquisitions (Details)

Acquisitions (Details)	1 Months Ended
	Jan. 31, 2019locations	Nov. 30, 2018locations	Jan. 31, 2018distribution_center
Turf & Garden, Inc., Virginia [Member]
Business Acquisition [Line Items]
Number of locations added		3
Turf & Garden, Inc., North Carolina [Member]
Business Acquisition [Line Items]
Number of locations added		1
Tore Pty. Ltd. (Pool Power) [Member]
Business Acquisition [Line Items]
Number of distribution centers | distribution_center			1
PENNSYLVANIA | W.W. Adcock, Inc. [Member]
Business Acquisition [Line Items]
Number of locations added	2
NORTH CAROLINA | W.W. Adcock, Inc. [Member]
Business Acquisition [Line Items]
Number of locations added	1
VIRGINIA | W.W. Adcock, Inc. [Member]
Business Acquisition [Line Items]
Number of locations added	1

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Jul. 25, 2019	May 07, 2019	Sep. 30, 2018	Jul. 06, 2016	Oct. 01, 2015
Derivatives, Fair Value [Line Items]
Unrealized gains on interest rate swaps	$ 631			$ 3,542
Unrealized losses on interest rate swaps	1,532			0
Contingent consideration liabilities	$ 745			$ 1,431
Forward-starting Interest Rate Swap 1 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount					$ 150,000
Derivative [Line Items]
Forward-starting interest rate swap agreement, effective date	Nov. 20, 2019
Interest rate swap agreement, termination date	Nov. 20, 2020
Derivative, Notional Amount					$ 150,000
Forward-starting Interest Rate Swap 2 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount			$ 75,000
Derivative [Line Items]
Forward-starting interest rate swap agreement, effective date	Nov. 20, 2020
Interest rate swap agreement, termination date	Sep. 29, 2022
Derivative, Notional Amount			$ 75,000
Forward-starting Interest Rate Swap 3 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		$ 75,000
Derivative [Line Items]
Forward-starting interest rate swap agreement, effective date	Nov. 20, 2020
Interest rate swap agreement, termination date	Sep. 29, 2022
Derivative, Notional Amount		$ 75,000
Interest Rate Swap 1 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount						$ 75,000
Derivative [Line Items]
Derivative, Notional Amount						75,000
Interest Rate Swap 2 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount						25,000
Derivative [Line Items]
Derivative, Notional Amount						25,000
Interest Rate Swap 3 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount						50,000
Derivative [Line Items]
Derivative, Notional Amount						$ 50,000

Interest Rate Swaps (Details 1)

Interest Rate Swaps (Details 1) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Oct. 01, 2015
Derivative [Line Items]
Loss on Cash Flow Hedge Ineffectiveness	$ 0.5
Interest Rate Swap 1 [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 75
Interest rate swap agreement, fixed interest rate		2.273%
Interest Rate Swap 2 [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 25
Interest rate swap agreement, fixed interest rate		2.111%
Interest Rate Swap 3 [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 50
Interest rate swap agreement, fixed interest rate		2.111%

Interest Rate Swaps (Details 2)

Interest Rate Swaps (Details 2) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Jul. 25, 2019	May 07, 2019	Jul. 06, 2016
Forward-starting Interest Rate Swap 1 [Member]
Derivative [Line Items]
Derivative, Notional Amount				$ 150
Forward-starting interest rate swap agreement, effective date	Nov. 20, 2019
Forward-starting interest rate swap agreement, fixed interest rate				1.1425%
Forward-starting interest rate swap agreement, termination date	Nov. 20, 2020
Forward-starting Interest Rate Swap 2 [Member]
Derivative [Line Items]
Derivative, Notional Amount			$ 75
Forward-starting interest rate swap agreement, effective date	Nov. 20, 2020
Forward-starting interest rate swap agreement, fixed interest rate			2.0925%
Forward-starting interest rate swap agreement, termination date	Sep. 29, 2022
Forward-starting Interest Rate Swap 3 [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 75
Forward-starting interest rate swap agreement, effective date	Nov. 20, 2020
Forward-starting interest rate swap agreement, fixed interest rate		1.55%
Forward-starting interest rate swap agreement, termination date	Sep. 29, 2022

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Debt Instrument [Line Items]
Short-term borrowings	$ 2,116		$ 321
Australian credit facility	9,724		9,022
Short-term borrowings and current portion of long-term debt	11,840	$ 9,168	9,343
Long-term portion:
Less: financing costs, net	715		1,050
Long-term debt, net	535,720		571,360
Total debt	547,560		580,703
Revolving Credit Facility
Long-term portion:
Long-term debt, gross	375,235		417,410
Receivables Securitization Facility
Long-term portion:
Long-term debt, gross	$ 161,200		$ 155,000

Uncategorized Items - pool-2019

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (709,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (709,000)