Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CORE-MARK HOLDING COMPANY, INC. | ' | ' |
Trading Symbol | 'CORE | ' | ' |
Entity Central Index Key | '0001318084 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 11,532,968 | ' |
Entity Public Float | ' | ' | $711,883,006 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $11 | $19.10 |
Restricted cash | 12.1 | 10.9 |
Accounts receivable, net of allowance for doubtful accounts of $9.4 and $10.9 at December 31, 2013 and December 31, 2012, respectively | 235.4 | 228.1 |
Other receivables, net | 59 | 53.8 |
Inventories, net | 389.2 | 366.4 |
Deposits and prepayments | 53 | 40.3 |
Deferred income taxes | 5.4 | 8.2 |
Total current assets | 765.1 | 726.8 |
Property and equipment, net | 114.9 | 114.7 |
Goodwill | 22.9 | 22.8 |
Other intangible assets, net | 20.8 | 21.4 |
Other non-current assets, net | 33.1 | 33.5 |
Total assets | 956.8 | 919.2 |
Current liabilities: | ' | ' |
Accounts payable | 109.3 | 94.4 |
Book overdrafts | 22.9 | 24.7 |
Cigarette and tobacco taxes payable | 182.5 | 165.6 |
Accrued liabilities | 88.1 | 79.5 |
Deferred income taxes | 3.1 | 3.4 |
Total current liabilities | 405.9 | 367.6 |
Long-term debt | 57.6 | 84.7 |
Deferred income taxes | 13.4 | 11.7 |
Other long-term liabilities | 12.5 | 12.1 |
Claims liabilities, net | 28.2 | 28.1 |
Pension liabilities | 5.2 | 14.8 |
Total liabilities | 522.8 | 519 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.01 par value (50,000,000 shares authorized, 12,807,015 and 12,602,806 shares issued; 11,518,311 and 11,446,229 shares outstanding at December 31, 2013 and December 31, 2012, respectively) | 0.1 | 0.1 |
Additional paid-in capital | 254.7 | 249.2 |
Treasury stock at cost (1,288,704 and 1,156,577 shares of common stock at December 31, 2013 and December 31, 2012, respectively) | -44.6 | -37.4 |
Retained earnings | 229.5 | 194.9 |
Accumulated other comprehensive loss | -5.7 | -6.6 |
Total stockholders’ equity | 434 | 400.2 |
Total liabilities and stockholders’ equity | $956.80 | $919.20 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Allowance for doubtful accounts | $9.40 | $10.90 |
Stockholders' equity: | ' | ' |
Common stock, par value per share | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 12,807,015 | 12,602,806 |
Common stock, shares outstanding | 11,518,311 | 11,446,229 |
Treasury stock, shares | 1,288,704 | 1,156,577 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $9,767.60 | $8,892.40 | $8,114.90 |
Cost of goods sold | 9,230.50 | 8,415.60 | 7,680.80 |
Gross profit | 537.1 | 476.8 | 434.1 |
Warehousing and distribution expenses | 297.1 | 262.7 | 234.6 |
Selling, general and administrative expenses | 168.3 | 153.7 | 150.8 |
Amortization of intangible assets | 2.7 | 3 | 3 |
Total operating expenses | 468.1 | 419.4 | 388.4 |
Income from operations | 69 | 57.4 | 45.7 |
Interest expense | -2.7 | -2.2 | -2.4 |
Interest income | 0.5 | 0.4 | 0.4 |
Foreign currency transaction (losses) gains, net | -0.8 | -0.2 | -0.5 |
Income before income taxes | 66 | 55.4 | 43.2 |
Provision for income taxes | -24.4 | -21.5 | -17 |
Net income | $41.60 | $33.90 | $26.20 |
Basic net income per common share (in dollars per share) | $3.62 | $2.96 | $2.30 |
Diluted net income per common share (in dollars per share) | $3.58 | $2.91 | $2.23 |
Basic weighted-average shares (in shares) | 11.5 | 11.5 | 11.4 |
Diluted weighted-average shares (in shares) | 11.6 | 11.6 | 11.7 |
Dividends declared and paid per common share (in dollars per share) | $0.61 | $0.89 | $0.17 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $41.60 | $33.90 | $26.20 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Defined benefit plans adjustments | 2.4 | -2.9 | -2.7 |
Foreign currency translation adjustment gain (loss) | -1.5 | 0.4 | -0.3 |
Other comprehensive (loss) income, net of tax | 0.9 | -2.5 | -3 |
Comprehensive income | $42.50 | $31.40 | $23.20 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock Issued [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Millions, unless otherwise specified | ||||||
Beginning Balance, Stockholders' Equity at Dec. 31, 2010 | $362.70 | $0.10 | $229.60 | ($13.20) | $147.30 | ($1.10) |
Beginning Balance, Shares, Issued at Dec. 31, 2010 | ' | 11.6 | ' | -0.5 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 26.2 | ' | ' | ' | 26.2 | ' |
Other comprehensive (loss) income, net of tax | -3 | ' | ' | ' | ' | -3 |
Dividend declared | -1.9 | ' | ' | ' | -1.9 | ' |
Stock-based compensation expense | 5.1 | ' | 5.1 | ' | ' | ' |
Cash proceeds from exercise of common stock options and warrants, shares | ' | 0.7 | ' | ' | ' | ' |
Cash proceeds from exercise of common stock options and warrants, value | 5.4 | ' | 5.4 | ' | ' | ' |
Excess tax deductions associated with stock-based compensation | 1.7 | ' | 1.7 | ' | ' | ' |
Issuance of stock based instruments, net of shares withheld for employee taxes, shares | ' | 0.1 | ' | ' | ' | ' |
Issuance of stock based instruments, net of shares withheld for employee taxes, value | -1.7 | ' | -1.7 | ' | ' | ' |
Repurchase of common stock, shares | ' | ' | ' | -0.5 | ' | ' |
Repurchase of common stock, value | -19 | ' | ' | -19 | ' | ' |
Ending Balance, Stockholders' Equity at Dec. 31, 2011 | 375.5 | 0.1 | 240.1 | -32.2 | 171.6 | -4.1 |
Ending Balance, Shares, Issued at Dec. 31, 2011 | ' | 12.4 | ' | -1 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 33.9 | ' | ' | ' | 33.9 | ' |
Other comprehensive (loss) income, net of tax | -2.5 | ' | ' | ' | ' | -2.5 |
Dividend declared | -10.6 | ' | ' | ' | -10.6 | ' |
Stock-based compensation expense | 6.2 | ' | 6.2 | ' | ' | ' |
Cash proceeds from exercise of common stock options and warrants, shares | ' | 0.1 | ' | ' | ' | ' |
Cash proceeds from exercise of common stock options and warrants, value | 3.8 | ' | 3.8 | ' | ' | ' |
Excess tax deductions associated with stock-based compensation | 1.1 | ' | 1.1 | ' | ' | ' |
Issuance of stock based instruments, net of shares withheld for employee taxes, shares | ' | 0.1 | ' | ' | ' | ' |
Issuance of stock based instruments, net of shares withheld for employee taxes, value | -2 | ' | -2 | ' | ' | ' |
Repurchase of common stock, shares | ' | ' | ' | -0.1 | ' | ' |
Repurchase of common stock, value | -5.2 | ' | ' | -5.2 | ' | ' |
Ending Balance, Stockholders' Equity at Dec. 31, 2012 | 400.2 | 0.1 | 249.2 | -37.4 | 194.9 | -6.6 |
Ending Balance, Shares, Issued at Dec. 31, 2012 | ' | 12.6 | ' | -1.1 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 41.6 | ' | ' | ' | 41.6 | ' |
Other comprehensive (loss) income, net of tax | 0.9 | ' | ' | ' | ' | 0.9 |
Dividend declared | -7 | ' | ' | ' | -7 | ' |
Stock-based compensation expense | 4.6 | ' | 4.6 | ' | ' | ' |
Cash proceeds from exercise of common stock options and warrants, shares | ' | 0.1 | ' | ' | ' | ' |
Cash proceeds from exercise of common stock options and warrants, value | 2.4 | ' | 2.4 | ' | ' | ' |
Excess tax deductions associated with stock-based compensation | 2.1 | ' | 2.1 | ' | ' | ' |
Issuance of stock based instruments, net of shares withheld for employee taxes, shares | ' | 0.1 | ' | ' | ' | ' |
Issuance of stock based instruments, net of shares withheld for employee taxes, value | -3.6 | ' | -3.6 | ' | ' | ' |
Repurchase of common stock, shares | ' | ' | ' | -0.2 | ' | ' |
Repurchase of common stock, value | -7.2 | ' | ' | -7.2 | ' | ' |
Ending Balance, Stockholders' Equity at Dec. 31, 2013 | $434 | $0.10 | $254.70 | ($44.60) | $229.50 | ($5.70) |
Ending Balance, Shares, Issued at Dec. 31, 2013 | ' | 12.8 | ' | -1.3 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $41.60 | $33.90 | $26.20 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
LIFO and inventory provisions | 8.7 | 12.1 | 18.2 |
Amortization of debt issuance costs | 0.4 | 0.4 | 0.5 |
Stock-based compensation expense | 4.6 | 5.8 | 5.5 |
Bad debt expense, net | 1.1 | 2 | 2 |
Depreciation and amortization | 27.2 | 25.3 | 22.4 |
Foreign currency transaction losses (gains), net | 0.8 | 0.2 | 0.5 |
Deferred income taxes | 5 | 0.9 | -2 |
Curtailment gain | -0.9 | 0 | 0 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable, net | -9.6 | 7.1 | -20 |
Other receivables, net | -5.6 | -10.6 | 1.9 |
Inventories, net | -35.4 | 5.3 | -78 |
Deposits, prepayments and other non-current assets | -18.6 | 3.9 | -12.4 |
Accounts payable | 16 | 0.6 | 30 |
Cigarette and tobacco taxes payable | 19.9 | -10.3 | 7.5 |
Pension, claims, accrued and other long-term liabilities | 3.9 | -5.4 | 9 |
Net cash provided by operating activities | 59.1 | 71.2 | 11.3 |
Cash flows from investing activities: | ' | ' | ' |
Acquisition of business, net of cash acquired | -3.6 | -34 | -50.8 |
Change in restricted cash | -2 | 2 | -0.1 |
Additions to property and equipment, net | -18 | -28.4 | -24 |
Capitalization of software | -0.4 | -0.2 | -0.2 |
Net cash used in investing activities | -24 | -60.6 | -75.1 |
Cash flows from financing activities: | ' | ' | ' |
Borrowings (repayments) under revolving credit facility, net | -27 | 11.3 | 62 |
Dividends paid | -7.1 | -10.3 | -1.9 |
Payments of capital leases | -1 | 0 | 0 |
Payments of financing costs | -0.3 | 0 | -0.7 |
Repurchases of common stock | -7.2 | -5.2 | -19 |
Proceeds from exercise of common stock options and warrants | 2.4 | 3.8 | 5.4 |
Tax withholdings related to net share settlements of restricted stock units | -3.6 | -2 | -1.7 |
Excess tax deductions associated with stock-based compensation | 2.1 | 1.1 | 1.7 |
(Decrease) increase in book overdrafts | -1.8 | -4.8 | 17.1 |
Net cash provided by (used in) financing activities | -43.5 | -6.1 | 62.9 |
Effects of changes in foreign exchange rates | 0.3 | -0.6 | 0 |
Increase (decrease) in cash and cash equivalents | -8.1 | 3.9 | -0.9 |
Cash and cash equivalents, beginning of period | 19.1 | 15.2 | 16.1 |
Cash and cash equivalents, end of period | 11 | 19.1 | 15.2 |
Supplemental disclosures: | ' | ' | ' |
Cash paid during the period for: Income taxes paid, net of refunds | 19.5 | 11.7 | 11.8 |
Cash paid during the period for: Interest paid | 1.5 | 1.6 | 2 |
Unpaid property and equipment purchases included in accrued liabilities | 1.9 | 0 | 0 |
Non-cash capital lease obligations incurred | 1.2 | 11.4 | 0.4 |
Non-cash indemnification holdback | 0 | 4 | 0 |
Contingent consideration related to acquisition of business | $0 | $0.60 | $0 |
Summary_of_Company_Information
Summary of Company Information | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Company Information [Abstract] | ' |
Summary of Company Information | ' |
Summary of Company Information | |
Business | |
Core-Mark Holding Company, Inc. and subsidiaries (referred to herein as “we,” “us,” “our,” “the Company” or “Core-Mark”) is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America. We offer a full range of products, marketing programs and technology solutions to over 30,000 customer locations in the United States (“U.S.”) and Canada. Our customers include traditional convenience stores, grocery stores, drug stores, liquor stores and other specialty and small format stores that carry convenience products. Our product offering includes cigarettes, other tobacco products, candy, snacks, fast food, groceries, fresh products, dairy, bread, beverages, general merchandise and health and beauty care products. We operate a network of 28 distribution centers in the U.S. and Canada (excluding two distribution facilities we operate as a third party logistics provider). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
Summary of Significant Accounting Policies | ||
Basis of Presentation and Principles of Consolidation | ||
The consolidated financial statements include Core-Mark and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements. Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year’s presentation. | ||
Use of Estimates | ||
These financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the U.S. This requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company considers the allowance for doubtful accounts, LIFO valuation, valuation of goodwill and other long-lived assets, realizability of deferred income taxes, uncertain tax positions, pension assets and obligations and self-insurance reserves to be those estimates which involve a higher degree of judgment and complexity. Actual results could differ from those estimates. | ||
Revenue Recognition | ||
The Company recognizes revenue at the point at which the product is delivered and title passes to the customer. Revenues are reported net of customer incentives, discounts and returns, including an allowance for estimated returns. The allowance for sales returns is calculated based on the Company's returns experience, which has historically not been significant. The Company also earns management service fee revenue from operating third party distribution centers belonging to certain customers. These revenues represented less than 1% of the Company’s total net sales for 2013, 2012 and 2011. Service fee revenue is recognized as earned on a monthly basis in accordance with the terms of the management service fee contracts and is included in net sales on the accompanying consolidated statements of operations. | ||
Business Combinations | ||
The Company accounts for all business combinations using the acquisition method of accounting. Under this method of accounting, the Company allocates the fair value of the purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions. Management may further adjust the acquisition date fair values for a period of up to one year from the date of acquisition. Acquisition related expenses and transaction costs associated with business combinations are expensed as incurred. | ||
Vendor Rebates and Promotional Allowances | ||
Periodic payments from vendors in various forms including rebates, promotional allowances and volume discounts are reflected in the carrying value of the related inventory when earned and as cost of goods sold as the related merchandise is sold. Up-front consideration received from vendors linked to purchase or other commitments is initially deferred and amortized ratably to cost of goods sold or as the performance of the activities specified by the vendor to earn the fee is completed. Cooperative marketing incentives from suppliers are recorded as reductions to cost of goods sold to the extent the vendor considerations exceed the costs relating to the programs. These amounts are recorded in the period the related promotional or merchandising programs are provided. Certain vendor incentive promotions require the Company to make assumptions and judgments regarding, for example, the likelihood of achieving market share levels or attaining specified levels of purchases. Vendor incentives are at the discretion of the Company’s vendors and can fluctuate due to changes in vendor strategies and market requirements. Vendor rebates and promotional allowances earned totaled $149.8 million, $128.0 million and $108.3 million in 2013, 2012 and 2011, respectively. | ||
Customers' Sales Incentives | ||
The Company also provides sales allowances or discounts to its customers on a regular basis. These customers' sales incentives are recorded as a reduction to net sales as the sales incentive is earned by the customer. Additionally, the Company may provide racking allowances for the customer's commitment to continue using Core-Mark as the supplier of their products. These allowances may be paid at the inception of the contract or on a periodic basis. Allowances paid at the inception of the contract are capitalized and amortized over the period of the distribution agreement as a reduction to sales. | ||
Excise Taxes | ||
The Company is responsible for collecting and remitting state, local and provincial excise taxes on cigarette and other tobacco products. As such, these excise taxes are a significant component of the Company's net sales and cost of sales. In 2013, 2012 and 2011, approximately 21%, 22% and 24% of the Company's net sales, and approximately 22%, 24% and 25% of its cost of goods sold, respectively, represented excise taxes. Federal excise taxes are levied on product manufacturers who, in turn, pass the tax on to the Company as part of the product cost. As a result, federal excise taxes are not a component of the Company’s excise taxes. | ||
Foreign Currency Translation | ||
The operating assets and liabilities of the Company’s Canadian operations, whose functional currency is the Canadian dollar, are translated to U.S. dollars at exchange rates in effect at period-end. Adjustments resulting from such translation are presented as foreign currency translation adjustments, net of applicable income taxes, and are included in other comprehensive income. The statements of operations, including income and expenses, of the Company’s Canadian operations are translated to U.S. dollars at average exchange rates for the period for financial reporting purposes. The Company also recognizes gains or losses on foreign currency exchange transactions between its Canadian and U.S. operations, net of applicable income taxes, in the consolidated statements of operations. | ||
Cash, Cash Equivalents, Restricted Cash and Book Overdrafts | ||
Cash and cash equivalents include cash, money market funds and highly liquid investments with original maturities of three months or less. Restricted cash represents funds collected and set aside in trust as required by one of the Canadian provincial taxing authorities. .The Company had cash book overdrafts of $22.9 million and $24.7 million at December 31, 2013 and 2012, respectively. Book overdrafts consist primarily of outstanding checks in excess of cash on hand in the corresponding bank accounts at the end of the period. The Company’s policy has been to fund these outstanding checks as they clear with cash held on deposit with other financial institutions or with borrowings under the Company's line of credit. | ||
Fair Value Measurements | ||
The carrying amount of cash equivalents, restricted cash, trade accounts receivable, other receivables, trade accounts payable, cigarette and tobacco taxes payable and other accrued liabilities approximates fair value because of the short maturity of these financial instruments. The carrying amount of the Company’s variable rate debt approximates fair value. | ||
The Company calculates the fair value of its pension plan assets based on assumptions that market participants would use in pricing the assets. The Company uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and give precedence to observable inputs in determining fair value. An instrument's level within the hierarchy is based on the lowest level of any significant input to the fair value measurement. The following levels were established for each input: | ||
Level 1 - Quoted prices in active markets for identical assets or liabilities. | ||
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||
Level 3 - Unobservable inputs for the asset or liability, which reflect the Company's own assumptions about what market participants would assume when pricing the asset or liability. (See Note 11 - Employee Benefit Plans.) | ||
Risks and Concentrations | ||
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash investments, accounts receivable and other receivables. The Company places its cash and cash equivalents in short-term instruments with high quality financial institutions and limits the amount of credit exposure in any one financial instrument. The Company pursues amounts and incentives due from vendors in the normal course of business and are often allowed to deduct these amounts and incentives from payments made to vendors. | ||
A credit review is completed for new customers and ongoing credit evaluations of each customer's financial condition are performed periodically, with reserves maintained for potential credit losses. Credit limits given to customers are based on a risk assessment of their ability to pay and other factors. Accounts receivable are typically not collateralized, but the Company may require prepayments or other guarantees whenever deemed necessary. | ||
Alimentation Couche-Tard, Inc. (“Couche-Tard”), the Company’s largest customer, accounted for 14.7% and 13.7% of total net sales in 2013 and 2012, respectively. No single customer accounted for 10% or more of total net sales in 2011. In addition, no single customer accounted for 10% or more of accounts receivables at December 31, 2013 and 2012. | ||
The Company has two significant suppliers: Philip Morris USA, Inc. and R.J. Reynolds Tobacco Company. Product purchases from Philip Morris USA, Inc. accounted for approximately 28% , 27% and 27% and of total product purchases in 2013, 2012 and 2011 respectively. Product purchases from R.J. Reynolds Tobacco Company were approximately 14% of total product purchases in each of 2013, 2012 and 2011. | ||
Cigarette sales represented approximately 68.0%, 69.0% and 70.4% of net sales in 2013, 2012 and 2011, respectively, and contributed approximately 30.0%, 31.7% and 31.7% of gross profit in 2013, 2012 and 2011, respectively. Although cigarettes represent a significant portion of the Company’s total net sales, the majority of its gross profit is generated from food/non-food products. | ||
Accounts Receivable and Allowance for Doubtful Accounts | ||
Accounts receivable consists of trade receivables from customers. The Company evaluates the collectability of accounts receivable and determines the appropriate allowance for doubtful accounts based on historical experience and a review of specific customer accounts. Account balances are charged off against the allowance when collection efforts have been exhausted and the receivable is deemed worthless (see Note 4 - Other Consolidated Balance Sheet Accounts Detail). | ||
Other Receivables | ||
Other receivables consist primarily of amounts due from vendors for promotional and other incentives, which are accrued as earned. The Company evaluates the collectability of amounts due from vendors and determines the appropriate allowance for doubtful accounts based on historical experience and on a review of specific amounts outstanding. | ||
Inventories | ||
Inventories consist of finished goods, including cigarettes and other tobacco products, food and other products and related consumable products held for re-sale, and are valued at the lower of cost or market. In the U.S., cost is determined primarily on a last-in, first-out (“LIFO”) basis using producer price indices as determined by the Department of Labor, adjusted based on more current information, if necessary. When the Company is aware of material price increases or decreases from manufacturers, the Company estimates the producer price index for the respective period in order to more accurately reflect inflation rates. Under the LIFO method, current costs of goods sold are matched against current sales. Inventories in Canada are valued on a first-in, first-out (“FIFO”) basis, as LIFO is not a permitted inventory valuation method in Canada. Approximately 86% and 87% of the Company's inventory was valued on a LIFO basis at December 31, 2013 and 2012, respectively. | ||
During periods of rising prices, the LIFO method of costing inventories generally results in higher current cost of sales being charged against income while lower costs are retained in inventories. Conversely, during periods of decreasing prices, the LIFO method of costing inventories generally results in lower current costs being charged against income and higher stated inventories. Liquidations of inventory may also result in the sale of low-cost inventory and a decrease of cost of goods sold. The Company reduces inventory value for spoiled, aged and unrecoverable inventory based on amounts on-hand and historical experience. | ||
Property and Equipment | ||
Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization on new purchases are computed using the straight-line method over the assets' estimated useful lives. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the property or the term of the lease including available renewal option terms if it is reasonably assured that those options will be exercised. Upon retirement or sale, the cost and related accumulated depreciation of the assets are removed and any related gain or loss is reflected in the consolidated statements of operations. Maintenance and repairs are charged to expense as incurred. | ||
The Company uses the following depreciable lives for its property and equipment: | ||
Useful Life | ||
in Years | ||
Office furniture and equipment | 3 to 10 | |
Delivery equipment | 4 to 10 | |
Warehouse equipment | 5 to 15 | |
Leasehold improvements | 3 to 25 | |
Buildings | 15 to 25 | |
Impairment of Long-lived and Other Intangible Assets | ||
The Company reviews its intangible and other long-lived assets for potential impairment at least quarterly. Long-lived and other intangible assets may also be tested for impairment when events and circumstances exist that indicate the carrying amounts of those assets may not be recoverable. Long-lived assets consist primarily of land, buildings, furniture, fixtures and equipment, leasehold improvements and other intangible assets. An impairment of long-lived assets exists when the carrying amount of a long-lived asset, or asset group, exceeds its fair value, and impairment losses are recorded when the carrying amount of the impaired asset is not recoverable. Recoverability is determined by comparing the carrying amount of the asset (or asset group) to the undiscounted cash flows which are expected to be generated from its use. Assets to be disposed of are reported at the lower of carrying amount or fair value less the cost to sell such assets. During 2013, 2012 and 2011, the Company did not record impairment charges related to long-lived and other intangible assets or assets identified for abandonment as a result of facility closures or facility relocation. | ||
Goodwill | ||
Goodwill represents the excess of the purchase consideration of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Goodwill is not subject to amortization but must be evaluated for impairment. The Company tests goodwill for impairment annually or whenever events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. Each quarter, or whenever events or circumstances change, the Company assesses the related qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. The tests to evaluate goodwill for impairment are performed at the operating division level. In the first step of the quantitative impairment test, the Company compares the fair value of the operating division to its carrying value. If the fair value of the operating division is less than its carrying value, the Company performs a second step to determine the implied fair value of goodwill associated with the division. If the carrying value of goodwill exceeds the implied fair value of goodwill, such excess represents the amount of goodwill impairment for which an impairment loss would be recorded. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. The estimated fair value of each operating division is based on the discounted cash flow method, which is based on historical and forecasted amounts specific to each reporting unit and considers sales, gross profit, operating profit and cash flows and general economic and market conditions, as well as the impact of planned business and operational strategies and other estimates and assumptions for future growth rates, working capital and capital expenditures. The Company bases its fair value estimates on assumptions it believes to be reasonable at the time, but such assumptions are subject to inherent uncertainty. Measuring the fair value of reporting units would constitute a Level 3 measurement under the fair value hierarchy (see Note 7 - Goodwill and Other Intangible Assets). | ||
The Company has historically performed its annual impairment testing of goodwill on November 30 of each year. In 2013, the Company changed the annual impairment testing date from November 30 to October 1. The Company believes this change, which represents a change in the method of applying an accounting principle, is preferable in the circumstances as it provides additional time for the Company to quantify the fair value of its operating divisions and meet reporting requirements. The change in the annual goodwill impairment testing date is not intended to nor does it delay, accelerate, or avoid an impairment charge. The Company determined that it was impracticable to objectively determine projected cash flows and related valuation estimates that would have been used as of each October 1 for periods prior to October 1, 2013 without the use of hindsight. As such, the Company has prospectively applied the change in the annual impairment testing date from October 1, 2013. The Company did not record any impairment charges related to goodwill during the years ended December 31, 2013, 2012 and 2011. | ||
Computer Software Developed or Obtained for Internal Use | ||
The Company accounts for proprietary computer software systems, namely its Distribution Center Management System (“DCMS”), and software purchased from third-party vendors, using certain criteria under which costs associated with this software are either expensed or capitalized and amortized over periods from three to eight years. During 2013 and 2012 the Company capitalized approximately $2.0 million and $0.2 million of costs related to software developed or obtained for internal use. | ||
Debt Issuance Costs | ||
Debt issuance costs are deferred and are amortized as interest expense over the term of the related debt agreement on a straight-line basis, which approximates the effective interest method. Debt issuance costs, net of current portion, are included in other non-current assets on the accompanying consolidated balance sheets. Total unamortized debt issuance costs were $1.4 million and $1.5 million at December 31, 2013 and 2012, respectively. | ||
Claims Liabilities and Insurance Recoverables | ||
The Company maintains reserves related to health and welfare, workers' compensation, auto and general liability programs that are principally self-insured. The Company currently has a per-claim deductible of $500,000 for its workers' compensation, general and auto liability self-insurance programs and a per person annual claim deductible of $200,000 for its health and welfare program. The Company purchases insurance to cover the claims that exceed the deductible up to policy limits. Self-insured reserves are for pending or future claims that fall outside the policy and reserves include an estimate of expected settlements on pending claims and a provision for claims incurred but not reported. Estimates for workers' compensation, auto and general liability insurance are based on the Company’s assessment of potential liability using an annual actuarial analysis of available information with respect to pending claims, historical experience and current cost trends. Reserves for claims under these programs are included in accrued liabilities (current portion) and claims liabilities, net of current portion. | ||
Claims liabilities and the related recoverables from insurance carriers for estimated claims in excess of the deductible and other insured events are presented in their gross amounts on the accompanying consolidated balance sheets because there is no right of offset. The carrying values of claims liabilities and insurance recoverables are not discounted. Insurance recoverables are included in other receivables, net and other non-current assets, net. The Company had gross liabilities for health and welfare, workers' compensation, auto and general liability self-insurance obligations in the amounts of $28.2 million long-term and $12.9 million short-term at December 31, 2013, and $28.1 million long-term and $8.5 million short-term at December 31, 2012. The Company’s liabilities net of insurance recoverables were $11.0 million long-term and $7.6 million short-term at December 31, 2013, and $10.5 million long-term and $6.4 million short-term at December 31, 2012. | ||
Pension Costs and Other Post-retirement Benefit Costs | ||
Pension costs and other post-retirement benefit costs charged to operations are estimated on the basis of annual valuations by an independent actuary. Adjustments arising from plan amendments, changes in assumptions and experience gains and losses are amortized over the expected average remaining service life of the employee group. Plan changes that materially reduce the expected years of future services of current employees or eliminates for a significant number of employees the accrual of defined benefits for some or all of their future services, result in curtailment gains. A curtailment gain first reduces any net loss previously included in accumulated other comprehensive income (AOCI), and to the extent that such a gain exceeds any net loss included in AOCI, it is recorded as a curtailment gain in our consolidated statement of operations. | ||
The Company recognizes an asset for a plan's overfunded status or a liability for a plan's underfunded status on its consolidated balance sheet as of the end of each fiscal year. The Company determines the plan's funded status by measuring its assets and its obligations and recognizes changes in the funded status of its defined benefit post-retirement plan in the year in which the change occurred (see Note 11 - Employee Benefit Plans). | ||
Income Taxes | ||
Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when the Company does not consider it more likely than not that some portion or all of the deferred tax assets will be realized. | ||
A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company has established an estimated liability for income tax exposures that arise and meet the criteria for accrual. The Company prepares and files tax returns based on its interpretation of tax laws and regulations and records estimates based on these judgments and interpretations. In the normal course of business, the Company's tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing authorities. Inherent uncertainties exist in estimates of tax contingencies due to changes in tax law resulting from legislation, regulation and/or as concluded through the various jurisdictions' tax court systems. The Company classifies interest and penalties related to income taxes as income tax expense (see Note 10 - Income Taxes). | ||
Stock-Based Compensation | ||
The Company accounts for stock-based compensation expense for restricted stock unit awards, performance shares and stock options by estimating the fair values of awards at their grant dates and recognizes these amounts as expense using a straight-line method for awards with vesting based on service and ratably for awards based on performance conditions. The fair value of restricted stock unit awards and performance shares earned is based upon the Company’s stock price on the grant date. | ||
For stock option awards, the Company uses the Black-Scholes option valuation model to determine the fair value (see Note 13 - Stock-Based Compensation Plans). Determining the appropriate fair value model and calculating the fair value of stock option awards at the grant date requires considerable judgment, including estimating stock price volatility, expected life of share awards and forfeiture rates. The Company develops its estimates based on historical data and market information, which can change significantly over time. | ||
Total Comprehensive Income | ||
Total comprehensive income consists of two components: net income and other comprehensive income. Other comprehensive income refers to transactions and adjustments that under generally accepted accounting principles are recorded directly as an element of stockholders' equity, but are excluded from net income. Other comprehensive income is comprised of defined benefit plan adjustments and foreign currency translation adjustments related to the Company’s foreign operations in Canada, whose functional currency is not the U.S. dollar (see Note 15 - Other Comprehensive Income/Loss). | ||
Segment Information | ||
The Company reports its segment information using established standards for reporting by public enterprises on information about product lines, geographical areas and major customers. The method of determining what information to report is based on the way the Company is organized for operational decisions and assessment of the aggregate financial performance. From the perspective of the Company’s chief operating decision maker, the Company is engaged primarily in the business of distributing packaged consumer products to convenience retail stores in the U.S. and Canada (collectively "North America"). Therefore, the Company has determined that it has one reportable segment and operates its business in two geographical areas -- U.S. and Canada. The Company presents its segment reporting information based on business operations for each of the two geographic areas in which it operates and also by major product category (see Note 16 - Segment and Geographic Information). | ||
Earnings Per Share | ||
Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during each period, excluding unvested restricted stock units and performance shares. Diluted earnings per share assumes the exercise of stock options and common stock warrants, the impact of restricted stock units and performance shares, when dilutive, using the treasury stock method (see Note 12 - Earnings Per Share). | ||
Recent Accounting Pronouncements | ||
On July 18, 2013, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (NOL) carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. This accounting standard update will be effective for the Company beginning in the first quarter of 2014 and applied prospectively with early adoption permitted. The Company does not believe that its adoption of this accounting standard will have a material impact on its consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions | ' | |||
Acquisitions | ||||
Acquisition of J.T. Davenport & Sons, Inc. | ||||
On December 17, 2012, the Company acquired J.T. Davenport & Sons, Inc. (“Davenport”), a convenience wholesaler based in North Carolina, which is now a subsidiary of Core-Mark. Davenport services customers in the eight states of North Carolina, South Carolina, Georgia, Maryland, Ohio, Kentucky, West Virginia and Virginia. This acquisition increased the Company’s market presence primarily in the Southeastern U.S. and further enhanced the Company's ability to cost effectively service national and regional retailers. | ||||
Total purchase consideration to acquire Davenport was approximately $41.2 million, of which $34.3 million was paid at closing. The total purchase consideration increased by $2.3 million in 2013 resulting from certain post-closing purchase price adjustments. The acquisition was funded with a combination of cash on hand and borrowings under a revolving credit facility and was accounted for as a business combination. | ||||
The following table presents the fair values of assets acquired and liabilities assumed and purchase consideration as of the acquisition date (in millions). | ||||
December 17, 2012 | ||||
Cash | $ | 0.3 | ||
Accounts receivable | 21.2 | |||
Other receivables | 3.9 | |||
Inventory | 20.3 | |||
Prepaid expenses / other assets | 2.6 | |||
Property, plant and equipment | 5.3 | |||
Intangible assets | 2.6 | |||
Goodwill | 6.7 | |||
Net deferred tax liabilities | (1.0 | ) | ||
Capital lease liability | (10.9 | ) | ||
Other liabilities | (9.8 | ) | ||
Total consideration | $ | 41.2 | ||
The total purchase consideration includes (i) a $4.0 million indemnity holdback for any post-closing liabilities to be released, less any indemnity claims, to the former owners of Davenport in equal installments over four years on the anniversary date of the closing of the acquisition; and (ii) $0.6 million of contingent payments related to future employment services. As of December 31, 2013, the Company had $3.0 million and $0.3 million of future payment obligations remaining under the indemnity holdback and employment service provisions, respectively. The intangible assets are comprised of (i) $1.9 million of customer relationships, which is being amortized over 10 years; and (ii) $0.7 million of non-competition agreements, the majority of which is being amortized over five years. The estimated fair value of the purchased intangible assets was determined using the income approach, which discounts expected future cash flows attributable to the specific assets to their present value. The purchase price allocation also includes $1.0 million of net deferred tax liabilities related primarily to the difference between the book and tax bases of the assets acquired. | ||||
The acquisition resulted in $6.7 million of non-amortizing goodwill, which represents the excess of the cash paid over the fair value of net assets acquired and liabilities assumed, net of deferred tax liabilities. The goodwill arising from the acquisition, which is not deductible for tax purpose, reflects synergies the Company expects to realize. | ||||
Simultaneous with the closing of the acquisition, the Company entered into a capital lease arrangement for a warehouse facility in Sanford, North Carolina with certain of the former owners of Davenport, who are now employees of Core-Mark. The term of the lease is for 10 years, excluding renewal options, and the related capital lease obligation was $10.4 million at December 31, 2013. | ||||
Results of operations of Davenport have been included in the Company’s statements of operations and comprehensive income since the date of acquisition. The Company incurred costs of approximately $1.6 million and $1.3 million related primarily to the acquisition and integration of Davenport’s operations in 2013 and 2012, respectively. These costs are included in selling, general and administrative expenses on the consolidated statements of operations for the years ended December 31, 2013 and 2012. | ||||
The Company did not consider the Davenport acquisition to be a material business combination and therefore has not disclosed pro-forma results of operations for the acquired business. | ||||
Acquisition of Forrest City Grocery Company | ||||
On May 2, 2011, the Company acquired Forrest City Grocery Company (“FCGC”), located in Forrest City, Arkansas, and thereafter FCGC became a subsidiary of Core-Mark. FCGC was a regional wholesale distributor servicing customers in Arkansas, Mississippi, Tennessee and the surrounding states. The acquisition of FCGC provided the Company additional distribution infrastructure and increased its market share in the Southeastern U.S. | ||||
The total consideration to acquire FCGC was approximately $54.0 million, which was funded with a combination of cash on hand and borrowings under the Company's revolving credit facility. The acquisition was accounted for as a business combination. | ||||
The following table summarizes the allocation of the consideration paid for the acquisition and the estimated fair values of assets acquired and liabilities assumed as of the acquisition date (in millions): | ||||
May 2, 2011 | ||||
Cash | $ | 3.5 | ||
Accounts receivable | 18.4 | |||
Other receivables | 0.4 | |||
Inventory | 13 | |||
Prepaid expenses / other assets | 2 | |||
Property, plant and equipment | 6 | |||
Intangible assets | 18.4 | |||
Goodwill | 11.6 | |||
Net deferred tax liabilities | (7.0 | ) | ||
Other liabilities | (12.3 | ) | ||
Total consideration | $ | 54 | ||
The total purchase consideration included an escrow reserve of approximately $17.0 million for indemnifiable claims in connection with the acquisition. The amount of the escrow reserve decreased to $13.5 million as of December 31, 2013 due primarily to scheduled payments to the seller under the escrow agreement and reimbursements to the Company for pre-acquisition tax liabilities settled during the year. The remaining escrow reserve, subject to adjustment, is available for claims through May 2015. | ||||
The acquired intangible assets include $16.4 million of customer relationships, which is being amortized over 15 years; and $2.0 million of non-competition agreements, the majority of which is being amortized over 5 years. The estimated fair value of the intangible assets was determined using the income approach, which discounts expected future cash flows to present value. The purchase price allocation also includes $7.0 million of net deferred tax liabilities related primarily to the difference between the book and tax bases of the intangible assets. The acquisition resulted in $11.6 million of non-amortizing goodwill, which is not deductible for tax purposes. | ||||
Results of operations of FCGC have been included in the Company’s consolidated statements of operations and comprehensive income since the date of acquisition. The Company did not consider the FCGC acquisition to be a material business combination, and therefore has not disclosed pro-forma results of operations for the acquired business. |
Other_Consolidated_Balance_She
Other Consolidated Balance Sheet Accounts Detail | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Consolidated Balance Sheet Accounts Detail [Abstract] | ' | |||||||||||
Other Consolidated Balance Sheet Accounts Detail | ' | |||||||||||
Other Consolidated Balance Sheet Accounts Detail | ||||||||||||
Allowance for Doubtful Accounts, Accounts Receivable | ||||||||||||
The changes in the allowance for doubtful accounts due from customers consist of the following (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of year | $ | 10.9 | $ | 9.6 | $ | 8.7 | ||||||
Net additions charged to operations | 1.1 | 2 | 2 | |||||||||
Less: Write-offs and adjustments | (2.6 | ) | (0.7 | ) | (1.1 | ) | ||||||
Balance, end of year | $ | 9.4 | $ | 10.9 | $ | 9.6 | ||||||
The net additions to the allowance for doubtful accounts were recognized in the consolidated statements of operations as a component of the Company’s selling, general and administrative expenses. | ||||||||||||
Other Receivables, Net | ||||||||||||
Other receivables, net consist of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Vendor receivables, net | $ | 46 | $ | 41.2 | ||||||||
Insurance recoverables, current | 5.3 | 2.2 | ||||||||||
Other | 7.7 | 10.4 | ||||||||||
Total other receivables, net | $ | 59 | $ | 53.8 | ||||||||
Deposits and Prepayments | ||||||||||||
Deposits and prepayments consist of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Deposits | $ | 4.9 | $ | 4.8 | ||||||||
Prepaid income taxes | 4.3 | 3.7 | ||||||||||
Vendor prepayments | 26.4 | 18.8 | ||||||||||
Racking allowances, current | 7.9 | 5 | ||||||||||
Other prepayments | 9.5 | 8 | ||||||||||
Total deposits and prepayments | $ | 53 | $ | 40.3 | ||||||||
Deposits include amounts related primarily to cigarette stamps and workers' compensation claims. Other prepayments include prepayments relating to insurance policies, rent, cigarette stamps and software licenses. | ||||||||||||
Other Non-Current Assets, Net | ||||||||||||
Other non-current assets, net of current portion, consist of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Insurance recoverables | $ | 17.2 | $ | 17.6 | ||||||||
Debt issuance costs | 1.1 | 1 | ||||||||||
Insurance deposits | 3.7 | 3.6 | ||||||||||
Racking allowances, net | 4.9 | 4.4 | ||||||||||
Other assets | 6.2 | 6.9 | ||||||||||
Total other non-current assets, net | $ | 33.1 | $ | 33.5 | ||||||||
Accrued Liabilities | ||||||||||||
Accrued liabilities consist of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Accrued payroll, retirement and other benefits | $ | 25.8 | $ | 27.7 | ||||||||
Claims liabilities, current | 12.9 | 8.5 | ||||||||||
Accrued customer incentives payable | 18.5 | 14.9 | ||||||||||
Indirect taxes | 5.9 | 5.2 | ||||||||||
Vendor advances | 5.3 | 5.5 | ||||||||||
Other accrued expenses | 19.7 | 17.7 | ||||||||||
Total accrued liabilities | $ | 88.1 | $ | 79.5 | ||||||||
The Company’s accrued payroll, retirement and other benefits include accruals for vacation, bonuses, wages, 401(k) benefit matching and the current portion of pension and post-retirement benefit obligations. The Company’s other accrued expenses include accruals for goods and services, legal expenses, interest and other miscellaneous accruals. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consist of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Inventories at FIFO, net of reserves | $ | 488.2 | $ | 456.7 | ||||
Less: LIFO reserve | (99.0 | ) | (90.3 | ) | ||||
Total inventories at LIFO, net of reserves | $ | 389.2 | $ | 366.4 | ||||
Cost of goods sold reflects the application of the last-in, first-out (“LIFO”) method of valuing inventories in the U.S. based upon estimated annual producer price indices. Inventories in Canada are valued on a first-in, first-out (“FIFO”) basis, as LIFO is not a permitted inventory valuation method in Canada. If the FIFO method had been used for valuing inventories in the U.S., inventories would have been approximately $99.0 million and $90.3 million higher at December 31, 2013 and 2012, respectively. The Company had a decrement in certain of its LIFO inventory layers of $11.8 million, $23.2 million and $2.4 million in 2013, 2012 and 2011, respectively, which had the effect of reducing its LIFO expense by $2.2 million in 2013, $1.6 million in 2012 and $0.6 million in 2011. The Company recorded LIFO expense of $8.7 million, $12.3 million and $18.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. The decrement in the Company’s LIFO inventory layers in 2013 was due primarily to lower inventory levels resulting from higher than expected sales in December 2013. Approximately $20.0 million of the $23.2 million decrement in 2012 was the result of a reduction in LIFO layers created in 2011, due to a temporary increase in inventory to support new business and holiday timing at the end of 2011. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and Equipment | ||||||||
Property and equipment consist of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Delivery, warehouse and office equipment (1) | $ | 169 | $ | 156.2 | ||||
Leasehold improvements | 36.1 | 32.3 | ||||||
Land and buildings (2) | 26.9 | 24.9 | ||||||
Construction in progress | 1.1 | 1.4 | ||||||
233.1 | 214.8 | |||||||
Less: Accumulated depreciation and amortization | (118.2 | ) | (100.1 | ) | ||||
Total property and equipment, net | $ | 114.9 | $ | 114.7 | ||||
______________________________________________ | ||||||||
(1) Includes equipment capital leases of $3.3 million for 2013 and $2.1 million for 2012. | ||||||||
(2) In both 2013 and 2012 includes $4.8 million for a capital lease related to a warehouse facility. | ||||||||
Depreciation and amortization expenses related to property and equipment were $20.0 million, $18.5 million and $16.2 million for 2013, 2012 and 2011, respectively. Property and equipment includes accruals for construction in progress of $1.9 million in 2013 and $0.2 million in 2012. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill during 2013 and 2012 are as follows (in millions): | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Goodwill, beginning of year | $ | 22.8 | $ | 16.2 | ||||||||||||||||||||
Davenport acquisition | 0.1 | 6.6 | ||||||||||||||||||||||
Goodwill, end of year | $ | 22.9 | $ | 22.8 | ||||||||||||||||||||
The Company tests goodwill for impairment annually or whenever events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. The Company did not record any impairment charges related to goodwill during the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||
The carrying amount and accumulated amortization of other intangible assets as of December 31, 2013 and 2012 are as follows (in millions): | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||
Customer relationships | $ | 21.1 | $ | (4.1 | ) | $ | 17 | $ | 21.6 | $ | (3.0 | ) | $ | 18.6 | ||||||||||
Non-competition agreements | 3.2 | (1.8 | ) | 1.4 | 3.2 | (1.0 | ) | 2.2 | ||||||||||||||||
Internally developed and other purchased software | 11.9 | (9.5 | ) | 2.4 | 9.9 | (9.3 | ) | 0.6 | ||||||||||||||||
Total other intangible assets | $ | 36.2 | $ | (15.4 | ) | $ | 20.8 | $ | 34.7 | $ | (13.3 | ) | $ | 21.4 | ||||||||||
The amortization of intangible assets, inclusive of non-compete agreements, customer lists and internally developed and other purchased software, recorded in the consolidated statements of operations was $2.7 million in 2013 and $3.0 million in both 2012 and 2011. | ||||||||||||||||||||||||
Intangible assets and software with definite useful lives are amortized over the following useful lives: | ||||||||||||||||||||||||
Useful Life in Years | ||||||||||||||||||||||||
Customer relationships | 15-Oct | |||||||||||||||||||||||
Non-competition agreements | 5-Jan | |||||||||||||||||||||||
Software | 8-Mar | |||||||||||||||||||||||
Estimated future amortization expense for intangible assets is as follows (in millions): | ||||||||||||||||||||||||
Year ending December 31, | ||||||||||||||||||||||||
2014 | $ | 2.5 | ||||||||||||||||||||||
2015 | 2.4 | |||||||||||||||||||||||
2016 | 2.1 | |||||||||||||||||||||||
2017 | 1.9 | |||||||||||||||||||||||
2018 | 1.8 | |||||||||||||||||||||||
Longterm_Debt
Long-term Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-term Debt | ' | |||||||
Long-term Debt | ||||||||
Total long-term debt consists of the following (in millions): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Amounts borrowed (Credit Facility) | $ | 46.3 | $ | 73.3 | ||||
Obligations under capital leases (Note 9) | 11.3 | 11.4 | ||||||
Total long-term debt | $ | 57.6 | $ | 84.7 | ||||
The Company has a revolving credit facility (“Credit Facility”) with a capacity of $200 million which can be increased up to an additional $100 million, subject to certain provisions. All obligations under the Credit Facility are secured by first priority liens on substantially all of the Company’s present and future assets. The terms of the Credit Facility permit prepayment without penalty at any time (subject to customary breakage costs with respect to LIBOR or CDOR based loans prepaid prior to the end of an interest period). | ||||||||
On May 30, 2013, the Company entered into a fifth amendment to the Credit Facility (the "Fifth Amendment"), which extended the term of the Credit Facility from May 2016 to May 2018 and reduced the margin added to the LIBOR or CDOR rate and reduced the unused facility fees. The margin added to the LIBOR or CDOR rate is currently a range of 125 to 175 basis points, down from a range of 175 to 225 basis points. In addition, the Fifth Amendment provides for stock repurchases of up to an aggregate of $50 million, not to exceed $15 million in any year and re-established a $75 million ceiling for dividends allowable over the term of the Credit Facility. The Company incurred fees of approximately $0.3 million in connection with the Fifth Amendment, which are being amortized over the term of the amendment. | ||||||||
The Credit Facility contains restrictive covenants, including among others, limitations on dividends and other restricted payments, other indebtedness, liens, investments and acquisitions and certain asset sales. As of December 31, 2013, the Company was in compliance with all of the covenants under the Credit Facility. | ||||||||
Amounts borrowed, outstanding letters of credit and amounts available to borrow, net of certain reserves required under the Credit Facility, were as follows (in millions): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Amounts borrowed | $ | 46.3 | $ | 73.3 | ||||
Outstanding letters of credit | 21.8 | 19.8 | ||||||
Amounts available to borrow (1) | 122.7 | 97.7 | ||||||
______________________________________________ | ||||||||
-1 | Excluding $100 million expansion feature. | |||||||
Average borrowings during the years ended December 31, 2013 and 2012 were $35.3 million and $26.3 million, respectively, with amounts borrowed at any one time during the years then ended ranging from zero to $112.0 million and zero to $91.5 million, respectively. | ||||||||
The weighted-average interest rate on the revolving credit facility for the years ended December 31, 2013 and 2012 was 1.8% and 2.1%, respectively. The weighted-average interest rate is calculated based on the daily cost of borrowing, reflecting a blend of prime and LIBOR rates. The Company paid fees for unused credit facility and letter of credit participation, which are included in interest expense, of $0.8 million, $0.9 million, and $1.3 million for 2013, 2012 and 2011, respectively. The Company recorded charges related to amortization of debt issuance costs, which are included in interest expense, of $0.4 million, $0.4 million, and $0.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. Unamortized debt issuance costs were $1.4 million and $1.5 million as of December 31, 2013 and 2012, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Purchase Commitments | ||||
The Company enters into purchase commitments in the ordinary course of business. At December 31, 2013, the Company had $4.8 million in purchase obligations related primarily to delivery equipment and computer software. At December 31, 2012, the Company had $1.2 million in purchase obligations related primarily to delivery equipment. | ||||
Operating Leases | ||||
The Company leases most of its sales and warehouse facilities and a significant number of trucks, vans and certain equipment under operating lease agreements expiring at various dates through 2027, excluding renewal options. Rent expense is recorded on a straight-line basis over the term of the lease, including available renewal option terms, if it is reasonably assured that the renewal options will be exercised. The operating leases generally require the Company to pay taxes, maintenance and insurance. In most instances, the Company expects the operating leases that expire will be renewed or replaced in the normal course of business. | ||||
Future minimum rental payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year and excluding contracted vehicle maintenance costs) were as follows as of December 31, 2013 (in millions): | ||||
Year ending December 31, | ||||
2014 | $ | 33.8 | ||
2015 | 31.1 | |||
2016 | 28.9 | |||
2017 | 26.2 | |||
2018 | 21.7 | |||
2019 and Thereafter | 72 | |||
Total | $ | 213.7 | ||
For 2013, 2012 and 2011, rental expenses for operating and month-to-month leases, including contracted vehicle maintenance costs, were $45.7 million, $41.8 million and $38.7 million, respectively. | ||||
Capital Leases | ||||
As of December 31, 2013 and 2012, the Company had approximately $12.5 million and $12.3 million, respectively, in capital lease obligations, related to a warehouse facility, refrigeration and other office and warehouse equipment with lease agreements expiring at various dates through 2032, excluding renewal options. | ||||
Future minimum lease payments under non-cancelable capital leases were as follows as of December 31, 2013 (in millions): | ||||
Year ending December 31, | ||||
2014 | $ | 1.7 | ||
2015 | 1.7 | |||
2016 | 1.6 | |||
2017 | 1.2 | |||
2018 | 1.2 | |||
2019 and thereafter | 9.2 | |||
Total | 16.6 | |||
Less: Interest | (4.1 | ) | ||
Present value of future minimum lease payments | 12.5 | |||
Less: current portion | (1.2 | ) | ||
Non-current portion | $ | 11.3 | ||
Contingencies | ||||
Off-Balance Sheet Arrangements | ||||
Letter of Credit Commitments. As of December 31, 2013, the Company's standby letters of credit issued under the Company's Credit Facility were $21.8 million related primarily to casualty insurance and tax obligations. The majority of the standby letters of credit mature in one year. However, in the ordinary course of business, the Company will continue to renew or modify the terms of the letters of credit to support business requirements. The letters of credit are contingent liabilities, supported by the Company’s line of credit, and are not reflected on the consolidated balance sheets. | ||||
Operating Leases. The majority of the Company’s sales offices, warehouse facilities and trucks are subject to lease agreements, which expire at various dates through 2032, excluding renewal options. These leases generally require the Company to maintain, insure and pay any related taxes. In most instances, the Company expects the leases that expire will be renewed or replaced in the normal course of its business. | ||||
Third Party Distribution Centers. The Company currently manages two regional distribution centers for third party convenience store operators who engage in self-distribution. Under the agreement relating to one of these facilities, the third party has a “put” right under which it may require the Company to acquire the facility. If the put right is exercised, the Company will be required to (1) purchase the inventory in the facilities at cost, (2) purchase the physical assets of the facilities at fully depreciated cost and (3) assume the obligations of the third party as lessees under the leases related to those facilities. While the Company believes the likelihood that this put option will be exercised is remote, if it were exercised, the Company would be required to make aggregate capital expenditures of approximately $2.0 million based on current estimates. The amount of capital expenditures would vary depending on the timing of any exercise of such put right and does not include an estimate of the cost to purchase inventory because such purchases would simply replace other planned inventory purchases and would not represent an incremental cost. In the event the third party terminates self-distribution, they are required to enter into a five year distribution agreement with the Company to supply their stores. | ||||
Litigation | ||||
The Company is a plaintiff in a lawsuit against Sonitrol Corporation. The case arose from the December 21, 2002 arson fire at the Denver warehouse in which Sonitrol failed to detect and respond to a four-hour burglary and subsequent arson. In 2010, a jury found in favor of the Company and its insurers. Sonitrol appealed the judgment to the Colorado Appellate Court and on July 19, 2012, the Appellate Court upheld the trial court's ruling on two of the three issues being appealed but set aside the judgment and remanded the case back to the District Court for trial on the sole issue of damages. The Appellate Court's ruling was appealed by Sonitrol to the Colorado Supreme Court on September 21, 2012. On April 29, 2013, the Colorado Supreme Court denied Sonitrol's appeal and the case was returned to the District Court to resolve the sole issue of damages. A trial date has been set for April 7, 2014. The Company is unable to predict when this litigation will be finally resolved and the ultimate outcome. Any monetary recovery from the lawsuit would be recognized only if and when it is finally paid to the Company. | ||||
The Company is subject to certain legal proceedings, claims, investigations and administrative proceedings in the ordinary course of its business. The Company records a provision for a liability when it is both probable that the liability has been incurred and the amount of the liability can be reasonably estimated. These provisions, if any, are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
The Company's income tax provision consists of the following (in millions): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | 18.7 | $ | 16.2 | $ | 13.7 | |||||||||||||||
State | 2.4 | 2.5 | 3.6 | ||||||||||||||||||
Foreign | — | — | — | ||||||||||||||||||
Total current tax provision | $ | 21.1 | $ | 18.7 | $ | 17.3 | |||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | $ | 2.8 | $ | 2.5 | $ | 0.3 | |||||||||||||||
State | 0.8 | 0.5 | (0.5 | ) | |||||||||||||||||
Foreign | (0.3 | ) | (0.2 | ) | (0.1 | ) | |||||||||||||||
Total deferred tax (benefit) provision | $ | 3.3 | $ | 2.8 | $ | (0.3 | ) | ||||||||||||||
Total income tax provision | $ | 24.4 | $ | 21.5 | $ | 17 | |||||||||||||||
A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate and income tax provision is as follows (in millions): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Federal income tax provision at the statutory rate | $ | 23.1 | 35 | % | $ | 19.4 | 35 | % | $ | 15.1 | 35 | % | |||||||||
Increase (decrease) resulting from: | |||||||||||||||||||||
State income taxes, net of federal benefit | 2.5 | 3.9 | 2.3 | 4.2 | 2.1 | 4.9 | |||||||||||||||
Decrease in unrecognized tax benefits (inclusive of | |||||||||||||||||||||
related interest and penalty) | (0.4 | ) | (0.6 | ) | (0.2 | ) | (0.4 | ) | (0.3 | ) | (0.7 | ) | |||||||||
Effect of foreign operations | (0.3 | ) | (0.5 | ) | (0.2 | ) | (0.4 | ) | (0.1 | ) | (0.2 | ) | |||||||||
Non-deductible acquisition costs | — | — | 0.2 | 0.4 | 0.3 | 0.7 | |||||||||||||||
Tax credits and other, net | (0.5 | ) | (0.8 | ) | — | — | (0.1 | ) | (0.3 | ) | |||||||||||
Income tax provision | $ | 24.4 | 37 | % | $ | 21.5 | 38.8 | % | $ | 17 | 39.4 | % | |||||||||
The Company’s effective tax rate was 37.0% for 2013 compared to 38.8% for 2012. The decrease in effective tax rate for 2013 was due primarily to a higher proportion of earnings from states with lower tax rates, tax credits and adjustments of prior year’s estimates and the impact of non-deductible acquisition-related costs recognized in 2012. | |||||||||||||||||||||
The provision for income taxes included a net benefit of $0.9 million and $0.5 million for 2013 and 2012, respectively, related primarily to the expiration of the statute of limitations for uncertain tax positions and adjustments of prior year's estimates. | |||||||||||||||||||||
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The tax effects of significant temporary differences which comprise deferred tax assets and liabilities are as follows (in millions): | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Employee benefits, including post-retirement benefits | $ | 11.3 | $ | 15.3 | |||||||||||||||||
Trade and other receivables | 3.6 | 4.3 | |||||||||||||||||||
Goodwill and intangibles | 2.8 | 2.7 | |||||||||||||||||||
Self-insurance reserves | 1 | 0.9 | |||||||||||||||||||
Other | 3.6 | 3.4 | |||||||||||||||||||
Subtotal | 22.3 | 26.6 | |||||||||||||||||||
Less: valuation allowance | (0.1 | ) | (0.1 | ) | |||||||||||||||||
Net deferred tax assets | $ | 22.2 | $ | 26.5 | |||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Inventories | $ | 5.4 | $ | 4 | |||||||||||||||||
Property and equipment | 19.1 | 19.5 | |||||||||||||||||||
Prepaid and deposits | 0.5 | 0.5 | |||||||||||||||||||
Deferred income | 0.2 | 0.2 | |||||||||||||||||||
Goodwill and intangibles | 7.1 | 7.9 | |||||||||||||||||||
Other | 1 | 1.3 | |||||||||||||||||||
Total deferred tax liabilities | $ | 33.3 | $ | 33.4 | |||||||||||||||||
Total net deferred tax liabilities | $ | (11.1 | ) | $ | (6.9 | ) | |||||||||||||||
Net current deferred tax assets | 2.3 | 4.8 | |||||||||||||||||||
Net non-current deferred tax liabilities | $ | (13.4 | ) | $ | (11.7 | ) | |||||||||||||||
At each balance sheet date, a valuation allowance was established against the deferred tax assets based on management’s assessment whether it is more likely than not that these deferred tax assets would not be realized. The Company had a valuation allowance of $0.1 million at December 31, 2013 and 2012 related to foreign tax credits, which will expire at various times between 2014 to 2016. | |||||||||||||||||||||
The total gross amount of unrecognized tax benefits related to federal, state and foreign taxes was approximately $0.6 million and $1.6 million at December 31, 2013 and 2012, respectively, all of which would impact the Company's effective tax rate, if recognized. The expiration of the statute of limitations for certain tax positions in future years and expected settlement of certain tax audit issues could impact the total gross amount of unrecognized tax benefits by $0.2 million through the year ended December 31, 2014. A reconciliation of the beginning and ending amounts of unrecognized tax benefits for 2013, 2012 and 2011 is as follows (in millions): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Balance at beginning of year | $ | 1.6 | $ | 1.8 | $ | 1.2 | |||||||||||||||
Increase in unrecognized tax benefits related to acquisition | 0.2 | — | 0.9 | ||||||||||||||||||
Lapse of statute of limitations | (0.2 | ) | (0.2 | ) | (0.2 | ) | |||||||||||||||
Settlement(1) | (1.0 | ) | — | — | |||||||||||||||||
Other | — | — | (0.1 | ) | |||||||||||||||||
Balance at end of year | $ | 0.6 | $ | 1.6 | $ | 1.8 | |||||||||||||||
____________________________________________ | |||||||||||||||||||||
-1 | Relates to the settlement in 2013 of certain pre-acquisition tax liabilities which were reimbursed by the former owners. | ||||||||||||||||||||
The Company files U.S. federal, state and foreign income tax returns in jurisdictions with varying statutes of limitations. In 2011, the IRS initiated an examination of the Company’s federal tax returns for 2009 and 2010. The examination was finalized in the first quarter of 2013 and resulted in no adjustments. The 2010 to 2013 tax years remain subject to examination by federal and state tax authorities. As of December 31, 2013, the 2009 tax year was still open for certain state tax authorities. The 2006 to 2013 tax years remain subject to examination by the tax authorities in Canada. | |||||||||||||||||||||
The Company recognizes interest and penalties on income taxes in income tax expense. For the years ended December 31, 2013, 2012 and 2011 the Company recognized a net benefit in its provision for income taxes of $0.1 million related primarily to the recovery of interest associated with the expiration of statute of limitations for certain unrecognized tax positions. As of December 31, 2013, the Company had a liability of $0.5 million for estimated interest and penalties related to unrecognized tax benefits, consisting of $0.2 million for interest and $0.3 million for penalties, compared to a liability of 0.7 million as of December 31, 2012. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||
The Company sponsored a qualified defined-benefit pension plan and a post-retirement benefit consisting of a Core-Mark pension plan, which was frozen on September 30, 1986. In addition, the Company inherited three plans from Fleming, the Company’s former parent company. The Fleming plans were frozen on or prior to August 20, 1998. These plans are collectively referred as the “Pension Plans”. There have been no new entrants to the Pension Plans after those benefit plans were frozen. | |||||||||||||||||||||||||
The Company’s defined-benefit pension plan is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”). Under ERISA, the Pension Benefit Guaranty Corporation (“PBGC”) has the authority to terminate an underfunded pension plan under limited circumstances. In the event the Company’s pension plan is terminated for any reason while it is underfunded, the Company would incur a liability to the PBGC that may be equal to the entire amount of the underfunding. The Company’s post-retirement benefit plan is not subject to ERISA. As a result, the post-retirement benefit plan is not required to be pre-funded, and, accordingly, has no plan assets. | |||||||||||||||||||||||||
Pension costs and other post-retirement benefit costs charged to operations are estimated on the basis of annual valuations with the assistance of an independent actuary. Adjustments arising from plan amendments, changes in assumptions and experience gains and losses, are amortized over the average future life expectancy of inactive participants for the defined-benefit plan, and the average remaining future service of active employees expected to receive benefits for the post-retirement benefit plan. | |||||||||||||||||||||||||
The following tables provide a reconciliation of the changes in the Pension Plans' benefit obligation and fair value of assets, the funded status of the plans and the amounts recognized in the balance sheets and accumulated other comprehensive loss as of December 31, 2013 and 2012 (in millions): | |||||||||||||||||||||||||
Pension Benefits | Other Post-retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||
Obligation at beginning of year | $ | 43 | $ | 38 | $ | 5.1 | $ | 4.6 | |||||||||||||||||
Interest cost | 1.6 | 1.8 | 0.2 | 0.2 | |||||||||||||||||||||
Actuarial (gain) loss | (1.7 | ) | 5.6 | (0.8 | ) | 0.4 | |||||||||||||||||||
Benefit payments | (2.8 | ) | (2.4 | ) | (0.2 | ) | (0.1 | ) | |||||||||||||||||
Curtailment gain | — | — | (0.9 | ) | — | ||||||||||||||||||||
Benefit obligation at end of year | $ | 40.1 | $ | 43 | $ | 3.4 | $ | 5.1 | |||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 33 | $ | 28.7 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 3.3 | 3 | — | — | |||||||||||||||||||||
Employer contributions | 4.5 | 3.7 | 0.2 | 0.1 | |||||||||||||||||||||
Benefit payments | (2.8 | ) | (2.4 | ) | (0.2 | ) | (0.1 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 38 | $ | 33 | $ | — | $ | — | |||||||||||||||||
Funded status at end of year | $ | (2.1 | ) | $ | (10.0 | ) | $ | (3.4 | ) | $ | (5.1 | ) | |||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | (0.3 | ) | $ | (0.3 | ) | |||||||||||||||
Non-current liabilities | (2.1 | ) | (10.0 | ) | (3.1 | ) | (4.8 | ) | |||||||||||||||||
Total liability | $ | (2.1 | ) | $ | (10.0 | ) | $ | (3.4 | ) | $ | (5.1 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||||||||||
Prior service credit | $ | — | $ | — | $ | — | $ | (0.1 | ) | ||||||||||||||||
Net actuarial loss (gain) | 13.1 | 16.5 | (0.1 | ) | 0.7 | ||||||||||||||||||||
Total | $ | 13.1 | $ | 16.5 | $ | (0.1 | ) | $ | 0.6 | ||||||||||||||||
Additional Information: | |||||||||||||||||||||||||
Accumulated benefit obligation | $ | 40.1 | $ | 43 | |||||||||||||||||||||
During 2013, the underfunded status of the defined-benefit pension plan decreased $7.9 million to $2.1 million, due primarily to an actuarial gain of $1.7 million in 2013 attributable primarily to an increase in discount rates, $4.5 million of Company contributions, and higher than expected returns on the Company's pension plan assets. In addition, during 2013, the Company implemented changes to medical benefits in the post-retirement benefit plan. The most significant change to the plan was the removal of the Company’s subsidy of medical premiums for future retirees, which curtailed future benefits for those participants. The Company recorded a net curtailment gain of $0.9 million in 2013 due to the reduction in future obligations under the plan resulting from the change in benefits. | |||||||||||||||||||||||||
The following table provides components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income (in millions): | |||||||||||||||||||||||||
Pension Benefits | Other Post-retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Net Periodic Benefit Cost: | |||||||||||||||||||||||||
Interest cost | $ | 1.6 | $ | 1.8 | $ | 1.8 | $ | 0.2 | $ | 0.2 | $ | 0.2 | |||||||||||||
Expected return on plan assets | (2.3 | ) | (2.1 | ) | (1.9 | ) | — | — | — | ||||||||||||||||
Amortization of prior service credit | — | — | — | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||||||||||||||
Amortization of net actuarial loss | 0.6 | 0.4 | 0.3 | — | — | — | |||||||||||||||||||
Curtailment gain | — | — | — | (0.9 | ) | — | — | ||||||||||||||||||
Net periodic benefit (income) cost | $ | (0.1 | ) | $ | 0.1 | $ | 0.2 | $ | (0.8 | ) | $ | 0.1 | $ | 0.1 | |||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | |||||||||||||||||||||||||
Net actuarial (gain)/loss | $ | (2.8 | ) | $ | 4.7 | $ | 4.1 | $ | (0.8 | ) | $ | 0.4 | $ | 0.5 | |||||||||||
Amortization of prior service cost | — | — | — | 0.1 | 0.1 | 0.1 | |||||||||||||||||||
Amortization of actuarial gain | (0.6 | ) | (0.4 | ) | (0.3 | ) | — | — | — | ||||||||||||||||
Total recognized in other comprehensive | |||||||||||||||||||||||||
income | $ | (3.4 | ) | $ | 4.3 | $ | 3.8 | $ | (0.7 | ) | $ | 0.5 | $ | 0.6 | |||||||||||
Total recognized in net periodic benefit cost and | |||||||||||||||||||||||||
other comprehensive income | $ | (3.5 | ) | $ | 4.4 | $ | 4 | $ | (1.5 | ) | $ | 0.6 | $ | 0.7 | |||||||||||
For both the pension and other post-retirement benefits plans, prior service cost are amortized on a straight-line basis over the average remaining future service of active employees expected to receive benefits under the plan. For the pension benefits plan, gains and losses in excess of 10% of the greater of the benefit obligation and market-related value of assets are amortized over the average future life expectancy of inactive participants. For the post-retirement benefit plan, gains and losses in excess of 10% of the greater of the benefit obligation and market-related value of assets are amortized over the average remaining future service of active employees expected to receive benefits under the plan. The Company uses its fiscal year-end date as the measurement date for the plans. The Company estimated that average future life expectancy is 22.1 years for the pension benefits plan and remaining service life of active participants is 6.8 years for the post-retirement benefits plan. | |||||||||||||||||||||||||
Assumptions Used: | |||||||||||||||||||||||||
The following table shows the weighted-average assumptions used in the measurement of: | |||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Benefit Obligations: | |||||||||||||||||||||||||
Discount rate | 4.6 | % | 3.8 | % | 4.72 | % | 4.6 | % | 3.85 | % | 4.74 | % | |||||||||||||
Expected return on assets | 6.55 | % | 7 | % | 7.25 | % | N/A | N/A | N/A | ||||||||||||||||
Net Periodic Benefit Costs: | |||||||||||||||||||||||||
Discount rate | 3.8 | % | 4.72 | % | 5.04 | % | 3.85 | % | 4.74 | % | 5.08 | % | |||||||||||||
Expected return on assets | 7 | % | 7.25 | % | 7.35 | % | N/A | N/A | N/A | ||||||||||||||||
The weighted-average discount rates used to determine the Pension Plans' obligations and expenses are based on a yield curve methodology which matches the expected benefits at each duration to the available high quality yields at that duration and calculating an equivalent yield. The increase in discount rate in 2013 compared to 2012 was due to higher bond yields. The decrease in the expected long-term return on assets assumption in 2013 compared to 2012 was due primarily to a change in the investment composition of the plan assets to a higher percentage of bonds versus equity investments, in order to reduce risk. The Company uses a building block approach in determining the overall expected long term return on assets. Under this approach, a weighted-average expected rate of return is developed based on historical and expected future returns for each major asset class and the proportion of assets of the class held by the Pension Plans. The Company then reviews the results and may make adjustments to reflect the expected additional return gained through active investment management. | |||||||||||||||||||||||||
Assumed health care cost trend rates have an effect on the amounts reported for the post-retirement health care plans. The health care cost trend rates assumed for the end of year benefit obligation for the post-retirement benefit plans are as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Assumed current trend rate for next year for participants under 65 | 7.50% | 7.00% | |||||||||||||||||||||||
Assumed current trend rate for next year for participants 65 and over | 7.00% | 6.00% | |||||||||||||||||||||||
Ultimate year trend rate | 5.00% | 5.00% | |||||||||||||||||||||||
Year that ultimate trend rate is reached for participants under 65 | 2024 | 2017 | |||||||||||||||||||||||
Year that ultimate trend rate is reached for participants 65 and over | 2022 | 2017 | |||||||||||||||||||||||
A one percent point change in assumed health care cost trend rates would have the following effects (in millions): | |||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components of net periodic post-retirement | |||||||||||||||||||||||||
health care benefit cost | $ | — | $ | — | |||||||||||||||||||||
Effect on the health care component of the accumulated post-retirement benefit | |||||||||||||||||||||||||
obligation | $ | 0.4 | $ | (0.3 | ) | ||||||||||||||||||||
Plan Assets: | |||||||||||||||||||||||||
The Company has adopted a dynamic investment strategy to reduce the pension plan's investment risk as the funded status improves. The strategy will reduce the allocation to return seeking assets (primarily equities) and increase the allocation to liability hedging assets (primarily fixed income) over time with the intention of reducing the volatility of the funded status and pension costs. Based on the plan's funded status, the Company's current target allocations are: 0-5% cash, 28-34% equity and 66-72% fixed income. The Company’s investment target also sets forth the requirement for diversification within asset class, types and classes for investments prohibited and permitted, specific indices to be used for benchmark in investment decisions and criteria for individual securities. | |||||||||||||||||||||||||
The fair value measurements of the Pension Plans' assets by asset category at December 31, 2013 are as follows (in millions): | |||||||||||||||||||||||||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Cash and cash equivalents | $ | 2.5 | $ | 2.5 | $ | — | $ | — | |||||||||||||||||
Group trust | 31.8 | — | 31.8 | — | |||||||||||||||||||||
Group annuity contract | 3.7 | — | 3.7 | — | |||||||||||||||||||||
Total | $ | 38 | $ | 2.5 | $ | 35.5 | $ | — | |||||||||||||||||
During 2013, the Company reinvested the majority of the plan assets in an investment instrument (“Group Trust”), comprised of a diversified portfolio of investments across various asset classes, including U.S. and foreign equities and U.S. high yield and investment grade corporate bonds. The Group Trust is valued at the net asset value provided by the administrator of the fund. The net asset value is based on the value of the underlying assets owned by the fund, minus its liabilities, divided by the number of units outstanding. | |||||||||||||||||||||||||
The group annuity consists primarily of investment grade fixed income securities. The participating annuity contract is valued based on discounted cash flows of current yields of similar securities with comparable duration based on the underlying fixed income investments. | |||||||||||||||||||||||||
The fair value measurements of the Pension Plans' assets by asset category at December 31, 2012 are as follows (in millions): | |||||||||||||||||||||||||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Cash and cash equivalents | $ | 1.1 | $ | 0.4 | $ | 0.7 | $ | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Mutual funds | 8.1 | 8.1 | — | — | |||||||||||||||||||||
Other equity securities, primarily U.S. companies | 10.1 | 10.1 | — | — | |||||||||||||||||||||
Government securities | 3.7 | 2.1 | 1.6 | — | |||||||||||||||||||||
Corporate and muni bonds: | |||||||||||||||||||||||||
Other bonds | 5.9 | — | 5.9 | — | |||||||||||||||||||||
Muni bonds | 0.3 | — | 0.3 | — | |||||||||||||||||||||
Group annuity contract | 3.8 | — | 3.8 | — | |||||||||||||||||||||
Total | $ | 33 | $ | 20.7 | $ | 12.3 | $ | — | |||||||||||||||||
Estimated Future Contributions and Benefit Payments | |||||||||||||||||||||||||
The Company expects to contribute a minimum of $1.3 million and $0.3 million its pension benefits plan and other post-retirements benefits plan, respectively, in 2014. | |||||||||||||||||||||||||
Estimated future benefit payments reflecting future service are as follows (in millions): | |||||||||||||||||||||||||
Year ending December 31, | Pension Benefits | Other | |||||||||||||||||||||||
Post-retirement Benefits | |||||||||||||||||||||||||
2014 | $ | 3.3 | $ | 0.3 | |||||||||||||||||||||
2015 | 2.7 | 0.3 | |||||||||||||||||||||||
2016 | 2.9 | 0.2 | |||||||||||||||||||||||
2017 | 2.9 | 0.2 | |||||||||||||||||||||||
2018 | 3.3 | 0.2 | |||||||||||||||||||||||
2019 through 2023 | 13.8 | 1.1 | |||||||||||||||||||||||
Expected amortizations from accumulated other comprehensive income into net periodic benefit cost for the year ending December 31, 2014 (in millions): | |||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||
Post-retirement Benefits | |||||||||||||||||||||||||
Expected amortization of net actuarial loss | $ | 0.4 | $ | — | |||||||||||||||||||||
Expected amortization of prior service credit | — | — | |||||||||||||||||||||||
Total expected amortizations for the year ending December 31, 2014 | $ | 0.4 | $ | — | |||||||||||||||||||||
Multi-employer Defined Benefit Plan | |||||||||||||||||||||||||
The Company contributed $0.3 million in each of the years ended December 31, 2013 and 2012 to multi-employer defined benefit plans under the terms of a collective-bargaining agreement that covers its union represented employees. | |||||||||||||||||||||||||
Savings Plans | |||||||||||||||||||||||||
The Company maintains defined-contribution plans in the U.S., subject to Section 401(k) of the Internal Revenue Code, and in Canada, subject to the Income Tax Act. For the year ended December 31, 2013, eligible U.S. employees could elect to contribute, on a tax-deferred basis, from 1% to 75% of their compensation to a maximum of $17,500. Eligible U.S. employees over 50 years of age could also contribute an additional $5,500 on a tax-deferred basis. In Canada, employees can elect to contribute up to a maximum of $23,820 Canadian dollars. Under the 401(k) plan, the Company matches 100% of U.S. employee contributions up to 2% of base salary and matches 25% of employee contributions from 2% to 6% of base salary. For Canadian employees, the Company matches 50% of employee contributions up to 3% of base salary. For the years ended December 31, 2013, 2012 and 2011, the Company made matching payments of $2.8 million, $2.3 million and $2.5 million, respectively. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||||||||||
The following table sets forth the computation of basic and diluted net earnings per share (dollars and shares in millions, except per share amounts): | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Net Income | Weighted-Average Shares Outstanding | Net Income Per Common Share | Net Income | Weighted-Average Shares Outstanding | Net Income Per Common Share | Net Income | Weighted-Average Shares Outstanding | Net Income Per Common Share | |||||||||||||||||||||||||
Basic EPS | $ | 41.6 | 11.5 | $ | 3.62 | $ | 33.9 | 11.5 | $ | 2.96 | $ | 26.2 | 11.4 | $ | 2.3 | ||||||||||||||||||
Effect of dilutive | |||||||||||||||||||||||||||||||||
common share | |||||||||||||||||||||||||||||||||
equivalents: | |||||||||||||||||||||||||||||||||
Restricted | |||||||||||||||||||||||||||||||||
stock units | — | — | (0.01 | ) | — | 0.1 | (0.02 | ) | — | — | (0.01 | ) | |||||||||||||||||||||
Stock options | — | 0.1 | (0.02 | ) | — | — | (0.02 | ) | — | 0.1 | (0.02 | ) | |||||||||||||||||||||
Performance shares | — | — | (0.01 | ) | — | — | (0.01 | ) | — | — | — | ||||||||||||||||||||||
Warrants | — | — | — | — | — | — | — | 0.2 | (0.04 | ) | |||||||||||||||||||||||
Diluted EPS | $ | 41.6 | 11.6 | $ | 3.58 | $ | 33.9 | 11.6 | $ | 2.91 | $ | 26.2 | 11.7 | $ | 2.23 | ||||||||||||||||||
______________________________________________ | |||||||||||||||||||||||||||||||||
Note: Basic and diluted earnings per share are calculated based on unrounded actual amounts. | |||||||||||||||||||||||||||||||||
Stock options and warrants to purchase common stock are not included in the computation of diluted earnings per share if their effect would be anti-dilutive. There were no anti-dilutive stock options or warrants excluded in the computation of diluted earnings per share for 2013 and 2012, and 91,770 anti-dilutive stock options were excluded in the computation of diluted earnings per share for 2011. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plans | ' | ||||||||||||||||||||||||||||||||||||||||||||
Stock Incentive Plans | |||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the number of securities to be issued and remaining available for future issuance under all of the Company’s stock incentive plans as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||
Number of securities to be issued upon exercise of outstanding options and vesting of RSUs | Weighted-average exercise price of outstanding options and vesting of RSUs | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column 1) | |||||||||||||||||||||||||||||||||||||||||||
2004 Long-Term Incentive Plan | |||||||||||||||||||||||||||||||||||||||||||||
-Options | 4,376 | $ | 31.7 | — | |||||||||||||||||||||||||||||||||||||||||
2005 Long-Term Incentive Plan | |||||||||||||||||||||||||||||||||||||||||||||
-Restricted stock units | 3,053 | $ | 0.01 | — | |||||||||||||||||||||||||||||||||||||||||
2007 Long-Term Incentive Plan(1) | 96,958 | $ | 24.63 | — | |||||||||||||||||||||||||||||||||||||||||
2010 Long-Term Incentive Plan(1) | 131,533 | $ | 1.88 | 259,949 | |||||||||||||||||||||||||||||||||||||||||
______________________________________________ | |||||||||||||||||||||||||||||||||||||||||||||
-1 | Includes non-qualified stock options, restricted stock units and performance shares. | ||||||||||||||||||||||||||||||||||||||||||||
2004 Long-Term Incentive Plan | |||||||||||||||||||||||||||||||||||||||||||||
The 2004 Long-Term Incentive Plan (“2004 LTIP”) provided for issuance of shares of non-qualified stock options and restricted stock units to officers and key employees. For option grants, the exercise price equals the fair value of the Company's common stock on the date of grant. Options vested over a three-year period: one-third of the options cliff-vest on the first anniversary of the vesting commencement date and the remaining options vest in equal monthly installments over the two-year period following the first anniversary of the vesting commencement date. Stock options expire seven years after the date of grant. No further grants will be made under the 2004 LTIP. | |||||||||||||||||||||||||||||||||||||||||||||
2005 Long-Term Incentive Plan | |||||||||||||||||||||||||||||||||||||||||||||
The 2005 Long-Term Incentive Plan (“2005 LTIP”) provided for the granting of restricted stock units to officers and key employees. The majority of restricted stock units issued under the 2005 LTIP generally vest over three years: one-third of the restricted stock units cliff vest on the first anniversary of the vesting commencement date and the remaining restricted stock units vest in equal quarterly installments over the two-year period following the first anniversary of the vesting commencement date. Restricted stock units do not have an expiration date. No further grants will be made under the 2005 LTIP. | |||||||||||||||||||||||||||||||||||||||||||||
2005 Directors' Equity Incentive Plan | |||||||||||||||||||||||||||||||||||||||||||||
The 2005 Directors' Equity Incentive Plan (“2005 Directors' Plan”) consists of 15,000 non-qualified stock options that have been granted to non-employee Directors of the Company. The terms and vesting requirements of the 2005 Directors' Plan are similar to those of the 2004 LTIP, except options vest quarterly after the first anniversary of the vesting commencement date. No stock options are available for future issuance. | |||||||||||||||||||||||||||||||||||||||||||||
2007 Long-Term Incentive Plan | |||||||||||||||||||||||||||||||||||||||||||||
The 2007 Long-Term Incentive Plan (“2007 LTIP”) provided for the granting of stock options, restricted stock units and performance share awards of the Company's common stock to officers, employees and non-employee directors. The majority of awards issued under the 2007 LTIP generally vest over three years: one-third of the awards cliff vest on the first anniversary of the vesting commencement date and the remaining awards vest in equal quarterly installments over the two-year period following the first anniversary of the vesting commencement date. Stock options expire seven years after the date of grant. Restricted stock units do not have an expiration date. No further grants will be made under the 2007 LTIP. | |||||||||||||||||||||||||||||||||||||||||||||
2010 Long-Term Incentive Plan | |||||||||||||||||||||||||||||||||||||||||||||
The 2010 Long-Term Incentive Plan (“2010 LTIP”) provides for the granting of awards of up to 1,115,952 shares of the Company's common stock to officers, employees and non-employee directors. The 2010 LTIP became effective on April 1, 2010 and awards may be made under the plan through March 31, 2020. The available awards under the 2010 LTIP include: stock options, stock appreciation rights, restricted stock units, other stock-based awards and performance shares. The 2010 LTIP limits awards to 100,000 shares to any one participant in any one year. The majority of awards issued under the 2010 LTIP through December 31, 2013, have been restricted stock units, which generally vest over three years. | |||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the activity for all stock options, restricted stock units and performance shares under all of the Long-Term Incentive Plans ("LTIPs") for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | Activity during 2013 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Outstanding | Granted | Exercised | Canceled | Outstanding | Exercisable | ||||||||||||||||||||||||||||||||||||||||
Plans | Securities | Number | Price | Number | Price | Number | Price | Number | Price | Number | Price | Number | Price | ||||||||||||||||||||||||||||||||
2004 LTIP | Options | 17,376 | $ | 34.94 | — | $ | — | (13,000 | ) | $ | 36.03 | — | $ | — | 4,376 | $ | 31.7 | 4,376 | $ | 31.7 | |||||||||||||||||||||||||
2005 LTIP | RSUs | 3,053 | 0.01 | — | — | — | — | — | — | 3,053 | 0.01 | 3,053 | 0.01 | ||||||||||||||||||||||||||||||||
2007 LTIP (1) | RSUs | 24,920 | 0.01 | — | — | (24,514 | ) | 0.01 | — | — | 406 | 0.01 | 406 | 0.01 | |||||||||||||||||||||||||||||||
Options | 169,107 | 25.62 | — | — | (72,555 | ) | 26.85 | — | — | 96,552 | 24.74 | 96,552 | 24.74 | ||||||||||||||||||||||||||||||||
Performanceshares | 8,453 | 0.01 | — | — | (8,453 | ) | 0.01 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
2010 LTIP (1) | RSUs | 120,126 | 0.01 | 87,268 | (2) | 0.01 | (98,511 | ) | 0.01 | (1,167 | ) | 0.01 | 107,716 | 0.01 | — | — | |||||||||||||||||||||||||||||
Options | 7,500 | 32.78 | — | — | — | — | — | — | 7,500 | 32.78 | 5,000 | 32.78 | |||||||||||||||||||||||||||||||||
Performance shares | 77,047 | 0.01 | 90,500 | (3) | 0.01 | (46,655 | ) | 0.01 | (104,575 | ) | 0.01 | 16,317 | 0.01 | — | — | ||||||||||||||||||||||||||||||
Total | 427,582 | 177,768 | (263,688 | ) | (105,742 | ) | 235,920 | 109,387 | |||||||||||||||||||||||||||||||||||||
______________________________________________ | |||||||||||||||||||||||||||||||||||||||||||||
Note: Price is weighted-average price per share. | |||||||||||||||||||||||||||||||||||||||||||||
-1 | The 2007 and 2010 LTIPs are for officers, employees and non-employee directors. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Consists of non-performance RSUs. | ||||||||||||||||||||||||||||||||||||||||||||
-3 | In February 2013, the Company awarded a maximum of 90,500 performance-based RSUs to certain of its employees at a weighted-average grant date fair value of $49.13. The shares were ultimately cancelled as the Company did not achieve the related performance targets for fiscal 2013. | ||||||||||||||||||||||||||||||||||||||||||||
The aggregate intrinsic value of stock options exercised in 2013, 2012 and 2011 was $2.3 million, $2.2 million and $4.3 million, respectively. The aggregate intrinsic value of restricted stock units exercised in 2013, 2012 and 2011 was $7.6 million, $6.4 million and $5.3 million, respectively. The aggregate intrinsic value of performance shares exercised in 2013, 2012 and 2011 was $2.6 million, $1.1 million and $0.7 million, respectively. | |||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes stock options, restricted stock units and performance shares that have vested and are expected to vest as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value(1) | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Plans | Securities | Vested | Expected to vest(2) | Vested | Expected to vest(2) | Vested | Expected to vest(2) | ||||||||||||||||||||||||||||||||||||||
2004 LTIP | Options | 4,376 | — | 0.7 | — | $ | 194 | $ | — | ||||||||||||||||||||||||||||||||||||
2005 LTIP | RSUs | 3,053 | — | — | — | 231 | — | ||||||||||||||||||||||||||||||||||||||
2007 LTIP | RSUs | 406 | — | — | — | 31 | — | ||||||||||||||||||||||||||||||||||||||
Options | 96,552 | — | 1.5 | — | 4,943 | — | |||||||||||||||||||||||||||||||||||||||
2010 LTIP | RSUs | — | 112,175 | — | — | — | 8,517 | ||||||||||||||||||||||||||||||||||||||
Performance shares | — | 11,858 | — | — | — | 900 | |||||||||||||||||||||||||||||||||||||||
Options | 5,000 | 2,500 | 4.8 | 4.8 | 216 | 108 | |||||||||||||||||||||||||||||||||||||||
Total | 109,387 | 126,533 | $ | 5,615 | $ | 9,525 | |||||||||||||||||||||||||||||||||||||||
______________________________________________ | |||||||||||||||||||||||||||||||||||||||||||||
-1 | Aggregate intrinsic value is calculated based upon the difference between the exercise prices of options or restricted stock units and our closing common stock price on December 31, 2013 of $75.93, multiplied by the number of instruments that are vested or expected to vest. Options and restricted stock units having exercise prices greater than the closing stock price noted above are excluded from this calculation. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Options, restricted stock units and performance shares that are expected to vest are net of estimated future forfeitures. | ||||||||||||||||||||||||||||||||||||||||||||
The aggregate fair value of options vested in 2013, 2012 and 2011 was $0.2 million, $0.1 million and $1.7 million, respectively. The aggregate fair value of restricted stock units vested in 2013, 2012 and 2011 was $8.5 million, $6.4 million and $6.1 million, respectively. The aggregate fair value of performance shares vested in 2013, 2012 and 2011 was $0.9 million, $1.1 million and $0.8 million, respectively. | |||||||||||||||||||||||||||||||||||||||||||||
Assumptions Used for Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
The fair values for restricted stock units and performance shares, which are based on the fair market value of the Company's stock at date of grant, are included below for shares granted during 2013, 2012 and 2011. For stock options, the Company uses the Black-Scholes option-pricing model to determine the grant date fair value. Option-pricing models require the input of assumptions that are estimated at the date of grant. The following table presents the assumptions used in the Black-Scholes option-pricing model to value the stock options granted during 2011. The Company did not grant stock options in 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Weighted-average fair value per share of grants: | |||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units | $ | 49.39 | $ | 39.98 | $ | 34.12 | |||||||||||||||||||||||||||||||||||||||
Performance shares | N/A | $ | 39.59 | $ | 34.12 | ||||||||||||||||||||||||||||||||||||||||
Stock options | N/A | N/A | 9.88 | ||||||||||||||||||||||||||||||||||||||||||
Expected life (years) | N/A | N/A | 5.3 | ||||||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | N/A | N/A | 0.48 | % | |||||||||||||||||||||||||||||||||||||||||
Volatility | N/A | N/A | 41 | % | |||||||||||||||||||||||||||||||||||||||||
Dividend yield | N/A | N/A | 2 | % | |||||||||||||||||||||||||||||||||||||||||
______________________________________________ | |||||||||||||||||||||||||||||||||||||||||||||
The expected volatility is based on the historical implied volatility of Core-Mark’s stock price. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected term of options granted represents the period of time the Company estimates that options granted are expected to be outstanding. | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation Expense | |||||||||||||||||||||||||||||||||||||||||||||
The Company recognized stock-based compensation expense of $4.6 million, $5.8 million and $5.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. Stock-based compensation expense is included in selling, general and administrative expenses on the consolidated statements of operations. Stock-based compensation expense recognized for 2013 was calculated based on awards ultimately expected to vest and has been reduced for estimated forfeitures. The Company’s forfeiture experience since inception of its plans has been approximately 4% of the total grants. The historical rate of forfeiture is a component of the basis for predicting the future rate of forfeitures, which are also dependent on the remaining service period related to grants and on the limited number of approximately 85 plan participants that have been awarded grants since the inception of the Company's plans. | |||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013, total unrecognized compensation cost related to non-vested share-based compensation arrangements was $3.7 million, which is expected to be recognized over a weighted-average period of 1.7 years. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Equity [Abstract] | ' | |||||||
Stockholders' Equity | ' | |||||||
Stockholders' Equity | ||||||||
Dividends | ||||||||
On October 19, 2011, the Company announced the commencement of a quarterly dividend program. In 2013, the Board of Directors declared quarterly cash dividends of $0.19 per common share on May 2, 2013 and August 1, 2013 and $0.22 per common share on November 1, 2013. In lieu of the first quarter 2013 dividend, the Board of Directors declared an accelerated cash dividend of $2.2 million, or $0.19 per common share on December 20, 2012, which was paid on December 31, 2012. The Company paid total dividends of $7.1 million and $10.3 million in 2013 and 2012, respectively. The Credit Facility places certain limits on the Company’s ability to pay cash dividends on its common stock. The Company's intentions are to continue increasing its dividends per share over time; however, the payment of any future dividends will be determined by the Company’s Board of Directors in light of then existing conditions, including the Company’s earnings, financial condition and capital requirements, strategic alternatives, restrictions in financing agreements, business conditions and other factors. | ||||||||
Repurchase of Common Stock | ||||||||
In May 2013, the Company's Board of Directors authorized a $30 million increase to its stock repurchase plan. At the time of increase, the Company had $2.3 million remaining under its stock repurchase plan that was then in place. The share repurchase program may be discontinued or amended at any time. The program has no expiration date and expires when the amount authorized has been expended or the Board withdraws its authorization. As of December 31, 2013 and 2012, the Company had $28.7 million and $5.8 million, respectively, available for future share repurchases under the program. | ||||||||
The following table summarizes the Company's stock repurchase activities for the years ended December 31, 2013 and 2012 (in millions, except share data): | ||||||||
2013 | 2012 | |||||||
Number of shares repurchased | 126,872 | 118,800 | ||||||
Average price per share | $ | 56.6 | $ | 43.34 | ||||
Total repurchase costs | $ | 7.2 | $ | 5.2 | ||||
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||
The components of other comprehensive income ("OCI") and the related tax effects were as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Net | Net | Net | ||||||||||||||||||||||||||||||||||
Before | Tax | of | Before | Tax | of | Before | Tax | of | ||||||||||||||||||||||||||||
Tax | Effect | Tax | Tax | Effect | Tax | Tax | Effect | Tax | ||||||||||||||||||||||||||||
Defined benefit plan adjustments: | ||||||||||||||||||||||||||||||||||||
Net actuarial gain/(loss) during the year | $ | 3.6 | $ | (1.5 | ) | $ | 2.1 | $ | (5.1 | ) | $ | 2 | $ | (3.1 | ) | $ | (4.6 | ) | $ | 1.8 | $ | (2.8 | ) | |||||||||||||
Amortization of prior service cost | ||||||||||||||||||||||||||||||||||||
included in net income | (0.1 | ) | — | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||||||
Amortization of net actuarial gain/(loss) | ||||||||||||||||||||||||||||||||||||
included in net income | 0.6 | (0.2 | ) | 0.4 | 0.4 | (0.1 | ) | 0.3 | 0.3 | (0.1 | ) | 0.2 | ||||||||||||||||||||||||
Net (loss)/gain during the year | 4.1 | (1.7 | ) | 2.4 | (4.8 | ) | 1.9 | (2.9 | ) | (4.4 | ) | 1.7 | (2.7 | ) | ||||||||||||||||||||||
Foreign currency translation adjustment | ||||||||||||||||||||||||||||||||||||
gain/(loss) | (1.5 | ) | — | (1.5 | ) | 0.4 | — | 0.4 | (0.3 | ) | — | (0.3 | ) | |||||||||||||||||||||||
Other comprehensive income/(loss) | $ | 2.6 | $ | (1.7 | ) | $ | 0.9 | $ | (4.4 | ) | $ | 1.9 | $ | (2.5 | ) | $ | (4.7 | ) | $ | 1.7 | $ | (3.0 | ) | |||||||||||||
During the years ended December 31, 2013 and 2012, reclassifications out of accumulated other comprehensive loss were immaterial. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment and Geographic Information | ' | |||||||||||
Segment and Geographic Information | ||||||||||||
Core-Mark is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America. The Company offers a full range of products, marketing programs and technology solutions to over 30,000 customer locations in the U.S. and Canada. The Company’s customers include traditional convenience stores, grocery stores, drug stores, liquor stores and other specialty and small format stores that carry convenience products. The Company’s product offering includes cigarettes, other tobacco products, candy, snacks, fast food, groceries, fresh products, dairy, bread, beverages, general merchandise and health and beauty care products. | ||||||||||||
As of December 31, 2013, the Company operated a network of 28 distribution centers in the U.S. and Canada (excluding two distribution facilities it operates as a third party logistics provider), which support the Company’s wholesale distribution business. Twenty-four of the Company’s distribution centers are located in the U.S. and four are located in Canada. | ||||||||||||
The Company’s distribution centers (operating divisions), which produce almost all of its revenues have similar historical economic characteristics and have been aggregated into one reporting segment. Couche-Tard, the Company’s largest customer, accounted for approximately 14.7% and 13.7%% of total net sales for 2013 and 2012, respectively. No single customer accounted for more than 10% of total net sales in 2011. Accounting policies for measuring segment assets and earnings before income taxes are substantially consistent with those described in Note 2 - Summary of Significant Accounting Policies. | ||||||||||||
Information about the Company's business operations based on the two geographic areas is as follows (in millions): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net sales: | ||||||||||||
United States | $ | 8,618.30 | $ | 7,716.30 | $ | 6,865.50 | ||||||
Canada | 1,114.30 | 1,148.60 | 1,220.50 | |||||||||
Corporate (1) | 35 | 27.5 | 28.9 | |||||||||
Total | $ | 9,767.60 | $ | 8,892.40 | $ | 8,114.90 | ||||||
Income (loss) before income taxes: | ||||||||||||
United States | $ | 57.3 | $ | 48.6 | $ | 50.4 | ||||||
Canada | 0.9 | 2.3 | (1.4 | ) | ||||||||
Corporate (2) | 7.8 | 4.5 | (5.8 | ) | ||||||||
Total | $ | 66 | $ | 55.4 | $ | 43.2 | ||||||
Interest expense: | ||||||||||||
United States | $ | 30.2 | $ | 27.4 | $ | 23.5 | ||||||
Canada | 0.6 | 0.7 | 0.9 | |||||||||
Corporate (2) | (28.1 | ) | (25.9 | ) | (22.0 | ) | ||||||
Total | $ | 2.7 | $ | 2.2 | $ | 2.4 | ||||||
Depreciation and amortization: | ||||||||||||
United States | $ | 20.2 | $ | 17.7 | $ | 15.4 | ||||||
Canada | 2.7 | 2.9 | 3 | |||||||||
Corporate (2) | 4.3 | 4.7 | 4 | |||||||||
Total | $ | 27.2 | $ | 25.3 | $ | 22.4 | ||||||
_____________________________________________ | ||||||||||||
(1) Consists primarily of external sales made by the Company’s consolidating warehouses, management service fee revenue, an allowance for sales returns and certain other sales adjustments. | ||||||||||||
(2) Consists primarily of net expenses and other income that is not allocated to the U.S. or Canada, intercompany eliminations for interest and allocations of overhead, and LIFO expense. | ||||||||||||
Identifiable assets by geographic area are as follows (in millions): | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Identifiable assets: | ||||||||||||
United States | $ | 844.8 | $ | 821.7 | ||||||||
Canada | 112 | 97.5 | ||||||||||
Total | $ | 956.8 | $ | 919.2 | ||||||||
The net sales for the Company’s product categories are as follows (in millions): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Product Category | Net Sales | Net Sales | Net Sales | |||||||||
Cigarettes | $ | 6,642.00 | $ | 6,139.40 | $ | 5,710.60 | ||||||
Food | 1,342.30 | 1,178.60 | 995.7 | |||||||||
Candy | 527.2 | 489.5 | 459.8 | |||||||||
Other tobacco products | 787.8 | 687.8 | 607.9 | |||||||||
Health, beauty & general | 327.3 | 269.2 | 237.5 | |||||||||
Beverages | 139.1 | 125.6 | 100.9 | |||||||||
Equipment/other | 1.9 | 2.3 | 2.5 | |||||||||
Total food/non-food products | $ | 3,125.60 | $ | 2,753.00 | $ | 2,404.30 | ||||||
Total net sales | $ | 9,767.60 | $ | 8,892.40 | $ | 8,114.90 | ||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | |||||||||||||||||
The tables below provide the Company's unaudited consolidated results of operations for each of the four quarters in 2013 and 2012: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
(in millions, except per share data) | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Net sales — Cigarettes (1) | $ | 1,692.00 | $ | 1,783.70 | $ | 1,702.90 | $ | 1,463.40 | |||||||||
Net sales — Food/non-food (1) | 799.3 | 837 | 807 | 682.3 | |||||||||||||
Net sales (1) | 2,491.30 | 2,620.70 | 2,509.90 | 2,145.70 | |||||||||||||
Cost of goods sold | 2,348.00 | 2,479.90 | 2,372.90 | 2,029.70 | |||||||||||||
Gross profit | 143.3 | 140.8 | 137 | 116 | |||||||||||||
Warehousing and distribution expenses (2) | 77.2 | 79.4 | 72.8 | 67.7 | |||||||||||||
Selling, general and administrative expenses (3) | 41.6 | 41.3 | 42.9 | 42.5 | |||||||||||||
Amortization of intangible assets | 0.7 | 0.6 | 0.7 | 0.7 | |||||||||||||
Total operating expenses | 119.5 | 121.3 | 116.4 | 110.9 | |||||||||||||
Income from operations | 23.8 | 19.5 | 20.6 | 5.1 | |||||||||||||
Interest expense | (0.6 | ) | (0.6 | ) | (0.8 | ) | (0.7 | ) | |||||||||
Interest income | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||
Foreign currency losses, net | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.4 | ) | |||||||||
Income before income taxes | 23.2 | 18.9 | 19.8 | 4.1 | |||||||||||||
Income tax provision | (8.2 | ) | (6.6 | ) | (8.1 | ) | (1.5 | ) | |||||||||
Net income | 15 | 12.3 | 11.7 | 2.6 | |||||||||||||
Basic net income per common share (4) | $ | 1.3 | $ | 1.07 | $ | 1.02 | $ | 0.22 | |||||||||
Diluted net income per common share (4) | $ | 1.29 | $ | 1.06 | $ | 1.01 | $ | 0.22 | |||||||||
Shares used to compute basic net income | |||||||||||||||||
per common share | 11.5 | 11.5 | 11.5 | 11.5 | |||||||||||||
Shares used to compute diluted net income | |||||||||||||||||
per common share | 11.6 | 11.6 | 11.6 | 11.6 | |||||||||||||
Excise taxes (1) | $ | 526.7 | $ | 554.9 | $ | 523.6 | $ | 445.6 | |||||||||
Cigarette inventory holding gains (5) | 4.1 | 0.2 | 3.9 | 0.8 | |||||||||||||
LIFO expense | (0.1 | ) | 2.2 | 3.7 | 2.9 | ||||||||||||
Depreciation and amortization | 7 | 6.8 | 6.8 | 6.6 | |||||||||||||
Stock-based compensation | 0.6 | 1.3 | 1.4 | 1.3 | |||||||||||||
Capital expenditures | 5 | 4.6 | 6.7 | 1.7 | |||||||||||||
Adjusted EBITDA(6) | 31.3 | 29.8 | 32.5 | 15.9 | |||||||||||||
____________________________________________ | |||||||||||||||||
-1 | Excise taxes are included as a component of net sales. | ||||||||||||||||
-2 | Warehousing and distribution expenses are not included as a component of the Company's cost of goods sold, which presentation may differ from that of other registrants. | ||||||||||||||||
-3 | SG&A expenses includes acquisition and integration expenses of $2.8 million related primarily to Davenport and the addition of new customers, consisting of $1.2 million in Q4, $0.5 million in Q3, $0.6 million in Q2, and $0.2 million in Q1. | ||||||||||||||||
-4 | Totals may not agree with full year amounts due to rounding and separate calculations for each quarter. | ||||||||||||||||
-5 | Cigarette inventory holding gains relate to income earned on cigarette quantities on hand at the time cigarette manufacturers increase their prices. | ||||||||||||||||
-6 | Adjusted EBITDA is a non-GAAP measure and should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Adjusted EBITDA is equal to net income adding back net interest expense, provision for income taxes, depreciation and amortization, LIFO expense, stock-based compensation expense and net foreign currency transaction losses. | ||||||||||||||||
Three Months Ended | |||||||||||||||||
(in millions, except per share data) | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Net sales — Cigarettes (1) | $ | 1,513.20 | $ | 1,596.50 | $ | 1,577.30 | $ | 1,452.40 | |||||||||
Net sales — Food/non-food (1) | 676.3 | 718.4 | 710 | 648.3 | |||||||||||||
Net sales (1) | 2,189.50 | 2,314.90 | 2,287.30 | 2,100.70 | |||||||||||||
Cost of goods sold | 2,067.60 | 2,192.70 | 2,164.70 | 1,990.60 | |||||||||||||
Gross profit | 121.9 | 122.2 | 122.6 | 110.1 | |||||||||||||
Warehousing and distribution expenses (2) | 64.7 | 68.4 | 66.2 | 63.4 | |||||||||||||
Selling, general and administrative expenses (3) | 40.3 | (3) | 35.9 | (3) | 37.8 | (3) | 39.7 | ||||||||||
Amortization of intangible assets | 0.6 | 0.7 | 0.8 | 0.9 | |||||||||||||
Total operating expenses | 105.6 | 105 | 104.8 | 104 | |||||||||||||
Income from operations | 16.3 | 17.2 | 17.8 | 6.1 | |||||||||||||
Interest expense | (0.6 | ) | (0.4 | ) | (0.6 | ) | (0.6 | ) | |||||||||
Interest income | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||
Foreign currency gains (losses), net | (0.1 | ) | — | (0.2 | ) | 0.1 | |||||||||||
Income before income taxes | 15.7 | 16.9 | 17.1 | 5.7 | |||||||||||||
Income tax provision | (6.0 | ) | (6.4 | ) | (7.0 | ) | (2.1 | ) | |||||||||
Net income | 9.7 | 10.5 | 10.1 | 3.6 | |||||||||||||
Basic net income per common share (4) | $ | 0.84 | $ | 0.92 | $ | 0.89 | $ | 0.31 | |||||||||
Diluted net income per common share (4) | $ | 0.83 | $ | 0.9 | $ | 0.87 | $ | 0.31 | |||||||||
Shares used to compute basic net income | |||||||||||||||||
per common share | 11.5 | 11.5 | 11.4 | 11.4 | |||||||||||||
Shares used to compute diluted net income | |||||||||||||||||
per common share | 11.7 | 11.7 | 11.6 | 11.6 | |||||||||||||
Excise taxes (1) | $ | 482.2 | $ | 519.1 | $ | 511.5 | $ | 474.2 | |||||||||
Cigarette inventory holding gains (5) | 3.3 | 0.2 | 3.2 | 1.1 | |||||||||||||
LIFO expense | 1.3 | 3.8 | 4.3 | 2.9 | |||||||||||||
Depreciation and amortization | 6.3 | 6.3 | 6.4 | 6.3 | |||||||||||||
Stock-based compensation | 1.7 | 1.4 | 1.3 | 1.4 | |||||||||||||
Capital expenditures | 8.3 | 7.1 | 7.7 | 5.5 | |||||||||||||
Adjusted EBITDA(6) | 25.6 | 28.7 | 29.8 | 16.7 | |||||||||||||
______________________________________________ | |||||||||||||||||
-1 | Excise taxes are included as a component of net sales. | ||||||||||||||||
-2 | Warehousing and distribution expenses are not included as a component of the Company's cost of goods sold, which presentation may differ from that of other registrants. | ||||||||||||||||
-3 | SG&A expenses include acquisition costs related to Davenport consisting of $1.3 million in the fourth quarter. SG&A expenses also include a reduction in expenses resulting from the favorable resolution of legacy workers' compensation and insurance claims of $1.4 million in the third quarter and $0.4 million in the second quarter. | ||||||||||||||||
-4 | Totals may not agree with full year amounts due to rounding and separate calculations for each quarter. | ||||||||||||||||
-5 | Cigarette inventory holding gains relate to income earned on cigarette quantities on hand at the time cigarette manufacturers increase their prices. | ||||||||||||||||
-6 | Adjusted EBITDA is a non-GAAP measure and should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Adjusted EBITDA is equal to net income adding back net interest expense, provision for income taxes, depreciation and amortization, LIFO expense, stock-based compensation expense and net foreign currency transaction losses. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Schedule of Valuation and Qualifying Accounts | ' | |||||||||||||||||||
CORE-MARK HOLDING COMPANY, INC. AND SUBSIDIARIES | ||||||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Balance at Beginning of Period | Charged to Costs and Expenses | Deductions | Charged to Other Accounts | Balance at End of Period | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Allowances for: | ||||||||||||||||||||
Trade receivables | $ | 10,866 | $ | 1,079 | $ | (2,569 | ) | $ | (12 | ) | $ | 9,364 | ||||||||
Inventory reserves | 870 | 12,723 | (12,753 | ) | — | 840 | ||||||||||||||
$ | 11,736 | $ | 13,802 | $ | (15,322 | ) | $ | (12 | ) | $ | 10,204 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Allowances for: | ||||||||||||||||||||
Trade receivables | $ | 9,578 | $ | 1,975 | $ | (899 | ) | $ | 212 | $ | 10,866 | |||||||||
Inventory reserves | 1,029 | 11,517 | (11,676 | ) | — | 870 | ||||||||||||||
$ | 10,607 | $ | 13,492 | $ | (12,575 | ) | $ | 212 | $ | 11,736 | ||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Allowances for: | ||||||||||||||||||||
Trade receivables | $ | 8,660 | $ | 1,970 | $ | (1,470 | ) | $ | 418 | $ | 9,578 | |||||||||
Inventory reserves | 1,144 | 10,461 | (10,576 | ) | — | 1,029 | ||||||||||||||
$ | 9,804 | $ | 12,431 | $ | (12,046 | ) | $ | 418 | $ | 10,607 | ||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation and Principles of Consolidation, Policy | ' | |
Basis of Presentation and Principles of Consolidation | ||
The consolidated financial statements include Core-Mark and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements. Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year’s presentation. | ||
Use of Estimates, Policy | ' | |
Use of Estimates | ||
These financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the U.S. This requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company considers the allowance for doubtful accounts, LIFO valuation, valuation of goodwill and other long-lived assets, realizability of deferred income taxes, uncertain tax positions, pension assets and obligations and self-insurance reserves to be those estimates which involve a higher degree of judgment and complexity. Actual results could differ from those estimates. | ||
Revenue Recognition, Policy | ' | |
Revenue Recognition | ||
The Company recognizes revenue at the point at which the product is delivered and title passes to the customer. Revenues are reported net of customer incentives, discounts and returns, including an allowance for estimated returns. The allowance for sales returns is calculated based on the Company's returns experience, which has historically not been significant. The Company also earns management service fee revenue from operating third party distribution centers belonging to certain customers. These revenues represented less than 1% of the Company’s total net sales for 2013, 2012 and 2011. Service fee revenue is recognized as earned on a monthly basis in accordance with the terms of the management service fee contracts and is included in net sales on the accompanying consolidated statements of operations. | ||
Business Combinations, Policy | ' | |
Business Combinations | ||
The Company accounts for all business combinations using the acquisition method of accounting. Under this method of accounting, the Company allocates the fair value of the purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions. Management may further adjust the acquisition date fair values for a period of up to one year from the date of acquisition. Acquisition related expenses and transaction costs associated with business combinations are expensed as incurred. | ||
Vendor and Sales Incentives, Policy | ' | |
Vendor Rebates and Promotional Allowances | ||
Periodic payments from vendors in various forms including rebates, promotional allowances and volume discounts are reflected in the carrying value of the related inventory when earned and as cost of goods sold as the related merchandise is sold. Up-front consideration received from vendors linked to purchase or other commitments is initially deferred and amortized ratably to cost of goods sold or as the performance of the activities specified by the vendor to earn the fee is completed. Cooperative marketing incentives from suppliers are recorded as reductions to cost of goods sold to the extent the vendor considerations exceed the costs relating to the programs. These amounts are recorded in the period the related promotional or merchandising programs are provided. Certain vendor incentive promotions require the Company to make assumptions and judgments regarding, for example, the likelihood of achieving market share levels or attaining specified levels of purchases. Vendor incentives are at the discretion of the Company’s vendors and can fluctuate due to changes in vendor strategies and market requirements. Vendor rebates and promotional allowances earned totaled $149.8 million, $128.0 million and $108.3 million in 2013, 2012 and 2011, respectively. | ||
Customers' Sales Incentives | ||
The Company also provides sales allowances or discounts to its customers on a regular basis. These customers' sales incentives are recorded as a reduction to net sales as the sales incentive is earned by the customer. Additionally, the Company may provide racking allowances for the customer's commitment to continue using Core-Mark as the supplier of their products. These allowances may be paid at the inception of the contract or on a periodic basis. Allowances paid at the inception of the contract are capitalized and amortized over the period of the distribution agreement as a reduction to sales. | ||
Excise Taxes, Policy | ' | |
Excise Taxes | ||
The Company is responsible for collecting and remitting state, local and provincial excise taxes on cigarette and other tobacco products. As such, these excise taxes are a significant component of the Company's net sales and cost of sales. In 2013, 2012 and 2011, approximately 21%, 22% and 24% of the Company's net sales, and approximately 22%, 24% and 25% of its cost of goods sold, respectively, represented excise taxes. | ||
Foreign Currency Translation Policy | ' | |
Foreign Currency Translation | ||
The operating assets and liabilities of the Company’s Canadian operations, whose functional currency is the Canadian dollar, are translated to U.S. dollars at exchange rates in effect at period-end. Adjustments resulting from such translation are presented as foreign currency translation adjustments, net of applicable income taxes, and are included in other comprehensive income. The statements of operations, including income and expenses, of the Company’s Canadian operations are translated to U.S. dollars at average exchange rates for the period for financial reporting purposes. The Company also recognizes gains or losses on foreign currency exchange transactions between its Canadian and U.S. operations, net of applicable income taxes, in the consolidated statements of operations. | ||
Cash, Cash Equivalents, Restricted Cash and Book Overdrafts, Policy | ' | |
Cash, Cash Equivalents, Restricted Cash and Book Overdrafts | ||
Cash and cash equivalents include cash, money market funds and highly liquid investments with original maturities of three months or less. Restricted cash represents funds collected and set aside in trust as required by one of the Canadian provincial taxing authorities. .The Company had cash book overdrafts of $22.9 million and $24.7 million at December 31, 2013 and 2012, respectively. Book overdrafts consist primarily of outstanding checks in excess of cash on hand in the corresponding bank accounts at the end of the period. The Company’s policy has been to fund these outstanding checks as they clear with cash held on deposit with other financial institutions or with borrowings under the Company's line of credit. | ||
Fair Value Measurements, Policy | ' | |
Fair Value Measurements | ||
The carrying amount of cash equivalents, restricted cash, trade accounts receivable, other receivables, trade accounts payable, cigarette and tobacco taxes payable and other accrued liabilities approximates fair value because of the short maturity of these financial instruments. The carrying amount of the Company’s variable rate debt approximates fair value. | ||
The Company calculates the fair value of its pension plan assets based on assumptions that market participants would use in pricing the assets. The Company uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and give precedence to observable inputs in determining fair value. An instrument's level within the hierarchy is based on the lowest level of any significant input to the fair value measurement. The following levels were established for each input: | ||
Level 1 - Quoted prices in active markets for identical assets or liabilities. | ||
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||
Level 3 - Unobservable inputs for the asset or liability, which reflect the Company's own assumptions about what market participants would assume when pricing the asset or liability. | ||
Risks and Concentrations, Policy | ' | |
Risks and Concentrations | ||
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash investments, accounts receivable and other receivables. The Company places its cash and cash equivalents in short-term instruments with high quality financial institutions and limits the amount of credit exposure in any one financial instrument. The Company pursues amounts and incentives due from vendors in the normal course of business and are often allowed to deduct these amounts and incentives from payments made to vendors. | ||
A credit review is completed for new customers and ongoing credit evaluations of each customer's financial condition are performed periodically, with reserves maintained for potential credit losses. Credit limits given to customers are based on a risk assessment of their ability to pay and other factors. Accounts receivable are typically not collateralized, but the Company may require prepayments or other guarantees whenever deemed necessary. | ||
Trade and Other Accounts Receivable, Policy | ' | |
Accounts Receivable and Allowance for Doubtful Accounts | ||
Accounts receivable consists of trade receivables from customers. The Company evaluates the collectability of accounts receivable and determines the appropriate allowance for doubtful accounts based on historical experience and a review of specific customer accounts. Account balances are charged off against the allowance when collection efforts have been exhausted and the receivable is deemed worthless (see Note 4 - Other Consolidated Balance Sheet Accounts Detail). | ||
Other Receivables | ||
Other receivables consist primarily of amounts due from vendors for promotional and other incentives, which are accrued as earned. The Company evaluates the collectability of amounts due from vendors and determines the appropriate allowance for doubtful accounts based on historical experience and on a review of specific amounts outstanding. | ||
Inventories, Policy | ' | |
Inventories | ||
Inventories consist of finished goods, including cigarettes and other tobacco products, food and other products and related consumable products held for re-sale, and are valued at the lower of cost or market. In the U.S., cost is determined primarily on a last-in, first-out (“LIFO”) basis using producer price indices as determined by the Department of Labor, adjusted based on more current information, if necessary. When the Company is aware of material price increases or decreases from manufacturers, the Company estimates the producer price index for the respective period in order to more accurately reflect inflation rates. Under the LIFO method, current costs of goods sold are matched against current sales. Inventories in Canada are valued on a first-in, first-out (“FIFO”) basis, as LIFO is not a permitted inventory valuation method in Canada. Approximately 86% and 87% of the Company's inventory was valued on a LIFO basis at December 31, 2013 and 2012, respectively. | ||
During periods of rising prices, the LIFO method of costing inventories generally results in higher current cost of sales being charged against income while lower costs are retained in inventories. Conversely, during periods of decreasing prices, the LIFO method of costing inventories generally results in lower current costs being charged against income and higher stated inventories. Liquidations of inventory may also result in the sale of low-cost inventory and a decrease of cost of goods sold. The Company reduces inventory value for spoiled, aged and unrecoverable inventory based on amounts on-hand and historical experience. | ||
Property and Equipment, Policy | ' | |
Property and Equipment | ||
Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization on new purchases are computed using the straight-line method over the assets' estimated useful lives. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the property or the term of the lease including available renewal option terms if it is reasonably assured that those options will be exercised. Upon retirement or sale, the cost and related accumulated depreciation of the assets are removed and any related gain or loss is reflected in the consolidated statements of operations. Maintenance and repairs are charged to expense as incurred. | ||
The Company uses the following depreciable lives for its property and equipment: | ||
Useful Life | ||
in Years | ||
Office furniture and equipment | 3 to 10 | |
Delivery equipment | 4 to 10 | |
Warehouse equipment | 5 to 15 | |
Leasehold improvements | 3 to 25 | |
Buildings | 15 to 25 | |
Impairment of Long-Lived Assets, Policy | ' | |
Impairment of Long-lived and Other Intangible Assets | ||
The Company reviews its intangible and other long-lived assets for potential impairment at least quarterly. Long-lived and other intangible assets may also be tested for impairment when events and circumstances exist that indicate the carrying amounts of those assets may not be recoverable. Long-lived assets consist primarily of land, buildings, furniture, fixtures and equipment, leasehold improvements and other intangible assets. An impairment of long-lived assets exists when the carrying amount of a long-lived asset, or asset group, exceeds its fair value, and impairment losses are recorded when the carrying amount of the impaired asset is not recoverable. Recoverability is determined by comparing the carrying amount of the asset (or asset group) to the undiscounted cash flows which are expected to be generated from its use. Assets to be disposed of are reported at the lower of carrying amount or fair value less the cost to sell such assets. | ||
Goodwill, Policy | ' | |
Goodwill | ||
Goodwill represents the excess of the purchase consideration of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. Goodwill is not subject to amortization but must be evaluated for impairment. The Company tests goodwill for impairment annually or whenever events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. Each quarter, or whenever events or circumstances change, the Company assesses the related qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. The tests to evaluate goodwill for impairment are performed at the operating division level. In the first step of the quantitative impairment test, the Company compares the fair value of the operating division to its carrying value. If the fair value of the operating division is less than its carrying value, the Company performs a second step to determine the implied fair value of goodwill associated with the division. If the carrying value of goodwill exceeds the implied fair value of goodwill, such excess represents the amount of goodwill impairment for which an impairment loss would be recorded. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. The estimated fair value of each operating division is based on the discounted cash flow method, which is based on historical and forecasted amounts specific to each reporting unit and considers sales, gross profit, operating profit and cash flows and general economic and market conditions, as well as the impact of planned business and operational strategies and other estimates and assumptions for future growth rates, working capital and capital expenditures. The Company bases its fair value estimates on assumptions it believes to be reasonable at the time, but such assumptions are subject to inherent uncertainty. Measuring the fair value of reporting units would constitute a Level 3 measurement under the fair value hierarchy (see Note 7 - Goodwill and Other Intangible Assets). | ||
The Company has historically performed its annual impairment testing of goodwill on November 30 of each year. In 2013, the Company changed the annual impairment testing date from November 30 to October 1. The Company believes this change, which represents a change in the method of applying an accounting principle, is preferable in the circumstances as it provides additional time for the Company to quantify the fair value of its operating divisions and meet reporting requirements. The change in the annual goodwill impairment testing date is not intended to nor does it delay, accelerate, or avoid an impairment charge. The Company determined that it was impracticable to objectively determine projected cash flows and related valuation estimates that would have been used as of each October 1 for periods prior to October 1, 2013 without the use of hindsight. As such, the Company has prospectively applied the change in the annual impairment testing date from October 1, 2013. | ||
Computer Software Developed or Obtained for Internal Use, Policy | ' | |
Computer Software Developed or Obtained for Internal Use | ||
The Company accounts for proprietary computer software systems, namely its Distribution Center Management System (“DCMS”), and software purchased from third-party vendors, using certain criteria under which costs associated with this software are either expensed or capitalized and amortized over periods from three to eight years. | ||
Debt Issuance Costs, Policy | ' | |
Debt Issuance Costs | ||
Debt issuance costs are deferred and are amortized as interest expense over the term of the related debt agreement on a straight-line basis, which approximates the effective interest method. Debt issuance costs, net of current portion, are included in other non-current assets on the accompanying consolidated balance sheets. | ||
Claims Liabilities and Insurance Recoverables, Policy | ' | |
Claims Liabilities and Insurance Recoverables | ||
The Company maintains reserves related to health and welfare, workers' compensation, auto and general liability programs that are principally self-insured. The Company currently has a per-claim deductible of $500,000 for its workers' compensation, general and auto liability self-insurance programs and a per person annual claim deductible of $200,000 for its health and welfare program. The Company purchases insurance to cover the claims that exceed the deductible up to policy limits. Self-insured reserves are for pending or future claims that fall outside the policy and reserves include an estimate of expected settlements on pending claims and a provision for claims incurred but not reported. Estimates for workers' compensation, auto and general liability insurance are based on the Company’s assessment of potential liability using an annual actuarial analysis of available information with respect to pending claims, historical experience and current cost trends. Reserves for claims under these programs are included in accrued liabilities (current portion) and claims liabilities, net of current portion. | ||
Claims liabilities and the related recoverables from insurance carriers for estimated claims in excess of the deductible and other insured events are presented in their gross amounts on the accompanying consolidated balance sheets because there is no right of offset. The carrying values of claims liabilities and insurance recoverables are not discounted. Insurance recoverables are included in other receivables, net and other non-current assets, net. | ||
Pension Costs and Other Post-retirement Benefit Costs, Policy | ' | |
Pension Costs and Other Post-retirement Benefit Costs | ||
Pension costs and other post-retirement benefit costs charged to operations are estimated on the basis of annual valuations by an independent actuary. Adjustments arising from plan amendments, changes in assumptions and experience gains and losses are amortized over the expected average remaining service life of the employee group. Plan changes that materially reduce the expected years of future services of current employees or eliminates for a significant number of employees the accrual of defined benefits for some or all of their future services, result in curtailment gains. A curtailment gain first reduces any net loss previously included in accumulated other comprehensive income (AOCI), and to the extent that such a gain exceeds any net loss included in AOCI, it is recorded as a curtailment gain in our consolidated statement of operations. | ||
The Company recognizes an asset for a plan's overfunded status or a liability for a plan's underfunded status on its consolidated balance sheet as of the end of each fiscal year. The Company determines the plan's funded status by measuring its assets and its obligations and recognizes changes in the funded status of its defined benefit post-retirement plan in the year in which the change occurred (see Note 11 - Employee Benefit Plans). | ||
Income Taxes, Policy | ' | |
Income Taxes | ||
Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when the Company does not consider it more likely than not that some portion or all of the deferred tax assets will be realized. | ||
A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company has established an estimated liability for income tax exposures that arise and meet the criteria for accrual. The Company prepares and files tax returns based on its interpretation of tax laws and regulations and records estimates based on these judgments and interpretations. In the normal course of business, the Company's tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing authorities. Inherent uncertainties exist in estimates of tax contingencies due to changes in tax law resulting from legislation, regulation and/or as concluded through the various jurisdictions' tax court systems. The Company classifies interest and penalties related to income taxes as income tax expense (see Note 10 - Income Taxes). | ||
Stock-based Compensation, Policy | ' | |
Stock-Based Compensation | ||
The Company accounts for stock-based compensation expense for restricted stock unit awards, performance shares and stock options by estimating the fair values of awards at their grant dates and recognizes these amounts as expense using a straight-line method for awards with vesting based on service and ratably for awards based on performance conditions. The fair value of restricted stock unit awards and performance shares earned is based upon the Company’s stock price on the grant date. | ||
For stock option awards, the Company uses the Black-Scholes option valuation model to determine the fair value (see Note 13 - Stock-Based Compensation Plans). Determining the appropriate fair value model and calculating the fair value of stock option awards at the grant date requires considerable judgment, including estimating stock price volatility, expected life of share awards and forfeiture rates. The Company develops its estimates based on historical data and market information, which can change significantly over time. | ||
Total Comprehensive Income, Policy | ' | |
Total Comprehensive Income | ||
Total comprehensive income consists of two components: net income and other comprehensive income. Other comprehensive income refers to transactions and adjustments that under generally accepted accounting principles are recorded directly as an element of stockholders' equity, but are excluded from net income. Other comprehensive income is comprised of defined benefit plan adjustments and foreign currency translation adjustments related to the Company’s foreign operations in Canada, whose functional currency is not the U.S. dollar (see Note 15 - Other Comprehensive Income/Loss). | ||
Segment Information, Policy | ' | |
Segment Information | ||
The Company reports its segment information using established standards for reporting by public enterprises on information about product lines, geographical areas and major customers. The method of determining what information to report is based on the way the Company is organized for operational decisions and assessment of the aggregate financial performance. From the perspective of the Company’s chief operating decision maker, the Company is engaged primarily in the business of distributing packaged consumer products to convenience retail stores in the U.S. and Canada (collectively "North America"). Therefore, the Company has determined that it has one reportable segment and operates its business in two geographical areas -- U.S. and Canada. The Company presents its segment reporting information based on business operations for each of the two geographic areas in which it operates and also by major product category (see Note 16 - Segment and Geographic Information). | ||
Earnings Per Share, Policy | ' | |
Earnings Per Share | ||
Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during each period, excluding unvested restricted stock units and performance shares. Diluted earnings per share assumes the exercise of stock options and common stock warrants, the impact of restricted stock units and performance shares, when dilutive, using the treasury stock method (see Note 12 - Earnings Per Share). | ||
Recent Accounting Pronouncements, Policy | ' | |
Recent Accounting Pronouncements | ||
On July 18, 2013, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (NOL) carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. This accounting standard update will be effective for the Company beginning in the first quarter of 2014 and applied prospectively with early adoption permitted. The Company does not believe that its adoption of this accounting standard will have a material impact on its consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Property and Equipment, Useful Life | ' | |||||||
The Company uses the following depreciable lives for its property and equipment: | ||||||||
Useful Life | ||||||||
in Years | ||||||||
Office furniture and equipment | 3 to 10 | |||||||
Delivery equipment | 4 to 10 | |||||||
Warehouse equipment | 5 to 15 | |||||||
Leasehold improvements | 3 to 25 | |||||||
Buildings | 15 to 25 | |||||||
Property and equipment consist of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Delivery, warehouse and office equipment (1) | $ | 169 | $ | 156.2 | ||||
Leasehold improvements | 36.1 | 32.3 | ||||||
Land and buildings (2) | 26.9 | 24.9 | ||||||
Construction in progress | 1.1 | 1.4 | ||||||
233.1 | 214.8 | |||||||
Less: Accumulated depreciation and amortization | (118.2 | ) | (100.1 | ) | ||||
Total property and equipment, net | $ | 114.9 | $ | 114.7 | ||||
______________________________________________ | ||||||||
(1) Includes equipment capital leases of $3.3 million for 2013 and $2.1 million for 2012. | ||||||||
(2) In both 2013 and 2012 includes $4.8 million for a capital lease related to a warehouse facility |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Davenport [Member] | ' | |||
Business Acquisition [Line Items] | ' | |||
Schedule of assets acquired and liabilities assumed | ' | |||
The following table presents the fair values of assets acquired and liabilities assumed and purchase consideration as of the acquisition date (in millions). | ||||
December 17, 2012 | ||||
Cash | $ | 0.3 | ||
Accounts receivable | 21.2 | |||
Other receivables | 3.9 | |||
Inventory | 20.3 | |||
Prepaid expenses / other assets | 2.6 | |||
Property, plant and equipment | 5.3 | |||
Intangible assets | 2.6 | |||
Goodwill | 6.7 | |||
Net deferred tax liabilities | (1.0 | ) | ||
Capital lease liability | (10.9 | ) | ||
Other liabilities | (9.8 | ) | ||
Total consideration | $ | 41.2 | ||
FCGC [Member] | ' | |||
Business Acquisition [Line Items] | ' | |||
Schedule of assets acquired and liabilities assumed | ' | |||
The following table summarizes the allocation of the consideration paid for the acquisition and the estimated fair values of assets acquired and liabilities assumed as of the acquisition date (in millions): | ||||
May 2, 2011 | ||||
Cash | $ | 3.5 | ||
Accounts receivable | 18.4 | |||
Other receivables | 0.4 | |||
Inventory | 13 | |||
Prepaid expenses / other assets | 2 | |||
Property, plant and equipment | 6 | |||
Intangible assets | 18.4 | |||
Goodwill | 11.6 | |||
Net deferred tax liabilities | (7.0 | ) | ||
Other liabilities | (12.3 | ) | ||
Total consideration | $ | 54 | ||
Other_Consolidated_Balance_She1
Other Consolidated Balance Sheet Accounts Detail (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Consolidated Balance Sheet Accounts Detail [Abstract] | ' | |||||||||||
Schedule of Changes in Allowance for Doubtful Accounts | ' | |||||||||||
The changes in the allowance for doubtful accounts due from customers consist of the following (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of year | $ | 10.9 | $ | 9.6 | $ | 8.7 | ||||||
Net additions charged to operations | 1.1 | 2 | 2 | |||||||||
Less: Write-offs and adjustments | (2.6 | ) | (0.7 | ) | (1.1 | ) | ||||||
Balance, end of year | $ | 9.4 | $ | 10.9 | $ | 9.6 | ||||||
Schedule of Other Receivables, Net | ' | |||||||||||
Other receivables, net consist of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Vendor receivables, net | $ | 46 | $ | 41.2 | ||||||||
Insurance recoverables, current | 5.3 | 2.2 | ||||||||||
Other | 7.7 | 10.4 | ||||||||||
Total other receivables, net | $ | 59 | $ | 53.8 | ||||||||
Schedule of Deposits and Prepayments | ' | |||||||||||
Deposits and prepayments consist of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Deposits | $ | 4.9 | $ | 4.8 | ||||||||
Prepaid income taxes | 4.3 | 3.7 | ||||||||||
Vendor prepayments | 26.4 | 18.8 | ||||||||||
Racking allowances, current | 7.9 | 5 | ||||||||||
Other prepayments | 9.5 | 8 | ||||||||||
Total deposits and prepayments | $ | 53 | $ | 40.3 | ||||||||
Schedule of Other Non-Current Assets, Net | ' | |||||||||||
Other non-current assets, net of current portion, consist of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Insurance recoverables | $ | 17.2 | $ | 17.6 | ||||||||
Debt issuance costs | 1.1 | 1 | ||||||||||
Insurance deposits | 3.7 | 3.6 | ||||||||||
Racking allowances, net | 4.9 | 4.4 | ||||||||||
Other assets | 6.2 | 6.9 | ||||||||||
Total other non-current assets, net | $ | 33.1 | $ | 33.5 | ||||||||
Schedule of Accrued Liabilities | ' | |||||||||||
ccrued liabilities consist of the following (in millions): | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Accrued payroll, retirement and other benefits | $ | 25.8 | $ | 27.7 | ||||||||
Claims liabilities, current | 12.9 | 8.5 | ||||||||||
Accrued customer incentives payable | 18.5 | 14.9 | ||||||||||
Indirect taxes | 5.9 | 5.2 | ||||||||||
Vendor advances | 5.3 | 5.5 | ||||||||||
Other accrued expenses | 19.7 | 17.7 | ||||||||||
Total accrued liabilities | $ | 88.1 | $ | 79.5 | ||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventories | ' | |||||||
Inventories consist of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Inventories at FIFO, net of reserves | $ | 488.2 | $ | 456.7 | ||||
Less: LIFO reserve | (99.0 | ) | (90.3 | ) | ||||
Total inventories at LIFO, net of reserves | $ | 389.2 | $ | 366.4 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
The Company uses the following depreciable lives for its property and equipment: | ||||||||
Useful Life | ||||||||
in Years | ||||||||
Office furniture and equipment | 3 to 10 | |||||||
Delivery equipment | 4 to 10 | |||||||
Warehouse equipment | 5 to 15 | |||||||
Leasehold improvements | 3 to 25 | |||||||
Buildings | 15 to 25 | |||||||
Property and equipment consist of the following (in millions): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Delivery, warehouse and office equipment (1) | $ | 169 | $ | 156.2 | ||||
Leasehold improvements | 36.1 | 32.3 | ||||||
Land and buildings (2) | 26.9 | 24.9 | ||||||
Construction in progress | 1.1 | 1.4 | ||||||
233.1 | 214.8 | |||||||
Less: Accumulated depreciation and amortization | (118.2 | ) | (100.1 | ) | ||||
Total property and equipment, net | $ | 114.9 | $ | 114.7 | ||||
______________________________________________ | ||||||||
(1) Includes equipment capital leases of $3.3 million for 2013 and $2.1 million for 2012. | ||||||||
(2) In both 2013 and 2012 includes $4.8 million for a capital lease related to a warehouse facility |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||
The changes in the carrying amount of goodwill during 2013 and 2012 are as follows (in millions): | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Goodwill, beginning of year | $ | 22.8 | $ | 16.2 | ||||||||||||||||||||
Davenport acquisition | 0.1 | 6.6 | ||||||||||||||||||||||
Goodwill, end of year | $ | 22.9 | $ | 22.8 | ||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | ' | |||||||||||||||||||||||
Intangible assets and software with definite useful lives are amortized over the following useful lives: | ||||||||||||||||||||||||
Useful Life in Years | ||||||||||||||||||||||||
Customer relationships | 15-Oct | |||||||||||||||||||||||
Non-competition agreements | 5-Jan | |||||||||||||||||||||||
Software | 8-Mar | |||||||||||||||||||||||
The carrying amount and accumulated amortization of other intangible assets as of December 31, 2013 and 2012 are as follows (in millions): | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||
Customer relationships | $ | 21.1 | $ | (4.1 | ) | $ | 17 | $ | 21.6 | $ | (3.0 | ) | $ | 18.6 | ||||||||||
Non-competition agreements | 3.2 | (1.8 | ) | 1.4 | 3.2 | (1.0 | ) | 2.2 | ||||||||||||||||
Internally developed and other purchased software | 11.9 | (9.5 | ) | 2.4 | 9.9 | (9.3 | ) | 0.6 | ||||||||||||||||
Total other intangible assets | $ | 36.2 | $ | (15.4 | ) | $ | 20.8 | $ | 34.7 | $ | (13.3 | ) | $ | 21.4 | ||||||||||
Schedule of Expected Amortization Expense | ' | |||||||||||||||||||||||
Estimated future amortization expense for intangible assets is as follows (in millions): | ||||||||||||||||||||||||
Year ending December 31, | ||||||||||||||||||||||||
2014 | $ | 2.5 | ||||||||||||||||||||||
2015 | 2.4 | |||||||||||||||||||||||
2016 | 2.1 | |||||||||||||||||||||||
2017 | 1.9 | |||||||||||||||||||||||
2018 | 1.8 | |||||||||||||||||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments | ' | |||||||
Total long-term debt consists of the following (in millions): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Amounts borrowed (Credit Facility) | $ | 46.3 | $ | 73.3 | ||||
Obligations under capital leases (Note 9) | 11.3 | 11.4 | ||||||
Total long-term debt | $ | 57.6 | $ | 84.7 | ||||
Amounts borrowed, outstanding letters of credit and amounts available to borrow, net of certain reserves required under the Credit Facility, were as follows (in millions): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Amounts borrowed | $ | 46.3 | $ | 73.3 | ||||
Outstanding letters of credit | 21.8 | 19.8 | ||||||
Amounts available to borrow (1) | 122.7 | 97.7 | ||||||
______________________________________________ | ||||||||
-1 | Excluding $100 million expansion feature. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
Future minimum rental payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year and excluding contracted vehicle maintenance costs) were as follows as of December 31, 2013 (in millions): | ||||
Year ending December 31, | ||||
2014 | $ | 33.8 | ||
2015 | 31.1 | |||
2016 | 28.9 | |||
2017 | 26.2 | |||
2018 | 21.7 | |||
2019 and Thereafter | 72 | |||
Total | $ | 213.7 | ||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | |||
Future minimum lease payments under non-cancelable capital leases were as follows as of December 31, 2013 (in millions): | ||||
Year ending December 31, | ||||
2014 | $ | 1.7 | ||
2015 | 1.7 | |||
2016 | 1.6 | |||
2017 | 1.2 | |||
2018 | 1.2 | |||
2019 and thereafter | 9.2 | |||
Total | 16.6 | |||
Less: Interest | (4.1 | ) | ||
Present value of future minimum lease payments | 12.5 | |||
Less: current portion | (1.2 | ) | ||
Non-current portion | $ | 11.3 | ||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||||||||||
income tax provision consists of the following (in millions): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | 18.7 | $ | 16.2 | $ | 13.7 | |||||||||||||||
State | 2.4 | 2.5 | 3.6 | ||||||||||||||||||
Foreign | — | — | — | ||||||||||||||||||
Total current tax provision | $ | 21.1 | $ | 18.7 | $ | 17.3 | |||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | $ | 2.8 | $ | 2.5 | $ | 0.3 | |||||||||||||||
State | 0.8 | 0.5 | (0.5 | ) | |||||||||||||||||
Foreign | (0.3 | ) | (0.2 | ) | (0.1 | ) | |||||||||||||||
Total deferred tax (benefit) provision | $ | 3.3 | $ | 2.8 | $ | (0.3 | ) | ||||||||||||||
Total income tax provision | $ | 24.4 | $ | 21.5 | $ | 17 | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||||||||||
A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate and income tax provision is as follows (in millions): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Federal income tax provision at the statutory rate | $ | 23.1 | 35 | % | $ | 19.4 | 35 | % | $ | 15.1 | 35 | % | |||||||||
Increase (decrease) resulting from: | |||||||||||||||||||||
State income taxes, net of federal benefit | 2.5 | 3.9 | 2.3 | 4.2 | 2.1 | 4.9 | |||||||||||||||
Decrease in unrecognized tax benefits (inclusive of | |||||||||||||||||||||
related interest and penalty) | (0.4 | ) | (0.6 | ) | (0.2 | ) | (0.4 | ) | (0.3 | ) | (0.7 | ) | |||||||||
Effect of foreign operations | (0.3 | ) | (0.5 | ) | (0.2 | ) | (0.4 | ) | (0.1 | ) | (0.2 | ) | |||||||||
Non-deductible acquisition costs | — | — | 0.2 | 0.4 | 0.3 | 0.7 | |||||||||||||||
Tax credits and other, net | (0.5 | ) | (0.8 | ) | — | — | (0.1 | ) | (0.3 | ) | |||||||||||
Income tax provision | $ | 24.4 | 37 | % | $ | 21.5 | 38.8 | % | $ | 17 | 39.4 | % | |||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||||
The tax effects of significant temporary differences which comprise deferred tax assets and liabilities are as follows (in millions): | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Employee benefits, including post-retirement benefits | $ | 11.3 | $ | 15.3 | |||||||||||||||||
Trade and other receivables | 3.6 | 4.3 | |||||||||||||||||||
Goodwill and intangibles | 2.8 | 2.7 | |||||||||||||||||||
Self-insurance reserves | 1 | 0.9 | |||||||||||||||||||
Other | 3.6 | 3.4 | |||||||||||||||||||
Subtotal | 22.3 | 26.6 | |||||||||||||||||||
Less: valuation allowance | (0.1 | ) | (0.1 | ) | |||||||||||||||||
Net deferred tax assets | $ | 22.2 | $ | 26.5 | |||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Inventories | $ | 5.4 | $ | 4 | |||||||||||||||||
Property and equipment | 19.1 | 19.5 | |||||||||||||||||||
Prepaid and deposits | 0.5 | 0.5 | |||||||||||||||||||
Deferred income | 0.2 | 0.2 | |||||||||||||||||||
Goodwill and intangibles | 7.1 | 7.9 | |||||||||||||||||||
Other | 1 | 1.3 | |||||||||||||||||||
Total deferred tax liabilities | $ | 33.3 | $ | 33.4 | |||||||||||||||||
Total net deferred tax liabilities | $ | (11.1 | ) | $ | (6.9 | ) | |||||||||||||||
Net current deferred tax assets | 2.3 | 4.8 | |||||||||||||||||||
Net non-current deferred tax liabilities | $ | (13.4 | ) | $ | (11.7 | ) | |||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||||||||||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits for 2013, 2012 and 2011 is as follows (in millions): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Balance at beginning of year | $ | 1.6 | $ | 1.8 | $ | 1.2 | |||||||||||||||
Increase in unrecognized tax benefits related to acquisition | 0.2 | — | 0.9 | ||||||||||||||||||
Lapse of statute of limitations | (0.2 | ) | (0.2 | ) | (0.2 | ) | |||||||||||||||
Settlement(1) | (1.0 | ) | — | — | |||||||||||||||||
Other | — | — | (0.1 | ) | |||||||||||||||||
Balance at end of year | $ | 0.6 | $ | 1.6 | $ | 1.8 | |||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | ||||||||||||||||||||||||
Reconciliation of Changes in Pension Plans Benefit Obligation and Fair Value of Assets, Statement of Funded Status and Amount Recognized in Balance Sheet and Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||
The following tables provide a reconciliation of the changes in the Pension Plans' benefit obligation and fair value of assets, the funded status of the plans and the amounts recognized in the balance sheets and accumulated other comprehensive loss as of December 31, 2013 and 2012 (in millions): | |||||||||||||||||||||||||
Pension Benefits | Other Post-retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||
Obligation at beginning of year | $ | 43 | $ | 38 | $ | 5.1 | $ | 4.6 | |||||||||||||||||
Interest cost | 1.6 | 1.8 | 0.2 | 0.2 | |||||||||||||||||||||
Actuarial (gain) loss | (1.7 | ) | 5.6 | (0.8 | ) | 0.4 | |||||||||||||||||||
Benefit payments | (2.8 | ) | (2.4 | ) | (0.2 | ) | (0.1 | ) | |||||||||||||||||
Curtailment gain | — | — | (0.9 | ) | — | ||||||||||||||||||||
Benefit obligation at end of year | $ | 40.1 | $ | 43 | $ | 3.4 | $ | 5.1 | |||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 33 | $ | 28.7 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 3.3 | 3 | — | — | |||||||||||||||||||||
Employer contributions | 4.5 | 3.7 | 0.2 | 0.1 | |||||||||||||||||||||
Benefit payments | (2.8 | ) | (2.4 | ) | (0.2 | ) | (0.1 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 38 | $ | 33 | $ | — | $ | — | |||||||||||||||||
Funded status at end of year | $ | (2.1 | ) | $ | (10.0 | ) | $ | (3.4 | ) | $ | (5.1 | ) | |||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | (0.3 | ) | $ | (0.3 | ) | |||||||||||||||
Non-current liabilities | (2.1 | ) | (10.0 | ) | (3.1 | ) | (4.8 | ) | |||||||||||||||||
Total liability | $ | (2.1 | ) | $ | (10.0 | ) | $ | (3.4 | ) | $ | (5.1 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||||||||||
Prior service credit | $ | — | $ | — | $ | — | $ | (0.1 | ) | ||||||||||||||||
Net actuarial loss (gain) | 13.1 | 16.5 | (0.1 | ) | 0.7 | ||||||||||||||||||||
Total | $ | 13.1 | $ | 16.5 | $ | (0.1 | ) | $ | 0.6 | ||||||||||||||||
Additional Information: | |||||||||||||||||||||||||
Accumulated benefit obligation | $ | 40.1 | $ | 43 | |||||||||||||||||||||
Schedule of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ' | ||||||||||||||||||||||||
The following table provides components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income (in millions): | |||||||||||||||||||||||||
Pension Benefits | Other Post-retirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Net Periodic Benefit Cost: | |||||||||||||||||||||||||
Interest cost | $ | 1.6 | $ | 1.8 | $ | 1.8 | $ | 0.2 | $ | 0.2 | $ | 0.2 | |||||||||||||
Expected return on plan assets | (2.3 | ) | (2.1 | ) | (1.9 | ) | — | — | — | ||||||||||||||||
Amortization of prior service credit | — | — | — | (0.1 | ) | (0.1 | ) | (0.1 | ) | ||||||||||||||||
Amortization of net actuarial loss | 0.6 | 0.4 | 0.3 | — | — | — | |||||||||||||||||||
Curtailment gain | — | — | — | (0.9 | ) | — | — | ||||||||||||||||||
Net periodic benefit (income) cost | $ | (0.1 | ) | $ | 0.1 | $ | 0.2 | $ | (0.8 | ) | $ | 0.1 | $ | 0.1 | |||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | |||||||||||||||||||||||||
Net actuarial (gain)/loss | $ | (2.8 | ) | $ | 4.7 | $ | 4.1 | $ | (0.8 | ) | $ | 0.4 | $ | 0.5 | |||||||||||
Amortization of prior service cost | — | — | — | 0.1 | 0.1 | 0.1 | |||||||||||||||||||
Amortization of actuarial gain | (0.6 | ) | (0.4 | ) | (0.3 | ) | — | — | — | ||||||||||||||||
Total recognized in other comprehensive | |||||||||||||||||||||||||
income | $ | (3.4 | ) | $ | 4.3 | $ | 3.8 | $ | (0.7 | ) | $ | 0.5 | $ | 0.6 | |||||||||||
Total recognized in net periodic benefit cost and | |||||||||||||||||||||||||
other comprehensive income | $ | (3.5 | ) | $ | 4.4 | $ | 4 | $ | (1.5 | ) | $ | 0.6 | $ | 0.7 | |||||||||||
Schedule of Assumptions Used | ' | ||||||||||||||||||||||||
The following table shows the weighted-average assumptions used in the measurement of: | |||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Benefit Obligations: | |||||||||||||||||||||||||
Discount rate | 4.6 | % | 3.8 | % | 4.72 | % | 4.6 | % | 3.85 | % | 4.74 | % | |||||||||||||
Expected return on assets | 6.55 | % | 7 | % | 7.25 | % | N/A | N/A | N/A | ||||||||||||||||
Net Periodic Benefit Costs: | |||||||||||||||||||||||||
Discount rate | 3.8 | % | 4.72 | % | 5.04 | % | 3.85 | % | 4.74 | % | 5.08 | % | |||||||||||||
Expected return on assets | 7 | % | 7.25 | % | 7.35 | % | N/A | N/A | N/A | ||||||||||||||||
Schedule of Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||
The health care cost trend rates assumed for the end of year benefit obligation for the post-retirement benefit plans are as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Assumed current trend rate for next year for participants under 65 | 7.50% | 7.00% | |||||||||||||||||||||||
Assumed current trend rate for next year for participants 65 and over | 7.00% | 6.00% | |||||||||||||||||||||||
Ultimate year trend rate | 5.00% | 5.00% | |||||||||||||||||||||||
Year that ultimate trend rate is reached for participants under 65 | 2024 | 2017 | |||||||||||||||||||||||
Year that ultimate trend rate is reached for participants 65 and over | 2022 | 2017 | |||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||
A one percent point change in assumed health care cost trend rates would have the following effects (in millions): | |||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components of net periodic post-retirement | |||||||||||||||||||||||||
health care benefit cost | $ | — | $ | — | |||||||||||||||||||||
Effect on the health care component of the accumulated post-retirement benefit | |||||||||||||||||||||||||
obligation | $ | 0.4 | $ | (0.3 | ) | ||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||||||||||||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Cash and cash equivalents | $ | 2.5 | $ | 2.5 | $ | — | $ | — | |||||||||||||||||
Group trust | 31.8 | — | 31.8 | — | |||||||||||||||||||||
Group annuity contract | 3.7 | — | 3.7 | — | |||||||||||||||||||||
Total | $ | 38 | $ | 2.5 | $ | 35.5 | $ | — | |||||||||||||||||
During 2013, the Company reinvested the majority of the plan assets in an investment instrument (“Group Trust”), comprised of a diversified portfolio of investments across various asset classes, including U.S. and foreign equities and U.S. high yield and investment grade corporate bonds. The Group Trust is valued at the net asset value provided by the administrator of the fund. The net asset value is based on the value of the underlying assets owned by the fund, minus its liabilities, divided by the number of units outstanding. | |||||||||||||||||||||||||
The group annuity consists primarily of investment grade fixed income securities. The participating annuity contract is valued based on discounted cash flows of current yields of similar securities with comparable duration based on the underlying fixed income investments. | |||||||||||||||||||||||||
The fair value measurements of the Pension Plans' assets by asset category at December 31, 2012 are as follows (in millions): | |||||||||||||||||||||||||
Asset Category | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Cash and cash equivalents | $ | 1.1 | $ | 0.4 | $ | 0.7 | $ | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Mutual funds | 8.1 | 8.1 | — | — | |||||||||||||||||||||
Other equity securities, primarily U.S. companies | 10.1 | 10.1 | — | — | |||||||||||||||||||||
Government securities | 3.7 | 2.1 | 1.6 | — | |||||||||||||||||||||
Corporate and muni bonds: | |||||||||||||||||||||||||
Other bonds | 5.9 | — | 5.9 | — | |||||||||||||||||||||
Muni bonds | 0.3 | — | 0.3 | — | |||||||||||||||||||||
Group annuity contract | 3.8 | — | 3.8 | — | |||||||||||||||||||||
Total | $ | 33 | $ | 20.7 | $ | 12.3 | $ | — | |||||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||||||||
Estimated future benefit payments reflecting future service are as follows (in millions): | |||||||||||||||||||||||||
Year ending December 31, | Pension Benefits | Other | |||||||||||||||||||||||
Post-retirement Benefits | |||||||||||||||||||||||||
2014 | $ | 3.3 | $ | 0.3 | |||||||||||||||||||||
2015 | 2.7 | 0.3 | |||||||||||||||||||||||
2016 | 2.9 | 0.2 | |||||||||||||||||||||||
2017 | 2.9 | 0.2 | |||||||||||||||||||||||
2018 | 3.3 | 0.2 | |||||||||||||||||||||||
2019 through 2023 | 13.8 | 1.1 | |||||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | ' | ||||||||||||||||||||||||
Expected amortizations from accumulated other comprehensive income into net periodic benefit cost for the year ending December 31, 2014 (in millions): | |||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||
Post-retirement Benefits | |||||||||||||||||||||||||
Expected amortization of net actuarial loss | $ | 0.4 | $ | — | |||||||||||||||||||||
Expected amortization of prior service credit | — | — | |||||||||||||||||||||||
Total expected amortizations for the year ending December 31, 2014 | $ | 0.4 | $ | — | |||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||||||||||||||||||
The following table sets forth the computation of basic and diluted net earnings per share (dollars and shares in millions, except per share amounts): | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Net Income | Weighted-Average Shares Outstanding | Net Income Per Common Share | Net Income | Weighted-Average Shares Outstanding | Net Income Per Common Share | Net Income | Weighted-Average Shares Outstanding | Net Income Per Common Share | |||||||||||||||||||||||||
Basic EPS | $ | 41.6 | 11.5 | $ | 3.62 | $ | 33.9 | 11.5 | $ | 2.96 | $ | 26.2 | 11.4 | $ | 2.3 | ||||||||||||||||||
Effect of dilutive | |||||||||||||||||||||||||||||||||
common share | |||||||||||||||||||||||||||||||||
equivalents: | |||||||||||||||||||||||||||||||||
Restricted | |||||||||||||||||||||||||||||||||
stock units | — | — | (0.01 | ) | — | 0.1 | (0.02 | ) | — | — | (0.01 | ) | |||||||||||||||||||||
Stock options | — | 0.1 | (0.02 | ) | — | — | (0.02 | ) | — | 0.1 | (0.02 | ) | |||||||||||||||||||||
Performance shares | — | — | (0.01 | ) | — | — | (0.01 | ) | — | — | — | ||||||||||||||||||||||
Warrants | — | — | — | — | — | — | — | 0.2 | (0.04 | ) | |||||||||||||||||||||||
Diluted EPS | $ | 41.6 | 11.6 | $ | 3.58 | $ | 33.9 | 11.6 | $ | 2.91 | $ | 26.2 | 11.7 | $ | 2.23 | ||||||||||||||||||
______________________________________________ | |||||||||||||||||||||||||||||||||
Note: Basic and diluted earnings per share are calculated based on unrounded actual amounts. |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||
Summary of Securities To Be Issued and Remaining Available For Future Issuance | ' | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||
Number of securities to be issued upon exercise of outstanding options and vesting of RSUs | Weighted-average exercise price of outstanding options and vesting of RSUs | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column 1) | |||||||||||||||||||||||||||||||||||||||||||
2004 Long-Term Incentive Plan | |||||||||||||||||||||||||||||||||||||||||||||
-Options | 4,376 | $ | 31.7 | — | |||||||||||||||||||||||||||||||||||||||||
2005 Long-Term Incentive Plan | |||||||||||||||||||||||||||||||||||||||||||||
-Restricted stock units | 3,053 | $ | 0.01 | — | |||||||||||||||||||||||||||||||||||||||||
2007 Long-Term Incentive Plan(1) | 96,958 | $ | 24.63 | — | |||||||||||||||||||||||||||||||||||||||||
2010 Long-Term Incentive Plan(1) | 131,533 | $ | 1.88 | 259,949 | |||||||||||||||||||||||||||||||||||||||||
______________________________________________ | |||||||||||||||||||||||||||||||||||||||||||||
-1 | Includes non-qualified stock options, restricted stock units and performance shares. | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the activity for all stock options, restricted stock units and performance shares under all of the Long-Term Incentive Plans ("LTIPs") for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | Activity during 2013 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Outstanding | Granted | Exercised | Canceled | Outstanding | Exercisable | ||||||||||||||||||||||||||||||||||||||||
Plans | Securities | Number | Price | Number | Price | Number | Price | Number | Price | Number | Price | Number | Price | ||||||||||||||||||||||||||||||||
2004 LTIP | Options | 17,376 | $ | 34.94 | — | $ | — | (13,000 | ) | $ | 36.03 | — | $ | — | 4,376 | $ | 31.7 | 4,376 | $ | 31.7 | |||||||||||||||||||||||||
2005 LTIP | RSUs | 3,053 | 0.01 | — | — | — | — | — | — | 3,053 | 0.01 | 3,053 | 0.01 | ||||||||||||||||||||||||||||||||
2007 LTIP (1) | RSUs | 24,920 | 0.01 | — | — | (24,514 | ) | 0.01 | — | — | 406 | 0.01 | 406 | 0.01 | |||||||||||||||||||||||||||||||
Options | 169,107 | 25.62 | — | — | (72,555 | ) | 26.85 | — | — | 96,552 | 24.74 | 96,552 | 24.74 | ||||||||||||||||||||||||||||||||
Performanceshares | 8,453 | 0.01 | — | — | (8,453 | ) | 0.01 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
2010 LTIP (1) | RSUs | 120,126 | 0.01 | 87,268 | (2) | 0.01 | (98,511 | ) | 0.01 | (1,167 | ) | 0.01 | 107,716 | 0.01 | — | — | |||||||||||||||||||||||||||||
Options | 7,500 | 32.78 | — | — | — | — | — | — | 7,500 | 32.78 | 5,000 | 32.78 | |||||||||||||||||||||||||||||||||
Performance shares | 77,047 | 0.01 | 90,500 | (3) | 0.01 | (46,655 | ) | 0.01 | (104,575 | ) | 0.01 | 16,317 | 0.01 | — | — | ||||||||||||||||||||||||||||||
Total | 427,582 | 177,768 | (263,688 | ) | (105,742 | ) | 235,920 | 109,387 | |||||||||||||||||||||||||||||||||||||
______________________________________________ | |||||||||||||||||||||||||||||||||||||||||||||
Note: Price is weighted-average price per share. | |||||||||||||||||||||||||||||||||||||||||||||
-1 | The 2007 and 2010 LTIPs are for officers, employees and non-employee directors. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Consists of non-performance RSUs. | ||||||||||||||||||||||||||||||||||||||||||||
-3 | In February 2013, the Company awarded a maximum of 90,500 performance-based RSUs to certain of its employees at a weighted-average grant date fair value of $49.13. The shares were ultimately cancelled as the Company did not achieve the related performance targets for fiscal 2013. | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Options, Restricted Stock Units and Performance Shares Vested and Expected to Vest | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes stock options, restricted stock units and performance shares that have vested and are expected to vest as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value(1) | |||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Plans | Securities | Vested | Expected to vest(2) | Vested | Expected to vest(2) | Vested | Expected to vest(2) | ||||||||||||||||||||||||||||||||||||||
2004 LTIP | Options | 4,376 | — | 0.7 | — | $ | 194 | $ | — | ||||||||||||||||||||||||||||||||||||
2005 LTIP | RSUs | 3,053 | — | — | — | 231 | — | ||||||||||||||||||||||||||||||||||||||
2007 LTIP | RSUs | 406 | — | — | — | 31 | — | ||||||||||||||||||||||||||||||||||||||
Options | 96,552 | — | 1.5 | — | 4,943 | — | |||||||||||||||||||||||||||||||||||||||
2010 LTIP | RSUs | — | 112,175 | — | — | — | 8,517 | ||||||||||||||||||||||||||||||||||||||
Performance shares | — | 11,858 | — | — | — | 900 | |||||||||||||||||||||||||||||||||||||||
Options | 5,000 | 2,500 | 4.8 | 4.8 | 216 | 108 | |||||||||||||||||||||||||||||||||||||||
Total | 109,387 | 126,533 | $ | 5,615 | $ | 9,525 | |||||||||||||||||||||||||||||||||||||||
______________________________________________ | |||||||||||||||||||||||||||||||||||||||||||||
-1 | Aggregate intrinsic value is calculated based upon the difference between the exercise prices of options or restricted stock units and our closing common stock price on December 31, 2013 of $75.93, multiplied by the number of instruments that are vested or expected to vest. Options and restricted stock units having exercise prices greater than the closing stock price noted above are excluded from this calculation. | ||||||||||||||||||||||||||||||||||||||||||||
-2 | Options, restricted stock units and performance shares that are expected to vest are net of estimated future forfeitures. | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following table presents the assumptions used in the Black-Scholes option-pricing model to value the stock options granted during 2011. The Company did not grant stock options in 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Weighted-average fair value per share of grants: | |||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units | $ | 49.39 | $ | 39.98 | $ | 34.12 | |||||||||||||||||||||||||||||||||||||||
Performance shares | N/A | $ | 39.59 | $ | 34.12 | ||||||||||||||||||||||||||||||||||||||||
Stock options | N/A | N/A | 9.88 | ||||||||||||||||||||||||||||||||||||||||||
Expected life (years) | N/A | N/A | 5.3 | ||||||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | N/A | N/A | 0.48 | % | |||||||||||||||||||||||||||||||||||||||||
Volatility | N/A | N/A | 41 | % | |||||||||||||||||||||||||||||||||||||||||
Dividend yield | N/A | N/A | 2 | % | |||||||||||||||||||||||||||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Equity [Abstract] | ' | |||||||
Schedule of Stock Repurchase Activities | ' | |||||||
The following table summarizes the Company's stock repurchase activities for the years ended December 31, 2013 and 2012 (in millions, except share data): | ||||||||
2013 | 2012 | |||||||
Number of shares repurchased | 126,872 | 118,800 | ||||||
Average price per share | $ | 56.6 | $ | 43.34 | ||||
Total repurchase costs | $ | 7.2 | $ | 5.2 | ||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||||||||
The components of other comprehensive income ("OCI") and the related tax effects were as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Net | Net | Net | ||||||||||||||||||||||||||||||||||
Before | Tax | of | Before | Tax | of | Before | Tax | of | ||||||||||||||||||||||||||||
Tax | Effect | Tax | Tax | Effect | Tax | Tax | Effect | Tax | ||||||||||||||||||||||||||||
Defined benefit plan adjustments: | ||||||||||||||||||||||||||||||||||||
Net actuarial gain/(loss) during the year | $ | 3.6 | $ | (1.5 | ) | $ | 2.1 | $ | (5.1 | ) | $ | 2 | $ | (3.1 | ) | $ | (4.6 | ) | $ | 1.8 | $ | (2.8 | ) | |||||||||||||
Amortization of prior service cost | ||||||||||||||||||||||||||||||||||||
included in net income | (0.1 | ) | — | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||||||
Amortization of net actuarial gain/(loss) | ||||||||||||||||||||||||||||||||||||
included in net income | 0.6 | (0.2 | ) | 0.4 | 0.4 | (0.1 | ) | 0.3 | 0.3 | (0.1 | ) | 0.2 | ||||||||||||||||||||||||
Net (loss)/gain during the year | 4.1 | (1.7 | ) | 2.4 | (4.8 | ) | 1.9 | (2.9 | ) | (4.4 | ) | 1.7 | (2.7 | ) | ||||||||||||||||||||||
Foreign currency translation adjustment | ||||||||||||||||||||||||||||||||||||
gain/(loss) | (1.5 | ) | — | (1.5 | ) | 0.4 | — | 0.4 | (0.3 | ) | — | (0.3 | ) | |||||||||||||||||||||||
Other comprehensive income/(loss) | $ | 2.6 | $ | (1.7 | ) | $ | 0.9 | $ | (4.4 | ) | $ | 1.9 | $ | (2.5 | ) | $ | (4.7 | ) | $ | 1.7 | $ | (3.0 | ) | |||||||||||||
During the years ended December 31, 2013 and 2012, reclassifications out of accumulated other comprehensive loss were immaterial. |
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||
The Company’s distribution centers (operating divisions), which produce almost all of its revenues have similar historical economic characteristics and have been aggregated into one reporting segment. Couche-Tard, the Company’s largest customer, accounted for approximately 14.7% and 13.7%% of total net sales for 2013 and 2012, respectively. No single customer accounted for more than 10% of total net sales in 2011. Accounting policies for measuring segment assets and earnings before income taxes are substantially consistent with those described in Note 2 - Summary of Significant Accounting Policies. | ||||||||||||
Information about the Company's business operations based on the two g | ||||||||||||
Revenue from External Customers by Products and Services | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Product Category | Net Sales | Net Sales | Net Sales | |||||||||
Cigarettes | $ | 6,642.00 | $ | 6,139.40 | $ | 5,710.60 | ||||||
Food | 1,342.30 | 1,178.60 | 995.7 | |||||||||
Candy | 527.2 | 489.5 | 459.8 | |||||||||
Other tobacco products | 787.8 | 687.8 | 607.9 | |||||||||
Health, beauty & general | 327.3 | 269.2 | 237.5 | |||||||||
Beverages | 139.1 | 125.6 | 100.9 | |||||||||
Equipment/other | 1.9 | 2.3 | 2.5 | |||||||||
Total food/non-food products | $ | 3,125.60 | $ | 2,753.00 | $ | 2,404.30 | ||||||
Total net sales | $ | 9,767.60 | $ | 8,892.40 | $ | 8,114.90 | ||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
The tables below provide the Company's unaudited consolidated results of operations for each of the four quarters in 2013 and 2012: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
(in millions, except per share data) | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Net sales — Cigarettes (1) | $ | 1,692.00 | $ | 1,783.70 | $ | 1,702.90 | $ | 1,463.40 | |||||||||
Net sales — Food/non-food (1) | 799.3 | 837 | 807 | 682.3 | |||||||||||||
Net sales (1) | 2,491.30 | 2,620.70 | 2,509.90 | 2,145.70 | |||||||||||||
Cost of goods sold | 2,348.00 | 2,479.90 | 2,372.90 | 2,029.70 | |||||||||||||
Gross profit | 143.3 | 140.8 | 137 | 116 | |||||||||||||
Warehousing and distribution expenses (2) | 77.2 | 79.4 | 72.8 | 67.7 | |||||||||||||
Selling, general and administrative expenses (3) | 41.6 | 41.3 | 42.9 | 42.5 | |||||||||||||
Amortization of intangible assets | 0.7 | 0.6 | 0.7 | 0.7 | |||||||||||||
Total operating expenses | 119.5 | 121.3 | 116.4 | 110.9 | |||||||||||||
Income from operations | 23.8 | 19.5 | 20.6 | 5.1 | |||||||||||||
Interest expense | (0.6 | ) | (0.6 | ) | (0.8 | ) | (0.7 | ) | |||||||||
Interest income | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||
Foreign currency losses, net | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.4 | ) | |||||||||
Income before income taxes | 23.2 | 18.9 | 19.8 | 4.1 | |||||||||||||
Income tax provision | (8.2 | ) | (6.6 | ) | (8.1 | ) | (1.5 | ) | |||||||||
Net income | 15 | 12.3 | 11.7 | 2.6 | |||||||||||||
Basic net income per common share (4) | $ | 1.3 | $ | 1.07 | $ | 1.02 | $ | 0.22 | |||||||||
Diluted net income per common share (4) | $ | 1.29 | $ | 1.06 | $ | 1.01 | $ | 0.22 | |||||||||
Shares used to compute basic net income | |||||||||||||||||
per common share | 11.5 | 11.5 | 11.5 | 11.5 | |||||||||||||
Shares used to compute diluted net income | |||||||||||||||||
per common share | 11.6 | 11.6 | 11.6 | 11.6 | |||||||||||||
Excise taxes (1) | $ | 526.7 | $ | 554.9 | $ | 523.6 | $ | 445.6 | |||||||||
Cigarette inventory holding gains (5) | 4.1 | 0.2 | 3.9 | 0.8 | |||||||||||||
LIFO expense | (0.1 | ) | 2.2 | 3.7 | 2.9 | ||||||||||||
Depreciation and amortization | 7 | 6.8 | 6.8 | 6.6 | |||||||||||||
Stock-based compensation | 0.6 | 1.3 | 1.4 | 1.3 | |||||||||||||
Capital expenditures | 5 | 4.6 | 6.7 | 1.7 | |||||||||||||
Adjusted EBITDA(6) | 31.3 | 29.8 | 32.5 | 15.9 | |||||||||||||
____________________________________________ | |||||||||||||||||
-1 | Excise taxes are included as a component of net sales. | ||||||||||||||||
-2 | Warehousing and distribution expenses are not included as a component of the Company's cost of goods sold, which presentation may differ from that of other registrants. | ||||||||||||||||
-3 | SG&A expenses includes acquisition and integration expenses of $2.8 million related primarily to Davenport and the addition of new customers, consisting of $1.2 million in Q4, $0.5 million in Q3, $0.6 million in Q2, and $0.2 million in Q1. | ||||||||||||||||
-4 | Totals may not agree with full year amounts due to rounding and separate calculations for each quarter. | ||||||||||||||||
-5 | Cigarette inventory holding gains relate to income earned on cigarette quantities on hand at the time cigarette manufacturers increase their prices. | ||||||||||||||||
-6 | Adjusted EBITDA is a non-GAAP measure and should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Adjusted EBITDA is equal to net income adding back net interest expense, provision for income taxes, depreciation and amortization, LIFO expense, stock-based compensation expense and net foreign currency transaction losses. | ||||||||||||||||
Three Months Ended | |||||||||||||||||
(in millions, except per share data) | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Net sales — Cigarettes (1) | $ | 1,513.20 | $ | 1,596.50 | $ | 1,577.30 | $ | 1,452.40 | |||||||||
Net sales — Food/non-food (1) | 676.3 | 718.4 | 710 | 648.3 | |||||||||||||
Net sales (1) | 2,189.50 | 2,314.90 | 2,287.30 | 2,100.70 | |||||||||||||
Cost of goods sold | 2,067.60 | 2,192.70 | 2,164.70 | 1,990.60 | |||||||||||||
Gross profit | 121.9 | 122.2 | 122.6 | 110.1 | |||||||||||||
Warehousing and distribution expenses (2) | 64.7 | 68.4 | 66.2 | 63.4 | |||||||||||||
Selling, general and administrative expenses (3) | 40.3 | (3) | 35.9 | (3) | 37.8 | (3) | 39.7 | ||||||||||
Amortization of intangible assets | 0.6 | 0.7 | 0.8 | 0.9 | |||||||||||||
Total operating expenses | 105.6 | 105 | 104.8 | 104 | |||||||||||||
Income from operations | 16.3 | 17.2 | 17.8 | 6.1 | |||||||||||||
Interest expense | (0.6 | ) | (0.4 | ) | (0.6 | ) | (0.6 | ) | |||||||||
Interest income | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||
Foreign currency gains (losses), net | (0.1 | ) | — | (0.2 | ) | 0.1 | |||||||||||
Income before income taxes | 15.7 | 16.9 | 17.1 | 5.7 | |||||||||||||
Income tax provision | (6.0 | ) | (6.4 | ) | (7.0 | ) | (2.1 | ) | |||||||||
Net income | 9.7 | 10.5 | 10.1 | 3.6 | |||||||||||||
Basic net income per common share (4) | $ | 0.84 | $ | 0.92 | $ | 0.89 | $ | 0.31 | |||||||||
Diluted net income per common share (4) | $ | 0.83 | $ | 0.9 | $ | 0.87 | $ | 0.31 | |||||||||
Shares used to compute basic net income | |||||||||||||||||
per common share | 11.5 | 11.5 | 11.4 | 11.4 | |||||||||||||
Shares used to compute diluted net income | |||||||||||||||||
per common share | 11.7 | 11.7 | 11.6 | 11.6 | |||||||||||||
Excise taxes (1) | $ | 482.2 | $ | 519.1 | $ | 511.5 | $ | 474.2 | |||||||||
Cigarette inventory holding gains (5) | 3.3 | 0.2 | 3.2 | 1.1 | |||||||||||||
LIFO expense | 1.3 | 3.8 | 4.3 | 2.9 | |||||||||||||
Depreciation and amortization | 6.3 | 6.3 | 6.4 | 6.3 | |||||||||||||
Stock-based compensation | 1.7 | 1.4 | 1.3 | 1.4 | |||||||||||||
Capital expenditures | 8.3 | 7.1 | 7.7 | 5.5 | |||||||||||||
Adjusted EBITDA(6) | 25.6 | 28.7 | 29.8 | 16.7 | |||||||||||||
______________________________________________ | |||||||||||||||||
-1 | Excise taxes are included as a component of net sales. | ||||||||||||||||
-2 | Warehousing and distribution expenses are not included as a component of the Company's cost of goods sold, which presentation may differ from that of other registrants. | ||||||||||||||||
-3 | SG&A expenses include acquisition costs related to Davenport consisting of $1.3 million in the fourth quarter. SG&A expenses also include a reduction in expenses resulting from the favorable resolution of legacy workers' compensation and insurance claims of $1.4 million in the third quarter and $0.4 million in the second quarter. | ||||||||||||||||
-4 | Totals may not agree with full year amounts due to rounding and separate calculations for each quarter. | ||||||||||||||||
-5 | Cigarette inventory holding gains relate to income earned on cigarette quantities on hand at the time cigarette manufacturers increase their prices. | ||||||||||||||||
-6 | Adjusted EBITDA is a non-GAAP measure and should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Adjusted EBITDA is equal to net income adding back net interest expense, provision for income taxes, depreciation and amortization, LIFO expense, stock-based compensation expense and net foreign currency transaction losses. |
Summary_of_Company_Information1
Summary of Company Information (Details) | Dec. 31, 2013 |
distribution_centers | |
customer_locations | |
Summary of Company Information [Abstract] | ' |
Number of customer locations | 30,000 |
Number of distribution centers | 28 |
Number of distribution facilities operated as a third party logistics provider | 2 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | |||
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Management service fee revenue as a percentage of total net sales, maximum | 1.00% | 1.00% | 1.00% |
Vendor rebates and promotional allowances | $149,800,000 | $128,000,000 | $108,300,000 |
Excise taxes as a percentage of net sales | 21.00% | 22.00% | 24.00% |
Excise taxes as a percentage of cost of goods sold | 22.00% | 24.00% | 25.00% |
Book overdrafts | 22,900,000 | 24,700,000 | ' |
Percentage of LIFO inventory | 86.00% | 87.00% | ' |
Impairment losses related to long-lived and other intangible assets | 0 | 0 | 0 |
Capitalized computer software, amount | 2,000,000 | 200,000 | ' |
Unamortized debt issuance costs | 1,400,000 | 1,500,000 | ' |
Self insurance gross obligation, long-term | 28,200,000 | 28,100,000 | ' |
Self insurance gross obligation, short-term | 12,900,000 | 8,500,000 | ' |
Self insurance liabilities net of insurance recoverables, long-term | 11,000,000 | 10,500,000 | ' |
Self insurance liabilities net of insurance recoverables, short-term | 7,600,000 | 6,400,000 | ' |
Number of reportable segments | 1 | ' | ' |
Number of geographical areas | 2 | ' | ' |
Workers' Compensation, General and Auto Liabilities Program [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Self-insurance pre-claim limit, amount | 500,000 | ' | ' |
Health and Welfare Program [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Self-insurance pre-claim limit, amount | $200,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Capitalized computer software, amortization period | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Capitalized computer software, amortization period | '8 years | ' | ' |
Office furniture and equipment [Member] | Minimum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Fixed assets useful lives | '3 years | ' | ' |
Office furniture and equipment [Member] | Maximum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Fixed assets useful lives | '10 years | ' | ' |
Delivery equipment [Member] | Minimum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Fixed assets useful lives | '4 years | ' | ' |
Delivery equipment [Member] | Maximum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Fixed assets useful lives | '10 years | ' | ' |
Warehouse equipment [Member] | Minimum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Fixed assets useful lives | '5 years | ' | ' |
Warehouse equipment [Member] | Maximum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Fixed assets useful lives | '15 years | ' | ' |
Leasehold improvements [Member] | Minimum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Fixed assets useful lives | '3 years | ' | ' |
Leasehold improvements [Member] | Maximum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Fixed assets useful lives | '25 years | ' | ' |
Buildings [Member] | Minimum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Fixed assets useful lives | '15 years | ' | ' |
Buildings [Member] | Maximum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Fixed assets useful lives | '25 years | ' | ' |
Customer Concentration Risk [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Customers accounting for 10% or more of total net sales, number | ' | ' | 0 |
Customers accounted for 10% or more of accounts receivable, number | 0 | 0 | ' |
Customer Concentration Risk [Member] | Couche-Tard [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Concentration risk, percentage | 14.70% | 13.70% | ' |
Supplier Concentration Risk [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of significant suppliers | 2 | ' | ' |
Supplier Concentration Risk [Member] | Philip Morris USA, Inc. [Member] | Product purchase [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Concentration risk, percentage | 28.00% | 27.00% | 27.00% |
Supplier Concentration Risk [Member] | R.J. Reynolds Tobacco Company [Member] | Product purchase [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Concentration risk, percentage | 14.00% | 14.00% | 14.00% |
Product Concentration Risk [Member] | Net sales [Member] | Cigarettes [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Concentration risk, percentage | 68.00% | 69.00% | 70.40% |
Product Concentration Risk [Member] | Gross profit [Member] | Cigarettes [Member] | ' | ' | ' |
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' |
Concentration risk, percentage | 30.00% | 31.70% | 31.70% |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 17, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 17, 2012 | Dec. 31, 2013 | Dec. 17, 2012 | Dec. 31, 2013 | 2-May-11 | Dec. 31, 2013 | 2-May-11 | Dec. 31, 2013 | 2-May-11 | Dec. 31, 2013 |
Davenport [Member] | Davenport [Member] | Davenport [Member] | Davenport [Member] | Davenport [Member] | Davenport [Member] | Davenport [Member] | Davenport [Member] | FCGC [Member] | FCGC [Member] | FCGC [Member] | FCGC [Member] | FCGC [Member] | FCGC [Member] | ||||
Non-competiiton agreements [Member] | Non-competiiton agreements [Member] | Customer relationships [Member] | Customer relationships [Member] | Non-competiiton agreements [Member] | Non-competiiton agreements [Member] | Customer relationships [Member] | Customer relationships [Member] | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase consideration | ' | ' | ' | $41.20 | ' | ' | ' | ' | ' | ' | ' | $54 | ' | ' | ' | ' | ' |
Cash paid at closing for acquisition | ' | ' | ' | 34.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in total consideration | ' | ' | ' | ' | ' | 3.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | 21.2 | ' | ' | ' | ' | ' | ' | ' | 18.4 | ' | ' | ' | ' | ' |
Other receivables | ' | ' | ' | 3.9 | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | 20.3 | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' |
Prepaid expenses/other assets | ' | ' | ' | 2.6 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | 5.3 | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | 2.6 | ' | ' | ' | ' | ' | ' | ' | 18.4 | ' | ' | ' | ' | ' |
Goodwill | 22.9 | 22.8 | 16.2 | 6.7 | ' | ' | ' | ' | ' | ' | ' | 11.6 | ' | ' | ' | ' | ' |
Net deferred tax liabilities | ' | ' | ' | -1 | ' | ' | ' | ' | ' | ' | ' | -7 | ' | ' | ' | ' | ' |
Capital lease liability | ' | ' | ' | -10.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | -9.8 | ' | ' | ' | ' | ' | ' | ' | -12.3 | ' | ' | ' | ' | ' |
Total consideration | ' | ' | ' | 41.2 | ' | ' | ' | ' | ' | ' | ' | 54 | ' | ' | ' | ' | ' |
Indemnity holdback for any post-closing liabilities, amount | 0 | 4 | 0 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of time to release indemnity holdback | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent payments amount | ' | ' | ' | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnity holdback liability obligations | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employment service provision obligations | ' | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial capital lease term | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | 0.7 | ' | 1.9 | ' | ' | ' | 2 | ' | 16.4 | ' |
Acquisition related costs | ' | ' | ' | ' | 1.3 | 1.6 | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '10 years | ' | ' | ' | '5 years | ' | '15 years |
Increase of total consideration | 0 | 0.6 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Escrow reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 | 13.5 | ' | ' | ' | ' |
Capital lease obligations | $12.50 | $12.30 | ' | ' | ' | $10.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Consolidated_Balance_She2
Other Consolidated Balance Sheet Accounts Detail (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Balance, beginning of year | $10.90 | $9.60 | $8.70 |
Net additions charged to operations | 1.1 | 2 | 2 |
Less: Write-offs and adjustments | -2.6 | -0.7 | -1.1 |
Balance, end of year | 9.4 | 10.9 | 9.6 |
Other Receivables, Net, Current [Abstract] | ' | ' | ' |
Vendor receivables, net | 46 | 41.2 | ' |
Insurance recoverables, current | 5.3 | 2.2 | ' |
Other | 7.7 | 10.4 | ' |
Total other receivables, net | 59 | 53.8 | ' |
Deposits and Prepayments [Abstract] | ' | ' | ' |
Deposits | 4.9 | 4.8 | ' |
Prepaid taxes | 4.3 | 3.7 | ' |
Vendor prepayments | 26.4 | 18.8 | ' |
Racking allowances, current | 7.9 | 5 | ' |
Other prepayments | 9.5 | 8 | ' |
Total deposits and prepayments | 53 | 40.3 | ' |
Other Assets, Noncurrent [Abstract] | ' | ' | ' |
Insurance recoverables | 17.2 | 17.6 | ' |
Debt issuance costs | 1.1 | 1 | ' |
Insurance deposits | 3.7 | 3.6 | ' |
Racking allowances, net | 4.9 | 4.4 | ' |
Other assets | 6.2 | 6.9 | ' |
Total other non-current assets, net | 33.1 | 33.5 | ' |
Accrued Liabilities, Current [Abstract] | ' | ' | ' |
Accrued payroll, retirement and other benefits | 25.8 | 27.7 | ' |
Claims liabilities, current | 12.9 | 8.5 | ' |
Accrued customer incentives payable | 18.5 | 14.9 | ' |
Indirect taxes | 5.9 | 5.2 | ' |
Vendor advances | 5.3 | 5.5 | ' |
Other accrued expenses | 19.7 | 17.7 | ' |
Total accrued liabilities | $88.10 | $79.50 | ' |
Inventories_Details
Inventories (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Inventories at LIFO, Net of Reserves [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories at FIFO, net of reserves | $488.20 | ' | ' | ' | $456.70 | ' | ' | ' | $488.20 | $456.70 | ' |
LIFO reserve | -99 | ' | ' | ' | -90.3 | ' | ' | ' | -99 | -90.3 | ' |
Total inventories at LIFO, net of reserves | 389.2 | ' | ' | ' | 366.4 | ' | ' | ' | 389.2 | 366.4 | ' |
Decrement in certain LIFO inventory layers | ' | ' | ' | ' | ' | ' | ' | ' | 11.8 | 23.2 | 2.4 |
Decrement effect on LIFO expense | ' | ' | ' | ' | ' | ' | ' | ' | 2.2 | 1.6 | 0.6 |
LIFO expense | -0.1 | 2.2 | 3.7 | 2.9 | 1.3 | 3.8 | 4.3 | 2.9 | 8.7 | 12.3 | 18.3 |
Decrement in current year as a result of reduction in LIFO layers in prior year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Inventories at LIFO, Net of Reserves [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIFO reserve | ($99) | ' | ' | ' | ($90.30) | ' | ' | ' | ($99) | ($90.30) | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Property and equipment, gross | $233.10 | $214.80 | ' | ||
Less: Accumulated depreciation and amortization | -118.2 | -100.1 | ' | ||
Total property and equipment, net | 114.9 | 114.7 | ' | ||
Depreciation and amortization expenses | 20 | 18.5 | 16.2 | ||
Accruals for construction in progress | 1.9 | 0.2 | ' | ||
Delivery, warehouse and office equipment [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Property and equipment, gross | 169 | [1] | 156.2 | [1] | ' |
Leasehold improvements [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Property and equipment, gross | 36.1 | 32.3 | ' | ||
Land and buildings [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Property and equipment, gross | 26.9 | [2] | 24.9 | [2] | ' |
Land and buildings - Warehouse facility capital lease [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Property and equipment, gross | 4.8 | 4.8 | ' | ||
Construction in progress [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Property and equipment, gross | 1.1 | 1.4 | ' | ||
Equipment capital leases [Member] | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Property and equipment, gross | $3.30 | $2.10 | ' | ||
[1] | Includes equipment capital leases of $3.3 million for 2013 and $2.1 million for 2012. | ||||
[2] | ncludes $4.8 million for a capital lease related to a warehouse facility |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, beginning of year | $22,800,000 | $16,200,000 | ' |
Goodwill from acquisitions | 100,000 | 6,600,000 | ' |
Goodwill, end of year | 22,900,000 | 22,800,000 | 16,200,000 |
Goodwill impairment | $0 | $0 | $0 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | $36.20 | ' | ' | ' | $34.70 | ' | ' | ' | $36.20 | $34.70 | ' |
Accumulated Amortization | -15.4 | ' | ' | ' | -13.3 | ' | ' | ' | -15.4 | -13.3 | ' |
Net Carrying Amount | 20.8 | ' | ' | ' | 21.4 | ' | ' | ' | 20.8 | 21.4 | ' |
Amortization of intangible assets | 0.7 | 0.6 | 0.7 | 0.7 | 0.6 | 0.7 | 0.8 | 0.9 | 2.7 | 3 | 3 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 2.5 | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' |
2015 | 2.4 | ' | ' | ' | ' | ' | ' | ' | 2.4 | ' | ' |
2016 | 2.1 | ' | ' | ' | ' | ' | ' | ' | 2.1 | ' | ' |
2017 | 1.9 | ' | ' | ' | ' | ' | ' | ' | 1.9 | ' | ' |
2018 | 1.8 | ' | ' | ' | ' | ' | ' | ' | 1.8 | ' | ' |
Customer relationships [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | 21.1 | ' | ' | ' | 21.6 | ' | ' | ' | 21.1 | 21.6 | ' |
Accumulated Amortization | -4.1 | ' | ' | ' | -3 | ' | ' | ' | -4.1 | -3 | ' |
Net Carrying Amount | 17 | ' | ' | ' | 18.6 | ' | ' | ' | 17 | 18.6 | ' |
Non-competiiton agreements [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | 3.2 | ' | ' | ' | 3.2 | ' | ' | ' | 3.2 | 3.2 | ' |
Accumulated Amortization | -1.8 | ' | ' | ' | -1 | ' | ' | ' | -1.8 | -1 | ' |
Net Carrying Amount | 1.4 | ' | ' | ' | 2.2 | ' | ' | ' | 1.4 | 2.2 | ' |
Internally developed and other purchased software [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | 11.9 | ' | ' | ' | 9.9 | ' | ' | ' | 11.9 | 9.9 | ' |
Accumulated Amortization | -9.5 | ' | ' | ' | -9.3 | ' | ' | ' | -9.5 | -9.3 | ' |
Net Carrying Amount | $2.40 | ' | ' | ' | $0.60 | ' | ' | ' | $2.40 | $0.60 | ' |
Minimum [Member] | Customer relationships [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Minimum [Member] | Non-competiiton agreements [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' |
Minimum [Member] | Internally developed and other purchased software [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Maximum [Member] | Customer relationships [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' |
Maximum [Member] | Non-competiiton agreements [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Maximum [Member] | Internally developed and other purchased software [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | ' |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | $57.60 | $84.70 | ||
Outstanding letters of credit | 21.8 | 19.8 | ||
Amounts available to borrow | 122.7 | [1] | 97.7 | [1] |
Credit Facility [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 46.3 | 73.3 | ||
Obligations under capital leases [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | $11.30 | $11.40 | ||
[1] | Excluding $100 million expansion feature. |
Longterm_Debt_Narrative_Detail
Long-term Debt - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 5 Months Ended | 7 Months Ended | 5 Months Ended | 7 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 30-May-13 | Dec. 31, 2013 | 30-May-13 | Dec. 31, 2013 | 30-May-13 | Dec. 31, 2013 | |
Revolving credit facility [Member] | Revolving credit facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | Credit Facility [Member] | ||||
Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | ||||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility maximum borrowing capacity | ' | ' | ' | ' | $200,000,000 | ' | ' | ' | ' |
Revolving credit facility, potentially additional borrowing capacity | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' |
Revolving credit facility, permitted aggregate stock repurchases | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' |
Revolving credit facility, maximum permitted stock repurchases in any year | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' |
Revolving credit facility, ceiling for dividends | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' |
Revolving credit facility, margin added to variable interest rate | ' | ' | ' | ' | ' | 1.75% | 1.25% | 2.25% | 1.75% |
Revolving credit facility, amendment fees | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' |
Revolving credit facility, average borrowings | 35,300,000 | 26,300,000 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, minimum amount borrowed | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maximum amount borrowed | 112,000,000 | 91,500,000 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, weighted-average interest rate | 1.80% | 2.10% | ' | ' | ' | ' | ' | ' | ' |
Total unused facility fees and letter of credit participation fees | 800,000 | 900,000 | 1,300,000 | ' | ' | ' | ' | ' | ' |
Amortization of debt issuance costs | 400,000 | 400,000 | 500,000 | ' | ' | ' | ' | ' | ' |
Unamortized debt issuance costs | $1,400,000 | $1,500,000 | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Purchase commitment, amount | $4.80 | $1.20 | ' |
Rental expenses for operating and month-to-month leases | 45.7 | 41.8 | 38.7 |
Capital lease obligations | 12.5 | 12.3 | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 33.8 | ' | ' |
2015 | 31.1 | ' | ' |
2016 | 28.9 | ' | ' |
2017 | 26.2 | ' | ' |
2018 | 21.7 | ' | ' |
2019 and Thereafter | 72 | ' | ' |
Total | 213.7 | ' | ' |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 1.7 | ' | ' |
2015 | 1.7 | ' | ' |
2016 | 1.6 | ' | ' |
2017 | 1.2 | ' | ' |
2018 | 1.2 | ' | ' |
2019 and Thereafter | 9.2 | ' | ' |
Total | 16.6 | ' | ' |
Less: Interest | -4.1 | ' | ' |
Present value of future minimum lease payments | 12.5 | ' | ' |
Less: current portion | -1.2 | ' | ' |
Non-current portion | 11.3 | ' | ' |
Outstanding letters of credit | 21.8 | 19.8 | ' |
Majority of standby letters of credit maturity period | '1 year | ' | ' |
Estimated aggregate capital expenditures if put option exercised | $2 | ' | ' |
Income_Taxes_Income_Tax_Provis
Income Taxes - Income Tax Provisions (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $18.70 | $16.20 | $13.70 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 2.4 | 2.5 | 3.6 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total current tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 21.1 | 18.7 | 17.3 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 2.8 | 2.5 | 0.3 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | 0.5 | -0.5 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | -0.2 | -0.1 |
Total deferred tax (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | 3.3 | 2.8 | -0.3 |
Total income tax provision | $8.20 | $6.60 | $8.10 | $1.50 | $6 | $6.40 | $7 | $2.10 | $24.40 | $21.50 | $17 |
Income_Taxes_Effective_Income_
Income Taxes - Effective Income Tax Rate Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax provision at the statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | $23.10 | $19.40 | $15.10 |
State income taxes, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | 2.3 | 2.1 |
Decrease in unrecognized tax benefits (inclusive of related interest and penalty) | ' | ' | ' | ' | ' | ' | ' | ' | -0.4 | -0.2 | -0.3 |
Effect of foreign operations | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | -0.2 | -0.1 |
Non-deductible acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.2 | 0.3 |
Tax credits and other, net | ' | ' | ' | ' | ' | ' | ' | ' | -0.5 | 0 | -0.1 |
Total income tax provision | $8.20 | $6.60 | $8.10 | $1.50 | $6 | $6.40 | $7 | $2.10 | $24.40 | $21.50 | $17 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax provision at the statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 3.90% | 4.20% | 4.90% |
Decrease in unrecognized tax benefits (inclusive of related interest and penalty) | ' | ' | ' | ' | ' | ' | ' | ' | -0.60% | -0.40% | -0.70% |
Effect of foreign operations | ' | ' | ' | ' | ' | ' | ' | ' | -0.50% | -0.40% | -0.20% |
Non-deductible acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.40% | 0.70% |
Tax credits and other, net | ' | ' | ' | ' | ' | ' | ' | ' | -0.80% | 0.00% | -0.30% |
Effective tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 37.00% | 38.80% | 39.40% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' |
Income tax benefit related to expiration of statute of limitations for uncertain tax positions and adjustment to prior year's estimates | $0.90 | $0.50 |
Deferred tax assets: | ' | ' |
Employee benefits, including post-retirement benefits | 11.3 | 15.3 |
Trade and other receivables | 3.6 | 4.3 |
Goodwill and intangibles | 2.8 | 2.7 |
Self-insurance reserves | 1 | 0.9 |
Other | 3.6 | 3.4 |
Subtotal | 22.3 | 26.6 |
Less: valuation allowance | -0.1 | -0.1 |
Net deferred tax assets | 22.2 | 26.5 |
Deferred tax liabilities: | ' | ' |
Inventories | 5.4 | 4 |
Property and equipment | 19.1 | 19.5 |
Prepaid and deposits | 0.5 | 0.5 |
Deferred income | 0.2 | 0.2 |
Goodwill and intangibles | 7.1 | 7.9 |
Other | 1 | 1.3 |
Total deferred tax liabilities | 33.3 | 33.4 |
Total net deferred tax liabilities | -11.1 | -6.9 |
Net current deferred tax assets | 2.3 | 4.8 |
Net non-current deferred tax liabilities | ($13.40) | ($11.70) |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Tax Disclosure [Abstract] | ' | ' | ' | |||
Total gross amount of unrecognized tax benefits that would impact effective tax rate | $0.60 | $1.60 | ' | |||
The expiration of the statute of limitations for certain tax positions in future years and expected settlement of certain tax audit that could impact unrecognized tax benefits | 0.2 | ' | ' | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | |||
Balance at beginning of year | 1.6 | 1.8 | 1.2 | |||
Increase in unrecognized tax benefits related to acquisition | 0.2 | 0 | 0.9 | |||
Lapse of statute of limitations | -0.2 | -0.2 | -0.2 | |||
Settlement | -1 | [1] | 0 | [1] | 0 | [1] |
Other settlements | 0 | 0 | -0.1 | |||
Balance at end of year | 0.6 | 1.6 | 1.8 | |||
Income taxes benefit related to recovery of interest associated with expiration of statute of limitations for certain unrecognized tax position | 0.1 | 0.1 | 0.1 | |||
Estimated interest and penalties related to unrecognized tax benefits | 0.5 | 0.7 | ' | |||
Estimated interest related to unrecognized tax benefits | 0.2 | ' | ' | |||
Estimated penalties related to unrecognized tax benefits | $0.30 | ' | ' | |||
[1] | Relates to the settlement in 2013 of certain pre-acquisition tax liabilities which were reimbursed by the former owners. |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
pension_plans | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Number of pension plans inherited from Fleming | 3 | ' | ' |
Curtailment gain | $0.90 | $0 | $0 |
Multi-employer Defined Benefit Plan, Company contributions | 0.3 | 0.3 | ' |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 38 | 33 | 28.7 |
Decrease of underfunded status of defined-benefit pension plan | 7.9 | ' | ' |
Funded status at end of year | -2.1 | -10 | ' |
Actuarial gain | -1.7 | 5.6 | ' |
Contributions made by the Company | 4.5 | 3.7 | ' |
Curtailment gain | 0 | 0 | 0 |
Average future life expectancy | '22 years 1 month 6 days | ' | ' |
Estimated future employer contributions in next fiscal year | 1.3 | ' | ' |
Other Post-retirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | 0 |
Funded status at end of year | -3.4 | -5.1 | ' |
Actuarial gain | -0.8 | 0.4 | ' |
Contributions made by the Company | 0.2 | 0.1 | ' |
Curtailment gain | 0.9 | 0 | 0 |
Average future life expectancy | '6 years 9 months 18 days | ' | ' |
Estimated future employer contributions in next fiscal year | $0.30 | ' | ' |
Employee_Benefit_Plans_Change_
Employee Benefit Plans - Change in Benefit Obligation and Plan Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Curtailment gain | ($0.90) | $0 | $0 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' |
Non-current liabilities | -5.2 | -14.8 | ' |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Obligation at beginning of year | 43 | 38 | ' |
Interest cost | 1.6 | 1.8 | 1.8 |
Actuarial (gain) loss | -1.7 | 5.6 | ' |
Benefit payments | -2.8 | -2.4 | ' |
Curtailment gain | 0 | 0 | 0 |
Benefit obligation at end of year | 40.1 | 43 | 38 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 33 | 28.7 | ' |
Actual return on plan assets | 3.3 | 3 | ' |
Employer contributions | 4.5 | 3.7 | ' |
Benefit payments | -2.8 | -2.4 | ' |
Fair value of plan assets at end of year | 38 | 33 | 28.7 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' | ' |
Funded status at end of year | -2.1 | -10 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' |
Current liabilities | 0 | 0 | ' |
Non-current liabilities | -2.1 | -10 | ' |
Total liabilities | -2.1 | -10 | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Prior service credit | 0 | 0 | ' |
Net actuarial loss | 13.1 | 16.5 | ' |
Total | 13.1 | 16.5 | ' |
Accumulated benefit obligation | 40.1 | 43 | ' |
Other Post-retirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Obligation at beginning of year | 5.1 | 4.6 | ' |
Interest cost | 0.2 | 0.2 | 0.2 |
Actuarial (gain) loss | -0.8 | 0.4 | ' |
Benefit payments | -0.2 | -0.1 | ' |
Curtailment gain | -0.9 | 0 | 0 |
Benefit obligation at end of year | 3.4 | 5.1 | 4.6 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 0.2 | 0.1 | ' |
Benefit payments | -0.2 | -0.1 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' | ' |
Funded status at end of year | -3.4 | -5.1 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' |
Current liabilities | -0.3 | -0.3 | ' |
Non-current liabilities | -3.1 | -4.8 | ' |
Total liabilities | -3.4 | -5.1 | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Prior service credit | 0 | -0.1 | ' |
Net actuarial loss | -0.1 | 0.7 | ' |
Total | ($0.10) | $0.60 | ' |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans - Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Periodic Benefit Cost: | ' | ' | ' |
Curtailment gain | ($0.90) | $0 | $0 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ' | ' | ' |
Net actuarial (gain)/loss | -3.6 | 5.1 | 4.6 |
Amortization of prior service cost | -0.1 | -0.1 | -0.1 |
Amortization of net actuarial gain | 0.6 | 0.4 | 0.3 |
Total recognized in other comprehensive income | -4.1 | 4.8 | 4.4 |
Pension Benefits [Member] | ' | ' | ' |
Net Periodic Benefit Cost: | ' | ' | ' |
Interest cost | 1.6 | 1.8 | 1.8 |
Expected return on plan assets | -2.3 | -2.1 | -1.9 |
Amortization of prior service credit | 0 | 0 | 0 |
Amortization of net actuarial loss | 0.6 | 0.4 | 0.3 |
Curtailment gain | 0 | 0 | 0 |
Net periodic benefit cost | -0.1 | 0.1 | 0.2 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ' | ' | ' |
Net actuarial (gain)/loss | -2.8 | 4.7 | 4.1 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net actuarial gain | -0.6 | -0.4 | -0.3 |
Total recognized in other comprehensive income | -3.4 | 4.3 | 3.8 |
Total recognized in net periodic benefit cost and other comprehensive income | -3.5 | 4.4 | 4 |
Other Post-retirement Benefits [Member] | ' | ' | ' |
Net Periodic Benefit Cost: | ' | ' | ' |
Interest cost | 0.2 | 0.2 | 0.2 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credit | -0.1 | -0.1 | -0.1 |
Amortization of net actuarial loss | 0 | 0 | 0 |
Curtailment gain | -0.9 | 0 | 0 |
Net periodic benefit cost | -0.8 | 0.1 | 0.1 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ' | ' | ' |
Net actuarial (gain)/loss | -0.8 | 0.4 | 0.5 |
Amortization of prior service cost | 0.1 | 0.1 | 0.1 |
Amortization of net actuarial gain | 0 | 0 | 0 |
Total recognized in other comprehensive income | -0.7 | 0.5 | 0.6 |
Total recognized in net periodic benefit cost and other comprehensive income | ($1.50) | $0.60 | $0.70 |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans - Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Post-retirement Benefits [Member] | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Discount rate | 4.60% | 3.85% | 4.74% |
Net Periodic Benefit Costs: | ' | ' | ' |
Discount rate | 3.85% | 4.74% | 5.08% |
Pension Benefits [Member] | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Discount rate | 4.60% | 3.80% | 4.72% |
Expected return on assets | 6.55% | 7.00% | 7.25% |
Net Periodic Benefit Costs: | ' | ' | ' |
Discount rate | 3.80% | 4.72% | 5.04% |
Expected return on assets | 7.00% | 7.25% | 7.35% |
Employee_Benefit_Plans_Health_
Employee Benefit Plans - Health Care Cost Trend Rates (Details) (Other Post-retirement Benefits [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Ultimate year trend rate | 5.00% | 5.00% |
Age under 65 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Assumed current trend rate for next year | 7.50% | 7.00% |
Year that ultimate trend rate is reached | '2024 | '2017 |
Age 65 and over [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Assumed current trend rate for next year | 7.00% | 6.00% |
Year that ultimate trend rate is reached | '2022 | '2017 |
Employee_Benefit_Plans_Effect_
Employee Benefit Plans - Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) (Other Post-retirement Benefits [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Other Post-retirement Benefits [Member] | ' |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' |
Effect of one percentage point increase on total of service and interest cost components of net periodic post-retirement health care benefit cost | $0 |
Effect of one percentage point decrease on total of service and interest cost components of net periodic post-retirement health care benefit cost | 0 |
Effect of one percentage point increase on the health care component of the accumulated post-retirement benefit obligation | 0.4 |
Effect of one percentage point decrease on the health care component of the accumulated post-retirement benefit obligation | ($0.30) |
Employee_Benefit_Plans_Allocat
Employee Benefit Plans - Allocation of Plan Assets (Details) (USD $) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and cash equivalents [Member] | Equity securities [Member] | Fixed income investments [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Cash and cash equivalents [Member] | Equity securities, Mutual funds [Member] | Equity securities, Mutual funds [Member] | Equity securities, Mutual funds [Member] | Equity securities, Mutual funds [Member] | Equity securities, Other equity securities, primarily U.S. companies [Member] | Equity securities, Other equity securities, primarily U.S. companies [Member] | Equity securities, Other equity securities, primarily U.S. companies [Member] | Equity securities, Other equity securities, primarily U.S. companies [Member] | Government securities [Member] | Government securities [Member] | Government securities [Member] | Government securities [Member] | Corporate and muni bonds, Other bonds [Member] | Corporate and muni bonds, Other bonds [Member] | Corporate and muni bonds, Other bonds [Member] | Corporate and muni bonds, Other bonds [Member] | Corporate and muni bonds, Muni bonds [Member] | Corporate and muni bonds, Muni bonds [Member] | Corporate and muni bonds, Muni bonds [Member] | Corporate and muni bonds, Muni bonds [Member] | Corporate and muni bonds, Muni bonds [Member] | Corporate and muni bonds, Muni bonds [Member] | Corporate and muni bonds, Muni bonds [Member] | Corporate and muni bonds, Muni bonds [Member] | Group annuity contract [Member] | Group annuity contract [Member] | Group annuity contract [Member] | Group annuity contract [Member] | Group annuity contract [Member] | Group annuity contract [Member] | Group annuity contract [Member] | Group annuity contract [Member] | |||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target investment allocations range, minimum | 0.00% | 28.00% | 66.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target investment allocations range, maximum | 5.00% | 34.00% | 72.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets | ' | ' | ' | $38 | $33 | $28.70 | $2.50 | $20.70 | $35.50 | $12.30 | $0 | $0 | $2.50 | $1.10 | $2.50 | $0.40 | $0 | $0.70 | $0 | $0 | $8.10 | $8.10 | $0 | $0 | $10.10 | $10.10 | $0 | $0 | $3.70 | $2.10 | $1.60 | $0 | $5.90 | $0 | $5.90 | $0 | $31.80 | $0.30 | $0 | $0 | $31.80 | $0.30 | $0 | $0 | $3.70 | $3.80 | $0 | $0 | $3.70 | $3.80 | $0 | $0 |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans - Estimated Future Contributions and Benefit Payments (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits [Member] | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
2014 | $3.30 |
2015 | 2.7 |
2016 | 2.9 |
2017 | 2.9 |
2018 | 3.3 |
2019 through 2023 | 13.8 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' |
Expected amortization of net actuarial loss | 0.4 |
Expected amortization of prior service credit | 0 |
Total expected amortization for the year ending December 31, 2014 | 0.4 |
Other Post-retirement Benefits [Member] | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
2014 | 0.3 |
2015 | 0.3 |
2016 | 0.2 |
2017 | 0.2 |
2018 | 0.2 |
2019 through 2023 | 1.1 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ' |
Expected amortization of net actuarial loss | 0 |
Expected amortization of prior service credit | 0 |
Total expected amortization for the year ending December 31, 2014 | $0 |
Employee_Benefit_Plans_Savings
Employee Benefit Plans - Savings Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Employer discretionary contribution amount | $2.80 | $2.30 | $2.50 |
Minimum [Member] | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Percentage of employees' base salary for which Company contributes a matching contribution | 2.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Percentage of employees' base salary for which Company contributes a matching contribution | 6.00% | ' | ' |
United Sates [Member] | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Minimum annual contribution employees could elect to contribute, percent | 1.00% | ' | ' |
Maximum annual contribution employees could elect to contribute, percent | 75.00% | ' | ' |
United Sates [Member] | Maximum [Member] | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Percentage of employees' base salary for which Company contributes a matching contribution | 2.00% | ' | ' |
Canada [Member] | Maximum [Member] | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Percentage of employees' base salary for which Company contributes a matching contribution | 3.00% | ' | ' |
2% of base salary [Member] | United Sates [Member] | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Employers matching contribution, percent | 100.00% | ' | ' |
2% to 6% of base salary [Member] | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Employers matching contribution, percent | 25.00% | ' | ' |
3% of base salary [Member] | Canada [Member] | ' | ' | ' |
Schedule of Defined Contribution Plans Disclosures [Line Items] | ' | ' | ' |
Employers matching contribution, percent | 50.00% | ' | ' |
Earnings_Per_Share_Table_Detai
Earnings Per Share Table (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | $15 | $12.30 | $11.70 | $2.60 | $9.70 | $10.50 | $10.10 | $3.60 | $41.60 | $33.90 | $26.20 | ||||||||
Weighted-average shares outstanding, basic EPS | 11.5 | 11.5 | 11.5 | 11.5 | 11.5 | 11.5 | 11.4 | 11.4 | 11.5 | 11.5 | 11.4 | ||||||||
Net income per common share, basic EPS | $1.30 | [1] | $1.07 | [1] | $1.02 | [1] | $0.22 | [1] | $0.84 | [1] | $0.92 | [1] | $0.89 | [1] | $0.31 | [1] | $3.62 | $2.96 | $2.30 |
Effect of dilutive common share equivalents: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Incremental common shares attributable to share-based payment arrangements, restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.1 | 0 | ||||||||
Net income per common share, restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | ($0.01) | ($0.02) | ($0.01) | ||||||||
Incremental common shares attributable to share-based payment arrangements, stock options | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0 | 0.1 | ||||||||
Net income per common share, stock options | ' | ' | ' | ' | ' | ' | ' | ' | ($0.02) | ($0.02) | ($0.02) | ||||||||
Incremental common shares attributable to share-based payment arrangements, performance shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Net income per common stock, performance shares | ' | ' | ' | ' | ' | ' | ' | ' | ($0.01) | ($0.01) | $0 | ||||||||
Incremental common shares attributable to warrants | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0.2 | ||||||||
Net income per common share, warrants | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ($0.04) | ||||||||
Net income, diluted | ' | ' | ' | ' | ' | ' | ' | ' | $41.60 | $33.90 | $26.20 | ||||||||
Weighted-average shares outstanding, diluted EPS | 11.6 | 11.6 | 11.6 | 11.6 | 11.7 | 11.7 | 11.6 | 11.6 | 11.6 | 11.6 | 11.7 | ||||||||
Net income per common share, diluted EPS | $1.29 | [1] | $1.06 | [1] | $1.01 | [1] | $0.22 | [1] | $0.83 | [1] | $0.90 | [1] | $0.87 | [1] | $0.31 | [1] | $3.58 | $2.91 | $2.23 |
[1] | Totals may not agree with full year amounts due to rounding and separate calculations for each quarter. |
Earnings_Per_Share_Narrative_D
Earnings Per Share Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Warrant [Member] | ' | ' | ' |
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Anti-dilutive securities | 0 | 0 | ' |
Options [Member] | ' | ' | ' |
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Anti-dilutive securities | 0 | 0 | 91,770 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Participant | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of stock options exercised in period | ' | ' | ' | ' | ' | ' | ' | ' | $2.30 | $2.20 | $4.30 |
Total aggregate fair value of options vested in period | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | 0.1 | 1.7 |
Stock-based compensation cost | 0.6 | 1.3 | 1.4 | 1.3 | 1.7 | 1.4 | 1.3 | 1.4 | 4.6 | 5.8 | 5.5 |
Total unrecognized compensation cost related to non-vested share-based compensation arrangements | 3.7 | ' | ' | ' | ' | ' | ' | ' | 3.7 | ' | ' |
Expected period to recognize total unrecognized compensation cost related to non-vested share-based compensation arrangements | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 8 months 12 days | ' | ' |
Forfeiture rate since inception of plans | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Number of plan participants since inception of plans | ' | ' | ' | ' | ' | ' | ' | ' | 85 | ' | ' |
Restricted stock units (RSUs) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of equity instruments other than options exercised in period | ' | ' | ' | ' | ' | ' | ' | ' | 7.6 | 6.4 | 5.3 |
Total aggregate fair value of equity instruments other than options vested in period | ' | ' | ' | ' | ' | ' | ' | ' | 8.5 | 6.4 | 6.1 |
Performance Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of equity instruments other than options exercised in period | ' | ' | ' | ' | ' | ' | ' | ' | 2.6 | 1.1 | 0.7 |
Total aggregate fair value of equity instruments other than options vested in period | ' | ' | ' | ' | ' | ' | ' | ' | $0.90 | $1.10 | $0.80 |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans - Securities To Be Issued and Remaining Available For Future Issuance (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
2004 LTIP [Member] | Options [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Number of securities to be issued upon exercise of outstanding options, warrants and rights | 4,376 | ' | ||
Weighted-average exercise price of outstanding options, warrants and rights | $31.70 | $34.94 | ||
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column 1) | 0 | ' | ||
Award vesting period | '3 years | ' | ||
Shares cliff vest percentage | 33.30% | ' | ||
Remaining period following first vesting commencement date | '2 years | ' | ||
Award expiration period | '7 years | ' | ||
2005 LTIP [Member] | Restricted stock units (RSUs) [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Number of securities to be issued upon exercise of outstanding options, warrants and rights | 3,053 | ' | ||
Weighted-average exercise price of outstanding options, warrants and rights | $0.01 | ' | ||
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column 1) | 0 | ' | ||
Award vesting period | '3 years | ' | ||
Shares cliff vest percentage | 33.30% | ' | ||
Remaining period following first vesting commencement date | '2 years | ' | ||
2005 Directors' Equity Incentive Plan [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Non-qualified stock options granted in total | 15,000 | ' | ||
2007 LTIP [Member] | Options [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Weighted-average exercise price of outstanding options, warrants and rights | $24.74 | [1] | $25.62 | [1] |
2007 LTIP [Member] | Stock Options, Restricted Stock Units and Performance Shares [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Number of securities to be issued upon exercise of outstanding options, warrants and rights | 96,958 | [2] | ' | |
Weighted-average exercise price of outstanding options, warrants and rights | $24.63 | [2] | ' | |
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column 1) | 0 | [2] | ' | |
Award vesting period | '3 years | ' | ||
Shares cliff vest percentage | 33.30% | ' | ||
Remaining period following first vesting commencement date | '2 years | ' | ||
Award expiration period | '7 years | ' | ||
2010 LTIP [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Number of shares authorized | 1,115,952 | ' | ||
Award vesting period | '3 years | ' | ||
Annual award limits to any one participant | 100,000 | ' | ||
2010 LTIP [Member] | Options [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Weighted-average exercise price of outstanding options, warrants and rights | $32.78 | [1] | $32.78 | [1] |
2010 LTIP [Member] | Stock Options, Restricted Stock Units and Performance Shares [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Number of securities to be issued upon exercise of outstanding options, warrants and rights | 131,533 | [2] | ' | |
Weighted-average exercise price of outstanding options, warrants and rights | $1.88 | [2] | ' | |
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column 1) | 259,949 | [2] | ' | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjM2Mjg2OTlkODNlMjQ0YTFiZGQxN2JlODk4MmU5NzAzfFRleHRTZWxlY3Rpb246RDM4MjA3MDRFRjhENDI1NDkxRjA1NkM0NTA1NjcxNkIM} | |||
[2] | Includes non-qualified stock options, restricted stock units and performance shares. |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans - Shared-Based Compensation Activity (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||
Restricted stock units (RSUs) [Member] | Restricted stock units (RSUs) [Member] | Restricted stock units (RSUs) [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | 2004 LTIP [Member] | 2004 LTIP [Member] | 2005 LTIP [Member] | 2007 LTIP [Member] | 2007 LTIP [Member] | 2007 LTIP [Member] | 2007 LTIP [Member] | 2010 LTIP [Member] | 2010 LTIP [Member] | 2010 LTIP [Member] | 2010 LTIP [Member] | ||||||||||
Options [Member] | Restricted stock units (RSUs) [Member] | Options [Member] | Restricted stock units (RSUs) [Member] | Performance Shares [Member] | Options [Member] | Restricted stock units (RSUs) [Member] | Performance Shares [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Outstanding, number | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,376 | ' | ' | 169,107 | [1] | ' | ' | ' | 7,500 | [1] | ' | ' | |||||
Granted, number | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | [1] | ' | ' | ' | 0 | [1] | ' | ' | |||||
Exercised, number | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,000 | ' | ' | -72,555 | [1] | ' | ' | ' | 0 | [1] | ' | ' | |||||
Canceled, number | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | [1] | ' | ' | ' | 0 | [1] | ' | ' | |||||
Outstanding, number | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,376 | ' | ' | 96,552 | [1] | ' | ' | ' | 7,500 | [1] | ' | ' | |||||
Exercisable, number | ' | ' | ' | ' | ' | ' | ' | ' | 4,376 | 4,376 | ' | 96,552 | 96,552 | [1] | ' | ' | 5,000 | 5,000 | [1] | ' | ' | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Outstanding, number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,053 | ' | ' | 24,920 | [1] | 8,453 | [1] | ' | ' | 120,126 | [1] | 77,047 | [1] | |||
Granted, number | ' | ' | ' | ' | ' | 90,500 | [1],[2] | ' | ' | ' | ' | 0 | ' | ' | 0 | [1] | 0 | [1] | ' | ' | 87,268 | [1] | 90,500 | [1],[2] | ||
Exercised, number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | -24,514 | [1] | -8,453 | [1] | ' | ' | -98,511 | [1] | -46,655 | [1] | |||
Canceled, number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | [1] | 0 | [1] | ' | ' | -1,167 | [1] | -104,575 | [1] | |||
Outstanding, number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,053 | ' | ' | 406 | [1] | 0 | [1] | ' | ' | 107,716 | [1] | 16,317 | [1] | |||
Exercisable, number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,053 | ' | ' | 406 | [1] | 0 | [1] | ' | ' | 0 | [1] | 0 | [1] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Outstanding, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | $0.01 | [1] | $0.01 | [1] | ' | ' | $0.01 | [1] | $0.01 | [1] | |||
Granted, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | $0 | [1] | $0 | [1] | ' | ' | $0.01 | [1] | $0.01 | [1] | |||
Exercised, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | $0.01 | [1] | $0.01 | [1] | ' | ' | $0.01 | [1] | $0.01 | [1] | |||
Canceled, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | $0 | [1] | $0 | [1] | ' | ' | $0.01 | [1] | $0.01 | [1] | |||
Outstanding, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | $0.01 | [1] | $0 | [1] | ' | ' | $0.01 | [1] | $0.01 | [1] | |||
Exercisable, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | $0.01 | [1] | $0 | [1] | ' | ' | $0 | [1] | $0 | [1] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Outstanding, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34.94 | ' | ' | $25.62 | [1] | ' | ' | ' | $32.78 | [1] | ' | ' | |||||
Granted, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | ' | $0 | [1] | ' | ' | |||||
Exercised, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $36.03 | ' | ' | $26.85 | [1] | ' | ' | ' | $0 | [1] | ' | ' | |||||
Canceled, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | $0 | [1] | ' | ' | ' | $0 | [1] | ' | ' | |||||
Outstanding, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $31.70 | $0.01 | ' | $24.74 | [1] | ' | ' | ' | $32.78 | [1] | ' | ' | |||||
Exercisable, price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $31.70 | ' | ' | $24.74 | [1] | ' | ' | ' | $32.78 | [1] | ' | ' | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Total Options and Non-Option Equity Instruments, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Total granted, number | 177,768 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Total exercised, number | 263,688 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Total canceled, number | 105,742 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Total outstanding, number | 235,920 | 427,582 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Total exercisable, number | 109,387 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Weighted-average fair value per share of grants - Non-options | ' | ' | $49.39 | $39.98 | $34.12 | $49.13 | $39.59 | $34.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjM2Mjg2OTlkODNlMjQ0YTFiZGQxN2JlODk4MmU5NzAzfFRleHRTZWxlY3Rpb246RDM4MjA3MDRFRjhENDI1NDkxRjA1NkM0NTA1NjcxNkIM} | |||||||||||||||||||||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjM2Mjg2OTlkODNlMjQ0YTFiZGQxN2JlODk4MmU5NzAzfFRleHRTZWxlY3Rpb246RkE0ODZCM0EwMjNDMUNEODk5QzA1NkM0NTA1NjE3RjEM} |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans - Securities Vested and Expected to Vest (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Total Options and Non-Options Equity Instruments, Vested, Outstanding, Number | 109,387 | |
Total Options and Non-Options Equity Instruments, Expected to Vest, Outstanding, Number | 126,533 | [1] |
Total Options and Non-Options Equity Instruments, Vested, Outstanding, Aggregate Intrinsic Value | $5,615 | [2] |
Total Options and Non-Options Equity Instruments, Expected to Vest, Outstanding, Aggregate Intrinsic Value | 9,525 | [1],[2] |
Common stock, price per share | $75.93 | |
2004 LTIP [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Options, Vested, Outstanding, Number | 4,376 | |
Options, Expected to Vest, Outstanding, Number | 0 | [1] |
Options, Vested, Outstanding, Weighted-Average Remaining Contractual Term (years) | '8 months 12 days | |
Options, Vested, Outstanding, Aggregate Intrinsic Value | 194 | [2] |
Options, Expected to Vest, Outstanding, Aggregate Intrinsic Value | 0 | [1],[2] |
2005 LTIP [Member] | Restricted stock units (RSUs) [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Equity Instruments Other than Options, Vested, Outstanding, Number | 3,053 | |
Equity Instruments Other than Options, Expected to Vest, Outstanding, Number | 0 | [1] |
Equity Instruments Other than Options, Vested, Outstanding, Aggregate Intrinsic Value | 231 | [2] |
Equity Instruments Other than Options, Expected to Vest, Outstanding, Aggregate Intrinsic Value | 0 | [1],[2] |
2007 LTIP [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Options, Vested, Outstanding, Number | 96,552 | |
Options, Expected to Vest, Outstanding, Number | 0 | [1] |
Options, Vested, Outstanding, Weighted-Average Remaining Contractual Term (years) | '1 year 6 months | |
Options, Vested, Outstanding, Aggregate Intrinsic Value | 4,943 | [2] |
Options, Expected to Vest, Outstanding, Aggregate Intrinsic Value | 0 | [1],[2] |
2007 LTIP [Member] | Restricted stock units (RSUs) [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Equity Instruments Other than Options, Vested, Outstanding, Number | 406 | |
Equity Instruments Other than Options, Expected to Vest, Outstanding, Number | 0 | [1] |
Equity Instruments Other than Options, Vested, Outstanding, Aggregate Intrinsic Value | 31 | [2] |
Equity Instruments Other than Options, Expected to Vest, Outstanding, Aggregate Intrinsic Value | 0 | [1],[2] |
2010 LTIP [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Options, Vested, Outstanding, Number | 5,000 | |
Options, Expected to Vest, Outstanding, Number | 2,500 | [1] |
Options, Vested, Outstanding, Weighted-Average Remaining Contractual Term (years) | '4 years 9 months 18 days | |
Options, Expected to Vest, Outstanding, Weighted-Average Remaining Contractual Term (years) | '4 years 9 months 18 days | [1] |
Options, Vested, Outstanding, Aggregate Intrinsic Value | 216 | [2] |
Options, Expected to Vest, Outstanding, Aggregate Intrinsic Value | 108 | [1],[2] |
2010 LTIP [Member] | Restricted stock units (RSUs) [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Equity Instruments Other than Options, Vested, Outstanding, Number | 0 | |
Equity Instruments Other than Options, Expected to Vest, Outstanding, Number | 112,175 | [1] |
Equity Instruments Other than Options, Vested, Outstanding, Aggregate Intrinsic Value | 0 | [2] |
Equity Instruments Other than Options, Expected to Vest, Outstanding, Aggregate Intrinsic Value | 8,517 | [1],[2] |
2010 LTIP [Member] | Performance Shares [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Equity Instruments Other than Options, Vested, Outstanding, Number | 0 | |
Equity Instruments Other than Options, Expected to Vest, Outstanding, Number | 11,858 | [1] |
Equity Instruments Other than Options, Vested, Outstanding, Aggregate Intrinsic Value | 0 | [2] |
Equity Instruments Other than Options, Expected to Vest, Outstanding, Aggregate Intrinsic Value | $900 | [1],[2] |
[1] | Options, restricted stock units and performance shares that are expected to vest are net of estimated future forfeitures. | |
[2] | Aggregate intrinsic value is calculated based upon the difference between the exercise prices of options or restricted stock units and our closing common stock price on December 31, 2013 of $75.93, multiplied by the number of instruments that are vested or expected to vest. Options and restricted stock units having exercise prices greater than the closing stock price noted above are excluded from this calculation. |
StockBased_Compensation_Plans_5
Stock-Based Compensation Plans - Fair Value Assumptions (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted stock units (RSUs) [Member] | Restricted stock units (RSUs) [Member] | Restricted stock units (RSUs) [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Weighted-average fair value per share of grants - Non-options | ' | $49.39 | $39.98 | $34.12 | $49.13 | $39.59 | $34.12 |
Weighted-average fair value per share of grants - Stock options | $9.88 | ' | ' | ' | ' | ' | ' |
Expected life (years) | '5 years 3 months 18 days | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | 0.48% | ' | ' | ' | ' | ' | ' |
Volatility | 41.00% | ' | ' | ' | ' | ' | ' |
Dividend yield | 2.00% | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Narrative_
Stockholders' Equity - Narrative (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Nov. 02, 2013 | Aug. 02, 2013 | 2-May-13 | Dec. 20, 2012 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, dividends, per share, declared | $0.22 | $0.19 | $0.19 | $0.19 | ' | ' | ' | ' |
Dividend declared | ' | ' | ' | $2.20 | ' | $7 | $10.60 | $1.90 |
Dividend declared and paid, common shares | ' | ' | ' | ' | ' | 7.1 | 10.3 | 1.9 |
Stock repurchase program, authorized amount | ' | ' | ' | ' | 30 | ' | ' | ' |
Common stock available for future share repurchases, amount | ' | ' | ' | ' | $2.30 | $28.70 | $5.80 | ' |
Stockholders_Equity_Repurchase
Stockholders' Equity - Repurchase Activities (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' |
Number of shares repurchased | 126,872,000,000 | 118,800 |
Average price per share | $56.60 | $43.34 |
Total repurchase costs | $7.20 | $5.20 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Defined benefit plan adjustments, Net actuarial (loss) gain during the year, before tax | $3.60 | ($5.10) | ($4.60) |
Defined benefit plan adjustments, Net actuarial (loss) gain during the year, tax effect | -1.5 | 2 | 1.8 |
Defined benefit plan adjustments, Net actuarial (loss) gain during the year, net of tax | 2.1 | -3.1 | -2.8 |
Defined benefit plan adjustments, Amortization of prior service cost included in net income, before tax | -0.1 | -0.1 | -0.1 |
Defined benefit plan adjustments, Amortization of prior service cost included in net income, tax effect | 0 | 0 | 0 |
Defined benefit plan adjustments, Amortization of prior service cost included in net income, net of tax | -0.1 | -0.1 | -0.1 |
Defined benefit plan adjustments, Amortization of net actuarial gain (loss) included in net income, before tax | 0.6 | 0.4 | 0.3 |
Defined benefit plan adjustments, Amortization of net actuarial gain (loss) included in net income, tax effect | -0.2 | -0.1 | -0.1 |
Defined benefit plan adjustments, Amortization of net actuarial gain (loss) included in net income, net of tax | 0.4 | 0.3 | 0.2 |
Defined benefit plan adjustments, Net (loss) gain during the year, before tax | 4.1 | -4.8 | -4.4 |
Defined benefit plan adjustments, Net (loss) gain during the year, tax effect | -1.7 | 1.9 | 1.7 |
Defined benefit plan adjustments, Net (loss) gain during the year, net of tax | 2.4 | -2.9 | -2.7 |
Foreign currency translation adjustment gain (loss), before tax | -1.5 | 0.4 | -0.3 |
Foreign currency translation adjustment gain (loss), tax effect | 0 | 0 | 0 |
Foreign currency translation adjustment gain (loss), net of tax | -1.5 | 0.4 | -0.3 |
Other comprehensive (loss) income, before tax | 2.6 | -4.4 | -4.7 |
Other comprehensive (loss) income, tax effect | -1.7 | 1.9 | 1.7 |
Other comprehensive (loss) income, net of tax | $0.90 | ($2.50) | ($3) |
Segment_and_Geographic_Informa2
Segment and Geographic Information - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ' | ' |
Number of customer locations | 30,000 | ' |
Number of distribution centers | 28 | ' |
Number of distribution facilities operated as a third party logistics provider | 2 | ' |
Number of reportable segments | 1 | ' |
United States [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Number of distribution centers | 24 | ' |
Canada [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Number of distribution centers | 4 | ' |
Couche-Tard [Member] | Customer Concentration Risk [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Concentration risk, percentage | 14.70% | 13.70% |
Segment_and_Geographic_Informa3
Segment and Geographic Information - Geographic Reporting Segments Table (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Net sales: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | $2,491.30 | [1] | $2,620.70 | [1] | $2,509.90 | [1] | $2,145.70 | [1] | $2,189.50 | [1] | $2,314.90 | [1] | $2,287.30 | [1] | $2,100.70 | [1] | $9,767.60 | $8,892.40 | $8,114.90 | |||
Income (loss) before income taxes: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Income (loss) before income taxes | 23.2 | 18.9 | 19.8 | 4.1 | 15.7 | 16.9 | 17.1 | 5.7 | 66 | 55.4 | 43.2 | |||||||||||
Interest expense: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest expense | 0.6 | 0.6 | 0.8 | 0.7 | 0.6 | 0.4 | 0.6 | 0.6 | 2.7 | 2.2 | 2.4 | |||||||||||
Depreciation and amortization: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Depreciation and amortization | 7 | 6.8 | 6.8 | 6.6 | 6.3 | 6.3 | 6.4 | 6.3 | 27.2 | 25.3 | 22.4 | |||||||||||
Reportable Geographical Components [Member] | United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,618.30 | 7,716.30 | 6,865.50 | |||||||||||
Income (loss) before income taxes: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 57.3 | 48.6 | 50.4 | |||||||||||
Interest expense: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 30.2 | 27.4 | 23.5 | |||||||||||
Depreciation and amortization: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 20.2 | 17.7 | 15.4 | |||||||||||
Reportable Geographical Components [Member] | Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,114.30 | 1,148.60 | 1,220.50 | |||||||||||
Income (loss) before income taxes: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 2.3 | -1.4 | |||||||||||
Interest expense: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | 0.7 | 0.9 | |||||||||||
Depreciation and amortization: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2.7 | 2.9 | 3 | |||||||||||
Corporate Eliminations and Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 35 | [2] | 27.5 | [2] | 28.9 | [2] | ||||||||
Income (loss) before income taxes: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 7.8 | [3] | 4.5 | [3] | -3.7 | [3] | ||||||||
Interest expense: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -28.1 | [3] | -25.9 | [3] | -22 | [3] | ||||||||
Depreciation and amortization: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | $4.30 | [3] | $4.70 | [3] | $4 | [3] | ||||||||
[1] | Excise taxes are included as a component of net sales. | |||||||||||||||||||||
[2] | Consists primarily of external sales made by the Company’s consolidating warehouses, management service fee revenue, an allowance for sales returns and certain other sales adjustments. | |||||||||||||||||||||
[3] | Consists primarily of net expenses and other income that is not allocated to the U.S. or Canada, intercompany eliminations for interest and allocations of overhead, and LIFO expense. |
Segment_and_Geographic_Informa4
Segment and Geographic Information - Identifiable Assets Table (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Identifiable assets: | ' | ' |
Identifiable assets | $956.80 | $919.20 |
United States [Member] | ' | ' |
Identifiable assets: | ' | ' |
Identifiable assets | 844.8 | 821.7 |
Canada [Member] | ' | ' |
Identifiable assets: | ' | ' |
Identifiable assets | $112 | $97.50 |
Segment_and_Geographic_Informa5
Segment and Geographic Information - Net Sales Mix By Primary Product Categories Table (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | $2,491.30 | [1] | $2,620.70 | [1] | $2,509.90 | [1] | $2,145.70 | [1] | $2,189.50 | [1] | $2,314.90 | [1] | $2,287.30 | [1] | $2,100.70 | [1] | $9,767.60 | $8,892.40 | $8,114.90 |
Total food/non-food products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | 799.3 | [1] | 837 | [1] | 807 | [1] | 682.3 | [1] | 676.3 | [1] | 718.4 | [1] | 710 | [1] | 648.3 | [1] | 3,125.60 | 2,753 | 2,404.30 |
Cigarettes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | 1,692 | [1] | 1,783.70 | [1] | 1,702.90 | [1] | 1,463.40 | [1] | 1,513.20 | [1] | 1,596.50 | [1] | 1,577.30 | [1] | 1,452.40 | [1] | 6,642 | 6,139.40 | 5,710.60 |
Food [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,342.30 | 1,178.60 | 995.7 | ||||||||
Candy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 527.2 | 489.5 | 459.8 | ||||||||
Other tobacco products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 787.8 | 687.8 | 607.9 | ||||||||
Health, beauty & general [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 327.3 | 269.2 | 237.5 | ||||||||
Beverages [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 139.1 | 125.6 | 100.9 | ||||||||
Equipment/other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $1.90 | $2.30 | $2.50 | ||||||||
[1] | Excise taxes are included as a component of net sales. |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | $2,491.30 | [1] | $2,620.70 | [1] | $2,509.90 | [1] | $2,145.70 | [1] | $2,189.50 | [1] | $2,314.90 | [1] | $2,287.30 | [1] | $2,100.70 | [1] | $9,767.60 | $8,892.40 | $8,114.90 |
Cost of goods sold | 2,348 | 2,479.90 | 2,372.90 | 2,029.70 | 2,067.60 | 2,192.70 | 2,164.70 | 1,990.60 | 9,230.50 | 8,415.60 | 7,680.80 | ||||||||
Gross profit | 143.3 | 140.8 | 137 | 116 | 121.9 | 122.2 | 122.6 | 110.1 | 537.1 | 476.8 | 434.1 | ||||||||
Warehousing and distribution expenses | 77.2 | [2] | 79.4 | [2] | 72.8 | [2] | 67.7 | [2] | 64.7 | [2] | 68.4 | [2] | 66.2 | [2] | 63.4 | [2] | 297.1 | 262.7 | 234.6 |
Selling, general and administrative expenses | 41.6 | [3] | 41.3 | [3] | 42.9 | [3] | 42.5 | 40.3 | [4] | 35.9 | [4] | 37.8 | [4] | 39.7 | 168.3 | 153.7 | 150.8 | ||
Amortization of intangible assets | 0.7 | 0.6 | 0.7 | 0.7 | 0.6 | 0.7 | 0.8 | 0.9 | 2.7 | 3 | 3 | ||||||||
Total operating expenses | 119.5 | 121.3 | 116.4 | 110.9 | 105.6 | 105 | 104.8 | 104 | 468.1 | 419.4 | 388.4 | ||||||||
Income from operations | 23.8 | 19.5 | 20.6 | 5.1 | 16.3 | 17.2 | 17.8 | 6.1 | 69 | 57.4 | 45.7 | ||||||||
Interest expense | -0.6 | -0.6 | -0.8 | -0.7 | -0.6 | -0.4 | -0.6 | -0.6 | -2.7 | -2.2 | -2.4 | ||||||||
Interest income | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.5 | 0.4 | 0.4 | ||||||||
Foreign currency gains (losses), net | -0.1 | -0.1 | -0.1 | -0.4 | -0.1 | 0 | -0.2 | 0.1 | -0.8 | -0.2 | -0.5 | ||||||||
Income before income taxes | 23.2 | 18.9 | 19.8 | 4.1 | 15.7 | 16.9 | 17.1 | 5.7 | 66 | 55.4 | 43.2 | ||||||||
Income tax provision | -8.2 | -6.6 | -8.1 | -1.5 | -6 | -6.4 | -7 | -2.1 | -24.4 | -21.5 | -17 | ||||||||
Net income | 15 | 12.3 | 11.7 | 2.6 | 9.7 | 10.5 | 10.1 | 3.6 | 41.6 | 33.9 | 26.2 | ||||||||
Basic net income per common share (in dollars per share) | $1.30 | [5] | $1.07 | [5] | $1.02 | [5] | $0.22 | [5] | $0.84 | [5] | $0.92 | [5] | $0.89 | [5] | $0.31 | [5] | $3.62 | $2.96 | $2.30 |
Diluted net income per common share (in dollars per share) | $1.29 | [5] | $1.06 | [5] | $1.01 | [5] | $0.22 | [5] | $0.83 | [5] | $0.90 | [5] | $0.87 | [5] | $0.31 | [5] | $3.58 | $2.91 | $2.23 |
Basic weighted-average shares (in shares) | 11.5 | 11.5 | 11.5 | 11.5 | 11.5 | 11.5 | 11.4 | 11.4 | 11.5 | 11.5 | 11.4 | ||||||||
Diluted weighted-average shares (in shares) | 11.6 | 11.6 | 11.6 | 11.6 | 11.7 | 11.7 | 11.6 | 11.6 | 11.6 | 11.6 | 11.7 | ||||||||
Excise taxes | 526.7 | [1] | 554.9 | [1] | 523.6 | [1] | 445.6 | [1] | 482.2 | [1] | 519.1 | [1] | 511.5 | [1] | 474.2 | [1] | ' | ' | ' |
Cigarette inventory holding gains | 4.1 | [6] | 0.2 | [6] | 3.9 | [6] | 0.8 | [6] | 3.3 | [6] | 0.2 | [6] | 3.2 | [6] | 1.1 | [6] | ' | ' | ' |
LIFO expense | -0.1 | 2.2 | 3.7 | 2.9 | 1.3 | 3.8 | 4.3 | 2.9 | 8.7 | 12.3 | 18.3 | ||||||||
Depreciation and amortization | 7 | 6.8 | 6.8 | 6.6 | 6.3 | 6.3 | 6.4 | 6.3 | 27.2 | 25.3 | 22.4 | ||||||||
Stock-based compensation | 0.6 | 1.3 | 1.4 | 1.3 | 1.7 | 1.4 | 1.3 | 1.4 | 4.6 | 5.8 | 5.5 | ||||||||
Capital expenditures | 5 | 4.6 | 6.7 | 1.7 | 8.3 | 7.1 | 7.7 | 5.5 | ' | ' | ' | ||||||||
Acquisition and integration expenses | 1.2 | 0.5 | 0.6 | 0.2 | ' | ' | ' | ' | 2.8 | ' | ' | ||||||||
Favorable resolution of legacy workers' compensation and insurance claims | ' | ' | ' | ' | ' | 1.4 | 0.4 | ' | ' | ' | ' | ||||||||
Adjusted EBITDA | 31.3 | [7] | 29.8 | [7] | 32.5 | [7] | 15.9 | [7] | 25.6 | [7] | 28.7 | [7] | 29.8 | [7] | 16.7 | [7] | ' | ' | ' |
Davenport [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Acquisition and transition costs | ' | ' | ' | ' | 1.3 | ' | ' | ' | 1.6 | 1.3 | ' | ||||||||
Cigarettes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | 1,692 | [1] | 1,783.70 | [1] | 1,702.90 | [1] | 1,463.40 | [1] | 1,513.20 | [1] | 1,596.50 | [1] | 1,577.30 | [1] | 1,452.40 | [1] | 6,642 | 6,139.40 | 5,710.60 |
Food/non-food [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | $799.30 | [1] | $837 | [1] | $807 | [1] | $682.30 | [1] | $676.30 | [1] | $718.40 | [1] | $710 | [1] | $648.30 | [1] | $3,125.60 | $2,753 | $2,404.30 |
[1] | Excise taxes are included as a component of net sales. | ||||||||||||||||||
[2] | Warehousing and distribution expenses are not included as a component of the Company's cost of goods sold, which presentation may differ from that of other registrants. | ||||||||||||||||||
[3] | SG&A expenses includes acquisition and integration expenses of $2.8 million related primarily to Davenport and the addition of new customers, consisting of $1.2 million in Q4, $0.5 million in Q3, $0.6 million in Q2, and $0.2 million in Q1. | ||||||||||||||||||
[4] | SG&A expenses include acquisition costs related to Davenport consisting of $1.3 million in the fourth quarter. SG&A expenses also include a reduction in expenses resulting from the favorable resolution of legacy workers' compensation and insurance claims of $1.4 million in the third quarter and $0.4 million in the second quarter. | ||||||||||||||||||
[5] | Totals may not agree with full year amounts due to rounding and separate calculations for each quarter. | ||||||||||||||||||
[6] | Cigarette inventory holding gains relate to income earned on cigarette quantities on hand at the time cigarette manufacturers increase their prices.(6)Adjusted EBITDA is a non-GAAP measure and should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Adjusted EBITDA is equal to net income adding back net interest expense, provision for income taxes, depreciation and amortization, LIFO expense, stock-based compensation expense and net foreign currency transaction losses. | ||||||||||||||||||
[7] | Adjusted EBITDA is a non-GAAP measure and should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Adjusted EBITDA is equal to net income adding back net interest expense, provision for income taxes, depreciation and amortization, LIFO expense, stock-based compensation expense and net foreign currency transaction losses. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | $11,736 | $10,607 | $9,804 |
Charged to Costs and Expenses | 13,802 | 13,492 | 12,431 |
Deductions | -15,322 | -12,575 | -12,046 |
Charged to Other Accounts | -12 | 212 | 418 |
Balance at End of Period | 10,204 | 11,736 | 10,607 |
Allowances for Trade receivables [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | 10,866 | 9,578 | 8,660 |
Charged to Costs and Expenses | 1,079 | 1,975 | 1,970 |
Deductions | -2,569 | -899 | -1,470 |
Charged to Other Accounts | -12 | 212 | 418 |
Balance at End of Period | 9,364 | 10,866 | 9,578 |
Allowances for Inventory reserve [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | 870 | 1,029 | 1,144 |
Charged to Costs and Expenses | 12,723 | 11,517 | 10,461 |
Deductions | -12,753 | -11,676 | -10,576 |
Charged to Other Accounts | 0 | 0 | 0 |
Balance at End of Period | $840 | $870 | $1,029 |