Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 17, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'USTR | ' |
Entity Registrant Name | 'UNITED STATIONERS INC | ' |
Entity Central Index Key | '0000355999 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 38,899,710 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $24,838 | $22,326 |
Accounts receivable, less allowance for doubtful accounts of $20,168 in 2014 and $20,608 in 2013 | 749,415 | 643,379 |
Inventories | 796,325 | 830,295 |
Other current assets | 20,599 | 29,255 |
Total current assets | 1,591,177 | 1,525,255 |
Property, plant and equipment, net | 133,076 | 143,050 |
Goodwill | 381,687 | 356,811 |
Intangible assets, net | 72,499 | 65,502 |
Other long-term assets | 24,372 | 25,576 |
Total assets | 2,202,811 | 2,116,194 |
Current liabilities: | ' | ' |
Accounts payable | 515,350 | 476,113 |
Accrued liabilities | 189,224 | 191,531 |
Current maturities of long-term debt | 894 | 373 |
Total current liabilities | 705,468 | 668,017 |
Deferred income taxes | 28,265 | 29,552 |
Long-term debt | 545,009 | 533,324 |
Other long-term liabilities | 60,500 | 59,787 |
Total liabilities | 1,339,242 | 1,290,680 |
Stockholders’ equity: | ' | ' |
Common stock, $0.10 par value; authorized - 100,000,000 shares, issued - 74,435,628 shares in 2014 and 2013 | 7,444 | 7,444 |
Additional paid-in capital | 410,303 | 411,954 |
Treasury stock, at cost – 35,562,874 shares in 2014 and 34,714,083 shares in 2013 | -1,035,570 | -998,234 |
Retained earnings | 1,521,230 | 1,444,238 |
Accumulated other comprehensive loss | -39,838 | -39,888 |
Total stockholders’ equity | 863,569 | 825,514 |
Total liabilities and stockholders’ equity | $2,202,811 | $2,116,194 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $20,168 | $20,608 |
Common stock, par value | $0.10 | $0.10 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 74,435,628 | 74,435,628 |
Treasury stock, shares | 35,562,874 | 34,714,083 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $1,419,947 | $1,336,676 | $3,994,123 | $3,861,655 |
Cost of goods sold | 1,208,919 | 1,133,015 | 3,396,552 | 3,267,533 |
Gross profit | 211,028 | 203,661 | 597,571 | 594,122 |
Operating expenses: | ' | ' | ' | ' |
Warehousing, marketing and administrative expenses | 146,560 | 136,265 | 437,595 | 442,558 |
Operating income | 64,468 | 67,396 | 159,976 | 151,564 |
Interest expense, net | 3,992 | 2,734 | 11,199 | 8,703 |
Income before income taxes | 60,476 | 64,662 | 148,777 | 142,861 |
Income tax expense | 22,307 | 24,161 | 55,420 | 53,816 |
Net income | $38,169 | $40,501 | $93,357 | $89,045 |
Net income per share - basic: | ' | ' | ' | ' |
Net income per share - basic | $0.99 | $1.03 | $2.41 | $2.24 |
Average number of common shares outstanding - basic | 38,450 | 39,468 | 38,817 | 39,732 |
Net income per share - diluted: | ' | ' | ' | ' |
Net income per share - diluted | $0.98 | $1.01 | $2.38 | $2.21 |
Average number of common shares outstanding - diluted | 38,884 | 40,031 | 39,244 | 40,331 |
Dividends declared per share | $0.14 | $0.14 | $0.42 | $0.42 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $38,169 | $40,501 | $93,357 | $89,045 |
Other comprehensive income, net of tax | ' | ' | ' | ' |
Unrealized translation adjustment | -1,395 | -111 | -1,378 | -751 |
Minimum pension liability adjustments | 606 | 994 | 1,767 | 2,982 |
Unrealized interest rate swap adjustments | 446 | -1,152 | -339 | 2,150 |
Total other comprehensive income, net of tax | -343 | -269 | 50 | 4,381 |
Comprehensive income | $37,826 | $40,232 | $93,407 | $93,426 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Net income | $93,357 | $89,045 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 29,699 | 29,236 |
Share-based compensation | 5,935 | 7,526 |
Loss (gain) on the disposition of property, plant and equipment | 97 | -108 |
Amortization of capitalized financing costs | 657 | 687 |
Excess tax benefits related to share-based compensation | -1,166 | -3,223 |
Deferred income taxes | -7,618 | -8,214 |
Changes in operating assets and liabilities (net of acquisitions): | ' | ' |
Increase in accounts receivable, net | -104,540 | -36,855 |
Decrease in inventory | 46,591 | 40,936 |
Decrease in other assets | 10,000 | 1,612 |
Increase (decrease) in accounts payable | 24,663 | -24,677 |
Decrease in checks in-transit | -2,679 | -835 |
Increase (decrease) in accrued liabilities | 3,438 | -7,569 |
Decrease in other liabilities | -4,768 | -8,120 |
Net cash provided by operating activities | 93,666 | 79,441 |
Cash Flows From Investing Activities: | ' | ' |
Capital expenditures | -15,431 | -22,822 |
Proceeds from the disposition of property, plant and equipment | 872 | 3,522 |
Acquisition, net of cash acquired | -26,725 | ' |
Net cash used in investing activities | -41,284 | -19,300 |
Cash Flows From Financing Activities: | ' | ' |
Net repayments under revolving credit facility | -12,094 | -66,891 |
Borrowings under Receivables Securitization Program | 9,300 | 50,000 |
Repayment of debt | -135,000 | ' |
Proceeds from the issuance of debt | 150,000 | ' |
Net (disbursements) proceeds from share-based compensation arrangements | -3,142 | 18,143 |
Acquisition of treasury stock, at cost | -43,037 | -46,984 |
Payment of cash dividends | -16,407 | -16,764 |
Excess tax benefits related to share-based compensation | 1,166 | 3,223 |
Payment of debt issuance costs | -623 | -1,680 |
Net cash used in financing activities | -49,837 | -60,953 |
Effect of exchange rate changes on cash and cash equivalents | -33 | 36 |
Net change in cash and cash equivalents | 2,512 | -776 |
Cash and cash equivalents, beginning of period | 22,326 | 30,919 |
Cash and cash equivalents, end of period | 24,838 | 30,143 |
Other Cash Flow Information: | ' | ' |
Income tax payments, net | 55,867 | 60,342 |
Interest paid | $9,838 | $9,806 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Basis of Presentation | ' | |||||||
1. Basis of Presentation | ||||||||
The accompanying Condensed Consolidated Financial Statements represent United Stationers Inc. (“USI”) with its wholly owned subsidiary United Stationers Supply Co. (“USSC”), and USSC’s subsidiaries (collectively, “United” or the “Company”). The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States and include the accounts of USI and its subsidiaries. All intercompany transactions and balances have been eliminated. The Company operates in a single reportable segment as a leading distributor of business essentials. | ||||||||
The accompanying Condensed Consolidated Financial Statements are unaudited, except for the Condensed Consolidated Balance Sheet as of December 31, 2013, which was derived from the December 31, 2013 audited financial statements. The Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements, prepared in accordance with accounting principles generally accepted in the United States, have been condensed or omitted pursuant to such rules and regulations. Accordingly, the reader of this Quarterly Report on Form 10-Q should refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 for further information. | ||||||||
In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of United at September 30, 2014 and the results of operations and cash flows for the nine months ended September 30, 2014 and 2013. The results of operations for the three months and nine months ended September 30, 2014 should not necessarily be taken as indicative of the results of operations that may be expected for the entire year. | ||||||||
Inventory | ||||||||
Approximately 74% and 76% of total inventory as of September 30, 2014 and December 31, 2013, respectively has been valued under the last-in, first-out (“LIFO”) accounting method. The remaining inventory is valued under the first-in, first-out (“FIFO”) accounting method. Inventory valued under the FIFO and LIFO accounting methods is recorded at the lower of cost or market. If the Company had valued its entire inventory under the lower of FIFO cost or market, inventory would have been $117.3 million and $112.4 million higher than reported as of September 30, 2014 and December 31, 2013, respectively. | ||||||||
The nine-month change in the LIFO reserve as of September 30, 2014 resulted in a $4.9 million increase in cost of goods sold which included a LIFO liquidation relating to decrements in the Company’s office products and furniture pools. These decrements resulted in liquidation of LIFO inventory quantities carried at lower costs in prior years as compared with the cost of current year purchases. This liquidation resulted in LIFO income of $3.4 million, which was more than offset by LIFO expense of $8.3 million related to current inflation. | ||||||||
New Accounting Pronouncements | ||||||||
In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period. The standard requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition, and compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. This ASU is effective for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. This new standard will not have an effect on the Company’s consolidated financial statements as it is in alignment with the Company’s current accounting policies for equity based compensation. | ||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers, that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. This standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements. | ||||||||
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11). This ASU requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as either a reduction to a deferred tax asset or separately as a liability depending on the existence, availability and/or use of an operating loss carry forward, a similar tax loss, or a tax credit carry forward. This ASU was effective for the Company beginning in the first quarter of 2014. There was no impact on the Company’s financial condition or results of operations due to the adoption of this standard. | ||||||||
Acquisition of CPO Commerce, Inc. | ||||||||
On May 30, 2014, USSC completed the acquisition of CPO Commerce, Inc. (“CPO”), a leading online retailer of brand name power tools and equipment. The acquisition of CPO will significantly expand the Company’s digital resources and capabilities to support customers and supplier partners. The Company financed the 100% stock acquisition with borrowings under the Company’s available committed bank facilities. | ||||||||
The purchase price was $37.4 million, including $5.1 million related to the estimated fair value of contingent consideration which is based upon the achievement of certain sales targets during a three-year period, immediately following the acquisition date. The final payments related to the contingent consideration are determined by actual achievement in the earn-out periods and range from zero to $10.0 million. After the finalization of the contingent consideration, any changes to the estimated fair value will be recorded in “warehousing, marketing and administrative expenses” in the period in which a change occurs. | ||||||||
The Company has developed a preliminary estimate of the fair value of assets acquired and liabilities assumed for purposes of allocating the purchase price. This estimate is subject to change as the valuation activities are completed. The fair value of the assets and liabilities acquired were estimated using various valuation methods including estimated selling price, a market approach, and discounted cash flows using both an income and cost approach. | ||||||||
At September 30, 2014, the preliminary allocation of the purchase price is as follows (amounts in thousands): | ||||||||
Purchase price, net of cash acquired | $ | 31,825 | ||||||
Inventories | $ | (13,051 | ) | |||||
Accounts receivable | (2,658 | ) | ||||||
Other current assets | (307 | ) | ||||||
Property, plant and equipment, net | (488 | ) | ||||||
Intangible assets | (12,800 | ) | ||||||
Total assets acquired | (29,304 | ) | ||||||
Accounts payable | 17,124 | |||||||
Accrued liabilities | 2,130 | |||||||
Other long-term liabilities | 51 | |||||||
Deferred income taxes | 3,233 | |||||||
Total liabilities assumed | 22,538 | |||||||
Goodwill | $ | 25,059 | ||||||
The purchased identifiable intangible assets are as follows (amounts in thousands): | ||||||||
Total | Estimated Life | |||||||
Customer relationships | $ | 5,200 | 3 years | |||||
Trademark | 7,600 | 15 years | ||||||
Total | $ | 12,800 | ||||||
Any changes to the preliminary estimates of the fair value of assets acquired and liabilities assumed, some of which may be material, will be allocated to residual goodwill. | ||||||||
The impact of CPO on the Company’s third-quarter 2014 net financial sales was immaterial. Had the CPO acquisition been completed as of the beginning of 2013, the Company’s unaudited pro forma net sales and net income for the three-month and nine-month periods ending September 30, 2014 and 2013 would not have been materially impacted. | ||||||||
Agreement to Purchase MEDCO | ||||||||
On September 11, 2014, USSC signed an agreement to acquire Liberty Bell Equipment Corp., a United States wholesaler of automotive aftermarket tools and supplies, and its affiliates (collectively, “MEDCO”) including G2S Equipment de Fabrication et d'Entretien ULC, a Canadian wholesaler. The all cash purchase price is $130.0 million, subject to closing adjustments, with up to an additional $10 million to be paid over three years based on performance. The acquisition is expected to be completed in the fourth quarter of 2014 and is subject to customary closing conditions. This acquisition will be funded through a combination of cash on hand and cash available under our revolving credit facility. | ||||||||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Share-Based Compensation | ' |
2. Share-Based Compensation | |
As of September 30, 2014, the Company has two active equity compensation plans. Under the Amended and Restated 2004 Long-Term Incentive Plan, award vehicles include, but are not limited to, stock options, restricted stock awards, restricted stock units (“RSUs”), and performance-based awards. Associates and non-employee directors of the Company are eligible to become participants in the plan. The Nonemployee Directors’ Deferred Stock Compensation Plan allows non-employee directors to elect to defer receipt of all or a portion of their retainer and meeting fees. | |
The Company granted 229,477 shares of restricted stock, 176,717 RSUs, and 5,538 stock options during the first nine months of 2014. During the first nine months of 2013, the Company granted 181,916 shares of restricted stock, 166,348 RSUs, and 585,189 stock options. |
Severance_and_Restructuring_Ch
Severance and Restructuring Charges | 9 Months Ended |
Sep. 30, 2014 | |
Restructuring And Related Activities [Abstract] | ' |
Severance and Restructuring Charges | ' |
3. Severance and Restructuring Charges | |
During the first quarter of 2013, the Company recorded a $14.4 million pre-tax charge related to a workforce reduction and facility closures. The pre-tax charge is comprised of certain OKI facility closure expenses of $1.2 million and severance and workforce reduction-related expenses of $13.2 million which were included in operating expenses. Cash outflows for these actions occurred primarily during 2013 and have continued into 2014. Cash outlays associated with these charges in the nine months ended September 30, 2014 were $3.6 million. During 2013, the Company reversed a portion of these charges totaling $1.4 million. Additionally, the Company reversed a portion of these charges totaling $0.3 million in the first quarter of 2014. As of September 30, 2014 and December 31, 2013, the Company had accrued liabilities for these actions of $0.5 million and $4.4 million, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||||||
4. Goodwill and Intangible Assets | ||||||||||||||||||||||||||||
The changes in the carrying amount of goodwill are noted in the following table (in thousands): | ||||||||||||||||||||||||||||
Goodwill, balance as of December 31, 2013 | $ | 356,811 | ||||||||||||||||||||||||||
Acquisition of CPO | 25,059 | |||||||||||||||||||||||||||
Currency translation adjustment | (183 | ) | ||||||||||||||||||||||||||
Goodwill, balance as of September 30, 2014 | $ | 381,687 | ||||||||||||||||||||||||||
The following table summarizes the intangible assets of the Company by major class of intangible assets and the cost, accumulated amortization, net carrying amount, and weighted average life, if applicable (in thousands): | ||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||||||
Gross | Net | Useful | Gross | Net | Useful | |||||||||||||||||||||||
Carrying | Accumulated | Carrying | Life | Carrying | Accumulated | Carrying | Life | |||||||||||||||||||||
Amount | Amortization | Amount | (years) | Amount | Amortization | Amount | (years) | |||||||||||||||||||||
Intangible assets subject to amortization | ||||||||||||||||||||||||||||
Customer relationships and other intangibles | $ | 89,632 | $ | (41,145 | ) | $ | 48,487 | 17 | $ | 84,470 | $ | (36,232 | ) | $ | 48,238 | 17 | ||||||||||||
Non-compete agreements | 4,679 | (2,108 | ) | 2,571 | 4 | 4,700 | (1,952 | ) | 2,748 | 4 | ||||||||||||||||||
Trademarks | 10,433 | (1,292 | ) | 9,141 | 14 | 2,890 | (674 | ) | 2,216 | 5 | ||||||||||||||||||
Total | $ | 104,744 | $ | (44,545 | ) | $ | 60,199 | $ | 92,060 | $ | (38,858 | ) | $ | 53,202 | ||||||||||||||
Intangible assets not subject to amortization | ||||||||||||||||||||||||||||
Trademarks | 12,300 | - | 12,300 | n/a | 12,300 | - | 12,300 | n/a | ||||||||||||||||||||
Total | $ | 117,044 | $ | (44,545 | ) | $ | 72,499 | $ | 104,360 | $ | (38,858 | ) | $ | 65,502 | ||||||||||||||
Based upon the preliminary purchase price allocation for the acquisition of CPO, the Company has recorded $5.2 million of customer relationships to be amortized over a period of 3 years and a $7.6 million trademark to be amortized over a period of 15 years. See Note 1 “Basis of Presentation” for further discussion of the acquisition. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
5. Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
The change in Accumulated Other Comprehensive Income (Loss) (“AOCI”) by component, net of tax, for the period ended September 30, 2014 is as follows (amounts in thousands): | |||||||||||||||||
Foreign Currency Translation | Cash Flow Hedges | Defined Benefit Pension Plans | Total | ||||||||||||||
AOCI, balance as of December 31, 2013 | $ | (6,661 | ) | $ | 871 | $ | (34,098 | ) | $ | (39,888 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (1,378 | ) | (573 | ) | — | (1,951 | ) | ||||||||||
Amounts reclassified from AOCI | — | 234 | 1,767 | 2,001 | |||||||||||||
Net other comprehensive (loss) income | (1,378 | ) | (339 | ) | 1,767 | 50 | |||||||||||
AOCI, balance as of September 30, 2014 | $ | (8,039 | ) | $ | 532 | $ | (32,331 | ) | $ | (39,838 | ) | ||||||
The following table details the amounts reclassified out of AOCI into the income statement during the three-month and nine-month periods ending September 30, 2014 respectively (in thousands): | |||||||||||||||||
Amount Reclassified From AOCI | |||||||||||||||||
For the Three | For the Nine | ||||||||||||||||
Months Ended | Months Ended | ||||||||||||||||
September 30, | September 30, | Affected Line Item In The Statement | |||||||||||||||
Details About AOCI Components | 2014 | 2014 | Where Net Income is Presented | ||||||||||||||
Gain on interest rate swap cash flow hedges, before tax | $ | 339 | $ | 376 | Interest expense, net | ||||||||||||
(128 | ) | (142 | ) | Tax provision | |||||||||||||
$ | 211 | $ | 234 | Net of tax | |||||||||||||
Amortization of defined benefit pension plan items: | |||||||||||||||||
Prior service cost and unrecognized loss | $ | 992 | $ | 2,892 | Warehousing, marketing and administrative expenses | ||||||||||||
(386 | ) | (1,125 | ) | Tax provision | |||||||||||||
606 | 1,767 | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | 817 | $ | 2,001 | Net of tax | ||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
6. Earnings Per Share | ||||||||||||||||
Basic earnings per share (“EPS”) is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if dilutive securities were exercised into common stock. Stock options, restricted stock, restricted stock units and deferred stock units are considered dilutive securities. For the three-month periods ending September 30, 2014 and 2013, 0.5 million and 0.6 million shares of such securities, respectively, were outstanding but were not included in the computation of diluted earnings per share because the effect would be antidilutive. For the nine-month periods ending September 30, 2014 and 2013, 0.5 million and 0.7 million shares of such securities, respectively, were outstanding but were not included in the computation of diluted earnings per share because the effect would be antidilutive. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 38,169 | $ | 40,501 | $ | 93,357 | $ | 89,045 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per share - | ||||||||||||||||
weighted average shares | 38,450 | 39,468 | 38,817 | 39,732 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Employee stock options and restricted units | 434 | 563 | 427 | 599 | ||||||||||||
Denominator for diluted earnings per share - | ||||||||||||||||
Adjusted weighted average shares and the effect of dilutive | ||||||||||||||||
securities | 38,884 | 40,031 | 39,244 | 40,331 | ||||||||||||
Net income per share: | ||||||||||||||||
Net income per share - basic | $ | 0.99 | $ | 1.03 | $ | 2.41 | $ | 2.24 | ||||||||
Net income per share - diluted | $ | 0.98 | $ | 1.01 | $ | 2.38 | $ | 2.21 | ||||||||
Common Stock Repurchases | ||||||||||||||||
As of December 31, 2013, the Company had Board authorization to repurchase $93.0 million of USI common stock. During the three-month periods ended September 30, 2014 and 2013, the Company repurchased 283,283 and 166,570 shares of USI’s common stock at an aggregate cost of $11.4 million and $6.5 million, respectively. During the nine-month periods ended September 30, 2014 and 2013, the Company repurchased 1,074,574 and 1,353,020 shares of USI’s common stock at an aggregate cost of $43.0 million and $47.5 million, respectively. Depending on market and business conditions and other factors, the Company may continue or suspend purchasing its common stock at any time without notice. Acquired shares are included in the issued shares of the Company and treasury stock, but are not included in average shares outstanding when calculating earnings per share data. During the first nine months of 2014 and 2013, the Company reissued 225,783 and 1,014,554 shares, respectively, of treasury stock to fulfill its obligations under its equity incentive plans. |
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
7. Debt | ||||||||
USI is a holding company and, as a result, its primary sources of funds are cash generated from operating activities of its direct operating subsidiary, USSC, and from borrowings by USSC. The 2013 Credit Agreement, the 2013 Note Purchase Agreement, the 2007 Note Purchase Agreement, and the Receivables Securitization Program (each as defined in Note 9 of the Company’s Form 10-K for the year ended December 31, 2013) contain restrictions on the use of cash transferred from USSC to USI. | ||||||||
Debt consisted of the following amounts (in millions): | ||||||||
As of | As of | |||||||
September 30, 2014 | December 31, 2013 | |||||||
2013 Credit Agreement | $ | 195 | $ | 206.8 | ||||
2013 Note Purchase Agreement | 150 | - | ||||||
2007 Note Purchase Agreement | - | 135 | ||||||
Receivables Securitization Program | 200 | 190.7 | ||||||
Mortgage & Capital Lease | 0.9 | 1.2 | ||||||
Total | $ | 545.9 | $ | 533.7 | ||||
As of September 30, 2014, 72.4% of the Company’s outstanding debt, excluding capital leases, is priced at variable interest rates based primarily on the applicable bank prime rate or London InterBank Offered Rate (“LIBOR”). | ||||||||
Pursuant to the 2013 Note Purchase Agreement, on January 15, 2014 USSC issued an aggregate of $150 million of senior secured notes due January 15, 2021 (the “2014 Notes”). USSC used the proceeds from the sale of the 2014 Notes to repay the Series 2007-A Notes issued under the 2007 Note Purchase Agreement and to reduce the borrowings under the 2013 Credit Agreement. The parties to the 2007 Note Purchase Agreement have satisfied their obligations under that agreement. The Company will not issue any new debt under the 2007 Note Purchase Agreement. | ||||||||
The Company had outstanding letters of credit of $11.1 million under the 2013 Credit Agreement as of September 30, 2014 and December 31, 2013. | ||||||||
Borrowings under the 2013 Credit Agreement bear interest at LIBOR for specified interest periods or at the Alternate Base Rate (as defined in the 2013 Credit Agreement), plus, in each case, a margin determined based on the Company’s permitted debt to EBITDA ratio calculated as provided in Section 6.20 of the 2013 Credit Agreement (the “Leverage Ratio”). Depending on the Company’s Leverage Ratio, the margin on LIBOR-based loans ranges from 1.00% to 2.00% and on Alternate Base Rate loans ranges from 0% to 1.00%. As of September 30, 2014, the applicable margin for LIBOR-based loans was 1.25% and for Alternate Base Rate loans was 0.25%. USSC is required to pay the lenders a fee on the unutilized portion of the commitments under the 2013 Credit Agreement at a rate per annum between 0.15% and 0.35%, depending on the Company’s Leverage Ratio. | ||||||||
As of September 30, 2014 and December 31, 2013, $427.6 million and $355.4 million, respectively, of receivables had been sold to the Investors (as defined in Note 9 of the Company’s Form 10-K for the year ended December 31, 2013). As of September 30, 2014, United Stationers Receivables, LLC (“USR”) had $200.0 million outstanding under the Receivables Securitization Program. As of December 31, 2013, USR had $190.7 million outstanding under the Receivables Securitization Program. | ||||||||
For additional information about the 2013 Credit Agreement, the 2013 Note Purchase Agreement, and the Receivables Securitization Program, see Note 9 of the Company’s Form 10-K for the year ended December 31, 2013. |
Pension_and_PostRetirement_Ben
Pension and Post-Retirement Benefit Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension and Post-Retirement Benefit Plans | ' | |||||||||||||||
8. Pension and Post-Retirement Benefit Plans | ||||||||||||||||
The Company maintains pension plans covering union and certain non-union employees. For more information on the Company’s retirement plans, see Note 11 to the Company’s Consolidated Financial Statements in the Form 10-K for the year ended December 31, 2013. A summary of net periodic pension cost related to the Company’s pension plans for the three and nine months ended September 30, 2014 and 2013 is as follows (dollars in thousands): | ||||||||||||||||
Pension Benefits | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost - benefit earned during the period | $ | 147 | $ | 304 | $ | 802 | $ | 911 | ||||||||
Interest cost on projected benefit obligation | 2,235 | 2,097 | 6,720 | 6,292 | ||||||||||||
Expected return on plan assets | (2,599 | ) | (2,842 | ) | (7,714 | ) | (8,525 | ) | ||||||||
Amortization of prior service cost | 47 | 48 | 137 | 143 | ||||||||||||
Amortization of actuarial loss | 945 | 1,577 | 2,755 | 4,731 | ||||||||||||
Net periodic pension cost | $ | 775 | $ | 1,184 | $ | 2,700 | $ | 3,552 | ||||||||
The Company made cash contributions of $2.0 million and $13.0 million to its pension plans during each of the first nine months ended September 30, 2014 and 2013, respectively. Additional contributions, if any, for 2014 have not yet been determined. As of September 30, 2014 and December 31, 2013, respectively, the Company had accrued $18.6 million and $20.8 million of pension liability within “Other Long-Term Liabilities” on the Condensed Consolidated Balance Sheets. | ||||||||||||||||
Defined Contribution Plan | ||||||||||||||||
The Company has defined contribution plans covering certain salaried associates and non-union hourly paid associates (the “Plan”). The Plan permits associates to defer a portion of their pre-tax and after-tax salary as contributions to the Plan. The Plan also provides for Company-funded discretionary contributions as well as matching associates’ salary deferral contributions, at the discretion of the Board of Directors. The Company recorded expense of $1.4 million and $4.2 million for the Company match of employee contributions to the Plan for the three and nine months ended September 30, 2014. During the same periods last year, the Company recorded expense of $1.3 million and $4.2 million to match employee contributions. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||
9. Derivative Financial Instruments | ||||||||||||||||||
Interest rate movements create a degree of risk to the Company’s operations by affecting the amount of interest payments. Interest rate swap agreements are used to manage the Company’s exposure to interest rate changes. The Company designates its floating-to-fixed interest rate swaps as cash flow hedges of the variability of future cash flows at the inception of the swap contract to support hedge accounting. | ||||||||||||||||||
USSC has entered into various separate swap transactions to mitigate USSC’s floating rate risk on the noted aggregate notional amount of LIBOR-based interest rate risk noted in the table below. These swap transactions occurred as follows: | ||||||||||||||||||
· | On November 6, 2007, USSC entered into an interest rate swap transaction (the “November 2007 Swap Transaction”) with U.S. Bank National Association as the counterparty. This swap transaction matured on January 15, 2013. | |||||||||||||||||
· | On July 18, 2012, USSC entered into a two-year forward, three-year interest rate swap transaction (the “July 2012 Swap Transaction”) with U.S. Bank National Association as the counterparty. The swap transaction became effective July 18, 2014 and has a maturity date of July 18, 2017. | |||||||||||||||||
· | On June 11, 2013, USSC entered into a seven-month forward, seven-year interest rate swap transaction (the “June 2013 Swap Transaction”) with J.P. Morgan Chase Bank as the counterparty. The swap transaction had an effective date of January 15, 2014 and a maturity date of January 15, 2021. This swap was terminated in October 2013. | |||||||||||||||||
As of September 30, 2014, approximately 27.5% ($150.0 million) of the Company’s current outstanding debt had its interest payments designated as hedged forecasted transactions. | ||||||||||||||||||
The Company’s outstanding swap transaction is accounted for as a cash flow hedge and is recorded at fair value on the Condensed Consolidated Balance Sheet as of September 30, 2014 and December 31, 2013, at the following amounts (in thousands): | ||||||||||||||||||
Notional | Fair Value Net | |||||||||||||||||
As of September 30, 2014 | Amount | Receive | Pay | Maturity Date | Asset (1) | |||||||||||||
July 2012 Swap Transaction | $ | 150,000 | Floating 1-month LIBOR | 1.05% | July 18, 2017 | $ | 138 | |||||||||||
Notional | Fair Value Net | |||||||||||||||||
As of December 31, 2013 | Amount | Receive | Pay | Maturity Date | Asset (1) | |||||||||||||
July 2012 Swap Transaction | $ | 150,000 | Floating 1-month LIBOR | 1.05% | July 18, 2017 | $ | 599 | |||||||||||
-1 | This interest rate derivative qualifies for hedge accounting, and is in a net asset position at September 30, 2014 and December 31, 2013. Therefore, the fair value of the interest rate derivative is included in the Company’s Condensed Consolidated Balance Sheets as a component of “Other long-term assets,” with an offsetting component in “Stockholders’ Equity” as part of “Accumulated Other Comprehensive Loss”. | |||||||||||||||||
Under the terms of the July 2012 Swap Transaction, USSC will be required to make monthly fixed rate payments to the counterparty calculated based on the notional amounts noted in the table above at a fixed rate also noted in the table above, while the counterparty will be obligated to make monthly floating rate payments to USSC based on the one-month LIBOR on the same referenced notional amount. | ||||||||||||||||||
The hedged transactions described above qualify as cash flow hedges in accordance with accounting guidance on derivative instruments. This guidance requires companies to recognize all of their derivative instruments as either assets or liabilities in the statement of financial position at fair value. The Company does not offset fair value amounts recognized for interest rate swaps executed with the same counterparty. | ||||||||||||||||||
For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings. | ||||||||||||||||||
In connection with the pricing of the 2013 Note Purchase Agreement the Company terminated the June 2013 Swap Transaction. The gain of $0.9 million realized by the Company on the termination has been recorded as a component of Other Comprehensive Income on the Company’s consolidated balance sheet as of December 31, 2013 and will be reclassified into earnings over the term of the 2014 Notes. During the nine-month period ending September 30, 2014, the Company recognized $0.1 million into earnings from AOCI. | ||||||||||||||||||
This swap reduces the exposure to variability in interest rates between the date the Company entered into the hedge and the date the Company priced the 2014 Notes. | ||||||||||||||||||
The July 2012 Swap Transaction effectively converts a portion of the Company’s future floating-rate debt to a fixed-rate basis. This swap transaction reduces the impact of interest rate changes on future interest expense. By using such derivative financial instruments, the Company exposes itself to credit risk and market risk. Credit risk is the risk that the counterparty to the interest rate swap (as noted above) will fail to perform under the terms of the agreement. The Company attempts to minimize the credit risk in these agreements by only entering into transactions with counterparties the Company determines are creditworthy. The market risk is the adverse effect on the value of a derivative financial instrument that results from a change in interest rates. | ||||||||||||||||||
The Company’s agreement with its derivative counterparty provides that if an event of default occurs on any Company debt of $25 million or more, the counterparty can terminate the swap agreement. If an event of default had occurred and the counterparty had exercised early termination right under the outstanding swap transaction as of September 30, 2014, the Company would have been required to pay the aggregate fair value net asset of $0.1 million plus accrued interest to the counterparty. | ||||||||||||||||||
The swap transaction that was in effect as of September 30, 2014 and the swap transaction that was in effect as of September 30, 2013 contained no ineffectiveness; therefore, all gains or losses on those derivative instruments were reported as a component of other comprehensive income (“OCI”) and reclassified into earnings as “interest expense” in the same period or periods during which they affected earnings. | ||||||||||||||||||
The following table depicts the effect of these derivative instruments on the statements of income and comprehensive income for the three and nine month periods ended September 30, 2014 and September 30, 2013 (in thousands). | ||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||
Recognized in | Reclassified | |||||||||||||||||
OCI on Derivative | from Accumulated OCI into Income | |||||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||||
For the Three | For the Nine | Location of Gain (Loss) | For the Three | For the Nine | ||||||||||||||
Months Ended | Months Ended | Reclassified from | Months Ended | Months Ended | ||||||||||||||
September 30, | September 30, | Accumulated OCI into | September 30, | September 30, | ||||||||||||||
2014 | 2014 | Income (Effective | 2014 | 2014 | ||||||||||||||
Portion) | ||||||||||||||||||
July 2012 Swap Transaction | $ | 748 | $ | (1 | ) | Interest expense, net | $ | 281 | $ | 281 | ||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||
Recognized in | Reclassified | |||||||||||||||||
OCI on Derivative | from Accumulated OCI into Income | |||||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||||
For the Three | For the Nine | Location of Gain (Loss) | For the Three | For the Nine | ||||||||||||||
Months Ended | Months Ended | Reclassified from | Months Ended | Months Ended | ||||||||||||||
September 30, | September 30, | Accumulated OCI into | September 30, | September 30, | ||||||||||||||
2013 | 2013 | Income (Effective | 2013 | 2013 | ||||||||||||||
Portion) | ||||||||||||||||||
November 2007 Swap Transaction | $ | - | $ | (77 | ) | Interest expense, net | $ | - | $ | (228 | ) | |||||||
July 2012 Swap Transaction | (574 | ) | 878 | Interest expense, net | - | - | ||||||||||||
June 2013 Swap Transaction | (578 | ) | 1,121 | Interest expense, net | - | - | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
10. Fair Value Measurements | ||||||||||||||||
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including interest rate swap derivatives, based on the mark-to-market position of the Company’s positions and other observable interest rates (see Note 9 “Derivative Financial Instruments”, for more information on these interest rate swaps). | ||||||||||||||||
Accounting guidance on fair value establishes a hierarchy for those instruments measured at fair value which distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). The hierarchy consists of three levels: | ||||||||||||||||
· | Level 1—Quoted market prices in active markets for identical assets or liabilities; | |||||||||||||||
· | Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable; and | |||||||||||||||
· | Level 3—Unobservable inputs developed using estimates and assumptions developed by the Company which reflect those that a market participant would use. | |||||||||||||||
Determining which level to apply to an asset or liability requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The following table summarizes the financial instruments measured at fair value in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
Fair Value Measurements as of September 30, 2014 | ||||||||||||||||
Quoted Market | Significant Other | Significant | ||||||||||||||
Prices in Active | Observable | Unobservable | ||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||
Identical Assets or | ||||||||||||||||
Liabilities | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | ||||||||||||||||
Interest rate swap asset | $ | 138 | $ | - | $ | 138 | $ | - | ||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||
Quoted Market | Significant Other | Significant | ||||||||||||||
Prices in Active | Observable | Unobservable | ||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||
Identical Assets or | ||||||||||||||||
Liabilities | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | ||||||||||||||||
Interest rate swap asset | $ | 599 | $ | - | $ | 599 | $ | - | ||||||||
The carrying amount of accounts receivable at September 30, 2014, including $427.6 million of receivables sold under the Receivables Securitization Program, approximates fair value because of the short-term nature of this item. | ||||||||||||||||
Accounting guidance on fair value measurements requires separate disclosure of assets and liabilities measured at fair value on a recurring basis, as noted above, from those measured at fair value on a nonrecurring basis. As of September 30, 2014, no assets or liabilities are measured at fair value on a nonrecurring basis. |
Other_Assets_and_Liabilities
Other Assets and Liabilities | 9 Months Ended |
Sep. 30, 2014 | |
Text Block [Abstract] | ' |
Other Assets and Liabilities | ' |
11. Other Assets and Liabilities | |
The Company had receivables related to supplier allowances totaling $95.4 million and $103.2 million included in “Accounts receivable” in the Condensed Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013, respectively. | |
Accrued customer rebates of $57.4 million and $52.6 million as of September 30, 2014 and December 31, 2013, respectively, were included in “Accrued liabilities” in the Condensed Consolidated Balance Sheets. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy | ' |
The accompanying Condensed Consolidated Financial Statements represent United Stationers Inc. (“USI”) with its wholly owned subsidiary United Stationers Supply Co. (“USSC”), and USSC’s subsidiaries (collectively, “United” or the “Company”). The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States and include the accounts of USI and its subsidiaries. All intercompany transactions and balances have been eliminated. The Company operates in a single reportable segment as a leading distributor of business essentials. | |
The accompanying Condensed Consolidated Financial Statements are unaudited, except for the Condensed Consolidated Balance Sheet as of December 31, 2013, which was derived from the December 31, 2013 audited financial statements. The Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements, prepared in accordance with accounting principles generally accepted in the United States, have been condensed or omitted pursuant to such rules and regulations. Accordingly, the reader of this Quarterly Report on Form 10-Q should refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 for further information. | |
In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of United at September 30, 2014 and the results of operations and cash flows for the nine months ended September 30, 2014 and 2013. The results of operations for the three months and nine months ended September 30, 2014 should not necessarily be taken as indicative of the results of operations that may be expected for the entire year. | |
Inventory | ' |
Inventory | |
Approximately 74% and 76% of total inventory as of September 30, 2014 and December 31, 2013, respectively has been valued under the last-in, first-out (“LIFO”) accounting method. The remaining inventory is valued under the first-in, first-out (“FIFO”) accounting method. Inventory valued under the FIFO and LIFO accounting methods is recorded at the lower of cost or market. If the Company had valued its entire inventory under the lower of FIFO cost or market, inventory would have been $117.3 million and $112.4 million higher than reported as of September 30, 2014 and December 31, 2013, respectively. | |
The nine-month change in the LIFO reserve as of September 30, 2014 resulted in a $4.9 million increase in cost of goods sold which included a LIFO liquidation relating to decrements in the Company’s office products and furniture pools. These decrements resulted in liquidation of LIFO inventory quantities carried at lower costs in prior years as compared with the cost of current year purchases. This liquidation resulted in LIFO income of $3.4 million, which was more than offset by LIFO expense of $8.3 million related to current inflation. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period. The standard requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition, and compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved. This ASU is effective for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. This new standard will not have an effect on the Company’s consolidated financial statements as it is in alignment with the Company’s current accounting policies for equity based compensation. | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers, that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. This standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11). This ASU requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as either a reduction to a deferred tax asset or separately as a liability depending on the existence, availability and/or use of an operating loss carry forward, a similar tax loss, or a tax credit carry forward. This ASU was effective for the Company beginning in the first quarter of 2014. There was no impact on the Company’s financial condition or results of operations due to the adoption of this standard. |
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Purchase Price Allocation | ' | |||||||
At September 30, 2014, the preliminary allocation of the purchase price is as follows (amounts in thousands): | ||||||||
Purchase price, net of cash acquired | $ | 31,825 | ||||||
Inventories | $ | (13,051 | ) | |||||
Accounts receivable | (2,658 | ) | ||||||
Other current assets | (307 | ) | ||||||
Property, plant and equipment, net | (488 | ) | ||||||
Intangible assets | (12,800 | ) | ||||||
Total assets acquired | (29,304 | ) | ||||||
Accounts payable | 17,124 | |||||||
Accrued liabilities | 2,130 | |||||||
Other long-term liabilities | 51 | |||||||
Deferred income taxes | 3,233 | |||||||
Total liabilities assumed | 22,538 | |||||||
Goodwill | $ | 25,059 | ||||||
Summary of Purchased Identifiable Intangible Assets | ' | |||||||
The purchased identifiable intangible assets are as follows (amounts in thousands): | ||||||||
Total | Estimated Life | |||||||
Customer relationships | $ | 5,200 | 3 years | |||||
Trademark | 7,600 | 15 years | ||||||
Total | $ | 12,800 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Summary of Changes in Carrying Amount of Goodwill | ' | |||||||||||||||||||||||||||
The changes in the carrying amount of goodwill are noted in the following table (in thousands): | ||||||||||||||||||||||||||||
Goodwill, balance as of December 31, 2013 | $ | 356,811 | ||||||||||||||||||||||||||
Acquisition of CPO | 25,059 | |||||||||||||||||||||||||||
Currency translation adjustment | (183 | ) | ||||||||||||||||||||||||||
Goodwill, balance as of September 30, 2014 | $ | 381,687 | ||||||||||||||||||||||||||
Summary of Intangible Assets of Company by Major Class | ' | |||||||||||||||||||||||||||
The following table summarizes the intangible assets of the Company by major class of intangible assets and the cost, accumulated amortization, net carrying amount, and weighted average life, if applicable (in thousands): | ||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||||||
Gross | Net | Useful | Gross | Net | Useful | |||||||||||||||||||||||
Carrying | Accumulated | Carrying | Life | Carrying | Accumulated | Carrying | Life | |||||||||||||||||||||
Amount | Amortization | Amount | (years) | Amount | Amortization | Amount | (years) | |||||||||||||||||||||
Intangible assets subject to amortization | ||||||||||||||||||||||||||||
Customer relationships and other intangibles | $ | 89,632 | $ | (41,145 | ) | $ | 48,487 | 17 | $ | 84,470 | $ | (36,232 | ) | $ | 48,238 | 17 | ||||||||||||
Non-compete agreements | 4,679 | (2,108 | ) | 2,571 | 4 | 4,700 | (1,952 | ) | 2,748 | 4 | ||||||||||||||||||
Trademarks | 10,433 | (1,292 | ) | 9,141 | 14 | 2,890 | (674 | ) | 2,216 | 5 | ||||||||||||||||||
Total | $ | 104,744 | $ | (44,545 | ) | $ | 60,199 | $ | 92,060 | $ | (38,858 | ) | $ | 53,202 | ||||||||||||||
Intangible assets not subject to amortization | ||||||||||||||||||||||||||||
Trademarks | 12,300 | - | 12,300 | n/a | 12,300 | - | 12,300 | n/a | ||||||||||||||||||||
Total | $ | 117,044 | $ | (44,545 | ) | $ | 72,499 | $ | 104,360 | $ | (38,858 | ) | $ | 65,502 | ||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Change in Accumulated Other Comprehensive Income (Loss) (AOCI) by Component, Net of Tax | ' | ||||||||||||||||
The change in Accumulated Other Comprehensive Income (Loss) (“AOCI”) by component, net of tax, for the period ended September 30, 2014 is as follows (amounts in thousands): | |||||||||||||||||
Foreign Currency Translation | Cash Flow Hedges | Defined Benefit Pension Plans | Total | ||||||||||||||
AOCI, balance as of December 31, 2013 | $ | (6,661 | ) | $ | 871 | $ | (34,098 | ) | $ | (39,888 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (1,378 | ) | (573 | ) | — | (1,951 | ) | ||||||||||
Amounts reclassified from AOCI | — | 234 | 1,767 | 2,001 | |||||||||||||
Net other comprehensive (loss) income | (1,378 | ) | (339 | ) | 1,767 | 50 | |||||||||||
AOCI, balance as of September 30, 2014 | $ | (8,039 | ) | $ | 532 | $ | (32,331 | ) | $ | (39,838 | ) | ||||||
Amounts Reclassified Out of AOCI into Income Statement | ' | ||||||||||||||||
The following table details the amounts reclassified out of AOCI into the income statement during the three-month and nine-month periods ending September 30, 2014 respectively (in thousands): | |||||||||||||||||
Amount Reclassified From AOCI | |||||||||||||||||
For the Three | For the Nine | ||||||||||||||||
Months Ended | Months Ended | ||||||||||||||||
September 30, | September 30, | Affected Line Item In The Statement | |||||||||||||||
Details About AOCI Components | 2014 | 2014 | Where Net Income is Presented | ||||||||||||||
Gain on interest rate swap cash flow hedges, before tax | $ | 339 | $ | 376 | Interest expense, net | ||||||||||||
(128 | ) | (142 | ) | Tax provision | |||||||||||||
$ | 211 | $ | 234 | Net of tax | |||||||||||||
Amortization of defined benefit pension plan items: | |||||||||||||||||
Prior service cost and unrecognized loss | $ | 992 | $ | 2,892 | Warehousing, marketing and administrative expenses | ||||||||||||
(386 | ) | (1,125 | ) | Tax provision | |||||||||||||
606 | 1,767 | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | 817 | $ | 2,001 | Net of tax | ||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Computation of Basic and Diluted Earnings Per Share | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 38,169 | $ | 40,501 | $ | 93,357 | $ | 89,045 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per share - | ||||||||||||||||
weighted average shares | 38,450 | 39,468 | 38,817 | 39,732 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Employee stock options and restricted units | 434 | 563 | 427 | 599 | ||||||||||||
Denominator for diluted earnings per share - | ||||||||||||||||
Adjusted weighted average shares and the effect of dilutive | ||||||||||||||||
securities | 38,884 | 40,031 | 39,244 | 40,331 | ||||||||||||
Net income per share: | ||||||||||||||||
Net income per share - basic | $ | 0.99 | $ | 1.03 | $ | 2.41 | $ | 2.24 | ||||||||
Net income per share - diluted | $ | 0.98 | $ | 1.01 | $ | 2.38 | $ | 2.21 | ||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-Term Debt Components | ' | |||||||
Debt consisted of the following amounts (in millions): | ||||||||
As of | As of | |||||||
September 30, 2014 | December 31, 2013 | |||||||
2013 Credit Agreement | $ | 195 | $ | 206.8 | ||||
2013 Note Purchase Agreement | 150 | - | ||||||
2007 Note Purchase Agreement | - | 135 | ||||||
Receivables Securitization Program | 200 | 190.7 | ||||||
Mortgage & Capital Lease | 0.9 | 1.2 | ||||||
Total | $ | 545.9 | $ | 533.7 | ||||
Pension_and_PostRetirement_Ben1
Pension and Post-Retirement Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | |||||||||||||||
Summary of Net Periodic Pension Cost Related to Pension Plans | ' | |||||||||||||||
A summary of net periodic pension cost related to the Company’s pension plans for the three and nine months ended September 30, 2014 and 2013 is as follows (dollars in thousands): | ||||||||||||||||
Pension Benefits | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost - benefit earned during the period | $ | 147 | $ | 304 | $ | 802 | $ | 911 | ||||||||
Interest cost on projected benefit obligation | 2,235 | 2,097 | 6,720 | 6,292 | ||||||||||||
Expected return on plan assets | (2,599 | ) | (2,842 | ) | (7,714 | ) | (8,525 | ) | ||||||||
Amortization of prior service cost | 47 | 48 | 137 | 143 | ||||||||||||
Amortization of actuarial loss | 945 | 1,577 | 2,755 | 4,731 | ||||||||||||
Net periodic pension cost | $ | 775 | $ | 1,184 | $ | 2,700 | $ | 3,552 | ||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Interest Rate Swap Agreements, Cash Flow Hedge | ' | |||||||||||||||||
The Company’s outstanding swap transaction is accounted for as a cash flow hedge and is recorded at fair value on the Condensed Consolidated Balance Sheet as of September 30, 2014 and December 31, 2013, at the following amounts (in thousands): | ||||||||||||||||||
Notional | Fair Value Net | |||||||||||||||||
As of September 30, 2014 | Amount | Receive | Pay | Maturity Date | Asset (1) | |||||||||||||
July 2012 Swap Transaction | $ | 150,000 | Floating 1-month LIBOR | 1.05% | July 18, 2017 | $ | 138 | |||||||||||
Notional | Fair Value Net | |||||||||||||||||
As of December 31, 2013 | Amount | Receive | Pay | Maturity Date | Asset (1) | |||||||||||||
July 2012 Swap Transaction | $ | 150,000 | Floating 1-month LIBOR | 1.05% | July 18, 2017 | $ | 599 | |||||||||||
-1 | This interest rate derivative qualifies for hedge accounting, and is in a net asset position at September 30, 2014 and December 31, 2013. Therefore, the fair value of the interest rate derivative is included in the Company’s Condensed Consolidated Balance Sheets as a component of “Other long-term assets,” with an offsetting component in “Stockholders’ Equity” as part of “Accumulated Other Comprehensive Loss”. | |||||||||||||||||
Schedule of Effect of Derivative Instruments on Income Statement | ' | |||||||||||||||||
The following table depicts the effect of these derivative instruments on the statements of income and comprehensive income for the three and nine month periods ended September 30, 2014 and September 30, 2013 (in thousands). | ||||||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||
Recognized in | Reclassified | |||||||||||||||||
OCI on Derivative | from Accumulated OCI into Income | |||||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||||
For the Three | For the Nine | Location of Gain (Loss) | For the Three | For the Nine | ||||||||||||||
Months Ended | Months Ended | Reclassified from | Months Ended | Months Ended | ||||||||||||||
September 30, | September 30, | Accumulated OCI into | September 30, | September 30, | ||||||||||||||
2014 | 2014 | Income (Effective | 2014 | 2014 | ||||||||||||||
Portion) | ||||||||||||||||||
July 2012 Swap Transaction | $ | 748 | $ | (1 | ) | Interest expense, net | $ | 281 | $ | 281 | ||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||
Recognized in | Reclassified | |||||||||||||||||
OCI on Derivative | from Accumulated OCI into Income | |||||||||||||||||
(Effective Portion) | (Effective Portion) | |||||||||||||||||
For the Three | For the Nine | Location of Gain (Loss) | For the Three | For the Nine | ||||||||||||||
Months Ended | Months Ended | Reclassified from | Months Ended | Months Ended | ||||||||||||||
September 30, | September 30, | Accumulated OCI into | September 30, | September 30, | ||||||||||||||
2013 | 2013 | Income (Effective | 2013 | 2013 | ||||||||||||||
Portion) | ||||||||||||||||||
November 2007 Swap Transaction | $ | - | $ | (77 | ) | Interest expense, net | $ | - | $ | (228 | ) | |||||||
July 2012 Swap Transaction | (574 | ) | 878 | Interest expense, net | - | - | ||||||||||||
June 2013 Swap Transaction | (578 | ) | 1,121 | Interest expense, net | - | - | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Financial Instruments Measured at Fair Value | ' | |||||||||||||||
The Company evaluates its hierarchy disclosures each quarter. The following table summarizes the financial instruments measured at fair value in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
Fair Value Measurements as of September 30, 2014 | ||||||||||||||||
Quoted Market | Significant Other | Significant | ||||||||||||||
Prices in Active | Observable | Unobservable | ||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||
Identical Assets or | ||||||||||||||||
Liabilities | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | ||||||||||||||||
Interest rate swap asset | $ | 138 | $ | - | $ | 138 | $ | - | ||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||
Quoted Market | Significant Other | Significant | ||||||||||||||
Prices in Active | Observable | Unobservable | ||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||
Identical Assets or | ||||||||||||||||
Liabilities | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | ||||||||||||||||
Interest rate swap asset | $ | 599 | $ | - | $ | 599 | $ | - | ||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | 30-May-14 | Sep. 11, 2014 |
CPO Commerce, Inc [Member] | CPO Commerce, Inc [Member] | MEDCO [Member] | |||
Basis Of Presentation [Line Items] | ' | ' | ' | ' | ' |
Percentage of LIFO Inventory | 74.00% | 76.00% | ' | ' | ' |
LIFO Inventory Amount | $117.30 | $112.40 | ' | ' | ' |
Inventory, LIFO Reserve, Effect on Income, Net | 4.9 | ' | ' | ' | ' |
Effect of LIFO Inventory Liquidation on Income | 3.4 | ' | ' | ' | ' |
Inventory, LIFO Reserve, Period Charge | 8.3 | ' | ' | ' | ' |
Stock acquisition, percentage acquired | ' | ' | ' | 100.00% | ' |
Business acquisition cash paid | ' | ' | 37.4 | ' | 130 |
Business acquisition, fair value of contingent consideration | ' | ' | 5.1 | ' | ' |
Business acquisition contingent consideration payments, range minimum | ' | ' | 0 | ' | ' |
Business acquisition contingent consideration payments, range maximum | ' | ' | $10 | ' | $10 |
Basis_of_Presentation_Purchase
Basis of Presentation - Purchase Price Allocation (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | CPO Commerce, Inc [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price, net of cash acquired | ' | ' | $31,825 |
Inventories | ' | ' | -13,051 |
Accounts receivable | ' | ' | -2,658 |
Other current assets | ' | ' | -307 |
Property, plant and equipment, net | ' | ' | -488 |
Intangible assets | ' | ' | -12,800 |
Total assets acquired | ' | ' | -29,304 |
Accounts payable | ' | ' | 17,124 |
Accrued liabilities | ' | ' | 2,130 |
Other long-term liabilities | ' | ' | 51 |
Deferred income taxes | ' | ' | 3,233 |
Total liabilities assumed | ' | ' | 22,538 |
Goodwill | $381,687 | $356,811 | $25,059 |
Basis_of_Presentation_Summary_
Basis of Presentation - Summary of Purchased Identifiable Intangible Assets (Detail) (CPO Commerce, Inc [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite lived intangible assets | $12,800 |
Customer relationships [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite lived intangible assets | 5,200 |
Finite lived intangible assets estimated life | '3 years |
Trademarks [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Finite lived intangible assets | $7,600 |
Finite lived intangible assets estimated life | '15 years |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of share-based compensation plans | 2 | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock and restricted stock units granted | 229,477 | 181,916 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock and restricted stock units granted | 176,717 | 166,348 |
Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options granted | 5,538 | 585,189 |
Severance_and_Restructuring_Ch1
Severance and Restructuring Charges - Additional Information (Detail) (Workforce Reduction and Facility Closure Program [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Facility Closure Cost [Member] | Severance and Related Expenses [Member] | Severance and Restructuring Charges [Member] | Severance and Restructuring Charges [Member] | Severance and Restructuring Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax charge | ' | ' | $14.40 | $1.20 | $13.20 | ' | ' | ' |
Cash outlays associated with severance | ' | ' | ' | ' | ' | ' | 3.6 | ' |
Accrued liabilities | 0.5 | 4.4 | ' | ' | ' | ' | ' | ' |
Reversal of severance charges | ' | ' | ' | ' | ' | $0.30 | ' | $1.40 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Goodwill, balance as of December 31, 2013 | $356,811 |
Acquisition of CPO | 25,059 |
Currency translation adjustment | -183 |
Goodwill, balance as of September 30, 2014 | $381,687 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Summary of Intangible Assets of Company by Major Class (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization, Gross Carrying Amount | $104,744 | $92,060 |
Intangible assets subject to amortization, Accumulated Amortization | -44,545 | -38,858 |
Intangible assets subject to amortization, Net Carrying Amount | 60,199 | 53,202 |
Intangible Assets, Gross Carrying Amount | 117,044 | 104,360 |
Intangible Assets, Net Carrying Amount | 72,499 | 65,502 |
Customer relationships and other intangibles [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization, Gross Carrying Amount | 89,632 | 84,470 |
Intangible assets subject to amortization, Accumulated Amortization | -41,145 | -36,232 |
Intangible assets subject to amortization, Net Carrying Amount | 48,487 | 48,238 |
Intangible assets subject to amortization, Weighted Average Useful Life (years) | '17 years | '17 years |
Non-compete agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization, Gross Carrying Amount | 4,679 | 4,700 |
Intangible assets subject to amortization, Accumulated Amortization | -2,108 | -1,952 |
Intangible assets subject to amortization, Net Carrying Amount | 2,571 | 2,748 |
Intangible assets subject to amortization, Weighted Average Useful Life (years) | '4 years | '4 years |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets subject to amortization, Gross Carrying Amount | 10,433 | 2,890 |
Intangible assets subject to amortization, Accumulated Amortization | -1,292 | -674 |
Intangible assets subject to amortization, Net Carrying Amount | 9,141 | 2,216 |
Intangible assets subject to amortization, Weighted Average Useful Life (years) | '14 years | '5 years |
Trademarks not subject to amortization [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets not subject to amortization, Gross Carrying Amount | $12,300 | $12,300 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Additional Information (Detail) (CPO Commerce, Inc [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Goodwill [Line Items] | ' |
Purchase price allocated to finite lived intangible assets | $12,800 |
Customer relationships [Member] | ' |
Goodwill [Line Items] | ' |
Purchase price allocated to finite lived intangible assets | 5,200 |
Finite lived Intangible assets, weighted-average amortization period | '3 years |
Trademarks [Member] | ' |
Goodwill [Line Items] | ' |
Purchase price allocated to finite lived intangible assets | $7,600 |
Finite lived Intangible assets, weighted-average amortization period | '15 years |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Change in Accumulated Other Comprehensive Income (Loss) (AOCI) by Component, Net of Tax (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
AOCI, balance as of December 31, 2013 | ' | ' | ($39,888) | ' |
Other comprehensive (loss) income before reclassifications | ' | ' | -1,951 | ' |
Amounts reclassified from AOCI | ' | ' | 2,001 | ' |
Net other comprehensive (loss) income | -343 | -269 | 50 | 4,381 |
AOCI, balance as of September 30, 2014 | -39,838 | ' | -39,838 | ' |
Foreign Currency Translation [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
AOCI, balance as of December 31, 2013 | ' | ' | -6,661 | ' |
Other comprehensive (loss) income before reclassifications | ' | ' | -1,378 | ' |
Net other comprehensive (loss) income | ' | ' | -1,378 | ' |
AOCI, balance as of September 30, 2014 | -8,039 | ' | -8,039 | ' |
Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
AOCI, balance as of December 31, 2013 | ' | ' | 871 | ' |
Other comprehensive (loss) income before reclassifications | ' | ' | -573 | ' |
Amounts reclassified from AOCI | ' | ' | 234 | ' |
Net other comprehensive (loss) income | ' | ' | -339 | ' |
AOCI, balance as of September 30, 2014 | 532 | ' | 532 | ' |
Defined Benefit Pension Plans [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
AOCI, balance as of December 31, 2013 | ' | ' | -34,098 | ' |
Amounts reclassified from AOCI | ' | ' | 1,767 | ' |
Net other comprehensive (loss) income | ' | ' | 1,767 | ' |
AOCI, balance as of September 30, 2014 | ($32,331) | ' | ($32,331) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified Out of AOCI into Income Statement (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest expense, net | ($3,992) | ($2,734) | ($11,199) | ($8,703) |
Warehousing, marketing and administrative expenses | -146,560 | -136,265 | -437,595 | -442,558 |
Tax provision | -22,307 | -24,161 | -55,420 | -53,816 |
Net income | 38,169 | 40,501 | 93,357 | 89,045 |
Amount Reclassified From AOCI [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net income | 817 | ' | 2,001 | ' |
Amount Reclassified From AOCI [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Tax provision | -128 | ' | -142 | ' |
Net income | 211 | ' | 234 | ' |
Amount Reclassified From AOCI [Member] | Defined Benefit Pension Plans [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Warehousing, marketing and administrative expenses | 992 | ' | 2,892 | ' |
Tax provision | -386 | ' | -1,125 | ' |
Net income | 606 | ' | 1,767 | ' |
Amount Reclassified From AOCI [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest expense, net | $339 | ' | $376 | ' |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share amount | 500,000 | 600,000 | 500,000 | 700,000 | ' |
Additional authorized repurchase amount | ' | ' | ' | ' | $93 |
Number of shares repurchased | 283,283 | 166,570 | 1,074,574 | 1,353,020 | ' |
Repurchase of common stock, value | $11.40 | $6.50 | $43 | $47.50 | ' |
Treasury stock reissued, shares | ' | ' | 225,783 | 1,014,554 | ' |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $38,169 | $40,501 | $93,357 | $89,045 |
Denominator for basic earnings per share - weighted average shares | 38,450 | 39,468 | 38,817 | 39,732 |
Effect of dilutive securities: Employee stock options and restricted units | 434 | 563 | 427 | 599 |
Denominator for diluted earnings per share - Adjusted weighted average shares and the effect of dilutive securities | 38,884 | 40,031 | 39,244 | 40,331 |
Net income per share - basic | $0.99 | $1.03 | $2.41 | $2.24 |
Net income per share - diluted | $0.98 | $1.01 | $2.38 | $2.21 |
Debt_Schedule_of_LongTerm_Debt
Debt - Schedule of Long-Term Debt Components (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Mortgage & Capital Lease | $0.90 | $1.20 |
Total | 545.9 | 533.7 |
2013 Credit Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit Agreement | 195 | 206.8 |
2013 Note Purchase Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note Purchase Agreement | 150 | ' |
2007 Note Purchase Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note Purchase Agreement | ' | 135 |
Secured Debt [Member] | Receivables Securitization Program [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Credit Agreement | $200 | $190.70 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | 2013 Credit Agreement [Member] | 2013 Credit Agreement [Member] | 2013 Credit Agreement [Member] | 2013 Credit Agreement [Member] | 2013 Note Purchase Agreement [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | ||
Minimum [Member] | Maximum [Member] | Receivables Securitization Program [Member] | Receivables Securitization Program [Member] | Receivables Securitization Program [Member] | Receivables Securitization Program [Member] | ||||||
United Stationers Receivables, LLC [Member] | United Stationers Receivables, LLC [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding debt priced at variable interest rates | 72.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured notes | ' | ' | ' | ' | ' | ' | $150 | ' | ' | ' | ' |
Maturity date of debt instrument | ' | ' | ' | ' | ' | ' | 15-Jan-21 | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | 11.1 | 11.1 | ' | ' | ' | ' | ' | ' | ' |
LIBOR-based loans rates | ' | ' | 1.25% | ' | 1.00% | 2.00% | ' | ' | ' | ' | ' |
Alternate base rate loans rates | ' | ' | 0.25% | ' | 0.00% | 1.00% | ' | ' | ' | ' | ' |
Percentage of lenders fee on unutilized portion borrowing facility | ' | ' | ' | ' | 0.15% | 0.35% | ' | ' | ' | ' | ' |
Receivables sold to Investors | 427.6 | 355.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility | ' | ' | ' | ' | ' | ' | ' | $200 | $190.70 | $200 | $190.70 |
Pension_and_PostRetirement_Ben2
Pension and Post-Retirement Benefit Plans - Summary of Net Periodic Pension Cost Related to Pension Plans (Detail) (Pension Benefits [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost - benefit earned during the period | $147 | $304 | $802 | $911 |
Interest cost on projected benefit obligation | 2,235 | 2,097 | 6,720 | 6,292 |
Expected return on plan assets | -2,599 | -2,842 | -7,714 | -8,525 |
Amortization of prior service cost | 47 | 48 | 137 | 143 |
Amortization of actuarial loss | 945 | 1,577 | 2,755 | 4,731 |
Net periodic pension cost | $775 | $1,184 | $2,700 | $3,552 |
Pension_and_PostRetirement_Ben3
Pension and Post-Retirement Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' |
Cash contribution to pension plans in next fiscal year | ' | ' | $2 | $13 | ' |
Pension plan liabilities | 18.6 | ' | 18.6 | ' | 20.8 |
Company contributions | $1.40 | $1.30 | $4.20 | $4.20 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
2013 Note Purchase Agreement [Member] | 2013 Note Purchase Agreement [Member] | July 2012 Swap Transaction [Member] | July 2012 Swap Transaction [Member] | June 2013 Swap Transaction [Member] | June 2013 Swap Transaction [Member] | ||
Forward Contracts [Member] | Interest Rate Swap [Member] | Forward Contracts [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Derivative contract period | ' | ' | ' | '2 years | '3 years | '7 months | '7 years |
Amount of debt hedged | $150,000,000 | ' | ' | ' | ' | ' | ' |
Outstanding debt percentage | 27.50% | ' | ' | ' | ' | ' | ' |
Gain realized by the company | ' | 900,000 | ' | ' | ' | ' | ' |
Swap transaction gain to be reclassified during next 12 months | ' | ' | 100,000 | ' | ' | ' | ' |
Minimum debt default amount | 25,000,000 | ' | ' | ' | ' | ' | ' |
Fair value | $100,000 | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Schedule of Interest Rate Swap Agreements, Cash Flow Hedge (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Fair Value Net Asset | $138 | $599 |
July 2012 Swap Transaction [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 150,000 | 150,000 |
Receive | 'Floating 1-month LIBOR | 'Floating 1-month LIBOR |
Pay | 1.05% | 1.05% |
Maturity Date | 18-Jul-17 | 18-Jul-17 |
Fair Value Net Asset | $138 | $599 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on Income Statement (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
July 2012 Swap Transaction [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | $748 | ($574) | ($1) | $878 |
July 2012 Swap Transaction [Member] | Interest expense, net [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 281 | ' | 281 | ' |
November 2007 Swap Transaction [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | ' | ' | ' | -77 |
November 2007 Swap Transaction [Member] | Interest expense, net [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ' | ' | ' | -228 |
June 2013 Swap Transaction [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | ' | ($578) | ' | $1,121 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap asset | $138 | $599 |
Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap asset | $138 | $599 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Carrying amount of accounts receivable under Current Receivables Securitization Program, which also approximates fair value | $427.60 | $355.40 |
Assets measured at fair value on a nonrecurring basis | 0 | ' |
Liabilities measured at fair value on a nonrecurring basis | $0 | ' |
Other_Assets_and_Liabilities_A
Other Assets and Liabilities - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Supplier Allowances [Member] | ' | ' |
Regulatory Assets And Liabilities [Line Items] | ' | ' |
Accounts receivable | $95.40 | $103.20 |
Customer Rebates [Member] | ' | ' |
Regulatory Assets And Liabilities [Line Items] | ' | ' |
Accrued liabilities | $57.40 | $52.60 |