AIRGAS INC

CIK:0000804212|SEC Filings

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Net sales	$ 5,313,777	$ 5,304,885	$ 5,072,537
Costs and Expenses:
Cost of products sold (excluding depreciation)	2,301,598	2,355,875	2,247,574
Selling, distribution and administrative expenses	2,042,754	1,978,674	1,889,123
Merger costs and other special charges (Notes 2 and 18)	35,967	0	0
Depreciation	318,552	297,710	275,461
Amortization (Note 8)	34,195	31,348	29,845
Total costs and expenses	4,733,066	4,663,607	4,442,003
Operating Income	580,711	641,278	630,534
Interest expense, net (Note 15)	(60,071)	(62,232)	(73,698)
Loss on the extinguishment of debt (Note 10)	0	0	(9,150)
Other income, net	9,077	5,075	4,219
Earnings before income taxes	529,717	584,121	551,905
Income taxes (Note 6)	(192,217)	(216,035)	(201,121)
Net Earnings	$ 337,500	$ 368,086	$ 350,784
Net Earnings Per Common Share (Note 16):
Basic earnings per share	$ 4.60	$ 4.93	$ 4.76
Diluted earnings per share	$ 4.54	$ 4.85	$ 4.68
Weighted Average Shares Outstanding:
Basic	73,422	74,702	73,623
Diluted	74,377	75,851	74,910

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$ 337,500	$ 368,086	$ 350,784
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	318,552	297,710	275,461
Amortization	34,195	31,348	29,845
Deferred income taxes	27,190	32,841	(6,869)
Gain on sales of plant and equipment	(5,033)	(3,137)	(1,264)
Stock-based compensation expense	27,757	30,027	28,961
Loss on the extinguishment of debt	0	0	9,150
Changes in assets and liabilities, excluding effects of business acquisitions and divestitures:
Trade receivables, net	42,867	(925)	20,030
Inventories, net	18,983	5,091	2,291
Prepaid expenses and other current assets	(8,753)	(31,935)	41,408
Accounts payable, trade	(42,852)	4,954	4,732
Accrued expenses and other current liabilities	(3,590)	(3,377)	(4,463)
Other, net	(2,881)	(12,646)	(5,206)
Net cash provided by operating activities	743,935	718,037	744,860
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(456,899)	(468,789)	(354,587)
Proceeds from sales of plant and equipment	25,521	23,083	15,483
Business acquisitions and holdback settlements	(101,704)	(51,382)	(203,529)
Other, net	2,556	325	(951)
Net cash used in investing activities	(530,526)	(496,763)	(543,584)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in short-term debt	55,756	(62,776)	387,352
Proceeds from borrowings of long-term debt	472,659	317,423	135,861
Repayment of long-term debt	(266,414)	(415,907)	(636,587)
Financing costs	3,311	5,445	0
Premium paid on redemption of senior subordinated notes	0	0	(7,676)
Purchase of treasury stock	(374,706)	0	(8,127)
Proceeds from the exercise of stock options	49,521	54,280	38,310
Stock issued for the Employee Stock Purchase Plan	19,615	17,940	17,313
Excess tax benefit realized from the exercise of stock options	13,522	16,045	13,668
Dividends paid to stockholders	(175,384)	(164,517)	(141,461)
Change in cash overdraft and other	418	2,846	(16,754)
Net cash used in financing activities	(208,324)	(240,111)	(218,101)
Change in cash	5,085	(18,837)	(16,825)
Cash - Beginning of period	50,724	69,561	86,386
Cash - End of period	$ 55,809	$ 50,724	$ 69,561

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Current Assets
Cash	$ 55,809	$ 50,724
Trade receivables, less allowances for doubtful accounts of $26,959 and $27,016 at March 31, 2016 and 2015, respectively	667,399	708,227
Inventories, net (Note 5)	459,521	474,070
Deferred income tax asset, net (Note 6)	69,908	58,072
Prepaid expenses and other current assets	131,561	124,591
Total current assets	1,384,198	1,415,684
Plant and equipment at cost (Note 7)	5,559,041	5,305,059
Less accumulated depreciation	(2,468,498)	(2,353,293)
Plant and equipment, net	3,090,543	2,951,766
Goodwill (Note 8)	1,364,770	1,313,644
Other intangible assets, net (Note 8)	248,172	244,519
Other non-current assets	47,273	47,997
Total assets	6,134,956	5,973,610
Current Liabilities
Accounts payable, trade	165,781	206,187
Accrued expenses and other current liabilities (Note 9)	348,688	346,879
Short-term debt (Note 10)	383,258	325,871
Current portion of long-term debt (Note 10)	250,107	250,110
Total current liabilities	1,147,834	1,129,047
Long-term debt, excluding current portion (Note 10)	1,954,820	1,748,662
Deferred income tax liability, net (Note 6)	894,344	854,574
Other non-current liabilities	$ 92,660	$ 89,741
Commitments and contingencies (Notes 17 and 18)
Stockholders’ Equity (Note 13)
Preferred stock, 20,030 shares authorized, no shares issued or outstanding at March 31, 2016 and 2015	$ 0	$ 0
Common stock, par value $0.01 per share, 200,000 shares authorized, 87,795 and 87,554 shares issued at March 31, 2016 and 2015, respectively	878	876
Capital in excess of par value	914,692	853,800
Retained earnings	2,377,843	2,231,026
Accumulated other comprehensive loss	(18,402)	(14,853)
Treasury stock, 15,151 and 12,197 shares at cost at March 31, 2016 and 2015, respectively	(1,229,713)	(919,263)
Total stockholders’ equity	2,045,298	2,151,586
Total liabilities and stockholders’ equity	$ 6,134,956	$ 5,973,610