Stockholders' Equity

3 Months Ended

Jun. 30, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity [Text Block]

STOCKHOLDERS’ EQUITY

Changes in stockholders’ equity were as follows:

(In thousands of shares)	Shares of Common Stock, $0.01 Par Value	Shares of Treasury Stock
Balance at March 31, 2015	87,554	(12,197	)
Common stock issuance (a)	54
Reissuance of treasury stock for stock option exercises		163
Purchase of treasury stock (b)		(1,000	)
Balance at June 30, 2015	87,608	(13,034	)

(In thousands)	Common Stock		Capital in Excess of Par Value		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total Stockholders’ Equity
Balance at March 31, 2015	$	876	$	853,800	$	2,231,026		$	(14,853	)	$	(919,263	)	$	2,151,586
Net earnings					88,235									88,235
Other comprehensive income (loss), net of tax								1,891						1,891
Common stock issuances and reissuances of treasury stock - employee benefit plans (c)	—		4,836		(5,993		)				12,704			11,547
Purchase of treasury stock (b)											(103,839		)	(103,839		)
Excess tax benefit from stock option exercises			3,891											3,891
Dividends paid on common stock ($0.60 per share)					(44,873		)							(44,873		)
Stock-based compensation (d)			13,650											13,650
Balance at June 30, 2015	$	876	$	876,177	$	2,268,395		$	(12,962	)	$	(1,010,398	)	$	2,122,088

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^(a) Issuance of common stock for purchases through the Amended and Restated 2003 Employee Stock Purchase Plan (“Employee Stock Purchase Plan” or “ESPP”).

^(b)  Refer to “Stock Repurchase Program” section below for details.

^(c)  Issuance of common stock for purchases through the Employee Stock Purchase Plan and reissuance of treasury stock for stock option exercises.

^(d)  The Company recognized compensation expense with a corresponding amount recorded to capital in excess of par value.

The following table presents the gross and net changes in the balances within each component of accumulated other comprehensive income (“AOCI”) for the three months endedJune 30, 2015:

(In thousands)	Foreign Currency Translation Adjustments			Treasury Rate Lock Agreement			Total Accumulated Other Comprehensive Income (Loss)
Balance at March 31, 2015	$	(14,690	)	$	(163	)	$	(14,853	)
Other comprehensive income (loss) before reclassifications	1,810			—			1,810
Amounts reclassified from AOCI (e)	—			129			129
Tax effect of other comprehensive income items	—			(48		)	(48		)
Other comprehensive income (loss), net of tax	1,810			81			1,891
Balance at June 30, 2015	$	(12,880	)	$	(82	)	$	(12,962	)

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^(e)  The reclassifications out of AOCI were associated with a loss on a treasury rate lock agreement from July 2010 related to the issuance of the Company’s 2015 Notes, which is being reclassified into earnings (interest expense) over the term of the 2015 Notes. The effects on the respective line items of the consolidated statements of earnings impacted by the reclassifications were not material for the three months endedJune 30, 2015 and 2014.

Stock Repurchase Program

On May 28, 2015, the Company announced plans to purchase up to$500 millionof Airgas, Inc. common stock under a stock repurchase program approved by the Company’s Board of Directors. Airgas may repurchase shares from time to time for cash in open market transactions or in privately-negotiated transactions in accordance with applicable federal securities laws. The Company will determine the timing and the amount of any repurchases based on its evaluation of market conditions, share price, and other factors. The stock repurchase program has no pre-established closing date and may be suspended or discontinued at any time.

From the announcement date of the program through June 30, 2015, the Company repurchased 1.0 million shares on the open market at an average price of $103.84. At June 30, 2015, $396 million was available for additional share repurchases under the program.