Document and Entity Information (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
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Feb. 19, 2013
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Jun. 30, 2012
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Document and Entity Information [Abstract] | |||
Entity Registrant Name | ASBURY AUTOMOTIVE GROUP INC | ||
Entity Central Index Key | 0001144980 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2012 | ||
Document Fiscal Year Focus | 2012 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 31,185,990 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 719.8 |
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If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition
Contracts-in-transit represent receivables from third-party finance companies for the portion of new and used vehicle purchase price financed by customers through sources arranged by us. No definition available.
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- Definition
Amounts borrowed to finance the purchase of specific new and, to a lesser extent, used vehicle inventories with non-trade lenders (lenders that are not captive finance subsidiaries of the manufacturer). No definition available.
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- Definition
Amounts borrowed to finance the purchase of specific new vehicle inventories with the corresponding manufacturers' captive finance subsidiaries ("trade lenders"). No definition available.
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- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Current assets (normally turning over within one year or one business cycle if longer) that are held for sale apart from normal operations and anticipated to be sold within one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards, net of deferred tax liability attributable to taxable temporary differences expected to be realized or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards, net of deferred tax liability attributable to taxable temporary differences expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of current obligations (due less than one year or one operating cycle, if longer) arising from the sale, disposal or planned sale in the near future (generally within one year) of a disposal group, including a component of the entity (discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer plus capital lease obligations due to be paid more than one year after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Obligation related to long-term debt (excluding convertible debt) and capital leases, the portion which is due in one year or less in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total amount due to the entity within one year of the balance sheet date (or one operating cycle, if longer) from outside sources, including trade accounts receivable, notes and loans receivable, as well as any other types of receivables, net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Share data, unless otherwise specified |
Dec. 31, 2012
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Dec. 31, 2011
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---|---|---|
Allowance for doubtful accounts | $ 1.0 | $ 1.3 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock, shares issued (in shares) | 39,824,708 | 38,911,704 |
Treasury stock, shares (in shares) | 8,507,948 | 7,591,498 |
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- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Revenues derived from the arrangement of vehicle financing and the sale of aftermarket products, such as insurance and service contracts. No definition available.
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- Definition
Interest expense incurred on vehicle floorplan payable trade and non-trade outstanding during the period. No definition available.
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- Definition
Cost associated with new vehicle sale and lease transcations with individual retail and commercial customers. No definition available.
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- Definition
New vehicle revenues include new vehicle sale and lease transactions with individual retail customers and commercial customers. No definition available.
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- Definition
Interest expense associated with our various derivative financial instruments. No definition available.
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- Definition
Cost associated with used vehicle revenues, including the sale of used vehicles to individual retail customers and the wholesaling of used vehicles primarily to auctions or other dealers. No definition available.
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- Definition
Used vehicle revenues include the sale of used vehicles to individual retail customers and the wholesaling of used vehicles primarily to auctions or other dealers. No definition available.
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- Definition
Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Total costs related to services rendered by an entity during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of income (loss) from a disposal group, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss derived from discontinued operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of contingently issuable shares. Contingently issuable shares are those shares that are issuable for little or no cash contingent on certain conditions being met. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents nonvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid). Basic and dilutive earnings per share are generally disclosed for such shares using the two-class method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Interest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Details
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- Definition
The net amount of other operating income and expenses, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operations. No definition available.
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
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Dec. 31, 2010
|
|
Statement of Other Comprehensive Income [Abstract] | |||
Net income | $ 82.2 | $ 67.9 | $ 38.1 |
Other comprehensive income (loss) - net of tax: | |||
Change in fair value of cash flow swaps | 0 | 2.2 | (1.0) |
Amortization of terminated cash flow swaps | 4.7 | 0.3 | 0.5 |
Income tax (expense) benefit associated with cash flow swaps | (1.8) | (1.0) | 0.2 |
Comprehensive income (loss) | $ 85.1 | $ 69.4 | $ 37.8 |
X | ||||||||||
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Tax effect, net of reclassifications adjustments, of the change in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges, which is attributable to the parent entity. Also includes an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Before tax amount of the income statement impact of the reclassification adjustment of accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges realized in net income. Also includes reclassification adjustments of an entity's share of an equity investee's deferred hedging gain (loss) realized in net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Before tax amount of the change in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Also includes an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
The amount of adjustment to stockholders' equity associated with an employee's income tax withholding obligation as part of a net-share settlement of a share-based award. No definition available.
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X | ||||||||||
- Definition
This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation". Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Net of tax amount of the income statement impact of the reclassification adjustment of accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges realized in net income. Also includes reclassification adjustments of an entity's share of an equity investee's deferred hedging gain (loss) realized in net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Net of tax amount, before reclassification adjustments, of the change in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Also includes an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
For net-share settlement of share-based awards when the employer settles employees' income tax withholding obligations, this element represents the number of shares the employees use to repay the employer. No definition available.
|
X | ||||||||||
- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Consolidated Statements of Shareholders' Equity (Parentheticals) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Statement of Stockholders' Equity [Abstract] | |||
Change in fair value of cash flow swaps, tax | $ (0.9) | $ 0.4 | |
Amortization of terminated cash flow swaps, tax | (1.8) | (0.1) | (0.2) |
Issuance of common stock in connection with share-based payment arrangements, tax | $ 5.5 | $ 3.8 | $ (0.4) |
X | ||||||||||
- Definition
Adjustment to additional paid in capital related to the net effect of excess tax benefits and tax deficiencies associated with an equity-based compensation plan other than an employee stock ownership plan (ESOP). No definition available.
|
X | ||||||||||
- Definition
Tax effect of the income statement impact of the reclassification adjustment of accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges realized in net income. Also includes reclassification adjustments of an entity's share of an equity investee's deferred hedging gain (loss) realized in net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Tax effect of the change in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Also includes an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Deferred Income Tax Expense (Benefit), Continuing Operations and Discontinued Operations No definition available.
|
X | ||||||||||
- Definition
Borrowings of floor plan notes payable to parties other than the manufacturer related to the acquisition of dealerships. No definition available.
|
X | ||||||||||
- Definition
The net change during the reporting periods of floor plan notes payable with the manufacturer of new vehicles. No definition available.
|
X | ||||||||||
- Definition
Repaymernt of floor plan notes payable associated with the sale of the related franchise. No definition available.
|
X | ||||||||||
- Definition
Increase (Decrease) in Swap Termination Settlement No definition available.
|
X | ||||||||||
- Definition
Borrowings of floorplan notes payable to parties other than the manufacturer of the new vehicle and all floorplan notes payable related to pre-owned vehicles. No definition available.
|
X | ||||||||||
- Definition
Repayments of floorplan notes payable to parties other than the manufacturer of the new vehicle and all floorplan notes payable related to pre-owned vehicles. No definition available.
|
X | ||||||||||
- Definition
Repayment of floor plan payables non trade associated with the sale of the related franchise. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Depreciation of property, plant and equipment directly related to services rendered by an entity during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of excess tax benefit (tax deficiency) that arises when compensation cost from non-qualified share-based compensation recognized on the entity's tax return exceeds (is less than) compensation cost from equity-based compensation recognized in financial statements. Excess tax benefit (tax deficiency) increases (decreases) net cash provided by financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of excess tax benefit (tax deficiency) that arises when compensation cost from non-qualified equity-based compensation recognized on the entity's tax return exceeds (is less than) compensation cost from equity-based compensation recognized in financial statements. Excess tax benefit (tax deficiency) reduces (increases) net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Gain (loss) recognized on the sale of oil and gas property or timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in receivables arising from the contracting of goods and services, net for uncollectible accounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in other assets used in operating activities less other operating liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets and liabilities, other noncurrent assets and liabilities, or a combination of other current and noncurrent assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of cash paid during the current period for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Other cash or noncash adjustments to reconcile net income to cash provided by (used in) operating activities that are not separately disclosed in the statement of cash flows (for example, cash received or cash paid during the current period for miscellaneous operating activities, net change during the reporting period in other assets or other liabilities). No definition available.
|
X | ||||||||||
- Definition
The net cash outflow or inflow from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow from the acquisition of a piece of land and anything permanently fixed to it, including buildings, structures on it and so forth, and payments to develop real estate assets by adding improvements on or to a parcel of land. Such improvements may include drainage, utilities, subdividing, access, buildings, and any combination of these elements. Including real estate intended to generate income for the owner; excluding real estate acquired for use by the owner. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow for acquisition of or capital improvements of property, plant and equipment, used to produce goods or deliver services, and not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow associated with the proceeds from sale and collection of receivables during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The charge against earnings resulting from the aggregate write down of tangible assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Description of Business
|
12 Months Ended | ||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||
Description of Business | DESCRIPTION OF BUSINESS We are one of the largest automotive retailers in the United States, operating 98 franchises (77 dealership locations) in 18 metropolitan markets within 10 states as of December 31, 2012. We offer an extensive range of automotive products and services, including new and used vehicles; vehicle maintenance, replacement parts and collision repair services; and financing, insurance and service contracts. As of December 31, 2012, we offered 29 domestic and foreign brands of new vehicles. Our current brand mix is weighted 86% towards luxury and mid-line import brands, with the remaining 14% consisting of domestic brands. We also operate 25 collision repair centers that serve customers in our local markets. Our retail network is made up of dealerships operating primarily under the following locally-branded dealership groups:
Our operating results are generally subject to changes in the economic environment as well as seasonal variations. We tend to generate more revenue and operating income in the second and third quarters than in the first and fourth quarters of the calendar year. Generally, the seasonal variations in our operations are caused by factors related to weather conditions, changes in manufacturer incentive programs, model changeovers and consumer buying patterns, among other things. |
X | ||||||||||
- Definition
The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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Summary of Significant Accounting Policies
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and reflect the consolidated accounts of Asbury Automotive Group, Inc. and our wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In addition, certain reclassifications of amounts previously reported have been made to the accompanying Consolidated Financial Statements in order to conform to current presentation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed quarterly and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to, those relating to inventory valuation reserves, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, certain assumptions related to intangible and long-lived assets, reserves for insurance programs, reserves for certain legal or similar proceedings relating to our business operations, realization of deferred tax assets and reserves for estimated tax liabilities. Cash and Cash Equivalents Cash and cash equivalents include investments in money market accounts and short-term certificates of deposit which have maturity dates of less than 90 days when purchased. Contracts-In-Transit Contracts-in-transit represent receivables from third-party finance companies for the portion of new and used vehicle purchase price financed by customers through sources arranged by us. Amounts due from contracts-in-transit are generally collected within two weeks following the date of sale of the related vehicle. Inventories Inventories are stated at the lower of cost or market. We use the specific identification method to value vehicle inventories and the “first-in, first-out” method (“FIFO”) to account for our parts inventories. We maintain a reserve for specific used vehicles where cost basis exceeds market value. Our new vehicle sales histories have indicated that the vast majority of the new vehicles we sell are sold for, or in excess of, our cost to purchase those vehicles. Therefore, we generally do not maintain a reserve for specific new vehicle inventory. In assessing lower of cost or market for used vehicles, we consider (i) the aging of our used vehicles, (ii) historical sales experience of used vehicles and (iii) current market conditions and trends for used vehicles. We also review and consider the following metrics related to used vehicle sales (both on a recent and longer-term historical basis): (a) days of supply in our used vehicle inventory, (b) used vehicle units sold at less than original cost as a percentage of total used vehicles sold and (c) average vehicle selling price of used vehicle units sold at less than original cost. We then determine the appropriate level of reserve required to reduce our used vehicle inventory to the lower of cost or market, and record the resulting adjustment in the period in which we determine a loss has occurred. The level of reserve determined to be appropriate for each reporting period is considered to be a permanent inventory write-down and therefore is only released upon the sale of the related inventory. We receive assistance from certain automobile manufacturers in the form of advertising and interest credits. Manufacturer advertising credits that are reimbursements of costs associated with specific advertising programs are recognized as a reduction of advertising expense in the period they are earned. All other manufacturer advertising and interest credits are accounted for as purchase discounts and are recorded as a reduction of inventory and recognized as a reduction to New Vehicle Cost of Sales in the accompanying Consolidated Statements of Income in the period the related vehicle is sold. Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Depreciation is included in Depreciation and Amortization and Discontinued Operations, net of tax, on the accompanying Consolidated Statements of Income. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the useful life of the related asset. The ranges of estimated useful lives are as follows (in years):
Expenditures for major additions or improvements, which extend the useful lives of assets, are capitalized. Minor replacements, maintenance and repairs, which do not improve or extend the lives of such assets, are expensed as incurred. We review property and equipment for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. When we test our long-lived assets for impairment, we first compare the carrying amount of the underlying assets to their net recoverable value by reviewing the undiscounted cash flows expected to result from the use and eventual disposition of the underlying assets. If the carrying amount of the underlying assets is less than their net recoverable value, then we calculate an impairment equal to the excess of the carrying amount over the fair market value, and the impairment loss would be charged to operations in the period identified. As a result of impairment tests conducted in 2012, 2011 and 2010, we recorded only immaterial impairments of certain of our property and equipment in those periods. We capitalize interest on borrowings during the active construction period of capital projects. Capitalized interest is added to the cost of the assets and is depreciated over the estimated useful lives of the assets. Acquisitions Acquisitions are accounted for under the purchase method of accounting and the assets acquired and liabilities assumed are recorded at their fair value as of the acquisition dates. The operations of acquired dealerships are included in the accompanying Consolidated Statements of Income commencing on the date of acquisition. Goodwill and Other Intangible Assets Goodwill represents the excess cost of the businesses acquired over the fair market value of the identifiable net assets. We have determined that, based on how we integrate acquisitions into our business, how the components of our business share resources and interact with one another, and the fact that all components are economically similar, we qualify as a single reporting unit for purposes of testing goodwill for impairment. Our only significant identifiable intangible assets, other than goodwill, are rights under franchise agreements with manufacturers, which are recorded at an individual dealership level. The fair market value of our manufacturer franchise rights, which are included in Other Long Term Assets on the accompanying Consolidated Balance Sheets, is determined at the acquisition date through discounting the projected cash flows specific to each franchise. We have determined that manufacturer franchise rights have an indefinite life as there are no economic, contractual or other factors that limit their useful lives and they are expected to generate cash flows indefinitely due to the historically long lives of the manufacturers’ brand names. Furthermore, to the extent that any agreements evidencing our manufacturer franchise rights would expire, we expect that we would be able to renew those agreements in the ordinary course of business. We do not amortize goodwill and other intangible assets that are deemed to have indefinite lives. We review goodwill and manufacturer franchise rights for impairment annually as of October 1st of each year, or more often if events or circumstances indicate that impairment may have occurred. We are subject to financial statement risk to the extent that manufacturer franchise rights become impaired due to decreases in fair market value of our individual franchises or to the extent that goodwill becomes impaired due to decreases in the fair market value of our automotive retail business. We completed our annual intangible impairment tests as of October 1, 2012, and no impairment of goodwill or other intangible assets was recognized as a result of such tests. Debt Issuance Costs Debt issuance costs are capitalized and included in Other Long-Term Assets in the accompanying Consolidated Balance Sheets. Debt issuance costs are amortized to Other Interest Expense, net and Floor Plan Interest Expense in the accompanying Consolidated Statements of Income through maturity using either the effective interest method or straight line method. Derivative Instruments and Hedging Activities From time to time, we utilize derivative financial instruments to manage our capital structure and interest rate risk. The types of risks hedged are those relating to the variability of cash flows and changes in the fair value of our financial instruments caused by movements in interest rates. We document our risk management strategy and assess hedge effectiveness at the inception and during the term of each hedge. Derivatives are reported at fair value on the accompanying Consolidated Balance Sheets. The effective portion of the gain or loss on our cash flow hedges is reported as a component of Accumulated Other Comprehensive Loss on the accompanying Consolidated Balance Sheets and reclassified to Swap Interest Expense in the accompanying Consolidated Statements of Income in the same period during which the hedged transaction affects earnings. Measurements of hedge effectiveness are based on comparisons between the gains or losses of the actual interest rate swaps and the gains or losses of hypothetical interest rate swaps, which have the same critical terms of the defined hedged items. Ineffective portions of these interest rate swaps are reported as a component of interest expense in the accompanying Consolidated Statements of Income. Insurance We are self insured for employee medical claims and maintain stop loss insurance for large-dollar individual claims. We have large deductible insurance programs for workers compensation, property and general liability claims. We maintain and review our claim and loss history to assist in assessing our expected future liability for these claims. We also use professional service providers, such as account administrators and actuaries, to help us accumulate and assess this information. Revenue Recognition Revenue from the sale of new and used vehicles (which excludes sales tax) is recognized upon the latest of delivery, passage of title, signing of the sales contract or approval of financing. Revenue from the sale of parts, service and collision repair work (which excludes sales tax) is recognized upon delivery of parts to the customer or at the time vehicle service or repair work is completed, as applicable. Manufacturer incentives and rebates, including manufacturer holdbacks, floor plan interest assistance and certain advertising assistance, are recognized as a reduction of new vehicle cost of sales at the time the related vehicles are sold. We receive commissions from third-party lending and insurance institutions for arranging customer financing and from the sale of vehicle service contracts, credit life insurance and disability insurance, and other insurance, to customers (collectively “F&I”). We may be charged back (“chargebacks”) for F&I commissions in the event a contract is prepaid, defaulted upon or terminated. F&I commissions are recorded at the time a vehicle is sold and a reserve for future chargebacks is established based on historical chargeback experience and the termination provisions of the applicable contract. F&I commissions, net of estimated chargebacks, are included in Finance and Insurance, net in the accompanying Consolidated Statements of Income. Internal Profit Revenues and expenses associated with the internal work performed by our parts and service departments on new and used vehicle inventory are eliminated in consolidation. The gross profit earned by our parts and service departments for internal work performed is included as a reduction of Parts and Service Cost of Sales on the accompanying Consolidated Statements of Income. The costs incurred by our new and used vehicle departments for work performed by our parts and service departments is included in either New Vehicle Cost of Sales or Used Vehicle Cost of Sales on the accompanying Consolidated Statements of Income, depending on the classification of the vehicle serviced. We maintain a reserve to eliminate the internal profit on vehicles that have not been sold. Share-Based Compensation We record share-based compensation expense under the fair value method on a straight-line basis over the vesting period, unless the awards are subject to performance conditions, in which case we recognize the expense over the requisite service period of each separate vesting tranche. Earnings per Common Share Basic earnings per common share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share. As of December 31, 2012, we had outstanding warrants that, upon exercise, may result in the issuance of between 2.4 million and 4.9 million shares of our common stock at an exercise price of $44.74 per share. Since the warrants are required to be settled in shares of common stock, the premium received for selling the warrants was recorded as an increase to additional paid-in capital, together with any cash that would be received upon exercise. The shares issuable upon exercise of these warrants could potentially dilute basic earnings per share in the future; however, these shares were not included in the computation of diluted earnings per share in any period presented because their inclusion would have been anti-dilutive. Advertising We expense costs of advertising as incurred and production costs when the advertising initially takes place, net of certain advertising credits and other discounts. Advertising expense from continuing operations totaled $27.8 million, $25.3 million and $24.3 million for the years ended December 31, 2012, 2011 and 2010, net of earned advertising credits and volume discounts of $11.8 million, $9.5 million and $10.2 million, respectively, and is included in Selling, General and Administrative expense in the accompanying Consolidated Statements of Income. Income Taxes We use the liability method to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using currently enacted tax rates. The effect on deferred assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Discontinued Operations Certain amounts reflected in the accompanying Consolidated Balance Sheets have been classified as Assets Held for Sale or Liabilities Associated with Assets Held for Sale, with such classification beginning on the date that the assets and associated liabilities were first considered held for sale. We report franchises and ancillary businesses as discontinued operations when it is evident that the operations and cash flows of a franchise or ancillary business being actively marketed for sale will be eliminated from our on-going operations and that we will not have any significant continuing involvement in its operations. We do not classify franchises as discontinued operations if we believe that the cash flows generated by the franchise will be replaced by expanded operations of our remaining franchises within the respective local market area. Amounts in the accompanying Consolidated Statements of Income for the years ended December 31, 2011 and December 31, 2010 have been reclassified to reflect the results of franchises sold or closed during 2012 as if we had classified those franchises as discontinued operations for all years presented. Statements of Cash Flows Borrowings and repayments of floor plan notes payable to a lender unaffiliated with the manufacturer from which we purchase a particular new vehicle ("Non-Trade"), and all floor plan notes payable relating to pre-owned vehicles (together referred to as "Floor Plan Notes Payable-Non-Trade"), are classified as financing activities on the accompanying Consolidated Statements of Cash Flows, with borrowings reflected separately from repayments. The net change in floor plan notes payable to a lender affiliated with the manufacturer from which we purchase a particular new vehicle (collectively referred to as “Floor Plan Notes Payable - Trade”) is classified as an operating activity on the accompanying Consolidated Statements of Cash Flows. Borrowings of floor plan notes payable associated with inventory acquired in connection with all acquisitions are classified as a financing activity. Cash flows related to floor plan notes payable included in operating activities differ from cash flows related to floor plan notes payable included in financing activities only to the extent that the former are payable to a lender affiliated with the manufacturer from which we purchased the related inventory, while the latter are payable to a lender not affiliated with the manufacturer from which we purchased the related inventory. Repayments of Floor Plan Notes Payable - Trade associated with divestitures are classified as an operating activity. Repayments of Floor Plan Notes Payable - Non-Trade associated with divestitures are classified as a financing activity. Loaner vehicles account for a significant portion of Other Current Assets. We acquire loaner vehicles either with available cash or through borrowings from manufacturer affiliated lenders. Loaner vehicles are initially used by our service department for only a short period of time (typically six to twelve months) before we seek to sell them. Therefore, we classify the acquisition of loaner vehicles and the related borrowings and repayments as operating activities in the accompanying Consolidated Statements of Cash Flows. The cash outflow to acquire loaner vehicles is presented in Other Current Assets in the accompanying Consolidated Statements of Cash Flows. Borrowings and repayments of loaner vehicle notes payable are presented in Accounts Payable and Accrued Liabilities in the accompanying Consolidated Statements of Cash Flows. When loaner vehicles are taken out of loaner status they are transferred to used vehicle inventory, which is reflected as a non-cash transfer in the accompanying Consolidated Statements of Cash Flows. The cash inflow from the sale of loaner vehicles is reflected in Inventories in the accompanying Consolidated Statements of Cash Flows. Business and Credit Concentration Risk Financial instruments, which potentially subject us to concentration of credit risk, consist principally of cash deposits. We maintain cash balances at financial institutions with strong credit ratings. Generally, amounts invested with financial institutions are in excess of FDIC insurance limits. We have substantial debt service obligations. As of December 31, 2012, we had total debt of $466.0 million, excluding floor plan notes payable on our accompanying Consolidated Balance Sheet. In addition, we and our subsidiaries have the ability to obtain additional debt from time to time to finance acquisitions, real property purchases, capital expenditures or for other purposes, which borrowings are subject to the restrictions contained in the credit agreement governing our senior secured credit facilities and the indentures governing our 8.375% Senior Subordinated Notes due 2020 (the "8.375% Notes") and our 7.625% Senior Subordinated Notes due 2017 (the "7.625% Notes"). We will have substantial debt service obligations, consisting of required cash payments of principal and interest, for the foreseeable future. We are subject to operating and financial restrictions and covenants in certain of our leases and in our debt instruments, including the credit agreement governing our senior secured credit facilities, the indentures under our 8.375% Notes and our 7.625% Notes, and the mortgage agreement and related mortgage guarantees held with Wells Fargo Bank, National Association ("Wells Fargo"), successor by merger to Wachovia Bank, National Association and Wachovia Financial Services, Inc. and certain of our other mortgage obligations. These agreements contain restrictions on, among other things, our ability to incur additional indebtedness, to create liens or other encumbrances, and to make certain payments (including dividends and repurchases of our shares and investments). These agreements may also require us to maintain compliance with certain financial and other ratios. Our failure to comply with any of these covenants in the future would constitute a default under the relevant agreement, which would, depending on the relevant agreement, (i) entitle the creditors under such agreement to terminate our ability to borrow under the relevant agreement and accelerate our obligations to repay outstanding borrowings; (ii) require us to apply our available cash to repay these borrowings; (iii) entitle the creditors under such agreement to foreclose on the property securing the relevant indebtedness; and/or (iv) prevent us from making debt service payments on certain of our other indebtedness, any of which would have a material adverse effect on our business, financial condition or results of operations. In many cases, a default under one of our debt or mortgage, agreements could trigger cross default provisions in one or more of our other debt or mortgages. A number of our dealerships are located on properties that we lease. Each of the leases governing such properties has certain covenants with which we must comply. If we fail to comply with the covenants under our leases, the respective landlords could terminate the leases and seek damages from us. Concentrations of credit risk with respect to contracts-in-transit and accounts receivable are limited primarily to automotive manufacturers and financial institutions. Credit risk arising from receivables from commercial customers is minimal due to the large number of customers comprising our customer base. A significant portion of our new vehicle sales are derived from a limited number of automotive manufacturers. For the year ended December 31, 2012, brands representing 5% or more of our revenues from new vehicle sales were as follows:
No other brand accounted for more than 5% of our total new vehicle revenue for the year ended December 31, 2012. Segment Reporting We have determined that as a result of how we internally view our business, regularly review our financial data and operating metrics and allocate resources that we operate in one segment, automotive retail. Our Chief Operating Decision Maker is our Chief Executive Officer who manages the business, regularly reviews financial information and allocates resources on a consolidated basis. Our dealerships are components of our automotive retail segment and, therefore, are not segments themselves. Recent Accounting Pronouncements During the first quarter of 2012, we adopted an accounting standard update regarding the presentation of comprehensive income. This update was issued to increase the prominence of items reported in other comprehensive income. The update requires that all non-owner changes in shareholders' equity be presented either in a single continuous statement of comprehensive income or in two separate, but consecutive statements. In connection with the adoption of this standard, our consolidated financial statements include separate Consolidated Statements of Comprehensive Income. The adoption of this standard update did not have a significant impact on our consolidated financial statements. During the first quarter of 2012, we also adopted an accounting standard update regarding fair value measurement. This update was issued to provide a consistent definition of fair value and to ensure that the fair value measurement and disclosure requirements are similar between U.S. GAAP and International Financial Reporting Standards. This standard update also changed certain fair value measurement principles and enhanced certain disclosure requirements, particularly for Level 3 fair value measurements. The adoption of this standard update did not have a significant impact on our consolidated financial statements. |
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The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisitions
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | ACQUISITIONS Results of acquired dealerships are included in our accompanying Consolidated Statements of Income commencing on the date of acquisition. In the fourth quarter of 2012, we acquired two franchises (two dealership locations) for an aggregate purchase price of $34.7 million. We financed the acquisitions with $26.9 million of cash and $7.8 million of floor plan borrowings for the purchase of the related new vehicle inventory. During the twelve months ended December 31, 2011, we did not acquire any dealerships. Below is the allocation of purchase price for acquisitions completed during 2012. The $11.6 million of goodwill and manufacturer franchise rights will be deductible for federal and state income taxes ratably over a 15 year period.
During the year ended December 31, 2012, we were awarded one Jaguar franchise, which was added to our Plaza dealership locations in St. Louis, Missouri. We did not pay any amounts in connection with being awarded this franchise. During the year ended December 31, 2011, we were awarded one Fisker franchise, which was added to our Plaza dealership locations in St. Louis, Missouri. We did not pay any amounts in connection with being awarded this franchise. During the year ended December 31, 2012, we reached an agreement with Fisker to cease operating the franchise. |
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The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Accounts Receivable
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Receivables [Abstract] | |
Accounts Receivable | ACCOUNTS RECEIVABLE We have agreements to sell certain of our trade receivables, without recourse as to credit risk, in an amount not to exceed $25.0 million annually. The receivables are sold at a discount, which is included in Selling, General and Administrative expense in the accompanying Consolidated Statements of Income. The discounts totaled $0.4 million for the year ended December 31, 2012, and $0.6 million for the years ended December 31, 2011 and December 31, 2010, respectively. During the years ended December 31, 2012, 2011 and 2010, $18.7 million, $22.6 million and $23.4 million of receivables, respectively, were sold under these agreements and were reflected as reductions of trade accounts receivable. |
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The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Inventories
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Inventories | INVENTORIES Inventories consisted of the following:
The lower of cost or market reserves reduced total inventory cost by $4.7 million and $5.2 million as of December 31, 2012 and December 31, 2011, respectively. In addition to the inventories shown above, we had $6.6 million of inventory as of December 31, 2012, classified as Assets Held for Sale on the accompanying Consolidated Balance Sheet as they are associated with a franchise held for sale. As of December 31, 2012 and December 31, 2011, certain automobile manufacturer incentives reduced new vehicle inventory cost by $6.3 million and $4.9 million, respectively, and reduced new vehicle cost of sales from continuing operations for the years ended December 31, 2012, 2011 and 2010 by $23.9 million, $19.9 million and $18.4 million, respectively. |
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The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Assets and Liabilities Held for Sale
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Assets and Liabilities Held For Sale | ASSETS AND LIABILITIES HELD FOR SALE Assets and liabilities classified as held for sale include (i) assets and liabilities associated with discontinued operations held for sale at each balance sheet date and (ii) real estate not currently used in our operations that we are actively marketing to sell and the related mortgage notes payable, if applicable. During the year ended December 31, 2012, we sold two franchises (two dealership locations). As of December 31, 2012, there was one franchise (one dealership location) pending disposition. Assets and liabilities associated with pending dispositions totaled $18.4 million and $9.4 million, respectively, as of December 31, 2012. There were no assets or liabilities associated with pending dispositions as of December 31, 2011. Real estate not currently used in our operations that we are actively marketing to sell totaled $9.2 million and $2.8 million as of December 31, 2012 and December 31, 2011, respectively. There were no liabilities associated with our real estate assets held for sale as of December 31, 2012 or December 31, 2011. Due to information obtained during then-current marketing efforts, we performed certain interim period impairment tests during the third quarter of 2012. We compared the carrying value of certain of our assets held for sale to estimates of fair value determined with the assistance of third-party broker opinions of value. Accordingly, in the third quarter of 2012, we recorded a $2.3 million non-cash impairment charge based on a market approach using Level 2 fair value inputs. Approximately $2.0 million of the total impairment charge related to certain property not currently used in our operations and was recognized in Discontinued Operations, net, while the remaining $0.3 million impairment related to property we will retain for use in our operations and was recognized in Other Operating (Income) Expense, net. A summary of assets held for sale and liabilities associated with assets held for sale is as follows:
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Other Current Assets
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Other Current Assets | OTHER CURRENT ASSETS Other current assets consist of the following:
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Property and Equipment, Net
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Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET Property and equipment, net consist of the following:
During the years ended December 31, 2012, 2011 and 2010, we capitalized $0.9 million, $0.4 million and $0.5 million, respectively, of interest in connection with various capital projects to upgrade or remodel our facilities. Depreciation and capital lease amortization expense from continuing operations was $22.6 million, $22.5 million and $20.5 million for the years ended December 31, 2012, 2011 and 2010, respectively. We have multiple mortgage agreements with various lenders. For a detailed description of our mortgage agreements, refer to our “Long-Term Debt” footnote below. As of December 31, 2012 and 2011, we had total mortgage notes payable outstanding of $118.9 million and $96.8 million, respectively. These obligations were collateralized by the related real estate with a carrying value of $152.4 million and $150.9 million as of December 31, 2012 and 2011, respectively. Due to information obtained during then-current marketing efforts, we performed certain interim period impairment tests during 2012, 2011 and 2010. We compared the carrying value of our assets held for sale to estimates of fair value determined with the assistance of third-party broker opinions of value and third-party desktop appraisals. The impairment tests indicated an impairment of certain of our property and equipment. Accordingly, we recognized impairment expenses of $2.3 million, $1.1 million and $5.1 million during 2012, 2011 and 2010, respectively, based on market approaches using Level 2 fair value inputs. Impairment expenses for 2012 and 2010 included $2.0 million and $2.1 million, respectively, included in Discontinued Operations, net in our Consolidated Statements of Income. |
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The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Goodwill
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Goodwill | GOODWILL Our acquisitions have resulted in the recording of goodwill, which is an asset representing operational synergies and future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The changes in the carrying amount of goodwill for the years ended December 31, 2012 and 2011 are as follows:
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Other Long-term Assets
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Other Long-term Assets | OTHER LONG-TERM ASSETS Other Long-Term Assets consist of the following:
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Floor Plan Notes Payable
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Dec. 31, 2012
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Debt Disclosure [Abstract] | |
Floor Plan Notes Payable | FLOOR PLAN NOTES PAYABLE We and certain of our subsidiaries are party to a credit agreement with Bank of America, N.A. (“Bank of America”), as administrative agent, and the lenders party thereto (the “Credit Agreement”). The Credit Agreement provides for our senior secured credit facilities, consisting of (i) a $175.0 million revolving credit facility with a $50.0 million sublimit for letters of credit (discussed further below under our "Long Term Debt" footnote), (ii) a $625.0 million new vehicle floor plan facility, and (iii) a $100.0 million used vehicle revolving floor plan facility, in each case subject to limitations on borrowing availability as set out in the Credit Agreement. Subject to the compliance with certain conditions, the Credit Agreement provides that we and our dealership subsidiaries that are borrowers under the senior secured credit facilities (collectively, the “Borrowers”) have the ability, at their option and subject to the receipt of additional commitments from existing or new lenders, to increase the size of the new vehicle floor plan facility or the used vehicle floor plan facility by up to $225.0 million in the aggregate without lender consent and also subject to the compliance with certain conditions. The senior secured credit facilities mature, and all amounts outstanding thereunder will be due and payable, on October 14, 2016. Borrowings under our new vehicle floor plan facility bear interest, at our option, based on LIBOR plus 1.5% or the Base Rate plus 0.50%. Borrowings under the used vehicle revolving floor plan facility bear interest, at our option, based on LIBOR plus 1.75% or the Base Rate plus 0.75%. In addition to the payment of interest on borrowings outstanding under the senior secured credit facilities, the Borrowers are required to pay a commitment fee on the total commitments under the senior secured credit facilities. The fees for commitments under the new vehicle revolving floor plan facility and the used vehicle revolving floor plan facility are 0.20% per annum and 0.25% per annum, respectively, and are payable on a quarterly basis. We consider floor plan notes payable to a party that is affiliated with the entity from which we purchase our new vehicle inventory “Floor plan notes payable—trade” and all other floor plan notes payable “Floor plan notes payable—non-trade.” Upon our entrance into the Credit Agreement, the majority of our floor plan notes are payable to parties unaffiliated with the entities from which we purchase our new vehicle inventory, with the exception of floor plan notes payable relating to the financing of new Ford and Lincoln vehicles, and certain loaner vehicles. As of December 31, 2012, we had $55.1 million of floor plan notes payable—trade and $507.0 million of floor plan notes payable—non-trade outstanding, including amounts classified as Liabilities Associated with Assets Held for Sale. As of December 31, 2012 and 2011, we had a total of $562.1 million and $434.0 million of floor plan notes payable outstanding, respectively, including $5.4 million classified as Liabilities Associated with Assets Held for Sale as of December 31, 2012. In connection with our new vehicle floor plan facility described above, we have established an account with Bank of America that allows us to transfer cash to an account as an offset to floor plan notes payable (a “floor plan offset account”). These transfers reduce the amount of outstanding new vehicle floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the floor plan offset account into our operating cash accounts within one to two days. As of December 31, 2012, we had $12.6 million in this floor plan offset account. The representations and covenants contained in the Credit Agreement are customary for financing transactions of this nature including, among others, a requirement to comply with a minimum consolidated current ratio and consolidated fixed charge coverage ratio (each as defined in the Credit Agreement) and a maximum consolidated total lease adjusted leverage ratio, in each case as set out in the Credit Agreement. In addition, certain other covenants could restrict the Company's ability to incur additional debt, pay dividends or acquire or dispose of assets. See the “Covenants” section below under our "Long Term Debt" footnote. The Credit Agreement also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. In certain instances, an event of default under either the revolving credit facility or the used vehicle revolving floor plan facility could be, or result in, an event of default under the new vehicle revolving floor plan facility, and vice versa. Upon the occurrence of an event of default, the Company could be required to immediately repay all amounts outstanding under the applicable facility. The senior secured credit facilities are guaranteed by each existing, and will be guaranteed by each future, direct and indirect domestic subsidiary of the Company, other than, at our option, any immaterial subsidiary. The new vehicle revolving floor plan facility and the used vehicle revolving floor plan facility are each also guaranteed by the Company. The obligations under each of the revolving credit facility and the used vehicle revolving floor plan facility are collateralized by liens on substantially all of the present and future assets, other than real property, of the Company and the guarantors. The obligations under the new vehicle revolving floor plan facility are collateralized by liens on substantially all of the present and future assets, other than real property, of the borrowers under the new vehicle revolving floor plan facility. |
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Floor Plan Notes Payable [Text Block] No definition available.
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Accounts Payable and Accrued Liabilities
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Accounts Payable and Accrued Liabilities | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consist of the following:
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The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Long-term Debt
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | LONG-TERM DEBT Long-term debt consists of the following:
The aggregate maturities of long-term debt as of December 31, 2012, are as follows (in millions):
Revolving Credit Facility As discussed above under our "Floor Plan Notes Payable" footnote, the Credit Agreement includes a $175.0 million revolving credit facility with a $50.0 million sublimit for letters of credit. Under the revolving credit facility, subject to a borrowing base, we may (i) borrow up to $175.0 million, which amount may be expanded to up to $225.0 million in total credit availability upon satisfaction of certain conditions and (ii) request Bank of America to issue letters of credit on our behalf up to $50.0 million. Availability under the revolving credit facility is, in part, a function of our borrowing base. Availability is reduced on a dollar-for-dollar basis by the aggregate face amount of any outstanding letters of credit. Based on the borrowing base calculation and the $14.6 million of outstanding letters of credit as of December 31, 2012, our available borrowings were limited to $160.4 million as of December 31, 2012. As of December 31, 2012, we did not have any borrowings outstanding under the revolving credit facility. Proceeds from borrowings from time to time under the revolving credit facility may be used for, among other things, acquisitions, working capital and capital expenditures. Borrowings under the revolving credit facility bear interest, at our option, based on LIBOR plus 1.75% to 2.75% or the Base Rate plus 0.75% to 1.75%, in each case based on our total lease adjusted leverage ratio. The Base Rate is the highest of the (i) Bank of America, N.A. prime rate, (ii) Federal Funds rate plus 0.50%, and (iii) one month LIBOR plus 1.0%. In addition to the payment of interest on borrowings outstanding under the senior secured credit facilities, the Borrowers are required to pay a commitment fee on the total commitments under the senior secured credit facilities. The fee for commitments under the revolving credit facility ranges from 0.30% to 0.50% per annum, based on the Company's total lease adjusted leverage ratio. The fees are payable quarterly, and began on December 5, 2011. The representations and covenants contained in the Credit Agreement are customary for financing transactions of this nature including, among others, a requirement to comply with a minimum consolidated current ratio and consolidated fixed charge coverage ratio (each as defined in the Credit Agreement) and a maximum consolidated total lease adjusted leverage ratio, in each case as set out in the Credit Agreement. In addition, certain other covenants could restrict the Company's ability to incur additional debt, pay dividends or acquire or dispose of assets. See “Covenants” below. 8.375% Senior Subordinated Notes due 2020 We had $200.0 million in aggregate principal amount of our 8.375% Notes outstanding as of December 31, 2012. Our 8.375% Notes are fully and unconditionally guaranteed, on a joint-and-several basis, by all of our current wholly-owned subsidiaries and will be so guaranteed by all of our future domestic subsidiaries that have outstanding, incur or guarantee any other indebtedness. The terms of our 8.375% Notes, in certain circumstances, restrict our ability to, among other things, incur additional indebtedness, pay dividends, repurchase our common stock and merge or sell all or substantially all our assets. 7.625% Senior Subordinated Notes due 2017 We had $143.2 million in aggregate principal amount of our 7.625% Notes outstanding as of December 31, 2012. Our 7.625% Notes are fully and unconditionally guaranteed, on a joint-and-several basis, by all of our current wholly-owned subsidiaries and will be so guaranteed by all of our future domestic subsidiaries that have outstanding, incur or guarantee any other indebtedness. The terms of our 7.625% Notes, in certain circumstances, restrict our ability to, among other things, incur additional indebtedness, pay dividends, repurchase our common stock and merge or sell all or substantially all our assets. 3% Senior Subordinated Convertible Notes due 2012 In September 2012, the remaining $15.1 million in aggregate principal amount of our 3% Senior Subordinated Convertible Notes due 2012 matured, and we satisfied our related debt repayment obligation with our available liquidity. In connection with the sale of our 3% Convertible Notes, we entered into separate warrant transactions whereby we sold to Goldman, Sachs & Co. and Deutsche Bank AG, London Branch (collectively, the “Counterparties”) warrants to acquire, subject to customary anti-dilution adjustments, shares of our common stock at an initial strike price of $45.09 per share, which was a 62.50% premium over the market price of our common stock at the time of pricing. As of December 31, 2012, the strike price was $44.74 as a result of certain dividend payments. These warrants expire in a series of tranches through April 2013. Mortgage Notes Payable During the year ended December 31, 2012, we entered into eight fixed rate mortgage notes payable which were collateralized by the related real estate at eight of our owned dealership locations. The total initial principal amount of the mortgage notes payable was $66.2 million. In connection with our entrance into these mortgage notes payable, we paid a total of approximately $0.7 million in debt issuance costs, which were capitalized and are being amortized to Other Interest Expense over the terms of the related mortgage notes payable. Six of the eight mortgages were financed by the captive finance companies affiliated with two of our manufacturing partners, and are classified as "Captive Mortgages" in the table below. We have a master loan agreement with Wells Fargo, successor by merger to Wachovia Bank, National Association, a national banking association, and Wachovia Financial Services, Inc., a North Carolina corporation (together referred to as “Wachovia”, and the master loan agreement being referred to as the “Master Loan Agreement”). Pursuant to the terms of the Master Loan Agreement, Wachovia had previously extended credit to certain of our subsidiaries guaranteed by us through a series of related but separate loans (collectively, the “Wachovia Mortgages”) for certain properties located in Florida, North Carolina, Virginia, Georgia, Arkansas and Texas. Each of the Wachovia Mortgages was secured by the related underlying property and bore interest at 1-month LIBOR plus 2.95%. We were previously required to make monthly principal payments based on a straight-line twenty year amortization schedule, with balloon repayment of all outstanding principal amounts due in June 2013. During the year ended December 31, 2012, we repaid all remaining amounts outstanding under the Wachovia Mortgages prior to their associated maturity, consisting of approximately $41.0 million. As of December 31, 2012, our obligation under the Master Loan Agreement consists of a single mortgage with Wells Fargo for certain of our properties in St. Louis, Missouri. The Master Loan Agreement also contains customary representations and warranties and the guarantees under such agreements contain negative covenants, including, among other things, covenants not to, with permitted exceptions, (i) incur any additional debt; (ii) create any additional liens on the Property (as defined in the Master Loan Agreement); and (iii) enter into any sale-leaseback transactions in connection with the underlying properties. Below is a summary of our outstanding mortgage notes payable, the carrying values of the related collateralized real estate, and years of maturity as of December 31, 2012 and 2011:
Subordinated Note Repurchases As of December 31, 2012, we had $343.2 million in aggregate principal amount of various series of our subordinated notes outstanding, including $200.0 million of 8.375% Notes and $143.2 million of 7.625% Notes. Our board of directors has authorized us, from time to time, to repurchase various of our senior subordinated notes in open market purchases or privately negotiated transactions. The decision to repurchase our senior subordinated notes is dependent upon prevailing market conditions, our liquidity position, applicable limitations in any agreements to which we are a party, and other factors. Currently, the Credit Agreement allows us to purchase at least $25.0 million of our debt securities per calendar year, subject to increase based on availability under senior secured credit facilities. During 2012, we did not repurchase any of our senior subordinated notes. Stock Repurchase and Dividend Restrictions Pursuant to the indentures governing our 8.375% Notes and our 7.625% Notes, and the agreements governing our senior secured credit facilities, our ability to repurchase shares of our common stock and pay cash dividends is limited. In accordance with such calculations, our ability to repurchase shares of our common stock and pay cash dividends was limited to $63.8 million under these agreements as of December 31, 2012, with an additional $10.0 million available to repurchase common stock only. Covenants We are subject to a number of covenants in our various debt and lease agreements, including those described below. We were in compliance with all of our covenants throughout 2012. Failure to comply with any of our debt covenants would constitute a default under the relevant debt agreements, which would entitle the lenders under such agreements to terminate our ability to borrow under the relevant agreements and accelerate our obligations to repay outstanding borrowings, if any, unless compliance with the covenants is waived. In many cases, defaults under one of our agreements could trigger cross default provisions in our other agreements. If we are unable to remain in compliance with our financial or other covenants, we would be required to seek waivers or modifications of our covenants from our lenders, or we would need to raise debt and/or equity financing or sell assets to generate proceeds sufficient to repay such debt. We cannot give any assurance that we would be able to successfully take any of these actions on terms, or at times, that may be necessary or desirable. The Credit Agreement contains certain representations and covenants that we must comply with. The representations and covenants contained in the Credit Agreement are customary for financing transactions of this nature including, among others, a requirement to comply with a minimum consolidated current ratio and consolidated fixed charge coverage ratio (each as defined in the Credit Agreement) and a maximum consolidated total lease adjusted leverage ratio, in each case as set out in the Credit Agreement. In addition, certain other covenants could restrict our ability to incur additional debt, pay dividends or acquire or dispose of assets. The Credit Agreement also provides for events of default that are customary for financing transactions of this nature, including cross-defaults to other material indebtedness. In certain instances, an event of default under either the revolving credit facility or the used vehicle revolving floor plan facility could be, or result in, an event of default under the new vehicle floor plan facility, and vice versa. Upon the occurrence of an event of default, we could be required to immediately repay all amounts outstanding under the applicable facility. Our guarantees under the Master Loan Agreement also require compliance with certain financial covenants, including a consolidated current ratio, consolidated fixed charge coverage ratio and an adjusted net worth calculation. Effective June 30, 2012, we elected to have reinstated the total leverage ratio requirement under the Master Loan Agreement, which election provides us with additional flexibility with respect to our ability to incur additional debt. Certain of our lease agreements also require compliance with various financial covenants and incorporate by reference the financial covenants set forth in the Credit Agreement. A breach of any of these covenants could immediately give rise to certain landlord remedies under our various lease agreements, the most severe of which include the following: (a) termination of the applicable lease and/or other leases with the same or an affiliated landlord under a cross-default provision, (b) eviction from the premises; and (c) the landlord having a claim for various damages. |
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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Financial Instruments and Fair Value
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Financial Instruments and Fair Value | FINANCIAL INSTRUMENTS AND FAIR VALUE In determining fair value, we use various valuation approaches, including market, income and/or cost approaches. Accounting standards establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1-Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2-Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Assets and liabilities utilizing Level 2 inputs include cash flow swap instruments and exchange-traded debt securities that are not actively traded or do not have a high trading volume. Level 3-Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Asset and liability measurements utilizing Level 3 inputs include those used in estimating fair value of non-financial assets and non-financial liabilities in purchase acquisitions and those used in assessing impairment of manufacturer franchise rights. The availability of observable inputs can vary and is affected by a wide variety of factors. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment required to determine fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. We use inputs that are current as of the measurement date, including during periods when the market may be abnormally high or abnormally low. Financial instruments consist primarily of cash, contracts-in-transit, accounts receivable, cash surrender value of corporate-owned life insurance policies, accounts payable, floor plan notes payable, subordinated long-term debt, mortgage notes payable and interest rate swap agreements. The carrying values of our financial instruments, with the exception of subordinated long-term debt, approximate fair value due either to their short-term nature or existence of variable interest rates, which approximate market rates. The fair market value of our subordinated long-term debt is based on reported market prices which reflect Level 2 inputs. Level 2 inputs are valuations based on quoted market prices in markets that are not active or do not have a high trading volume. A summary of the carrying values and fair values of our 8.375% Senior Subordinated Notes due 2020 (the "8.375% Notes"), our 7.625% Senior Subordinated Notes due 2017 (the "7.625% Notes") and our 3% Senior Subordinated Convertible Notes due 2012 (the "3% Convertible Notes") is as follows:
We have an interest rate swap agreement which had a notional principal amount of $19.7 million as of December 31, 2012. This swap is designed to provide a hedge against changes in variable interest rate cash flows through maturity in October 2015. The notional value of this swap was reduced through July 2011, when the notional principal amount increased to $21.5 million, and then began reducing over the remaining term to $16.1 million at maturity. This interest rate swap qualifies for cash flow hedge accounting treatment and does not, and will not, contain any ineffectiveness. Information about the effect of derivative instruments on the accompanying Consolidated Statements of Income, including the impact on Accumulated Other Comprehensive Income ("AOCI") (in millions):
On the basis of yield curve conditions as of December 31, 2012, we anticipate that the amount expected to be reclassified out of AOCI into earnings in the next 12 calendar months will be a loss of $2.1 million. Fair value estimates reflect a credit adjustment to the discount rate applied to all expected cash flows under the swap. Other than that assumption, all other inputs reflect Level 2 inputs. Market Risk Disclosures as of December 31, 2012: Instruments entered into for trading purposes—None Instruments entered into for hedging purposes (in millions)—
____________________________ * The total fair value of our swap is a $0.6 million net liability, of which $0.3 million is included in Accounts Payable and Accrued Liabilities and $0.3 million is included in Other Long-Term Liabilities, respectively, on the accompanying Consolidated Balance Sheet. Market Risk Disclosures as of December 31, 2011: Instruments entered into for trading purposes—None Instruments entered into for hedging purposes (in millions)—
____________________________ * The total fair value of our swap is a $0.5 million net liability, of which $0.2 million is included in Accounts Payable and Accrued Liabilities and $0.3 million is included in Other Long-Term Liabilities, respectively, on the accompanying Consolidated Balance Sheet. Valuation Techniques The fair value of cash flow swaps is calculated as the present value of expected future cash flows, determined on the basis of forward interest rates and present value factors. As such, the carrying amounts for these swaps are designated to be Level 2 fair values and totaled $0.6 million and $0.5 million as of December 31, 2012 and 2011, respectively. The carrying value of these swaps is included in Other Long-Term Liabilities and Other Current Liabilities on the accompanying Consolidated Balance Sheet as of December 31, 2012. The fair value of assets held for sale used to determine the impairment expenses we incurred in 2012, 2011and 2010 were determined with the assistance of third-party broker opinions of value and third-party desktop appraisals and are designated to be Level 3 fair values. Other Financial Instruments In connection with the sale of our 3% Convertible Notes in March 2007, we entered into separate warrant transactions whereby we sold to Goldman, Sachs & Co. and Deutsche Bank AG, London Branch (collectively, the “Counterparties”) warrants to acquire, subject to customary anti-dilution adjustments, shares of our common stock at an initial strike price of $45.09 per share, which was a 62.50% premium over the market price of our common stock at the time of pricing. As of December 31, 2012, the strike price was $44.74 as a result of certain dividend payments. These warrants expire in a series of tranches through April 2013. The warrant transactions represent net call options. On exercise of the warrants, we are obligated to deliver a number of shares of our common stock in an amount based on the excess of the market value per share of our common stock over the strike price of the warrants. At issuance, there were 3.4 million shares of our common stock underlying the warrant transactions, with 6.8 million shares representing the maximum number of shares of our common stock required to be issued. As of December 31, 2012, there were 4.9 million shares representing the maximum number of shares that we could receive under the warrant transactions. |
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Income Taxes
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Dec. 31, 2012
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES The components of income tax expense from continuing operations are as follows:
A reconciliation of the statutory federal rate to the effective tax rate from continuing operations is as follows:
The tax effects of temporary differences representing deferred tax assets (liabilities) result principally from the following:
As of December 31, 2012, our state operating losses of $2.7 million, before federal benefit, are set to expire between 2013 and 2021. As of December 31, 2012, the net amount of our unrecognized tax benefits was $0.3 million, all of which, if recognized, would affect our effective tax rate. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:
We recognize interest and penalties related to unrecognized tax benefits in income tax expense. No amount for interest or penalties are included in the liability for unrecognized tax benefits as of December 31, 2012. The statute of limitations related to the consolidated Federal income tax return is closed for all tax years up to and including 2008. During 2012, the IRS completed a Joint Committee Review for the Consolidated Federal Tax Return for the 2009 loss that was carried back to 2006 with no exceptions. The expiration of the statute of limitations related to the various state income tax returns that we and our subsidiaries file varies by state. The 2008 through 2011 tax years generally remain subject to examination by most state tax authorities. We do not anticipate any material changes related to unrecognized tax benefits, individually or in the aggregate, to occur within the next twelve months. |
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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Long-Term Liabilities
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Dec. 31, 2012
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-Term Liabilities | OTHER LONG-TERM LIABILITIES Other long-term liabilities consist of the following:
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The entire disclosure for other liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Discontinued Operations and Divestitures
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Dec. 31, 2012
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Divestitures | DISCONTINUED OPERATIONS AND DIVESTITURES During the year ended December 31, 2012, we sold two franchises (two dealership locations) that were classified as discontinued operations and closed two additional franchises, one of which was classified as discontinued operations. As of December 31, 2012, there was one franchise (one dealership location) pending disposition. The accompanying Consolidated Statements of Income for the years ended December 31, 2011 and 2010 have been reclassified to reflect the status of our discontinued operations as of December 31, 2012. Results from operations classified as sold or closed for the year ended December 31, 2012 in the table below include primarily rent and other expenses of idle facilities. The following tables provide further information regarding our discontinued operations as of December 31, 2012, and includes the results of businesses sold prior to December 31, 2012:
Due to information obtained during then-current marketing efforts, we performed certain interim period impairment tests during the third quarter of 2012. We compared the carrying value of certain of our assets held for sale to estimates of fair value determined with the assistance of third-party broker opinions of value. Accordingly, we recorded a $2.0 million non-cash impairment charge in Discontinued Operations, net on certain property not currently used in our operations in the third quarter of 2012 based on a market approach using Level 2 fair value inputs. During the third quarter of 2012, we received $1.0 million of income related to proceeds received from the elimination of one of our franchises, which is reflected in Gain on disposition in the tables above for the year ended December 31, 2012. During the third quarter of 2012, we recognized $1.0 million of expense related to a franchise pending disposition, which is reflected in Operating expenses in the tables above for the year ended December 31, 2012. During the fourth quarter of 2012, we recognized a $0.8 million lease termination charge as a result of reaching an agreement with the lessor of a property associated with a dealership we no longer operate. In exchange for a cash settlement, we received a termination of our remaining lease obligation from the lessor. The lease termination charge is reflected in Operating expenses in the tables above for the year ended December 31, 2012. |
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The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Supplemental Cash Flow Information
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Dec. 31, 2012
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION During the years ended December 31, 2012, 2011 and 2010, we made interest payments, including amounts capitalized, totaling $46.1 million, $52.3 million and $52.1 million, respectively. Included in these interest payments are $10.5 million, $11.0 million and $10.9 million of floor plan interest payments for the years ended December 31, 2012, 2011 and 2010, respectively. During the years ended December 31, 2012 and 2011, we made income tax payments, net of refunds received, totaling $32.8 million and $15.4 million, respectively. During the year ended December 31, 2010, we received income tax refunds, net of payments made, of $1.7 million. During the years ended December 31, 2012, 2011 and 2010, we sold $18.7 million, $22.6 million and $23.4 million, respectively, of trade receivables. The trade receivables were sold at a total discount of $0.4 million during the year ended December 31, 2012, and $0.6 million during the years ended December 31, 2011 and 2010, respectively. During the years ended December 31, 2012, 2011 and 2010, we transferred $54.6 million, $36.4 million and $35.6 million, respectively, of loaner vehicles from Other Current Assets to Inventory on our Consolidated Balance Sheets. In the fourth quarter of 2012, we acquired two franchises (two dealership locations) for an aggregate purchase price of $34.7 million. We financed the acquisitions with $26.9 million of cash and $7.8 million of floor plan borrowings for the purchase of the related new vehicle inventory. The following items are included in Other Adjustments to reconcile net income to cash flow from operating activities:
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The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Lease Obligations
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Dec. 31, 2012
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Leases Obligations | LEASE OBLIGATIONS We lease various facilities, real estate and equipment primarily under operating lease agreements, most of which have remaining terms from one to twenty years. Certain of our leases contain renewal options and rent escalation clauses. We record rent expense on a straight-line basis over the life of the lease for lease agreements where the rent escalates at fixed rates over time. Rent expense from continuing operations totaled $35.5 million, $36.3 million and $40.2 million for the years ended December 31, 2012, 2011 and 2010, respectively. As of December 31, 2012, we had one significant capital lease obligation totaling approximately $3.9 million. This lease was entered into in 2011, and is being amortized over 20 years. During the year ended December 31, 2012, we entered into two transactions in which we purchased various previously leased real estate for a total purchase price of $10.3 million. These transactions included the termination of the related lease obligations, resulting in a loss of $1.8 million, which is included in Other operating (income) expense, net on our Consolidated Statement of Income for year ended December 31, 2012. During the year ended December 31, 2011, we entered into two transactions in which we purchased various previously leased real estate for a total purchase price of $30.3 million. One of the transactions included a termination of a lease obligation for property not currently used in our operations, resulting in a loss of $1.0 million, which is included in Selling, General and Administrative Expense on our Consolidated Statement of Income for year ended December 31, 2011. Future minimum payments under long-term, non-cancellable operating leases as of December 31, 2012, are as follows:
Certain of our lease agreements include financial covenants and incorporate by reference the financial covenants set forth in the Credit Agreement. A breach of any of these covenants could immediately give rise to certain landlord remedies under our various lease agreements, the most severe of which include the following: (a) termination of the applicable lease and/or other leases with the same or an affiliated landlord under a cross-default provision, (b) eviction from the premises; and (c) the landlord having a claim for various damages. |
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The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies
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12 Months Ended |
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Dec. 31, 2012
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Our dealerships are party to dealer and framework agreements with applicable vehicle manufacturers. In accordance with these agreements, each dealership has certain rights and is subject to restrictions typical in the industry. The ability of these manufacturers to influence the operations of the dealerships or the loss of any of these agreements could have a materially negative impact on our operating results. In some instances, manufacturers may have the right, and may direct us, to implement costly capital improvements to dealerships as a condition to entering into, renewing or extending franchise agreements with them. Manufacturers also typically require that their franchises meet specific standards of appearance. These factors, either alone or in combination, could cause us to use our financial resources on capital projects that we might not have planned for or otherwise determined to undertake. From time to time, we and our dealerships are or may become involved in various claims relating to, and arising out of, our business and our operations. These claims may involve, but not be limited to, financial and other audits by vehicle manufacturers, lenders and certain federal, state and local government authorities, which have historically related primarily to (a) incentive and warranty payments received from vehicle manufacturers, or allegations of violations of manufacturer agreements or policies, (b) compliance with lender rules and covenants and (c) payments made to government authorities relating to federal, state and local taxes, as well as compliance with other government regulations. Claims may also arise through litigation, government proceedings and other dispute resolution processes. Such claims, including class actions, could relate to, but may not be limited to, claims related to the practice of charging administrative fees and other fees and commissions, employment-related matters, truth-in-lending and other dealer assisted financing obligations, contractual disputes, actions brought by governmental authorities and other matters. We evaluate pending and threatened claims and establish loss contingency reserves based upon outcomes we currently believe to be probable and reasonably estimable. The Company is currently engaged in discussions with an affiliate of a vehicle manufacturer whose brands we sell relating to the alleged receipt by the Company of certain overpayments from vehicle service work. The Company has accrued its best estimate of the probable and reasonably estimable exposure in connection with this matter. It is reasonably possible that losses in excess of the amounts accrued for the various types of claims currently known to us could be up to approximately $0.5 million in the aggregate. We currently do not anticipate that any known claim will materially adversely affect our financial condition, liquidity or results of operations. However, the outcome of any matter cannot be predicted with certainty, and an unfavorable resolution of one or more matters presently known or arising in the future could have a material adverse effect on our financial condition, liquidity or results of operations. A significant portion of our business involves the sale of vehicles, parts or vehicles composed of parts that are manufactured outside the United States. As a result, our operations are subject to customary risks of importing merchandise, including fluctuations in the relative values of currencies, import duties, exchange controls, trade restrictions, work stoppages and general political and socio-economic conditions in foreign countries. The United States or the countries from which our products are imported may, from time to time, impose new quotas, duties, tariffs or other restrictions, or adjust presently prevailing quotas, duties or tariffs, which may affect our operations and our ability to purchase imported vehicles and/or parts at reasonable prices. Substantially all of our facilities are subject to federal, state and local provisions regarding the discharge of materials into the environment. Compliance with these provisions has not had, nor do we expect such compliance to have, any material effect upon our capital expenditures, net earnings, financial condition, liquidity or competitive position. We believe that our current practices and procedures for the control and disposition of such materials comply with applicable federal, state and local requirements. No assurances can be provided, however, that future laws or regulations, or changes in existing laws or regulations, would not require us to expend significant resources in order to comply therewith. We had $14.6 million of letters of credit outstanding as of December 31, 2012, which are required by certain of our insurance providers. In addition, as of December 31, 2012, we maintained a $5.0 million surety bond line in the ordinary course of our business. Our letters of credit and surety bond line are considered to be off balance sheet arrangements. Our other material commitments include (i) floor plan notes payable, (ii) operating leases, (iii) long-term debt and (iv) interest on long-term debt, as described elsewhere herein. |
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The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Related Party Transactions
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Dec. 31, 2012
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Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS During the years ended December 31, 2012, 2011 and 2010, we were party to certain agreements with a member of our board of directors and a current member of our management team. These agreements primarily involved long−term operating leases of dealership facilities. We believe that the rental transactions related to these agreements were on terms comparable to those that could be obtained from unaffiliated third parties. For the years ended December 31, 2012, 2011 and 2010, we made rental payments totaling $2.2 million, $2.3 million and $3.7 million, respectively, to these individuals or entities controlled by these individuals. During the year ended December 31, 2011, we concurrently entered into two transactions with a then-member of our board of directors, which were (i) the purchase of dealership real estate previously leased by us for approximately $16.9 million and (ii) a new lease agreement for a separate parcel of dealership real estate. The new lease agreement is being accounted for as a capital lease and, as a result, we recorded approximately $4.0 million in Property and Equipment, net and Long-Term Debt on our Consolidated Balance Sheet in 2011. We believe that these transactions were on terms comparable to those that could be obtained from unaffiliated third parties. |
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The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Share-based Compensation and Employee Benefit Plans
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Dec. 31, 2012
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Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation and Employee Benefit Plans | SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS We have established three share-based compensation plans (the “Plans”) under which we have historically granted non-qualified stock options, performance share units, restricted share units and shares of restricted stock to our directors, officers and employees at fair market value on the date of the grant. Stock options generally vest ratably over three years from the date of grant and expire ten years from the date of grant. Performance share units vest after three years or ratably over three years from the date of grant. The actual number of shares earned by a holder of performance share units may range from 0% to 150% of the target number of shares to be granted to the holder, depending on the achievement of certain performance criteria over a defined period of time. Restricted stock provides the holder voting and forfeitable dividend rights prior to vesting. Restricted stock grants to our officers and employees vest ratably over three years from the date of grant, while restricted stock grants to members of our board of directors vest immediately upon the date of grant. Restricted share units vest ratably over three years from the date of grant. We have granted a total of 5.8 million non-qualified stock options, 1.4 million performance share units, 1.2 million shares of restricted stock and 0.1 million of restricted share units. In addition, there were approximately 1.5 million share-based awards available for grant under our share-based compensation plans as of December 31, 2012. We issue new shares of our common stock upon the exercise of stock options or vesting of performance share units, restricted stock or restricted share units. In addition, in connection with the vesting of performance share units, restricted stock or restricted share units, we expect to repurchase a portion of the shares issued equal to the amount of employee income tax withholding. The fair value of each option award was estimated on the date of grant using the Black Scholes option valuation model. The fair value of each performance share unit and restricted stock award was calculated using the closing market price of our common stock on the date of grant. Expected volatilities are based on the historical volatility of our common stock. We use historical data to estimate the rate of option exercises and employee turnover within the valuation model. The expected term of options granted represents the period of time that the related options are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. We have recognized $7.1 million ($2.7 million tax benefit), $8.8 million ($3.4 million tax benefit) and $5.1 million ($2.0 million tax benefit) in stock-based compensation expense for the years ended December 31, 2012, 2011 and 2010, respectively. As of December 31, 2012, there was $7.7 million of total unrecognized share-based compensation expense related to non-vested share-based awards granted under the Plans, and we expect to recognize $4.2 million of this expense in 2013, $2.3 million in 2014 and $1.2 million in 2015. A summary of options outstanding and exercisable under the Plans as of December 31, 2012, changes during the year then ended and changes during the years ended December 31, 2011 and 2010 is presented below:
____________________________ * Based on the closing price of our common stock on December 31, 2012, which was $32.03 per share. Net cash received from option exercises for the year ended December 31, 2012 was $3.9 million. The actual intrinsic value of options exercised during the years ended December 31, 2012, 2011 and 2010 was $13.2 million, $8.8 million and $1.2 million, respectively. The actual tax benefit realized for the tax deductions from option exercises during the years ended December 31, 2012 and 2011 was $4.4 million and $3.4 million, respectively. A summary of performance share units and restricted stock as of December 31, 2012, changes during the year then ended and changes during the years ended December 31, 2011 and 2010 is presented below:
___________________________ * Maximum of 304,524 issuable upon attaining certain performance metrics. Each performance share unit provides an opportunity for the employee to receive a number of shares of our common stock based on our performance during a specified year period following the grant as measured against objective performance goals as determined by the compensation committee of our board of directors. The actual number of shares earned may range from 0% to 150% of the target number of shares depending upon achievement of the performance goals.
Employee Retirement Plan We sponsor the Asbury Automotive Retirement Savings Plan (the “Plan”), a 401(k) plan, for eligible employees. On June 30, 2012, we merged our Plaza Motors 401(k) Plan (the "Plaza Plan"), which was previously offered to employees of one of our dealership groups and maintained as a separate retirement plan, with the Plan. In conjunction with merging the Plaza Plan with the Plan, we also added the Roth 401(k) feature as an option for eligible employees participating in the Plan. Employees are eligible to participate in the Plan on or after 90 days of service to the Company. Employees electing to participate in the Plan may contribute up to 75% of their annual eligible compensation. IRS rules limited total participant contributions during 2012 to $17,000 or $22,500 if age 50 or more; however, we limit participant contributions for employees considered Highly Compensated Employees with an annual salary or base salary equal to or greater than $115,000 to $10,000 per year or $15,500 if age 50 or more. After one year of employment, we match 25% of employees' contributions up to 4% of their eligible compensation, with a maximum match of $1,150 per participant. Beginning on January 1, 2009, we suspended our matching contributions for Highly Compensated Employees with an annual salary equal to or greater than $115,000. Employer contributions vest by graded schedule over four years after the date of hire. Expenses from continuing operations related to employer matching contributions totaled $0.5 million, $1.0 million and $0.8 million for the years ended December 31, 2012, 2011 and 2010, respectively. Deferred Compensation Plan We have historically sponsored the Asbury Automotive Wealth Accumulation Plan (the “Deferred Compensation Plan” or the "Plan") wherein eligible employees, generally those at senior levels, may elect to defer a portion of their annual compensation. We established a rabbi trust to provide security for our funding obligations under the Deferred Compensation Plan with corporate-owned variable life insurance contracts. Participants are 100% vested in their respective deferrals and the earnings thereon. Historically, we elected to match a portion of certain eligible employee’s contributions. Beginning January 1, 2009, we suspended our matching contributions for all employees in the Deferred Compensation Plan. Each annual employer match vests in full three years from the date the employee deferral match is funded. The total deferred compensation liability was $7.8 million and $7.7 million as of December 31, 2012 and 2011, respectively. The related cash surrender value and face value of the 58 life insurance contracts totaled $7.7 million and $62.0 million as of December 31, 2012, respectively. The related cash surrender value and face value of the 60 life insurance contracts totaled $10.7 million and $66.9 million as of December 31, 2011, respectively. In February 2012, our Board of Directors elected to terminate the Deferred Compensation Plan. As a result of this decision, we reclassified $7.7 million of assets and $7.8 million of liabilities associated with the Deferred Compensation Plan from Other Long-Term Assets and Other Long-Term Liabilities, respectively, to Other Current Assets and Accounts Payable and Other Current Liabilities, respectively, on our Consolidated Balance Sheet as of December 31, 2012. We also reclassified $10.7 million of assets and $7.7 million of liabilities associated with the Deferred Compensation Plan from Other Long-Term Assets and Other Long-Term Liabilities, respectively, to Other Current Assets and Accounts Payable and Other Current Liabilities, respectively, on our Consolidated Balance Sheet as of December 31, 2011. We expect to relieve our liabilities under the Plan through distributions to Plan participants in the first quarter of 2013, using primarily the associated assets of the Deferred Compensation Plan. |
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The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. No definition available.
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Condensed Quarterly Revenues and Earnings (Unaudited)
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Condensed Quarterly Revenues and Earnings (Unaudited) | CONDENSED QUARTERLY REVENUES AND EARNINGS (UNAUDITED):
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The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events
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Dec. 31, 2012
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Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS In January 2013, we sold one franchise (one dealership location) in Houston, Texas. The results of operations for this franchise were classified as discontinued operations as of December 31, 2012. |
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The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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Summary of Significant Accounting Policies (Policies)
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Dec. 31, 2012
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Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and reflect the consolidated accounts of Asbury Automotive Group, Inc. and our wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In addition, certain reclassifications of amounts previously reported have been made to the accompanying Consolidated Financial Statements in order to conform to current presentation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed quarterly and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are not limited to, those relating to inventory valuation reserves, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, certain assumptions related to intangible and long-lived assets, reserves for insurance programs, reserves for certain legal or similar proceedings relating to our business operations, realization of deferred tax assets and reserves for estimated tax liabilities. |
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Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include investments in money market accounts and short-term certificates of deposit which have maturity dates of less than 90 days when purchased. |
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Contracts-In-Transit | Contracts-In-Transit Contracts-in-transit represent receivables from third-party finance companies for the portion of new and used vehicle purchase price financed by customers through sources arranged by us. Amounts due from contracts-in-transit are generally collected within two weeks following the date of sale of the related vehicle. |
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Inventories | Inventories Inventories are stated at the lower of cost or market. We use the specific identification method to value vehicle inventories and the “first-in, first-out” method (“FIFO”) to account for our parts inventories. We maintain a reserve for specific used vehicles where cost basis exceeds market value. Our new vehicle sales histories have indicated that the vast majority of the new vehicles we sell are sold for, or in excess of, our cost to purchase those vehicles. Therefore, we generally do not maintain a reserve for specific new vehicle inventory. In assessing lower of cost or market for used vehicles, we consider (i) the aging of our used vehicles, (ii) historical sales experience of used vehicles and (iii) current market conditions and trends for used vehicles. We also review and consider the following metrics related to used vehicle sales (both on a recent and longer-term historical basis): (a) days of supply in our used vehicle inventory, (b) used vehicle units sold at less than original cost as a percentage of total used vehicles sold and (c) average vehicle selling price of used vehicle units sold at less than original cost. We then determine the appropriate level of reserve required to reduce our used vehicle inventory to the lower of cost or market, and record the resulting adjustment in the period in which we determine a loss has occurred. The level of reserve determined to be appropriate for each reporting period is considered to be a permanent inventory write-down and therefore is only released upon the sale of the related inventory. We receive assistance from certain automobile manufacturers in the form of advertising and interest credits. Manufacturer advertising credits that are reimbursements of costs associated with specific advertising programs are recognized as a reduction of advertising expense in the period they are earned. All other manufacturer advertising and interest credits are accounted for as purchase discounts and are recorded as a reduction of inventory and recognized as a reduction to New Vehicle Cost of Sales in the accompanying Consolidated Statements of Income in the period the related vehicle is sold. |
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Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Depreciation is included in Depreciation and Amortization and Discontinued Operations, net of tax, on the accompanying Consolidated Statements of Income. Leasehold improvements are capitalized and amortized over the lesser of the life of the lease or the useful life of the related asset. The ranges of estimated useful lives are as follows (in years):
Expenditures for major additions or improvements, which extend the useful lives of assets, are capitalized. Minor replacements, maintenance and repairs, which do not improve or extend the lives of such assets, are expensed as incurred. We review property and equipment for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. When we test our long-lived assets for impairment, we first compare the carrying amount of the underlying assets to their net recoverable value by reviewing the undiscounted cash flows expected to result from the use and eventual disposition of the underlying assets. If the carrying amount of the underlying assets is less than their net recoverable value, then we calculate an impairment equal to the excess of the carrying amount over the fair market value, and the impairment loss would be charged to operations in the period identified. As a result of impairment tests conducted in 2012, 2011 and 2010, we recorded only immaterial impairments of certain of our property and equipment in those periods. We capitalize interest on borrowings during the active construction period of capital projects. Capitalized interest is added to the cost of the assets and is depreciated over the estimated useful lives of the assets. |
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Acquisitions | Acquisitions Acquisitions are accounted for under the purchase method of accounting and the assets acquired and liabilities assumed are recorded at their fair value as of the acquisition dates. The operations of acquired dealerships are included in the accompanying Consolidated Statements of Income commencing on the date of acquisition. |
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Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess cost of the businesses acquired over the fair market value of the identifiable net assets. We have determined that, based on how we integrate acquisitions into our business, how the components of our business share resources and interact with one another, and the fact that all components are economically similar, we qualify as a single reporting unit for purposes of testing goodwill for impairment. Our only significant identifiable intangible assets, other than goodwill, are rights under franchise agreements with manufacturers, which are recorded at an individual dealership level. The fair market value of our manufacturer franchise rights, which are included in Other Long Term Assets on the accompanying Consolidated Balance Sheets, is determined at the acquisition date through discounting the projected cash flows specific to each franchise. We have determined that manufacturer franchise rights have an indefinite life as there are no economic, contractual or other factors that limit their useful lives and they are expected to generate cash flows indefinitely due to the historically long lives of the manufacturers’ brand names. Furthermore, to the extent that any agreements evidencing our manufacturer franchise rights would expire, we expect that we would be able to renew those agreements in the ordinary course of business. We do not amortize goodwill and other intangible assets that are deemed to have indefinite lives. We review goodwill and manufacturer franchise rights for impairment annually as of October 1st of each year, or more often if events or circumstances indicate that impairment may have occurred. We are subject to financial statement risk to the extent that manufacturer franchise rights become impaired due to decreases in fair market value of our individual franchises or to the extent that goodwill becomes impaired due to decreases in the fair market value of our automotive retail business. |
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Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are capitalized and included in Other Long-Term Assets in the accompanying Consolidated Balance Sheets. Debt issuance costs are amortized to Other Interest Expense, net and Floor Plan Interest Expense in the accompanying Consolidated Statements of Income through maturity using either the effective interest method or straight line method. |
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Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities From time to time, we utilize derivative financial instruments to manage our capital structure and interest rate risk. The types of risks hedged are those relating to the variability of cash flows and changes in the fair value of our financial instruments caused by movements in interest rates. We document our risk management strategy and assess hedge effectiveness at the inception and during the term of each hedge. Derivatives are reported at fair value on the accompanying Consolidated Balance Sheets. The effective portion of the gain or loss on our cash flow hedges is reported as a component of Accumulated Other Comprehensive Loss on the accompanying Consolidated Balance Sheets and reclassified to Swap Interest Expense in the accompanying Consolidated Statements of Income in the same period during which the hedged transaction affects earnings. Measurements of hedge effectiveness are based on comparisons between the gains or losses of the actual interest rate swaps and the gains or losses of hypothetical interest rate swaps, which have the same critical terms of the defined hedged items. Ineffective portions of these interest rate swaps are reported as a component of interest expense in the accompanying Consolidated Statements of Income. |
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Insurance | Insurance We are self insured for employee medical claims and maintain stop loss insurance for large-dollar individual claims. We have large deductible insurance programs for workers compensation, property and general liability claims. We maintain and review our claim and loss history to assist in assessing our expected future liability for these claims. We also use professional service providers, such as account administrators and actuaries, to help us accumulate and assess this information. |
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Revenue Recognition | Revenue Recognition Revenue from the sale of new and used vehicles (which excludes sales tax) is recognized upon the latest of delivery, passage of title, signing of the sales contract or approval of financing. Revenue from the sale of parts, service and collision repair work (which excludes sales tax) is recognized upon delivery of parts to the customer or at the time vehicle service or repair work is completed, as applicable. Manufacturer incentives and rebates, including manufacturer holdbacks, floor plan interest assistance and certain advertising assistance, are recognized as a reduction of new vehicle cost of sales at the time the related vehicles are sold. We receive commissions from third-party lending and insurance institutions for arranging customer financing and from the sale of vehicle service contracts, credit life insurance and disability insurance, and other insurance, to customers (collectively “F&I”). We may be charged back (“chargebacks”) for F&I commissions in the event a contract is prepaid, defaulted upon or terminated. F&I commissions are recorded at the time a vehicle is sold and a reserve for future chargebacks is established based on historical chargeback experience and the termination provisions of the applicable contract. F&I commissions, net of estimated chargebacks, are included in Finance and Insurance, net in the accompanying Consolidated Statements of Income. |
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Internal Profit | Internal Profit Revenues and expenses associated with the internal work performed by our parts and service departments on new and used vehicle inventory are eliminated in consolidation. The gross profit earned by our parts and service departments for internal work performed is included as a reduction of Parts and Service Cost of Sales on the accompanying Consolidated Statements of Income. The costs incurred by our new and used vehicle departments for work performed by our parts and service departments is included in either New Vehicle Cost of Sales or Used Vehicle Cost of Sales on the accompanying Consolidated Statements of Income, depending on the classification of the vehicle serviced. We maintain a reserve to eliminate the internal profit on vehicles that have not been sold. |
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Share-Based Compensation | Share-Based Compensation We record share-based compensation expense under the fair value method on a straight-line basis over the vesting period, unless the awards are subject to performance conditions, in which case we recognize the expense over the requisite service period of each separate vesting tranche. |
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Earnings per Common Share | Earnings per Common Share Basic earnings per common share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share. As of December 31, 2012, we had outstanding warrants that, upon exercise, may result in the issuance of between 2.4 million and 4.9 million shares of our common stock at an exercise price of $44.74 per share. Since the warrants are required to be settled in shares of common stock, the premium received for selling the warrants was recorded as an increase to additional paid-in capital, together with any cash that would be received upon exercise. The shares issuable upon exercise of these warrants could potentially dilute basic earnings per share in the future; however, these shares were not included in the computation of diluted earnings per share in any period presented because their inclusion would have been anti-dilutive. |
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Advertising | Advertising We expense costs of advertising as incurred and production costs when the advertising initially takes place, net of certain advertising credits and other discounts. Advertising expense from continuing operations totaled $27.8 million, $25.3 million and $24.3 million for the years ended December 31, 2012, 2011 and 2010, net of earned advertising credits and volume discounts of $11.8 million, $9.5 million and $10.2 million, respectively, and is included in Selling, General and Administrative expense in the accompanying Consolidated Statements of Income. |
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Income Taxes | Income Taxes We use the liability method to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using currently enacted tax rates. The effect on deferred assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. |
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Discontinued Operations | Discontinued Operations Certain amounts reflected in the accompanying Consolidated Balance Sheets have been classified as Assets Held for Sale or Liabilities Associated with Assets Held for Sale, with such classification beginning on the date that the assets and associated liabilities were first considered held for sale. We report franchises and ancillary businesses as discontinued operations when it is evident that the operations and cash flows of a franchise or ancillary business being actively marketed for sale will be eliminated from our on-going operations and that we will not have any significant continuing involvement in its operations. We do not classify franchises as discontinued operations if we believe that the cash flows generated by the franchise will be replaced by expanded operations of our remaining franchises within the respective local market area. Amounts in the accompanying Consolidated Statements of Income for the years ended December 31, 2011 and December 31, 2010 have been reclassified to reflect the results of franchises sold or closed during 2012 as if we had classified those franchises as discontinued operations for all years presented. |
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Statements of Cash Flows | Statements of Cash Flows Borrowings and repayments of floor plan notes payable to a lender unaffiliated with the manufacturer from which we purchase a particular new vehicle ("Non-Trade"), and all floor plan notes payable relating to pre-owned vehicles (together referred to as "Floor Plan Notes Payable-Non-Trade"), are classified as financing activities on the accompanying Consolidated Statements of Cash Flows, with borrowings reflected separately from repayments. The net change in floor plan notes payable to a lender affiliated with the manufacturer from which we purchase a particular new vehicle (collectively referred to as “Floor Plan Notes Payable - Trade”) is classified as an operating activity on the accompanying Consolidated Statements of Cash Flows. Borrowings of floor plan notes payable associated with inventory acquired in connection with all acquisitions are classified as a financing activity. Cash flows related to floor plan notes payable included in operating activities differ from cash flows related to floor plan notes payable included in financing activities only to the extent that the former are payable to a lender affiliated with the manufacturer from which we purchased the related inventory, while the latter are payable to a lender not affiliated with the manufacturer from which we purchased the related inventory. Repayments of Floor Plan Notes Payable - Trade associated with divestitures are classified as an operating activity. Repayments of Floor Plan Notes Payable - Non-Trade associated with divestitures are classified as a financing activity. Loaner vehicles account for a significant portion of Other Current Assets. We acquire loaner vehicles either with available cash or through borrowings from manufacturer affiliated lenders. Loaner vehicles are initially used by our service department for only a short period of time (typically six to twelve months) before we seek to sell them. Therefore, we classify the acquisition of loaner vehicles and the related borrowings and repayments as operating activities in the accompanying Consolidated Statements of Cash Flows. The cash outflow to acquire loaner vehicles is presented in Other Current Assets in the accompanying Consolidated Statements of Cash Flows. Borrowings and repayments of loaner vehicle notes payable are presented in Accounts Payable and Accrued Liabilities in the accompanying Consolidated Statements of Cash Flows. When loaner vehicles are taken out of loaner status they are transferred to used vehicle inventory, which is reflected as a non-cash transfer in the accompanying Consolidated Statements of Cash Flows. The cash inflow from the sale of loaner vehicles is reflected in Inventories in the accompanying Consolidated Statements of Cash Flows. |
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Business and Credit Concentration Risk | Business and Credit Concentration Risk Financial instruments, which potentially subject us to concentration of credit risk, consist principally of cash deposits. We maintain cash balances at financial institutions with strong credit ratings. Generally, amounts invested with financial institutions are in excess of FDIC insurance limits. We have substantial debt service obligations. As of December 31, 2012, we had total debt of $466.0 million, excluding floor plan notes payable on our accompanying Consolidated Balance Sheet. In addition, we and our subsidiaries have the ability to obtain additional debt from time to time to finance acquisitions, real property purchases, capital expenditures or for other purposes, which borrowings are subject to the restrictions contained in the credit agreement governing our senior secured credit facilities and the indentures governing our 8.375% Senior Subordinated Notes due 2020 (the "8.375% Notes") and our 7.625% Senior Subordinated Notes due 2017 (the "7.625% Notes"). We will have substantial debt service obligations, consisting of required cash payments of principal and interest, for the foreseeable future. We are subject to operating and financial restrictions and covenants in certain of our leases and in our debt instruments, including the credit agreement governing our senior secured credit facilities, the indentures under our 8.375% Notes and our 7.625% Notes, and the mortgage agreement and related mortgage guarantees held with Wells Fargo Bank, National Association ("Wells Fargo"), successor by merger to Wachovia Bank, National Association and Wachovia Financial Services, Inc. and certain of our other mortgage obligations. These agreements contain restrictions on, among other things, our ability to incur additional indebtedness, to create liens or other encumbrances, and to make certain payments (including dividends and repurchases of our shares and investments). These agreements may also require us to maintain compliance with certain financial and other ratios. Our failure to comply with any of these covenants in the future would constitute a default under the relevant agreement, which would, depending on the relevant agreement, (i) entitle the creditors under such agreement to terminate our ability to borrow under the relevant agreement and accelerate our obligations to repay outstanding borrowings; (ii) require us to apply our available cash to repay these borrowings; (iii) entitle the creditors under such agreement to foreclose on the property securing the relevant indebtedness; and/or (iv) prevent us from making debt service payments on certain of our other indebtedness, any of which would have a material adverse effect on our business, financial condition or results of operations. In many cases, a default under one of our debt or mortgage, agreements could trigger cross default provisions in one or more of our other debt or mortgages. A number of our dealerships are located on properties that we lease. Each of the leases governing such properties has certain covenants with which we must comply. If we fail to comply with the covenants under our leases, the respective landlords could terminate the leases and seek damages from us. Concentrations of credit risk with respect to contracts-in-transit and accounts receivable are limited primarily to automotive manufacturers and financial institutions. Credit risk arising from receivables from commercial customers is minimal due to the large number of customers comprising our customer base. |
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Segment Reporting | Segment Reporting We have determined that as a result of how we internally view our business, regularly review our financial data and operating metrics and allocate resources that we operate in one segment, automotive retail. Our Chief Operating Decision Maker is our Chief Executive Officer who manages the business, regularly reviews financial information and allocates resources on a consolidated basis. Our dealerships are components of our automotive retail segment and, therefore, are not segments themselves. |
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- Definition
Contracts-in-transit policy represents receivables from third-party finance companies for the portion of new and used vehicle purchase price financed by customers through sources arranged by us. No definition available.
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- Definition
Self Insurance, Policy [Policy Text Block] No definition available.
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- Definition
Statement of Cash Flows, Policy [Policy Text Block] No definition available.
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- Definition
Disclosure of accounting policy for advertising costs. For those costs that cannot be capitalized, discloses whether such costs are expensed as incurred or the first period in which the advertising takes place. For direct response advertising costs that are capitalized, describes those assets and the accounting policy used, including a description of the qualifying activity, the types of costs capitalized and the related amortization period. An entity also may disclose its accounting policy for cooperative advertising arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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- Definition
Disclosure of accounting policy for completed business combinations (purchase method, acquisition method or combination of entities under common control). This accounting policy may include a general discussion of the purchase method or acquisition method of accounting (including for example, the treatment accorded contingent consideration, the identification of assets and liabilities, the purchase price allocation process, how the fair values of acquired assets and liabilities are determined) and the entity's specific application thereof. An entity that acquires another entity in a leveraged buyout transaction generally discloses the accounting policy followed by the acquiring entity in determining the basis used to value its interest in the acquired entity, and the rationale for that accounting policy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for credit risk. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for deferral and amortization of significant deferred charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for its derivative instruments and hedging activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for any discontinued operations. The results of operations of a component of an entity that either has been disposed of or is classified as held for sale is reported in discontinued operations if both: (a) the operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of the entity as a result of the disposal transaction and (b) the entity will not have any significant continuing involvement in the operations of the component after the disposal transaction. If the entity elects to allocate interest expense to a discontinued operation, it may disclose its accounting policy for this election and describe its method of allocation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for property, plant and equipment which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for segment reporting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies (Tables)
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Dec. 31, 2012
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Useful Lives | The ranges of estimated useful lives are as follows (in years):
Property and equipment, net consist of the following:
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Schedule of Revenue by Major Brand | For the year ended December 31, 2012, brands representing 5% or more of our revenues from new vehicle sales were as follows:
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- Definition
Schedule of Revenue by Major Brand [Table Text Block] No definition available.
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Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisitions (Tables)
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Dec. 31, 2012
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price Allocation | Below is the allocation of purchase price for acquisitions completed during 2012. The $11.6 million of goodwill and manufacturer franchise rights will be deductible for federal and state income taxes ratably over a 15 year period.
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- Definition
Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Inventories (Tables)
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Dec. 31, 2012
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories consisted of the following:
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Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Assets and Liabilities Held for Sale (Tables)
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Dec. 31, 2012
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Long Lived Assets Held-for-sale | A summary of assets held for sale and liabilities associated with assets held for sale is as follows:
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- Definition
Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Current Assets (Tables)
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Dec. 31, 2012
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Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Assets | Other current assets consist of the following:
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Tabular disclosure of the carrying amounts of other current assets. No definition available.
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Property and Equipment, Net (Tables)
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Dec. 31, 2012
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | The ranges of estimated useful lives are as follows (in years):
Property and equipment, net consist of the following:
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Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Goodwill (Tables)
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Dec. 31, 2012
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2012 and 2011 are as follows:
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Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Long-term Assets (Tables)
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Dec. 31, 2012
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Other Assets, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Long-Term Assets | Other Long-Term Assets consist of the following:
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- Definition
Tabular disclosure of noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Accounts Payable and Accrued Liabilities (Tables)
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Dec. 31, 2012
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of the following:
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Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses. No definition available.
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Long-term Debt (Tables)
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Dec. 31, 2012
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt consists of the following:
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Schedule of Maturities of Long-term Debt | The aggregate maturities of long-term debt as of December 31, 2012, are as follows (in millions):
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Schedule of Mortgage Notes Payable | Below is a summary of our outstanding mortgage notes payable, the carrying values of the related collateralized real estate, and years of maturity as of December 31, 2012 and 2011:
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Schedule of Mortgage Notes Payable [Table Text Block] No definition available.
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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Financial Instruments and Fair Value (Tables)
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Dec. 31, 2012
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values and Fair Values of Liabilities | A summary of the carrying values and fair values of our 8.375% Senior Subordinated Notes due 2020 (the "8.375% Notes"), our 7.625% Senior Subordinated Notes due 2017 (the "7.625% Notes") and our 3% Senior Subordinated Convertible Notes due 2012 (the "3% Convertible Notes") is as follows:
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Schedule of Derivative Instruments Effect on Accumulated Other Comprehensive Income | Information about the effect of derivative instruments on the accompanying Consolidated Statements of Income, including the impact on Accumulated Other Comprehensive Income ("AOCI") (in millions):
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Schedule of Instruments Entered Into For Hedging Purposes | Market Risk Disclosures as of December 31, 2012: Instruments entered into for trading purposes—None Instruments entered into for hedging purposes (in millions)—
____________________________ * The total fair value of our swap is a $0.6 million net liability, of which $0.3 million is included in Accounts Payable and Accrued Liabilities and $0.3 million is included in Other Long-Term Liabilities, respectively, on the accompanying Consolidated Balance Sheet. Market Risk Disclosures as of December 31, 2011: Instruments entered into for trading purposes—None Instruments entered into for hedging purposes (in millions)—
____________________________ * The total fair value of our swap is a $0.5 million net liability, of which $0.2 million is included in Accounts Payable and Accrued Liabilities and $0.3 million is included in Other Long-Term Liabilities, respectively, on the accompanying Consolidated Balance Sheet. |
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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes (Tables)
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Dec. 31, 2012
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense | The components of income tax expense from continuing operations are as follows:
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Reconciliation of the Statutory Federal Rate to the Effective Rate | A reconciliation of the statutory federal rate to the effective tax rate from continuing operations is as follows:
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Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences representing deferred tax assets (liabilities) result principally from the following:
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Schedule of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:
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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of the change in unrecognized tax benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Long-Term Liabilities (Tables)
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Dec. 31, 2012
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Long-Term Liabilities | Other long-term liabilities consist of the following:
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Schedule of Other Long-Term Liabilities [Table Text Block] No definition available.
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Discontinued Operations and Divestitures (Tables)
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Dec. 31, 2012
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Discontinued Operations and Related Results of Business | The following tables provide further information regarding our discontinued operations as of December 31, 2012, and includes the results of businesses sold prior to December 31, 2012:
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Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Supplemental Cash Flow Information (Tables)
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Dec. 31, 2012
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | The following items are included in Other Adjustments to reconcile net income to cash flow from operating activities:
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Tabular disclosure of supplemental cash flow information for the periods presented. No definition available.
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Lease Obligations (Tables)
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Dec. 31, 2012
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Payments for Operating Leases | Future minimum payments under long-term, non-cancellable operating leases as of December 31, 2012, are as follows:
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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Share-based Compensation and Employee Benefit Plans (Tables)
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Dec. 31, 2012
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Compensation Related Costs [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Options Oustanding and Exercisable | A summary of options outstanding and exercisable under the Plans as of December 31, 2012, changes during the year then ended and changes during the years ended December 31, 2011 and 2010 is presented below:
____________________________ * Based on the closing price of our common stock on December 31, 2012, which was $32.03 per share. |
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Schedule of Performance Share Units | A summary of performance share units and restricted stock as of December 31, 2012, changes during the year then ended and changes during the years ended December 31, 2011 and 2010 is presented below:
___________________________ * Maximum of 304,524 issuable upon attaining certain performance metrics. |
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Schedule of Restricted Stock |
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Tabular disclosure of the changes in outstanding nonvested performance-based units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. No definition available.
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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Condensed Quarterly Revenues and Earnings (Unaudited) (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information |
____________________________
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Description of Business (Details)
|
Dec. 31, 2012
states
VehicleBrands
CollisionRepairCenters
Franchises
DealershipLocations
MetropolitanMarkets
|
---|---|
Business Organization [Line Items] | |
Number of franchises (in franchises) | 98 |
Number of dealership locations (in dealership locations) | 77 |
Number of metropolitan markets (in metropolitan markets) | 18 |
Number of states (in states) | 10 |
Number of vehicle brands (in vehicle brands) | 29 |
Number of collision repair centers (in collision repair centers) | 25 |
Luxury and Mid-line Import Brands [Member]
|
|
Business Organization [Line Items] | |
Weighted brand mix | 86.00% |
Domestic Brands [Member]
|
|
Business Organization [Line Items] | |
Weighted brand mix | 14.00% |
X | ||||||||||
- Definition
Brand Mix No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Number of Collision Repair Centers No definition available.
|
X | ||||||||||
- Definition
Number Of Dealership Locations No definition available.
|
X | ||||||||||
- Definition
Number of Franchises No definition available.
|
X | ||||||||||
- Definition
Number of Metropolitan Markets No definition available.
|
X | ||||||||||
- Definition
Number of Vehicle Brands No definition available.
|
X | ||||||||||
- Definition
The number of states the entity operates in as of the balance sheet date. No definition available.
|
Summary of Significant Accounting Policies (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2012
8.375% Senior Subordinated Notes due 2020
Senior Subordinated Notes [Member]
|
Dec. 31, 2011
8.375% Senior Subordinated Notes due 2020
Senior Subordinated Notes [Member]
|
Dec. 31, 2012
7.625% Senior Subordinated Notes due 2017
Senior Subordinated Notes [Member]
|
Dec. 31, 2011
7.625% Senior Subordinated Notes due 2017
Senior Subordinated Notes [Member]
|
Dec. 31, 2012
Common Stock Warrants [Member]
|
Mar. 12, 2007
Common Stock Warrants [Member]
|
Dec. 31, 2012
Common Stock Warrants [Member]
|
Mar. 31, 2007
Common Stock Warrants [Member]
|
Dec. 31, 2012
Minimum [Member]
|
Dec. 31, 2012
Minimum [Member]
Common Stock Warrants [Member]
|
Dec. 31, 2012
Maximum [Member]
|
Dec. 31, 2012
Maximum [Member]
Common Stock Warrants [Member]
|
|
Accounting Policies [Line Items] | |||||||||||||||
General collection period for contracts-in-transit (in days) | 14 days | ||||||||||||||
Common stock warrants, potential number of shares to be issued (in shares) | 4.9 | 4.9 | 6.8 | 2.4 | 4.9 | ||||||||||
Warrants, exercise price (in dollars per share) | $ 44.74 | $ 45.09 | $ 44.74 | ||||||||||||
Advertising expense, net of credits and discounts | $ 27.8 | $ 25.3 | $ 24.3 | ||||||||||||
Adversiting credits and volume discounts | 11.8 | 9.5 | 10.2 | ||||||||||||
Loaner vehicle period of use before sale (in months) | 6 months | 12 months | |||||||||||||
Long-term debt | $ 466.0 | $ 458.6 | |||||||||||||
Stated interest rate of debt instrument | 8.375% | 8.375% | 7.625% | 7.625% |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Advertising Credits and Volume Discounts No definition available.
|
X | ||||||||||
- Definition
General Collection Period for Contracts-in-Transit No definition available.
|
X | ||||||||||
- Definition
Loaner Vehicle Period of Use Before Sale No definition available.
|
X | ||||||||||
- Definition
Long Term Debt and Capital Lease Obligations, Current and Noncurrent No definition available.
|
X | ||||||||||
- Definition
Exercise price of the warrants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount charged to advertising expense for the period, which are expenses incurred with the objective of increasing revenue for a specified brand, product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The specified number of securities that each class of warrants or rights outstanding give the holder the right but not the obligation to purchase from the issuer at a specific price, on or before a certain date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Summary of Significant Accounting Policies (Schedule of Property and Equipment Useful Lives) (Details)
|
12 Months Ended |
---|---|
Dec. 31, 2012
|
|
Buildings and Improvements [Member] | Minimum [Member]
|
|
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 10 years |
Buildings and Improvements [Member] | Maximum [Member]
|
|
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 40 years |
Machinery and Equipment [Member] | Minimum [Member]
|
|
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 5 years |
Machinery and Equipment [Member] | Maximum [Member]
|
|
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 10 years |
Furniture and Fixtures [Member] | Minimum [Member]
|
|
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member]
|
|
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 10 years |
Company Vehicles [Member] | Minimum [Member]
|
|
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 3 years |
Company Vehicles [Member] | Maximum [Member]
|
|
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 5 years |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
X | ||||||||||
- Definition
Entity-Wide Revenues, Major Brand, Percentage No definition available.
|
X | ||||||||||
- Definition
Entity-Wide Revenues, Major Brands, Disclosure Percentage Threshold No definition available.
|
X | ||||||||||
- Details
|
Acquisitions (Franchises Acquired) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2012
2012 Acquisitions [Member]
Franchises
DealershipLocations
|
Dec. 31, 2012
2012 Acquisitions [Member]
|
Dec. 31, 2011
2011 Acquisitions [Member]
|
|
Business Acquisition [Line Items] | ||||||
Number of franchises acquired | 2 | |||||
Number of dealership locations acquired | 2 | |||||
Aggregate purchase price | $ 34.7 | $ 34.7 | ||||
Cash portion of purchase price | 26.9 | |||||
Floor plan borrowings for puchase of related inventory | 7.8 | |||||
Goodwill and manufacturer franchise rights | 11.6 | 11.6 | ||||
Goodwill and manufacturer franchise rights, period for federal and state tax deductions | 15 years | |||||
Inventory | 9.8 | 9.8 | 0 | |||
Loaner vehicles | 0.4 | 0.4 | 0 | |||
Property and equipment | 12.9 | 12.9 | 0 | |||
Goodwill | 28.4 | 18.7 | 18.9 | 10.0 | 10.0 | 0 |
Manufacturer franchise rights | 1.6 | 1.6 | 0 | |||
Total purchase price | $ 34.7 | $ 34.7 | $ 0 |
X | ||||||||||
- Definition
Business Combination, Consideration Transferred, Liabilities Incurred No definition available.
|
X | ||||||||||
- Definition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles No definition available.
|
X | ||||||||||
- Definition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles and Goodwill No definition available.
|
X | ||||||||||
- Definition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loaner Vehicles No definition available.
|
X | ||||||||||
- Definition
Intangible Assets (Including Goodwil), Period for Federal and State Tax Deductions No definition available.
|
X | ||||||||||
- Definition
Number of Dealership Locations Acquired No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
This element represents the acquisition-date fair value of the total consideration transferred which consists of the sum of the acquisition-date fair values of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree, and the equity interests issued by the acquirer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of inventory recognized as of the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of property, plant, and equipment recognized as of the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Net amount recognized for aggregate assets, including goodwill, in excess of or less than the aggregate liabilities assumed (also referred to as net assets acquired). This amount may also be viewed as incremental amount of equity that the consolidated entity (including the portion attributable to a noncontrolling interest) will recognize as a result of the business combination. No definition available.
|
X | ||||||||||
- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of businesses acquired by the entity during the period. No definition available.
|
X | ||||||||||
- Definition
The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Acquisitions (Franchises Awarded) (Details)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2012
Jaguar [Member]
Franchises
|
Dec. 31, 2011
Fisker [Member]
Franchises
|
|
Schedule of Franchises Awarded [Line Items] | ||
Number of franchises awarded (in franchises) | 1 | 1 |
X | ||||||||||
- Definition
Number of Franchises Awarded No definition available.
|
X | ||||||||||
- Details
|
Accounts Receivable (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Receivables [Abstract] | |||
Trade receivables sold, annual contractual amount, maximum | $ 25.0 | ||
Discount on trade receivables sold | 0.4 | 0.6 | 0.6 |
Trade receivables sold | $ 18.7 | $ 22.6 | $ 23.4 |
X | ||||||||||
- Definition
Discount on Trade Receivables Sold No definition available.
|
X | ||||||||||
- Definition
Trade Accounts Receivable Sold Without Recourse No definition available.
|
X | ||||||||||
- Definition
Trade Accounts Receivable Sold Without Recourse, Annual Contractual Amount, Maximum No definition available.
|
X | ||||||||||
- Details
|
Inventories (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Components of Inventory [Line Items] | |||
Inventories | $ 648.5 | $ 519.5 | |
Lower of cost or market inventory reserves | 4.7 | 5.2 | |
Inventories classified as Assets Held for Sale | 6.6 | 0 | |
New Vehicles [Member]
|
|||
Components of Inventory [Line Items] | |||
Inventories | 517.4 | 400.0 | |
Reduction of new vehicle invenotry cost by automobile manufacturer incentives | 6.3 | 4.9 | |
Reduction to new vehicle cost of sales by automobile manufacturer incentives | 23.9 | 19.9 | 18.4 |
Used Vehicles [Member]
|
|||
Components of Inventory [Line Items] | |||
Inventories | 94.6 | 82.0 | |
Parts and Accessories [Member]
|
|||
Components of Inventory [Line Items] | |||
Inventories | $ 36.5 | $ 37.5 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Reduction to New Vehicle Cost of Sales by Automobile Manufacturer Incentives No definition available.
|
X | ||||||||||
- Definition
For the disposal group, including a component of the entity (discontinued operation), carrying amount of inventories (net of all valuation allowances and write-downs). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Certain changes made in the current period to the value and amount of inventory reported. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of the valuation account as of the balance sheet date which reduces the carrying amount of inventory to net realizable value; takes into consideration such factors as market value, excessive quantities based on expected sales, technological obsolescence, and shrinkage. May also provide for estimated product returns or price concessions pertaining to product cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Disposal Group, Including Discontinued Operation, Impairment Expenses No definition available.
|
X | ||||||||||
- Definition
Net Assets of Disposal Group, Including Discontinued Operation No definition available.
|
X | ||||||||||
- Definition
Number Of Dealership Locations No definition available.
|
X | ||||||||||
- Definition
Number Of Dealership Locations, Sold No definition available.
|
X | ||||||||||
- Definition
Number of Franchises No definition available.
|
X | ||||||||||
- Definition
Number of Franchises, Sold No definition available.
|
X | ||||||||||
- Definition
The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for assets of a disposal group, including a component of the entity (discontinued operation), to be sold or that has been disposed of through sale, as of the financial statement date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
For the disposal group, including a component of the entity (discontinued operation), carrying value of obligations incurred and payable pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include interest, rent, salaries, and utilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
For the disposal group, including a component of the entity (discontinued operation), carrying amount of goodwill (adjusted for any amortization recognized prior to adoption of FAS 142 and impairment charges). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
For the disposal group, including a component of the entity (discontinued operation), carrying amount of inventories (net of all valuation allowances and write-downs). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
For the disposal group, including a component of the entity (discontinued operation), obligations not otherwise itemized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
For the disposal group, including a component of the entity (discontinued operation), carrying value (net of accumulated depreciation and any write-downs) of tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount recognized as an operating expense or loss during the period to reduce the carrying amount of a project that has been impaired but not abandoned. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The obligations arising from the sale, disposal, or planned sale in the near future (generally within one year) of a disposal group, including a component of the entity (discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Carrying amount as of the balance sheet date of investments in land and buildings held for sale, excluding real estate considered to be inventory of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The charge against earnings resulting from the aggregate write down of tangible assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Other Current Assets (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Other Assets [Abstract] | ||
Service loaner vehicles | $ 51.0 | $ 43.6 |
Cash surrender value of corporate-owned life insurance policies | 7.7 | 10.7 |
Prepaid taxes | 3.0 | 3.4 |
Prepaid rent | 0.5 | 0.5 |
Other | 7.3 | 5.1 |
Other current assets | $ 69.5 | $ 63.3 |
X | ||||||||||
- Definition
Deferred Compensation Arrangements, Cash Surrender Value of Life Insurance, Current No definition available.
|
X | ||||||||||
- Definition
Other Assets, Current, Service Loaner Vehicles No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying amount, as of the balance sheet date, of current assets which have not been itemized or categorized in the footnotes to the financial statements and are a component of Other Assets, Current (OtherAssetsCurrent). Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). No definition available.
|
X | ||||||||||
- Definition
Carrying amount as of the balance sheet date of rental payments made in advance of the rental period; such amounts will be charged against earnings within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying amount as of the balance sheet date of payments made in advance for income and other taxes, which will be charged against earnings within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Property and Equipment, Net (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Property, Plant and Equipment [Line Items] | ||||
Interest costs capitalized | $ 0.9 | $ 0.4 | $ 0.5 | |
Depreciation and capital lease obligation amortization | 22.6 | 22.5 | 20.5 | |
Real estate pledged as collateral | 152.4 | 150.9 | ||
Impairment expenses | 2.3 | 2.3 | 1.1 | 5.1 |
Impairment expenses included in Discontinued Operations | 2.0 | 2.1 | ||
Mortgages [Member]
|
||||
Property, Plant and Equipment [Line Items] | ||||
Long-term debt | $ 118.9 | $ 96.8 |
X | ||||||||||
- Definition
Real Estate Pledged as Collateral No definition available.
|
X | ||||||||||
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate amount of write-downs for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of interest capitalized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The charge against earnings resulting from the aggregate write down of tangible assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Property and Equipment, Net (Schedule of Property and Equipment, Net) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 729.8 | $ 654.1 |
Less - Accumulated depreciation | (164.0) | (143.3) |
Property and equipment, net | 565.8 | 510.8 |
Land [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 227.7 | 208.0 |
Building and Leasehold Improvements [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 386.6 | 343.4 |
Machinery and Equipment [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 71.6 | 65.8 |
Furniture and Fixtures [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 35.3 | 29.1 |
Company Vehicles [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 8.6 | $ 7.8 |
X | ||||||||||
- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Goodwill (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Goodwill [Roll Forward] | ||
Gross Carrying Amount, beginning balance | $ 556.4 | $ 556.6 |
Less: Accumulated Impairment, beginning balance | (537.7) | (537.7) |
Net, beginning balance | 18.7 | 18.9 |
Acquisitions | 10.0 | |
Divestitures | (0.3) | (0.2) |
Gross Carrying Amount, ending balance | 566.1 | 556.4 |
Less: Accumulated Impairment, ending balance | (537.7) | (537.7) |
Net, ending balance | $ 28.4 | $ 18.7 |
X | ||||||||||
- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate amount of goodwill acquired in the period and allocated to the reportable segment. The value is stated at fair value based on the purchase price allocation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Gross amount, as of the balance sheet date, of the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable), in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The accumulated impairment losses related to goodwill as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Write-off of the carrying amount of goodwill associated with all or a portion of a reporting unit that is sold in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Other Long-term Assets (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Other Assets, Noncurrent [Abstract] | ||
Manufacturer franchise rights | $ 35.0 | $ 33.4 |
Deferred financing costs | 10.9 | 15.1 |
Cash surrender value of corporate-owned life insurance policies | 2.4 | 2.3 |
Construction period rent | 2.2 | 2.8 |
Other | 2.8 | 2.4 |
Total other long-term assets | $ 53.3 | $ 56.0 |
X | ||||||||||
- Definition
Construction Period Rent, Noncurrent No definition available.
|
X | ||||||||||
- Definition
Carrying amount as of the balance sheet date of amounts which could be received based on the terms of the insurance contract upon surrendering life policies owned by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Net amount of long-term deferred finance costs capitalized at the end of the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying amount (original costs adjusted for previously recognized amortization and impairment) as of the balance sheet date for the rights acquired through a franchise arrangement having an indefinite period of benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying amount as of the balance sheet date of noncurrent assets which have not been itemized or categorized in the footnotes to the financial statements and are a component of Other Assets, Noncurrent (OtherAssetsNoncurrent). Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). No definition available.
|
X | ||||||||||
- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
Floor Plan Notes Payable (Details) (USD $)
|
12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2012
Minimum [Member]
|
Dec. 31, 2012
Maximum [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
Revolving Credit Facility [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
Revolving Credit Facility [Member]
Minimum [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
Revolving Credit Facility [Member]
Maximum [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
Letter of Credit [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
New Vehicle Floor Plan [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
New Vehicle Floor Plan [Member]
LIBOR [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
New Vehicle Floor Plan [Member]
Base Rate [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
Used Vehicle Revolving Floor Plan Facility [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
Used Vehicle Revolving Floor Plan Facility [Member]
LIBOR [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
Used Vehicle Revolving Floor Plan Facility [Member]
Base Rate [Member]
|
|
Line of Credit Facility [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 175,000,000 | $ 50,000,000 | $ 625,000,000 | $ 100,000,000 | ||||||||||
Additional capacity available upon meeting certain requirements | 225,000,000 | |||||||||||||
Interest rate, basis spread on variable rate | 1.50% | 0.50% | 1.75% | 0.75% | ||||||||||
Commitment fee percentage | 0.30% | 0.50% | 0.20% | 0.25% | ||||||||||
Floor plan notes payable, trade | 55,100,000 | 65,500,000 | ||||||||||||
Floor plan notes payable, non-trade, including amounts classified as Liabilities Associated with Assets Held for Sale | 507,000,000 | |||||||||||||
Floor plan notes payable | 562,100,000 | 434,000,000 | ||||||||||||
Floor plan notes payable- liabilities classified as held for sale | 5,400,000 | |||||||||||||
Days to transfer to off-set account | 1 day | 2 days | ||||||||||||
Off-set account, amount outstanding | $ 12,600,000 |
X | ||||||||||
- Definition
Floor Plan Notes Payable, Including Liabilities Associated with Assets Held for Sale No definition available.
|
X | ||||||||||
- Definition
Floor Plan Notes Payable, Non-trade, Including Liabilities Associated with Assets Held for Sale No definition available.
|
X | ||||||||||
- Definition
Amounts borrowed to finance the purchase of specific new vehicle inventories with the corresponding manufacturers' captive finance subsidiaries ("trade lenders"). No definition available.
|
X | ||||||||||
- Definition
Liabilities of Disposal Group, Including Discontinued Operation, Current, Floor Plan Notes Payable No definition available.
|
X | ||||||||||
- Definition
Line of Credit, Days to Transfer to Off-Set Account No definition available.
|
X | ||||||||||
- Definition
Line of Credit Facility, Additional Capacity Available Upon Meeting Certain Requirements No definition available.
|
X | ||||||||||
- Definition
Line of Credit, Off-Set Account, Amount Outstanding No definition available.
|
X | ||||||||||
- Definition
The percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition
The fee, expressed as a percentage of the line of credit facility, for the line of credit facility regardless of whether the facility has been used. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Accounts Payable and Accrued Liabilities (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Payables and Accruals [Abstract] | ||
Accounts payable | $ 64.8 | $ 45.6 |
Loaner vehicle notes payable | 46.7 | 39.6 |
Accrued compensation | 20.2 | 18.5 |
Taxes payable (non-income tax) | 15.9 | 15.8 |
Accrued insurance | 14.6 | 14.8 |
Accrued finance and insurance chargebacks | 11.0 | 8.7 |
Deferred compensation liability | 7.8 | 7.7 |
Accrued interest | 7.0 | 6.9 |
Other | 21.1 | 25.2 |
Accounts payable and accrued liabilities | $ 209.1 | $ 182.8 |
X | ||||||||||
- Definition
Accrued Finance and Insurance Chargebacks, Current No definition available.
|
X | ||||||||||
- Definition
Notes Payable, Loaner Vehicle, Current No definition available.
|
X | ||||||||||
- Definition
Taxes Payable, Current, Excluding Income Taxes Payable No definition available.
|
X | ||||||||||
- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable to insurance entities to mitigate potential loss from various risks or to satisfy a promise to provide certain coverage's to employees. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements payable within one year (or the operating cycle, if longer). Represents currently earned compensation under compensation arrangements that is not actually paid until a later date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
Long-term Debt (Details) (USD $)
|
12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
manufacturing_partner
|
Dec. 31, 2012
Revolving Credit Facility [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
Revolving Credit Facility [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
Revolving Credit Facility [Member]
Variable Interest Rate Option Two [Member]
Federal Funds [Member]
Base Rate Option Two [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
Revolving Credit Facility [Member]
Variable Interest Rate Option Two [Member]
One-month LIBOR [Member]
Base Rate Option Three [Member]
|
Dec. 31, 2012
Bank of America, N.A. [Member]
Letter of Credit [Member]
|
Dec. 31, 2012
Minimum [Member]
Bank of America, N.A. [Member]
Revolving Credit Facility [Member]
|
Dec. 31, 2012
Minimum [Member]
Bank of America, N.A. [Member]
Revolving Credit Facility [Member]
Variable Interest Rate Option One [Member]
LIBOR [Member]
|
Dec. 31, 2012
Minimum [Member]
Bank of America, N.A. [Member]
Revolving Credit Facility [Member]
Variable Interest Rate Option Two [Member]
Base Rate [Member]
|
Dec. 31, 2012
Maximum [Member]
Bank of America, N.A. [Member]
Revolving Credit Facility [Member]
|
Dec. 31, 2012
Maximum [Member]
Bank of America, N.A. [Member]
Revolving Credit Facility [Member]
Variable Interest Rate Option One [Member]
LIBOR [Member]
|
Dec. 31, 2012
Maximum [Member]
Bank of America, N.A. [Member]
Revolving Credit Facility [Member]
Variable Interest Rate Option Two [Member]
Base Rate [Member]
|
Dec. 31, 2012
Mortgages [Member]
|
Sep. 30, 2012
3% Senior Subordinated Convertible Notes due 2012
Senior Subordinated Convertible Notes [Member]
|
Dec. 31, 2012
Mortgages [Member]
|
Dec. 31, 2011
Mortgages [Member]
|
Dec. 31, 2012
Mortgages [Member]
Wachovia Mortgages [Member]
|
Dec. 31, 2011
Mortgages [Member]
Wachovia Mortgages [Member]
|
Dec. 31, 2012
Mortgages [Member]
Wachovia Mortgages [Member]
One-month LIBOR [Member]
|
Dec. 31, 2012
Mortgages [Member]
New Mortgage Notes Payable, Fixed Rate [Member]
debt_instrument
DealershipLocations
|
Dec. 31, 2012
Senior Subordinated Notes [Member]
|
Dec. 31, 2012
Senior Subordinated Notes [Member]
8.375% Senior Subordinated Notes due 2020
|
Dec. 31, 2011
Senior Subordinated Notes [Member]
8.375% Senior Subordinated Notes due 2020
|
Dec. 31, 2012
Senior Subordinated Notes [Member]
7.625% Senior Subordinated Notes due 2017
|
Dec. 31, 2011
Senior Subordinated Notes [Member]
7.625% Senior Subordinated Notes due 2017
|
Dec. 31, 2012
Senior Subordinated Convertible Notes [Member]
3% Senior Subordinated Convertible Notes due 2012
|
Dec. 31, 2011
Senior Subordinated Convertible Notes [Member]
3% Senior Subordinated Convertible Notes due 2012
|
Dec. 31, 2012
Common Stock Warrants [Member]
|
Mar. 12, 2007
Common Stock Warrants [Member]
|
Dec. 31, 2012
Common Stock Warrants [Member]
|
|
Revolving Credit Facility: | ||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 175,000,000 | $ 50,000,000 | ||||||||||||||||||||||||||||
Additional capacity available upon meeting certain requirements | 225,000,000 | |||||||||||||||||||||||||||||
Amount of letters of credit outstanding | 14,600,000 | |||||||||||||||||||||||||||||
Remaining borrowing capacity | 160,400,000 | |||||||||||||||||||||||||||||
Interest rate, basis spread on variable rate | 0.50% | 1.00% | 1.75% | 0.75% | 2.75% | 1.75% | 2.95% | |||||||||||||||||||||||
Commitment fee percentage | 0.30% | 0.50% | ||||||||||||||||||||||||||||
Senior Subordinated Notes: | ||||||||||||||||||||||||||||||
Long-term debt, gross | 466,000,000 | 118,900,000 | 96,800,000 | 0 | 41,800,000 | 343,200,000 | 200,000,000 | 143,200,000 | ||||||||||||||||||||||
Stated interest rate of debt instrument | 8.375% | 8.375% | 7.625% | 7.625% | 3.00% | 3.00% | ||||||||||||||||||||||||
Repayment of mortgage notes payable | 41,000,000 | 15,100,000 | ||||||||||||||||||||||||||||
Warrants, exercise price (in dollars per share) | $ 44.74 | $ 45.09 | $ 44.74 | |||||||||||||||||||||||||||
Warrants, premium over stock price at issuance | 62.50% | |||||||||||||||||||||||||||||
Mortgage Notes Payable: | ||||||||||||||||||||||||||||||
Number of new debt instruments (in instruments) | 8 | |||||||||||||||||||||||||||||
Number of dealership locations used as collateral for new debt (in delaership locations) | 8 | |||||||||||||||||||||||||||||
Face value of debt instrument | 66,200,000 | 0 | 15,100,000 | |||||||||||||||||||||||||||
Debt issuance costs | 700,000 | |||||||||||||||||||||||||||||
Number of new debt instruments financed by captive finance companies (in instruments) | 6 | |||||||||||||||||||||||||||||
Number of manufacturing partner affiliations related to new debt instruments (in manufacturing partners) | 2 | |||||||||||||||||||||||||||||
Interest rate, basis spread on variable rate | 0.50% | 1.00% | 1.75% | 0.75% | 2.75% | 1.75% | 2.95% | |||||||||||||||||||||||
Principal payment term | 20 years | |||||||||||||||||||||||||||||
Repayment of mortgage notes payable | 41,000,000 | 15,100,000 | ||||||||||||||||||||||||||||
Subordinated Note Repurchases: | ||||||||||||||||||||||||||||||
Long-term debt, gross | 466,000,000 | 118,900,000 | 96,800,000 | 0 | 41,800,000 | 343,200,000 | 200,000,000 | 143,200,000 | ||||||||||||||||||||||
Minimum repurchased amount authorized per calendar year | 25,000,000 | |||||||||||||||||||||||||||||
Stock Repurchase and Dividend Restrictions: | ||||||||||||||||||||||||||||||
Stock repurchase program, authorized amount and dividend payment restriction | 63,800,000 | |||||||||||||||||||||||||||||
Stock repurchase program, authorized amount | $ 10,000,000 |
X | ||||||||||
- Definition
Debt Instrument, Covernant Term, Additional Funds for Common Stock Repurchase No definition available.
|
X | ||||||||||
- Definition
Debt Instrument, Covernant Term, Common Stock Repurchase and Cash Dividends, Restricted Amount No definition available.
|
X | ||||||||||
- Definition
Debt Instrument, Credit Agreement, Minimum Repurchased Amount Authorized Per Calendar Year No definition available.
|
X | ||||||||||
- Definition
Debt Instrument, Number of New Instruments No definition available.
|
X | ||||||||||
- Definition
Debt Instrument, Number of New Instruments Financed by Captive Finance Companies No definition available.
|
X | ||||||||||
- Definition
Debt Instrument, Principal Payment Term No definition available.
|
X | ||||||||||
- Definition
Debt Instruments, Number of Manufacturing Partner Affiliations Related to New Instruments No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Line of Credit Facility, Additional Capacity Available Upon Meeting Certain Requirements No definition available.
|
X | ||||||||||
- Definition
Number of Dealership Locations Used as Collateral for New Debt No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Warrants, Exercise Price, Premium over Stock Price at Issuance No definition available.
|
X | ||||||||||
- Definition
Exercise price of the warrants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The stated principal amount of the debt instrument at time of issuance, which may vary from the carrying amount because of unamortized premium or discount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of debt issuance costs (for example, but not limited to, legal, accounting, broker, and regulatory fees). No definition available.
|
X | ||||||||||
- Definition
Gross amount of debt extinguished. No definition available.
|
X | ||||||||||
- Definition
The total amount of the contingent obligation under letters of credit outstanding as of the reporting date. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The fee, expressed as a percentage of the line of credit facility, for the line of credit facility regardless of whether the facility has been used. No definition available.
|
X | ||||||||||
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Long-term Debt (Schedule of Long-Term Debt) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 3.9 | $ 3.9 |
Long term debt and capital lease obligations, current and noncurrent | 466.0 | 458.6 |
Less: current portion | (4.6) | (19.5) |
Long-term debt | 461.4 | 439.1 |
Mortgages [Member]
|
||
Debt Instrument [Line Items] | ||
Weighted average interest rate on long-term debt | 5.20% | 4.60% |
Long-term debt | 118.9 | 96.8 |
8.375% Senior Subordinated Notes due 2020 | Senior Subordinated Notes [Member]
|
||
Debt Instrument [Line Items] | ||
Stated interest rate of debt instrument | 8.375% | 8.375% |
Long-term debt | 200.0 | 200.0 |
7.625% Senior Subordinated Notes due 2017 | Senior Subordinated Notes [Member]
|
||
Debt Instrument [Line Items] | ||
Stated interest rate of debt instrument | 7.625% | 7.625% |
Long-term debt | 143.2 | 143.2 |
3% Senior Subordinated Convertible Notes due 2012 | Senior Subordinated Convertible Notes [Member]
|
||
Debt Instrument [Line Items] | ||
Stated interest rate of debt instrument | 3.00% | 3.00% |
Face value of debt instrument | 0 | 15.1 |
Discount of debt instrument | 0 | 0.4 |
Long-term debt | $ 0 | $ 14.7 |
X | ||||||||||
- Definition
Long Term Debt and Capital Lease Obligations, Current and Noncurrent No definition available.
|
X | ||||||||||
- Definition
Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal through the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The stated principal amount of the debt instrument at time of issuance, which may vary from the carrying amount because of unamortized premium or discount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer plus capital lease obligations due to be paid more than one year after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Obligation related to long-term debt (excluding convertible debt) and capital leases, the portion which is due in one year or less in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Reflects the calculation as of the balance sheet date of the average interest rate weighted by the amount of long-term debt outstanding by type or by instrument at that time. No definition available.
|
Long-term Debt (Schedule of Aggregate Maturities of Long-Term Debt) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
---|---|
Debt Disclosure [Abstract] | |
2013 | $ 4.6 |
2014 | 4.7 |
2015 | 20.7 |
2016 | 3.7 |
2017 | 147.1 |
Thereafter | 285.2 |
Total long-term debt maturities, gross | $ 466.0 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four No definition available.
|
X | ||||||||||
- Definition
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five No definition available.
|
X | ||||||||||
- Definition
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three No definition available.
|
X | ||||||||||
- Definition
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two No definition available.
|
X | ||||||||||
- Definition
Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The carrying amount, as of the date of the latest financial statement presented, of real estate owned but transferred to serve as collateral for the payment of the related debt obligation, primarily a secured borrowing or repurchase agreement, and for which the transferee is not permitted to sell or re-pledge them to an unrelated party. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Financial Instruments and Fair Value (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
0 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
Common Stock Warrants [Member]
|
Mar. 12, 2007
Common Stock Warrants [Member]
|
Dec. 31, 2012
Common Stock Warrants [Member]
|
Mar. 31, 2007
Common Stock Warrants [Member]
|
Dec. 31, 2012
Common Stock Warrants [Member]
Minimum [Member]
|
Dec. 31, 2012
Common Stock Warrants [Member]
Maximum [Member]
|
Dec. 31, 2012
Interest Rate Swap [Member]
|
Dec. 31, 2011
Interest Rate Swap [Member]
|
Jul. 31, 2011
Interest Rate Swap [Member]
|
Dec. 31, 2012
Other Long-term Liabilities and Current Liabilities [Member]
Level 2 [Member]
|
Dec. 31, 2011
Other Long-term Liabilities and Current Liabilities [Member]
Level 2 [Member]
|
|||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||
Notional principal amount of interest rate swap agreement | $ 19.7 | [1] | $ 21.0 | [2] | $ 21.5 | ||||||||||||
Notional principal amount of interest rate swap agreement, at maturity | 16.1 | ||||||||||||||||
Interest rate swap, net loss amount expected to be reclassified in the next twelve months | (2.1) | ||||||||||||||||
Fair value of interest rate swaps | $ (0.6) | [1] | $ (0.5) | [2] | $ (0.6) | $ (0.5) | |||||||||||
Warrants, exercise price (in dollars per share) | $ 44.74 | $ 45.09 | $ 44.74 | ||||||||||||||
Warrants, premium over stock price at issuance | 62.50% | ||||||||||||||||
Number of shares of common stock underlying warrant transactions, time of issuance (in shares) | 3.4 | ||||||||||||||||
Number of shares of common stock underlying warrant transactions, maximum to be issued (in shares) | 4.9 | 4.9 | 6.8 | 2.4 | 4.9 | ||||||||||||
|
X | ||||||||||
- Definition
Notional Amount of Interest Rate Cash Flow Hedge Derivatives, At Maturity No definition available.
|
X | ||||||||||
- Definition
Warrants, Exercise Price, Premium over Stock Price at Issuance No definition available.
|
X | ||||||||||
- Definition
Exercise price of the warrants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The specified number of securities that each class of warrants or rights outstanding give the holder the right but not the obligation to purchase from the issuer at a specific price, on or before a certain date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate amount of each class of warrants or rights outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Fair value as of the balance sheet date of all interest rate derivatives designated as cash flow hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The estimated net amount of unrealized gains or losses on interest rate cash flow hedges as of the balance sheet date expected to be reclassified to earnings within the next twelve months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate notional amount of all interest rate derivatives designated as hedging instruments in cash flow hedges. Notional amount refers to the monetary amount specified in the interest rate derivative contract. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The stated principal amount of the debt instrument at time of issuance, which may vary from the carrying amount because of unamortized premium or discount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. No definition available.
|
Financial Instruments and Fair Value (Schedule of Derivative Instruments Effect on the Consolidated Income Statement, Including Accumulated Other Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Interest Rate Swap [Member]
|
|||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Results Recognized in AOCI (Effective Portion) | $ (0.3) | $ (3.1) | $ (5.9) |
Interest Expense [Member] | Interest Rate Swap [Member]
|
|||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount Reclassified out of AOCI to Earnings | (0.2) | (4.1) | (5.3) |
Ineffective Results Recognized in Earnings | 0 | 0 | 0 |
Interest Expense [Member] | Terminated Interest Rate Swaps [Member]
|
|||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount Reclassified out of AOCI to Earnings | $ (4.8) | $ (0.3) | $ (0.3) |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The effective portion of gains and losses (net) on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net gain (loss) during the reporting period due to ineffectiveness in interest rate cash flow hedges. Recognized in earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of net gains or losses on interest rate cash flow hedges reclassified during the period to earnings from accumulated other comprehensive income upon the hedged transaction affecting earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Financial Instruments and Fair Value (Schedule of Instruments Entered Into for Heding Purposes) (Details) (Interest Rate Swap [Member], USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Jul. 31, 2011
|
|||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Notional principal amount of interest rate swap agreement | $ 19.7 | [1] | $ 21.0 | [2] | $ 21.5 | ||||
Underlying rate | 1 month LIBOR | [1] | 1 month LIBOR | [2] | |||||
Expiration | Oct. 01, 2015 | [1] | Oct. 01, 2015 | [2] | |||||
Fair value of interest rate swaps | (0.6) | [1] | (0.5) | [2] | |||||
Accounts Payable and Accrued Liabilities [Member]
|
|||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Fair value of interest rate swaps | (0.3) | (0.2) | |||||||
Other Long-Term Liabilities [Member]
|
|||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Fair value of interest rate swaps | $ (0.3) | $ (0.3) | |||||||
|
X | ||||||||||
- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Date the derivative contract matures, in CCYY-MM-DD format. No definition available.
|
X | ||||||||||
- Definition
Fair value as of the balance sheet date of all interest rate derivatives designated as cash flow hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate notional amount of all interest rate derivatives designated as hedging instruments in cash flow hedges. Notional amount refers to the monetary amount specified in the interest rate derivative contract. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
---|---|
Operating Loss Carryforwards [Line Items] | |
Unrecognized tax benefits that would impact effective rate | $ 0.3 |
State and Local Jurisdiction [Member]
|
|
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforward | $ 2.7 |
X | ||||||||||
- Definition
The sum of domestic, foreign and state and local operating loss carryforwards, before tax effects, available to reduce future taxable income under enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Income Taxes (Schedule of Components of Income Tax Expense) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Current: | |||
Federal | $ 33.0 | $ 15.5 | $ 5.7 |
State | 1.9 | (0.1) | 1.8 |
Subtotal | 34.9 | 15.4 | 7.5 |
Deferred: | |||
Federal | 11.2 | 9.6 | 13.5 |
State | 3.9 | 3.7 | 1.1 |
Subtotal | 15.1 | 13.3 | 14.6 |
Provision for income taxes | $ 50.0 | $ 28.7 | $ 22.1 |
X | ||||||||||
- Definition
The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted federal tax law to the domestic taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted state and local tax law to relevant amounts of taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The component of total income tax expense for the period comprised of the increase (decrease) during the period in the entity's domestic deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the federally enacted tax law. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The component of total income tax expense for the period comprised of the increase (decrease) in the entity's state and local deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the applicable enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Provision at the statutory rate | $ 46.7 | $ 26.3 | $ 20.1 |
Increase (decrease) resulting from: | |||
State income tax expense, net | 3.5 | 2.4 | 1.9 |
(Gain) loss on corporate owned life insurance policies | (0.5) | 0.1 | (0.2) |
Tax credits received | 0 | (0.5) | (0.1) |
Other | 0.3 | 0.4 | 0.4 |
Provision for income taxes | $ 50.0 | $ 28.7 | $ 22.1 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The portion of the difference between total income tax expense or benefit as reported in the Income Statement for the period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations attributable to nondeductible life insurance premiums under enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The portion of the difference, between total income tax expense or benefit as reported in the Income Statement for the year/accounting period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations, that is attributable to all other items not otherwise listed in the existing taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The portion of the difference, between total income tax expense or benefit as reported in the Income Statement for the period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations, that is attributable to state and local income tax expense or benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The sum of the differences between total income tax expense or benefit as reported in the Income Statement for the period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations attributable to tax credits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Income Taxes (Schedule of Deferred Income Tax Assets and Liabilities) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Income Tax Disclosure [Abstract] | ||
Reserves and accruals | $ 26.2 | $ 23.7 |
Net operating loss (“NOL”) carryforwards | 1.8 | 3.0 |
Goodwill amortization | 27.2 | 36.7 |
Depreciation | (18.4) | (16.2) |
Interest rate swaps | 1.0 | 2.9 |
Other | 0.6 | 0.9 |
Net deferred tax asset | 38.4 | 51.0 |
Deferred tax assets: | ||
Current | 11.9 | 10.5 |
Long-term | 66.5 | 76.2 |
Deferred tax liabilities: | ||
Current | (1.0) | (0.9) |
Long-term | $ (39.0) | $ (34.8) |
X | ||||||||||
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from derivative instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from intangible assets including goodwill. No definition available.
|
X | ||||||||||
- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards, net of deferred tax liability attributable to taxable temporary differences. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from reserves and accruals. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of deferred tax liability attributable to taxable temporary differences expected to be realized or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Gross amount of noncurrent deferred tax liabilities, which result from applying the applicable tax rate to taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of deferred tax liability attributable to taxable temporary differences from property, plant, and equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
Income Taxes (Schedule of Unrecognized Benefits) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $ 1.0 | $ 1.2 | $ 1.5 |
Additions for Tax Positions of Prior Year | 0.3 | ||
Reduction for Lapse of Statute of Limitations | (0.7) | (0.5) | (0.3) |
Ending Balance | $ 0.3 | $ 1.0 | $ 1.2 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The gross amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The gross amount of increases in unrecognized tax benefits resulting from tax positions taken in prior period tax returns, excluding amounts pertaining to examined tax returns. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The gross amount of decreases in unrecognized tax benefits resulting from lapses of the applicable statutes of limitations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Other Long-Term Liabilities (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Accrued finance and insurance chargebacks | $ 8.1 | $ 5.8 |
Deferred rent | 6.6 | 7.0 |
Interest rate swap liabilities | 0.3 | 0.3 |
Other | 2.4 | 4.3 |
Other long-term liabilities | $ 17.4 | $ 17.4 |
X | ||||||||||
- Definition
Accrued Finance and Insurance Chargebacks, Noncurrent No definition available.
|
X | ||||||||||
- Definition
Interest Rate Swap Liabilities, Noncurrent No definition available.
|
X | ||||||||||
- Definition
For a classified balance sheet, the cumulative difference between the rental income or payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense, by the lessor or lessee, respectively, more than one year after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The noncurrent portion (due beyond one year or one operating cycle) of other accrued expenses (expenses incurred at the end of the reporting period but not yet paid) not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Disposal Group, Including Discontinued Operation, Impairment Expenses No definition available.
|
X | ||||||||||
- Definition
Disposal Group, Including Discontinued Operation, Operating Expense, Lease Termination Charge No definition available.
|
X | ||||||||||
- Definition
Disposal Group, Including Discontinued Operation, Other Expense, Net No definition available.
|
X | ||||||||||
- Definition
Number Of Dealership Locations No definition available.
|
X | ||||||||||
- Definition
Number Of Dealership Locations, Sold No definition available.
|
X | ||||||||||
- Definition
Number of Franchises No definition available.
|
X | ||||||||||
- Definition
Number of Franchises, Discontinued Operations No definition available.
|
X | ||||||||||
- Definition
Number of Franchises, Sold No definition available.
|
X | ||||||||||
- Definition
Amount of gain (loss), before tax expense or benefit and not previously recognized, resulting from the sale of a business component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Overall income (loss) from a disposal group that is classified as a component of the entity, before income tax, reported as a separate component of income before extraordinary items. Includes the following (before income tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of costs of goods sold attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of gross profit attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of operating expenses attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of operating income or loss attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of sales or other form of revenues attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of income (loss) from a disposal group, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
Supplemental Cash Flow Information (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2012
2012 Acquisitions [Member]
DealershipLocations
Franchises
|
|
Supplemental Cash Flow Information [Abstract] | ||||
Interest payments made including amounts capitalized | $ 46.1 | $ 52.3 | $ 52.1 | |
Cash paid during the period related to floor plan interest | 10.5 | 11.0 | 10.9 | |
Income tax payments, net of refunds received | 32.8 | 15.4 | (1.7) | |
Trade receivables sold | 18.7 | 22.6 | 23.4 | |
Discount on trade receivables sold | 0.4 | 0.6 | 0.6 | |
Loaner vehicles transferred from other current assets to inventory | 54.6 | 36.4 | 35.6 | |
Business Acquisition [Line Items] | ||||
Number of franchises acquired | 2 | |||
Number of dealership locations acquired | 2 | |||
Aggregate purchase price | 34.7 | |||
Cash portion of purchase price | 26.9 | |||
Floor plan borrowings for puchase of related inventory | $ 7.8 |
X | ||||||||||
- Definition
Business Combination, Consideration Transferred, Liabilities Incurred No definition available.
|
X | ||||||||||
- Definition
Cash paid during the period related to floor plan interest No definition available.
|
X | ||||||||||
- Definition
Discount on Trade Receivables Sold No definition available.
|
X | ||||||||||
- Definition
Loaner vehicles transferred from other current assets to inventory on the condensed consolidated balance sheets No definition available.
|
X | ||||||||||
- Definition
Number of Dealership Locations Acquired No definition available.
|
X | ||||||||||
- Definition
Trade Accounts Receivable Sold Without Recourse No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
This element represents the acquisition-date fair value of the total consideration transferred which consists of the sum of the acquisition-date fair values of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree, and the equity interests issued by the acquirer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of businesses acquired by the entity during the period. No definition available.
|
X | ||||||||||
- Definition
The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
Supplemental Cash Flow Information (Schedule of Other Adjustments to Reconcile Net Income to Cash Flow from Operating Activities) (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Supplemental Cash Flow Information [Abstract] | |||
Accelerated rent expense associated with abandoned rental properties | $ 0.7 | $ 0.2 | $ 0.4 |
Amortization of deferred financing fees | 2.5 | 2.7 | 2.5 |
Convertible debt discount amortization | 0.4 | 0.8 | 1.4 |
Depreciation and amortization from discontinued operations | 0.2 | 0.4 | 1.8 |
Deferred compensation expense | 0.7 | 0 | 0.9 |
Gain on insurance proceeds | 0 | 0 | (4.3) |
Unrealized (gain) loss on deferred compensation investments | (0.5) | 0.2 | (0.5) |
Other individually immaterial items | 4.7 | 0.6 | 2.5 |
Other adjustments, net | $ 8.7 | $ 4.9 | $ 4.7 |
X | ||||||||||
- Definition
Gain (Loss) on Insurance Proceeds No definition available.
|
X | ||||||||||
- Definition
Operating Leases, Rent Expense, Accelerated Rent Expense Associated with Abandoned Rental Properties No definition available.
|
X | ||||||||||
- Definition
Other Noncash Income (Expense), Other No definition available.
|
X | ||||||||||
- Definition
Unrealized Gain (Loss) on Deferred Compensation Investments No definition available.
|
X | ||||||||||
- Definition
Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The compensation expense recognized during the period pertaining to the deferred compensation arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of expense from discontinued operations, that reflects the allocation of the cost of tangible and intangible assets over the assets' useful lives. No definition available.
|
X | ||||||||||
- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
Lease Obligations (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
transaction
capital_lease_obligation
|
Dec. 31, 2011
transaction
|
Dec. 31, 2010
|
|
Operating Leased Assets [Line Items] | |||
Operating lease rent expense | $ 35.5 | $ 36.3 | $ 40.2 |
Number of capital lease obligations | 1 | ||
Capital lease obligations | 3.9 | 3.9 | |
Capital lease obligations, amortization period (in years) | 20 years | ||
Previously leased real estate purchased, number of purchases | 2 | 2 | |
Previously leased real estate purchased, purchase price | 10.3 | 30.3 | |
Prevoiusly leased real estate purchased, number of purchases related to termination of lease obligation not currently used in operations | 1 | ||
Previously leased real estate purchased, loss due to termination of related lease obligations | $ 1.8 | $ 1.0 | |
Minimum [Member]
|
|||
Operating Leased Assets [Line Items] | |||
Operating leases, remaining term | 1 year | ||
Maximum [Member]
|
|||
Operating Leased Assets [Line Items] | |||
Operating leases, remaining term | 20 years |
X | ||||||||||
- Definition
Capital Lease Obligations, Amortization Period No definition available.
|
X | ||||||||||
- Definition
Capital Lease Obligations, Number of Capital Lease Obligations No definition available.
|
X | ||||||||||
- Definition
Operating Leases, Remaining Term No definition available.
|
X | ||||||||||
- Definition
Previously Leased Real Estate Purchased, Loss due to Termination of Related Lease Obligations No definition available.
|
X | ||||||||||
- Definition
Previously Leased Real Estate Purchased, Purchase Price No definition available.
|
X | ||||||||||
- Definition
Prevoiusly Leased Real Estate Purchased, Number of Purchases During Period No definition available.
|
X | ||||||||||
- Definition
Prevoiusly Leased Real Estate Purchased, Number of Purchases During Period, Termination of Lease Obligation not Currently Used in Operations No definition available.
|
X | ||||||||||
- Definition
Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal through the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Rental expense incurred for leased assets including furniture and equipment which has not been recognized in costs and expenses applicable to sales and revenues; for example, cost of goods sold or other operating costs and expenses. No definition available.
|
X | ||||||||||
- Details
|
Lease Obligations (Schedule of Minimum Lease Payments) (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
---|---|
Future Minimum Payments under Long-term, Non-cancelable Operating Leases | |
2013 | $ 36.6 |
2014 | 33.4 |
2015 | 31.0 |
2016 | 30.5 |
2017 | 28.1 |
Thereafter | 116.8 |
Total minimum lease payments | $ 276.4 |
X | ||||||||||
- Definition
Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of required minimum rental payments maturing in the next fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of required minimum rental payments maturing in the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of required minimum rental payments maturing in the forth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of required minimum rental payments maturing in the third fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of required minimum rental payments maturing in the second fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of required minimum rental payments maturing after the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Commitments and Contingencies (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2012
|
---|---|
Loss Contingencies [Line Items] | |
Amount of letters of credit outstanding | $ 14.6 |
Threatened Litigation [Member]
|
|
Loss Contingencies [Line Items] | |
Reasonably possible losses in excess of accrued amounts | 0.5 |
Guarantee Obligations [Member]
|
|
Loss Contingencies [Line Items] | |
Amount of letters of credit outstanding | 14.6 |
Amount of surety bond line maintained | $ 5.0 |
X | ||||||||||
- Definition
Amount of Surety Bond Line maintained in the ordinary course of business. No definition available.
|
X | ||||||||||
- Definition
The total amount of the contingent obligation under letters of credit outstanding as of the reporting date. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The difference between the maximum amount of estimated loss and the amount recorded as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Previously Leased Real Estate Purchased, Purchase Price No definition available.
|
X | ||||||||||
- Definition
Prevoiusly Leased Real Estate Purchased, Number of Purchases During Period No definition available.
|
X | ||||||||||
- Definition
Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal through the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The total gross amount less the charge for the use of the long-lived depreciable assets subject to a lease meeting the criteria for capitalization. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of transactions with related party during the financial reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Expected Future Recognition, Next Twelve Months No definition available.
|
X | ||||||||||
- Definition
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Expected Future Recognition, Year Three No definition available.
|
X | ||||||||||
- Definition
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Expected Future Recognition, Year Two No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Cumulative Shares Granted To Date No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Number of Plans No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Target Number of Shares to be Granted to Shareholder No definition available.
|
X | ||||||||||
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate proceeds received by the entity during the annual period from exercises of stock or unit options and conversion of similar instruments granted under equity-based payment arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The total recognized tax benefit related to compensation cost for equity-based payment arrangements recognized in income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Disclosure of the aggregate tax benefit realized from the exercise of stock options and the conversion of similar instruments during the annual period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The total accumulated difference between fair values of underlying shares on dates of exercise and exercise price on options which were exercised (or share units converted) into shares during the reporting period under the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Weighted average remaining contractual term for vested portions of options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
For presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Weighted average price of options that were either forfeited or expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Gross number of share options (or share units) granted during the period. No definition available.
|
X | ||||||||||
- Definition
Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of options outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Weighted average price at which option holders acquired shares when converting their stock options into shares. No definition available.
|
X | ||||||||||
- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance on stock options awarded. No definition available.
|
X | ||||||||||
- Definition
Price of a single share of a number of saleable stocks of a company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Share-based Compensation and Employee Benefit Plans (Schedule of Performance Share Units) (Details) (Performance Share Units [Member], USD $)
|
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||
Performance Share Units [Member]
|
||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Outsanding, beginning balance (in shares) | 243,150 | 378,126 | 54,862 | |||
Granted (in shares) | 109,400 | 146,480 | 253,517 | |||
Performance estimate (in shares) | 65,247 | (42,242) | 83,747 | |||
Vested (in shares) | (115,483) | (218,430) | 0 | |||
Forfeited (in shares) | (19,550) | (20,784) | (14,000) | |||
Outsanding, ending balance (in shares) | 282,764 | [1] | 243,150 | 378,126 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||
Outstanding, beginning balance, weighted average grant date fair value (in dollars per share) | $ 14.91 | $ 12.48 | $ 14.36 | |||
Granted, weighted average grant date fair value (in dollars per share) | $ 25.42 | $ 18.92 | $ 11.63 | |||
Performance estimate, weighted average grant date fair value (in dollars per share) | $ 22.05 | $ 17.81 | $ 11.64 | |||
Vested, weighted average grant date fair value (in dollars per share) | $ 14.70 | $ 14.40 | $ 0.00 | |||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 14.76 | $ 12.31 | $ 11.88 | |||
Outstanding, ending balance, weighted average grant date fair value (in dollars per share) | $ 20.82 | [1] | $ 14.91 | $ 12.48 | ||
Maximum shares issuable upon attaining certain metrics (in shares) | 304,524 | |||||
|
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Maximum Issuable No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Performance Estimate No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Performance Estimate, Weighted Average Grant Date Fair Value No definition available.
|
X | ||||||||||
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Share-based Compensation and Employee Benefit Plans (Schedule of Restricted Stock) (Details) (Restricted Stock [Member], USD $)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Restricted Stock [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outsanding, beginning balance (in shares) | 444,268 | 531,446 | 243,211 |
Granted (in shares) | 216,676 | 228,840 | 363,038 |
Vested (in shares) | (179,675) | (270,742) | (52,047) |
Forfeited (in shares) | (44,428) | (45,276) | (22,756) |
Outsanding, ending balance (in shares) | 436,841 | 444,268 | 531,446 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Outstanding, beginning balance, weighted average grant date fair value (in dollars per share) | $ 16.08 | $ 12.19 | $ 13.57 |
Granted, weighted average grant date fair value (in dollars per share) | $ 23.84 | $ 19.15 | $ 11.70 |
Vested, weighted average grant date fair value (in dollars per share) | $ 14.60 | $ 12.64 | $ 15.71 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 13.29 | $ 12.37 | $ 11.70 |
Outstanding, ending balance, weighted average grant date fair value (in dollars per share) | $ 19.55 | $ 16.08 | $ 12.19 |
X | ||||||||||
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Share-based Compensation and Employee Benefit Plans (Employee Benefit Plans) (Details) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012
insurance_contract
dealership_group
|
Dec. 31, 2011
insurance_contract
|
Dec. 31, 2010
|
|
Employee Retirement Plan: | |||
Number of dealership groups eligible for retirement plans | 1 | ||
Maximum annual contribution per employee, percent | 75.00% | ||
Maximum annual contribution per employee | $ 17,000 | ||
Minimum salary threshold designating highly compensated employees | 115,000 | ||
Employer matching contribution, employment requirement period for matching eligibility, minimum | 1 year | ||
Employer matching contribution after one year of employment, percent | 25.00% | ||
Employer matching contribution, percent of employees' gross pay | 4.00% | ||
Maximum employer annual matching contribution of employee's gross salary | 1,150 | ||
Employers matching contribution, vesting period after date of hire (in years) | 4 years | ||
Employer matching contributions | 500,000 | 1,000,000 | 800,000 |
Deferred Compensation Plan: | |||
Participant vesting percentage | 100.00% | ||
Annual employer match vesting period, vesting from date of employee deferral match is funded (in years) | 3 years | ||
Total deferred compensation liability | 7,800,000 | 7,700,000 | |
Number of corporate-owned variable life insurance contracts funding deferred compensation plan (in insurance contracts) | 58 | 60 | |
Deferred compensation plan, cash surrender value of life insurance contracts | 7,700,000 | 10,700,000 | |
Deferred compensation plan, face value of corporate-owned variable life insurance contracts | 62,000,000 | 66,900,000 | |
Reclassification amount, other long-term assets to other current assets | 7,700,000 | 10,700,000 | |
Reclassification amount, other long-term liabilities to accounts payable and current liabilities | 7,800,000 | 7,700,000 | |
Age 50 or More [Member]
|
|||
Employee Retirement Plan: | |||
Maximum annual contribution per employee | 22,500 | ||
Highly Compensated Employees [Member]
|
|||
Employee Retirement Plan: | |||
Maximum annual contribution per employee | 10,000 | ||
Highly Compensated Employees, Age 50 or More [Member]
|
|||
Employee Retirement Plan: | |||
Maximum annual contribution per employee | $ 15,500 | ||
Minimum [Member]
|
|||
Employee Retirement Plan: | |||
Period of eligibility to participate in benefit plan (in days) | 90 days |
X | ||||||||||
- Definition
Deferred Compensation Arrangements, Cash Surrender Value of Life Insurance, Current No definition available.
|
X | ||||||||||
- Definition
Deferred Compensation Arrangement with Individual, Percentage of Deferrals Vested No definition available.
|
X | ||||||||||
- Definition
Deferred Compensation Arrangement with Individual, Vesting Term No definition available.
|
X | ||||||||||
- Definition
Deferred Compensation Plan, Number of Life Insurance Contracts No definition available.
|
X | ||||||||||
- Definition
Defined Contribution Plan, Employee Eligibility, Minimum Service Period No definition available.
|
X | ||||||||||
- Definition
Defined Contribution Plan, Employer Matching Contribution, Employment Requirement Period for Matching Eligibility, Minimum No definition available.
|
X | ||||||||||
- Definition
Defined Contribution Plan, Employer Matching Contribution, Percent Of Match No definition available.
|
X | ||||||||||
- Definition
Defined Contribution Plan, Employers Matching Contribution, Vesting Period No definition available.
|
X | ||||||||||
- Definition
Defined Contribution Plan, Maximum Employer Annual Matching Contribution No definition available.
|
X | ||||||||||
- Definition
Defined Contribution Plan, Minimum Salary Threshold for Highly Compensated Employees No definition available.
|
X | ||||||||||
- Definition
Defined Contribution Plan, Number of Eligible Dealership Groups No definition available.
|
X | ||||||||||
- Definition
Reclassification, Other Long-Term Assets to Other Current Assets, Amount No definition available.
|
X | ||||||||||
- Definition
Reclassification, Other Long-Term Liabilities to Accounts Payable and Other Current Liabilities, Amount No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements. Represents currently earned compensation under compensation arrangements that is not actually paid until a later date. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of discretionary contributions made by an employer to a defined contribution plan. No definition available.
|
X | ||||||||||
- Definition
Percentage of employees' gross pay for which the employer contributes a matching contribution to a defined contribution plan. No definition available.
|
X | ||||||||||
- Definition
Maximum amount per employee, by the terms of the plan, that the employer may contribute to a defined contribution plan. No definition available.
|
X | ||||||||||
- Definition
Maximum percentage of employee gross pay, by the terms of the plan, that the employer may contribute to a defined contribution plan. No definition available.
|
X | ||||||||||
- Definition
This item represents the amount that could be realized under a life insurance contract or contracts owned by the Entity as of the date of the statement of financial position. Such Entity-owned life insurance policies are commonly known as corporate-owned life insurance (COLI) or bank-owned life insurance (BOLI). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Condensed Quarterly Revenues and Earnings (Unaudited) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|||||||||||||||
Schedule of Quarterly Financial Information [Line Items] | |||||||||||||||||||||||||
Revenues | $ 1,218.7 | [1] | $ 1,190.8 | [1] | $ 1,161.2 | [1] | $ 1,069.6 | [1] | $ 1,058.0 | [1] | $ 1,039.2 | [1] | $ 1,037.8 | [1] | $ 1,005.1 | [1] | $ 4,640.3 | $ 4,140.1 | $ 3,761.4 | ||||||
Gross profit | 194.2 | [1] | 193.8 | [1] | 191.5 | [1] | 184.1 | [1] | 174.6 | [1] | 177.6 | [1] | 181.2 | [1] | 165.6 | [1] | 763.6 | 699.0 | 627.0 | ||||||
Net income | 22.8 | [1] | 20.7 | [1] | 21.1 | [1] | 17.6 | [1] | 21.5 | [1],[2] | 12.3 | [1],[2] | 14.2 | [1],[2] | 19.9 | [1],[2] | 82.2 | 67.9 | 38.1 | ||||||
Net income per share: | |||||||||||||||||||||||||
Basic (in dollars per share) | $ 0.74 | [3] | $ 0.67 | [3] | $ 0.68 | [3] | $ 0.57 | [3] | $ 0.69 | [2],[3] | $ 0.39 | [2],[3] | $ 0.44 | [2],[3] | $ 0.61 | [2],[3] | $ 2.64 | $ 2.14 | $ 1.18 | ||||||
Diluted (in dollars per share) | $ 0.73 | [3] | $ 0.66 | [3] | $ 0.67 | [3] | $ 0.56 | [3] | $ 0.68 | [2],[3] | $ 0.38 | [2],[3] | $ 0.43 | [2],[3] | $ 0.59 | [2],[3] | $ 2.61 | $ 2.08 | $ 1.14 | ||||||
Legal claims related to operations from 2000 to 2006, net of tax | 5.5 | ||||||||||||||||||||||||
Legal claims related to operations from 2000 to 2006, net of tax (in dollars per share) | $ 0.17 | ||||||||||||||||||||||||
Heavy Trucks Franchises [Member]
|
|||||||||||||||||||||||||
Net income per share: | |||||||||||||||||||||||||
Gain on sale of business component | $ 15.8 | ||||||||||||||||||||||||
Gain on sale of business component (in dollars per share) | $ 0.49 | ||||||||||||||||||||||||
|
X | ||||||||||
- Definition
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic Share No definition available.
|
X | ||||||||||
- Definition
Legal Fees, Net of Tax No definition available.
|
X | ||||||||||
- Definition
Legal Fees, Net of Tax, Per Share No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Subsequent Events (Details)
|
12 Months Ended | 1 Months Ended |
---|---|---|
Dec. 31, 2012
DealershipLocations
Franchises
|
Jan. 31, 2013
Subsequent Event [Member]
DealershipLocations
Franchises
|
|
Subsequent Event [Line Items] | ||
Number of franchises, sold (in franchises) | 2 | 1 |
Number of dealership locations, sold (in dealership locations) | 2 | 1 |
X | ||||||||||
- Definition
Number Of Dealership Locations, Sold No definition available.
|
X | ||||||||||
- Definition
Number of Franchises, Sold No definition available.
|
X | ||||||||||
- Details
|