Document and Entity Information
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3 Months Ended | |
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Mar. 31, 2015
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Apr. 21, 2015
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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-Q | |
Document Period End Date | Mar. 31, 2015 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 27,247,974 |
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End date of current fiscal year in the format --MM-DD. No definition available.
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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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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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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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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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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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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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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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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Millions, except Share data, unless otherwise specified |
Mar. 31, 2015
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Dec. 31, 2014
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Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1.0 | $ 1.2 |
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) | 40,484,280 | 40,327,625 |
Treasury stock, shares (in shares) | 13,232,469 | 11,803,711 |
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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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Interest expense incurred on vehicle floorplan payable trade and non-trade outstanding during the period. No definition available.
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Cost associated with new vehicle sale and lease transcations with individual retail and commercial customers. No definition available.
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New vehicle revenues include new vehicle sale and lease transactions with individual retail customers and commercial customers. No definition available.
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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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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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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
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Mar. 31, 2015
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Mar. 31, 2014
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 35.9 | $ 31.4 |
Other comprehensive income - net of tax: | ||
Change in fair value of cash flow swaps | (1.0) | (0.8) |
Income tax benefit associated with cash flow swaps | 0.4 | 0.3 |
Comprehensive income | $ 35.3 | $ 30.9 |
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Deferred Income Tax Expense (Benefit), Continuing Operations and Discontinued Operations No definition available.
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Borrowings of floor plan notes payable to parties other than the manufacturer related to the acquisition of dealerships. No definition available.
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The net change during the reporting periods of floor plan notes payable with the manufacturer of new vehicles. No definition available.
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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.
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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.
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DESCRIPTION OF BUSINESS
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Mar. 31, 2015
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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 104 franchises (83 dealership locations) in 18 metropolitan markets within 10 states as of March 31, 2015. 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 March 31, 2015, we offered 29 domestic and foreign brands of new vehicles. Our current new vehicle revenue brand mix consists of 45% mid-line imports, 37% luxury, and 18% 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:
In addition, we own and operate three stand-alone used vehicle stores under the “Q auto” brand name in Florida. Our operating results are generally subject to changes in the economic environment as well as seasonal variations. Historically, we have generated more revenue and operating income in the second, third and fourth quarters than in the first quarter 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. |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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Mar. 31, 2015
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Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed 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. 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 condensed consolidated financial statements in the period they are determined to be necessary. Significant estimates made in the accompanying condensed 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, and realization of deferred tax assets. In the opinion of management, all adjustments (consisting only of normal, recurring adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements as of March 31, 2015, and for the three months ended March 31, 2015 and 2014, have been included. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for any other interim period, or any full year period. Our condensed consolidated financial statements should be read together with our consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2014. 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. 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 future chargebacks, are included in Finance and Insurance, net in the accompanying Condensed Consolidated Statements of Income. 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. Assets Held for Sale and Discontinued Operations Certain amounts reflected in the accompanying Condensed Consolidated Balance Sheets have been classified as Assets Held for Sale and associated liabilities, if any, as Liabilities Associated with Assets Held for Sale, with such classification beginning on the date that the assets and any associated liabilities were first considered held for sale which we intend to sell within one year. In April 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standard which raised the threshold for asset disposals, occurring on or after January 1, 2015, to qualify as discontinued operations and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The standard revised the definition of a discontinued operation to cover only asset disposals that are considered to be a strategic shift with a major impact on an entity's operations and finances, such as the disposal of a major geographic area or a significant line of business. We adopted the standard in January 2015 and currently do not have any pending dealership disposals that meet the new criteria to be classified as discontinued operations. 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 used vehicles (together referred to as “Floor Plan Notes Payable-Non-Trade”), are classified as financing activities on the accompanying Condensed 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 Condensed 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 Condensed Consolidated Statements of Cash Flows. The cash outflow to acquire loaner vehicles is presented in Other Current Assets in the accompanying Condensed Consolidated Statements of Cash Flows. Borrowings and repayments of loaner vehicle notes payable are presented in Accounts Payable and Accrued Liabilities in the accompanying Condensed Consolidated Statements of Cash Flows. When loaner vehicles are taken out of loaner status they are transferred to used vehicle inventory at amortized cost, which is reflected as a non-cash transfer in the accompanying Condensed Consolidated Statements of Cash Flows. The cash inflow from the sale of loaner vehicles is reflected in Inventories in the accompanying Condensed Consolidated Statements of Cash Flows. Recent Accounting Pronouncements In May 2014, the FASB issued their new standard on revenue recognition. The new standard will supersede existing revenue recognition guidance and apply to all entities that enter into contracts to provide goods or services to customers. The guidance also addresses the measurement and recognition of gains and losses on the sale of certain non-financial assets, such as real estate, property and equipment. The new standard will become effective beginning with the first quarter of 2017 and can be adopted either retrospectively to each reporting period presented or as a cumulative effect adjustment as of the date of adoption. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the impact of adopting this new guidance on our consolidated financial statements. In April 2015, the FASB issued an accounting standard that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. Application of the standard, which is required to be applied retrospectively, is required for fiscal years beginning on or after December 31, 2015 and for interim periods within that year. We are currently evaluating the impact of adopting this new guidance on our consolidated financial statements. |
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INVENTORIES
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Mar. 31, 2015
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES Inventories consisted of the following:
The lower of cost or market reserves reduced total inventory cost by $6.4 million as of March 31, 2015 and December 31, 2014, respectively. In addition to the inventories shown above, as of March 31, 2015 we had $16.3 million of inventories classified as Assets Held for Sale on the accompanying Condensed Consolidated Balance sheet as they were associated with dealerships held for sale. As of March 31, 2015 and December 31, 2014, certain automobile manufacturer incentives reduced new vehicle inventory cost by $8.2 million and $8.0 million, respectively, and reduced new vehicle cost of sales from continuing operations for the three months ended March 31, 2015 and March 31, 2014 by $8.4 million and $7.0 million respectively. |
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ASSETS AND LIABILITIES HELD FOR SALE
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Mar. 31, 2015
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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 pending dealership disposals 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. As of March 31, 2015, there were two franchises (two dealership locations) where dispositions were pending. Assets and liabilities associated with pending dispositions as of March 31, 2015 totaled $47.5 million and $27.1 million, respectively. There were no assets or liabilities associated with pending dispositions as of December 31, 2014. Real estate not currently used in our operations that we are actively marketing to sell totaled $6.4 million as of March 31, 2015 and December 31, 2014, respectively. There were no liabilities associated with our real estate assets held for sale as of March 31, 2015 or December 31, 2014. A summary of assets held for sale and liabilities associated with assets held for sale is as follows:
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LONG-TERM DEBT
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Mar. 31, 2015
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of the following:
_____________________________ (a) Mortgages notes payable do not include $13.8 million classified as Liabilities Associated with Assets Held for Sale as of March 31, 2015. Master Loan Agreement On February 3, 2015, we amended and restated our Master Loan Agreement (the “Master Loan Agreement”) with Wells Fargo. The Master Loan Agreement provides for term loans to certain of the Company’s subsidiaries in an aggregate amount not to exceed $100.0 million (the “Master Loan Facility”), subject to customary terms and conditions. Borrowings under the Master Loan Facility are guaranteed by the Company pursuant to a second amended and restated unconditional guaranty (the “Company Guaranty”), and each operating dealership subsidiary of the Company whose real estate is financed under the Master Loan Facility, and are collateralized by first priority liens, subject to certain permitted exceptions, on all of the real property financed under the Master Loan Agreement. Under the Master Loan Facility we may borrow from time to time during the period beginning on February 3, 2015 until and including February 1, 2016 (the “Draw Termination Date”). As of March 31, 2015, there was $17.1 million outstanding under the Master Loan Facility. The proceeds from future borrowings under from the Master Loan Facility are expected to be used for general corporate purposes. Term loans under the Master Loan Facility bear interest based on LIBOR plus 2.50%. After the Draw Termination Date, we are required to make equal monthly principal payments based on a hypothetical 19 year amortization schedule, with a balloon repayment of the outstanding principal amount of loans due on February 1, 2025. We can voluntarily prepay any loan in whole or in part any time without premium or penalty. We paid a total of $1.2 million in debt issuance costs associated with the Master Loan Agreement. Asbury Automotive Group, Inc. is a holding company with no independent assets or operations. For all relevant periods presented, our 6.0% Notes have been fully and unconditionally guaranteed, on a joint and several basis, by substantially all of our subsidiaries. Any subsidiaries which have not guaranteed such notes are “minor” (as defined in Rule 3-10(h) of Regulation S-X). As of March 31, 2015, there were no significant restrictions on the ability of our subsidiaries to distribute cash to us or our guarantor subsidiaries. |
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FINANCIAL INSTRUMENTS AND FAIR VALUE
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, exchange-traded debt securities that are not actively traded or do not have a high trading volume and mortgage notes payable. 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 and goodwill. 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 of significant market fluctuations. Financial instruments consist primarily of cash and cash equivalents, 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 and mortgage notes payable, approximate fair value due to (i) their short-term nature, (ii) recently completed market transactions or (iii) 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. We estimate the fair value of our mortgage notes payable using a present value technique based on current market interest rates for similar types of financial instruments which reflect Level 2 inputs. A summary of the carrying values and fair values of our 6.0% Notes and our mortgage notes payable is as follows:
(a) Mortgages notes payable do not include $13.8 million classified as Liabilities Associated with Assets Held for Sale as of March 31, 2015. In November 2013, we entered into an interest rate swap agreement with a notional principal amount of $75.0 million. This swap was designed to provide a hedge against changes in variable rate cash flows through maturity in September 2023. The notional value of this swap was $70.5 million as of March 31, 2015 and is reducing over its remaining term to $38.7 million at maturity. We are also party to an interest rate swap agreement that had a notional principal amount of $16.9 million as of March 31, 2015. 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 is reducing over the remaining term to $16.1 million at maturity. Both of our interest rate swaps qualify for cash flow hedge accounting treatment and do not, and will not, contain any ineffectiveness. Information about the effect of derivative instruments on the accompanying Condensed Consolidated Statements of Income, including the impact on Accumulated Other Comprehensive Income ("AOCI") (in millions):
On the basis of yield curve conditions as of March 31, 2015 and including assumptions about future changes in fair value, we expect the amount to be reclassified out of AOCI into earnings in the next 12 calendar months will be a loss of $1.6 million. Fair value estimates reflect a credit adjustment to the discount rate applied to all expected cash flows under the swaps. Other than that assumption, all other inputs reflect Level 2 inputs.
Market Risk Disclosures as of March 31, 2015: Instruments entered into for trading purposes—None Instruments entered into for hedging purposes (in millions)—
____________________________ * The total fair value of our swaps is a $3.7 million net liability, of which $1.6 million is included in Accounts Payable and Accrued Liabilities and $2.1 million is included in Other Long-Term Liabilities on the accompanying Condensed Consolidated Balance Sheet. Market Risk Disclosures as of December 31, 2014: Instruments entered into for trading purposes—None Instruments entered into for hedging purposes (in millions)—
____________________________ * The total fair value of our swap is a $2.7 million net liability, of which $1.8 million is included in Accounts Payable and Accrued Liabilities, $0.9 million is included in Other Long-Term Liabilities on the accompanying Condensed Consolidated Balance Sheet. |
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SUPPLEMENTAL CASH FLOW INFORMATION
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Mar. 31, 2015
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Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION During the three months ended March 31, 2015 and 2014, we made interest payments, including amounts capitalized, totaling $7.9 million and $6.5 million, respectively. Included in these interest payments are $3.8 million and $3.3 million, of floor plan interest payments for the three months ended March 31, 2015 and 2014, respectively. During the three months ended March 31, 2015 and 2014, we did not make any material income tax payments or receive any income tax refunds. During the three months ended March 31, 2015 and 2014, we transferred $28.0 million and $16.6 million, respectively, of loaner vehicles from Other Current Assets to Inventory on our Condensed Consolidated Balance Sheets. |
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COMMITMENTS AND CONTINGENCIES
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Mar. 31, 2015
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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, 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. We believe we have adequately accrued for the potential impact of loss contingencies that are probable and reasonably estimable. Based on our review of the various types of claims currently known to us, there is no indication of material reasonably possible losses in excess of amounts accrued 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 $10.3 million of letters of credit outstanding as of March 31, 2015, which are required by certain of our insurance providers. In addition, as of March 31, 2015, 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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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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Mar. 31, 2015
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed 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. 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 condensed consolidated financial statements in the period they are determined to be necessary. Significant estimates made in the accompanying condensed 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, and realization of deferred tax assets. In the opinion of management, all adjustments (consisting only of normal, recurring adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements as of March 31, 2015, and for the three months ended March 31, 2015 and 2014, have been included. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for any other interim period, or any full year period. Our condensed consolidated financial statements should be read together with our consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2014. |
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. |
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 future chargebacks, are included in Finance and Insurance, net in the accompanying Condensed Consolidated Statements of Income. |
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. |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations Certain amounts reflected in the accompanying Condensed Consolidated Balance Sheets have been classified as Assets Held for Sale and associated liabilities, if any, as Liabilities Associated with Assets Held for Sale, with such classification beginning on the date that the assets and any associated liabilities were first considered held for sale which we intend to sell within one year. In April 2014, the Financial Accounting Standards Board (the “FASB”) issued an accounting standard which raised the threshold for asset disposals, occurring on or after January 1, 2015, to qualify as discontinued operations and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The standard revised the definition of a discontinued operation to cover only asset disposals that are considered to be a strategic shift with a major impact on an entity's operations and finances, such as the disposal of a major geographic area or a significant line of business. We adopted the standard in January 2015 and currently do not have any pending dealership disposals that meet the new criteria to be classified as discontinued operations. |
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 used vehicles (together referred to as “Floor Plan Notes Payable-Non-Trade”), are classified as financing activities on the accompanying Condensed 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 Condensed 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 Condensed Consolidated Statements of Cash Flows. The cash outflow to acquire loaner vehicles is presented in Other Current Assets in the accompanying Condensed Consolidated Statements of Cash Flows. Borrowings and repayments of loaner vehicle notes payable are presented in Accounts Payable and Accrued Liabilities in the accompanying Condensed Consolidated Statements of Cash Flows. When loaner vehicles are taken out of loaner status they are transferred to used vehicle inventory at amortized cost, which is reflected as a non-cash transfer in the accompanying Condensed Consolidated Statements of Cash Flows. The cash inflow from the sale of loaner vehicles is reflected in Inventories in the accompanying Condensed Consolidated Statements of Cash Flows. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued their new standard on revenue recognition. The new standard will supersede existing revenue recognition guidance and apply to all entities that enter into contracts to provide goods or services to customers. The guidance also addresses the measurement and recognition of gains and losses on the sale of certain non-financial assets, such as real estate, property and equipment. The new standard will become effective beginning with the first quarter of 2017 and can be adopted either retrospectively to each reporting period presented or as a cumulative effect adjustment as of the date of adoption. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the impact of adopting this new guidance on our consolidated financial statements. In April 2015, the FASB issued an accounting standard that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. Application of the standard, which is required to be applied retrospectively, is required for fiscal years beginning on or after December 31, 2015 and for interim periods within that year. We are currently evaluating the impact of adopting this new guidance on our consolidated financial statements. |
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INVENTORIES (Tables)
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Schedule of Inventory | Inventories consisted of the following:
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ASSETS AND LIABILITIES HELD FOR SALE (Tables)
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Summary of Assets Held for Sale and Liabilities Associated with 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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LONG-TERM DEBT (Tables)
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Mar. 31, 2015
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt consists of the following:
_____________________________ (a) Mortgages notes payable do not include $13.8 million classified as Liabilities Associated with Assets Held for Sale as of March 31, 2015. |
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FINANCIAL INSTRUMENTS AND FAIR VALUE FINANCIAL INSTRUMENTS AND FAIR VALUE (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015
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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 6.0% Notes and our mortgage notes payable is as follows:
(a) Mortgages notes payable do not include $13.8 million classified as Liabilities Associated with Assets Held for Sale as of March 31, 2015. |
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Schedule of Derivative Instruments Effect on Accumulated Other Comprehensive Income | Information about the effect of derivative instruments on the accompanying Condensed Consolidated Statements of Income, including the impact on Accumulated Other Comprehensive Income ("AOCI") (in millions):
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Schedule of Amounts Reclassified out of AOCI | Fair value estimates reflect a credit adjustment to the discount rate applied to all expected cash flows under the swaps. Other than that assumption, all other inputs reflect Level 2 inputs.
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Schedule of Instruments Entered Into For Hedging Purposes | Market Risk Disclosures as of March 31, 2015: Instruments entered into for trading purposes—None Instruments entered into for hedging purposes (in millions)—
____________________________ * The total fair value of our swaps is a $3.7 million net liability, of which $1.6 million is included in Accounts Payable and Accrued Liabilities and $2.1 million is included in Other Long-Term Liabilities on the accompanying Condensed Consolidated Balance Sheet. Market Risk Disclosures as of December 31, 2014: Instruments entered into for trading purposes—None Instruments entered into for hedging purposes (in millions)—
____________________________ * The total fair value of our swap is a $2.7 million net liability, of which $1.8 million is included in Accounts Payable and Accrued Liabilities, $0.9 million is included in Other Long-Term Liabilities on the accompanying Condensed Consolidated Balance Sheet. |
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DESCRIPTION OF BUSINESS (Details)
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Mar. 31, 2015
states
VehicleBrands
CollisionRepairCenters
Franchises
DealershipLocations
MetropolitanMarkets
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Business Organization [Line Items] | |
Number of franchises (in franchises) | 104 |
Number of dealership locations (in dealership locations) | 83 |
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 |
Mid-line Import Brands [Member]
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Business Organization [Line Items] | |
Weighted brand mix | 45.00% |
Luxury Brands [Member]
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Business Organization [Line Items] | |
Weighted brand mix | 37.00% |
Domestic Brands [Member]
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Business Organization [Line Items] | |
Weighted brand mix | 18.00% |
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Brand Mix No definition available.
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Number of Collision Repair Centers No definition available.
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Number Of Dealership Locations No definition available.
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Number of Franchises No definition available.
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Number of Metropolitan Markets No definition available.
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Number of Vehicle Brands No definition available.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
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3 Months Ended |
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Mar. 31, 2015
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Accounting Policies [Line Items] | |
General collection period for contracts-in-transit (in days) | 14 days |
Minimum [Member]
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Accounting Policies [Line Items] | |
Loaner vehicle period of use before sale (in months) | 6 months |
Maximum [Member]
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Accounting Policies [Line Items] | |
Loaner vehicle period of use before sale (in months) | 12 months |
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General Collection Period for Contracts-in-Transit No definition available.
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Loaner Vehicle Period of Use Before Sale No definition available.
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INVENTORIES (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||
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Mar. 31, 2015
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Mar. 31, 2014
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Dec. 31, 2014
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Components of Inventory [Line Items] | |||
Inventories | $ 870.5 | $ 886.0 | |
Lower of cost or market inventory reserves | 6.4 | 6.4 | |
Assets Held-for-sale [Member]
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Components of Inventory [Line Items] | |||
Inventories | 16.3 | ||
New Vehicles [Member]
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Components of Inventory [Line Items] | |||
Inventories | 673.4 | 699.5 | |
Reduction of new vehicle inventory cost by automobile manufacturer incentives | 8.2 | 8.0 | |
Reduction to new vehicle cost of sales by automobile manufacturer incentives | 8.4 | 7.0 | |
Used Vehicles [Member]
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Components of Inventory [Line Items] | |||
Inventories | 153.0 | 141.7 | |
Parts and Accessories [Member]
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Components of Inventory [Line Items] | |||
Inventories | $ 44.1 | $ 44.8 |
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Reduction to New Vehicle Cost of Sales by Automobile Manufacturer Incentives No definition available.
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ASSETS AND LIABILITIES HELD FOR SALE (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2015
Franchises
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Dec. 31, 2014
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Discontinued Operations and Disposal Groups [Abstract] | ||
Number of franchises with pending dispositions | 2 | |
Assets associated with pending dispositions | $ 47.5 | |
Liabilities associated with pending dispositions | 27.1 | |
Real estate held-for-sale | $ 6.4 | $ 6.4 |
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Assets Associated with Pending Dispositions No definition available.
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Liabilities Associated with Pending Dispositions No definition available.
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Number of Franchises with Pending Dispositions No definition available.
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ASSETS AND LIABILITIES HELD FOR SALE (Assets Held for Sale) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2015
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Dec. 31, 2014
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Assets: | ||
Inventories | $ 16.3 | $ 0 |
Property and equipment, net | 30.4 | 6.4 |
Franchise rights | 6.1 | 0 |
Goodwill | 1.1 | 0 |
Total assets | 53.9 | 6.4 |
Liabilities: | ||
Floor plan notes payable | 13.3 | 0 |
Mortgage notes payable | 13.8 | 0 |
Total liabilities | 27.1 | 0 |
Net assets held for sale | $ 26.8 | $ 6.4 |
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Disposal Group, Including Discontinued Operation, Floor Plan Notes Payable No definition available.
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Disposal Group, Including Discontinued Operation, Franchise Rights No definition available.
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Disposal Group, Including Discontinued Operation, Mortgage Notes Payable No definition available.
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LONG-TERM DEBT (Narrative) (Details) (Master Loan Agreement [Member], Wells Fargo Mortgage [Member], USD $)
In Millions, unless otherwise specified |
0 Months Ended | 3 Months Ended | |
---|---|---|---|
Feb. 03, 2015
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Mar. 31, 2015
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Feb. 03, 2015
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Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 100.0 | ||
Unused borrowing capacity, amount | 17.1 | ||
Amortization schedule | 19 years | ||
Debt issuance cost | $ 1.2 | ||
One-Month LIBOR [Member]
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Debt Instrument [Line Items] | |||
Stated interest rate of debt instrument | 2.50% | 2.50% |
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Debt Instrument, Amortization Schedule No definition available.
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LONG-TERM DEBT (Schedule of Long-Term Debt) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2015
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Dec. 31, 2014
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Dec. 04, 2014
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Debt Instrument [Line Items] | |||||||
Capital lease obligations | $ 3.6 | $ 3.6 | |||||
Long-term debt, including current portion | 690.7 | 707.4 | |||||
Less: current portion | (10.9) | (28.7) | |||||
Long-term debt | 679.8 | 678.7 | |||||
Mortgage notes payable | 13.8 | 0 | |||||
Mortgages [Member]
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Debt Instrument [Line Items] | |||||||
Long-term debt, gross | 199.5 | [1] | 232.3 | [1] | |||
Real Estate Credit Agreement [Member]
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Debt Instrument [Line Items] | |||||||
Long-term debt, gross | 70.5 | 71.5 | |||||
Master Loan Agreement [Member]
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Debt Instrument [Line Items] | |||||||
Long-term debt, gross | 17.1 | 0 | |||||
6.0% Senior Subordinated Notes due 2024 [Member] | Senior Subordinated Notes [Member]
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Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 400.0 | $ 400.0 | |||||
Stated interest rate of debt instrument | 6.00% | ||||||
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Disposal Group, Including Discontinued Operation, Mortgage Notes Payable No definition available.
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Long Term Debt and Capital Lease Obligations, Current and Noncurrent, Including Unamortized Premium (Discount) No definition available.
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FINANCIAL INSTRUMENTS AND FAIR VALUE FINANCIAL INSTRUMENTS AND FAIR VALUE (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2015
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Nov. 30, 2013
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Interest Rate Swap [Member]
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional principal amount of derivative liability | $ 70.5 | $ 75.0 |
Notional principal amount of derivative liability, at maturity | 16.1 | 38.7 |
Interest rate swap, net loss amount expected to be reclassified in the next twelve months | (1.6) | |
Party to an Interest Rate Swap [Member]
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional principal amount of derivative liability | $ 16.9 |
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Derivative Liability, Notional Amount, at Maturity No definition available.
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FINANCIAL INSTRUMENTS AND FAIR VALUE (Summary of Carrying Values and Fair Values of Debt) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2015
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Dec. 31, 2014
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Dec. 04, 2014
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Total carrying value | $ 687.1 | $ 703.8 | |||||
Total fair value | 716.7 | 725.0 | |||||
Mortgage notes payable | 13.8 | 0 | |||||
Senior Subordinated Notes [Member] | 6.0% Senior Subordinated Notes due 2024 [Member]
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Total carrying value | 400.0 | 400.0 | |||||
Total fair value | 416.0 | 407.0 | |||||
Stated interest rate of debt instrument | 6.00% | ||||||
Mortgages Notes Payable [Member]
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Total carrying value | 287.1 | [1] | 303.8 | [1] | |||
Total fair value | $ 300.7 | $ 318.0 | |||||
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Disposal Group, Including Discontinued Operation, Mortgage Notes Payable No definition available.
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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 |
3 Months Ended | |
---|---|---|
Mar. 31, 2015
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Mar. 31, 2014
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Interest Rate Swap [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||
Results Recognized in AOCI (Effective Portion) | $ (1.5) | $ (1.3) |
Interest Expense [Member] | Interest Rate Swap [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount Reclassified from AOCI to Earnings | (0.5) | (0.5) |
Ineffective Results Recognized in Earnings | 0 | 0 |
Interest Expense [Member] | Terminated Interest Rate Swaps [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount Reclassified from AOCI to Earnings | $ 0 | $ 0 |
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FINANCIAL INSTRUMENTS AND FAIR VALUE (Schedule of Amounts Reclassified out of AOCI) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2015
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Mar. 31, 2014
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Reclassification out of Accumulated Other Comprehensive Income [Roll Forward] | ||
Accumulated other comprehensive loss—December 31, 2014 | $ (1.5) | |
Income tax impact associated with cash flow swaps | 22.5 | 20.0 |
Accumulated other comprehensive loss—March 31, 2015 | (2.1) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
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Reclassification out of Accumulated Other Comprehensive Income [Roll Forward] | ||
Change in fair value of cash flow swaps | (1.0) | |
Income tax impact associated with cash flow swaps | $ 0.4 |
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Reclassification from Accumulated Other Comprehensive Income, Change in Fair Value of Derivatives, Current Period, before Tax No definition available.
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FINANCIAL INSTRUMENTS AND FAIR VALUE (Schedule of Instruments Entered Into for Hedging Purposes) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2015
Interest Rate Swap [Member]
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Nov. 30, 2013
Interest Rate Swap [Member]
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Mar. 31, 2015
Interest Rate Swap [Member]
One-Month LIBOR [Member]
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Dec. 31, 2014
Interest Rate Swap [Member]
One-Month LIBOR [Member]
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Mar. 31, 2015
Interest Rate Swap [Member]
One-Month LIBOR [Member]
Accounts Payable and Accrued Liabilities [Member]
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Dec. 31, 2014
Interest Rate Swap [Member]
One-Month LIBOR [Member]
Accounts Payable and Accrued Liabilities [Member]
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Mar. 31, 2015
Interest Rate Swap [Member]
One-Month LIBOR [Member]
Other Long-Term Liabilities [Member]
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Dec. 31, 2014
Interest Rate Swap [Member]
One-Month LIBOR [Member]
Other Long-Term Liabilities [Member]
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Mar. 31, 2015
Interest Rate Swap 1 [Member]
One-Month LIBOR [Member]
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Dec. 31, 2014
Interest Rate Swap 1 [Member]
One-Month LIBOR [Member]
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Mar. 31, 2015
Interest Rate Swap 2 [Member]
One-Month LIBOR [Member]
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Dec. 31, 2014
Interest Rate Swap 2 [Member]
One-Month LIBOR [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||||||||
Notional size | $ 70.5 | $ 75.0 | $ 70.5 | [1] | $ 71.5 | [2] | $ 16.9 | [1] | $ 17.2 | [2] | ||||||||||
Expiration | Sep. 01, 2023 | [1] | Sep. 01, 2023 | [2] | Oct. 01, 2015 | [1] | Oct. 01, 2015 | [2] | ||||||||||||
Fair value of interest rate swaps | $ (3.7) | $ (2.7) | $ (1.6) | $ (1.8) | $ (2.1) | $ (0.9) | $ (3.6) | [1] | $ (2.5) | [2] | $ (0.1) | [1] | $ (0.2) | [2] | ||||||
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SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2015
|
Mar. 31, 2014
|
|
Supplemental Cash Flow Information [Abstract] | ||
Interest payments made including amounts capitalized | $ 7.9 | $ 6.5 |
Cash paid during the period related to floor plan interest | 3.8 | 3.3 |
Loaner vehicles transferred from other current assets to inventory | $ 28.0 | $ 16.6 |
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Cash paid during the period related to floor plan interest No definition available.
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Loaner vehicles transferred from other current assets to inventory on the condensed consolidated balance sheets No definition available.
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COMMITMENTS AND CONTINGENCIES (Details) (Guarantee Obligations [Member], USD $)
In Millions, unless otherwise specified |
Mar. 31, 2015
|
---|---|
Guarantee Obligations [Member]
|
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Loss Contingencies [Line Items] | |
Amount of letters of credit outstanding | $ 10.3 |
Amount of surety bond line maintained | $ 5.0 |
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Amount of Surety Bond Line maintained in the ordinary course of business. No definition available.
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