$LAD
LITHIA MOTORS INC

2016 Q4 Form 10-K Financial Statement

#000143774917003434 Filed on February 28, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2016 2015 Q4
Revenue $2.292B $8.678B $1.993B
YoY Change 14.99% 10.35% 11.15%
Cost Of Revenue $1.957B $7.377B $1.700B
YoY Change 15.14% 10.29% 10.95%
Gross Profit $334.8M $1.301B $293.4M
YoY Change 14.11% 10.69% 12.37%
Gross Profit Margin 14.61% 15.0% 14.72%
Selling, General & Admin $236.8M $899.6M $200.2M
YoY Change 18.28% 10.9% 8.16%
% of Gross Profit 70.73% 69.13% 68.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.00M $49.30M $11.10M
YoY Change 17.12% 18.51% 23.33%
% of Gross Profit 3.88% 3.79% 3.78%
Operating Expenses $249.8M $899.6M $211.3M
YoY Change 18.22% 10.9% 8.86%
Operating Profit $85.00M $338.4M $82.10M
YoY Change 3.53% 11.78% 22.54%
Interest Expense -$13.80M -$49.00M -$10.10M
YoY Change 36.63% 25.64% 7.45%
% of Operating Profit -16.24% -14.48% -12.3%
Other Income/Expense, Net -$1.600M -$6.100M $0.00
YoY Change 506.36% -100.0%
Pretax Income $66.10M $283.5M $66.40M
YoY Change -0.45% 7.92% 17.11%
Income Tax $14.80M $86.40M $18.60M
% Of Pretax Income 22.39% 30.48% 28.01%
Net Earnings $51.30M $197.1M $47.70M
YoY Change 7.55% 7.71% 16.06%
Net Earnings / Revenue 2.24% 2.27% 2.39%
Basic Earnings Per Share $7.76
Diluted Earnings Per Share $2.028M $7.72 $1.800M
COMMON SHARES
Basic Shares Outstanding 25.40M shares
Diluted Shares Outstanding 25.50M shares

Balance Sheet

Concept 2016 Q4 2016 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.30M $50.30M $45.00M
YoY Change 11.78% 11.78% 50.5%
Cash & Equivalents $50.30M $50.30M $45.00M
Short-Term Investments
Other Short-Term Assets $46.61M $44.20M $54.02M
YoY Change -13.72% 46.36% 68.77%
Inventory $1.773B $1.773B $1.471B
Prepaid Expenses
Receivables $417.7M $417.7M $308.5M
Other Receivables $0.00 $2.400M $0.00
Total Short-Term Assets $2.287B $2.287B $1.878B
YoY Change 21.76% 21.76% 16.28%
LONG-TERM ASSETS
Property, Plant & Equipment $1.006B $1.006B $876.7M
YoY Change 14.77% 14.76% 7.34%
Goodwill $259.4M $213.2M
YoY Change 21.66% 6.94%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $107.2M $107.2M $99.07M
YoY Change 8.16% 8.17% 0.67%
Total Long-Term Assets $1.557B $1.557B $1.347B
YoY Change 15.62% 15.62% 6.42%
TOTAL ASSETS
Total Short-Term Assets $2.287B $2.287B $1.878B
Total Long-Term Assets $1.557B $1.557B $1.347B
Total Assets $3.844B $3.844B $3.225B
YoY Change 19.19% 19.2% 11.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $88.42M $88.40M $70.87M
YoY Change 24.77% 24.68% 0.03%
Accrued Expenses $211.1M $211.1M $167.1M
YoY Change 26.33% 26.33% 8.75%
Deferred Revenue
YoY Change
Short-Term Debt $1.602B $1.602B $1.314B
YoY Change 21.88% 21.88% 11.48%
Long-Term Debt Due $21.00M $21.00M $38.50M
YoY Change -45.45% -45.45% 20.69%
Total Short-Term Liabilities $1.922B $1.922B $1.590B
YoY Change 20.85% 20.85% 10.25%
LONG-TERM LIABILITIES
Long-Term Debt $485.2M $769.9M $413.4M
YoY Change 17.37% 27.32% -32.13%
Other Long-Term Liabilities $100.5M $182.4M $81.98M
YoY Change 22.54% 22.66% 39.04%
Total Long-Term Liabilities $585.7M $952.3M $495.4M
YoY Change 18.22% 26.4% 740.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.922B $1.922B $1.590B
Total Long-Term Liabilities $585.7M $952.3M $495.4M
Total Liabilities $2.933B $2.933B $2.397B
YoY Change 22.38% 22.38% 8.57%
SHAREHOLDERS EQUITY
Retained Earnings $703.8M $530.9M
YoY Change 32.57% 44.31%
Common Stock $41.23M $38.82M
YoY Change 6.19% 30.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $910.8M $910.8M $828.1M
YoY Change
Total Liabilities & Shareholders Equity $3.844B $3.844B $3.225B
YoY Change 19.19% 19.2% 11.95%

Cashflow Statement

Concept 2016 Q4 2016 2015 Q4
OPERATING ACTIVITIES
Net Income $51.30M $197.1M $47.70M
YoY Change 7.55% 7.71% 16.06%
Depreciation, Depletion And Amortization $13.00M $49.30M $11.10M
YoY Change 17.12% 18.51% 23.33%
Cash From Operating Activities -$98.90M $90.90M -$27.30M
YoY Change 262.27% 14.27% -51.85%
INVESTING ACTIVITIES
Capital Expenditures -$19.40M $100.8M -$21.00M
YoY Change -7.62% 21.09% -34.17%
Acquisitions $234.7M
YoY Change 227.72%
Other Investing Activities -$42.80M -$250.9M -$44.10M
YoY Change -2.95% 190.06% -92.42%
Cash From Investing Activities -$62.20M -$351.7M -$65.10M
YoY Change -4.45% 107.21% -89.4%
FINANCING ACTIVITIES
Cash Dividend Paid $24.10M
YoY Change 20.59%
Common Stock Issuance & Retirement, Net $106.0M
YoY Change 315.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 187.3M $266.1M 104.8M
YoY Change 78.72% 152.73% -84.57%
NET CHANGE
Cash From Operating Activities -98.90M $90.90M -27.30M
Cash From Investing Activities -62.20M -$351.7M -65.10M
Cash From Financing Activities 187.3M $266.1M 104.8M
Net Change In Cash 26.20M $5.300M 12.40M
YoY Change 111.29% -64.92% 47.62%
FREE CASH FLOW
Cash From Operating Activities -$98.90M $90.90M -$27.30M
Capital Expenditures -$19.40M $100.8M -$21.00M
Free Cash Flow -$79.50M -$9.900M -$6.300M
YoY Change 1161.9% 168.07% -74.6%

Facts In Submission

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CY2016 us-gaap Concentration Risk Credit Risk
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Concentration of Risk and Uncertainties</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We purchase substantially all of our new vehicles and inventory from various manufacturers at the prevailing prices charged by auto makers to all franchised dealers. Our overall sales could be impacted by the auto manufacturers&#x2019; inability or unwillingness to supply dealerships with an adequate supply of popular models.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We depend on our manufacturers to provide a supply of vehicles which supports expected sales levels. In the event that manufacturers are unable to supply the needed level of vehicles, our financial performance <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> be adversely impacted.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We depend on our manufacturers to deliver high-quality, defect-free vehicles. In the event that manufacturers experience future quality issues, our financial performance <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> be adversely impacted.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We are subject to a concentration of risk in the event of financial distress, including potential reorganization or bankruptcy, of a major vehicle manufacturer. Our sales volume could be materially adversely impacted by the manufacturers&#x2019; or distributors&#x2019; inability to supply the stores with an adequate supply of vehicles. We also receive incentives and rebates from our manufacturers, including cash allowances, financing programs, discounts, holdbacks and other incentives. These incentives are recorded as accounts receivable in our Consolidated Balance Sheets until payment is received. Our financial condition could be materially adversely impacted by the manufacturers&#x2019; or distributors&#x2019; inability to continue to offer these incentives and rebates at substantially similar terms, or to pay our outstanding receivables.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We enter into Franchise Agreements with the manufacturers. The Franchise Agreements generally limit the location of the dealership and provide the auto manufacturer approval rights over changes in dealership management and ownership. The auto manufacturers are also entitled to terminate the Franchise Agreement if the dealership is in material breach of the terms. Our ability to expand operations depends, in part, on obtaining consents of the manufacturers for the acquisition of additional dealerships. See also &#x201c;Goodwill&#x201d; and &#x201c;Franchise Value&#x201d; above.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></div>&nbsp;</div> <div style=" MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We have a credit facility with a syndicate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> financial institutions, including <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">eight</div> manufacturer-affiliated finance companies. Several of these financial institutions also provide vehicle financing for certain new vehicles, vehicles that are designated for use as service loaners and mortgage financing. This credit facility is the primary source of floor plan financing for our new vehicle inventory and also provides used vehicle financing and a revolving line of credit. The term of the facility extends through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2021.</div> At maturity, our financial condition could be materially adversely impacted if lenders are unable to provide credit that has typically been extended to us or with terms unacceptable to us. Our financial condition could be materially adversely impacted if these providers incur losses in the future or undergo funding limitations. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We anticipate continued organic growth and growth through acquisitions. This growth will require additional credit which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> be unavailable or with terms unacceptable to us. If these events were to occur, we <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> not be able to borrow sufficient funds to facilitate our growth.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(20)</div> </div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<div style="display: inline; font-weight: bold;">Recent Accounting Pronouncements</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> the Financial Accounting Standards Board (&quot;FASB&quot;) issued accounting standards update (&quot;ASU&quot;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> &quot;Revenue from Contracts with Customers,&quot; which amends the accounting guidance related to revenues. This amendment will replace most of the existing revenue recognition guidance when it becomes effective. The new standard, as amended in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and entities are allowed to adopt the standard as early as annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> and interim periods therein.&nbsp;The standard permits the use of either the retrospective or cumulative effect transition method. We have evaluated the effect this amendment has on our most significant types of transactions and expect the timing of our revenue recognition to generally remain the same. We plan to apply a cumulative effect transition method at adoption.</div></div> <div style=" MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div> &quot;Simplifying the Measurement of Inventory (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">330).&quot;</div> ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div> simplifies the accounting for the valuation of all inventory not accounted for using the last-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out method by prescribing inventory be valued at the lower of cost or net realizable value. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div> is effective for public companies' annual periods, including interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> on a prospective basis. Early adoption is permitted. We do not expect the adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div> to have a material effect on our financial position, results of operations or cash flows.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> &quot;Leases.&quot; ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requires disclosing key information about leasing arrangements. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> is effective for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> and interim periods within those annual periods. We are evaluating the effect this pronouncement will have on our consolidated financial statements and related disclosures.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> &quot;Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting.&quot; ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> simplifies the accounting for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> is effective for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> and interim periods within those annual periods. We believe this pronouncement will increase volatility in our effective tax rate, especially in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter, as it relates to the recognition of the tax consequences of share-based payments. We plan to apply a prospective transition method associated with recognizing excess tax benefits and tax deficiencies in the income statement and will retrospectively apply amendments which impact the presentation of excess tax benefits on the cash flow statement.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> &quot;Classification of Certain Cash Receipts and Cash Payments.&quot; ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> provides guidance for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">eight</div> cash flow classification issues to reduce diversity in practice. The clarification includes guidance on items such as debt prepayment or debt extinguishment cost, contingent consideration payment made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies and distributions received from equity method investees. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> is effective for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> and interim periods within those annual periods. Early adoption is permitted. We are evaluating the effect this pronouncement will have on our consolidated financial statements and related disclosures.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04,</div> &quot;Intangibles - Goodwill and Other (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350)</div> - Simplifying the Test for Goodwill Impairment.&quot; ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04</div> simplifies the subsequent measurement of goodwill by eliminating Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> from the goodwill impairment test. An entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, if applicable. The loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. The same impairment test also applies to any reporting unit with a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div> or negative carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04</div> is effective for fiscal years, including interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> We do not expect the adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04</div> to have a material effect on our financial position, results of operations or cash flows.</div></div></div>
CY2015 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
CY2014 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
2097000
CY2016 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
CY2015 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
CY2016 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
CY2015 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
CY2014 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
5744000
CY2016 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
CY2015 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
CY2014 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
5277000
CY2016 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
CY2015 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
CY2014 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
-467000
CY2016 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
CY2014 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
12569000
CY2014 us-gaap Dividends
Dividends
15929000
CY2015 us-gaap Dividends
Dividends
19985000
CY2016 us-gaap Dividends
Dividends
24131000
CY2014Q1 us-gaap Dividends Common Stock
DividendsCommonStock
3378000
CY2014Q2 us-gaap Dividends Common Stock
DividendsCommonStock
4179000
CY2014Q3 us-gaap Dividends Common Stock
DividendsCommonStock
4174000
CY2014Q4 us-gaap Dividends Common Stock
DividendsCommonStock
4198000
CY2015Q1 us-gaap Dividends Common Stock
DividendsCommonStock
4216000
CY2015Q2 us-gaap Dividends Common Stock
DividendsCommonStock
5266000
CY2015Q3 us-gaap Dividends Common Stock
DividendsCommonStock
5257000
CY2015Q4 us-gaap Dividends Common Stock
DividendsCommonStock
5246000
CY2016Q1 us-gaap Dividends Common Stock
DividendsCommonStock
5151000
CY2016Q2 us-gaap Dividends Common Stock
DividendsCommonStock
6373000
CY2016Q3 us-gaap Dividends Common Stock
DividendsCommonStock
6299000
CY2016Q4 us-gaap Dividends Common Stock
DividendsCommonStock
6308000
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
7.76
CY2015 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.96
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.31
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
7.72
CY2015 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.91
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.26
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3800000
CY2015 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4200000
CY2014 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2600000
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
8900000
CY2016 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
4343000
CY2015 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-203000
CY2014 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-270000
CY2014Q4 us-gaap Goodwill
Goodwill
199375000
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
283523000
CY2015 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
7600000
CY2014 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
8400000
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
4389000
CY2015 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
5012000
CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
6186000
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
4389000
CY2015 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
5012000
CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
6186000
CY2016 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
1102000
CY2015 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
5919000
CY2014 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
5744000
CY2014 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
135540000
CY2015Q4 us-gaap Goodwill
Goodwill
213220000
CY2016Q4 us-gaap Goodwill
Goodwill
259399000
CY2015 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
14091000
CY2016 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
47397000
CY2008Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
299300000
CY2015 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
246000
CY2016 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
1218000
CY2016 us-gaap Gross Profit
GrossProfit
1301315000
CY2015 us-gaap Gross Profit
GrossProfit
1175634000
CY2014 us-gaap Gross Profit
GrossProfit
823322000
CY2015 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
3600000
CY2016 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
197058000
CY2015 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
182999000
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
262704000
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
210495000
CY2016 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
7.76
CY2015 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
6.96
CY2014 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
5.19
CY2016 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
7.72
CY2015 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
6.91
CY2014 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
5.14
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
CY2015 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
3180000
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
CY2015 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.12
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
CY2015 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.12
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
86465000
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
79705000
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
74955000
CY2016Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
2400000
CY2015Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
23800000
CY2016 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-5133000
CY2015 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-3303000
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-4121000
CY2016 us-gaap Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
IncomeTaxReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary
-9470000
CY2015 us-gaap Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
IncomeTaxReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary
-11048000
CY2014 us-gaap Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
IncomeTaxReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary
-1422000
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
99233000
CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
91947000
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
73673000
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
1436000
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
882000
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
1766000
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
139000
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
156000
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
68000
CY2016 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-1514000
CY2015 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-1289000
CY2014 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-377000
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
10784000
CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
9357000
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
6526000
CY2016 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
27950000
CY2015 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
29093000
CY2014 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
4002000
CY2016 us-gaap Income Taxes Paid
IncomeTaxesPaid
57236000
CY2015 us-gaap Income Taxes Paid
IncomeTaxesPaid
86533000
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
63827000
CY2016 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
105961000
CY2015 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
13047000
CY2014 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
59474000
CY2016 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
16449000
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674000
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-3105000
CY2016 us-gaap Increase Decrease In Accrued Liabilities
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42852000
CY2015 us-gaap Increase Decrease In Accrued Liabilities
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16273000
CY2014 us-gaap Increase Decrease In Accrued Liabilities
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-13471000
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168847000
CY2015 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
197079000
CY2014 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
76002000
CY2016 us-gaap Increase Decrease In Other Noncurrent Assets
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13305000
CY2015 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
31290000
CY2014 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
30534000
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27173000
CY2015 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
33766000
CY2014 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
38133000
CY2014Q4 us-gaap Indefinite Lived Franchise Rights
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150892000
CY2015Q4 us-gaap Indefinite Lived Franchise Rights
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157699000
CY2016Q4 us-gaap Indefinite Lived Franchise Rights
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184268000
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36000
CY2016 us-gaap Indefinite Lived Intangible Assets Written Off Related To Sale Of Business Unit
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518000
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6843000
CY2016 us-gaap Indefinitelived Intangible Assets Acquired
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27087000
CY2016 us-gaap Interest Costs Capitalized
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400000
CY2015 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
500000
CY2014 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
400000
CY2016 us-gaap Interest Expense Debt
InterestExpenseDebt
23207000
CY2015 us-gaap Interest Expense Debt
InterestExpenseDebt
19491000
CY2014 us-gaap Interest Expense Debt
InterestExpenseDebt
10742000
CY2016 us-gaap Interest Paid
InterestPaid
49730000
CY2015 us-gaap Interest Paid
InterestPaid
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CY2014 us-gaap Interest Paid
InterestPaid
24610000
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18100000
CY2015Q4 us-gaap Inventory Adjustments
InventoryAdjustments
13600000
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1772587000
CY2015Q4 us-gaap Inventory Net
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1470987000
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Liabilities
2933374000
CY2015Q4 us-gaap Liabilities
Liabilities
2396966000
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3844150000
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3225130000
CY2016Q4 us-gaap Liabilities Current
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1921994000
CY2015Q4 us-gaap Liabilities Current
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1590439000
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CY2016Q4 us-gaap Long Term Debt And Capital Lease Obligations
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769916000
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LongTermDebtAndCapitalLeaseObligations
604680000
CY2016Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
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20965000
CY2015Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
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38506000
CY2016Q4 us-gaap Long Term Debt Fair Value
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293522000
CY2015Q4 us-gaap Long Term Debt Fair Value
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296961000
CY2016Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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263210000
CY2016Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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20608000
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
34897000
CY2016Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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37504000
CY2016Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
45189000
CY2016Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
38150000
CY2016Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
485200000
CY2016Q4 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
286660000
CY2015Q4 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
297463000
CY2016Q4 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
2100000000
CY2016 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
101656000
CY2015 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
89736000
CY2014 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
62933000
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
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270451000
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
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110304000
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
711577000
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-351693000
CY2015 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-169733000
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-736332000
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86516000
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
74539000
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
30967000
CY2016 us-gaap Net Income Loss
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197058000
CY2015 us-gaap Net Income Loss
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182999000
CY2014 us-gaap Net Income Loss
NetIncomeLoss
138720000
CY2015Q4 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Cumulative Effect Of Change On Equity Or Net Assets1
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2200000
CY2016 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
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48081000
CY2015 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
CY2014 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
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2637000
CY2015 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
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CY2014 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
CY2016 us-gaap Notes Issued1
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CY2015 us-gaap Notes Issued1
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2160000
CY2014 us-gaap Notes Issued1
NotesIssued1
55693000
CY2016 us-gaap Notes Reduction
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5284000
CY2015 us-gaap Notes Reduction
NotesReduction
4400000
CY2014 us-gaap Notes Reduction
NotesReduction
3311000
CY2016 us-gaap Number Of Reportable Segments
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3
CY2016Q4 us-gaap Number Of Stores
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154
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
338364000
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
302735000
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
231899000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due
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251806000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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25557000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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27294000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
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7777000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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20249000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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22226000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and related notes to financial statements. Changes in such estimates <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> affect amounts reported in future periods.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Estimates are used in the calculation of certain reserves maintained for charge-backs on estimated cancellations of service contracts; life, accident and disability insurance policies; finance fees from customer financing contracts and uncollectible accounts receivable.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We also use estimates in the calculation of various expenses, accruals and reserves, including anticipated losses related to workers&#x2019; compensation insurance; anticipated losses related to self-insurance components of our property and casualty and medical insurance; self-insured lifetime lube, oil and filter service contracts; discretionary employee bonuses, the Transition Agreement with Sidney B. DeBoer, our Chairman of the Board; warranties provided on certain products and services; legal reserves and stock-based compensation. We also make certain estimates regarding the assessment of the recoverability of long-lived assets, indefinite-lived intangible assets and deferred tax assets.</div></div> <div style=" MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</div></div><div style=" MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We offer a limited warranty on the sale of most retail used vehicles. This warranty is based on mileage and time. We also offer a mileage and time based warranty on parts used in our service repair work and on tire purchases. The cost that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> be incurred for these warranties is estimated at the time the related revenue is recorded. A reserve for these warranty liabilities is estimated based on current sales levels, warranty experience rates and estimated costs per claim. The annual activity for reserve increases and claims is immaterial. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the accrued warranty balance was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.4</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million, respectively. </div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
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26290000
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26121000

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