2013 Q4 Form 8-K Financial Statement

#000110465914081515 Filed on November 18, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $3.825B $3.759B $3.631B
YoY Change 15.12% 14.63% 11.72%
Cost Of Revenue $3.200B $3.244B $3.071B
YoY Change 15.71% 14.45% 9.29%
Gross Profit $581.4M $571.1M $559.5M
YoY Change 14.29% 15.56% 12.73%
Gross Profit Margin 15.2% 15.19% 15.41%
Selling, General & Admin $425.4M $454.2M $432.7M
YoY Change 6.86% 13.54% 8.0%
% of Gross Profit 73.17% 79.53% 77.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.20M $15.78M $14.70M
YoY Change 24.59% 15.18% 10.37%
% of Gross Profit 2.61% 2.76% 2.63%
Operating Expenses $440.6M $454.2M $432.7M
YoY Change 7.02% 13.54% 8.0%
Operating Profit $140.8M $109.9M $112.1M
YoY Change 45.15% 25.3% 23.17%
Interest Expense -$13.30M -$11.70M -$13.70M
YoY Change -8.28% -61.64% 3.79%
% of Operating Profit -9.45% -10.64% -12.22%
Other Income/Expense, Net
YoY Change
Pretax Income $89.90M $97.97M $98.40M
YoY Change 14.96% 71.07% 26.38%
Income Tax $28.80M $31.69M $34.90M
% Of Pretax Income 32.04% 32.35% 35.47%
Net Earnings $59.20M $65.30M $62.00M
YoY Change 21.81% 59.27% 26.27%
Net Earnings / Revenue 1.55% 1.74% 1.71%
Basic Earnings Per Share $0.72 $0.69
Diluted Earnings Per Share $0.66 $0.72 $0.69
COMMON SHARES
Basic Shares Outstanding 90.20M shares 90.20M shares 90.30M shares
Diluted Shares Outstanding 90.24M shares 90.30M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.00M $71.00M $26.00M
YoY Change 16.28% 173.08% -29.73%
Cash & Equivalents $49.80M $71.10M $26.30M
Short-Term Investments
Other Short-Term Assets $88.40M $83.51M $90.35M
YoY Change -2.0% -8.44% -31.03%
Inventory $2.518B $2.293B $2.126B
Prepaid Expenses
Receivables $595.0M $588.0M $531.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.365B $3.037B $2.807B
YoY Change 20.06% 20.26% 13.92%
LONG-TERM ASSETS
Property, Plant & Equipment $1.232B $1.211B $1.148B
YoY Change 21.55% 25.95% 24.16%
Goodwill $1.145B $1.118B $295.4M
YoY Change 18.32% 17.37%
Intangibles
YoY Change
Long-Term Investments $346.9M $333.1M $332.5M
YoY Change 14.41% 9.53% 11.95%
Other Assets $31.90M $27.83M $18.60M
YoY Change 54.85% 26.82% 32.82%
Total Long-Term Assets $3.051B $2.973B $2.731B
YoY Change 18.41% 19.01% 12.42%
TOTAL ASSETS
Total Short-Term Assets $3.365B $3.037B $2.807B
Total Long-Term Assets $3.051B $2.973B $2.731B
Total Assets $6.416B $6.011B $5.538B
YoY Change 19.27% 19.64% 13.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $373.3M $380.0M $314.1M
YoY Change 43.69% 38.17% 0.98%
Accrued Expenses $262.6M $275.5M $227.0M
YoY Change 18.66% 6.3% -12.37%
Deferred Revenue
YoY Change
Short-Term Debt $2.573B $2.339B $2.228B
YoY Change 20.57% 19.4% 18.32%
Long-Term Debt Due $50.00M $46.89M $44.90M
YoY Change 156.41% 214.11% 245.35%
Total Short-Term Liabilities $3.332B $3.044B $2.837B
YoY Change 23.62% 19.74% 13.48%
LONG-TERM LIABILITIES
Long-Term Debt $1.033B $1.014B $875.3M
YoY Change 12.66% 24.29% 10.24%
Other Long-Term Liabilities $166.5M $156.7M $155.3M
YoY Change 2.65% -5.29% -5.9%
Total Long-Term Liabilities $1.200B $1.171B $1.031B
YoY Change 11.16% 19.3% 7.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.332B $3.044B $2.837B
Total Long-Term Liabilities $1.200B $1.171B $1.031B
Total Liabilities $4.893B $4.553B $4.181B
YoY Change 20.45% 21.24% 13.44%
SHAREHOLDERS EQUITY
Retained Earnings $799.2M $755.3M $704.5M
YoY Change 30.8% 33.32%
Common Stock $693.6M $691.9M $689.0M
YoY Change -0.91% -0.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.504B $1.444B $1.352B
YoY Change
Total Liabilities & Shareholders Equity $6.416B $6.011B $5.538B
YoY Change 19.27% 19.64% 13.17%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income $59.20M $65.30M $62.00M
YoY Change 21.81% 59.27% 26.27%
Depreciation, Depletion And Amortization $15.20M $15.78M $14.70M
YoY Change 24.59% 15.18% 10.37%
Cash From Operating Activities $10.00M $119.1M $89.40M
YoY Change -85.1% 104.99% 13.89%
INVESTING ACTIVITIES
Capital Expenditures $29.50M -$61.10M -$74.70M
YoY Change -154.13% 56.27% 140.19%
Acquisitions
YoY Change
Other Investing Activities -$183.4M -$161.7M -$17.10M
YoY Change 50.33% 803.35% 175.81%
Cash From Investing Activities -$153.9M -$222.8M -$91.80M
YoY Change -12.8% 290.88% 146.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 122.8M 148.7M -3.300M
YoY Change -3.84% -1415.93% -90.86%
NET CHANGE
Cash From Operating Activities 10.00M 119.1M 89.40M
Cash From Investing Activities -153.9M -222.8M -91.80M
Cash From Financing Activities 122.8M 148.7M -3.300M
Net Change In Cash -21.10M 45.00M -5.700M
YoY Change -215.3% -541.18% -211.76%
FREE CASH FLOW
Cash From Operating Activities $10.00M $119.1M $89.40M
Capital Expenditures $29.50M -$61.10M -$74.70M
Free Cash Flow -$19.50M $180.2M $164.1M
YoY Change -116.04% 85.39% 49.73%

Facts In Submission

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CY2012 us-gaap Current Income Tax Expense Benefit
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10100000 USD
CY2011 us-gaap Current Income Tax Expense Benefit
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23400000 USD
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9500000 USD
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1400000 USD
CY2011 us-gaap Deferred Foreign Income Tax Expense Benefit
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179100000 USD
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100000 USD
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200000 USD
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6800000 USD
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6800000 USD
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5000000 USD
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1100000 USD
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33800000 USD
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CY2011 us-gaap Deferred State And Local Income Tax Expense Benefit
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900000 USD
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DeferredIncomeTaxExpenseBenefit
77600000 USD
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
83800000 USD
CY2011 us-gaap Deferred Income Tax Expense Benefit
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47200000 USD
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
123200000 USD
CY2012 us-gaap Income Tax Expense Benefit
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CY2011 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
70600000 USD
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130400000 USD
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100700000 USD
CY2011 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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85800000 USD
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8500000 USD
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7000000 USD
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1700000 USD
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CY2012 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2011 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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-900000 USD
CY2013 us-gaap Income Tax Reconciliation Tax Contingencies
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CY2012 us-gaap Income Tax Reconciliation Tax Contingencies
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CY2011 us-gaap Income Tax Reconciliation Tax Contingencies
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200000 USD
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100000 USD
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61800000 USD
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13700000 USD
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3100000 USD
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14600000 USD
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219000000 USD
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12500000 USD
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1300000 USD
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408700000 USD
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51200000 USD
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800000 USD
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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800000 USD
CY2011 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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100000 USD
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400000 USD
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2011 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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100000 USD
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300000 USD
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500000 USD
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100000 USD
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1394600000 USD
CY2012 us-gaap Operating Income Loss
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38100000 USD
CY2011 pag Floor Plan Interest Expense
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CY2013 pag Interest Expense Excluding Floor Plan Interest
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46600000 USD
CY2011 pag Interest Expense Excluding Floor Plan Interest
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44100000 USD
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CY2011 us-gaap Depreciation
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372600000 USD
CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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3700000 USD
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245700000 USD
CY2011 us-gaap Profit Loss
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CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2010Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013 dei Entity Registrant Name
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PENSKE AUTOMOTIVE GROUP, INC.
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0001019849
CY2013 dei Document Type
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8-K
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2013-12-31
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CY2010Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2011 us-gaap Dividends Cash
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300000 USD
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CY2011 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2013 us-gaap Use Of Estimates
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="TEXT-INDENT: 0.15in; MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Estimates</font></i></b></p> <p style="TEXT-INDENT: 0.15in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.15in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accounts requiring the use of significant estimates include accounts receivable, inventories, income taxes, intangible assets and certain reserves.</font></p> </div>
CY2013 pag Number Of Franchises Awarded To Reporting Entity
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CY2013 pag Number Of Franchises Disposed Of
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CY2013 pag Number Of Brands Represented By Franchises Awarded To Reporting Entity
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10 item
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CY2011 us-gaap Income Loss From Continuing Operations Per Basic Share
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1.90
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2011 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.04
CY2012 us-gaap Income Loss From Continuing Operations Per Diluted Share
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2.13
CY2011 us-gaap Income Loss From Continuing Operations Per Diluted Share
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1.90
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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1400000 USD
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-400000 USD
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3400000 USD
CY2012 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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18600000 USD
CY2011 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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25400000 USD
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax
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3400000 USD
CY2012 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2011 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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89400000 USD
CY2012 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
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-15900000 USD
CY2011 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
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15300000 USD
CY2013Q4 pag Automotive Inventory Commercial Vehicles Net
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126900000 USD
CY2013 pag Goodwill Written Off Related To Sale Of Business Unit And Impairment Losses
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7200000 USD
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2900000 USD
CY2013 pag Goodwill Reconsolidation From Business Combination
GoodwillReconsolidationFromBusinessCombination
7400000 USD
CY2013 pag Indefinite Lived Intangible Reconsolidation From Business Combination
IndefiniteLivedIntangibleReconsolidationFromBusinessCombination
3100000 USD
pag Minimum Number Of Dealership Locations
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70 item
CY2013 pag Number Of Geographic Reporting Segments
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2 item
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606300000 USD
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37100000 USD
CY2013 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
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229100000 USD
CY2013 pag Business Combination Pro Forma Information Pre Tax Income Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationPreTaxIncomeOfAcquireeSinceAcquisitionDateActual
9700000 USD
CY2011 pag Reclassification From Accumulated Other Comprehensive Income Current Period Tax Provision
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0 USD
CY2012 pag Reclassification From Accumulated Other Comprehensive Income Current Period Tax Provision
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodTaxProvision
2800000 USD
CY2013 pag Reclassification From Accumulated Other Comprehensive Income Current Period Tax Provision
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodTaxProvision
2900000 USD
CY2013 pag Reclassification From Accumulated Other Comprehensive Income Current Period Tax Benefit
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodTaxBenefit
500000 USD
CY2013 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.62
CY2012 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.46
CY2011 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.24
CY2013 pag Proceeds From Borrowings Of Car Rental Revolver
ProceedsFromBorrowingsOfCarRentalRevolver
109000000 USD
CY2012 pag Proceeds From Borrowings Of Car Rental Revolver
ProceedsFromBorrowingsOfCarRentalRevolver
23200000 USD
CY2013 pag Repayments Of Borrowings Of Car Rental Revolver
RepaymentsOfBorrowingsOfCarRentalRevolver
45300000 USD
CY2012Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2013Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2013Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
693600000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
799200000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
1504400000 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
1304200000 USD
CY2013Q4 us-gaap Minority Interest
MinorityInterest
17700000 USD
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2013 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1500000 USD
CY2012 us-gaap Net Income Loss
NetIncomeLoss
185500000 USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2013Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
3400000 USD
CY2012Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2800000 USD
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000 shares
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000 shares
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2013Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2012Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
240000000 shares
CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
240000000 shares
CY2012Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
90294765 shares
CY2013Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
90243731 shares
CY2012Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
90294765 shares
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
90243731 shares
CY2013 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.75
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.04
CY2011 us-gaap Net Income Loss
NetIncomeLoss
176900000 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
244200000 USD
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.71
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.05
CY2011 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.94
CY2013 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.74
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.04
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.70
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.05
CY2011 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.94
CY2013 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
247900000 USD
CY2012 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
192600000 USD
CY2011 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
173200000 USD
CY2013 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
15800000 USD
CY2012 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
9800000 USD
CY2011 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
44300000 USD
CY2012 pag Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest Including Gain Loss On Sale Of Debt Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestIncludingGainLossOnSaleOfDebtInvestments
305500000 USD
CY2013 pag Payments To Acquire Productive Assets And Payments To Purchase Penske Car Rental Vehicles
PaymentsToAcquireProductiveAssetsAndPaymentsToPurchasePenskeCarRentalVehicles
256000000 USD
CY2012 pag Payments To Acquire Productive Assets And Payments To Purchase Penske Car Rental Vehicles
PaymentsToAcquireProductiveAssetsAndPaymentsToPurchasePenskeCarRentalVehicles
161900000 USD
CY2013 pag Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest Including Gain Loss On Sale Of Debt Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestIncludingGainLossOnSaleOfDebtInvestments
372600000 USD
CY2011 pag Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest Including Gain Loss On Sale Of Debt Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterestIncludingGainLossOnSaleOfDebtInvestments
245200000 USD
CY2011 pag Payments To Acquire Productive Assets And Payments To Purchase Penske Car Rental Vehicles
PaymentsToAcquireProductiveAssetsAndPaymentsToPurchasePenskeCarRentalVehicles
131200000 USD

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