2013 Q3 Form 10-K Financial Statement

#000119312513380045 Filed on September 26, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 2012 Q3
Revenue $575.4M $3.242B $888.2M
YoY Change -35.22% 22.8% 15.28%
Cost Of Revenue $458.6M $2.817B $775.3M
YoY Change -40.85% 21.42% 15.7%
Gross Profit $116.8M $424.5M $112.9M
YoY Change 3.45% 32.86% 12.45%
Gross Profit Margin 20.3% 13.1% 12.71%
Selling, General & Admin $39.20M $194.7M $47.50M
YoY Change -17.47% 31.29% 6.03%
% of Gross Profit 33.56% 45.85% 42.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.200M $24.99M $6.100M
YoY Change 1.64% 0.04% -4.69%
% of Gross Profit 5.31% 5.89% 5.4%
Operating Expenses $40.90M $194.7M $50.20M
YoY Change -18.53% 31.29% 4.58%
Operating Profit $75.90M $229.9M $62.70M
YoY Change 21.05% 34.23% 19.66%
Interest Expense $800.0K $6.000K $600.0K
YoY Change 33.33% -87.23% -33.33%
% of Operating Profit 1.05% 0.0% 0.96%
Other Income/Expense, Net $1.921M
YoY Change 79.2%
Pretax Income $86.20M $222.0M $63.30M
YoY Change 36.18% 34.21% 17.01%
Income Tax $29.20M $70.30M $19.00M
% Of Pretax Income 33.87% 31.67% 30.02%
Net Earnings $58.20M $152.9M $44.40M
YoY Change 31.08% 25.57% 20.33%
Net Earnings / Revenue 10.11% 4.72% 5.0%
Basic Earnings Per Share $2.88
Diluted Earnings Per Share $1.094M $2.88 $837.7K
COMMON SHARES
Basic Shares Outstanding 53.19M shares 53.01M shares 52.92M shares
Diluted Shares Outstanding 53.12M shares

Balance Sheet

Concept 2013 Q3 2013 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $236.6M $236.6M $218.6M
YoY Change 8.23% 8.23% 1.49%
Cash & Equivalents $236.6M $236.6M $218.6M
Short-Term Investments
Other Short-Term Assets $188.2M $188.2M $47.10M
YoY Change 299.58% 299.58% 0.64%
Inventory $153.0M $153.0M $186.1M
Prepaid Expenses
Receivables $230.9M $230.9M $221.7M
Other Receivables $21.90M $21.90M $11.40M
Total Short-Term Assets $830.7M $830.7M $684.9M
YoY Change 21.29% 21.29% 9.8%
LONG-TERM ASSETS
Property, Plant & Equipment $143.8M $143.8M $164.4M
YoY Change -12.52% -12.53% -2.27%
Goodwill $238.1M $245.2M
YoY Change -2.9% 0.31%
Intangibles
YoY Change
Long-Term Investments $1.739M
YoY Change -36.56%
Other Assets $353.8M $8.100M $393.8M
YoY Change -10.16% -33.61% -2.37%
Total Long-Term Assets $497.6M $497.6M $558.2M
YoY Change -10.86% -10.86% -2.81%
TOTAL ASSETS
Total Short-Term Assets $830.7M $830.7M $684.9M
Total Long-Term Assets $497.6M $497.6M $558.2M
Total Assets $1.328B $1.328B $1.243B
YoY Change 6.86% 6.85% 3.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $135.0M $135.0M $143.1M
YoY Change -5.66% -5.66% 19.79%
Accrued Expenses $70.70M $70.70M $63.40M
YoY Change 11.51% 11.51% 0.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $361.7M $361.7M $311.1M
YoY Change 16.26% 16.26% 11.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.20M $55.40M $15.69M
YoY Change -9.46% -7.97% 2.43%
Total Long-Term Liabilities $73.98M $55.40M $81.14M
YoY Change -8.82% -7.97% -2.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $361.7M $361.7M $311.1M
Total Long-Term Liabilities $73.98M $55.40M $81.14M
Total Liabilities $435.7M $435.7M $392.2M
YoY Change 11.07% 11.09% 8.41%
SHAREHOLDERS EQUITY
Retained Earnings $953.7M $918.6M
YoY Change 3.83% 10.78%
Common Stock $205.0M $198.4M
YoY Change 3.33% 1.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $266.1M $266.1M
YoY Change 0.02% 40.72%
Treasury Stock Shares 8.858M shares 8.857M shares
Shareholders Equity $892.6M $892.6M $850.8M
YoY Change
Total Liabilities & Shareholders Equity $1.328B $1.328B $1.243B
YoY Change 6.86% 6.85% 3.75%

Cashflow Statement

Concept 2013 Q3 2013 2012 Q3
OPERATING ACTIVITIES
Net Income $58.20M $152.9M $44.40M
YoY Change 31.08% 25.57% 20.33%
Depreciation, Depletion And Amortization $6.200M $24.99M $6.100M
YoY Change 1.64% 0.04% -4.69%
Cash From Operating Activities $100.4M $145.1M $81.50M
YoY Change 23.19% 22.07% -50.49%
INVESTING ACTIVITIES
Capital Expenditures -$9.600M $24.31M -$3.800M
YoY Change 152.63% 141.53% -22.45%
Acquisitions $10.72M
YoY Change 6204.71%
Other Investing Activities $13.00M -$815.0K $400.0K
YoY Change 3150.0% 35.83% -80.95%
Cash From Investing Activities $3.400M -$14.00M -$3.400M
YoY Change -200.0% 78.2% 17.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.845M
YoY Change -92.26%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.700M -113.1M -7.500M
YoY Change -37.33% 4.95% 33.93%
NET CHANGE
Cash From Operating Activities 100.4M 145.1M 81.50M
Cash From Investing Activities 3.400M -14.00M -3.400M
Cash From Financing Activities -4.700M -113.1M -7.500M
Net Change In Cash 99.10M 17.96M 70.60M
YoY Change 40.37% 459.99% -54.77%
FREE CASH FLOW
Cash From Operating Activities $100.4M $145.1M $81.50M
Capital Expenditures -$9.600M $24.31M -$3.800M
Free Cash Flow $110.0M $120.8M $85.30M
YoY Change 28.96% 11.02% -49.68%

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P4Y9M11D
CY2013 us-gaap Proceeds From Sale And Collection Of Notes Receivable
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7000000
CY2013 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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10718000
CY2013 us-gaap Proceeds From Issuance Of Common Stock
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5845000
CY2013 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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23000
CY2013 dei Document Fiscal Year Focus
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2013
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-07-31
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0000730263
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2013 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--07-31
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.02
CY2013 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
7303000
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.02
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
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2815000
CY2013 us-gaap Increase Decrease In Other Operating Liabilities
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-1421000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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7502000
CY2013 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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144000
CY2013 us-gaap Increase Decrease In Accounts Payable
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15449000
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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27.84
CY2013 us-gaap Standard Product Warranty Accrual Warranties Issued
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93374000
CY2013 us-gaap Earnings Per Share Diluted
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2.88
CY2013 us-gaap Income Loss From Continuing Operations
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151676000
CY2013 us-gaap Comprehensive Income Net Of Tax
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152900000
CY2013 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
736000
CY2013 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
78797000
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
26.91
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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77691000
CY2013 us-gaap Standard Product Warranty Accrual Payments
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78513000
CY2013 us-gaap Asset Impairment Charges
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13525000
CY2013 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
24987000
CY2013 us-gaap Share Based Compensation
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2816000
CY2013 us-gaap Income Taxes Paid
IncomeTaxesPaid
75561000
CY2013 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-789000
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
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24305000
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
5348000
CY2013 us-gaap Proceeds From Sale Of Property Plant And Equipment
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361000
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
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-7712000
CY2013 us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="justify"> <font style="FONT-FAMILY: Arial Narrow" size="2">Our principal commercial commitments under repurchase agreements and dealer inventory financing guarantees at July&#xA0;31, 2013 and 2012 are summarized in the following chart:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="98%"> <tr> <td width="52%"></td> <td valign="bottom" width="1%"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px" align="center"> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Total&#xA0;Amount&#xA0;Committed</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom" align="center"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Term&#xA0;of</b></font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>July&#xA0;31,&#xA0;2013</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>July&#xA0;31,&#xA0;2012</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Commitments</b></font></td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" nowrap="nowrap" align="center"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px" align="center"> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Commitment</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Arial Narrow" size="2">Guarantee on dealer financing</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">&#xA0;&#xA0;$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2">375&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">&#xA0;&#xA0;&#xA0;&#xA0;$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2">900&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">Various</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Arial Narrow" size="2">Standby repurchase obligation on dealer financing</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">&#xA0;&#xA0;$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;1,027,567&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">&#xA0;&#xA0;&#xA0;&#xA0;$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;861,738&#xA0;&#xA0;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">Up&#xA0;to&#xA0;eighteen&#xA0;months</font></td> </tr> </table> </div>
CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
498412 shares
CY2013 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
113000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
8000 shares
CY2013 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1245000
CY2013 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
448385000
CY2013 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
74610000
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
109972 shares
CY2013 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5845000
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
145066000
CY2013 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-13996000
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
28.62
CY2013 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
9904000
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
1186000
CY2013 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
-718000
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
17959000
CY2013 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
38162000
CY2013 us-gaap Advertising Expense
AdvertisingExpense
8794000
CY2013 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1127000
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53115548 shares
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.26
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
35.18
CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
14267000
CY2013 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
46615000
CY2013 us-gaap Income Tax Expense Benefit Continuing Operations
IncomeTaxExpenseBenefitContinuingOperations
70296000
CY2013 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
2468000
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.88
CY2013 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px" align="justify"> <font style="FONT-FAMILY: Arial Narrow" size="2">Nature of Operations &#x2013; Thor Industries, Inc. was founded in 1980 and, together with its subsidiaries (the &#x201C;Company&#x201D;), manufactures a wide range of recreational vehicles at various manufacturing facilities primarily in Indiana and Ohio. These products are sold to independent dealers primarily throughout the United States and Canada. Unless the context otherwise requires or indicates, all references to &#x201C;Thor&#x201D;, the &#x201C;Company&#x201D;, &#x201C;we&#x201D;, &#x201C;our&#x201D; and &#x201C;us&#x201D; refer to Thor Industries, Inc. and its subsidiaries.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px" align="justify"> <font style="FONT-FAMILY: Arial Narrow" size="2">The Company&#x2019;s core ongoing business activities are comprised of two distinct operations, which include the design, manufacture and sale of motorized recreational vehicles and towable recreational vehicles. Accordingly, the Company has presented segmented financial information for these two segments in Note 4 to the Consolidated Financial Statements. See Note 3, &#x201C;Discontinued Operations,&#x201D; in the Notes to the Consolidated Financial Statements for a description of the Company&#x2019;s bus operations which, as of July&#xA0;31, 2013, are subject to an agreement to be sold. Accordingly, the accompanying financial statements (including footnote disclosures unless otherwise indicated) reflect these operations as discontinued operations apart from the Company&#x2019;s continuing recreational vehicle operations.</font></p> </div>
CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-113111000
CY2013 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-631000
CY2013 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.86
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
120000 shares
CY2013 us-gaap Additions To Noncurrent Assets
AdditionsToNoncurrentAssets
24190000
CY2013 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2009000
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
5593000
CY2013 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
12080000
CY2013 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
740000
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53005576 shares
CY2013 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2013 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
37037000
CY2013 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
4187000
CY2013 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1572000
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y9M11D
CY2013 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
12051000
CY2013 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
800000
CY2013 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
32318000
CY2013 tho Losses Due To Repurchase
LossesDueToRepurchase
906000
CY2013 tho Disposal Group Including Discontinued Operation Impairment Of Goodwill
DisposalGroupIncludingDiscontinuedOperationImpairmentOfGoodwill
6810000
CY2013 us-gaap Depreciation
Depreciation
13950000
CY2013 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-815000
CY2013 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
47000
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
221972000
CY2013 us-gaap Interest Paid
InterestPaid
411000
CY2013 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
316000
CY2013 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-8501000
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
436000
CY2013 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2013 us-gaap Net Income Loss
NetIncomeLoss
152862000
CY2013 tho Capital Loss Carryforward Expiration Year
CapitalLossCarryforwardExpirationYear
2014
CY2013 tho Share Based Compensation Arrangement By Share Based Payment Award Expiration Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationTerm
P10Y
CY2013 tho Cost Of Units Repurchased
CostOfUnitsRepurchased
6926000
CY2013 tho Warranty Period For Retail Customer
WarrantyPeriodForRetailCustomer
P1Y
CY2013 tho Maximum Percentage Of Tax Benefits Realized Upon Ultimate Settlement
MaximumPercentageOfTaxBenefitsRealizedUponUltimateSettlement
0.50 pure
CY2013 tho Period Of Longer Warranty For Structural Components
PeriodOfLongerWarrantyForStructuralComponents
Up to 5 years
CY2013 tho Realization Of Units Resold
RealizationOfUnitsResold
-6020000
CY2013 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
740000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2013 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.86
CY2013 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px" align="justify"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Estimates</i> &#x2013; The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Key estimates include reserves for inventory, incurred but not reported medical claims, warranty claims, recalls, workers&#x2019; compensation claims, vehicle repurchases, uncertain tax positions, product and non-product litigation and assumptions made in asset impairment assessments. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances. The Company believes that such estimates are made using consistent and appropriate methods. Actual results could differ from these estimates.</font></p> </div>
CY2013 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
38000
CY2013 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11037000
CY2013 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
11671000
CY2013 tho Fair Value Of Nonqualified Deferred Compensation Plan
FairValueOfNonqualifiedDeferredCompensationPlan
7000000
CY2013 tho Disposal Group Including Discontinued Operation Loss On Impairment
DisposalGroupIncludingDiscontinuedOperationLossOnImpairment
-11525000
CY2013 tho Increase Decrease In Unrecognized Tax Benefits
IncreaseDecreaseInUnrecognizedTaxBenefits
-4000000
CY2013 tho Allowance For Doubtful Accounts Write Offs Against Payments And Recoveries
AllowanceForDoubtfulAccountsWriteOffsAgainstPaymentsAndRecoveries
130000
CY2013 tho Allowance For Doubtful Accounts Provision Charged To Expense
AllowanceForDoubtfulAccountsProvisionChargedToExpense
-47000
CY2013 tho Increase Decrease In Interest
IncreaseDecreaseInInterest
-1000000
CY2013 tho Increase Decrease In Penalties
IncreaseDecreaseInPenalties
-60000
CY2013 tho Reduction Of Excess Current Tax Payable And Deferred Tax Liabilities
ReductionOfExcessCurrentTaxPayableAndDeferredTaxLiabilities
-13000
CY2013 tho Income Tax Reconciliation Other Permanent Items
IncomeTaxReconciliationOtherPermanentItems
266000
CY2013 tho Payments Of Special Dividends Common Stock
PaymentsOfSpecialDividendsCommonStock
79525000
CY2013 tho Recognized Tax Expense Benefits Income Tax Penalties And Interest Expense
RecognizedTaxExpenseBenefitsIncomeTaxPenaltiesAndInterestExpense
-932000
CY2013 tho Goodwill Reclassified To Discontinued Operations
GoodwillReclassifiedToDiscontinuedOperations
5559000
CY2013 tho Allowance For Doubtful Accounts Receivable Discontinued Operations Reclassification
AllowanceForDoubtfulAccountsReceivableDiscontinuedOperationsReclassification
193000
CY2013 tho Standard Product Warranty Accrual Discontinued Operations Reclassification
StandardProductWarrantyAccrualDiscontinuedOperationsReclassification
-3891000
CY2012 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.19
CY2012 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
5145000
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.19
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
846000
CY2012 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1864000
CY2012 us-gaap Increase Decrease In Notes Receivable Current
IncreaseDecreaseInNotesReceivableCurrent
-7062000
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CY2012 us-gaap Proceeds From Issuance Of Common Stock
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CY2012 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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6000
CY2012 us-gaap Proceeds From Sale And Collection Of Notes Receivable
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IncomeLossFromContinuingOperations
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
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3995000
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629000
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-2888000
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UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
284000
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77000000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
20000 shares
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1183000
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52665000
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1428000
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IncomeTaxesPaid
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DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
17.74
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IncreaseDecreaseInDeferredIncomeTaxes
3442000
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10304000
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IncomeTaxReconciliationTaxContingencies
1879000
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PaymentsToAcquirePropertyPlantAndEquipment
10063000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
3207000
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PaymentsOfDividendsCommonStock
32322000
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AdvertisingExpense
6989000
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1181000
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53899848 shares
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
62592000
CY2012 us-gaap Income Tax Expense Benefit Continuing Operations
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53953000
CY2012 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
831000
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.26
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-107780000
CY2012 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
4999000
CY2012 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.07
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
600000 shares
CY2012 us-gaap Additions To Noncurrent Assets
AdditionsToNoncurrentAssets
10442000
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
1364000
CY2012 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
15303000
CY2012 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
101000
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2012 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1585000
CY2012 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
4250000
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OperatingLeasesRentExpenseNet
1659000
CY2012 us-gaap Depreciation
Depreciation
13843000
CY2012 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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CY2012 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
209000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
165388000
CY2012 us-gaap Interest Paid
InterestPaid
560000
CY2012 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
174000
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2962000
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
562000
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
412000 shares
CY2012 us-gaap Net Income Loss
NetIncomeLoss
121739000
CY2012 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
101000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2012 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.07
CY2012 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
7000
CY2012 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11135000
CY2012 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
13265000
CY2012 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
8185000
CY2012 tho Cost Of Units Repurchased
CostOfUnitsRepurchased
2881000
CY2012 tho Realization Of Units Resold
RealizationOfUnitsResold
-2521000
CY2012 tho Losses Due To Repurchase
LossesDueToRepurchase
360000
CY2012 tho Allowance For Doubtful Accounts Write Offs Against Payments And Recoveries
AllowanceForDoubtfulAccountsWriteOffsAgainstPaymentsAndRecoveries
54000
CY2012 tho Fair Value Of Nonqualified Deferred Compensation Plan
FairValueOfNonqualifiedDeferredCompensationPlan
8970000
CY2012 tho Allowance For Doubtful Accounts Provision Charged To Expense
AllowanceForDoubtfulAccountsProvisionChargedToExpense
32000
CY2012 tho Income Tax Reconciliation Executive Compensation Limitation
IncomeTaxReconciliationExecutiveCompensationLimitation
38000
CY2012 tho Reduction Of Excess Current Tax Payable And Deferred Tax Liabilities
ReductionOfExcessCurrentTaxPayableAndDeferredTaxLiabilities
1018000
CY2012 tho Income Tax Reconciliation Other Permanent Items
IncomeTaxReconciliationOtherPermanentItems
298000
CY2012 tho Recognized Tax Expense Benefits Income Tax Penalties And Interest Expense
RecognizedTaxExpenseBenefitsIncomeTaxPenaltiesAndInterestExpense
503000
CY2011Q2 tho Disposal Group Including Discontinued Operation Loss On Impairment
DisposalGroupIncludingDiscontinuedOperationLossOnImpairment
-1430000
CY2013Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
0
CY2013Q2 tho Disposition Of Ambulance Net Assets
DispositionOfAmbulanceNetAssets
12051000

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