Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 21, 2014 | Jun. 30, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'LKQ | ' | ' |
Entity Registrant Name | 'LKQ CORP | ' | ' |
Entity Central Index Key | '0001065696 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 301,383,141 | ' |
Entity Public Float | ' | ' | $7.70 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and equivalents | $150,488 | $59,770 |
Receivables, net | 458,094 | 311,808 |
Inventory | 1,076,952 | 900,803 |
Deferred income taxes | 63,938 | 53,485 |
Prepaid income taxes | 8,069 | 29,537 |
Prepaid expenses and other current assets | 42,276 | 28,948 |
Total Current Assets | 1,799,817 | 1,384,351 |
Property and Equipment, net | 546,651 | 494,379 |
Intangible Assets: | ' | ' |
Goodwill | 1,937,444 | 1,690,284 |
Other intangibles, net | 153,739 | 106,715 |
Other Assets | 81,123 | 47,727 |
Total Assets | 4,518,774 | 3,723,456 |
Current Liabilities: | ' | ' |
Accounts payable | 349,069 | 219,335 |
Accrued expenses: | ' | ' |
Accrued payroll-related liabilities | 58,695 | 44,400 |
Other accrued expenses | 140,074 | 90,422 |
Income taxes payable | 17,440 | 2,748 |
Contingent consideration liabilities | 52,465 | 42,255 |
Other current liabilities | 18,675 | 17,068 |
Current portion of long-term obligations | 41,535 | 71,716 |
Total Current Liabilities | 677,953 | 487,944 |
Long-Term Obligations, Excluding Current Portion | 1,264,246 | 1,046,762 |
Deferred Income Taxes | 133,822 | 102,275 |
Contingent Consideration Liabilities | 3,188 | 47,754 |
Other Noncurrent Liabilities | 88,820 | 74,627 |
Commitments and Contingencies | ' | ' |
Stockholders’ Equity: | ' | ' |
Common stock, $0.01 par value,1,000,000,000 and 500,000,000 shares authorized, 300,805,276 and 297,810,896 shares issued and outstanding at December 31, 2013 and 2012, respectively | 3,008 | 2,978 |
Additional paid-in capital | 1,006,084 | 950,338 |
Retained earnings | 1,321,642 | 1,010,019 |
Accumulated other comprehensive income | 20,011 | 759 |
Total Stockholders’ Equity | 2,350,745 | 1,964,094 |
Total Liabilities and Stockholders’ Equity | $4,518,774 | $3,723,456 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 500,000,000 |
Common stock, shares issued | 300,805,276 | 297,810,896 |
Common stock, shares outstanding | 300,805,276 | 297,810,896 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $1,067,915 | $1,016,707 | $1,006,531 | $1,031,777 | $5,062,528 | $4,122,930 | $3,269,862 | |||||||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 2,987,126 | 2,398,790 | 1,877,869 | |||||||||||
Gross margin | 545,673 | 517,907 | 509,873 | 501,949 | 445,121 | [1] | 409,705 | [1] | 421,931 | [1] | 447,383 | [1] | 2,075,402 | 1,724,140 | 1,391,993 | |||||||
Facility and warehouse expenses | ' | ' | ' | ' | ' | ' | ' | ' | 425,081 | 347,917 | 293,423 | |||||||||||
Distribution expenses | ' | ' | ' | ' | ' | ' | ' | ' | 431,947 | 375,835 | 287,626 | |||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 597,052 | 495,591 | 391,942 | |||||||||||
Restructuring and acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | 10,173 | 2,751 | 7,590 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 80,969 | 64,093 | 49,929 | |||||||||||
Operating income | 133,819 | 123,395 | 131,378 | 141,588 | 104,344 | [1] | 91,434 | [1] | 108,567 | [1] | 133,608 | [1] | 530,180 | 437,953 | 361,483 | |||||||
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 51,184 | 31,429 | 24,307 | |||||||||||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 2,795 | 0 | 5,345 | |||||||||||
Change in fair value of contingent consideration liabilities | -800 | -700 | -200 | -800 | 200 | -1,900 | -1,200 | 1,300 | -2,504 | -1,643 | 1,408 | |||||||||||
Interest and other income, net | ' | ' | ' | ' | ' | ' | ' | ' | -2,130 | -4,286 | -2,532 | |||||||||||
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 54,353 | 28,786 | 25,712 | |||||||||||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 475,827 | 409,167 | 335,771 | |||||||||||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 164,204 | 147,942 | 125,507 | |||||||||||
Net income | $77,864 | [2] | $73,445 | [2] | $75,722 | [2] | $84,592 | [2] | $62,188 | [2] | $54,048 | [2] | $63,998 | [2] | $80,991 | [2] | $311,623 | $261,225 | $210,264 | |||
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Basic | ' | ' | ' | ' | ' | ' | ' | ' | $1.04 | [3] | $0.88 | [3] | $0.72 | [3] | ||||||||
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $1.02 | [3] | $0.87 | [3] | $0.71 | [3] | ||||||||
[1] | Gross margin and operating income during the quarters ended March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012 include gains of $8.3 million, $8.4 million, $0.5 million and $0.7 million, respectively, resulting from lawsuit settlements with certain of our aftermarket product suppliers as discussed in Note 7, "Commitments and Contingencies." | |||||||||||||||||||||
[2] | Net income during the quarters ended March 31, 2012 and December 31, 2012 include gains for changes in fair value of our contingent consideration liabilities of $1.3 million and $0.2 million, respectively, while the quarters ended June 30, 2012 and September 30, 2012 include losses of $1.2 million and $1.9 million, respectively. The quarters ended March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013 include losses for changes in fair value of our contingent consideration liabilities of $0.8 million, $0.2 million, $0.7 million and $0.8 million, respectively. See Note 6, "Fair Value Measurements," for further information on these changes in fair value of the contingent consideration obligations recorded in earnings during the periods. | |||||||||||||||||||||
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Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | $77,864 | [1] | $73,445 | [1] | $75,722 | [1] | $84,592 | [1] | $62,188 | [1] | $54,048 | [1] | $63,998 | [1] | $80,991 | [1] | $311,623 | $261,225 | $210,264 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | ' | 14,056 | 12,921 | -4,273 | ||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 4,495 | -3,201 | -9,066 | ||||||||
Unrealized gain on pension plan, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 701 | ' | ' | ||||||||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19,252 | 9,720 | -13,339 | ||||||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $330,875 | $270,945 | $196,925 | ||||||||
[1] | Net income during the quarters ended March 31, 2012 and December 31, 2012 include gains for changes in fair value of our contingent consideration liabilities of $1.3 million and $0.2 million, respectively, while the quarters ended June 30, 2012 and September 30, 2012 include losses of $1.2 million and $1.9 million, respectively. The quarters ended March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013 include losses for changes in fair value of our contingent consideration liabilities of $0.8 million, $0.2 million, $0.7 million and $0.8 million, respectively. See Note 6, "Fair Value Measurements," for further information on these changes in fair value of the contingent consideration obligations recorded in earnings during the periods. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $311,623 | $261,225 | $210,264 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 86,463 | 70,165 | 54,505 |
Stock-based compensation expense | 22,036 | 15,634 | 13,107 |
Deferred income taxes | 4,279 | 4,222 | 9,302 |
Excess tax benefit from stock-based payments | -18,348 | -15,737 | -7,973 |
Other | 9,630 | 4,515 | 6,556 |
Changes in operating assets and liabilities, net of effects from acquisitions: | ' | ' | ' |
Receivables | -44,670 | -12,813 | -18,074 |
Inventory | -69,222 | -95,042 | -90,091 |
Prepaid expenses and other assets | -5,224 | -18,952 | -5,094 |
Prepaid income taxes/income taxes payable | 49,993 | -774 | 2,251 |
Accounts payable | 49,641 | -15,097 | 28,589 |
Accrued expenses and other current liabilities | 23,256 | 2,208 | -3,303 |
Other noncurrent liabilities | 8,599 | 6,636 | 11,733 |
Net cash provided by operating activities | 428,056 | 206,190 | 211,772 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property and equipment | -90,186 | -88,255 | -86,416 |
Proceeds from sales of property and equipment | 2,100 | 1,057 | 1,743 |
Investment in unconsolidated subsidiary | -9,136 | 0 | 0 |
Acquisitions, net of cash acquired | -408,384 | -265,336 | -486,934 |
Net cash used in investing activities | -505,606 | -352,534 | -571,607 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from exercise of stock options | 15,392 | 17,693 | 11,919 |
Excess tax benefit from stock-based payments | 18,348 | 15,737 | 7,973 |
Debt issuance costs | -16,940 | -253 | -11,048 |
Proceeds from issuance of senior notes | 600,000 | 0 | 0 |
Borrowings under revolving credit facility | 437,023 | 742,381 | 1,111,369 |
Repayments under revolving credit facility | -748,086 | -855,402 | -453,867 |
Borrowings under term loans | 35,000 | 200,000 | 250,000 |
Repayments under term loans | -16,875 | -20,000 | -600,464 |
Borrowings under receivables securitization facility | 41,500 | 82,700 | 0 |
Repayments under receivables securitization facility | -121,500 | -2,700 | 0 |
Repayments of other long-term debt | -45,062 | -18,791 | -4,471 |
Payments of other obligations | -32,859 | -4,293 | 0 |
Net cash provided by financing activities | 165,941 | 157,072 | 311,411 |
Effect of exchange rate changes on cash and equivalents | 2,327 | 795 | 982 |
Net increase (decrease) in cash and equivalents | 90,718 | 11,523 | -47,442 |
Cash and equivalents, beginning of period | 59,770 | 48,247 | 95,689 |
Cash and equivalents, end of period | 150,488 | 59,770 | 48,247 |
Supplemental disclosure of cash paid for: | ' | ' | ' |
Income taxes, net of refunds | 110,862 | 146,478 | 113,433 |
Interest | 45,253 | 29,026 | 21,354 |
Supplemental disclosure of noncash investing and financing activities: | ' | ' | ' |
Notes payable and long-term obligations, including notes issued in connection with business acquisitions | 8,360 | 21,626 | 56,429 |
Contingent consideration liabilities | 3,854 | 5,456 | 81,239 |
Non-cash property and equipment additions | $6,615 | $21,031 | $3,981 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2010 | $1,414,161 | $2,909 | $868,344 | $538,530 | $4,378 |
Beginning Balance, shares at Dec. 31, 2010 | ' | 290,933,000 | ' | ' | ' |
Net income | 210,264 | ' | ' | 210,264 | ' |
Other comprehensive income (loss) | -13,339 | ' | ' | ' | -13,339 |
Restricted stock units vested, shares | ' | 164,000 | ' | ' | ' |
Restricted stock units vested, value | 0 | 2 | -2 | ' | ' |
Stock issued as director compensation, shares | ' | 32,000 | ' | ' | ' |
Stock issued as director compensation, value | 399 | ' | 399 | ' | ' |
Stock-based compensation expense | 12,708 | ' | 12,708 | ' | ' |
Exercise of stock options, shares | ' | 2,768,000 | ' | ' | ' |
Exercise of stock options, value | 11,919 | 28 | 11,891 | ' | ' |
Excess tax benefit from stock-based payments | 7,973 | ' | 7,973 | ' | ' |
Ending Balance at Dec. 31, 2011 | 1,644,085 | 2,939 | 901,313 | 748,794 | -8,961 |
Ending Balance, shares at Dec. 31, 2011 | ' | 293,897,000 | ' | ' | ' |
Net income | 261,225 | ' | ' | 261,225 | ' |
Other comprehensive income (loss) | 9,720 | ' | ' | ' | 9,720 |
Restricted stock units vested, shares | ' | 467,000 | ' | ' | ' |
Restricted stock units vested, value | ' | 5 | -5 | ' | ' |
Stock-based compensation expense | 15,634 | ' | 15,634 | ' | ' |
Exercise of stock options, shares | ' | 3,447,000 | ' | ' | ' |
Exercise of stock options, value | 17,693 | 34 | 17,659 | ' | ' |
Excess tax benefit from stock-based payments | 15,737 | ' | 15,737 | ' | ' |
Ending Balance at Dec. 31, 2012 | 1,964,094 | 2,978 | 950,338 | 1,010,019 | 759 |
Ending Balance, shares at Dec. 31, 2012 | ' | 297,811,000 | ' | ' | ' |
Net income | 311,623 | ' | ' | 311,623 | ' |
Other comprehensive income (loss) | 19,252 | ' | ' | ' | 19,252 |
Restricted stock units vested, shares | ' | 595,000 | ' | ' | ' |
Restricted stock units vested, value | ' | 6 | -6 | ' | ' |
Stock-based compensation expense | 22,036 | ' | 22,036 | ' | ' |
Exercise of stock options, shares | ' | 2,399,000 | ' | ' | ' |
Exercise of stock options, value | 15,392 | 24 | 15,368 | ' | ' |
Excess tax benefit from stock-based payments | 18,348 | ' | 18,348 | ' | ' |
Ending Balance at Dec. 31, 2013 | $2,350,745 | $3,008 | $1,006,084 | $1,321,642 | $20,011 |
Ending Balance, shares at Dec. 31, 2013 | ' | 300,805,000 | ' | ' | ' |
Business
Business | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business | ' |
Business | |
The financial statements presented in this report represent the consolidation of LKQ Corporation, a Delaware corporation, and its subsidiaries. LKQ Corporation is a holding company and all operations are conducted by subsidiaries. When the terms "LKQ," "the Company," "we," "us," or "our" are used in this document, those terms refer to LKQ Corporation and its consolidated subsidiaries. | |
We provide replacement parts, components and systems needed to repair cars and trucks. We are the nation's largest provider of alternative vehicle collision replacement products, and a leading provider of alternative vehicle mechanical replacement products. We also have operations in the United Kingdom, the Netherlands, Belgium, Northern France, Canada, Mexico and Central America. In total, we operate more than 570 facilities. | |
In 2012, our Board of Directors approved a two-for-one split of our common stock. The stock split was completed in the form of a stock dividend that was issued on September 18, 2012 to stockholders of record at the close of business on August 28, 2012. The stock began trading on a split adjusted basis on September 19, 2012. The Company’s historical share and per share information within this Annual Report on Form 10-K has been retroactively adjusted to give effect to this stock split. | |
At the 2013 Annual Meeting of Stockholders in May 2013, our stockholders approved an amendment to our Certificate of Incorporation to increase the number of authorized shares of common stock from 500 million to 1 billion. The increased number of authorized shares is reflected on our Consolidated Balance Sheet as of December 31, 2013. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||||||
The accompanying consolidated financial statements include the accounts of LKQ Corporation and its subsidiaries. All intercompany transactions and accounts have been eliminated. | ||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||
In preparing our financial statements in conformity with accounting principles generally accepted in the United States we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
The majority of our revenue is derived from the sale of vehicle parts. Revenue is recognized when the products are shipped, delivered to or picked up by customers and title has transferred, subject to an allowance for estimated returns, discounts and allowances that we estimate based upon historical information. We recorded a reserve for estimated returns, discounts and allowances of approximately $26.6 million and $24.7 million at December 31, 2013 and 2012, respectively. We present taxes assessed by governmental authorities collected from customers on a net basis. Therefore, the taxes are excluded from revenue on our Consolidated Statements of Income and are shown as a current liability on our Consolidated Balance Sheets until remitted. We recognize revenue from the sale of scrap, cores and other metals when title has transferred, which typically occurs upon delivery to the customer. Revenue also includes amounts billed to customers for shipping and handling. Distribution expenses in the accompanying Consolidated Statements of Income are the costs incurred to prepare and deliver products to customers. | ||||||||||||||||||||||||
Receivables and Allowance for Doubtful Accounts | ||||||||||||||||||||||||
In the normal course of business, we extend credit to customers after a review of each customer's credit history. We recorded a reserve for uncollectible accounts of approximately $14.4 million and $9.5 million at December 31, 2013 and 2012, respectively. The reserve is based upon the aging of the accounts receivable, our assessment of the collectability of specific customer accounts and historical experience. Receivables are written off once collection efforts have been exhausted. Recoveries of receivables previously written off are recorded when received. | ||||||||||||||||||||||||
Concentrations of Credit Risk | ||||||||||||||||||||||||
Financial instruments that potentially subject us to significant concentration of credit risk consist primarily of cash and equivalents and accounts receivable. We control our exposure to credit risk associated with these instruments by (i) placing our cash and equivalents with several major financial institutions; (ii) holding high-quality financial instruments; and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures. In addition, our overall credit risk with respect to accounts receivable is limited to some extent because our customer base is composed of a large number of geographically diverse customers. | ||||||||||||||||||||||||
Inventory | ||||||||||||||||||||||||
We classify our inventory into the following categories: aftermarket and refurbished vehicle replacement products; and salvage and remanufactured vehicle replacement products. | ||||||||||||||||||||||||
An aftermarket product is a new vehicle product manufactured by a company other than the original equipment manufacturer. Cost is established based on the average price we pay for parts, and includes expenses incurred for freight and overhead costs. For items purchased from foreign companies, import fees and duties and transportation insurance are also included. Refurbished inventory cost is based on the average price we pay for cores, which are recycled automotive parts that are not suitable for sale as a replacement part without further processing. The cost of our refurbished inventory also includes expenses incurred for freight, labor and other overhead. | ||||||||||||||||||||||||
A salvage product is a recycled vehicle part suitable for sale as a replacement part. Cost is established based upon the price we pay for a vehicle, including auction, storage and towing fees, as well as expenditures for buying and dismantling. Inventory carrying value is determined using the average cost to sales percentage at each of our facilities and applying that percentage to the facility's inventory at expected selling prices, the assessment of which incorporates the sales probability based on a part's days in stock and historical demand. The average cost to sales percentage is derived from each facility's historical profitability for salvage vehicles. Remanufactured inventory cost is based upon the price paid for cores, and also includes expenses incurred for freight, direct manufacturing costs and overhead. | ||||||||||||||||||||||||
For all inventory, carrying value is recorded at the lower of cost or market and is reduced to reflect current anticipated demand. If actual demand differs from our estimates, additional reductions to inventory carrying value would be necessary in the period such determination is made. | ||||||||||||||||||||||||
Inventory consists of the following (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Aftermarket and refurbished products | $ | 706,600 | $ | 523,677 | ||||||||||||||||||||
Salvage and remanufactured products | 370,352 | 377,126 | ||||||||||||||||||||||
$ | 1,076,952 | $ | 900,803 | |||||||||||||||||||||
Property and Equipment | ||||||||||||||||||||||||
Property and equipment are recorded at cost less accumulated depreciation. Expenditures for major additions and improvements that extend the useful life of the related asset are capitalized. As property and equipment are sold or retired, the applicable cost and accumulated depreciation are removed from the accounts and any resulting gain or loss thereon is recognized. Construction in progress consists primarily of building and land improvements at our existing facilities. Depreciation is calculated using the straight-line method over the estimated useful lives or, in the case of leasehold improvements, the term of the related lease and reasonably assured renewal periods, if shorter. | ||||||||||||||||||||||||
Our estimated useful lives are as follows: | ||||||||||||||||||||||||
Land improvements | 10-20 years | |||||||||||||||||||||||
Buildings and improvements | 20-40 years | |||||||||||||||||||||||
Furniture, fixtures and equipment | 3-20 years | |||||||||||||||||||||||
Computer equipment and software | 3-10 years | |||||||||||||||||||||||
Vehicles and trailers | 3-10 years | |||||||||||||||||||||||
Property and equipment consists of the following (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Land and improvements | $ | 101,018 | $ | 87,720 | ||||||||||||||||||||
Buildings and improvements | 143,535 | 133,368 | ||||||||||||||||||||||
Furniture, fixtures and equipment | 282,862 | 243,565 | ||||||||||||||||||||||
Computer equipment and software | 108,424 | 91,588 | ||||||||||||||||||||||
Vehicles and trailers | 64,381 | 51,187 | ||||||||||||||||||||||
Leasehold improvements | 108,625 | 91,280 | ||||||||||||||||||||||
808,845 | 698,708 | |||||||||||||||||||||||
Less—Accumulated depreciation | (294,183 | ) | (231,130 | ) | ||||||||||||||||||||
Construction in progress | 31,989 | 26,801 | ||||||||||||||||||||||
$ | 546,651 | $ | 494,379 | |||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
Intangible assets consist primarily of goodwill (the cost of purchased businesses in excess of the fair value of the identifiable net assets acquired) and other specifically identifiable intangible assets, such as trade names, trademarks, customer relationships and covenants not to compete. | ||||||||||||||||||||||||
Goodwill is tested for impairment at least annually, and we performed annual impairment tests during the fourth quarters of 2013, 2012 and 2011. The results of all of these tests indicated that goodwill was not impaired. | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill by reportable segment are as follows (in thousands): | ||||||||||||||||||||||||
North America | Europe | Total | ||||||||||||||||||||||
Balance as of January 1, 2011 | $ | 1,032,973 | $ | — | $ | 1,032,973 | ||||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 105,177 | 337,031 | 442,208 | |||||||||||||||||||||
Exchange rate effects | (1,520 | ) | 2,402 | 882 | ||||||||||||||||||||
Balance as of December 31, 2011 | $ | 1,136,630 | $ | 339,433 | $ | 1,476,063 | ||||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 201,742 | (4,140 | ) | 197,602 | ||||||||||||||||||||
Exchange rate effects | 1,459 | 15,160 | 16,619 | |||||||||||||||||||||
Balance as of December 31, 2012 | $ | 1,339,831 | $ | 350,453 | $ | 1,690,284 | ||||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 27,035 | 208,412 | 235,447 | |||||||||||||||||||||
Exchange rate effects | (7,929 | ) | 19,642 | 11,713 | ||||||||||||||||||||
Balance as of December 31, 2013 | $ | 1,358,937 | $ | 578,507 | $ | 1,937,444 | ||||||||||||||||||
In 2013 and 2012, we finalized the valuation of certain intangible assets acquired related to our 2012 and 2011 acquisitions, respectively. As these adjustments did not have a material impact on our financial position or results of operations, we recorded these adjustments to goodwill and amortization expense in 2013 and 2012, respectively. | ||||||||||||||||||||||||
The components of other intangibles are as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Trade names and trademarks | $ | 143,577 | $ | (27,950 | ) | $ | 115,627 | $ | 118,422 | $ | (21,599 | ) | $ | 96,823 | ||||||||||
Customer relationships | 29,583 | (10,770 | ) | 18,813 | 14,426 | (6,642 | ) | 7,784 | ||||||||||||||||
Software and other technology related assets | 20,384 | (2,718 | ) | 17,666 | — | — | — | |||||||||||||||||
Covenants not to compete | 3,979 | (2,346 | ) | 1,633 | 3,654 | (1,546 | ) | 2,108 | ||||||||||||||||
$ | 197,523 | $ | (43,784 | ) | $ | 153,739 | $ | 136,502 | $ | (29,787 | ) | $ | 106,715 | |||||||||||
During 2013, we recorded $23.9 million of trade names, $19.3 million of software and technology related assets, $14.1 million of customer relationships and $0.3 million of covenants not to compete resulting from our 2013 acquisitions and adjustments to certain preliminary intangible asset valuations from our 2012 acquisitions. The trade names, software and technology related assets, and customer relationships recorded in 2013 included $23.5 million, $19.3 million and $2.5 million, respectively, related to our acquisition of Sator Beheer B.V. ("Sator") as discussed in Note 8, "Business Combinations." We also recognized $11.4 million of customer relationships related to our acquisitions of five automotive paint distributors in 2013. In 2012, we recorded $0.6 million of trade names, $4.1 million of customer relationships and $0.6 million of covenants not to compete resulting from our 2012 acquisitions and adjustments to certain preliminary intangible asset valuations from our 2011 acquisitions. | ||||||||||||||||||||||||
Trade names and trademarks are amortized over a useful life ranging from 10 to 30 years on a straight-line basis. Customer relationships are amortized over the expected period to be benefited (5 to 13 years) on either a straight-line or accelerated basis. Software and other technology related assets are amortized on a straight-line basis over the expected period to be benefited (five years). Covenants not to compete are amortized over the lives of the respective agreements, which range from one to five years, on a straight-line basis. Amortization expense for intangibles was $13.8 million, $9.5 million and $7.9 million during the years ended December 31, 2013, 2012 and 2011, respectively. Estimated amortization expense for each of the five years in the period ending December 31, 2018 is $17.0 million, $15.1 million, $13.9 million, $13.2 million and $10.1 million, respectively. | ||||||||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||||||||
Long-lived assets are reviewed for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. If such review indicates that the carrying amount of long-lived assets is not recoverable, the carrying amount of such assets is reduced to fair value. There were no material adjustments to the carrying value of long-lived assets during the years ended December 31, 2013, 2012 or 2011. | ||||||||||||||||||||||||
Warranty Reserve | ||||||||||||||||||||||||
Some of our salvage mechanical products are sold with a standard six month warranty against defects. Additionally, some of our remanufactured engines are sold with a standard three year warranty against defects. We also provide a limited lifetime warranty for certain of our aftermarket products that is supported by certain of the suppliers of those products. We record the estimated warranty costs at the time of sale using historical warranty claim information to project future warranty claims activity. The changes in the warranty reserve are as follows (in thousands): | ||||||||||||||||||||||||
Balance as of January 1, 2012 | $ | 7,347 | ||||||||||||||||||||||
Warranty expense | 29,628 | |||||||||||||||||||||||
Warranty claims | (27,514 | ) | ||||||||||||||||||||||
Business acquisitions | 1,113 | |||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 10,574 | ||||||||||||||||||||||
Warranty expense | 29,674 | |||||||||||||||||||||||
Warranty claims | (27,801 | ) | ||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 12,447 | ||||||||||||||||||||||
Self-Insurance Reserves | ||||||||||||||||||||||||
We self-insure a portion of employee medical benefits under the terms of our employee health insurance program. We purchase certain stop-loss insurance to limit our liability exposure. We also self-insure a portion of our property and casualty risk, which includes automobile liability, general liability, directors and officers liability, workers' compensation and property coverage, under deductible insurance programs. The insurance premium costs are expensed over the contract periods. A reserve for liabilities associated with these losses is established for claims filed and claims incurred but not yet reported based upon our estimate of ultimate cost, which is calculated using analyses of historical data. We monitor new claims and claim development as well as trends related to the claims incurred but not reported in order to assess the adequacy of our insurance reserves. Total self-insurance reserves were $55.6 million and $44.1 million, including $25.8 million and $21.5 million classified as Other Accrued Expenses, as of December 31, 2013 and 2012, respectively. The remaining balances of self-insurance reserves are classified as Other Noncurrent Liabilities, which reflects management's estimates of when claims will be paid. The reserves presented on the Consolidated Balance Sheets are net of claims deposits of $0.5 million at both December 31, 2013 and 2012. In addition to these claims deposits, we had outstanding letters of credit of $43.0 million and $37.1 million at December 31, 2013 and 2012, respectively, to guarantee self-insurance claims payments. While we do not expect the amounts ultimately paid to differ significantly from our estimates, our insurance reserves and corresponding expenses could be affected if future claims experience differs significantly from historical trends and assumptions. | ||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
Current income taxes are provided on income reported for financial reporting purposes, adjusted for transactions that do not enter into the computation of income taxes payable in the same year. Deferred income taxes have been provided to show the effect of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before we are able to realize their benefit or that future deductibility is uncertain. | ||||||||||||||||||||||||
We recognize the benefits of uncertain tax positions taken or expected to be taken in tax returns in the provision for income taxes only for those positions that are more likely than not to be realized. We follow a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. Our policy is to include interest and penalties associated with income tax obligations in income tax expense. | ||||||||||||||||||||||||
U.S. federal income taxes are not provided on our interest in undistributed earnings of foreign subsidiaries when it is management's intent that such earnings will remain invested in those subsidiaries or other foreign subsidiaries. Taxes will be provided on these earnings in the period in which a decision is made to repatriate the earnings. | ||||||||||||||||||||||||
Investment in Unconsolidated Subsidiary | ||||||||||||||||||||||||
In August 2013, we entered into an agreement with Suncorp Group, a leading general insurance group in Australia and New Zealand, to develop ACM Parts Pty Ltd ("ACM Parts"), an alternative vehicle replacement parts business in those countries. We hold a 49% equity interest in the entity and will contribute our experience to help establish automotive parts recycling operations and to facilitate the procurement of aftermarket parts; Suncorp Group holds a 51% equity interest and will supply salvage vehicles to the venture as well as assist in establishing relationships with repair shops as customers. We are accounting for our interest in this subsidiary using the equity method of accounting, as our investment gives us the ability to exercise significant influence, but not control, over the investee. The total of our investment in ACM Parts is included within Other Assets on our Consolidated Balance Sheets. As of December 31, 2013, the carrying value of our investment in this unconsolidated subsidiary was $8.9 million. Our equity in the net earnings of the investee for the year ended December 31, 2013 was not material. | ||||||||||||||||||||||||
Depreciation Expense | ||||||||||||||||||||||||
Included in Cost of Goods Sold on the Consolidated Statements of Income is depreciation expense associated with our refurbishing, remanufacturing, and furnace operations and our distribution centers. | ||||||||||||||||||||||||
Rental Expense | ||||||||||||||||||||||||
We recognize rental expense on a straight-line basis over the respective lease terms, including reasonably-assured renewal periods, for all of our operating leases. | ||||||||||||||||||||||||
Foreign Currency Translation | ||||||||||||||||||||||||
For most of our foreign operations, the local currency is the functional currency. Assets and liabilities are translated into U.S. dollars at the period-ending exchange rate. Statements of Income amounts are translated to U.S. dollars using average exchange rates during the period. Translation gains and losses are reported as a component of Accumulated Other Comprehensive Income (Loss) in stockholders' equity. | ||||||||||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||||||||
Effective January 1, 2013, we adopted the FASB ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This update requires disclosure of amounts reclassified out of accumulated other comprehensive income ("AOCI") by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. The update does not change the items reported in other comprehensive income or when an item of other comprehensive income is reclassified to net income. As this guidance only revises the presentation and disclosures related to the reclassification of items out of AOCI, the adoption of this guidance will not affect our financial position, results of operations or cash flows. See Note 12, "Accumulated Other Comprehensive Income (Loss)" for the additional required disclosures. |
Equity_Incentive_Plans
Equity Incentive Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Equity Incentive Plans | ' | |||||||||||||||||||||||
Equity Incentive Plans | ||||||||||||||||||||||||
In order to attract and retain employees, non-employee directors, consultants, and other persons associated with us, we may grant qualified and nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance shares and performance units under the LKQ Corporation 1998 Equity Incentive Plan (the “Equity Incentive Plan”). The total number of shares approved by our stockholders for issuance under the Equity Incentive Plan is 69.9 million shares, subject to antidilution and other adjustment provisions. We have granted RSUs, stock options, and restricted stock under the Equity Incentive Plan. Of the shares approved by our stockholders for issuance under the Equity Incentive Plan, 14 million shares remained available for issuance as of December 31, 2013. We expect to issue new shares of common stock to cover past and future equity grants. | ||||||||||||||||||||||||
As a result of the stock split in September 2012 as discussed in Note 1, "Business," the following adjustments were made in accordance with the nondiscretionary antidilution provisions of our 1998 Equity Incentive Plan: the number of shares available for issuance doubled; the number of outstanding RSUs, shares subject to stock options and shares of restricted stock all also doubled; and the exercise prices of outstanding stock options were reduced to 50% of the exercise prices prior to the stock split. | ||||||||||||||||||||||||
RSUs | ||||||||||||||||||||||||
RSUs vest over periods of up to five years, subject to a continued service condition. Each RSU converts into one share of LKQ common stock on the applicable vesting date. Shares of restricted stock may not be sold, pledged or otherwise transferred until they vest. The grant date fair value of RSUs is based on the market price of LKQ stock on the grant date. | ||||||||||||||||||||||||
In March 2013, the Compensation Committee approved the cancellation of 671,400 unvested RSUs held by our executive officers and approved the issuance of 946,800 RSUs containing both a performance-based vesting condition and a time-based vesting condition. Of the 946,800 RSUs, 671,400 were granted as a replacement of the canceled RSUs and include a performance-based condition that the Company reports positive diluted earnings per share, subject to certain adjustments, during the year ending December 31, 2013. In addition, these RSUs retain the same remaining time-based vesting conditions as the canceled RSUs (vesting in equal tranches each six months beginning July 2013 through either January 2016 or January 2017). The remaining 275,400 RSUs granted in March 2013 include a performance-based condition that the Company reports positive diluted earnings per share, subject to certain adjustments, during any fiscal year period within five years following the grant date. In addition, these RSUs include a time-based vesting condition, vesting in equal tranches each six months beginning July 2013 through January 2016. In all cases, both conditions must be met before any RSUs vest. If the applicable performance-based condition of an RSU is not met, the RSU is forfeited. If and when the performance-based condition is met, all applicable RSUs that had previously met the time-based vesting condition will vest immediately and the remaining RSUs will vest according to the remaining schedule of the time-based condition. | ||||||||||||||||||||||||
The fair value of RSUs that vested during the years ended December 31, 2013, 2012 and 2011 was $14.4 million, $7.8 million and $2.2 million, respectively. | ||||||||||||||||||||||||
In January 2014, our Board of Directors granted 585,160 RSUs to employees. | ||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||
Stock options vest over periods of up to five years, subject to a continued service condition. Stock options expire ten years from the date they are granted. | ||||||||||||||||||||||||
The total grant-date fair value of options that vested during the years ended December 31, 2013, 2012 and 2011 was $5.1 million, $7.2 million and $8.6 million respectively. The total intrinsic value (market value of stock less option exercise price) of stock options exercised was $46.9 million, $45.3 million and $24.8 million during the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
Restricted Stock | ||||||||||||||||||||||||
Restricted stock vests over a five year period, subject to a continued service condition. Shares of restricted stock may not be sold, pledged or otherwise transferred until they vest. | ||||||||||||||||||||||||
The fair value of restricted stock that vested during the years ended December 31, 2013, 2012 and 2011 was $2.3 million, $1.6 million and $1.1 million, respectively. | ||||||||||||||||||||||||
A summary of transactions in our stock-based compensation plans is as follows: | ||||||||||||||||||||||||
Shares | RSUs | Stock Options | Restricted Stock | |||||||||||||||||||||
Available For | ||||||||||||||||||||||||
Grant | Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||||
Outstanding | Average | Outstanding | Average | Outstanding | Average | |||||||||||||||||||
Grant Date | Exercise | Grant Date | ||||||||||||||||||||||
Fair Value | Price | Fair Value | ||||||||||||||||||||||
Balance, January 1, 2011 | 4,280,180 | — | $ | — | 16,147,930 | $ | 6.14 | 308,000 | $ | 9.5 | ||||||||||||||
Granted | (1,643,348 | ) | 1,643,348 | 11.8 | — | — | — | — | ||||||||||||||||
Shares Issued for Director Compensation | (31,166 | ) | — | — | — | — | — | — | ||||||||||||||||
Exercised | — | — | — | (2,768,038 | ) | 4.31 | — | — | ||||||||||||||||
Vested | — | (164,862 | ) | 11.84 | — | — | (96,000 | ) | 9.51 | |||||||||||||||
Canceled | 346,704 | (44,904 | ) | 11.77 | (301,800 | ) | 8.44 | — | — | |||||||||||||||
Additional Shares Authorized | 12,800,000 | — | — | — | — | — | — | |||||||||||||||||
Balance, December 31, 2011 | 15,752,370 | 1,433,582 | $ | 11.8 | 13,078,092 | $ | 6.47 | 212,000 | $ | 9.49 | ||||||||||||||
Granted | (1,504,410 | ) | 1,504,410 | 15.86 | — | — | — | — | ||||||||||||||||
Exercised | — | — | — | (3,446,472 | ) | 5.13 | — | — | ||||||||||||||||
Vested | — | (467,208 | ) | 13.09 | — | — | (96,000 | ) | 9.51 | |||||||||||||||
Canceled | 395,972 | (119,422 | ) | 14.03 | (276,550 | ) | 8.3 | — | — | |||||||||||||||
Balance, December 31, 2012 | 14,643,932 | 2,351,362 | $ | 14.02 | 9,355,070 | $ | 6.9 | 116,000 | $ | 9.47 | ||||||||||||||
Granted | (924,312 | ) | 924,312 | 22.18 | — | — | — | — | ||||||||||||||||
Exercised | — | — | — | (2,399,419 | ) | 6.41 | — | — | ||||||||||||||||
Vested | — | (594,961 | ) | 15.05 | — | — | (96,000 | ) | 9.51 | |||||||||||||||
Canceled | 245,820 | (122,500 | ) | 16.25 | (123,320 | ) | 8.89 | — | — | |||||||||||||||
Balance, December 31, 2013 | 13,965,440 | 2,558,213 | $ | 16.63 | 6,832,331 | $ | 7.04 | 20,000 | $ | 9.3 | ||||||||||||||
The RSUs containing a performance-based vesting condition that were granted in replacement of canceled RSUs were accounted for as a modification of the original awards, and therefore are not reflected as grants or cancellations in the table above. | ||||||||||||||||||||||||
The following table summarizes information about expected to vest RSUs and restricted stock, and vested and expected to vest options at December 31, 2013: | ||||||||||||||||||||||||
Shares | Weighted | Intrinsic | Weighted | |||||||||||||||||||||
Average | Value | Average | ||||||||||||||||||||||
Remaining | (in thousands) | Exercise | ||||||||||||||||||||||
Contractual | Price | |||||||||||||||||||||||
Life (Yrs) | ||||||||||||||||||||||||
RSUs | 2,462,273 | 2.8 | $ | 81,009 | $ | — | ||||||||||||||||||
Stock options | 6,776,241 | 4.2 | 175,394 | 7.02 | ||||||||||||||||||||
Restricted stock | 20,000 | 0.8 | 658 | — | ||||||||||||||||||||
The aggregate intrinsic value represents the total pre-tax intrinsic value based on our closing stock price of $32.90 on December 31, 2013. This amount changes based upon the fair market value of our common stock. The aggregate intrinsic value of total outstanding RSUs and restricted stock was $84.2 million and $0.7 million at December 31, 2013, respectively. | ||||||||||||||||||||||||
The following table summarizes information about outstanding and exercisable stock options at December 31, 2013: | ||||||||||||||||||||||||
Outstanding | Exercisable | |||||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted | Weighted | Shares | Weighted | Weighted | ||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||
Remaining | Exercise | Remaining | Exercise | |||||||||||||||||||||
Contractual | Price | Contractual | Price | |||||||||||||||||||||
Life (Yrs) | Life (Yrs) | |||||||||||||||||||||||
$1.50 - $3.50 | 791,646 | 0.9 | $ | 2.2 | 791,646 | 0.9 | $ | 2.2 | ||||||||||||||||
$3.51 - $5.50 | 1,381,400 | 2.5 | 4.84 | 1,381,400 | 2.5 | 4.84 | ||||||||||||||||||
$5.51 - $7.50 | 1,575,714 | 5 | 5.98 | 1,342,293 | 5 | 5.98 | ||||||||||||||||||
$7.51 - $9.50 | 203,166 | 5.1 | 9.23 | 175,366 | 5 | 9.24 | ||||||||||||||||||
$9.51 + | 2,880,405 | 5.4 | 9.85 | 2,060,757 | 5.2 | 9.81 | ||||||||||||||||||
6,832,331 | 4.2 | $ | 7.04 | 5,751,462 | 3.9 | $ | 6.65 | |||||||||||||||||
The aggregate intrinsic value of outstanding and exercisable stock options at December 31, 2013 was $176.7 million and $151.0 million, respectively. | ||||||||||||||||||||||||
For the 2013 RSU grants that contain both a performance-based vesting condition and a time-based vesting condition, we recognize compensation expense under the accelerated attribution method, pursuant to which expense is recognized over the requisite service period for each separate vesting tranche of the award. For the RSUs that were canceled and replaced, the fair values of the RSUs immediately before and after the modification were the same. As a result, there was no charge recorded in 2013 and the expense for these RSUs was continued at the grant date fair value. During the year ended December 31, 2013, we recognized $8.3 million of stock based compensation expense related to the RSUs containing a performance-based vesting condition. For all other awards, which are subject to only a time-based vesting condition, we recognize compensation expense on a straight-line basis over the requisite service period of the entire award. | ||||||||||||||||||||||||
In all cases, compensation expense is adjusted to reflect estimated forfeitures. When estimating forfeitures, we consider voluntary and involuntary termination behavior as well as analysis of historical forfeitures. | ||||||||||||||||||||||||
The components of pre-tax stock-based compensation expense are as follows (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
RSUs | $ | 17,299 | $ | 8,411 | $ | 3,666 | ||||||||||||||||||
Stock options | 4,529 | 6,310 | 8,129 | |||||||||||||||||||||
Restricted stock | 208 | 913 | 913 | |||||||||||||||||||||
Stock issued to non-employee directors | — | — | 399 | |||||||||||||||||||||
Total stock-based compensation expense | $ | 22,036 | $ | 15,634 | $ | 13,107 | ||||||||||||||||||
The following table sets forth the classification of total stock-based compensation expense included in our Consolidated Statements of Income (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Cost of goods sold | $ | 392 | $ | 376 | $ | 327 | ||||||||||||||||||
Facility and warehouse expenses | 2,745 | 2,465 | 2,391 | |||||||||||||||||||||
Selling, general and administrative expenses | 18,899 | 12,793 | 10,389 | |||||||||||||||||||||
22,036 | 15,634 | 13,107 | ||||||||||||||||||||||
Income tax benefit | (8,594 | ) | (6,097 | ) | (5,059 | ) | ||||||||||||||||||
Total stock-based compensation expense, net of tax | $ | 13,442 | $ | 9,537 | $ | 8,048 | ||||||||||||||||||
We have not capitalized any stock-based compensation costs during the years ended December 31, 2013, 2012 or 2011. | ||||||||||||||||||||||||
As of December 31, 2013, unrecognized compensation expense related to unvested RSUs, stock options and restricted stock is expected to be recognized as follows (in thousands): | ||||||||||||||||||||||||
RSUs | Stock | Restricted | Total | |||||||||||||||||||||
Options | Stock | |||||||||||||||||||||||
2014 | $ | 12,522 | $ | 2,724 | $ | 139 | $ | 15,385 | ||||||||||||||||
2015 | 9,123 | 69 | — | 9,192 | ||||||||||||||||||||
2016 | 5,611 | — | — | 5,611 | ||||||||||||||||||||
2017 | 2,666 | — | — | 2,666 | ||||||||||||||||||||
2018 | 118 | — | — | 118 | ||||||||||||||||||||
Total unrecognized compensation expense | $ | 30,040 | $ | 2,793 | $ | 139 | $ | 32,972 | ||||||||||||||||
LongTerm_Obligations
Long-Term Obligations | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Obligations | ' | |||||||
Long-Term Obligations | ||||||||
Long-Term Obligations consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Senior secured credit agreement: | ||||||||
Term loans payable | $ | 438,750 | $ | 420,625 | ||||
Revolving credit facility | 233,804 | 553,964 | ||||||
Senior notes | 600,000 | — | ||||||
Receivables securitization facility | — | 80,000 | ||||||
Notes payable through October 2018 at weighted average interest rates of 1.1% and 1.7%, respectively | 15,730 | 42,398 | ||||||
Other long-term debt at weighted average interest rates of 3.5% and 3.3%, respectively | 17,497 | 21,491 | ||||||
1,305,781 | 1,118,478 | |||||||
Less current maturities | (41,535 | ) | (71,716 | ) | ||||
$ | 1,264,246 | $ | 1,046,762 | |||||
The scheduled maturities of long-term obligations outstanding at December 31, 2013 are as follows (in thousands): | ||||||||
2014 | $ | 41,535 | ||||||
2015 | 27,934 | |||||||
2016 | 25,240 | |||||||
2017 | 23,334 | |||||||
2018 | 583,140 | |||||||
Thereafter | 604,598 | |||||||
$ | 1,305,781 | |||||||
Senior Secured Credit Agreement | ||||||||
On May 3, 2013, we entered into an amended and restated credit agreement (the "Credit Agreement") with the several lenders from time to time party thereto, Wells Fargo Bank, National Association, as administrative agent, Bank of America N.A., as syndication agent, The Bank of Tokyo-Mitsubishi UFJ, LTD ("BTMU") and RBS Citizens, N.A., as co-documentation agents, and Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, BTMU, and RBS Citizens, N.A., as joint lead arrangers and joint bookrunners. The Credit Agreement retains many of the terms of the Company's amended and restated credit agreement dated September 30, 2011 (the “Original Credit Agreement”) while also modifying certain terms to (1) extend the maturity date by approximately two years to May 3, 2018; (2) increase the total availability under the Credit Agreement from $1.4 billion to $1.8 billion (composed of $1.2 billion in the revolving credit facility's multicurrency component, $150 million in the revolving credit facility's US dollar component, and $450 million of term loans); (3) increase the amount of letters of credit that may be issued under the revolving credit facility to $150 million from $125 million; (4) raise the amount of the swing line loans available under the revolving credit facility to $50 million from $25 million; (5) increase the maximum net leverage ratio covenant; (6) add certain subsidiaries as additional borrowers under the revolving credit facility; and (7) make other immaterial or clarifying modifications and amendments to the terms of the Original Credit Agreement. The Credit Agreement allows the Company to increase the amount of the revolving credit facility or obtain incremental term loans up to the greater of $400 million or the amount that may be borrowed while maintaining a senior secured leverage ratio of less than or equal to 2.50 to 1.00, subject to the agreement of the lenders. The proceeds of the Credit Agreement were used to repay amounts outstanding under the Original Credit Agreement, to pay fees related to the amendment and restatement, and for general corporate purposes. | ||||||||
Amounts under the revolving credit facility are due and payable upon maturity of the Credit Agreement on May 3, 2018. Amounts under the initial and additional term borrowings are due and payable in quarterly installments equal to 1.25% of the original principal amount beginning on September 30, 2013 with the remaining balance due and payable on the maturity date of the Credit Agreement. We are required to prepay the term loan by amounts equal to proceeds from the sale or disposition of certain assets if the proceeds are not reinvested within twelve months. We also have the option to prepay outstanding amounts under the Credit Agreement without penalty. | ||||||||
The Credit Agreement contains customary representations and warranties, and contains customary covenants that provide limitations and conditions on our ability to enter into certain transactions. The Credit Agreement also contains financial and affirmative covenants under which we (i) may not exceed a maximum net leverage ratio of 3.50 to 1.00 (an increase from 3.00 to 1.00 under the Original Credit Agreement), except in connection with permitted acquisitions with aggregate consideration in excess of $200 million during any period of four consecutive fiscal quarters in which case the maximum net leverage ratio may increase to 4.00 to 1.00 for the subsequent four fiscal quarters (an increase from 3.50 to 1.00 under the Original Credit Agreement) and (ii) are required to maintain a minimum interest coverage ratio of 3.00 to 1.00. | ||||||||
Borrowings under the Credit Agreement bear interest at variable rates, which depend on the currency and duration of the borrowing elected, plus an applicable margin. The applicable margin is subject to change in increments of 0.25% depending on our net leverage ratio. Interest payments are due on the last day of the selected interest period or quarterly in arrears depending on the type of borrowing. Including the effect of the interest rate swap agreements described in Note 5, "Derivative Instruments and Hedging Activities," the weighted average interest rates on borrowings outstanding against the Credit Agreement at December 31, 2013 and 2012 were 3.05% and 2.85%, respectively. We also pay a commitment fee based on the average daily unused amount of the revolving credit facility. The commitment fee is subject to change in increments of 0.05% depending on our net leverage ratio. In addition, we pay a participation commission on outstanding letters of credit at an applicable rate based on our net leverage ratio, as well as a fronting fee of 0.125% to the issuing bank, which are due quarterly in arrears. Borrowings under the Credit Agreement totaled $672.6 million and $974.6 million at December 31, 2013 and 2012, respectively, of which $22.5 million and $31.9 million were classified as current maturities, respectively. As of December 31, 2013, there were letters of credit outstanding in the aggregate amount of $45.6 million. The amounts available under the revolving credit facility are reduced by the amounts outstanding under letters of credit, and thus availability on the revolving credit facility at December 31, 2013 was $1.1 billion. In January 2014, we increased our borrowings under the Credit Agreement by $370 million in connection with our acquisition of Keystone Specialty, as described in Note 8, "Business Combinations." | ||||||||
Related to the execution of the Credit Agreement, we incurred $7.2 million of fees, of which $6.1 million were capitalized within Other Assets on our Consolidated Balance Sheet and are amortized over the term of the agreement. The remaining $1.1 million of fees were expensed, together with $1.7 million of capitalized debt issuance costs related to the Original Credit Agreement, as a loss on debt extinguishment in our Consolidated Statements of Income for the year ended December 31, 2013. | ||||||||
Senior Notes | ||||||||
On May 9, 2013, we completed an offering of $600 million aggregate principal amount of senior notes due May 15, 2023 (the "Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933. The proceeds from the offering were used to repay revolver borrowings under our Credit Agreement, including amounts borrowed to finance our acquisition of Sator in May 2013 as discussed further in Note 8, "Business Combinations," to pay related fees and expenses and for general corporate purposes. The Notes are governed by the Indenture dated as of May 9, 2013 among LKQ Corporation, certain of our subsidiaries (the "Guarantors") and U.S. Bank National Association, as trustee. | ||||||||
The Notes bear interest at a rate of 4.75% per year from the date of the original issuance or from the most recent payment date on which interest has been paid or provided for. Interest on the Notes is payable in arrears on May 15 and November 15 of each year. The first interest payment was made on November 15, 2013. The Notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors. | ||||||||
The Notes and the guarantees are our and each Guarantor's senior unsecured obligations and are subordinated to all of the Guarantor's existing and future secured debt to the extent of the assets securing that secured debt. In addition, the Notes are effectively subordinated to all of the liabilities of our subsidiaries that are not guaranteeing the Notes to the extent of the assets of those subsidiaries. | ||||||||
The Notes will be redeemable, in whole or in part, at any time on or after May 15, 2018 on the redemption dates and at the respective redemption prices specified in the Indenture. In addition, we may redeem up to 35% of the notes before May 15, 2016 with the net cash proceeds from certain equity offerings. We may also redeem some or all of the notes before May 15, 2018 at a redemption price of 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the redemption date, plus a "make whole" premium. We may be required to make an offer to purchase the notes upon the sale of certain assets, subject to certain exceptions, and upon a change of control. | ||||||||
In connection with the sale of the Notes, the Company entered into a Registration Rights Agreement dated as of May 9, 2013 (the "Registration Rights Agreement") with the Guarantors and the representative of the initial purchasers of the Notes identified therein. Under the Registration Rights Agreement, the Company and the Guarantors have agreed to (i) file an exchange offer registration statement to exchange the Notes for a new issue of debt securities registered under the Securities Act of 1933, with terms substantially identical to those of the Notes (except that the exchange notes will not contain terms with respect to additional interest, registration rights, or certain transfer restrictions); (ii) use their commercially reasonable efforts to consummate the exchange offer within 365 days after the issue date of the Notes; and (iii) in certain circumstances, file a shelf registration statement for the resale of the Notes. If the Company and the Guarantors fail to consummate the exchange offer within 365 days of the issue date of the Notes or otherwise fail to satisfy their registration obligations under the Registration Rights Agreement, then the annual interest rate on the Notes will increase by 0.25% per annum and by an additional 0.25% per annum for each subsequent 90-day period during which the registration default continues, up to a maximum additional interest rate of 1.0% per annum. | ||||||||
Fees incurred related to the offering of the Notes totaling $9.7 million were capitalized within Other Assets on our Consolidated Balance Sheet and are amortized over the term of the Notes. | ||||||||
Receivables Securitization Facility | ||||||||
On September 28, 2012, we entered into a three year receivables securitization facility with BTMU as Administrative Agent. Under the facility, LKQ sells an ownership interest in certain receivables, related collections and security interests to BTMU for the benefit of conduit investors and/or financial institutions for up to $80 million in cash proceeds. Upon payment of the receivables by customers, rather than remitting to BTMU the amounts collected, LKQ retains such collections as proceeds for the sale of new receivables generated by certain of the ongoing operations of the Company. | ||||||||
The sale of the ownership interest in the receivables is accounted for as a secured borrowing in our Consolidated Balance Sheets, under which the receivables included in the program collateralize the amounts invested by BTMU, the conduit investors and/or financial institutions. The receivables are held by LKQ Receivables Finance Company, LLC ("LRFC"), a wholly owned bankruptcy-remote special purpose subsidiary of LKQ, and therefore, the receivables are available first to satisfy the creditors of LRFC, including the investors. As of December 31, 2012, $116.9 million of net Receivables were collateral for the investment under the receivables facility. There were no borrowings outstanding under the receivables facility as of December 31, 2013. In January 2014, we borrowed the maximum amount of $80 million in connection with our acquisition of Keystone Automotive Holdings, Inc. (“Keystone Specialty”), as described in Note 8, "Business Combinations." | ||||||||
Under the receivables facility, we pay variable interest rates plus a margin on the outstanding amounts invested by the Purchasers. The variable rates are based on (i) commercial paper rates, (ii) the London InterBank Offered Rate ("LIBOR") plus 1.25%, or (iii) base rates, and are payable monthly in arrears. Commercial paper rates will be the applicable variable rate unless conduit investors are not available to invest in the receivables at commercial paper rates. In such case, financial institutions will invest at the LIBOR rate plus 1.25% or at base rates. We also pay a commitment fee on the excess of the investment maximum over the average daily outstanding investment, payable monthly in arrears. As of December 31, 2012, the interest rate under the receivables facility was based on commercial paper rates and was 1.05%. During 2012, we also incurred $0.3 million of arrangement fees and other related transaction costs which were capitalized within Other Assets on the Consolidated Balance Sheets and are amortized over the term of the facility. The outstanding balance of $80 million as of December 31, 2012 was classified as long-term on the Consolidated Balance Sheets because we have the ability and intent to refinance these borrowings on a long-term basis. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||
We are exposed to market risks, including the effect of changes in interest rates, foreign currency exchange rates and commodity prices. Under our current policies, we use derivatives to manage our exposure to variable interest rates on our senior secured debt, changing foreign exchange rates for certain foreign currency denominated transactions and changes in metals prices. We do not hold or issue derivatives for trading purposes. | |||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||
At December 31, 2013, we had interest rate swap agreements in place to hedge a portion of the variable interest rate risk on our variable rate borrowings under our Credit Agreement, with the objective of minimizing the impact of interest rate fluctuations and stabilizing cash flows. Under the terms of the interest rate swap agreements, we pay the fixed interest rate and receive payment at a variable rate of interest based on LIBOR or the Canadian Dealer Offered Rate (“CDOR”) for the respective currency of each interest rate swap agreement’s notional amount. The effective portion of changes in the fair value of the interest rate swap agreements is recorded in Accumulated Other Comprehensive Income (Loss) and is reclassified to interest expense when the underlying interest payment has an impact on earnings. The ineffective portion of changes in the fair value of the interest rate swap agreements is reported in interest expense. Our interest rate swap contracts have maturity dates ranging from 2015 through 2016. | |||||||||||||||||||||||||
We hold foreign currency forward contracts related to certain foreign currency denominated intercompany transactions, with the objective of minimizing the impact of changing exchange rates on these future cash flows, as well as minimizing the impact of fluctuating exchange rates on our results of operations through the respective dates of settlement. Under the terms of the foreign currency forward contracts, we will sell euros and pounds sterling in exchange for U.S. dollars at a fixed rate on the maturity dates of the contracts. The effective portion of the changes in fair value of the foreign currency forward contracts is recorded in Accumulated Other Comprehensive Income (Loss) and reclassified to other income (expense) when the underlying transaction has an impact on earnings. In January 2014, we settled our £70 million foreign currency forward contract and the underlying intercompany transaction. Our €150 million forward contract also expires in 2014. | |||||||||||||||||||||||||
The following table summarizes the notional amounts and fair values of our designated cash flow hedges of December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Notional Amount | Fair Value at December 31, 2013 (USD) | Fair Value at December 31, 2012 (USD) | |||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | Other Accrued Expenses | Other Noncurrent Liabilities | Other Accrued Expenses | Other Noncurrent Liabilities | ||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||||
USD denominated | $ | 420,000 | $ | 520,000 | $ | — | $ | 8,099 | $ | 705 | $ | 12,791 | |||||||||||||
GBP denominated | £ | 50,000 | £ | 50,000 | — | 345 | — | 2,135 | |||||||||||||||||
CAD denominated | C$ | 25,000 | C$ | 25,000 | — | 26 | — | 12 | |||||||||||||||||
Foreign currency forward contracts | |||||||||||||||||||||||||
EUR denominated | € | 149,976 | — | 11,632 | — | — | — | ||||||||||||||||||
GBP denominated | £ | 70,000 | — | 10,186 | — | — | — | ||||||||||||||||||
Total cash flow hedges | $ | 21,818 | $ | 8,470 | $ | 705 | $ | 14,938 | |||||||||||||||||
While our derivative instruments executed with the same counterparty are subject to master netting arrangements, we present our cash flow hedge derivative instruments on a gross basis in our Consolidated Balance Sheets. The impact of netting the fair values of these contracts would not have a material effect on our Consolidated Balance Sheets at December 31, 2013 or 2012. | |||||||||||||||||||||||||
The activity related to our cash flow hedges is included in Note 12, "Accumulated Other Comprehensive Income (Loss)." In May 2013, we repaid a portion of our variable rate U.S. dollar denominated credit agreement borrowings with the proceeds of our fixed rate senior notes, which resulted in one of our interest rate swap contracts, which expired in October 2013, no longer being designated as an effective cash flow hedge. As a result, we experienced an immaterial amount of hedge ineffectiveness during the year ended December 31, 2013. Hedge ineffectiveness related to our foreign currency forward contracts was immaterial to our results of operations during 2013. We do not expect future ineffectiveness related to our cash flow hedges to have a material effect on our results of operations. | |||||||||||||||||||||||||
As of December 31, 2013, we estimate that $4.0 million of derivative losses (net of tax) included in Accumulated Other Comprehensive Income will be reclassified into our Consolidated Statements of Income within the next 12 months. | |||||||||||||||||||||||||
Other Derivative Instruments | |||||||||||||||||||||||||
We hold other short-term derivative instruments, including foreign currency forward contracts and commodity forward contracts, to manage our exposure to variability related to purchases of inventory invoiced in a non-functional currency and to metals prices in certain of our operations. We have elected not to apply hedge accounting for these transactions, and therefore the contracts are adjusted to fair value through our results of operations as of each balance sheet date, which could result in volatility in our earnings. The notional amount and fair value of these contracts at December 31, 2013 and 2012, along with the effect on our results of operations in 2013 and 2012, were immaterial. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value | ||||||||||||||||
We use the market and income approaches to value our financial assets and liabilities, and during the year ended December 31, 2013, there were no significant changes in valuation techniques or inputs related to the financial assets or liabilities that we have historically recorded at fair value. During the year ended December 31, 2013, we entered into several foreign currency forward contracts as described in Note 5, "Derivative Instruments and Hedging Activities," which are recorded at fair market value. The tiers in the fair value hierarchy include: Level 1, defined as observable inputs such as quoted market prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||||||||||||||||
The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs we utilized to determine such fair value as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||
Balance as of December 31, 2013 | Fair Value Measurements as of December 31, 2013 | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | ||||||||||||||||
Cash surrender value of life insurance | $ | 25,745 | $ | — | $ | 25,745 | $ | — | ||||||||
Total Assets | $ | 25,745 | $ | — | $ | 25,745 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration liabilities | $ | 55,653 | $ | — | $ | — | $ | 55,653 | ||||||||
Deferred compensation liabilities | 25,232 | — | 25,232 | — | ||||||||||||
Foreign currency forward contracts | 21,818 | 21,818 | ||||||||||||||
Interest rate swaps | 8,470 | — | 8,470 | — | ||||||||||||
Total Liabilities | $ | 111,173 | $ | — | $ | 55,520 | $ | 55,653 | ||||||||
Balance as of December 31, 2012 | Fair Value Measurements as of December 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | ||||||||||||||||
Cash surrender value of life insurance | $ | 19,492 | $ | — | $ | 19,492 | $ | — | ||||||||
Total Assets | $ | 19,492 | $ | — | $ | 19,492 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration liabilities | $ | 90,009 | $ | — | $ | — | $ | 90,009 | ||||||||
Deferred compensation liabilities | 19,843 | — | 19,843 | — | ||||||||||||
Interest rate swaps | 15,643 | — | 15,643 | — | ||||||||||||
Total Liabilities | $ | 125,495 | $ | — | $ | 35,486 | $ | 90,009 | ||||||||
The cash surrender value of life insurance and deferred compensation liabilities are included in Other Assets and Other Noncurrent Liabilities, respectively, on our Consolidated Balance Sheets. The contingent consideration liabilities are classified as separate line items in both current and noncurrent liabilities on our Consolidated Balance Sheets based on the expected timing of the related payments. The balance sheet classification of the interest rate swaps and foreign currency forward contracts is presented in Note 5, "Derivative Instruments and Hedging Activities." | ||||||||||||||||
Our Level 2 assets and liabilities are valued using inputs from third parties and market observable data. We obtain valuation data for the cash surrender value of life insurance and deferred compensation liabilities from third party sources, which determine the net asset values for our accounts using quoted market prices, investment allocations and reportable trades. We value our derivative instruments using a third party valuation model that performs a discounted cash flow analysis based on the terms of the contracts and market observable inputs such as current and forward interest rates and current and forward foreign exchange rates. | ||||||||||||||||
Our contingent consideration liabilities are related to our business acquisitions as further described in Note 8, "Business Combinations." Under the terms of the contingent consideration agreements, payments may be made at specified future dates depending on the performance of the acquired business subsequent to the acquisition. The liabilities for these payments are classified as Level 3 liabilities because the related fair value measurement, which is determined using an income approach, includes significant inputs not observable in the market. These unobservable inputs include internally-developed assumptions of the probabilities of achieving specified targets, which are used to determine the resulting cash flows and the applicable discount rate. Our Level 3 fair value measurements are established and updated quarterly by our corporate accounting department using current information about these key assumptions, with the input and oversight of our operational and executive management teams. We evaluate the performance of the business during the period compared to our previous expectations, along with any changes to our future projections, and update the estimated cash flows accordingly. In addition, we consider changes to our cost of capital and changes to the probability of achieving the earnout payment targets when updating our discount rate on a quarterly basis. | ||||||||||||||||
The significant unobservable inputs used in the fair value measurements of our Level 3 contingent consideration liabilities were as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Unobservable Input | (Weighted Average) | |||||||||||||||
Probability of achieving payout targets | 70.6 | % | 79.7 | % | ||||||||||||
Discount rate | 6.5 | % | 6.6 | % | ||||||||||||
A significant decrease in the assessed probabilities of achieving the targets or a significant increase in the discount rate, in isolation, would result in a significantly lower fair value measurement. Changes in the values of the liabilities are recorded in Change in Fair Value of Contingent Consideration Liabilities within Other Expense (Income) on our Consolidated Statements of Income. | ||||||||||||||||
Changes in the fair value of our contingent consideration obligations are as follows (in thousands): | ||||||||||||||||
Balance as of January 1, 2012 | $ | 82,382 | ||||||||||||||
Contingent consideration liabilities recorded for business acquisitions | 5,456 | |||||||||||||||
Payments | (3,100 | ) | ||||||||||||||
Increase in fair value included in earnings | 1,643 | |||||||||||||||
Exchange rate effects | 3,628 | |||||||||||||||
Balance as of December 31, 2012 | $ | 90,009 | ||||||||||||||
Contingent consideration liabilities recorded for business acquisitions | 3,854 | |||||||||||||||
Payments | (39,117 | ) | ||||||||||||||
Increase in fair value included in earnings | 2,504 | |||||||||||||||
Exchange rate effects | (1,597 | ) | ||||||||||||||
Balance as of December 31, 2013 | $ | 55,653 | ||||||||||||||
The purchase price for our 2011 acquisition of Euro Car Parts Holdings Limited ("ECP") included contingent payments depending on the achievement of certain annual performance targets in 2012 and 2013. The performance target for 2012 was exceeded, and during the three months ended March 31, 2013, we paid £25 million, the maximum contingent payment, through a cash payment of $33.9 million (£22.4 million) and the issuance of notes for $3.9 million (£2.6 million). In April 2013, we amended the ECP contingent payment agreement to waive the 2013 performance targets for the portion related to Draco Limited, one of the sellers of ECP. As a result, we are obligated to pay Draco Limited approximately £27 million in the first quarter of 2014, which is equal to the maximum payment for Draco Limited's share of the contingent payment agreement for the 2013 performance period. The waiver of the 2013 performance targets did not have a material impact on our financial position or results of operations, and it is not expected to have a material impact on our cash flows, as ECP exceeded the stated performance targets for the 2013 performance period, and therefore, earned the maximum payment regardless of the waiver. | ||||||||||||||||
During the years ended December 31, 2013 and 2012, the net losses included in earnings related to the remeasurement of our contingent payment liabilities included $3.0 million and $2.6 million of losses, respectively, related to contingent consideration obligations outstanding as of December 31, 2013. The changes in the fair value of contingent consideration obligations during 2013 and 2012 are a result of the quarterly assessment of the fair value inputs. The loss during the year ended December 31, 2012 also included the impact related to the adoption of FASB ASU No. 2011-04, "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs" (which adoption did not have a material impact). | ||||||||||||||||
Financial Assets and Liabilities Not Measured at Fair Value | ||||||||||||||||
Our debt is reflected on the Consolidated Balance Sheets at cost. Based on market conditions as of December 31, 2013 and 2012, the fair value of our credit agreement borrowings reasonably approximated the carrying value of $673 million and $975 million, respectively. In addition, based on market conditions, the fair value of the outstanding borrowings under the receivables facility reasonably approximated the carrying value of $80 million at December 31, 2012; we did not have any borrowings outstanding under the receivables facility as of December 31, 2013. As of December 31, 2013, the fair value of our senior notes was approximately $561 million compared to a carrying value of $600 million. | ||||||||||||||||
The fair value measurements of the borrowings under our credit agreement and receivables facility are classified as Level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market, including interest rates on recent financing transactions with similar terms and maturities. We estimated the fair value by calculating the upfront cash payment a market participant would require at December 31, 2013 to assume these obligations. The fair value of our senior notes, which is determined using quoted market prices in the secondary market, is also classified as Level 2 within the fair value hierarchy because the market for these financial instruments is not considered an active market. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Operating Leases | ||||
We are obligated under noncancelable operating leases for corporate office space, warehouse and distribution facilities, trucks and certain equipment. | ||||
The future minimum lease commitments under these leases at December 31, 2013 are as follows (in thousands): | ||||
Years ending December 31: | ||||
2014 | $ | 114,405 | ||
2015 | 103,038 | |||
2016 | 85,821 | |||
2017 | 68,173 | |||
2018 | 54,550 | |||
Thereafter | 220,358 | |||
Future Minimum Lease Payments | $ | 646,345 | ||
Rental expense for operating leases was approximately $122.4 million, $101.1 million and $83.7 million during the years ended December 31, 2013, 2012 and 2011, respectively. | ||||
We guarantee the residual values of the majority of our truck and equipment operating leases. The residual values decline over the lease terms to a defined percentage of original cost. In the event the lessor does not realize the residual value when a piece of equipment is sold, we would be responsible for a portion of the shortfall. Similarly, if the lessor realizes more than the residual value when a piece of equipment is sold, we would be paid the amount realized over the residual value. Had we terminated all of our operating leases subject to these guarantees at December 31, 2013, our portion of the guaranteed residual value would have totaled approximately $24.6 million. We have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value. | ||||
Litigation and Related Contingencies | ||||
We are a plaintiff in a class action lawsuit against several aftermarket product suppliers. During 2012, we recognized gains totaling $17.9 million resulting from settlements with certain of the defendants. These gains were recorded as a reduction of Cost of Goods Sold on our Consolidated Statements of Income. The class action is still pending against two defendants, the results of which are not expected to be material to our results of operations or cash flows. | ||||
We also have certain contingencies resulting from litigation, claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business. We currently expect that the resolution of such contingencies will not materially affect our financial position, results of operations or cash flows. |
Business_Combinations
Business Combinations | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Business Combinations | ' | |||||||||||||||
Business Combinations | ||||||||||||||||
On May 1, 2013, we acquired the shares of Sator, a vehicle mechanical aftermarket parts distribution company based in the Netherlands, with operations in the Netherlands, Belgium and Northern France. With the acquisition of Sator, we expanded our geographic presence in the European vehicle mechanical aftermarket products market into continental Europe to complement our existing U.K. operations. Total acquisition date fair value of the consideration for the acquisition of Sator was €209.8 million ($272.8 million) of cash, net of cash acquired. We recorded $142.7 million of goodwill related to our acquisition of Sator, which we do not expect will be deductible for income tax purposes. In the period between May 1, 2013 and December 31, 2013, Sator generated approximately $265.1 million of revenue and $7.3 million of net income. | ||||||||||||||||
In addition to our acquisition of Sator, we made 19 acquisitions during 2013, including 10 wholesale businesses in North America, 7 wholesale businesses in Europe and 2 self service retail operations. Our European acquisitions included five automotive paint distribution businesses in the U.K., which enabled us to expand our collision product offerings. Our other acquisitions completed during 2013 enabled us to expand into new product lines and enter new markets. Total acquisition date fair value of the consideration for these additional 2013 acquisitions was $146.1 million, composed of $134.6 million of cash (net of cash acquired), $7.5 million of notes payable, $0.2 million of other purchase price obligations (non-interest bearing) and $3.9 million for the estimated value of contingent payments to former owners (with maximum potential payments totaling $5.0 million). During the year ended December 31, 2013, we recorded $92.7 million of goodwill related to these acquisitions and immaterial adjustments to preliminary purchase price allocations related to certain of our 2012 acquisitions. We expect $18.3 million of the $92.7 million of goodwill recorded to be deductible for income tax purposes. In the period between the acquisition dates and December 31, 2013, these acquisitions generated $108.5 million of revenue and $3.7 million of net income. | ||||||||||||||||
On January 3, 2014, we completed our acquisition of Keystone Automotive Holdings, Inc. (“Keystone Specialty”) for a purchase price of $455.4 million, net of cash acquired. Keystone Specialty is a leading distributor and marketer of specialty aftermarket equipment and accessories in North America serving the following six product segments: truck and off-road; speed and performance; recreational vehicle; towing; wheels, tires and performance handling; and miscellaneous accessories. The purchase price is subject to certain adjustments, including an adjustment related to the net working capital amount of Keystone Specialty at closing. Our acquisition of Keystone Specialty allows us to enter into new product lines and increase the size of our addressable market. In addition, we believe that the acquisition creates potential logistics and administrative cost synergies and cross-selling opportunities. | ||||||||||||||||
Also in January 2014, we completed the acquisition of a U.S. based distributor of automotive cores as well as new and remanufactured mechanical automotive replacement parts. We believe this acquisition will expand our core and remanufactured product mix, and will allow us to expand our product offering to include certain parts also purchased by OEMs. In February 2014, we acquired a wholesale salvage operation and a self service operation in North America, which we believe will expand our market share in the respective markets. | ||||||||||||||||
We are in the process of completing the purchase accounting for our 2014 acquisitions, and as a result, we are unable to disclose the amounts recognized for each major class of assets acquired and liabilities assumed, or the pro forma effect of the acquisitions on our results of operations. | ||||||||||||||||
During the year ended December 31, 2012, we made 30 acquisitions in North America, including 22 wholesale businesses and 8 self service retail operations. These acquisitions enabled us to expand our geographic presence and enter new markets. Additionally, two of our acquisitions were completed with a goal of improving the recovery from scrap and other metals harvested from the vehicles we purchase: a precious metals refining and reclamation business and a scrap metal shredder. Total acquisition date fair value of the consideration for the 2012 acquisitions was $284.6 million, composed of $261.5 million of cash (net of cash acquired), $16.0 million of notes payable, $1.6 million of other purchase price obligations (non-interest bearing) and $5.5 million of contingent payments to former owners. The contingent consideration arrangements made in connection with our 2012 acquisitions have maximum potential payouts totaling $6.5 million. During the year ended December 31, 2012, we recorded $197.6 million of goodwill related to these acquisitions and immaterial adjustments to preliminary purchase price allocations related to certain of our 2011 acquisitions. We expect $157.8 million of the $197.6 million of goodwill recorded to be deductible for income tax purposes. | ||||||||||||||||
In October 2011, we expanded our operations into the European automotive aftermarket business through our acquisition of ECP. ECP's product offerings are primarily focused on automotive aftermarket mechanical products, many of which are sourced from the same suppliers that provide products to the OEMs. Total acquisition date fair value of the consideration for the ECP acquisition was £261.6 million ($403.7 million), composed of £190.3 million ($293.7 million) of cash (net of cash acquired), £18.4 million ($28.3 million) of notes payable, £2.7 million ($4.1 million) of other purchase price obligations (non-interest bearing) and contingent payments of up to £55 million to the former owners of ECP if certain performance targets were met in the years ended December 31, 2013 and 2012. We determined the acquisition date fair value of these contingent payments to be £50.2 million ($77.5 million at the exchange rate on October 3, 2011). As discussed in Note 6, "Fair Value Measurements," we made the full payment related to the 2012 performance period, and in the first quarter of 2014, we will make the full payment related to the 2013 performance period. We recorded goodwill of $332.9 million for the ECP acquisition, which will not be deductible for income tax purposes. | ||||||||||||||||
In addition to our acquisition of ECP, we completed 20 acquisitions in North America in 2011 (17 wholesale businesses and 3 self service retail operations), which allowed us to increase our product offerings, to expand our geographic presence and enter new markets. Total acquisition date fair value of the consideration for these 20 acquisitions was $207.3 million, composed of $193.2 million of cash (net of cash acquired), $5.9 million of notes payable, $4.5 million of other purchase price obligations (non-interest bearing) and $3.7 million of contingent payments to former owners. During the year ended December 31, 2011, we recorded $105.2 million of goodwill related to these 20 acquisitions and immaterial adjustments to preliminary purchase price allocations related to certain of our 2010 acquisitions. Of this amount, approximately $88.3 million is expected to be deductible for income tax purposes. | ||||||||||||||||
Our acquisitions are accounted for under the purchase method of accounting and are included in our consolidated financial statements from the dates of acquisition. The purchase prices were allocated to the net assets acquired based upon estimated fair market values at the dates of acquisition. In connection with the 2013 acquisitions, the purchase price allocations are preliminary as we are in the process of determining the following: 1) valuation amounts for certain receivables, inventories and fixed assets acquired; 2) valuation amounts for certain intangible assets acquired; 3) the acquisition date fair value of certain liabilities assumed; and 4) the final estimation of the tax basis of the entities acquired. We have recorded preliminary estimates for certain of the items noted above and will record adjustments, if any, to the preliminary amounts upon finalization of the valuations. | ||||||||||||||||
The purchase price allocations for the acquisitions completed during 2013 and 2012 are as follows (in thousands): | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
(Preliminary) | Year Ended | |||||||||||||||
Sator | Other Acquisitions | Total | 31-Dec-12 | |||||||||||||
Receivables | $ | 61,639 | $ | 38,685 | $ | 100,324 | $ | 15,473 | ||||||||
Receivable reserves | (8,563 | ) | (3,246 | ) | (11,809 | ) | (1,459 | ) | ||||||||
Inventory | 71,784 | 26,455 | 98,239 | 62,305 | ||||||||||||
Prepaid expenses and other current assets | 7,184 | 1,933 | 9,117 | 201 | ||||||||||||
Property and equipment | 19,484 | 14,015 | 33,499 | 31,930 | ||||||||||||
Goodwill | 142,721 | 92,726 | 235,447 | 201,742 | ||||||||||||
Other intangibles | 45,293 | 12,353 | 57,646 | 655 | ||||||||||||
Other assets | 2,049 | 1,251 | 3,300 | 187 | ||||||||||||
Deferred income taxes | (14,100 | ) | (564 | ) | (14,664 | ) | 428 | |||||||||
Current liabilities assumed | (49,593 | ) | (36,799 | ) | (86,392 | ) | (22,910 | ) | ||||||||
Debt assumed | — | (664 | ) | (664 | ) | (3,989 | ) | |||||||||
Other noncurrent liabilities assumed | (5,074 | ) | — | (5,074 | ) | — | ||||||||||
Contingent consideration liabilities | — | (3,854 | ) | (3,854 | ) | (5,456 | ) | |||||||||
Other purchase price obligations | — | (214 | ) | (214 | ) | (1,647 | ) | |||||||||
Notes issued | — | (7,482 | ) | (7,482 | ) | (15,990 | ) | |||||||||
Cash used in acquisitions, net of cash acquired | $ | 272,824 | $ | 134,595 | $ | 407,419 | $ | 261,470 | ||||||||
Included in other noncurrent liabilities recorded for our Sator acquisition is a liability for certain pension and other post-retirement obligations we assumed with the acquisition. Due to the immateriality of these plans, we have not provided the detailed disclosures otherwise prescribed by the accounting guidance on pensions and other post-retirement obligations. | ||||||||||||||||
The primary reason for our acquisitions made in 2013, 2012 and 2011 was to leverage our strategy of becoming a one-stop provider for alternative vehicle replacement products. These acquisitions enabled us to enter new markets, including our entry into the European automotive market beginning in 2011 with our purchase of ECP. Our acquisition of ECP provides an opportunity to us as the European automotive market has historically had a low penetration of alternative collision parts. By acquiring ECP, a leading distributor of alternative automotive products, we were able to gain access to the European market in a manner that we viewed as quicker and more cost effective than would have been achievable through a start-up organization and organic growth. The potential growth opportunities, combined with the developed distribution network, experienced management team and established workforce, contributed to the $332.9 million of goodwill recognized related to this acquisition. Our subsequent acquisitions in Europe have allowed us to further expand our market presence in this segment, including continental Europe through the Sator acquisition, as well as to widen our product offerings such as paint and related equipment in the U.K. We believe that our Sator acquisition will allow for synergies within our European operations, most notably in procurement, warehousing and product management. These projected synergies contributed to the goodwill recorded on the Sator acquisition. | ||||||||||||||||
When we identify potential acquisitions, we attempt to target companies with a leading market share, an experienced management team and workforce that provide a fit with our existing operations and strong cash flows. For certain of our acquisitions, we have identified cost savings and synergies as a result of integrating the company with our existing business that provide additional value to the combined entity. In many cases, acquiring companies with these characteristics can result in purchase prices that include a significant amount of goodwill. | ||||||||||||||||
The following pro forma summary presents the effect of the businesses acquired during the year ended December 31, 2013 as though the businesses had been acquired as of January 1, 2012, the businesses acquired during the year ended December 31, 2012 as though they had been acquired as of January 1, 2011 and the businesses acquired during the year ended December 31, 2011 as though they had been acquired as of January 1, 2010. The pro forma adjustments are based upon unaudited financial information of the acquired entities (in thousands, except per share data): | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Revenue, as reported | $ | 5,062,528 | $ | 4,122,930 | $ | 3,269,862 | ||||||||||
Revenue of purchased businesses for the period prior to acquisition: | ||||||||||||||||
Sator | 126,309 | 369,934 | — | |||||||||||||
ECP | — | — | 407,042 | |||||||||||||
Other acquisitions | 130,093 | 440,938 | 466,002 | |||||||||||||
Pro forma revenue | $ | 5,318,930 | $ | 4,933,802 | $ | 4,142,906 | ||||||||||
Net income, as reported | $ | 311,623 | $ | 261,225 | $ | 210,264 | ||||||||||
Net income of purchased businesses for the period prior to acquisition, including pro forma purchase accounting adjustments: | ||||||||||||||||
Sator | 5,293 | 6,032 | — | |||||||||||||
ECP | — | — | 21,858 | |||||||||||||
Other acquisitions | 7,591 | 18,363 | 27,396 | |||||||||||||
Pro forma net income | $ | 324,507 | $ | 285,620 | $ | 259,518 | ||||||||||
Earnings per share-basic, as reported | $ | 1.04 | $ | 0.88 | $ | 0.72 | ||||||||||
Effect of purchased businesses for the period prior to acquisition: | ||||||||||||||||
Sator | 0.02 | 0.02 | — | |||||||||||||
ECP | — | — | 0.07 | |||||||||||||
Other acquisitions | 0.03 | 0.06 | 0.09 | |||||||||||||
Pro forma earnings per share-basic (a) | $ | 1.08 | $ | 0.97 | $ | 0.89 | ||||||||||
Earnings per share-diluted, as reported | $ | 1.02 | $ | 0.87 | $ | 0.71 | ||||||||||
Effect of purchased businesses for the period prior to acquisition: | ||||||||||||||||
Sator | 0.02 | 0.02 | — | |||||||||||||
ECP | — | — | 0.07 | |||||||||||||
Other acquisitions | 0.02 | 0.06 | 0.09 | |||||||||||||
Pro forma earnings per share-diluted (a) | $ | 1.07 | $ | 0.95 | $ | 0.87 | ||||||||||
(a) The sum of the individual earnings per share amounts may not equal the total due to rounding. | ||||||||||||||||
Unaudited pro forma supplemental information is based upon accounting estimates and judgments that we believe are reasonable. The unaudited pro forma supplemental information includes the effect of purchase accounting adjustments, such as the adjustment of inventory acquired to net realizable value, adjustments to depreciation on acquired property and equipment, adjustments to rent expense for above or below market leases, adjustments to amortization on acquired intangible assets, adjustments to interest expense, and the related tax effects. The pro forma impact of our Sator acquisition reflects the elimination of acquisition related expenses totaling $3.6 million for the year ended December 31, 2013, which do not have a continuing impact on our operating results. Additionally, the pro-forma impact of our other acquisitions reflects the elimination of acquisition related expenses totaling $2.2 million and $0.5 million for the years ended December 31, 2013 and 2012, respectively. Refer to Note 9, "Restructuring and Acquisition Related Expenses," for further information on our acquisition related expenses. These pro forma results are not necessarily indicative either of what would have occurred if the acquisitions had been in effect for the periods presented or of future results. |
Restructuring_and_Acquisition_
Restructuring and Acquisition Related Expenses | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Acquisition Related Expenses | ' |
Restructuring and Acquisition Related Expenses | |
Acquisition Related Expenses | |
Acquisition related expenses, which include external costs such as advisory, legal and accounting fees, totaled $6.7 million, $0.5 million, and $3.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. Our 2013 expenses included $3.6 million related to our acquisition of Sator in May 2013, $1.4 million related to our acquisitions of five U.K.-based paint distribution businesses, and $0.9 million related to our acquisition of Keystone Specialty in January 2014. Our 2011 acquisition related expenses were primarily related to our acquisition of ECP. These costs are expensed as incurred. | |
Acquisition Integration Plans | |
During the year ended December 31, 2013, we incurred $2.1 million of restructuring expenses related to the integration of certain of our 2013 European acquisitions. These integration activities included the closure of duplicate facilities, termination of employees in connection with the consolidation of overlapping facilities with our existing business, and moving expenses. Future expenses to complete these integration plans in the first half of 2014, including expenses for additional closures of overlapping facilities and termination of duplicate headcount, are not expected to exceed $1 million. | |
Also during 2013, we incurred $1.4 million of restructuring expenses related to the integration of certain of our 2012 North American acquisitions. Our integration activities included the closure of duplicate facilities, termination of employees in connection with the consolidation of overlapping facilities with our existing business, moving expenses, and other third party services directly related to the integration of these acquisitions. Remaining costs to complete these integration activities are expected to be immaterial. | |
Integration costs during the years ended December 31, 2012 and 2011 totaled $1.2 million and $4.4 million, respectively. Of the expenses incurred in 2011, $2.6 million related to restructuring activities to integrate the Akzo Nobel acquired paint distribution locations into our existing business, including primarily charges for excess facility costs, which were expensed at the cease-use date for the facilities. Our restructuring plan included the closure of duplicate facilities, elimination of overlapping delivery routes and termination of employees in connection with the consolidation of the overlapping facilities and delivery routes. We substantially completed the integration activities related to the Akzo Nobel paint business acquisition as of December 31, 2011. | |
Refurbished Bumper and Wheel Restructuring | |
In the second quarter of 2012, we initiated a restructuring plan to improve the operational efficiency of our refurbished product operations and to reduce the cost structure of the related refurbished bumper and wheel product lines. As part of the restructuring plan, we consolidated certain of our bumper and wheel refurbishing operations, with a focus on increasing output at the remaining operations to improve economies of scale. Restructuring costs included the write off of disposed assets, severance costs for termination of overlapping headcount, costs to move equipment and inventory, and excess facility costs. These costs are expensed as incurred, when the costs meet the criteria to be accrued, or, in the case of non-performing lease reserves, at the cease-use date of the facility. During the year ended December 31, 2012, we incurred $1.1 million of expense related to this restructuring plan. These restructuring activities were substantially completed in 2012. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. Diluted earnings per share incorporate the incremental shares issuable upon the assumed exercise of stock options and the assumed vesting of RSUs and restricted stock. Certain of our stock options were excluded from the calculation of diluted earnings per share because they were antidilutive, but these equity instruments could be dilutive in the future. | ||||||||||||
The following chart sets forth the computation of earnings per share (in thousands, except per share amounts): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Income | $ | 311,623 | $ | 261,225 | $ | 210,264 | ||||||
Denominator for basic earnings per share—Weighted-average shares outstanding | 299,574 | 295,810 | 292,252 | |||||||||
Effect of dilutive securities: | ||||||||||||
RSUs | 845 | 479 | 182 | |||||||||
Stock options | 3,696 | 4,346 | 4,250 | |||||||||
Restricted stock | 16 | 58 | 66 | |||||||||
Denominator for diluted earnings per share—Adjusted weighted-average shares outstanding | 304,131 | 300,693 | 296,750 | |||||||||
Earnings per share, basic | $ | 1.04 | $ | 0.88 | $ | 0.72 | ||||||
Earnings per share, diluted | $ | 1.02 | $ | 0.87 | $ | 0.71 | ||||||
The following table sets forth the number of employee stock-based compensation awards outstanding but not included in the computation of diluted earnings per share because their effect would have been antidilutive (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Antidilutive securities: | ||||||||||||
Stock options | — | — | 2,340 | |||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The provision for income taxes consists of the following components (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 115,150 | $ | 110,825 | $ | 97,887 | ||||||
State | 20,869 | 19,693 | 14,435 | |||||||||
Foreign | 23,906 | 13,202 | 3,883 | |||||||||
$ | 159,925 | $ | 143,720 | $ | 116,205 | |||||||
Deferred: | ||||||||||||
Federal | $ | 6,225 | $ | 5,824 | $ | 8,376 | ||||||
State | (550 | ) | (647 | ) | 919 | |||||||
Foreign | (1,396 | ) | (955 | ) | 7 | |||||||
$ | 4,279 | $ | 4,222 | $ | 9,302 | |||||||
Provision for income taxes | $ | 164,204 | $ | 147,942 | $ | 125,507 | ||||||
Income taxes have been based on the following components of income before provision for income taxes (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 361,283 | $ | 348,150 | $ | 319,305 | ||||||
Foreign | 114,544 | 61,017 | 16,466 | |||||||||
$ | 475,827 | $ | 409,167 | $ | 335,771 | |||||||
The U.S. federal statutory rate is reconciled to the effective tax rate as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of state credits and federal tax impact | 2.9 | % | 3.1 | % | 3.1 | % | ||||||
Impact of international operations | (3.7 | )% | (2.3 | )% | (0.8 | )% | ||||||
Non-deductible expenses | 0.9 | % | 0.8 | % | 0.7 | % | ||||||
Federal production incentives and credits | (0.3 | )% | (0.3 | )% | (0.4 | )% | ||||||
Revaluation of deferred taxes | (0.3 | )% | (0.3 | )% | — | % | ||||||
Other, net | 0 | % | 0.2 | % | (0.2 | )% | ||||||
Effective tax rate | 34.5 | % | 36.2 | % | 37.4 | % | ||||||
Undistributed earnings of the Company's foreign subsidiaries amounted to approximately $166 million at December 31, 2013. Those earnings are considered to be indefinitely reinvested, and accordingly no provision for U.S. income taxes has been provided thereon. Upon repatriation of those earnings, in the form of dividends or otherwise, the Company would be subject to both U.S. income taxes (subject to adjustment for foreign tax credits) and potential withholding taxes payable to the various foreign countries. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable due to the complexities associated with its hypothetical calculation; however, unrecognized foreign tax credits would be available to reduce materially any U.S. liability. | ||||||||||||
The greater impact of international operations in 2013 compared to 2012 is primarily a result of our expanding international operations as a larger proportion of our pretax income was generated in lower rate jurisdictions. | ||||||||||||
The significant components of our deferred tax assets and liabilities are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Inventory | $ | 30,880 | $ | 29,523 | ||||||||
Accrued expenses and reserves | 29,970 | 27,361 | ||||||||||
Stock-based compensation | 11,519 | 9,442 | ||||||||||
Accounts receivable | 11,161 | 10,037 | ||||||||||
Qualified and nonqualified retirement plans | 10,210 | 7,476 | ||||||||||
Net operating loss carryforwards | 5,181 | 4,451 | ||||||||||
Interest rate swaps | 3,070 | 5,461 | ||||||||||
Other | 4,777 | 4,711 | ||||||||||
106,768 | 98,462 | |||||||||||
Less valuation allowance | (1,092 | ) | (1,631 | ) | ||||||||
Total deferred tax assets | $ | 105,676 | $ | 96,831 | ||||||||
Deferred Tax Liabilities: | ||||||||||||
Goodwill and other intangible assets | $ | 83,097 | $ | 64,704 | ||||||||
Property and equipment | 50,695 | 48,994 | ||||||||||
Trade name | 40,929 | 30,336 | ||||||||||
Other | 2,693 | 1,428 | ||||||||||
Total deferred tax liabilities | $ | 177,414 | $ | 145,462 | ||||||||
Net deferred tax liability | $ | (71,738 | ) | $ | (48,631 | ) | ||||||
Deferred tax assets and liabilities are reflected on our Consolidated Balance Sheets as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Current deferred tax assets | $ | 63,938 | $ | 53,485 | ||||||||
Noncurrent deferred tax assets | 1,501 | 164 | ||||||||||
Current deferred tax liabilities | 3,355 | 5 | ||||||||||
Noncurrent deferred tax liabilities | 133,822 | 102,275 | ||||||||||
Our noncurrent deferred tax assets and current deferred tax liabilities are included in Other Assets and Other Current Liabilities, respectively, on our Consolidated Balance Sheets. | ||||||||||||
We had net operating loss carryforwards for federal and certain of our state tax jurisdictions, the tax benefits of which total approximately $5.1 million and $4.5 million at December 31, 2013 and 2012, respectively. At December 31, 2013 and 2012, we had tax credit carryforwards of $1.1 million and $1.0 million, respectively, primarily related to certain of our state tax jurisdictions. As of December 31, 2013 and 2012, a valuation allowance of $1.1 million and $1.6 million, respectively, was recognized for a portion of the deferred tax assets related to net operating loss and tax credit carryforwards. The valuation allowance for net operating loss and tax credit carryforwards decreased by $0.5 million during the year ended December 31, 2013 due to current utilization of some of the underlying tax benefits as well as a change in judgment regarding the realization of the remaining carryforwards. The net operating loss carryforwards expire over the period from 2014 through 2031, while nearly all of the tax credit carryforwards have no expiration. Realization of these deferred tax assets is dependent on the generation of sufficient taxable income prior to the expiration dates. Based on historical and projected operating results, we believe that it is more likely than not that earnings will be sufficient to realize the deferred tax assets for which valuation allowances have not been provided. While we expect to realize the deferred tax assets, net of valuation allowances, changes in estimates of future taxable income or in tax laws may alter this expectation. | ||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 2,303 | $ | 5,497 | $ | 5,441 | ||||||
Additions based on tax positions related to the current year | 348 | 973 | 952 | |||||||||
Additions for tax positions of prior years | 62 | 167 | 192 | |||||||||
Reductions for tax positions of prior years | — | (2,379 | ) | — | ||||||||
Lapse of statutes of limitations | (872 | ) | (998 | ) | (892 | ) | ||||||
Settlements with taxing authorities | — | (957 | ) | (196 | ) | |||||||
Balance at December 31 | $ | 1,841 | $ | 2,303 | $ | 5,497 | ||||||
At December 31, 2013 and 2012, we had accumulated interest and penalties included in gross unrecognized tax benefits of $0.4 million and $0.6 million, respectively. During the years ended December 31, 2013, 2012, and 2011, $0.1 million, $0.2 million and $0.2 million, respectively, of interest and penalties were recorded through the income tax provision, prior to any reversals for lapses in the statutes of limitations. We had deferred tax assets of $0.1 million related to the accumulated interest balance as of both December 31, 2013 and 2012. The amount of the unrecognized tax benefits, which if resolved favorably (in whole or in part) would reduce our effective tax rate, is approximately $1.3 million and $1.6 million at December 31, 2013 and 2012, respectively. The balance of unrecognized tax benefits at December 31, 2013 and 2012 also includes $0.6 million and $0.7 million, respectively, of tax benefits that, if recognized, would result in adjustments to deferred taxes. | ||||||||||||
During the twelve months beginning January 1, 2014, it is reasonably possible that we will reduce gross unrecognized tax benefits by up to approximately $0.2 million, of which approximately $0.1 million would impact our effective tax rate, primarily as a result of the expiration of certain statutes of limitations. | ||||||||||||
We are generally no longer subject to examination in our primary tax jurisdictions for tax years through 2009. In the U.S., the Internal Revenue Service has commenced an examination of our U.S. federal consolidated tax returns for 2011 and 2012. For certain of our Canadian subsidiaries, tax years from 2009 to 2012 are under examination. Adjustments from such examinations, if any, are not expected to have a material effect on our consolidated financial statements. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
The components of Accumulated Other Comprehensive Income (Loss) are as follows (in thousands): | |||||||||||||||||
Foreign | Unrealized Gain (Loss) | Unrealized Gain | Accumulated | ||||||||||||||
Currency | on Cash Flow Hedges | on Pension Plan | Other | ||||||||||||||
Translation | Comprehensive | ||||||||||||||||
Income (Loss) | |||||||||||||||||
Balance at January 1, 2011 | $ | 2,202 | $ | 2,176 | $ | — | $ | 4,378 | |||||||||
Pretax loss | (4,273 | ) | (19,391 | ) | — | (23,664 | ) | ||||||||||
Income tax effect | — | 6,847 | — | 6,847 | |||||||||||||
Reclassification of unrealized loss | — | 5,641 | — | 5,641 | |||||||||||||
Reclassification of deferred income taxes | — | (2,019 | ) | — | (2,019 | ) | |||||||||||
Hedge ineffectiveness | — | (225 | ) | — | (225 | ) | |||||||||||
Income tax effect | — | 81 | — | 81 | |||||||||||||
Balance at December 31, 2011 | $ | (2,071 | ) | $ | (6,890 | ) | $ | — | $ | (8,961 | ) | ||||||
Pretax income (loss) | 12,921 | (11,313 | ) | — | 1,608 | ||||||||||||
Income tax effect | — | 3,962 | — | 3,962 | |||||||||||||
Reclassification of unrealized loss | — | 6,439 | — | 6,439 | |||||||||||||
Reclassification of deferred income taxes | — | (2,289 | ) | — | (2,289 | ) | |||||||||||
Balance at December 31, 2012 | $ | 10,850 | $ | (10,091 | ) | $ | — | $ | 759 | ||||||||
Pretax income (loss) | 14,056 | (21,250 | ) | 935 | (6,259 | ) | |||||||||||
Income tax effect | — | 7,984 | (234 | ) | 7,750 | ||||||||||||
Reclassification of unrealized loss | — | 27,481 | — | 27,481 | |||||||||||||
Reclassification of deferred income taxes | — | (10,011 | ) | — | (10,011 | ) | |||||||||||
Hedge ineffectiveness | — | 460 | — | 460 | |||||||||||||
Income tax effect | — | (169 | ) | — | (169 | ) | |||||||||||
Balance at December 31, 2013 | $ | 24,906 | $ | (5,596 | ) | $ | 701 | $ | 20,011 | ||||||||
Unrealized losses on our foreign currency forward contracts totaling $21.3 million were reclassified to other expense in our Consolidated Statements of Income during the year ended December 31, 2013. These losses offset the remeasurement of certain of our intercompany balances as discussed in Note 5, "Derivative Instruments and Hedging Activities." The remaining reclassification of unrealized losses related to our interest rate swap contracts and was recorded to interest expense in our Consolidated Statements of Income. The deferred income taxes related to our cash flow hedges were reclassified from Accumulated Other Comprehensive Income to income tax expense. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment and Geographic Information | ' | |||||||||||
Segment and Geographic Information | ||||||||||||
We have three operating segments: Wholesale – North America; Wholesale – Europe; and Self Service. Our operations in North America, which include our Wholesale – North America and Self Service operating segments, are aggregated into one reportable segment because they possess similar economic characteristics and have common products and services, customers, and methods of distribution. Our Wholesale – Europe operating segment is presented as a separate reportable segment. Therefore, we present our reportable segments on a geographic basis. | ||||||||||||
The following table presents our financial performance, including revenue, earnings before interest, taxes, depreciation and amortization (“EBITDA”), and depreciation and amortization by reportable segment for the periods indicated (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | ||||||||||||
North America | $ | 3,802,929 | $ | 3,426,858 | $ | 3,131,376 | ||||||
Europe | 1,259,599 | 696,072 | 138,486 | |||||||||
Total revenue | $ | 5,062,528 | $ | 4,122,930 | $ | 3,269,862 | ||||||
EBITDA | ||||||||||||
North America | $ | 484,824 | $ | 440,448 | $ | 405,924 | ||||||
Europe | 131,086 | 70,099 | 12,144 | |||||||||
Total EBITDA | $ | 615,910 | $ | 510,547 | $ | 418,068 | ||||||
Depreciation and Amortization | ||||||||||||
North America | $ | 65,606 | $ | 59,132 | $ | 52,481 | ||||||
Europe | 20,857 | 11,033 | 2,024 | |||||||||
Total depreciation and amortization | $ | 86,463 | $ | 70,165 | $ | 54,505 | ||||||
EBITDA for our North American segment included gains of $17.9 million during the year ended 2012 resulting from lawsuit settlements with certain of our aftermarket product suppliers as discussed in Note 7, "Commitments and Contingencies." EBITDA for our North American segment also includes net gains of $0.7 million, $2.0 million and $2.0 million in each of the years ended December 31, 2013, 2012 and 2011 from the change in fair value of contingent consideration liabilities related to certain of our acquisitions. During the years ended December 31, 2013, 2012 and 2011, our European segment recognized losses of $3.2 million, $3.6 million and $0.6 million, respectively, related to the remeasurement of these contingent consideration liabilities. See Note 6, "Fair Value Measurements," for further information on our changes in fair value of the contingent consideration liabilities. For the year ended December 31, 2013, EBITDA for our European segment also included restructuring and acquisition related expenses of $7.4 million, primarily related to our acquisition of Sator and five automotive paint distribution businesses in the U.K. | ||||||||||||
The table below provides a reconciliation from EBITDA to Net Income (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
EBITDA | $ | 615,910 | $ | 510,547 | $ | 418,068 | ||||||
Depreciation and amortization | 86,463 | 70,165 | 54,505 | |||||||||
Interest expense, net | 50,825 | 31,215 | 22,447 | |||||||||
Loss on debt extinguishment | 2,795 | — | 5,345 | |||||||||
Provision for income taxes | 164,204 | 147,942 | 125,507 | |||||||||
Net income | $ | 311,623 | $ | 261,225 | $ | 210,264 | ||||||
The key measure of segment profit or loss reviewed by our chief operating decision maker, who is our Chief Executive Officer, is EBITDA. Segment EBITDA includes revenue and expenses that are controllable by the segment. Corporate and administrative expenses are allocated to the segments based on usage, with shared expenses apportioned based on the segment’s percentage of consolidated revenue. Segment EBITDA excludes depreciation, amortization, interest and taxes. Loss on debt extinguishment is considered a component of interest in calculating EBITDA, as the write-off of debt issuance costs is similar to the treatment of debt issuance cost amortization. | ||||||||||||
The following table presents capital expenditures, which includes additions to property and equipment, by reportable segment (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Capital Expenditures | ||||||||||||
North America | $ | 66,288 | $ | 73,331 | $ | 84,856 | ||||||
Europe | 23,898 | 14,924 | 1,560 | |||||||||
$ | 90,186 | $ | 88,255 | $ | 86,416 | |||||||
The following table presents assets by reportable segment (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Receivables, net | ||||||||||||
North America | $ | 277,395 | $ | 241,627 | $ | 230,871 | ||||||
Europe | 180,699 | 70,181 | 50,893 | |||||||||
Total receivables, net | 458,094 | 311,808 | 281,764 | |||||||||
Inventory | ||||||||||||
North America | 748,167 | 750,565 | 636,145 | |||||||||
Europe | 328,785 | 150,238 | 100,701 | |||||||||
Total inventory | 1,076,952 | 900,803 | 736,846 | |||||||||
Property and Equipment, net | ||||||||||||
North America | 447,528 | 434,010 | 380,282 | |||||||||
Europe | 99,123 | 60,369 | 43,816 | |||||||||
Total property and equipment, net | 546,651 | 494,379 | 424,098 | |||||||||
Other unallocated assets | 2,437,077 | 2,016,466 | 1,756,996 | |||||||||
Total assets | $ | 4,518,774 | $ | 3,723,456 | $ | 3,199,704 | ||||||
We report net trade receivables, inventories, and net property and equipment by segment as that information is used by the chief operating decision maker in assessing segment performance. These assets provide a measure for the operating capital employed in each segment. Unallocated assets include cash, prepaid and other current and noncurrent assets, goodwill, intangibles and income taxes. | ||||||||||||
Our operations are primarily conducted in the U.S. Our European operations are located in the U.K., the Netherlands, Belgium and France. Our operations in other countries include recycled and aftermarket operations in Canada, engine remanufacturing and bumper refurbishing operations in Mexico, an aftermarket parts freight consolidation warehouse in Taiwan, and other alternative parts operations in Guatemala and Costa Rica. Our revenue is attributed to geographic area based on the location of the selling operation. | ||||||||||||
The following table sets forth our revenue by geographic area (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | ||||||||||||
United States | $ | 3,544,360 | $ | 3,209,024 | $ | 2,952,620 | ||||||
United Kingdom | 981,585 | 696,072 | 138,486 | |||||||||
Other countries | 536,583 | 217,834 | 178,756 | |||||||||
$ | 5,062,528 | $ | 4,122,930 | $ | 3,269,862 | |||||||
The following table sets forth our tangible long-lived assets by geographic area (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Long-lived Assets | ||||||||||||
United States | $ | 418,869 | $ | 408,244 | ||||||||
United Kingdom | 77,827 | 60,369 | ||||||||||
Other countries | 49,955 | 25,766 | ||||||||||
$ | 546,651 | $ | 494,379 | |||||||||
The following table sets forth our revenue by product category (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Aftermarket, other new and refurbished products | $ | 3,034,599 | $ | 2,286,853 | $ | 1,634,003 | ||||||
Recycled, remanufactured and related products and services | 1,394,981 | 1,277,023 | 1,115,088 | |||||||||
Other | 632,948 | 559,054 | 520,771 | |||||||||
$ | 5,062,528 | $ | 4,122,930 | $ | 3,269,862 | |||||||
Our North American reportable segment generates revenue from all of our product categories, while our European segment generates revenue primarily from the sale of aftermarket products. Revenue from other sources includes scrap sales, bulk sales to mechanical remanufacturers (including cores) and sales of aluminum ingots and sows from our furnace operations. |
Selected_Quarterly_Data
Selected Quarterly Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Selected Quarterly Data | ' | |||||||||||||||
Selected Quarterly Data (unaudited) | ||||||||||||||||
The following table presents unaudited selected quarterly financial data for the two years ended December 31, 2013. Beginning with the quarter ended June 30, 2013, the selected quarterly financial data includes the results of Sator, which was acquired effective May 1, 2013. The operating results for any quarter are not necessarily indicative of the results for any future period. | ||||||||||||||||
Quarter Ended | ||||||||||||||||
(In thousands, except per share data) | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||
2012 | ||||||||||||||||
Revenue | $ | 1,031,777 | $ | 1,006,531 | $ | 1,016,707 | $ | 1,067,915 | ||||||||
Gross margin(1) | 447,383 | 421,931 | 409,705 | 445,121 | ||||||||||||
Operating income(1) | 133,608 | 108,567 | 91,434 | 104,344 | ||||||||||||
Net income(2) | 80,991 | 63,998 | 54,048 | 62,188 | ||||||||||||
Basic earnings per share(3) | $ | 0.28 | $ | 0.22 | $ | 0.18 | $ | 0.21 | ||||||||
Diluted earnings per share(3) | $ | 0.27 | $ | 0.21 | $ | 0.18 | $ | 0.21 | ||||||||
Quarter Ended | ||||||||||||||||
(In thousands, except per share data) | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||
2013 | ||||||||||||||||
Revenue | $ | 1,195,997 | $ | 1,251,748 | $ | 1,298,094 | $ | 1,316,689 | ||||||||
Gross margin | 501,949 | 509,873 | 517,907 | 545,673 | ||||||||||||
Operating income | 141,588 | 131,378 | 123,395 | 133,819 | ||||||||||||
Net income(2) | 84,592 | 75,722 | 73,445 | 77,864 | ||||||||||||
Basic earnings per share(3) | $ | 0.28 | $ | 0.25 | $ | 0.24 | $ | 0.26 | ||||||||
Diluted earnings per share(3) | $ | 0.28 | $ | 0.25 | $ | 0.24 | $ | 0.26 | ||||||||
-1 | Gross margin and operating income during the quarters ended March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012 include gains of $8.3 million, $8.4 million, $0.5 million and $0.7 million, respectively, resulting from lawsuit settlements with certain of our aftermarket product suppliers as discussed in Note 7, "Commitments and Contingencies." | |||||||||||||||
-2 | Net income during the quarters ended March 31, 2012 and December 31, 2012 include gains for changes in fair value of our contingent consideration liabilities of $1.3 million and $0.2 million, respectively, while the quarters ended June 30, 2012 and September 30, 2012 include losses of $1.2 million and $1.9 million, respectively. The quarters ended March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013 include losses for changes in fair value of our contingent consideration liabilities of $0.8 million, $0.2 million, $0.7 million and $0.8 million, respectively. See Note 6, "Fair Value Measurements," for further information on these changes in fair value of the contingent consideration obligations recorded in earnings during the periods. | |||||||||||||||
-3 | The sum of the quarters may not equal the total of the respective year's earnings per share on either a basic or diluted basis due to changes in weighted average shares outstanding throughout the year. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ||||||||||||||||||||
LKQ Corporation (the "Parent") issued, and certain of its 100% owned subsidiaries (the "Guarantors") have fully and unconditionally guaranteed, jointly and severally, the Company's Notes due on May 15, 2023. A Guarantor's guarantee will be unconditionally and automatically released and discharged upon the occurrence of any of the following events: (i) a transfer (including as a result of consolidation or merger) by the Guarantor to any person that is not a Guarantor of all or substantially all assets and properties of such Guarantor, provided the Guarantor is also released from its obligations with respect to indebtedness under the Credit Agreement or other indebtedness of ours, which obligation gave rise to the guarantee of the Notes; (ii) a transfer (including as a result of consolidation or merger) to any person that is not a Guarantor of the equity interests of a Guarantor or issuance by a Guarantor of its equity interests such that the Guarantor ceases to be a subsidiary, as defined in the Indenture, provided the Guarantor is also released from its obligations with respect to indebtedness under the Credit Agreement or other indebtedness of ours, which obligation gave rise to the guarantee of the Notes; (iii) the release of the Guarantor from its obligations with respect to indebtedness under the Credit Agreement or other indebtedness of ours, which obligation gave rise to the guarantee of the Notes; and (iv) upon legal defeasance, covenant defeasance or satisfaction and discharge of the Indenture, as defined in the Indenture. | ||||||||||||||||||||
Presented below are the condensed consolidating financial statements of the Parent, the Guarantors, the non-guarantor subsidiaries (the "Non-Guarantors"), and the elimination entries necessary to present the Company's financial statements on a consolidated basis as required by Rule 3-10 of Regulation S-X of the Securities Exchange Act of 1934 resulting from the guarantees of the Notes. Investments in consolidated subsidiaries have been presented under the equity method of accounting. The principal elimination entries eliminate investments in subsidiaries, intercompany balances, and intercompany revenues and expenses. The condensed consolidating financial statements below have been prepared from the Company's financial information on the same basis of accounting as the consolidated financial statements, and may not necessarily be indicative of the financial position, results of operations or cash flows had the Parent, Guarantors and Non-Guarantors operated as independent entities. | ||||||||||||||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and equivalents | $ | 77,926 | $ | 13,693 | $ | 58,869 | $ | — | $ | 150,488 | ||||||||||
Receivables, net | — | 126,926 | 331,168 | — | 458,094 | |||||||||||||||
Intercompany receivables, net | 2,275 | 6,923 | — | (9,198 | ) | — | ||||||||||||||
Inventory | — | 687,164 | 389,788 | — | 1,076,952 | |||||||||||||||
Deferred income taxes | 3,189 | 57,422 | 3,327 | — | 63,938 | |||||||||||||||
Prepaid income taxes | 6,429 | — | 1,640 | — | 8,069 | |||||||||||||||
Prepaid expenses and other current assets | 1,495 | 24,190 | 16,591 | — | 42,276 | |||||||||||||||
Total Current Assets | 91,314 | 916,318 | 801,383 | (9,198 | ) | 1,799,817 | ||||||||||||||
Property and Equipment, net | 668 | 419,617 | 126,366 | — | 546,651 | |||||||||||||||
Intangible Assets: | ||||||||||||||||||||
Goodwill | — | 1,248,746 | 688,698 | — | 1,937,444 | |||||||||||||||
Other intangibles, net | — | 56,069 | 97,670 | — | 153,739 | |||||||||||||||
Investment in Subsidiaries | 2,364,586 | 264,815 | — | (2,629,401 | ) | — | ||||||||||||||
Intercompany Notes Receivable | 959,185 | 118,740 | — | (1,077,925 | ) | — | ||||||||||||||
Other Assets | 49,218 | 20,133 | 17,241 | (5,469 | ) | 81,123 | ||||||||||||||
Total Assets | $ | 3,464,971 | $ | 3,044,438 | $ | 1,731,358 | $ | (3,721,993 | ) | $ | 4,518,774 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts payable | $ | 314 | $ | 147,708 | $ | 201,047 | $ | — | $ | 349,069 | ||||||||||
Intercompany payables, net | — | — | 9,198 | (9,198 | ) | — | ||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Accrued payroll-related liabilities | 5,236 | 32,850 | 20,609 | — | 58,695 | |||||||||||||||
Other accrued expenses | 26,714 | 56,877 | 56,483 | — | 140,074 | |||||||||||||||
Income taxes payable | 2,517 | — | 14,923 | — | 17,440 | |||||||||||||||
Contingent consideration liabilities | — | 1,923 | 50,542 | — | 52,465 | |||||||||||||||
Other current liabilities | 286 | 13,039 | 5,350 | — | 18,675 | |||||||||||||||
Current portion of long-term obligations | 24,421 | 3,030 | 14,084 | — | 41,535 | |||||||||||||||
Total Current Liabilities | 59,488 | 255,427 | 372,236 | (9,198 | ) | 677,953 | ||||||||||||||
Long-Term Obligations, Excluding Current Portion | 1,016,249 | 6,554 | 241,443 | — | 1,264,246 | |||||||||||||||
Intercompany Notes Payable | — | 611,274 | 466,651 | (1,077,925 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 110,110 | 29,181 | (5,469 | ) | 133,822 | ||||||||||||||
Contingent Consideration Liabilities | — | 877 | 2,311 | — | 3,188 | |||||||||||||||
Other Noncurrent Liabilities | 38,489 | 45,540 | 4,791 | — | 88,820 | |||||||||||||||
Stockholders’ Equity | 2,350,745 | 2,014,656 | 614,745 | (2,629,401 | ) | 2,350,745 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 3,464,971 | $ | 3,044,438 | $ | 1,731,358 | $ | (3,721,993 | ) | $ | 4,518,774 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and equivalents | $ | 18,396 | $ | 18,253 | $ | 23,121 | $ | — | $ | 59,770 | ||||||||||
Receivables, net | — | 94,435 | 217,373 | — | 311,808 | |||||||||||||||
Intercompany receivables, net | 1,781 | 5,970 | — | (7,751 | ) | — | ||||||||||||||
Inventory | — | 690,365 | 210,438 | — | 900,803 | |||||||||||||||
Deferred income taxes | 4,778 | 45,255 | 3,452 | — | 53,485 | |||||||||||||||
Prepaid income taxes | 26,538 | — | 2,999 | — | 29,537 | |||||||||||||||
Prepaid expenses and other current assets | 1,065 | 16,608 | 11,275 | — | 28,948 | |||||||||||||||
Total Current Assets | 52,558 | 870,886 | 468,658 | (7,751 | ) | 1,384,351 | ||||||||||||||
Property and Equipment, net | 970 | 408,944 | 84,465 | — | 494,379 | |||||||||||||||
Intangible Assets: | ||||||||||||||||||||
Goodwill | — | 1,226,718 | 463,566 | — | 1,690,284 | |||||||||||||||
Other intangibles, net | — | 61,815 | 44,900 | — | 106,715 | |||||||||||||||
Investment in Subsidiaries | 1,923,997 | 142,334 | — | (2,066,331 | ) | — | ||||||||||||||
Intercompany Notes Receivable | 711,624 | 39,239 | — | (750,863 | ) | — | ||||||||||||||
Other Assets | 41,692 | 17,830 | 3,528 | (15,323 | ) | 47,727 | ||||||||||||||
Total Assets | $ | 2,730,841 | $ | 2,767,766 | $ | 1,065,117 | $ | (2,840,268 | ) | $ | 3,723,456 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts payable | $ | 52 | $ | 97,678 | $ | 121,605 | $ | — | $ | 219,335 | ||||||||||
Intercompany payables, net | — | — | 7,751 | (7,751 | ) | — | ||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Accrued payroll-related liabilities | 3,731 | 25,697 | 14,972 | — | 44,400 | |||||||||||||||
Other accrued expenses | 2,258 | 48,805 | 39,359 | — | 90,422 | |||||||||||||||
Income taxes payable | — | — | 2,748 | — | 2,748 | |||||||||||||||
Contingent consideration liabilities | — | 1,518 | 40,737 | — | 42,255 | |||||||||||||||
Other current liabilities | 286 | 16,241 | 541 | — | 17,068 | |||||||||||||||
Current portion of long-term obligations | 32,300 | 9,940 | 29,476 | — | 71,716 | |||||||||||||||
Total Current Liabilities | 38,627 | 199,879 | 257,189 | (7,751 | ) | 487,944 | ||||||||||||||
Long-Term Obligations, Excluding Current Portion | 691,670 | 7,549 | 347,543 | — | 1,046,762 | |||||||||||||||
Intercompany Notes Payable | — | 681,275 | 69,588 | (750,863 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 102,702 | 14,896 | (15,323 | ) | 102,275 | ||||||||||||||
Contingent Consideration Liabilities | — | 2,500 | 45,254 | — | 47,754 | |||||||||||||||
Other Noncurrent Liabilities | 36,450 | 35,383 | 2,794 | — | 74,627 | |||||||||||||||
Stockholders’ Equity | 1,964,094 | 1,738,478 | 327,853 | (2,066,331 | ) | 1,964,094 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 2,730,841 | $ | 2,767,766 | $ | 1,065,117 | $ | (2,840,268 | ) | $ | 3,723,456 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Revenue | $ | — | $ | 3,576,269 | $ | 1,598,832 | $ | (112,573 | ) | $ | 5,062,528 | |||||||||
Cost of goods sold | — | 2,100,804 | 998,895 | (112,573 | ) | 2,987,126 | ||||||||||||||
Gross margin | — | 1,475,465 | 599,937 | — | 2,075,402 | |||||||||||||||
Facility and warehouse expenses | — | 323,042 | 102,039 | — | 425,081 | |||||||||||||||
Distribution expenses | — | 297,908 | 134,039 | — | 431,947 | |||||||||||||||
Selling, general and administrative expenses | 26,778 | 377,481 | 192,793 | — | 597,052 | |||||||||||||||
Restructuring and acquisition related expenses | — | 1,406 | 8,767 | — | 10,173 | |||||||||||||||
Depreciation and amortization | 250 | 55,802 | 24,917 | — | 80,969 | |||||||||||||||
Operating (loss) income | (27,028 | ) | 419,826 | 137,382 | — | 530,180 | ||||||||||||||
Other expense (income): | ||||||||||||||||||||
Interest expense | 42,442 | 640 | 8,102 | — | 51,184 | |||||||||||||||
Intercompany interest (income) expense, net | (45,459 | ) | 21,978 | 23,481 | — | — | ||||||||||||||
Loss on debt extinguishment | 2,795 | — | — | — | 2,795 | |||||||||||||||
Change in fair value of contingent consideration liabilities | — | (744 | ) | 3,248 | — | 2,504 | ||||||||||||||
Interest and other expense (income), net | 252 | (2,858 | ) | 476 | — | (2,130 | ) | |||||||||||||
Total other expense, net | 30 | 19,016 | 35,307 | — | 54,353 | |||||||||||||||
(Loss) income before (benefit) provision for income taxes | (27,058 | ) | 400,810 | 102,075 | — | 475,827 | ||||||||||||||
(Benefit) provision for income taxes | (7,193 | ) | 151,369 | 20,028 | — | 164,204 | ||||||||||||||
Equity in earnings of subsidiaries | 331,488 | 22,050 | — | (353,538 | ) | — | ||||||||||||||
Net income | $ | 311,623 | $ | 271,491 | $ | 82,047 | $ | (353,538 | ) | $ | 311,623 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Revenue | $ | — | $ | 3,236,507 | $ | 976,710 | $ | (90,287 | ) | $ | 4,122,930 | |||||||||
Cost of goods sold | — | 1,886,098 | 602,979 | (90,287 | ) | 2,398,790 | ||||||||||||||
Gross margin | — | 1,350,409 | 373,731 | — | 1,724,140 | |||||||||||||||
Facility and warehouse expenses | — | 287,036 | 60,881 | — | 347,917 | |||||||||||||||
Distribution expenses | — | 281,011 | 94,824 | — | 375,835 | |||||||||||||||
Selling, general and administrative expenses | 21,098 | 346,596 | 127,897 | — | 495,591 | |||||||||||||||
Restructuring and acquisition related expenses | — | 1,812 | 939 | — | 2,751 | |||||||||||||||
Depreciation and amortization | 296 | 49,782 | 14,015 | — | 64,093 | |||||||||||||||
Operating (loss) income | (21,394 | ) | 384,172 | 75,175 | — | 437,953 | ||||||||||||||
Other (income) expense: | ||||||||||||||||||||
Interest expense | 24,272 | 308 | 6,849 | — | 31,429 | |||||||||||||||
Intercompany interest (income) expense, net | (37,491 | ) | 27,377 | 10,114 | — | — | ||||||||||||||
Change in fair value of contingent consideration liabilities | — | (1,943 | ) | 3,586 | — | 1,643 | ||||||||||||||
Interest and other income, net | (43 | ) | (3,638 | ) | (605 | ) | — | (4,286 | ) | |||||||||||
Total other (income) expense, net | (13,262 | ) | 22,104 | 19,944 | — | 28,786 | ||||||||||||||
(Loss) income before (benefit) provision for income taxes | (8,132 | ) | 362,068 | 55,231 | — | 409,167 | ||||||||||||||
(Benefit) provision for income taxes | (3,287 | ) | 140,150 | 11,079 | — | 147,942 | ||||||||||||||
Equity in earnings of subsidiaries | 266,070 | 12,481 | — | (278,551 | ) | — | ||||||||||||||
Net income | $ | 261,225 | $ | 234,399 | $ | 44,152 | $ | (278,551 | ) | $ | 261,225 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Revenue | $ | — | $ | 2,975,275 | $ | 370,912 | $ | (76,325 | ) | 3,269,862 | ||||||||||
Cost of goods sold | — | 1,721,419 | 232,775 | (76,325 | ) | 1,877,869 | ||||||||||||||
Gross margin | — | 1,253,856 | 138,137 | — | 1,391,993 | |||||||||||||||
Facility and warehouse expenses | — | 261,260 | 32,163 | — | 293,423 | |||||||||||||||
Distribution expenses | — | 257,395 | 30,231 | — | 287,626 | |||||||||||||||
Selling, general and administrative expenses | 22,680 | 321,403 | 47,859 | — | 391,942 | |||||||||||||||
Restructuring and acquisition related expenses | — | 3,438 | 4,152 | — | 7,590 | |||||||||||||||
Depreciation and amortization | 239 | 44,724 | 4,966 | — | 49,929 | |||||||||||||||
Operating (loss) income | (22,919 | ) | 365,636 | 18,766 | — | 361,483 | ||||||||||||||
Other (income) expense: | ||||||||||||||||||||
Interest expense | 21,839 | 99 | 2,369 | — | 24,307 | |||||||||||||||
Intercompany interest (income) expense, net | (36,018 | ) | 31,036 | 4,982 | — | — | ||||||||||||||
Loss on debt extinguishment | 5,345 | — | — | — | 5,345 | |||||||||||||||
Change in fair value of contingent consideration liabilities | (2,000 | ) | 11 | 581 | — | (1,408 | ) | |||||||||||||
Interest and other income, net | (332 | ) | (1,979 | ) | (221 | ) | — | (2,532 | ) | |||||||||||
Total other (income) expense, net | (11,166 | ) | 29,167 | 7,711 | — | 25,712 | ||||||||||||||
(Loss) income before (benefit) provision for income taxes | (11,753 | ) | 336,469 | 11,055 | — | 335,771 | ||||||||||||||
(Benefit) provision for income taxes | (6,034 | ) | 128,930 | 2,611 | — | 125,507 | ||||||||||||||
Equity in earnings of subsidiaries | 215,983 | 3,036 | — | (219,019 | ) | — | ||||||||||||||
Net income | $ | 210,264 | $ | 210,575 | $ | 8,444 | $ | (219,019 | ) | $ | 210,264 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net income | $ | 311,623 | $ | 271,491 | $ | 82,047 | $ | (353,538 | ) | $ | 311,623 | |||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||
Foreign currency translation | 14,056 | 7,168 | 15,495 | (22,663 | ) | 14,056 | ||||||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | 4,495 | — | 1,322 | (1,322 | ) | 4,495 | ||||||||||||||
Unrealized gain on pension plan, net of tax | 701 | — | 701 | (701 | ) | 701 | ||||||||||||||
Total other comprehensive income | 19,252 | 7,168 | 17,518 | (24,686 | ) | 19,252 | ||||||||||||||
Total comprehensive income | $ | 330,875 | $ | 278,659 | $ | 99,565 | $ | (378,224 | ) | $ | 330,875 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net income | $ | 261,225 | $ | 234,399 | $ | 44,152 | $ | (278,551 | ) | $ | 261,225 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation | 12,921 | 5,278 | 12,334 | (17,612 | ) | 12,921 | ||||||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | (3,201 | ) | — | (519 | ) | 519 | (3,201 | ) | ||||||||||||
Total other comprehensive income | 9,720 | 5,278 | 11,815 | (17,093 | ) | 9,720 | ||||||||||||||
Total comprehensive income | $ | 270,945 | $ | 239,677 | $ | 55,967 | $ | (295,644 | ) | $ | 270,945 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net income | $ | 210,264 | $ | 210,575 | $ | 8,444 | $ | (219,019 | ) | $ | 210,264 | |||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||
Foreign currency translation | (4,273 | ) | (1,440 | ) | (3,790 | ) | 5,230 | (4,273 | ) | |||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | (9,066 | ) | — | (1,042 | ) | 1,042 | (9,066 | ) | ||||||||||||
Total other comprehensive loss | (13,339 | ) | (1,440 | ) | (4,832 | ) | 6,272 | (13,339 | ) | |||||||||||
Total comprehensive income | $ | 196,925 | $ | 209,135 | $ | 3,612 | $ | (212,747 | ) | $ | 196,925 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by operating activities | $ | 160,620 | $ | 260,567 | $ | 126,681 | $ | (119,812 | ) | $ | 428,056 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of property and equipment | — | (57,219 | ) | (32,967 | ) | — | (90,186 | ) | ||||||||||||
Proceeds from sales of property and equipment | — | 1,191 | 909 | — | 2,100 | |||||||||||||||
Investment in unconsolidated subsidiary | — | — | (9,136 | ) | — | (9,136 | ) | |||||||||||||
Investment and intercompany note activity with subsidiaries | (434,172 | ) | (84,894 | ) | — | 519,066 | — | |||||||||||||
Acquisitions, net of cash acquired | — | (33,436 | ) | (374,948 | ) | — | (408,384 | ) | ||||||||||||
Net cash used in investing activities | (434,172 | ) | (174,358 | ) | (416,142 | ) | 519,066 | (505,606 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from exercise of stock options | 15,392 | — | — | — | 15,392 | |||||||||||||||
Excess tax benefit from stock-based payments | 18,348 | — | — | — | 18,348 | |||||||||||||||
Debt issuance costs | (16,858 | ) | — | (82 | ) | — | (16,940 | ) | ||||||||||||
Proceeds from issuance of senior notes | 600,000 | — | — | — | 600,000 | |||||||||||||||
Borrowings under revolving credit facility | 315,000 | — | 122,023 | — | 437,023 | |||||||||||||||
Repayments under revolving credit facility | (616,000 | ) | — | (132,086 | ) | — | (748,086 | ) | ||||||||||||
Borrowings under term loans | 35,000 | — | — | — | 35,000 | |||||||||||||||
Repayments under term loans | (16,875 | ) | — | — | — | (16,875 | ) | |||||||||||||
Borrowings under receivables securitization facility | — | — | 41,500 | — | 41,500 | |||||||||||||||
Repayments under receivables securitization facility | — | — | (121,500 | ) | — | (121,500 | ) | |||||||||||||
Repayments of other long-term debt | (925 | ) | (8,930 | ) | (35,207 | ) | — | (45,062 | ) | |||||||||||
Payments of other obligations | — | (473 | ) | (32,386 | ) | — | (32,859 | ) | ||||||||||||
Investment and intercompany note activity with parent | — | 38,446 | 480,620 | (519,066 | ) | — | ||||||||||||||
Dividends | — | (119,812 | ) | — | 119,812 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 333,082 | (90,769 | ) | 322,882 | (399,254 | ) | 165,941 | |||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | 2,327 | — | 2,327 | |||||||||||||||
Net increase (decrease) in cash and equivalents | 59,530 | (4,560 | ) | 35,748 | — | 90,718 | ||||||||||||||
Cash and equivalents, beginning of period | 18,396 | 18,253 | 23,121 | — | 59,770 | |||||||||||||||
Cash and equivalents, end of period | $ | 77,926 | $ | 13,693 | $ | 58,869 | $ | — | $ | 150,488 | ||||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 150,309 | $ | 289,013 | $ | (74,085 | ) | $ | (159,047 | ) | $ | 206,190 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of property and equipment | (150 | ) | (68,344 | ) | (19,761 | ) | — | (88,255 | ) | |||||||||||
Proceeds from sales of property and equipment | — | 699 | 358 | — | 1,057 | |||||||||||||||
Investment and intercompany note activity with subsidiaries | (132,006 | ) | — | — | 132,006 | — | ||||||||||||||
Acquisitions, net of cash acquired | — | (183,716 | ) | (81,620 | ) | — | (265,336 | ) | ||||||||||||
Net cash used in investing activities | (132,156 | ) | (251,361 | ) | (101,023 | ) | 132,006 | (352,534 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from exercise of stock options | 17,693 | — | — | — | 17,693 | |||||||||||||||
Excess tax benefit from stock-based payments | 15,737 | — | — | — | 15,737 | |||||||||||||||
Debt issuance costs | (30 | ) | — | (223 | ) | — | (253 | ) | ||||||||||||
Borrowings under revolving credit facility | 612,700 | — | 129,681 | — | 742,381 | |||||||||||||||
Repayments under revolving credit facility | (832,700 | ) | — | (22,702 | ) | — | (855,402 | ) | ||||||||||||
Borrowings under term loans | 200,000 | — | — | — | 200,000 | |||||||||||||||
Repayments under term loans | (20,000 | ) | — | — | — | (20,000 | ) | |||||||||||||
Borrowings under receivables securitization facility | — | — | 82,700 | — | 82,700 | |||||||||||||||
Repayments under receivables securitization facility | — | — | (2,700 | ) | — | (2,700 | ) | |||||||||||||
Repayments of other long-term debt | (3,065 | ) | (2,568 | ) | (13,158 | ) | — | (18,791 | ) | |||||||||||
Payments of other obligations | — | (4,293 | ) | — | — | (4,293 | ) | |||||||||||||
Investment and intercompany note activity with parent | — | 129,076 | 2,930 | (132,006 | ) | — | ||||||||||||||
Dividends | — | (159,047 | ) | — | 159,047 | — | ||||||||||||||
Net cash (used in) provided by financing activities | (9,665 | ) | (36,832 | ) | 176,528 | 27,041 | 157,072 | |||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | 795 | — | 795 | |||||||||||||||
Net increase in cash and equivalents | 8,488 | 820 | 2,215 | — | 11,523 | |||||||||||||||
Cash and equivalents, beginning of period | 9,908 | 17,433 | 20,906 | — | 48,247 | |||||||||||||||
Cash and equivalents, end of period | $ | 18,396 | $ | 18,253 | $ | 23,121 | $ | — | $ | 59,770 | ||||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by operating activities | $ | 72,199 | $ | 201,029 | $ | 4,341 | $ | (65,797 | ) | $ | 211,772 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of property and equipment | (922 | ) | (79,474 | ) | (6,020 | ) | — | (86,416 | ) | |||||||||||
Proceeds from sales of property and equipment | 2 | 1,557 | 184 | — | 1,743 | |||||||||||||||
Investment and intercompany note activity with subsidiaries | (347,005 | ) | (93,985 | ) | — | 440,990 | — | |||||||||||||
Acquisitions, net of cash acquired | — | (193,292 | ) | (293,642 | ) | — | (486,934 | ) | ||||||||||||
Net cash used in investing activities | (347,925 | ) | (365,194 | ) | (299,478 | ) | 440,990 | (571,607 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from exercise of stock options | 11,919 | — | — | — | 11,919 | |||||||||||||||
Excess tax benefit from stock-based payments | 7,973 | — | — | — | 7,973 | |||||||||||||||
Debt issuance costs | (10,874 | ) | — | (174 | ) | — | (11,048 | ) | ||||||||||||
Borrowings under revolving credit facility | 748,329 | — | 363,040 | — | 1,111,369 | |||||||||||||||
Repayments under revolving credit facility | (227,329 | ) | — | (226,538 | ) | — | (453,867 | ) | ||||||||||||
Borrowings under term loans | 250,000 | — | — | — | 250,000 | |||||||||||||||
Repayments under term loans | (563,079 | ) | — | (37,385 | ) | — | (600,464 | ) | ||||||||||||
Repayments of other long-term debt | (1,640 | ) | (849 | ) | (1,982 | ) | — | (4,471 | ) | |||||||||||
Investment and intercompany note activity with parent | — | 226,872 | 214,118 | (440,990 | ) | — | ||||||||||||||
Dividends | — | (65,797 | ) | — | 65,797 | — | ||||||||||||||
Net cash provided by financing activities | 215,299 | 160,226 | 311,079 | (375,193 | ) | 311,411 | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | 982 | — | 982 | |||||||||||||||
Net (decrease) increase in cash and equivalents | (60,427 | ) | (3,939 | ) | 16,924 | — | (47,442 | ) | ||||||||||||
Cash and equivalents, beginning of period | 70,335 | 21,372 | 3,982 | — | 95,689 | |||||||||||||||
Cash and equivalents, end of period | $ | 9,908 | $ | 17,433 | $ | 20,906 | $ | — | $ | 48,247 | ||||||||||
Schedule_IIValuation_and_Quali
Schedule II-Valuation and Qualifying Accounts and Reserves Schedule II-Valuation and Qualifying Accounts and Reserves Schedule II-Valuation and Qualifying Accounts and Reserves Schedule II-Valuation and Qualifying Accounts and Reserves (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule II-Valuation and Qualifying Accounts and Reserves | ' | ||||||||||||||||||||
Schedule II—Valuation and Qualifying Accounts and Reserves | |||||||||||||||||||||
Descriptions | Balance at | Additions | Acquisitions and | Deductions | Balance at End | ||||||||||||||||
Beginning of | Charged to | Other | of Period | ||||||||||||||||||
Period | Costs and | ||||||||||||||||||||
Expenses | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS: | |||||||||||||||||||||
Year ended December 31, 2011 | $ | 6,895 | $ | 5,084 | $ | 2,199 | $ | (5,831 | ) | $ | 8,347 | ||||||||||
Year ended December 31, 2012 | 8,347 | 5,928 | 308 | (5,113 | ) | 9,470 | |||||||||||||||
Year ended December 31, 2013 | 9,470 | 7,148 | 3,633 | (5,891 | ) | 14,360 | |||||||||||||||
ALLOWANCE FOR ESTIMATED RETURNS, DISCOUNTS & ALLOWANCES: | |||||||||||||||||||||
Year ended December 31, 2011 | $ | 18,185 | $ | 668,936 | $ | 2,754 | $ | (667,071 | ) | $ | 22,804 | ||||||||||
Year ended December 31, 2012 | 22,804 | 714,880 | 1,151 | (714,143 | ) | 24,692 | |||||||||||||||
Year ended December 31, 2013 | 24,692 | 797,380 | 825 | (796,261 | ) | 26,636 | |||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Principles of Consolidation | ' | |||||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||||||
The accompanying consolidated financial statements include the accounts of LKQ Corporation and its subsidiaries. All intercompany transactions and accounts have been eliminated. | ||||||||||||||||||||||||
Use of Estimates | ' | |||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||
In preparing our financial statements in conformity with accounting principles generally accepted in the United States we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||||||||||
Revenue Recognition | ' | |||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
The majority of our revenue is derived from the sale of vehicle parts. Revenue is recognized when the products are shipped, delivered to or picked up by customers and title has transferred, subject to an allowance for estimated returns, discounts and allowances that we estimate based upon historical information. We recorded a reserve for estimated returns, discounts and allowances of approximately $26.6 million and $24.7 million at December 31, 2013 and 2012, respectively. We present taxes assessed by governmental authorities collected from customers on a net basis. Therefore, the taxes are excluded from revenue on our Consolidated Statements of Income and are shown as a current liability on our Consolidated Balance Sheets until remitted. We recognize revenue from the sale of scrap, cores and other metals when title has transferred, which typically occurs upon delivery to the customer. Revenue also includes amounts billed to customers for shipping and handling. Distribution expenses in the accompanying Consolidated Statements of Income are the costs incurred to prepare and deliver products to customers. | ||||||||||||||||||||||||
Receivables and Allowance for Doubtful Accounts | ' | |||||||||||||||||||||||
Receivables and Allowance for Doubtful Accounts | ||||||||||||||||||||||||
In the normal course of business, we extend credit to customers after a review of each customer's credit history. We recorded a reserve for uncollectible accounts of approximately $14.4 million and $9.5 million at December 31, 2013 and 2012, respectively. The reserve is based upon the aging of the accounts receivable, our assessment of the collectability of specific customer accounts and historical experience. Receivables are written off once collection efforts have been exhausted. Recoveries of receivables previously written off are recorded when received. | ||||||||||||||||||||||||
Concentrations of Credit Risk | ' | |||||||||||||||||||||||
Concentrations of Credit Risk | ||||||||||||||||||||||||
Financial instruments that potentially subject us to significant concentration of credit risk consist primarily of cash and equivalents and accounts receivable. We control our exposure to credit risk associated with these instruments by (i) placing our cash and equivalents with several major financial institutions; (ii) holding high-quality financial instruments; and (iii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures. In addition, our overall credit risk with respect to accounts receivable is limited to some extent because our customer base is composed of a large number of geographically diverse customers. | ||||||||||||||||||||||||
Inventory | ' | |||||||||||||||||||||||
Inventory | ||||||||||||||||||||||||
We classify our inventory into the following categories: aftermarket and refurbished vehicle replacement products; and salvage and remanufactured vehicle replacement products. | ||||||||||||||||||||||||
An aftermarket product is a new vehicle product manufactured by a company other than the original equipment manufacturer. Cost is established based on the average price we pay for parts, and includes expenses incurred for freight and overhead costs. For items purchased from foreign companies, import fees and duties and transportation insurance are also included. Refurbished inventory cost is based on the average price we pay for cores, which are recycled automotive parts that are not suitable for sale as a replacement part without further processing. The cost of our refurbished inventory also includes expenses incurred for freight, labor and other overhead. | ||||||||||||||||||||||||
A salvage product is a recycled vehicle part suitable for sale as a replacement part. Cost is established based upon the price we pay for a vehicle, including auction, storage and towing fees, as well as expenditures for buying and dismantling. Inventory carrying value is determined using the average cost to sales percentage at each of our facilities and applying that percentage to the facility's inventory at expected selling prices, the assessment of which incorporates the sales probability based on a part's days in stock and historical demand. The average cost to sales percentage is derived from each facility's historical profitability for salvage vehicles. Remanufactured inventory cost is based upon the price paid for cores, and also includes expenses incurred for freight, direct manufacturing costs and overhead. | ||||||||||||||||||||||||
For all inventory, carrying value is recorded at the lower of cost or market and is reduced to reflect current anticipated demand. If actual demand differs from our estimates, additional reductions to inventory carrying value would be necessary in the period such determination is made. | ||||||||||||||||||||||||
Inventory consists of the following (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Aftermarket and refurbished products | $ | 706,600 | $ | 523,677 | ||||||||||||||||||||
Salvage and remanufactured products | 370,352 | 377,126 | ||||||||||||||||||||||
$ | 1,076,952 | $ | 900,803 | |||||||||||||||||||||
Property and Equipment | ' | |||||||||||||||||||||||
Property and Equipment | ||||||||||||||||||||||||
Property and equipment are recorded at cost less accumulated depreciation. Expenditures for major additions and improvements that extend the useful life of the related asset are capitalized. As property and equipment are sold or retired, the applicable cost and accumulated depreciation are removed from the accounts and any resulting gain or loss thereon is recognized. Construction in progress consists primarily of building and land improvements at our existing facilities. Depreciation is calculated using the straight-line method over the estimated useful lives or, in the case of leasehold improvements, the term of the related lease and reasonably assured renewal periods, if shorter. | ||||||||||||||||||||||||
Our estimated useful lives are as follows: | ||||||||||||||||||||||||
Land improvements | 10-20 years | |||||||||||||||||||||||
Buildings and improvements | 20-40 years | |||||||||||||||||||||||
Furniture, fixtures and equipment | 3-20 years | |||||||||||||||||||||||
Computer equipment and software | 3-10 years | |||||||||||||||||||||||
Vehicles and trailers | 3-10 years | |||||||||||||||||||||||
Property and equipment consists of the following (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Land and improvements | $ | 101,018 | $ | 87,720 | ||||||||||||||||||||
Buildings and improvements | 143,535 | 133,368 | ||||||||||||||||||||||
Furniture, fixtures and equipment | 282,862 | 243,565 | ||||||||||||||||||||||
Computer equipment and software | 108,424 | 91,588 | ||||||||||||||||||||||
Vehicles and trailers | 64,381 | 51,187 | ||||||||||||||||||||||
Leasehold improvements | 108,625 | 91,280 | ||||||||||||||||||||||
808,845 | 698,708 | |||||||||||||||||||||||
Less—Accumulated depreciation | (294,183 | ) | (231,130 | ) | ||||||||||||||||||||
Construction in progress | 31,989 | 26,801 | ||||||||||||||||||||||
$ | 546,651 | $ | 494,379 | |||||||||||||||||||||
Intangible Assets | ' | |||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
Intangible assets consist primarily of goodwill (the cost of purchased businesses in excess of the fair value of the identifiable net assets acquired) and other specifically identifiable intangible assets, such as trade names, trademarks, customer relationships and covenants not to compete. | ||||||||||||||||||||||||
Goodwill is tested for impairment at least annually, and we performed annual impairment tests during the fourth quarters of 2013, 2012 and 2011. The results of all of these tests indicated that goodwill was not impaired. | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill by reportable segment are as follows (in thousands): | ||||||||||||||||||||||||
North America | Europe | Total | ||||||||||||||||||||||
Balance as of January 1, 2011 | $ | 1,032,973 | $ | — | $ | 1,032,973 | ||||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 105,177 | 337,031 | 442,208 | |||||||||||||||||||||
Exchange rate effects | (1,520 | ) | 2,402 | 882 | ||||||||||||||||||||
Balance as of December 31, 2011 | $ | 1,136,630 | $ | 339,433 | $ | 1,476,063 | ||||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 201,742 | (4,140 | ) | 197,602 | ||||||||||||||||||||
Exchange rate effects | 1,459 | 15,160 | 16,619 | |||||||||||||||||||||
Balance as of December 31, 2012 | $ | 1,339,831 | $ | 350,453 | $ | 1,690,284 | ||||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 27,035 | 208,412 | 235,447 | |||||||||||||||||||||
Exchange rate effects | (7,929 | ) | 19,642 | 11,713 | ||||||||||||||||||||
Balance as of December 31, 2013 | $ | 1,358,937 | $ | 578,507 | $ | 1,937,444 | ||||||||||||||||||
In 2013 and 2012, we finalized the valuation of certain intangible assets acquired related to our 2012 and 2011 acquisitions, respectively. As these adjustments did not have a material impact on our financial position or results of operations, we recorded these adjustments to goodwill and amortization expense in 2013 and 2012, respectively. | ||||||||||||||||||||||||
The components of other intangibles are as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Trade names and trademarks | $ | 143,577 | $ | (27,950 | ) | $ | 115,627 | $ | 118,422 | $ | (21,599 | ) | $ | 96,823 | ||||||||||
Customer relationships | 29,583 | (10,770 | ) | 18,813 | 14,426 | (6,642 | ) | 7,784 | ||||||||||||||||
Software and other technology related assets | 20,384 | (2,718 | ) | 17,666 | — | — | — | |||||||||||||||||
Covenants not to compete | 3,979 | (2,346 | ) | 1,633 | 3,654 | (1,546 | ) | 2,108 | ||||||||||||||||
$ | 197,523 | $ | (43,784 | ) | $ | 153,739 | $ | 136,502 | $ | (29,787 | ) | $ | 106,715 | |||||||||||
During 2013, we recorded $23.9 million of trade names, $19.3 million of software and technology related assets, $14.1 million of customer relationships and $0.3 million of covenants not to compete resulting from our 2013 acquisitions and adjustments to certain preliminary intangible asset valuations from our 2012 acquisitions. The trade names, software and technology related assets, and customer relationships recorded in 2013 included $23.5 million, $19.3 million and $2.5 million, respectively, related to our acquisition of Sator Beheer B.V. ("Sator") as discussed in Note 8, "Business Combinations." We also recognized $11.4 million of customer relationships related to our acquisitions of five automotive paint distributors in 2013. In 2012, we recorded $0.6 million of trade names, $4.1 million of customer relationships and $0.6 million of covenants not to compete resulting from our 2012 acquisitions and adjustments to certain preliminary intangible asset valuations from our 2011 acquisitions. | ||||||||||||||||||||||||
Trade names and trademarks are amortized over a useful life ranging from 10 to 30 years on a straight-line basis. Customer relationships are amortized over the expected period to be benefited (5 to 13 years) on either a straight-line or accelerated basis. Software and other technology related assets are amortized on a straight-line basis over the expected period to be benefited (five years). Covenants not to compete are amortized over the lives of the respective agreements, which range from one to five years, on a straight-line basis. Amortization expense for intangibles was $13.8 million, $9.5 million and $7.9 million during the years ended December 31, 2013, 2012 and 2011, respectively. Estimated amortization expense for each of the five years in the period ending December 31, 2018 is $17.0 million, $15.1 million, $13.9 million, $13.2 million and $10.1 million, respectively. | ||||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
Intangible assets consist primarily of goodwill (the cost of purchased businesses in excess of the fair value of the identifiable net assets acquired) and other specifically identifiable intangible assets, such as trade names, trademarks, customer relationships and covenants not to compete. | ||||||||||||||||||||||||
Goodwill is tested for impairment at least annually, and we performed annual impairment tests during the fourth quarters of 2013, 2012 and 2011. The results of all of these tests indicated that goodwill was not impaired. | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill by reportable segment are as follows (in thousands): | ||||||||||||||||||||||||
North America | Europe | Total | ||||||||||||||||||||||
Balance as of January 1, 2011 | $ | 1,032,973 | $ | — | $ | 1,032,973 | ||||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 105,177 | 337,031 | 442,208 | |||||||||||||||||||||
Exchange rate effects | (1,520 | ) | 2,402 | 882 | ||||||||||||||||||||
Balance as of December 31, 2011 | $ | 1,136,630 | $ | 339,433 | $ | 1,476,063 | ||||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 201,742 | (4,140 | ) | 197,602 | ||||||||||||||||||||
Exchange rate effects | 1,459 | 15,160 | 16,619 | |||||||||||||||||||||
Balance as of December 31, 2012 | $ | 1,339,831 | $ | 350,453 | $ | 1,690,284 | ||||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 27,035 | 208,412 | 235,447 | |||||||||||||||||||||
Exchange rate effects | (7,929 | ) | 19,642 | 11,713 | ||||||||||||||||||||
Balance as of December 31, 2013 | $ | 1,358,937 | $ | 578,507 | $ | 1,937,444 | ||||||||||||||||||
In 2013 and 2012, we finalized the valuation of certain intangible assets acquired related to our 2012 and 2011 acquisitions, respectively. As these adjustments did not have a material impact on our financial position or results of operations, we recorded these adjustments to goodwill and amortization expense in 2013 and 2012, respectively. | ||||||||||||||||||||||||
The components of other intangibles are as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Trade names and trademarks | $ | 143,577 | $ | (27,950 | ) | $ | 115,627 | $ | 118,422 | $ | (21,599 | ) | $ | 96,823 | ||||||||||
Customer relationships | 29,583 | (10,770 | ) | 18,813 | 14,426 | (6,642 | ) | 7,784 | ||||||||||||||||
Software and other technology related assets | 20,384 | (2,718 | ) | 17,666 | — | — | — | |||||||||||||||||
Covenants not to compete | 3,979 | (2,346 | ) | 1,633 | 3,654 | (1,546 | ) | 2,108 | ||||||||||||||||
$ | 197,523 | $ | (43,784 | ) | $ | 153,739 | $ | 136,502 | $ | (29,787 | ) | $ | 106,715 | |||||||||||
During 2013, we recorded $23.9 million of trade names, $19.3 million of software and technology related assets, $14.1 million of customer relationships and $0.3 million of covenants not to compete resulting from our 2013 acquisitions and adjustments to certain preliminary intangible asset valuations from our 2012 acquisitions. The trade names, software and technology related assets, and customer relationships recorded in 2013 included $23.5 million, $19.3 million and $2.5 million, respectively, related to our acquisition of Sator Beheer B.V. ("Sator") as discussed in Note 8, "Business Combinations." We also recognized $11.4 million of customer relationships related to our acquisitions of five automotive paint distributors in 2013. In 2012, we recorded $0.6 million of trade names, $4.1 million of customer relationships and $0.6 million of covenants not to compete resulting from our 2012 acquisitions and adjustments to certain preliminary intangible asset valuations from our 2011 acquisitions. | ||||||||||||||||||||||||
Trade names and trademarks are amortized over a useful life ranging from 10 to 30 years on a straight-line basis. Customer relationships are amortized over the expected period to be benefited (5 to 13 years) on either a straight-line or accelerated basis. Software and other technology related assets are amortized on a straight-line basis over the expected period to be benefited (five years). Covenants not to compete are amortized over the lives of the respective agreements, which range from one to five years, on a straight-line basis. Amortization expense for intangibles was $13.8 million, $9.5 million and $7.9 million during the years ended December 31, 2013, 2012 and 2011, respectively. Estimated amortization expense for each of the five years in the period ending December 31, 2018 is $17.0 million, $15.1 million, $13.9 million, $13.2 million and $10.1 million, respectively. | ||||||||||||||||||||||||
Impairment of Long-Lived Assets | ' | |||||||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||||||||
Long-lived assets are reviewed for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. If such review indicates that the carrying amount of long-lived assets is not recoverable, the carrying amount of such assets is reduced to fair value. There were no material adjustments to the carrying value of long-lived assets during the years ended December 31, 2013, 2012 or 2011. | ||||||||||||||||||||||||
Warranty Reserve | ' | |||||||||||||||||||||||
Some of our salvage mechanical products are sold with a standard six month warranty against defects. Additionally, some of our remanufactured engines are sold with a standard three year warranty against defects. We also provide a limited lifetime warranty for certain of our aftermarket products that is supported by certain of the suppliers of those products. We record the estimated warranty costs at the time of sale using historical warranty claim information to project future warranty claims activity. The changes in the warranty reserve are as follows (in thousands): | ||||||||||||||||||||||||
Balance as of January 1, 2012 | $ | 7,347 | ||||||||||||||||||||||
Warranty expense | 29,628 | |||||||||||||||||||||||
Warranty claims | (27,514 | ) | ||||||||||||||||||||||
Business acquisitions | 1,113 | |||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 10,574 | ||||||||||||||||||||||
Warranty expense | 29,674 | |||||||||||||||||||||||
Warranty claims | (27,801 | ) | ||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 12,447 | ||||||||||||||||||||||
Self-Insurance Reserves | ' | |||||||||||||||||||||||
Self-Insurance Reserves | ||||||||||||||||||||||||
We self-insure a portion of employee medical benefits under the terms of our employee health insurance program. We purchase certain stop-loss insurance to limit our liability exposure. We also self-insure a portion of our property and casualty risk, which includes automobile liability, general liability, directors and officers liability, workers' compensation and property coverage, under deductible insurance programs. The insurance premium costs are expensed over the contract periods. A reserve for liabilities associated with these losses is established for claims filed and claims incurred but not yet reported based upon our estimate of ultimate cost, which is calculated using analyses of historical data. We monitor new claims and claim development as well as trends related to the claims incurred but not reported in order to assess the adequacy of our insurance reserves. Total self-insurance reserves were $55.6 million and $44.1 million, including $25.8 million and $21.5 million classified as Other Accrued Expenses, as of December 31, 2013 and 2012, respectively. The remaining balances of self-insurance reserves are classified as Other Noncurrent Liabilities, which reflects management's estimates of when claims will be paid. The reserves presented on the Consolidated Balance Sheets are net of claims deposits of $0.5 million at both December 31, 2013 and 2012. In addition to these claims deposits, we had outstanding letters of credit of $43.0 million and $37.1 million at December 31, 2013 and 2012, respectively, to guarantee self-insurance claims payments. While we do not expect the amounts ultimately paid to differ significantly from our estimates, our insurance reserves and corresponding expenses could be affected if future claims experience differs significantly from historical trends and assumptions. | ||||||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
Current income taxes are provided on income reported for financial reporting purposes, adjusted for transactions that do not enter into the computation of income taxes payable in the same year. Deferred income taxes have been provided to show the effect of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before we are able to realize their benefit or that future deductibility is uncertain. | ||||||||||||||||||||||||
We recognize the benefits of uncertain tax positions taken or expected to be taken in tax returns in the provision for income taxes only for those positions that are more likely than not to be realized. We follow a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. Our policy is to include interest and penalties associated with income tax obligations in income tax expense. | ||||||||||||||||||||||||
U.S. federal income taxes are not provided on our interest in undistributed earnings of foreign subsidiaries when it is management's intent that such earnings will remain invested in those subsidiaries or other foreign subsidiaries. Taxes will be provided on these earnings in the period in which a decision is made to repatriate the earnings. | ||||||||||||||||||||||||
Investment in Unconsolidated Subsidiary | ' | |||||||||||||||||||||||
Investment in Unconsolidated Subsidiary | ||||||||||||||||||||||||
In August 2013, we entered into an agreement with Suncorp Group, a leading general insurance group in Australia and New Zealand, to develop ACM Parts Pty Ltd ("ACM Parts"), an alternative vehicle replacement parts business in those countries. We hold a 49% equity interest in the entity and will contribute our experience to help establish automotive parts recycling operations and to facilitate the procurement of aftermarket parts; Suncorp Group holds a 51% equity interest and will supply salvage vehicles to the venture as well as assist in establishing relationships with repair shops as customers. We are accounting for our interest in this subsidiary using the equity method of accounting, as our investment gives us the ability to exercise significant influence, but not control, over the investee. The total of our investment in ACM Parts is included within Other Assets on our Consolidated Balance Sheets. As of December 31, 2013, the carrying value of our investment in this unconsolidated subsidiary was $8.9 million. Our equity in the net earnings of the investee for the year ended December 31, 2013 was not material. | ||||||||||||||||||||||||
Depreciation Expense | ' | |||||||||||||||||||||||
Depreciation Expense | ||||||||||||||||||||||||
Included in Cost of Goods Sold on the Consolidated Statements of Income is depreciation expense associated with our refurbishing, remanufacturing, and furnace operations and our distribution centers. | ||||||||||||||||||||||||
Rental Expense | ' | |||||||||||||||||||||||
Rental Expense | ||||||||||||||||||||||||
We recognize rental expense on a straight-line basis over the respective lease terms, including reasonably-assured renewal periods, for all of our operating leases. | ||||||||||||||||||||||||
Foreign Currency Translation | ' | |||||||||||||||||||||||
Foreign Currency Translation | ||||||||||||||||||||||||
For most of our foreign operations, the local currency is the functional currency. Assets and liabilities are translated into U.S. dollars at the period-ending exchange rate. Statements of Income amounts are translated to U.S. dollars using average exchange rates during the period. Translation gains and losses are reported as a component of Accumulated Other Comprehensive Income (Loss) in stockholders' equity. | ||||||||||||||||||||||||
Recent Accounting Pronouncements | ' | |||||||||||||||||||||||
Recent Accounting Pronouncements |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Inventory | ' | |||||||||||||||||||||||
Inventory consists of the following (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Aftermarket and refurbished products | $ | 706,600 | $ | 523,677 | ||||||||||||||||||||
Salvage and remanufactured products | 370,352 | 377,126 | ||||||||||||||||||||||
$ | 1,076,952 | $ | 900,803 | |||||||||||||||||||||
Schedule Of Estimated Useful Lives | ' | |||||||||||||||||||||||
Our estimated useful lives are as follows: | ||||||||||||||||||||||||
Land improvements | 10-20 years | |||||||||||||||||||||||
Buildings and improvements | 20-40 years | |||||||||||||||||||||||
Furniture, fixtures and equipment | 3-20 years | |||||||||||||||||||||||
Computer equipment and software | 3-10 years | |||||||||||||||||||||||
Vehicles and trailers | 3-10 years | |||||||||||||||||||||||
Schedule Of Property And Equipment | ' | |||||||||||||||||||||||
Property and equipment consists of the following (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Land and improvements | $ | 101,018 | $ | 87,720 | ||||||||||||||||||||
Buildings and improvements | 143,535 | 133,368 | ||||||||||||||||||||||
Furniture, fixtures and equipment | 282,862 | 243,565 | ||||||||||||||||||||||
Computer equipment and software | 108,424 | 91,588 | ||||||||||||||||||||||
Vehicles and trailers | 64,381 | 51,187 | ||||||||||||||||||||||
Leasehold improvements | 108,625 | 91,280 | ||||||||||||||||||||||
808,845 | 698,708 | |||||||||||||||||||||||
Less—Accumulated depreciation | (294,183 | ) | (231,130 | ) | ||||||||||||||||||||
Construction in progress | 31,989 | 26,801 | ||||||||||||||||||||||
$ | 546,651 | $ | 494,379 | |||||||||||||||||||||
Changes In Carrying Amount Of Goodwill | ' | |||||||||||||||||||||||
The changes in the carrying amount of goodwill by reportable segment are as follows (in thousands): | ||||||||||||||||||||||||
North America | Europe | Total | ||||||||||||||||||||||
Balance as of January 1, 2011 | $ | 1,032,973 | $ | — | $ | 1,032,973 | ||||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 105,177 | 337,031 | 442,208 | |||||||||||||||||||||
Exchange rate effects | (1,520 | ) | 2,402 | 882 | ||||||||||||||||||||
Balance as of December 31, 2011 | $ | 1,136,630 | $ | 339,433 | $ | 1,476,063 | ||||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 201,742 | (4,140 | ) | 197,602 | ||||||||||||||||||||
Exchange rate effects | 1,459 | 15,160 | 16,619 | |||||||||||||||||||||
Balance as of December 31, 2012 | $ | 1,339,831 | $ | 350,453 | $ | 1,690,284 | ||||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 27,035 | 208,412 | 235,447 | |||||||||||||||||||||
Exchange rate effects | (7,929 | ) | 19,642 | 11,713 | ||||||||||||||||||||
Balance as of December 31, 2013 | $ | 1,358,937 | $ | 578,507 | $ | 1,937,444 | ||||||||||||||||||
Components Of Other Intangibles | ' | |||||||||||||||||||||||
The components of other intangibles are as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Trade names and trademarks | $ | 143,577 | $ | (27,950 | ) | $ | 115,627 | $ | 118,422 | $ | (21,599 | ) | $ | 96,823 | ||||||||||
Customer relationships | 29,583 | (10,770 | ) | 18,813 | 14,426 | (6,642 | ) | 7,784 | ||||||||||||||||
Software and other technology related assets | 20,384 | (2,718 | ) | 17,666 | — | — | — | |||||||||||||||||
Covenants not to compete | 3,979 | (2,346 | ) | 1,633 | 3,654 | (1,546 | ) | 2,108 | ||||||||||||||||
$ | 197,523 | $ | (43,784 | ) | $ | 153,739 | $ | 136,502 | $ | (29,787 | ) | $ | 106,715 | |||||||||||
Changes In Warranty Reserve | ' | |||||||||||||||||||||||
The changes in the warranty reserve are as follows (in thousands): | ||||||||||||||||||||||||
Balance as of January 1, 2012 | $ | 7,347 | ||||||||||||||||||||||
Warranty expense | 29,628 | |||||||||||||||||||||||
Warranty claims | (27,514 | ) | ||||||||||||||||||||||
Business acquisitions | 1,113 | |||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 10,574 | ||||||||||||||||||||||
Warranty expense | 29,674 | |||||||||||||||||||||||
Warranty claims | (27,801 | ) | ||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 12,447 | ||||||||||||||||||||||
Equity_Incentive_Plans_Tables
Equity Incentive Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Summary Of Transactions In Stock-Based Compensation Plans | ' | |||||||||||||||||||||||
A summary of transactions in our stock-based compensation plans is as follows: | ||||||||||||||||||||||||
Shares | RSUs | Stock Options | Restricted Stock | |||||||||||||||||||||
Available For | ||||||||||||||||||||||||
Grant | Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||||
Outstanding | Average | Outstanding | Average | Outstanding | Average | |||||||||||||||||||
Grant Date | Exercise | Grant Date | ||||||||||||||||||||||
Fair Value | Price | Fair Value | ||||||||||||||||||||||
Balance, January 1, 2011 | 4,280,180 | — | $ | — | 16,147,930 | $ | 6.14 | 308,000 | $ | 9.5 | ||||||||||||||
Granted | (1,643,348 | ) | 1,643,348 | 11.8 | — | — | — | — | ||||||||||||||||
Shares Issued for Director Compensation | (31,166 | ) | — | — | — | — | — | — | ||||||||||||||||
Exercised | — | — | — | (2,768,038 | ) | 4.31 | — | — | ||||||||||||||||
Vested | — | (164,862 | ) | 11.84 | — | — | (96,000 | ) | 9.51 | |||||||||||||||
Canceled | 346,704 | (44,904 | ) | 11.77 | (301,800 | ) | 8.44 | — | — | |||||||||||||||
Additional Shares Authorized | 12,800,000 | — | — | — | — | — | — | |||||||||||||||||
Balance, December 31, 2011 | 15,752,370 | 1,433,582 | $ | 11.8 | 13,078,092 | $ | 6.47 | 212,000 | $ | 9.49 | ||||||||||||||
Granted | (1,504,410 | ) | 1,504,410 | 15.86 | — | — | — | — | ||||||||||||||||
Exercised | — | — | — | (3,446,472 | ) | 5.13 | — | — | ||||||||||||||||
Vested | — | (467,208 | ) | 13.09 | — | — | (96,000 | ) | 9.51 | |||||||||||||||
Canceled | 395,972 | (119,422 | ) | 14.03 | (276,550 | ) | 8.3 | — | — | |||||||||||||||
Balance, December 31, 2012 | 14,643,932 | 2,351,362 | $ | 14.02 | 9,355,070 | $ | 6.9 | 116,000 | $ | 9.47 | ||||||||||||||
Granted | (924,312 | ) | 924,312 | 22.18 | — | — | — | — | ||||||||||||||||
Exercised | — | — | — | (2,399,419 | ) | 6.41 | — | — | ||||||||||||||||
Vested | — | (594,961 | ) | 15.05 | — | — | (96,000 | ) | 9.51 | |||||||||||||||
Canceled | 245,820 | (122,500 | ) | 16.25 | (123,320 | ) | 8.89 | — | — | |||||||||||||||
Balance, December 31, 2013 | 13,965,440 | 2,558,213 | $ | 16.63 | 6,832,331 | $ | 7.04 | 20,000 | $ | 9.3 | ||||||||||||||
Summary Of Expected to Vest RSUs, Options, and Restricted Shares | ' | |||||||||||||||||||||||
The following table summarizes information about expected to vest RSUs and restricted stock, and vested and expected to vest options at December 31, 2013: | ||||||||||||||||||||||||
Shares | Weighted | Intrinsic | Weighted | |||||||||||||||||||||
Average | Value | Average | ||||||||||||||||||||||
Remaining | (in thousands) | Exercise | ||||||||||||||||||||||
Contractual | Price | |||||||||||||||||||||||
Life (Yrs) | ||||||||||||||||||||||||
RSUs | 2,462,273 | 2.8 | $ | 81,009 | $ | — | ||||||||||||||||||
Stock options | 6,776,241 | 4.2 | 175,394 | 7.02 | ||||||||||||||||||||
Restricted stock | 20,000 | 0.8 | 658 | — | ||||||||||||||||||||
Summary Of Oustanding And Exercisable Stock Options | ' | |||||||||||||||||||||||
The following table summarizes information about outstanding and exercisable stock options at December 31, 2013: | ||||||||||||||||||||||||
Outstanding | Exercisable | |||||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted | Weighted | Shares | Weighted | Weighted | ||||||||||||||||||
Average | Average | Average | Average | |||||||||||||||||||||
Remaining | Exercise | Remaining | Exercise | |||||||||||||||||||||
Contractual | Price | Contractual | Price | |||||||||||||||||||||
Life (Yrs) | Life (Yrs) | |||||||||||||||||||||||
$1.50 - $3.50 | 791,646 | 0.9 | $ | 2.2 | 791,646 | 0.9 | $ | 2.2 | ||||||||||||||||
$3.51 - $5.50 | 1,381,400 | 2.5 | 4.84 | 1,381,400 | 2.5 | 4.84 | ||||||||||||||||||
$5.51 - $7.50 | 1,575,714 | 5 | 5.98 | 1,342,293 | 5 | 5.98 | ||||||||||||||||||
$7.51 - $9.50 | 203,166 | 5.1 | 9.23 | 175,366 | 5 | 9.24 | ||||||||||||||||||
$9.51 + | 2,880,405 | 5.4 | 9.85 | 2,060,757 | 5.2 | 9.81 | ||||||||||||||||||
6,832,331 | 4.2 | $ | 7.04 | 5,751,462 | 3.9 | $ | 6.65 | |||||||||||||||||
Schedule Of Pre-Tax Stock-Based Compensation Expense | ' | |||||||||||||||||||||||
The components of pre-tax stock-based compensation expense are as follows (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
RSUs | $ | 17,299 | $ | 8,411 | $ | 3,666 | ||||||||||||||||||
Stock options | 4,529 | 6,310 | 8,129 | |||||||||||||||||||||
Restricted stock | 208 | 913 | 913 | |||||||||||||||||||||
Stock issued to non-employee directors | — | — | 399 | |||||||||||||||||||||
Total stock-based compensation expense | $ | 22,036 | $ | 15,634 | $ | 13,107 | ||||||||||||||||||
Schedule Of Stock-Based Compensation Expense Included In Statements Of Income | ' | |||||||||||||||||||||||
The following table sets forth the classification of total stock-based compensation expense included in our Consolidated Statements of Income (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Cost of goods sold | $ | 392 | $ | 376 | $ | 327 | ||||||||||||||||||
Facility and warehouse expenses | 2,745 | 2,465 | 2,391 | |||||||||||||||||||||
Selling, general and administrative expenses | 18,899 | 12,793 | 10,389 | |||||||||||||||||||||
22,036 | 15,634 | 13,107 | ||||||||||||||||||||||
Income tax benefit | (8,594 | ) | (6,097 | ) | (5,059 | ) | ||||||||||||||||||
Total stock-based compensation expense, net of tax | $ | 13,442 | $ | 9,537 | $ | 8,048 | ||||||||||||||||||
Schedule Of Stock-Based Compensation Expense Expected To Be Recognized | ' | |||||||||||||||||||||||
As of December 31, 2013, unrecognized compensation expense related to unvested RSUs, stock options and restricted stock is expected to be recognized as follows (in thousands): | ||||||||||||||||||||||||
RSUs | Stock | Restricted | Total | |||||||||||||||||||||
Options | Stock | |||||||||||||||||||||||
2014 | $ | 12,522 | $ | 2,724 | $ | 139 | $ | 15,385 | ||||||||||||||||
2015 | 9,123 | 69 | — | 9,192 | ||||||||||||||||||||
2016 | 5,611 | — | — | 5,611 | ||||||||||||||||||||
2017 | 2,666 | — | — | 2,666 | ||||||||||||||||||||
2018 | 118 | — | — | 118 | ||||||||||||||||||||
Total unrecognized compensation expense | $ | 30,040 | $ | 2,793 | $ | 139 | $ | 32,972 | ||||||||||||||||
LongTerm_Obligations_Tables
Long-Term Obligations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Long-Term Obligations | ' | |||||||
Long-Term Obligations consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Senior secured credit agreement: | ||||||||
Term loans payable | $ | 438,750 | $ | 420,625 | ||||
Revolving credit facility | 233,804 | 553,964 | ||||||
Senior notes | 600,000 | — | ||||||
Receivables securitization facility | — | 80,000 | ||||||
Notes payable through October 2018 at weighted average interest rates of 1.1% and 1.7%, respectively | 15,730 | 42,398 | ||||||
Other long-term debt at weighted average interest rates of 3.5% and 3.3%, respectively | 17,497 | 21,491 | ||||||
1,305,781 | 1,118,478 | |||||||
Less current maturities | (41,535 | ) | (71,716 | ) | ||||
$ | 1,264,246 | $ | 1,046,762 | |||||
Schedule Of Maturities Of Long-Term Obligations | ' | |||||||
The scheduled maturities of long-term obligations outstanding at December 31, 2013 are as follows (in thousands): | ||||||||
2014 | $ | 41,535 | ||||||
2015 | 27,934 | |||||||
2016 | 25,240 | |||||||
2017 | 23,334 | |||||||
2018 | 583,140 | |||||||
Thereafter | 604,598 | |||||||
$ | 1,305,781 | |||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Terms Of Interest Rate Swap Agreements | ' | ||||||||||||||||||||||||
The following table summarizes the notional amounts and fair values of our designated cash flow hedges of December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Notional Amount | Fair Value at December 31, 2013 (USD) | Fair Value at December 31, 2012 (USD) | |||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | Other Accrued Expenses | Other Noncurrent Liabilities | Other Accrued Expenses | Other Noncurrent Liabilities | ||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||||
USD denominated | $ | 420,000 | $ | 520,000 | $ | — | $ | 8,099 | $ | 705 | $ | 12,791 | |||||||||||||
GBP denominated | £ | 50,000 | £ | 50,000 | — | 345 | — | 2,135 | |||||||||||||||||
CAD denominated | C$ | 25,000 | C$ | 25,000 | — | 26 | — | 12 | |||||||||||||||||
Foreign currency forward contracts | |||||||||||||||||||||||||
EUR denominated | € | 149,976 | — | 11,632 | — | — | — | ||||||||||||||||||
GBP denominated | £ | 70,000 | — | 10,186 | — | — | — | ||||||||||||||||||
Total cash flow hedges | $ | 21,818 | $ | 8,470 | $ | 705 | $ | 14,938 | |||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | |||||||||||||||
The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs we utilized to determine such fair value as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||
Balance as of December 31, 2013 | Fair Value Measurements as of December 31, 2013 | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | ||||||||||||||||
Cash surrender value of life insurance | $ | 25,745 | $ | — | $ | 25,745 | $ | — | ||||||||
Total Assets | $ | 25,745 | $ | — | $ | 25,745 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration liabilities | $ | 55,653 | $ | — | $ | — | $ | 55,653 | ||||||||
Deferred compensation liabilities | 25,232 | — | 25,232 | — | ||||||||||||
Foreign currency forward contracts | 21,818 | 21,818 | ||||||||||||||
Interest rate swaps | 8,470 | — | 8,470 | — | ||||||||||||
Total Liabilities | $ | 111,173 | $ | — | $ | 55,520 | $ | 55,653 | ||||||||
Balance as of December 31, 2012 | Fair Value Measurements as of December 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | ||||||||||||||||
Cash surrender value of life insurance | $ | 19,492 | $ | — | $ | 19,492 | $ | — | ||||||||
Total Assets | $ | 19,492 | $ | — | $ | 19,492 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration liabilities | $ | 90,009 | $ | — | $ | — | $ | 90,009 | ||||||||
Deferred compensation liabilities | 19,843 | — | 19,843 | — | ||||||||||||
Interest rate swaps | 15,643 | — | 15,643 | — | ||||||||||||
Total Liabilities | $ | 125,495 | $ | — | $ | 35,486 | $ | 90,009 | ||||||||
Significant Unobservable Inputs Used In Fair Value Measurements | ' | |||||||||||||||
The significant unobservable inputs used in the fair value measurements of our Level 3 contingent consideration liabilities were as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Unobservable Input | (Weighted Average) | |||||||||||||||
Probability of achieving payout targets | 70.6 | % | 79.7 | % | ||||||||||||
Discount rate | 6.5 | % | 6.6 | % | ||||||||||||
Changes In Fair Value Of Contingent Consideration Obligations | ' | |||||||||||||||
Changes in the fair value of our contingent consideration obligations are as follows (in thousands): | ||||||||||||||||
Balance as of January 1, 2012 | $ | 82,382 | ||||||||||||||
Contingent consideration liabilities recorded for business acquisitions | 5,456 | |||||||||||||||
Payments | (3,100 | ) | ||||||||||||||
Increase in fair value included in earnings | 1,643 | |||||||||||||||
Exchange rate effects | 3,628 | |||||||||||||||
Balance as of December 31, 2012 | $ | 90,009 | ||||||||||||||
Contingent consideration liabilities recorded for business acquisitions | 3,854 | |||||||||||||||
Payments | (39,117 | ) | ||||||||||||||
Increase in fair value included in earnings | 2,504 | |||||||||||||||
Exchange rate effects | (1,597 | ) | ||||||||||||||
Balance as of December 31, 2013 | $ | 55,653 | ||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future Minimum Lease Commitments | ' | |||
The future minimum lease commitments under these leases at December 31, 2013 are as follows (in thousands): | ||||
Years ending December 31: | ||||
2014 | $ | 114,405 | ||
2015 | 103,038 | |||
2016 | 85,821 | |||
2017 | 68,173 | |||
2018 | 54,550 | |||
Thereafter | 220,358 | |||
Future Minimum Lease Payments | $ | 646,345 | ||
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Purchase Price Allocations For Acquisitions | ' | |||||||||||||||
The purchase price allocations for the acquisitions completed during 2013 and 2012 are as follows (in thousands): | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
(Preliminary) | Year Ended | |||||||||||||||
Sator | Other Acquisitions | Total | 31-Dec-12 | |||||||||||||
Receivables | $ | 61,639 | $ | 38,685 | $ | 100,324 | $ | 15,473 | ||||||||
Receivable reserves | (8,563 | ) | (3,246 | ) | (11,809 | ) | (1,459 | ) | ||||||||
Inventory | 71,784 | 26,455 | 98,239 | 62,305 | ||||||||||||
Prepaid expenses and other current assets | 7,184 | 1,933 | 9,117 | 201 | ||||||||||||
Property and equipment | 19,484 | 14,015 | 33,499 | 31,930 | ||||||||||||
Goodwill | 142,721 | 92,726 | 235,447 | 201,742 | ||||||||||||
Other intangibles | 45,293 | 12,353 | 57,646 | 655 | ||||||||||||
Other assets | 2,049 | 1,251 | 3,300 | 187 | ||||||||||||
Deferred income taxes | (14,100 | ) | (564 | ) | (14,664 | ) | 428 | |||||||||
Current liabilities assumed | (49,593 | ) | (36,799 | ) | (86,392 | ) | (22,910 | ) | ||||||||
Debt assumed | — | (664 | ) | (664 | ) | (3,989 | ) | |||||||||
Other noncurrent liabilities assumed | (5,074 | ) | — | (5,074 | ) | — | ||||||||||
Contingent consideration liabilities | — | (3,854 | ) | (3,854 | ) | (5,456 | ) | |||||||||
Other purchase price obligations | — | (214 | ) | (214 | ) | (1,647 | ) | |||||||||
Notes issued | — | (7,482 | ) | (7,482 | ) | (15,990 | ) | |||||||||
Cash used in acquisitions, net of cash acquired | $ | 272,824 | $ | 134,595 | $ | 407,419 | $ | 261,470 | ||||||||
Pro Forma Effect Of Businesses Acquired | ' | |||||||||||||||
The following pro forma summary presents the effect of the businesses acquired during the year ended December 31, 2013 as though the businesses had been acquired as of January 1, 2012, the businesses acquired during the year ended December 31, 2012 as though they had been acquired as of January 1, 2011 and the businesses acquired during the year ended December 31, 2011 as though they had been acquired as of January 1, 2010. The pro forma adjustments are based upon unaudited financial information of the acquired entities (in thousands, except per share data): | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Revenue, as reported | $ | 5,062,528 | $ | 4,122,930 | $ | 3,269,862 | ||||||||||
Revenue of purchased businesses for the period prior to acquisition: | ||||||||||||||||
Sator | 126,309 | 369,934 | — | |||||||||||||
ECP | — | — | 407,042 | |||||||||||||
Other acquisitions | 130,093 | 440,938 | 466,002 | |||||||||||||
Pro forma revenue | $ | 5,318,930 | $ | 4,933,802 | $ | 4,142,906 | ||||||||||
Net income, as reported | $ | 311,623 | $ | 261,225 | $ | 210,264 | ||||||||||
Net income of purchased businesses for the period prior to acquisition, including pro forma purchase accounting adjustments: | ||||||||||||||||
Sator | 5,293 | 6,032 | — | |||||||||||||
ECP | — | — | 21,858 | |||||||||||||
Other acquisitions | 7,591 | 18,363 | 27,396 | |||||||||||||
Pro forma net income | $ | 324,507 | $ | 285,620 | $ | 259,518 | ||||||||||
Earnings per share-basic, as reported | $ | 1.04 | $ | 0.88 | $ | 0.72 | ||||||||||
Effect of purchased businesses for the period prior to acquisition: | ||||||||||||||||
Sator | 0.02 | 0.02 | — | |||||||||||||
ECP | — | — | 0.07 | |||||||||||||
Other acquisitions | 0.03 | 0.06 | 0.09 | |||||||||||||
Pro forma earnings per share-basic (a) | $ | 1.08 | $ | 0.97 | $ | 0.89 | ||||||||||
Earnings per share-diluted, as reported | $ | 1.02 | $ | 0.87 | $ | 0.71 | ||||||||||
Effect of purchased businesses for the period prior to acquisition: | ||||||||||||||||
Sator | 0.02 | 0.02 | — | |||||||||||||
ECP | — | — | 0.07 | |||||||||||||
Other acquisitions | 0.02 | 0.06 | 0.09 | |||||||||||||
Pro forma earnings per share-diluted (a) | $ | 1.07 | $ | 0.95 | $ | 0.87 | ||||||||||
(a) The sum of the individual earnings per share amounts may not equal the total due to rounding. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computation Of Earnings Per Share | ' | |||||||||||
The following chart sets forth the computation of earnings per share (in thousands, except per share amounts): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net Income | $ | 311,623 | $ | 261,225 | $ | 210,264 | ||||||
Denominator for basic earnings per share—Weighted-average shares outstanding | 299,574 | 295,810 | 292,252 | |||||||||
Effect of dilutive securities: | ||||||||||||
RSUs | 845 | 479 | 182 | |||||||||
Stock options | 3,696 | 4,346 | 4,250 | |||||||||
Restricted stock | 16 | 58 | 66 | |||||||||
Denominator for diluted earnings per share—Adjusted weighted-average shares outstanding | 304,131 | 300,693 | 296,750 | |||||||||
Earnings per share, basic | $ | 1.04 | $ | 0.88 | $ | 0.72 | ||||||
Earnings per share, diluted | $ | 1.02 | $ | 0.87 | $ | 0.71 | ||||||
Schedule Of Antidilutive Securities Excluded From Computation Of Diluted Earnings Per Share | ' | |||||||||||
The following table sets forth the number of employee stock-based compensation awards outstanding but not included in the computation of diluted earnings per share because their effect would have been antidilutive (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Antidilutive securities: | ||||||||||||
Stock options | — | — | 2,340 | |||||||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule Of Components Of Income Tax Expense (Benefit) | ' | |||||||||||
The provision for income taxes consists of the following components (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 115,150 | $ | 110,825 | $ | 97,887 | ||||||
State | 20,869 | 19,693 | 14,435 | |||||||||
Foreign | 23,906 | 13,202 | 3,883 | |||||||||
$ | 159,925 | $ | 143,720 | $ | 116,205 | |||||||
Deferred: | ||||||||||||
Federal | $ | 6,225 | $ | 5,824 | $ | 8,376 | ||||||
State | (550 | ) | (647 | ) | 919 | |||||||
Foreign | (1,396 | ) | (955 | ) | 7 | |||||||
$ | 4,279 | $ | 4,222 | $ | 9,302 | |||||||
Provision for income taxes | $ | 164,204 | $ | 147,942 | $ | 125,507 | ||||||
Schedule Of Income Before Income Tax, Domestic and Foreign | ' | |||||||||||
Income taxes have been based on the following components of income before provision for income taxes (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 361,283 | $ | 348,150 | $ | 319,305 | ||||||
Foreign | 114,544 | 61,017 | 16,466 | |||||||||
$ | 475,827 | $ | 409,167 | $ | 335,771 | |||||||
Schedule Of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The U.S. federal statutory rate is reconciled to the effective tax rate as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of state credits and federal tax impact | 2.9 | % | 3.1 | % | 3.1 | % | ||||||
Impact of international operations | (3.7 | )% | (2.3 | )% | (0.8 | )% | ||||||
Non-deductible expenses | 0.9 | % | 0.8 | % | 0.7 | % | ||||||
Federal production incentives and credits | (0.3 | )% | (0.3 | )% | (0.4 | )% | ||||||
Revaluation of deferred taxes | (0.3 | )% | (0.3 | )% | — | % | ||||||
Other, net | 0 | % | 0.2 | % | (0.2 | )% | ||||||
Effective tax rate | 34.5 | % | 36.2 | % | 37.4 | % | ||||||
Schedule Of Deferred Tax Assets and Liabilities | ' | |||||||||||
The significant components of our deferred tax assets and liabilities are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Inventory | $ | 30,880 | $ | 29,523 | ||||||||
Accrued expenses and reserves | 29,970 | 27,361 | ||||||||||
Stock-based compensation | 11,519 | 9,442 | ||||||||||
Accounts receivable | 11,161 | 10,037 | ||||||||||
Qualified and nonqualified retirement plans | 10,210 | 7,476 | ||||||||||
Net operating loss carryforwards | 5,181 | 4,451 | ||||||||||
Interest rate swaps | 3,070 | 5,461 | ||||||||||
Other | 4,777 | 4,711 | ||||||||||
106,768 | 98,462 | |||||||||||
Less valuation allowance | (1,092 | ) | (1,631 | ) | ||||||||
Total deferred tax assets | $ | 105,676 | $ | 96,831 | ||||||||
Deferred Tax Liabilities: | ||||||||||||
Goodwill and other intangible assets | $ | 83,097 | $ | 64,704 | ||||||||
Property and equipment | 50,695 | 48,994 | ||||||||||
Trade name | 40,929 | 30,336 | ||||||||||
Other | 2,693 | 1,428 | ||||||||||
Total deferred tax liabilities | $ | 177,414 | $ | 145,462 | ||||||||
Net deferred tax liability | $ | (71,738 | ) | $ | (48,631 | ) | ||||||
Schedule Of Deferred Tax Assets And Liabilities Classification | ' | |||||||||||
Deferred tax assets and liabilities are reflected on our Consolidated Balance Sheets as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Current deferred tax assets | $ | 63,938 | $ | 53,485 | ||||||||
Noncurrent deferred tax assets | 1,501 | 164 | ||||||||||
Current deferred tax liabilities | 3,355 | 5 | ||||||||||
Noncurrent deferred tax liabilities | 133,822 | 102,275 | ||||||||||
Schedule Of Unrecognized Tax Benefits Rollforward | ' | |||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at January 1 | $ | 2,303 | $ | 5,497 | $ | 5,441 | ||||||
Additions based on tax positions related to the current year | 348 | 973 | 952 | |||||||||
Additions for tax positions of prior years | 62 | 167 | 192 | |||||||||
Reductions for tax positions of prior years | — | (2,379 | ) | — | ||||||||
Lapse of statutes of limitations | (872 | ) | (998 | ) | (892 | ) | ||||||
Settlements with taxing authorities | — | (957 | ) | (196 | ) | |||||||
Balance at December 31 | $ | 1,841 | $ | 2,303 | $ | 5,497 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The components of Accumulated Other Comprehensive Income (Loss) are as follows (in thousands): | |||||||||||||||||
Foreign | Unrealized Gain (Loss) | Unrealized Gain | Accumulated | ||||||||||||||
Currency | on Cash Flow Hedges | on Pension Plan | Other | ||||||||||||||
Translation | Comprehensive | ||||||||||||||||
Income (Loss) | |||||||||||||||||
Balance at January 1, 2011 | $ | 2,202 | $ | 2,176 | $ | — | $ | 4,378 | |||||||||
Pretax loss | (4,273 | ) | (19,391 | ) | — | (23,664 | ) | ||||||||||
Income tax effect | — | 6,847 | — | 6,847 | |||||||||||||
Reclassification of unrealized loss | — | 5,641 | — | 5,641 | |||||||||||||
Reclassification of deferred income taxes | — | (2,019 | ) | — | (2,019 | ) | |||||||||||
Hedge ineffectiveness | — | (225 | ) | — | (225 | ) | |||||||||||
Income tax effect | — | 81 | — | 81 | |||||||||||||
Balance at December 31, 2011 | $ | (2,071 | ) | $ | (6,890 | ) | $ | — | $ | (8,961 | ) | ||||||
Pretax income (loss) | 12,921 | (11,313 | ) | — | 1,608 | ||||||||||||
Income tax effect | — | 3,962 | — | 3,962 | |||||||||||||
Reclassification of unrealized loss | — | 6,439 | — | 6,439 | |||||||||||||
Reclassification of deferred income taxes | — | (2,289 | ) | — | (2,289 | ) | |||||||||||
Balance at December 31, 2012 | $ | 10,850 | $ | (10,091 | ) | $ | — | $ | 759 | ||||||||
Pretax income (loss) | 14,056 | (21,250 | ) | 935 | (6,259 | ) | |||||||||||
Income tax effect | — | 7,984 | (234 | ) | 7,750 | ||||||||||||
Reclassification of unrealized loss | — | 27,481 | — | 27,481 | |||||||||||||
Reclassification of deferred income taxes | — | (10,011 | ) | — | (10,011 | ) | |||||||||||
Hedge ineffectiveness | — | 460 | — | 460 | |||||||||||||
Income tax effect | — | (169 | ) | — | (169 | ) | |||||||||||
Balance at December 31, 2013 | $ | 24,906 | $ | (5,596 | ) | $ | 701 | $ | 20,011 | ||||||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule Of Financial Performance By Reportable Segment | ' | |||||||||||
The following table presents our financial performance, including revenue, earnings before interest, taxes, depreciation and amortization (“EBITDA”), and depreciation and amortization by reportable segment for the periods indicated (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | ||||||||||||
North America | $ | 3,802,929 | $ | 3,426,858 | $ | 3,131,376 | ||||||
Europe | 1,259,599 | 696,072 | 138,486 | |||||||||
Total revenue | $ | 5,062,528 | $ | 4,122,930 | $ | 3,269,862 | ||||||
EBITDA | ||||||||||||
North America | $ | 484,824 | $ | 440,448 | $ | 405,924 | ||||||
Europe | 131,086 | 70,099 | 12,144 | |||||||||
Total EBITDA | $ | 615,910 | $ | 510,547 | $ | 418,068 | ||||||
Depreciation and Amortization | ||||||||||||
North America | $ | 65,606 | $ | 59,132 | $ | 52,481 | ||||||
Europe | 20,857 | 11,033 | 2,024 | |||||||||
Total depreciation and amortization | $ | 86,463 | $ | 70,165 | $ | 54,505 | ||||||
Reconciliation Of Earnings Before Interest Taxes Depreciation And Amortization To Net Income Table [Text Block] | ' | |||||||||||
The table below provides a reconciliation from EBITDA to Net Income (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
EBITDA | $ | 615,910 | $ | 510,547 | $ | 418,068 | ||||||
Depreciation and amortization | 86,463 | 70,165 | 54,505 | |||||||||
Interest expense, net | 50,825 | 31,215 | 22,447 | |||||||||
Loss on debt extinguishment | 2,795 | — | 5,345 | |||||||||
Provision for income taxes | 164,204 | 147,942 | 125,507 | |||||||||
Net income | $ | 311,623 | $ | 261,225 | $ | 210,264 | ||||||
Schedule Of Capital Expenditures By Reportable Segment | ' | |||||||||||
The following table presents capital expenditures, which includes additions to property and equipment, by reportable segment (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Capital Expenditures | ||||||||||||
North America | $ | 66,288 | $ | 73,331 | $ | 84,856 | ||||||
Europe | 23,898 | 14,924 | 1,560 | |||||||||
$ | 90,186 | $ | 88,255 | $ | 86,416 | |||||||
Schedule Of Assets By Reportable Segment | ' | |||||||||||
The following table presents assets by reportable segment (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Receivables, net | ||||||||||||
North America | $ | 277,395 | $ | 241,627 | $ | 230,871 | ||||||
Europe | 180,699 | 70,181 | 50,893 | |||||||||
Total receivables, net | 458,094 | 311,808 | 281,764 | |||||||||
Inventory | ||||||||||||
North America | 748,167 | 750,565 | 636,145 | |||||||||
Europe | 328,785 | 150,238 | 100,701 | |||||||||
Total inventory | 1,076,952 | 900,803 | 736,846 | |||||||||
Property and Equipment, net | ||||||||||||
North America | 447,528 | 434,010 | 380,282 | |||||||||
Europe | 99,123 | 60,369 | 43,816 | |||||||||
Total property and equipment, net | 546,651 | 494,379 | 424,098 | |||||||||
Other unallocated assets | 2,437,077 | 2,016,466 | 1,756,996 | |||||||||
Total assets | $ | 4,518,774 | $ | 3,723,456 | $ | 3,199,704 | ||||||
Schedule Of Revenue By Geographic Area | ' | |||||||||||
The following table sets forth our revenue by geographic area (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue | ||||||||||||
United States | $ | 3,544,360 | $ | 3,209,024 | $ | 2,952,620 | ||||||
United Kingdom | 981,585 | 696,072 | 138,486 | |||||||||
Other countries | 536,583 | 217,834 | 178,756 | |||||||||
$ | 5,062,528 | $ | 4,122,930 | $ | 3,269,862 | |||||||
Schedule Of Tangible Long-Lived Assets By Geographic Area | ' | |||||||||||
The following table sets forth our tangible long-lived assets by geographic area (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Long-lived Assets | ||||||||||||
United States | $ | 418,869 | $ | 408,244 | ||||||||
United Kingdom | 77,827 | 60,369 | ||||||||||
Other countries | 49,955 | 25,766 | ||||||||||
$ | 546,651 | $ | 494,379 | |||||||||
Schedule Of Revenue By Product Category | ' | |||||||||||
The following table sets forth our revenue by product category (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Aftermarket, other new and refurbished products | $ | 3,034,599 | $ | 2,286,853 | $ | 1,634,003 | ||||||
Recycled, remanufactured and related products and services | 1,394,981 | 1,277,023 | 1,115,088 | |||||||||
Other | 632,948 | 559,054 | 520,771 | |||||||||
$ | 5,062,528 | $ | 4,122,930 | $ | 3,269,862 | |||||||
Selected_Quarterly_Data_Select
Selected Quarterly Data Selected Quarterly Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Summary Of Selected Quarterly Data | ' | |||||||||||||||
The following table presents unaudited selected quarterly financial data for the two years ended December 31, 2013. Beginning with the quarter ended June 30, 2013, the selected quarterly financial data includes the results of Sator, which was acquired effective May 1, 2013. The operating results for any quarter are not necessarily indicative of the results for any future period. | ||||||||||||||||
Quarter Ended | ||||||||||||||||
(In thousands, except per share data) | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||
2012 | ||||||||||||||||
Revenue | $ | 1,031,777 | $ | 1,006,531 | $ | 1,016,707 | $ | 1,067,915 | ||||||||
Gross margin(1) | 447,383 | 421,931 | 409,705 | 445,121 | ||||||||||||
Operating income(1) | 133,608 | 108,567 | 91,434 | 104,344 | ||||||||||||
Net income(2) | 80,991 | 63,998 | 54,048 | 62,188 | ||||||||||||
Basic earnings per share(3) | $ | 0.28 | $ | 0.22 | $ | 0.18 | $ | 0.21 | ||||||||
Diluted earnings per share(3) | $ | 0.27 | $ | 0.21 | $ | 0.18 | $ | 0.21 | ||||||||
Quarter Ended | ||||||||||||||||
(In thousands, except per share data) | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||
2013 | ||||||||||||||||
Revenue | $ | 1,195,997 | $ | 1,251,748 | $ | 1,298,094 | $ | 1,316,689 | ||||||||
Gross margin | 501,949 | 509,873 | 517,907 | 545,673 | ||||||||||||
Operating income | 141,588 | 131,378 | 123,395 | 133,819 | ||||||||||||
Net income(2) | 84,592 | 75,722 | 73,445 | 77,864 | ||||||||||||
Basic earnings per share(3) | $ | 0.28 | $ | 0.25 | $ | 0.24 | $ | 0.26 | ||||||||
Diluted earnings per share(3) | $ | 0.28 | $ | 0.25 | $ | 0.24 | $ | 0.26 | ||||||||
-1 | Gross margin and operating income during the quarters ended March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012 include gains of $8.3 million, $8.4 million, $0.5 million and $0.7 million, respectively, resulting from lawsuit settlements with certain of our aftermarket product suppliers as discussed in Note 7, "Commitments and Contingencies." | |||||||||||||||
-2 | Net income during the quarters ended March 31, 2012 and December 31, 2012 include gains for changes in fair value of our contingent consideration liabilities of $1.3 million and $0.2 million, respectively, while the quarters ended June 30, 2012 and September 30, 2012 include losses of $1.2 million and $1.9 million, respectively. The quarters ended March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013 include losses for changes in fair value of our contingent consideration liabilities of $0.8 million, $0.2 million, $0.7 million and $0.8 million, respectively. See Note 6, "Fair Value Measurements," for further information on these changes in fair value of the contingent consideration obligations recorded in earnings during the periods. | |||||||||||||||
-3 | The sum of the quarters may not equal the total of the respective year's earnings per share on either a basic or diluted basis due to changes in weighted average shares outstanding throughout the year. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | |||||||||||||||||||
Consolidated Condensed Balance Sheets | ' | |||||||||||||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and equivalents | $ | 77,926 | $ | 13,693 | $ | 58,869 | $ | — | $ | 150,488 | ||||||||||
Receivables, net | — | 126,926 | 331,168 | — | 458,094 | |||||||||||||||
Intercompany receivables, net | 2,275 | 6,923 | — | (9,198 | ) | — | ||||||||||||||
Inventory | — | 687,164 | 389,788 | — | 1,076,952 | |||||||||||||||
Deferred income taxes | 3,189 | 57,422 | 3,327 | — | 63,938 | |||||||||||||||
Prepaid income taxes | 6,429 | — | 1,640 | — | 8,069 | |||||||||||||||
Prepaid expenses and other current assets | 1,495 | 24,190 | 16,591 | — | 42,276 | |||||||||||||||
Total Current Assets | 91,314 | 916,318 | 801,383 | (9,198 | ) | 1,799,817 | ||||||||||||||
Property and Equipment, net | 668 | 419,617 | 126,366 | — | 546,651 | |||||||||||||||
Intangible Assets: | ||||||||||||||||||||
Goodwill | — | 1,248,746 | 688,698 | — | 1,937,444 | |||||||||||||||
Other intangibles, net | — | 56,069 | 97,670 | — | 153,739 | |||||||||||||||
Investment in Subsidiaries | 2,364,586 | 264,815 | — | (2,629,401 | ) | — | ||||||||||||||
Intercompany Notes Receivable | 959,185 | 118,740 | — | (1,077,925 | ) | — | ||||||||||||||
Other Assets | 49,218 | 20,133 | 17,241 | (5,469 | ) | 81,123 | ||||||||||||||
Total Assets | $ | 3,464,971 | $ | 3,044,438 | $ | 1,731,358 | $ | (3,721,993 | ) | $ | 4,518,774 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts payable | $ | 314 | $ | 147,708 | $ | 201,047 | $ | — | $ | 349,069 | ||||||||||
Intercompany payables, net | — | — | 9,198 | (9,198 | ) | — | ||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Accrued payroll-related liabilities | 5,236 | 32,850 | 20,609 | — | 58,695 | |||||||||||||||
Other accrued expenses | 26,714 | 56,877 | 56,483 | — | 140,074 | |||||||||||||||
Income taxes payable | 2,517 | — | 14,923 | — | 17,440 | |||||||||||||||
Contingent consideration liabilities | — | 1,923 | 50,542 | — | 52,465 | |||||||||||||||
Other current liabilities | 286 | 13,039 | 5,350 | — | 18,675 | |||||||||||||||
Current portion of long-term obligations | 24,421 | 3,030 | 14,084 | — | 41,535 | |||||||||||||||
Total Current Liabilities | 59,488 | 255,427 | 372,236 | (9,198 | ) | 677,953 | ||||||||||||||
Long-Term Obligations, Excluding Current Portion | 1,016,249 | 6,554 | 241,443 | — | 1,264,246 | |||||||||||||||
Intercompany Notes Payable | — | 611,274 | 466,651 | (1,077,925 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 110,110 | 29,181 | (5,469 | ) | 133,822 | ||||||||||||||
Contingent Consideration Liabilities | — | 877 | 2,311 | — | 3,188 | |||||||||||||||
Other Noncurrent Liabilities | 38,489 | 45,540 | 4,791 | — | 88,820 | |||||||||||||||
Stockholders’ Equity | 2,350,745 | 2,014,656 | 614,745 | (2,629,401 | ) | 2,350,745 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 3,464,971 | $ | 3,044,438 | $ | 1,731,358 | $ | (3,721,993 | ) | $ | 4,518,774 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and equivalents | $ | 18,396 | $ | 18,253 | $ | 23,121 | $ | — | $ | 59,770 | ||||||||||
Receivables, net | — | 94,435 | 217,373 | — | 311,808 | |||||||||||||||
Intercompany receivables, net | 1,781 | 5,970 | — | (7,751 | ) | — | ||||||||||||||
Inventory | — | 690,365 | 210,438 | — | 900,803 | |||||||||||||||
Deferred income taxes | 4,778 | 45,255 | 3,452 | — | 53,485 | |||||||||||||||
Prepaid income taxes | 26,538 | — | 2,999 | — | 29,537 | |||||||||||||||
Prepaid expenses and other current assets | 1,065 | 16,608 | 11,275 | — | 28,948 | |||||||||||||||
Total Current Assets | 52,558 | 870,886 | 468,658 | (7,751 | ) | 1,384,351 | ||||||||||||||
Property and Equipment, net | 970 | 408,944 | 84,465 | — | 494,379 | |||||||||||||||
Intangible Assets: | ||||||||||||||||||||
Goodwill | — | 1,226,718 | 463,566 | — | 1,690,284 | |||||||||||||||
Other intangibles, net | — | 61,815 | 44,900 | — | 106,715 | |||||||||||||||
Investment in Subsidiaries | 1,923,997 | 142,334 | — | (2,066,331 | ) | — | ||||||||||||||
Intercompany Notes Receivable | 711,624 | 39,239 | — | (750,863 | ) | — | ||||||||||||||
Other Assets | 41,692 | 17,830 | 3,528 | (15,323 | ) | 47,727 | ||||||||||||||
Total Assets | $ | 2,730,841 | $ | 2,767,766 | $ | 1,065,117 | $ | (2,840,268 | ) | $ | 3,723,456 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts payable | $ | 52 | $ | 97,678 | $ | 121,605 | $ | — | $ | 219,335 | ||||||||||
Intercompany payables, net | — | — | 7,751 | (7,751 | ) | — | ||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Accrued payroll-related liabilities | 3,731 | 25,697 | 14,972 | — | 44,400 | |||||||||||||||
Other accrued expenses | 2,258 | 48,805 | 39,359 | — | 90,422 | |||||||||||||||
Income taxes payable | — | — | 2,748 | — | 2,748 | |||||||||||||||
Contingent consideration liabilities | — | 1,518 | 40,737 | — | 42,255 | |||||||||||||||
Other current liabilities | 286 | 16,241 | 541 | — | 17,068 | |||||||||||||||
Current portion of long-term obligations | 32,300 | 9,940 | 29,476 | — | 71,716 | |||||||||||||||
Total Current Liabilities | 38,627 | 199,879 | 257,189 | (7,751 | ) | 487,944 | ||||||||||||||
Long-Term Obligations, Excluding Current Portion | 691,670 | 7,549 | 347,543 | — | 1,046,762 | |||||||||||||||
Intercompany Notes Payable | — | 681,275 | 69,588 | (750,863 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 102,702 | 14,896 | (15,323 | ) | 102,275 | ||||||||||||||
Contingent Consideration Liabilities | — | 2,500 | 45,254 | — | 47,754 | |||||||||||||||
Other Noncurrent Liabilities | 36,450 | 35,383 | 2,794 | — | 74,627 | |||||||||||||||
Stockholders’ Equity | 1,964,094 | 1,738,478 | 327,853 | (2,066,331 | ) | 1,964,094 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 2,730,841 | $ | 2,767,766 | $ | 1,065,117 | $ | (2,840,268 | ) | $ | 3,723,456 | |||||||||
Consolidated Condensed Statements of Income | ' | |||||||||||||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Revenue | $ | — | $ | 3,576,269 | $ | 1,598,832 | $ | (112,573 | ) | $ | 5,062,528 | |||||||||
Cost of goods sold | — | 2,100,804 | 998,895 | (112,573 | ) | 2,987,126 | ||||||||||||||
Gross margin | — | 1,475,465 | 599,937 | — | 2,075,402 | |||||||||||||||
Facility and warehouse expenses | — | 323,042 | 102,039 | — | 425,081 | |||||||||||||||
Distribution expenses | — | 297,908 | 134,039 | — | 431,947 | |||||||||||||||
Selling, general and administrative expenses | 26,778 | 377,481 | 192,793 | — | 597,052 | |||||||||||||||
Restructuring and acquisition related expenses | — | 1,406 | 8,767 | — | 10,173 | |||||||||||||||
Depreciation and amortization | 250 | 55,802 | 24,917 | — | 80,969 | |||||||||||||||
Operating (loss) income | (27,028 | ) | 419,826 | 137,382 | — | 530,180 | ||||||||||||||
Other expense (income): | ||||||||||||||||||||
Interest expense | 42,442 | 640 | 8,102 | — | 51,184 | |||||||||||||||
Intercompany interest (income) expense, net | (45,459 | ) | 21,978 | 23,481 | — | — | ||||||||||||||
Loss on debt extinguishment | 2,795 | — | — | — | 2,795 | |||||||||||||||
Change in fair value of contingent consideration liabilities | — | (744 | ) | 3,248 | — | 2,504 | ||||||||||||||
Interest and other expense (income), net | 252 | (2,858 | ) | 476 | — | (2,130 | ) | |||||||||||||
Total other expense, net | 30 | 19,016 | 35,307 | — | 54,353 | |||||||||||||||
(Loss) income before (benefit) provision for income taxes | (27,058 | ) | 400,810 | 102,075 | — | 475,827 | ||||||||||||||
(Benefit) provision for income taxes | (7,193 | ) | 151,369 | 20,028 | — | 164,204 | ||||||||||||||
Equity in earnings of subsidiaries | 331,488 | 22,050 | — | (353,538 | ) | — | ||||||||||||||
Net income | $ | 311,623 | $ | 271,491 | $ | 82,047 | $ | (353,538 | ) | $ | 311,623 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Revenue | $ | — | $ | 3,236,507 | $ | 976,710 | $ | (90,287 | ) | $ | 4,122,930 | |||||||||
Cost of goods sold | — | 1,886,098 | 602,979 | (90,287 | ) | 2,398,790 | ||||||||||||||
Gross margin | — | 1,350,409 | 373,731 | — | 1,724,140 | |||||||||||||||
Facility and warehouse expenses | — | 287,036 | 60,881 | — | 347,917 | |||||||||||||||
Distribution expenses | — | 281,011 | 94,824 | — | 375,835 | |||||||||||||||
Selling, general and administrative expenses | 21,098 | 346,596 | 127,897 | — | 495,591 | |||||||||||||||
Restructuring and acquisition related expenses | — | 1,812 | 939 | — | 2,751 | |||||||||||||||
Depreciation and amortization | 296 | 49,782 | 14,015 | — | 64,093 | |||||||||||||||
Operating (loss) income | (21,394 | ) | 384,172 | 75,175 | — | 437,953 | ||||||||||||||
Other (income) expense: | ||||||||||||||||||||
Interest expense | 24,272 | 308 | 6,849 | — | 31,429 | |||||||||||||||
Intercompany interest (income) expense, net | (37,491 | ) | 27,377 | 10,114 | — | — | ||||||||||||||
Change in fair value of contingent consideration liabilities | — | (1,943 | ) | 3,586 | — | 1,643 | ||||||||||||||
Interest and other income, net | (43 | ) | (3,638 | ) | (605 | ) | — | (4,286 | ) | |||||||||||
Total other (income) expense, net | (13,262 | ) | 22,104 | 19,944 | — | 28,786 | ||||||||||||||
(Loss) income before (benefit) provision for income taxes | (8,132 | ) | 362,068 | 55,231 | — | 409,167 | ||||||||||||||
(Benefit) provision for income taxes | (3,287 | ) | 140,150 | 11,079 | — | 147,942 | ||||||||||||||
Equity in earnings of subsidiaries | 266,070 | 12,481 | — | (278,551 | ) | — | ||||||||||||||
Net income | $ | 261,225 | $ | 234,399 | $ | 44,152 | $ | (278,551 | ) | $ | 261,225 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Revenue | $ | — | $ | 2,975,275 | $ | 370,912 | $ | (76,325 | ) | 3,269,862 | ||||||||||
Cost of goods sold | — | 1,721,419 | 232,775 | (76,325 | ) | 1,877,869 | ||||||||||||||
Gross margin | — | 1,253,856 | 138,137 | — | 1,391,993 | |||||||||||||||
Facility and warehouse expenses | — | 261,260 | 32,163 | — | 293,423 | |||||||||||||||
Distribution expenses | — | 257,395 | 30,231 | — | 287,626 | |||||||||||||||
Selling, general and administrative expenses | 22,680 | 321,403 | 47,859 | — | 391,942 | |||||||||||||||
Restructuring and acquisition related expenses | — | 3,438 | 4,152 | — | 7,590 | |||||||||||||||
Depreciation and amortization | 239 | 44,724 | 4,966 | — | 49,929 | |||||||||||||||
Operating (loss) income | (22,919 | ) | 365,636 | 18,766 | — | 361,483 | ||||||||||||||
Other (income) expense: | ||||||||||||||||||||
Interest expense | 21,839 | 99 | 2,369 | — | 24,307 | |||||||||||||||
Intercompany interest (income) expense, net | (36,018 | ) | 31,036 | 4,982 | — | — | ||||||||||||||
Loss on debt extinguishment | 5,345 | — | — | — | 5,345 | |||||||||||||||
Change in fair value of contingent consideration liabilities | (2,000 | ) | 11 | 581 | — | (1,408 | ) | |||||||||||||
Interest and other income, net | (332 | ) | (1,979 | ) | (221 | ) | — | (2,532 | ) | |||||||||||
Total other (income) expense, net | (11,166 | ) | 29,167 | 7,711 | — | 25,712 | ||||||||||||||
(Loss) income before (benefit) provision for income taxes | (11,753 | ) | 336,469 | 11,055 | — | 335,771 | ||||||||||||||
(Benefit) provision for income taxes | (6,034 | ) | 128,930 | 2,611 | — | 125,507 | ||||||||||||||
Equity in earnings of subsidiaries | 215,983 | 3,036 | — | (219,019 | ) | — | ||||||||||||||
Net income | $ | 210,264 | $ | 210,575 | $ | 8,444 | $ | (219,019 | ) | $ | 210,264 | |||||||||
Consolidated Condensed Statements of Comprehensive Income (Loss) | ' | |||||||||||||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net income | $ | 311,623 | $ | 271,491 | $ | 82,047 | $ | (353,538 | ) | $ | 311,623 | |||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||
Foreign currency translation | 14,056 | 7,168 | 15,495 | (22,663 | ) | 14,056 | ||||||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | 4,495 | — | 1,322 | (1,322 | ) | 4,495 | ||||||||||||||
Unrealized gain on pension plan, net of tax | 701 | — | 701 | (701 | ) | 701 | ||||||||||||||
Total other comprehensive income | 19,252 | 7,168 | 17,518 | (24,686 | ) | 19,252 | ||||||||||||||
Total comprehensive income | $ | 330,875 | $ | 278,659 | $ | 99,565 | $ | (378,224 | ) | $ | 330,875 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net income | $ | 261,225 | $ | 234,399 | $ | 44,152 | $ | (278,551 | ) | $ | 261,225 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation | 12,921 | 5,278 | 12,334 | (17,612 | ) | 12,921 | ||||||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | (3,201 | ) | — | (519 | ) | 519 | (3,201 | ) | ||||||||||||
Total other comprehensive income | 9,720 | 5,278 | 11,815 | (17,093 | ) | 9,720 | ||||||||||||||
Total comprehensive income | $ | 270,945 | $ | 239,677 | $ | 55,967 | $ | (295,644 | ) | $ | 270,945 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net income | $ | 210,264 | $ | 210,575 | $ | 8,444 | $ | (219,019 | ) | $ | 210,264 | |||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||
Foreign currency translation | (4,273 | ) | (1,440 | ) | (3,790 | ) | 5,230 | (4,273 | ) | |||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | (9,066 | ) | — | (1,042 | ) | 1,042 | (9,066 | ) | ||||||||||||
Total other comprehensive loss | (13,339 | ) | (1,440 | ) | (4,832 | ) | 6,272 | (13,339 | ) | |||||||||||
Total comprehensive income | $ | 196,925 | $ | 209,135 | $ | 3,612 | $ | (212,747 | ) | $ | 196,925 | |||||||||
Consolidated Condensed Statements of Cash Flows | ' | |||||||||||||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by operating activities | $ | 160,620 | $ | 260,567 | $ | 126,681 | $ | (119,812 | ) | $ | 428,056 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of property and equipment | — | (57,219 | ) | (32,967 | ) | — | (90,186 | ) | ||||||||||||
Proceeds from sales of property and equipment | — | 1,191 | 909 | — | 2,100 | |||||||||||||||
Investment in unconsolidated subsidiary | — | — | (9,136 | ) | — | (9,136 | ) | |||||||||||||
Investment and intercompany note activity with subsidiaries | (434,172 | ) | (84,894 | ) | — | 519,066 | — | |||||||||||||
Acquisitions, net of cash acquired | — | (33,436 | ) | (374,948 | ) | — | (408,384 | ) | ||||||||||||
Net cash used in investing activities | (434,172 | ) | (174,358 | ) | (416,142 | ) | 519,066 | (505,606 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from exercise of stock options | 15,392 | — | — | — | 15,392 | |||||||||||||||
Excess tax benefit from stock-based payments | 18,348 | — | — | — | 18,348 | |||||||||||||||
Debt issuance costs | (16,858 | ) | — | (82 | ) | — | (16,940 | ) | ||||||||||||
Proceeds from issuance of senior notes | 600,000 | — | — | — | 600,000 | |||||||||||||||
Borrowings under revolving credit facility | 315,000 | — | 122,023 | — | 437,023 | |||||||||||||||
Repayments under revolving credit facility | (616,000 | ) | — | (132,086 | ) | — | (748,086 | ) | ||||||||||||
Borrowings under term loans | 35,000 | — | — | — | 35,000 | |||||||||||||||
Repayments under term loans | (16,875 | ) | — | — | — | (16,875 | ) | |||||||||||||
Borrowings under receivables securitization facility | — | — | 41,500 | — | 41,500 | |||||||||||||||
Repayments under receivables securitization facility | — | — | (121,500 | ) | — | (121,500 | ) | |||||||||||||
Repayments of other long-term debt | (925 | ) | (8,930 | ) | (35,207 | ) | — | (45,062 | ) | |||||||||||
Payments of other obligations | — | (473 | ) | (32,386 | ) | — | (32,859 | ) | ||||||||||||
Investment and intercompany note activity with parent | — | 38,446 | 480,620 | (519,066 | ) | — | ||||||||||||||
Dividends | — | (119,812 | ) | — | 119,812 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 333,082 | (90,769 | ) | 322,882 | (399,254 | ) | 165,941 | |||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | 2,327 | — | 2,327 | |||||||||||||||
Net increase (decrease) in cash and equivalents | 59,530 | (4,560 | ) | 35,748 | — | 90,718 | ||||||||||||||
Cash and equivalents, beginning of period | 18,396 | 18,253 | 23,121 | — | 59,770 | |||||||||||||||
Cash and equivalents, end of period | $ | 77,926 | $ | 13,693 | $ | 58,869 | $ | — | $ | 150,488 | ||||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 150,309 | $ | 289,013 | $ | (74,085 | ) | $ | (159,047 | ) | $ | 206,190 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of property and equipment | (150 | ) | (68,344 | ) | (19,761 | ) | — | (88,255 | ) | |||||||||||
Proceeds from sales of property and equipment | — | 699 | 358 | — | 1,057 | |||||||||||||||
Investment and intercompany note activity with subsidiaries | (132,006 | ) | — | — | 132,006 | — | ||||||||||||||
Acquisitions, net of cash acquired | — | (183,716 | ) | (81,620 | ) | — | (265,336 | ) | ||||||||||||
Net cash used in investing activities | (132,156 | ) | (251,361 | ) | (101,023 | ) | 132,006 | (352,534 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from exercise of stock options | 17,693 | — | — | — | 17,693 | |||||||||||||||
Excess tax benefit from stock-based payments | 15,737 | — | — | — | 15,737 | |||||||||||||||
Debt issuance costs | (30 | ) | — | (223 | ) | — | (253 | ) | ||||||||||||
Borrowings under revolving credit facility | 612,700 | — | 129,681 | — | 742,381 | |||||||||||||||
Repayments under revolving credit facility | (832,700 | ) | — | (22,702 | ) | — | (855,402 | ) | ||||||||||||
Borrowings under term loans | 200,000 | — | — | — | 200,000 | |||||||||||||||
Repayments under term loans | (20,000 | ) | — | — | — | (20,000 | ) | |||||||||||||
Borrowings under receivables securitization facility | — | — | 82,700 | — | 82,700 | |||||||||||||||
Repayments under receivables securitization facility | — | — | (2,700 | ) | — | (2,700 | ) | |||||||||||||
Repayments of other long-term debt | (3,065 | ) | (2,568 | ) | (13,158 | ) | — | (18,791 | ) | |||||||||||
Payments of other obligations | — | (4,293 | ) | — | — | (4,293 | ) | |||||||||||||
Investment and intercompany note activity with parent | — | 129,076 | 2,930 | (132,006 | ) | — | ||||||||||||||
Dividends | — | (159,047 | ) | — | 159,047 | — | ||||||||||||||
Net cash (used in) provided by financing activities | (9,665 | ) | (36,832 | ) | 176,528 | 27,041 | 157,072 | |||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | 795 | — | 795 | |||||||||||||||
Net increase in cash and equivalents | 8,488 | 820 | 2,215 | — | 11,523 | |||||||||||||||
Cash and equivalents, beginning of period | 9,908 | 17,433 | 20,906 | — | 48,247 | |||||||||||||||
Cash and equivalents, end of period | $ | 18,396 | $ | 18,253 | $ | 23,121 | $ | — | $ | 59,770 | ||||||||||
LKQ CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by operating activities | $ | 72,199 | $ | 201,029 | $ | 4,341 | $ | (65,797 | ) | $ | 211,772 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of property and equipment | (922 | ) | (79,474 | ) | (6,020 | ) | — | (86,416 | ) | |||||||||||
Proceeds from sales of property and equipment | 2 | 1,557 | 184 | — | 1,743 | |||||||||||||||
Investment and intercompany note activity with subsidiaries | (347,005 | ) | (93,985 | ) | — | 440,990 | — | |||||||||||||
Acquisitions, net of cash acquired | — | (193,292 | ) | (293,642 | ) | — | (486,934 | ) | ||||||||||||
Net cash used in investing activities | (347,925 | ) | (365,194 | ) | (299,478 | ) | 440,990 | (571,607 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from exercise of stock options | 11,919 | — | — | — | 11,919 | |||||||||||||||
Excess tax benefit from stock-based payments | 7,973 | — | — | — | 7,973 | |||||||||||||||
Debt issuance costs | (10,874 | ) | — | (174 | ) | — | (11,048 | ) | ||||||||||||
Borrowings under revolving credit facility | 748,329 | — | 363,040 | — | 1,111,369 | |||||||||||||||
Repayments under revolving credit facility | (227,329 | ) | — | (226,538 | ) | — | (453,867 | ) | ||||||||||||
Borrowings under term loans | 250,000 | — | — | — | 250,000 | |||||||||||||||
Repayments under term loans | (563,079 | ) | — | (37,385 | ) | — | (600,464 | ) | ||||||||||||
Repayments of other long-term debt | (1,640 | ) | (849 | ) | (1,982 | ) | — | (4,471 | ) | |||||||||||
Investment and intercompany note activity with parent | — | 226,872 | 214,118 | (440,990 | ) | — | ||||||||||||||
Dividends | — | (65,797 | ) | — | 65,797 | — | ||||||||||||||
Net cash provided by financing activities | 215,299 | 160,226 | 311,079 | (375,193 | ) | 311,411 | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | — | 982 | — | 982 | |||||||||||||||
Net (decrease) increase in cash and equivalents | (60,427 | ) | (3,939 | ) | 16,924 | — | (47,442 | ) | ||||||||||||
Cash and equivalents, beginning of period | 70,335 | 21,372 | 3,982 | — | 95,689 | |||||||||||||||
Cash and equivalents, end of period | $ | 9,908 | $ | 17,433 | $ | 20,906 | $ | — | $ | 48,247 | ||||||||||
Business_Business_Additional_I
Business Business - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Number of facilities (rounded) | ' | 570 |
Stock split conversion ratio | 2 | ' |
Common stock, shares authorized | 500,000,000 | 1,000,000,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Reserve for estimated returns, discounts and allowances | $26,600,000 | $24,700,000 | ' | ' |
Reserve for uncollectible accounts | 14,400,000 | 9,500,000 | ' | ' |
Amortization expense | 13,800,000 | 9,500,000 | 7,900,000 | ' |
Estimated annual amortization expense in year one | 17,000,000 | ' | ' | ' |
Estimated annual amortization expense in year two | 15,100,000 | ' | ' | ' |
Estimated annual amortization expense in year three | 13,900,000 | ' | ' | ' |
Estimated annual amortization expense in year four | 13,200,000 | ' | ' | ' |
Estimated annual amortization expense in year five | 10,100,000 | ' | ' | ' |
Self-insurance reserve, total | 55,600,000 | 44,100,000 | ' | ' |
Self-insurance reserve, current | 25,800,000 | 21,500,000 | ' | ' |
Claims deposits | 500,000 | 500,000 | ' | ' |
Percentage threshold to measure tax benefit | 50.00% | ' | ' | ' |
Investment in unconsolidated subsidiary, ownership percentage | ' | ' | ' | 49.00% |
Equity method investment, ownership percentage of other investors | ' | ' | ' | 51.00% |
Investment in unconsolidated subsidiary | 8,900,000 | ' | ' | ' |
Self-insurance | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Outstanding letters of credit | 43,000,000 | 37,100,000 | ' | ' |
Salvage Mechanical Products | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Standard warranty period | '6 months | ' | ' | ' |
Remanufactured Engines | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Standard warranty period | '3 years | ' | ' | ' |
Sator | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Intangible assets recognized | 45,293,000 | ' | ' | ' |
Trade names and trademarks | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Intangible assets recognized | 23,900,000 | 600,000 | ' | ' |
Trade names and trademarks | Minimum | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Useful life, years | '10 years | ' | ' | ' |
Trade names and trademarks | Maximum | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Useful life, years | '30 years | ' | ' | ' |
Trade names and trademarks | Sator | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Intangible assets recognized | 23,500,000 | ' | ' | ' |
Software and technology related assets | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Intangible assets recognized | 19,300,000 | ' | ' | ' |
Useful life, years | '5 years | ' | ' | ' |
Software and technology related assets | Sator | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Intangible assets recognized | 19,300,000 | ' | ' | ' |
Customer relationships | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Intangible assets recognized | 14,100,000 | 4,100,000 | ' | ' |
Customer relationships | Minimum | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Useful life, years | '5 years | ' | ' | ' |
Customer relationships | Maximum | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Useful life, years | '13 years | ' | ' | ' |
Customer relationships | Sator | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Intangible assets recognized | 2,500,000 | ' | ' | ' |
Customer relationships | UK Paint | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Intangible assets recognized | 11,400,000 | ' | ' | ' |
Covenants not to compete | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Intangible assets recognized | $300,000 | $600,000 | ' | ' |
Covenants not to compete | Minimum | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Useful life, years | '1 year | ' | ' | ' |
Covenants not to compete | Maximum | ' | ' | ' | ' |
Finite-Lived Intangible Assets | ' | ' | ' | ' |
Useful life, years | '5 years | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Schedule of Inventory (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Product Information | ' | ' | ' |
Inventory | $1,076,952 | $900,803 | $736,846 |
Aftermarket and refurbished products | ' | ' | ' |
Product Information | ' | ' | ' |
Inventory | 706,600 | 523,677 | ' |
Salvage and remanufactured products | ' | ' | ' |
Product Information | ' | ' | ' |
Inventory | $370,352 | $377,126 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Schedule of Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Land improvements | Minimum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '10 years |
Land improvements | Maximum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '20 years |
Buildings and improvements | Minimum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '20 years |
Buildings and improvements | Maximum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '40 years |
Furniture, fixtures and equipment | Minimum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '3 years |
Furniture, fixtures and equipment | Maximum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '20 years |
Computer equipment and software | Minimum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '3 years |
Computer equipment and software | Maximum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '10 years |
Vehicles and trailers | Minimum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '3 years |
Vehicles and trailers | Maximum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '10 years |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies Schedule of Property and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment | ' | ' | ' |
Property and equipment excluding construction in progress, gross | $808,845 | $698,708 | ' |
Less—Accumulated depreciation | -294,183 | -231,130 | ' |
Construction in progress | 31,989 | 26,801 | ' |
Property, Plant and Equipment, Net | 546,651 | 494,379 | 424,098 |
Land and improvements | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property and equipment excluding construction in progress, gross | 101,018 | 87,720 | ' |
Buildings and improvements | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property and equipment excluding construction in progress, gross | 143,535 | 133,368 | ' |
Furniture, fixtures and equipment | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property and equipment excluding construction in progress, gross | 282,862 | 243,565 | ' |
Computer equipment and software | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property and equipment excluding construction in progress, gross | 108,424 | 91,588 | ' |
Vehicles and trailers | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property and equipment excluding construction in progress, gross | 64,381 | 51,187 | ' |
Leasehold improvements | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' |
Property and equipment excluding construction in progress, gross | $108,625 | $91,280 | ' |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Beginning balance | $1,690,284 | $1,476,063 | ' | $1,032,973 |
Business acquisitions and adjustments to previously recorded goodwill | 235,447 | ' | 442,208 | ' |
Exchange rate effects | 11,713 | 16,619 | 882 | ' |
Ending balance | 1,937,444 | 1,690,284 | 1,476,063 | 1,032,973 |
North America | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 1,339,831 | 1,136,630 | ' | 1,032,973 |
Business acquisitions and adjustments to previously recorded goodwill | 27,035 | 201,742 | 105,177 | ' |
Exchange rate effects | -7,929 | 1,459 | -1,520 | ' |
Ending balance | 1,358,937 | 1,339,831 | 1,136,630 | 1,032,973 |
Europe | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 350,453 | 339,433 | ' | 0 |
Business acquisitions and adjustments to previously recorded goodwill | 208,412 | -4,140 | 337,031 | ' |
Exchange rate effects | 19,642 | 15,160 | 2,402 | ' |
Ending balance | $578,507 | $350,453 | $339,433 | $0 |
Components_of_Other_Intangible
Components of Other Intangibles (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets | ' | ' |
Gross carrying amount | $197,523 | $136,502 |
Accumulated amortization | -43,784 | -29,787 |
Net | 153,739 | 106,715 |
Trade names and trademarks | ' | ' |
Finite-Lived Intangible Assets | ' | ' |
Gross carrying amount | 143,577 | 118,422 |
Accumulated amortization | -27,950 | -21,599 |
Net | 115,627 | 96,823 |
Customer relationships | ' | ' |
Finite-Lived Intangible Assets | ' | ' |
Gross carrying amount | 29,583 | 14,426 |
Accumulated amortization | -10,770 | -6,642 |
Net | 18,813 | 7,784 |
Software and technology related assets | ' | ' |
Finite-Lived Intangible Assets | ' | ' |
Gross carrying amount | 20,384 | 0 |
Accumulated amortization | -2,718 | 0 |
Net | 17,666 | 0 |
Covenants not to compete | ' | ' |
Finite-Lived Intangible Assets | ' | ' |
Gross carrying amount | 3,979 | 3,654 |
Accumulated amortization | -2,346 | -1,546 |
Net | $1,633 | $2,108 |
Changes_in_Warranty_Reserve_De
Changes in Warranty Reserve (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Warranty Reserve [Roll Forward] | ' | ' |
Beginning balance | $10,574 | $7,347 |
Warranty expense | 29,674 | 29,628 |
Warranty claims | -27,801 | -27,514 |
Business acquisitions | ' | 1,113 |
Ending balance | $12,447 | $10,574 |
Equity_Incentive_Plans_Additio
Equity Incentive Plans - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Stock options expiration period | ' | '10 years | ' | ' |
Stock-based compensation expense | ' | $22,036,000 | $15,634,000 | $13,107,000 |
RSUs | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Shares available for issuance under the Equity Incentive Plan | ' | ' | ' | 1,433,582 |
Vesting period | ' | '5 years | ' | ' |
Number of shares that RSUs convert into on the applicable vesting date | ' | 1 | ' | ' |
RSU cancellation | ' | 122,500 | 119,422 | 44,904 |
RSUs granted (shares) | 585,160 | 924,312 | 1,504,410 | 1,643,348 |
Fair value of RSUs or restricted stock vested during the period | ' | 14,400,000 | 7,800,000 | 2,200,000 |
Outstanding RSUs or restricted stock, intrinsic value | ' | 84,200,000 | ' | ' |
Stock-based compensation expense | ' | 17,299,000 | 8,411,000 | 3,666,000 |
Replacement Performance Shares | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Vesting period | ' | '6 months | ' | ' |
RSU cancellation | ' | 671,400 | ' | ' |
RSUs granted (shares) | ' | 671,400 | ' | ' |
New Performance Shares | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Vesting period | ' | '6 months | ' | ' |
RSUs granted (shares) | ' | 275,400 | ' | ' |
Performance Shares | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
RSUs granted (shares) | ' | 946,800 | ' | ' |
Stock-based compensation expense | ' | 8,300,000 | ' | ' |
Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Exercise price adjustment resulting from stock split | ' | 50.00% | ' | ' |
Fair value of stock options vested | ' | 5,100,000 | 7,200,000 | 8,600,000 |
Intrinsic value of stock options exercised | ' | 46,900,000 | 45,300,000 | 24,800,000 |
Outstanding stock options, intrinsic value | ' | 176,700,000 | ' | ' |
Exercisable stock options, intrinsic value | ' | 151,000,000 | ' | ' |
Stock-based compensation expense | ' | 4,529,000 | 6,310,000 | 8,129,000 |
Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Vesting period | ' | '5 years | ' | ' |
Fair value of RSUs or restricted stock vested during the period | ' | 2,300,000 | 1,600,000 | 1,100,000 |
Outstanding RSUs or restricted stock, intrinsic value | ' | 700,000 | ' | ' |
Stock-based compensation expense | ' | $208,000 | $913,000 | $913,000 |
1998 Equity Incentive Plan | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Total shares approved under the Equity Incentive Plan | ' | 69,900,000 | ' | ' |
Shares available for issuance under the Equity Incentive Plan | ' | 13,965,440 | ' | ' |
Common Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' |
Closing stock price | ' | $32.90 | ' | ' |
Summary_of_Transactions_in_Sto
Summary of Transactions in Stock-Based Compensation Plans (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Balance, end of period | ' | 6,832,331 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Balance, weighted average exercise price, end of period | ' | $7,040 | ' | ' |
Shares Available For Grant | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Including Options, Shares Available for Grant [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | 14,643,932 | 15,752,370 | 4,280,180 |
Granted | ' | -924,312 | -1,504,410 | -1,643,348 |
Shares issued for director compensation | ' | ' | ' | -31,166 |
Cancelled | ' | 245,820 | 395,972 | 346,704 |
Additional shares authorized | ' | ' | ' | 12,800,000 |
Balance, end of period | ' | 13,965,440 | 14,643,932 | 15,752,370 |
RSUs | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Including Options, Shares Available for Grant [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 1,433,582 | ' |
Balance, end of period | ' | ' | ' | 1,433,582 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Balance, weighted average grant date fair value, beginning of period | $16.63 | $14.02 | $11.80 | ' |
Granted, weighted average grant date fair value | ' | $22.18 | $15.86 | $11.80 |
Vested, weighted average grant date fair value | ' | $15.05 | $13.09 | $11.84 |
Cancelled, weighted average grant date fair value | ' | $16.25 | $14.03 | $11.77 |
Balance, weighted average grant date fair value, end of period | ' | $16.63 | $14.02 | $11.80 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 2,558,213 | 2,351,362 | ' | ' |
Granted | 585,160 | 924,312 | 1,504,410 | 1,643,348 |
Vested | ' | -594,961 | -467,208 | -164,862 |
Cancelled | ' | -122,500 | -119,422 | -44,904 |
Balance, end of period | ' | 2,558,213 | 2,351,362 | ' |
Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | 9,355,070 | 13,078,092 | 16,147,930 |
Granted | ' | ' | ' | 0 |
Exercised | ' | -2,399,419 | -3,446,472 | -2,768,038 |
Cancelled | ' | -123,320 | -276,550 | -301,800 |
Balance, end of period | ' | 6,832,331 | 9,355,070 | 13,078,092 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Balance, weighted average exercise price, beginning of period | ' | $6.90 | $6.47 | $6.14 |
Granted, weighted average exercise price | ' | ' | ' | $0 |
Exercised, weighted average exercise price | ' | $6.41 | $5.13 | $4.31 |
Cancelled, weighted average exercise price | ' | $8.89 | $8.30 | $8.44 |
Balance, weighted average exercise price, end of period | ' | $7.04 | $6.90 | $6.47 |
Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Balance, weighted average grant date fair value, beginning of period | ' | $9.47 | $9.49 | $9.50 |
Vested, weighted average grant date fair value | ' | $9.51 | $9.51 | $9.51 |
Balance, weighted average grant date fair value, end of period | ' | $9.30 | $9.47 | $9.49 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | 116,000 | 212,000 | 308,000 |
Vested | ' | -96,000 | -96,000 | -96,000 |
Balance, end of period | ' | 20,000 | 116,000 | 212,000 |
Equity_Incentive_Plans_Summary
Equity Incentive Plans Summary of Expected to Vest RSUs, Stock Options, and Restricted Stock (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
RSUs | ' |
Summary of Expected to Vest RSUs, Stock Options, and Restricted Stock [Line Items] | ' |
Shares | 2,462,273 |
Weighted average remaining contractual life | '2 years 10 months |
Intrinsic value | $81,009 |
Stock Options | ' |
Summary of Expected to Vest RSUs, Stock Options, and Restricted Stock [Line Items] | ' |
Shares | 6,776,241 |
Weighted average remaining contractual life | '4 years 2 months |
Intrinsic value | 175,394 |
Weighted average exercise price | $7.02 |
Restricted Stock | ' |
Summary of Expected to Vest RSUs, Stock Options, and Restricted Stock [Line Items] | ' |
Shares | 20,000 |
Weighted average remaining contractual life | '0 years 10 months |
Intrinsic value | $658 |
Equity_Incentive_Plans_Summary1
Equity Incentive Plans Summary of Outstanding And Exercisable Stock Options (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Outstanding shares | 6,832,331 |
Weighted average remaining contractual life, outstanding options | '4 years 2 months 12 days |
Weighted average exercise price, outstanding options | $7,040 |
Exercisable shares | 5,751,462 |
Weighted average remaining contractual life, exercisable options | '3 years 10 months 24 days |
Weighted average exercise price, exercisable options | $6,650 |
$1.50 - $3.50 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range limit | $1.50 |
Upper range limit | $3.50 |
Outstanding shares | 791,646 |
Weighted average remaining contractual life, outstanding options | '10 months 24 days |
Weighted average exercise price, outstanding options | $2,200 |
Exercisable shares | 791,646 |
Weighted average remaining contractual life, exercisable options | '10 months 24 days |
Weighted average exercise price, exercisable options | $2,200 |
$3.51 - $5.50 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range limit | $3.51 |
Upper range limit | $5.50 |
Outstanding shares | 1,381,400 |
Weighted average remaining contractual life, outstanding options | '2 years 6 months |
Weighted average exercise price, outstanding options | $4,840 |
Exercisable shares | 1,381,400 |
Weighted average remaining contractual life, exercisable options | '2 years 6 months |
Weighted average exercise price, exercisable options | $4,840 |
$5.51 - $7.50 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range limit | $5.51 |
Upper range limit | $7.50 |
Outstanding shares | 1,575,714 |
Weighted average remaining contractual life, outstanding options | '5 years |
Weighted average exercise price, outstanding options | $5,980 |
Exercisable shares | 1,342,293 |
Weighted average remaining contractual life, exercisable options | '5 years |
Weighted average exercise price, exercisable options | $5,980 |
$7.51 - $9.50 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range limit | $7.51 |
Upper range limit | $9.50 |
Outstanding shares | 203,166 |
Weighted average remaining contractual life, outstanding options | '5 years 1 month 6 days |
Weighted average exercise price, outstanding options | $9,230 |
Exercisable shares | 175,366 |
Weighted average remaining contractual life, exercisable options | '5 years |
Weighted average exercise price, exercisable options | $9,240 |
$9.51 and above | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range limit | $9.51 |
Outstanding shares | 2,880,405 |
Weighted average remaining contractual life, outstanding options | '5 years 4 months 24 days |
Weighted average exercise price, outstanding options | $9,850 |
Exercisable shares | 2,060,757 |
Weighted average remaining contractual life, exercisable options | '5 years 2 months 12 days |
Weighted average exercise price, exercisable options | $9,810 |
Schedule_of_PreTax_StockBased_
Schedule of Pre-Tax Stock-Based Compensation Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Stock-based compensation expense | $22,036 | $15,634 | $13,107 |
RSUs | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Stock-based compensation expense | 17,299 | 8,411 | 3,666 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Stock-based compensation expense | 4,529 | 6,310 | 8,129 |
Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Stock-based compensation expense | 208 | 913 | 913 |
Stock Issued To Non-Employee Directors | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Stock-based compensation expense | ' | $0 | $399 |
Schedule_of_StockBased_Compens
Schedule of Stock-Based Compensation Expense Included in Statements of Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ' | ' |
Stock-based compensation expense, before tax | $22,036 | $15,634 | $13,107 |
Income tax benefit | -8,594 | -6,097 | -5,059 |
Total stock-based compensation expense, net of tax | 13,442 | 9,537 | 8,048 |
Cost of goods sold | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ' | ' |
Stock-based compensation expense, before tax | 392 | 376 | 327 |
Facility and warehouse expenses | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ' | ' |
Stock-based compensation expense, before tax | 2,745 | 2,465 | 2,391 |
Selling, general and administrative expenses | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | ' | ' |
Stock-based compensation expense, before tax | $18,899 | $12,793 | $10,389 |
Schedule_of_StockBased_Compens1
Schedule of Stock-Based Compensation Expense Expected to be Recognized (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Share-based Compensation Arrangement by Share-based Payment Award | ' |
2014 | $15,385 |
2015 | 9,192 |
2016 | 5,611 |
2017 | 2,666 |
2018 | 118 |
Total unrecognized compensation expense | 32,972 |
RSUs | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' |
2014 | 12,522 |
2015 | 9,123 |
2016 | 5,611 |
2017 | 2,666 |
2018 | 118 |
Total unrecognized compensation expense | 30,040 |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' |
2014 | 2,724 |
2015 | 69 |
Total unrecognized compensation expense | 2,793 |
Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' |
2014 | 139 |
Total unrecognized compensation expense | $139 |
LongTerm_Obligations_Additiona
Long-Term Obligations - Additional Information (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | 3-May-13 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 25, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 3-May-13 | 3-May-13 | 3-May-13 | 3-May-13 | 9-May-13 |
Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Senior Notes | Senior Notes | Receivables securitization | Receivables securitization | Receivables securitization | Receivables securitization | Multicurrency Component [Member] | US Dollar Component [Member] | Amended Credit Agreement | Original Credit Agreement | Four Point Seven Five Percent Senior Notes Due May 2023 | |||
Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | |||||||||||||||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension period of maturity date for credit agreement | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum credit agreement borrowings | ' | ' | $1,800,000,000 | ' | ' | ' | $1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum revolving credit facility borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 | 150,000,000 | ' | ' | ' |
Debt and capital lease obligations | 1,305,781,000 | 1,118,478,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of letters of credit | ' | ' | 150,000,000 | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Swing line loan maximum capacity | ' | ' | 50,000,000 | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum increase of revolving credit facility or term loans | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum leverage ratio for incremental borrowings | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan quarterly repayment, percentage of initial balance | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment requirement, duration to reinvest proceeds from sale or disposition of certain assets | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum net leverage ratio | ' | ' | 3.5 | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum consideration for acquisitions during 12 month period to change the maximum net leverage ratio | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum net leverage ratio subsequent to acquisitions | ' | ' | 4 | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum interest coverage ratio | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increment change in applicable margin | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rates | ' | ' | ' | ' | 3.05% | 2.85% | ' | ' | ' | ' | ' | ' | 1.05% | ' | ' | ' | ' | ' |
Increment change in commitment fees | ' | ' | 0.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fronting fee on letters of credit in addition to participation commission | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under credit agreement, carrying value | ' | ' | ' | ' | 672,600,000 | 974,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current maturities of credit agreement | ' | ' | ' | ' | 22,500,000 | 31,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | 45,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability on the revolving credit facility | ' | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees incurred related to the execution of the agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fees capitalized | ' | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,700,000 |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 1,700,000 | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% |
Percent of notes redeemable before May 15, 2016 with net cash proceeds from certain equity offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% |
Notes redemption price, percent of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Period to consummate exchange offer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '365 days |
Failure to consummate exchange offer, annual interest rate increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% |
Failure to consummate exchange offer, for each subsequent default period, additional interest rate increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% |
Failure to consummate exchange offer, subsequent default period for additional incremental increase in annual interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days |
Failure to consummate exchange offer, maximum additional increase in annual interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% |
Receivables securitization facility term period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables securitization maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables used as collateral for receivables securitization facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 116,900,000 | ' | ' | ' | ' | ' | ' |
Increase in borrowings | ' | ' | ' | 370,000,000 | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' |
Borrowings under receivable securitization facility, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 80,000,000 | ' | ' | ' | ' | ' |
Margin above LIBOR for receivables secuirtization facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Financing Costs | ' | ' | $7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_LongTerm_Obligatio
Schedule of Long-Term Obligations (Details) (USD $) | Dec. 31, 2013 | 3-May-13 | Dec. 31, 2012 |
Debt Instrument | ' | ' | ' |
Less current maturities | ($41,535,000) | ' | ($71,716,000) |
Long-Term Obligations, Excluding Current Portion | 1,264,246,000 | ' | 1,046,762,000 |
Long-term obligations, total | 1,305,781,000 | ' | 1,118,478,000 |
Loans Payable | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Term loan | 438,750,000 | ' | 420,625,000 |
Long-term obligations, total | ' | 450,000,000 | ' |
Revolving Credit Facility [Member] | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Long-term Line of Credit | 233,804,000 | ' | 553,964,000 |
Senior Notes | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Debt instrument, face amount | 600,000,000 | ' | 0 |
Receivables securitization | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Borrowings under receivable securitization facility, carrying value | 0 | ' | 80,000,000 |
Notes payable | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Notes Payable | 15,730,000 | ' | 42,398,000 |
Other long-term debt | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Other long-term debt | $17,497,000 | ' | $21,491,000 |
Schedule_of_LongTerm_Obligatio1
Schedule of Long-Term Obligations (Parenthetical) (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Notes payable | ' | ' |
Debt Instrument | ' | ' |
Weighted average interest rates | 1.10% | 1.70% |
Other long-term debt | ' | ' |
Debt Instrument | ' | ' |
Weighted average interest rates | 3.50% | 3.30% |
LongTerm_Obligations_Schedule_
Long-Term Obligations Schedule of Maturities of Long-Term Obligations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $41,535 | ' |
2015 | 27,934 | ' |
2016 | 25,240 | ' |
2017 | 23,334 | ' |
2018 | 583,140 | ' |
Thereafter | 604,598 | ' |
Long-term obligations, total | $1,305,781 | $1,118,478 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | Foreign Exchange Forward | Foreign Exchange Forward | |
Pound Sterling Notional Amount | Euro Notional Amount | ||
GBP (£) | EUR (€) | ||
Derivative | ' | ' | ' |
Derivative, Notional Amount | ' | £ 70,000,000 | € 149,976,000 |
Net loss included in accumulated other comprehensive income (loss) to be reclassified into interest expense within the next 12 months | ($4,000,000) | ' | ' |
Terms_of_Interest_Rate_Swap_Ag
Terms of Interest Rate Swap Agreements (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward | Foreign Exchange Forward |
US Dollar Notional Amount | US Dollar Notional Amount | Pound Sterling Notional Amount | Pound Sterling Notional Amount | Pound Sterling Notional Amount | Pound Sterling Notional Amount | Canadian Dollar Notional Amount | Canadian Dollar Notional Amount | Canadian Dollar Notional Amount | Canadian Dollar Notional Amount | Pound Sterling Notional Amount | Pound Sterling Notional Amount | Euro Notional Amount | Euro Notional Amount | |||
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | CAD | USD ($) | CAD | USD ($) | GBP (£) | USD ($) | EUR (€) | |||
Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | $420,000 | $520,000 | ' | £ 50,000 | ' | £ 50,000 | ' | 25,000 | ' | 25,000 | ' | £ 70,000 | ' | € 149,976 |
Derivative Liabilities, Current | 21,818 | 705 | ' | 705 | ' | ' | ' | ' | ' | ' | ' | ' | 10,186 | ' | 11,632 | ' |
Derivative Liabilities, Noncurrent | $8,470 | $14,938 | $8,099 | $12,791 | $345 | ' | $2,135 | ' | $26 | ' | $12 | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Details) | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
USD ($) | USD ($) | Credit Agreement | Credit Agreement | Receivables securitization | Receivables securitization | Senior Notes | Senior Notes | ECP 2012 Contingent Payment | ECP 2012 Contingent Payment | ECP 2012 Contingent Payment | ECP 2013 Contingent Payment Draco Portion | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | GBP (£) | GBP (£) | |||
Fair Value Measurements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum payment under contingent consideration agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | £ 25,000,000 | £ 27,000,000 |
Losses related to contingent consideration obligations outstanding at period-end | 3,000,000 | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under credit agreement, carrying value | ' | ' | 672,600,000 | 974,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under receivable securitization facility, carrying value | ' | ' | ' | ' | 0 | 80,000,000 | ' | ' | ' | ' | ' | ' |
Contingent consideration payments | 39,117,000 | 3,100,000 | ' | ' | ' | ' | ' | ' | 33,900,000 | 22,400,000 | ' | ' |
Contingent consideration other settlements | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | 2,600,000 | ' | ' |
Debt instrument, fair value | ' | ' | ' | ' | ' | ' | 561,000,000 | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | $600,000,000 | $0 | ' | ' | ' | ' |
Financial_Assets_and_Liabiliti
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Fair value assets measured on recurring basis | $25,745 | $19,492 |
Fair value liabilities measured on recurring basis | 111,173 | 125,495 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Fair value assets measured on recurring basis | 25,745 | 19,492 |
Fair value liabilities measured on recurring basis | 55,520 | 35,486 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Fair value liabilities measured on recurring basis | 55,653 | 90,009 |
Cash surrender value of life insurance | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Fair value assets measured on recurring basis | 25,745 | 19,492 |
Cash surrender value of life insurance | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Fair value assets measured on recurring basis | 25,745 | 19,492 |
Contingent Consideration Liabilities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Fair value liabilities measured on recurring basis | 55,653 | 90,009 |
Contingent Consideration Liabilities | Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Fair value liabilities measured on recurring basis | 55,653 | 90,009 |
Deferred Compensation Liabilities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Fair value liabilities measured on recurring basis | 25,232 | 19,843 |
Deferred Compensation Liabilities | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Fair value liabilities measured on recurring basis | 25,232 | 19,843 |
Interest Rate Swap | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Fair value liabilities measured on recurring basis | 8,470 | 15,643 |
Interest Rate Swap | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Fair value liabilities measured on recurring basis | $8,470 | $15,643 |
Significant_Unobservable_Input
Significant Unobservable Inputs Used in Fair Value Measurements (Details) (Contingent Consideration Liabilities, Fair Value, Inputs, Level 3) | Dec. 31, 2013 | Dec. 31, 2012 |
Contingent Consideration Liabilities | Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ' |
Weighted Average, Probability of achieving payout targets | 70.60% | 79.70% |
Weighted Average, Discount rate | 6.50% | 6.60% |
Changes_in_Fair_Value_of_Conti
Changes in Fair Value of Contingent Consideration Obligations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Contingent Consideration Obligations [Roll Forward] | ' | ' | ' |
Beginning balance | $90,009 | $82,382 | ' |
Contingent consideration liabilities recorded for business acquisitions | 3,854 | 5,456 | 81,239 |
Payments | -39,117 | -3,100 | ' |
Loss (gain) included in earnings | 2,504 | 1,643 | ' |
Exchange rate effects | -1,597 | 3,628 | ' |
Ending balance | $55,653 | $90,009 | $82,382 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Rent expense | ' | ' | ' | ' | $122.40 | $101.10 | $83.70 |
Guaranteed residual value of operating leases | ' | ' | ' | ' | 24.6 | ' | ' |
Gain on lawsuit settlements | $0.70 | $0.50 | $8.40 | $8.30 | ' | $17.90 | ' |
Number of defendants class action is pending against | ' | ' | ' | ' | 2 | ' | ' |
Future_Minimum_Lease_Commitmen
Future Minimum Lease Commitments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $114,405 |
2015 | 103,038 |
2016 | 85,821 |
2017 | 68,173 |
2018 | 54,550 |
Thereafter | 220,358 |
Future Minimum Lease Payments | $646,345 |
Business_Combinations_Addition
Business Combinations - Additional Information (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2013 | 3-May-13 | 3-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 03, 2014 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 03, 2011 | Oct. 03, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | 3-May-13 | |
USD ($) | USD ($) | USD ($) | USD ($) | Europe | Europe | Europe | Europe | North America | North America | North America | North America | All 2013 Acquisitions | Sator | Sator | Sator | All 2013 Acquisitions Excluding Sator | All 2013 Acquisitions Excluding Sator | All 2013 Acquisitions Excluding Sator | All 2013 Acquisitions Excluding Sator | UK Paint | Keystone Specialty | All 2012 Acquisitions | All 2012 Acquisitions | All 2012 Acquisitions | All 2012 Acquisitions | All 2012 Acquisitions | Scrap and Other Metals Processors | Euro Car Parts Holdings Limited | Euro Car Parts Holdings Limited | Euro Car Parts Holdings Limited | Euro Car Parts Holdings Limited | Euro Car Parts Holdings Limited | All 2011 Acquisitions Excluding ECP | All 2011 Acquisitions Excluding ECP | All 2011 Acquisitions Excluding ECP | All 2011 Acquisitions Excluding ECP | Acquisition-related expenses | Acquisition-related expenses | Acquisition-related expenses | All 2013 Acquisitions Excluding Sator | UK Paint | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | Europe | Wholesale North America Segment | Self Service Segment | Europe | USD ($) | USD ($) | USD ($) | USD ($) | Wholesale North America Segment | Self Service Segment | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | Wholesale North America Segment | Self Service Segment | USD ($) | USD ($) | USD ($) | Acquisition-related expenses | Acquisition-related expenses | ||||||
USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | 7 | 10 | 2 | 5 | ' | ' | 30 | ' | 22 | 8 | 2 | ' | ' | ' | ' | ' | 20 | ' | 17 | 3 | ' | ' | ' | ' | ' |
Total acquisition date fair value of the consideration for acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $146,100,000 | ' | ' | ' | ' | $455,400,000 | $284,600,000 | ' | ' | ' | ' | ' | $403,700,000 | £ 261,600,000 | ' | ' | ' | $207,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash used in acquisitions, net of cash acquired | 408,384,000 | 265,336,000 | 486,934,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 272,800,000 | 209,800,000 | ' | 134,600,000 | ' | ' | ' | ' | ' | ' | 261,500,000 | ' | ' | ' | ' | 293,700,000 | 190,300,000 | ' | ' | ' | 193,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,482,000 | ' | ' | 0 | 7,482,000 | ' | ' | ' | ' | ' | ' | 15,990,000 | ' | ' | ' | ' | ' | ' | 28,300,000 | 18,400,000 | ' | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other purchase price obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 214,000 | ' | ' | 0 | 214,000 | ' | ' | ' | ' | ' | ' | 1,647,000 | ' | ' | ' | ' | ' | ' | 4,100,000 | 2,700,000 | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,854,000 | ' | ' | 0 | 3,854,000 | ' | ' | ' | ' | ' | ' | 5,456,000 | ' | ' | ' | ' | ' | ' | 77,500,000 | 50,200,000 | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum payment under contingent consideration agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,937,444,000 | 1,690,284,000 | 1,476,063,000 | 1,032,973,000 | 578,507,000 | 350,453,000 | 339,433,000 | 0 | 1,358,937,000 | 1,339,831,000 | 1,136,630,000 | 1,032,973,000 | 235,447,000 | ' | ' | 142,721,000 | 92,726,000 | ' | ' | ' | ' | ' | ' | 201,742,000 | ' | ' | ' | ' | ' | ' | ' | ' | 332,900,000 | ' | 105,200,000 | ' | ' | ' | ' | ' | ' | ' |
Goodwill recorded for acquisitions | 235,447,000 | ' | 442,208,000 | ' | 208,412,000 | -4,140,000 | 337,031,000 | ' | 27,035,000 | 201,742,000 | 105,177,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 197,602,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill expected to be deductible for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,300,000 | ' | ' | ' | ' | ' | ' | ' | 157,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 88,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue generated by acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,100,000 | 108,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income generated by acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,300,000 | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and acquisition related expenses | $10,173,000 | $2,751,000 | $7,590,000 | ' | $7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,700,000 | $500,000 | $3,200,000 | $2,200,000 | $1,400,000 |
Purchase_Price_Allocations_for
Purchase Price Allocations for Acquisitions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | ||||
Business Acquisition | ' | ' | ' | ' |
Goodwill | $1,937,444 | $1,690,284 | $1,476,063 | $1,032,973 |
Sator | ' | ' | ' | ' |
Business Acquisition | ' | ' | ' | ' |
Receivables | 61,639 | ' | ' | ' |
Receivable reserves | -8,563 | ' | ' | ' |
Inventory | 71,784 | ' | ' | ' |
Prepaid expenses and other current assets | 7,184 | ' | ' | ' |
Property and equipment | 19,484 | ' | ' | ' |
Goodwill | 142,721 | ' | ' | ' |
Other intangibles | 45,293 | ' | ' | ' |
Other assets | 2,049 | ' | ' | ' |
Deferred income taxes | -14,100 | ' | ' | ' |
Current liabilities assumed | -49,593 | ' | ' | ' |
Debt assumed | 0 | ' | ' | ' |
Other noncurrent liabilities assumed | -5,074 | ' | ' | ' |
Contingent consideration liabilities | 0 | ' | ' | ' |
Other purchase price obligations | 0 | ' | ' | ' |
Notes issued | 0 | ' | ' | ' |
Cash used in acquisitions, net of cash acquired | 272,824 | ' | ' | ' |
All 2013 Acquisitions Excluding Sator | ' | ' | ' | ' |
Business Acquisition | ' | ' | ' | ' |
Receivables | 38,685 | ' | ' | ' |
Receivable reserves | -3,246 | ' | ' | ' |
Inventory | 26,455 | ' | ' | ' |
Prepaid expenses and other current assets | 1,933 | ' | ' | ' |
Property and equipment | 14,015 | ' | ' | ' |
Goodwill | 92,726 | ' | ' | ' |
Other intangibles | 12,353 | ' | ' | ' |
Other assets | 1,251 | ' | ' | ' |
Deferred income taxes | -564 | ' | ' | ' |
Current liabilities assumed | -36,799 | ' | ' | ' |
Debt assumed | -664 | ' | ' | ' |
Other noncurrent liabilities assumed | 0 | ' | ' | ' |
Contingent consideration liabilities | -3,854 | ' | ' | ' |
Other purchase price obligations | -214 | ' | ' | ' |
Notes issued | -7,482 | ' | ' | ' |
Cash used in acquisitions, net of cash acquired | 134,595 | ' | ' | ' |
All 2013 Acquisitions | ' | ' | ' | ' |
Business Acquisition | ' | ' | ' | ' |
Receivables | 100,324 | ' | ' | ' |
Receivable reserves | -11,809 | ' | ' | ' |
Inventory | 98,239 | ' | ' | ' |
Prepaid expenses and other current assets | 9,117 | ' | ' | ' |
Property and equipment | 33,499 | ' | ' | ' |
Goodwill | 235,447 | ' | ' | ' |
Other intangibles | 57,646 | ' | ' | ' |
Other assets | 3,300 | ' | ' | ' |
Deferred income taxes | -14,664 | ' | ' | ' |
Current liabilities assumed | -86,392 | ' | ' | ' |
Debt assumed | -664 | ' | ' | ' |
Other noncurrent liabilities assumed | -5,074 | ' | ' | ' |
Contingent consideration liabilities | -3,854 | ' | ' | ' |
Other purchase price obligations | -214 | ' | ' | ' |
Notes issued | -7,482 | ' | ' | ' |
Cash used in acquisitions, net of cash acquired | 407,419 | ' | ' | ' |
All 2012 Acquisitions | ' | ' | ' | ' |
Business Acquisition | ' | ' | ' | ' |
Receivables | ' | 15,473 | ' | ' |
Receivable reserves | ' | -1,459 | ' | ' |
Inventory | ' | 62,305 | ' | ' |
Prepaid expenses and other current assets | ' | 201 | ' | ' |
Property and equipment | ' | 31,930 | ' | ' |
Goodwill | ' | 201,742 | ' | ' |
Other intangibles | ' | 655 | ' | ' |
Other assets | ' | 187 | ' | ' |
Deferred income taxes | ' | 428 | ' | ' |
Current liabilities assumed | ' | -22,910 | ' | ' |
Debt assumed | ' | -3,989 | ' | ' |
Other noncurrent liabilities assumed | ' | 0 | ' | ' |
Contingent consideration liabilities | ' | -5,456 | ' | ' |
Other purchase price obligations | ' | -1,647 | ' | ' |
Notes issued | ' | -15,990 | ' | ' |
Cash used in acquisitions, net of cash acquired | ' | $261,470 | ' | ' |
Pro_Forma_Effect_of_Businesses
Pro Forma Effect of Businesses Acquired (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue, as reported | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $1,067,915 | $1,016,707 | $1,006,531 | $1,031,777 | $5,062,528 | $4,122,930 | $3,269,862 | |||||||||||
Pro forma revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,318,930 | 4,933,802 | 4,142,906 | |||||||||||
Net income, as reported | 77,864 | [1] | 73,445 | [1] | 75,722 | [1] | 84,592 | [1] | 62,188 | [1] | 54,048 | [1] | 63,998 | [1] | 80,991 | [1] | 311,623 | 261,225 | 210,264 | |||
Pro forma net income | ' | ' | ' | ' | ' | ' | ' | ' | 324,507 | 285,620 | 259,518 | |||||||||||
Earnings per share, basic | ' | ' | ' | ' | ' | ' | ' | ' | $1.04 | [2] | $0.88 | [2] | $0.72 | [2] | ||||||||
Pro forma earnings per share-basic (a) | ' | ' | ' | ' | ' | ' | ' | ' | $1.08 | [3] | $0.97 | [3] | $0.89 | [3] | ||||||||
Earnings per share, diluted | ' | ' | ' | ' | ' | ' | ' | ' | $1.02 | [2] | $0.87 | [2] | $0.71 | [2] | ||||||||
Pro forma earnings per share-diluted (a) | ' | ' | ' | ' | ' | ' | ' | ' | $1.07 | [3] | $0.95 | [3] | $0.87 | [3] | ||||||||
Sator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue of purchased businesses for the period prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 126,309 | 369,934 | 0 | |||||||||||
Net income of purchased businesses for the period prior to acquisition, including pro forma purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 5,293 | 6,032 | 0 | |||||||||||
Effect of purchased businesses for the period prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 | $0.02 | $0 | |||||||||||
Effect of purchased businesses for the period prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 | $0.02 | $0 | |||||||||||
Euro Car Parts Holdings Limited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue of purchased businesses for the period prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 407,042 | |||||||||||
Net income of purchased businesses for the period prior to acquisition, including pro forma purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 21,858 | |||||||||||
Effect of purchased businesses for the period prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0.07 | |||||||||||
Effect of purchased businesses for the period prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0.07 | |||||||||||
All 2012 and 2013 Acquisitions Excluding Sator [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue of purchased businesses for the period prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 130,093 | 440,938 | ' | |||||||||||
Net income of purchased businesses for the period prior to acquisition, including pro forma purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 7,591 | 18,363 | ' | |||||||||||
Effect of purchased businesses for the period prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | $0.03 | $0.06 | ' | |||||||||||
Effect of purchased businesses for the period prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 | $0.06 | ' | |||||||||||
All 2012 & 2011 Acquisitions Excluding ECP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenue of purchased businesses for the period prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 466,002 | |||||||||||
Net income of purchased businesses for the period prior to acquisition, including pro forma purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27,396 | |||||||||||
Effect of purchased businesses for the period prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.09 | |||||||||||
Effect of purchased businesses for the period prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.09 | |||||||||||
[1] | Net income during the quarters ended March 31, 2012 and December 31, 2012 include gains for changes in fair value of our contingent consideration liabilities of $1.3 million and $0.2 million, respectively, while the quarters ended June 30, 2012 and September 30, 2012 include losses of $1.2 million and $1.9 million, respectively. The quarters ended March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013 include losses for changes in fair value of our contingent consideration liabilities of $0.8 million, $0.2 million, $0.7 million and $0.8 million, respectively. See Note 6, "Fair Value Measurements," for further information on these changes in fair value of the contingent consideration obligations recorded in earnings during the periods. | |||||||||||||||||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjZmYWY5YWU4NTlkZjQxMGJhNTVmODdlM2E2NTdkZTI3fFRleHRTZWxlY3Rpb246NzdBN0Y0ODk3NURGREQ4MDBGQzMzNkJEODYyNjQ5QzAM} | |||||||||||||||||||||
[3] | The sum of the individual earnings per share amounts may not equal the total due to rounding. |
Restructuring_and_Acquisition_1
Restructuring and Acquisition Related Expenses - Additional Information (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | 3-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Restructuring expenses | Restructuring expenses | Restructuring expenses | Restructuring expenses | Acquisition-related expenses | Acquisition-related expenses | Acquisition-related expenses | Acquisition-related expenses | Acquisition-related expenses | Acquisition-related expenses | Europe | Europe | North America | UK Paint | ||||
Other 2011 and 2012 Acquisitions | Other 2010 and 2011 Acquisitions | Akzo Nobel Paint Business Integration | Refurbished Bumper and Wheel Restructuring | Sator | UK Paint | Keystone Specialty | Restructuring expenses | Restructuring expenses | Europe | ||||||||
All 2013 Acquisitions | All 2012 Acquisitions | ||||||||||||||||
Restructuring Cost and Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and acquisition related expenses | $10,173,000 | $2,751,000 | $7,590,000 | $1,200,000 | $4,400,000 | $2,600,000 | $1,100,000 | $6,700,000 | $500,000 | $3,200,000 | $3,600,000 | $1,400,000 | $900,000 | $7,400,000 | $2,100,000 | $1,400,000 | ' |
Number of acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 |
Expected additional charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,000,000) | ' | ' |
Computation_of_Earnings_Per_Sh
Computation of Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net income | $77,864 | [1] | $73,445 | [1] | $75,722 | [1] | $84,592 | [1] | $62,188 | [1] | $54,048 | [1] | $63,998 | [1] | $80,991 | [1] | $311,623 | $261,225 | $210,264 | |||
Denominator for basic earnings per share—Weighted-average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 299,574 | 295,810 | 292,252 | |||||||||||
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
RSUs | ' | ' | ' | ' | ' | ' | ' | ' | 845 | 479 | 182 | |||||||||||
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | 3,696 | 4,346 | 4,250 | |||||||||||
Restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 58 | 66 | |||||||||||
Denominator for diluted earnings per share—Adjusted weighted-average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 304,131 | 300,693 | 296,750 | |||||||||||
Earnings per share, basic | ' | ' | ' | ' | ' | ' | ' | ' | $1.04 | [2] | $0.88 | [2] | $0.72 | [2] | ||||||||
Earnings per share, diluted | ' | ' | ' | ' | ' | ' | ' | ' | $1.02 | [2] | $0.87 | [2] | $0.71 | [2] | ||||||||
[1] | Net income during the quarters ended March 31, 2012 and December 31, 2012 include gains for changes in fair value of our contingent consideration liabilities of $1.3 million and $0.2 million, respectively, while the quarters ended June 30, 2012 and September 30, 2012 include losses of $1.2 million and $1.9 million, respectively. The quarters ended March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013 include losses for changes in fair value of our contingent consideration liabilities of $0.8 million, $0.2 million, $0.7 million and $0.8 million, respectively. See Note 6, "Fair Value Measurements," for further information on these changes in fair value of the contingent consideration obligations recorded in earnings during the periods. | |||||||||||||||||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjZmYWY5YWU4NTlkZjQxMGJhNTVmODdlM2E2NTdkZTI3fFRleHRTZWxlY3Rpb246NzdBN0Y0ODk3NURGREQ4MDBGQzMzNkJEODYyNjQ5QzAM} |
Schedule_of_Antidilutive_Secur
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details) (Stock Options) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' |
Antidilutive securities | 0 | 2,340 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Undistributed earnings of foreign subsidiaries | $166,000,000 | ' | ' |
Net operating loss carryforwards | 5,181,000 | 4,451,000 | ' |
Tax credit carryforwards | 1,100,000 | 1,000,000 | ' |
Valuation allowance | 1,092,000 | 1,631,000 | ' |
Change in valuation allowance | -500,000 | ' | ' |
Accumulated interest and penalties | 400,000 | 600,000 | ' |
Accumulated interest and penalties recorded through the income tax provision | 100,000 | 200,000 | 200,000 |
Deferred tax asset, accumulated interest balance | 100,000 | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 1,300,000 | 1,600,000 | ' |
Unrecognized tax benefits that would impact deferred taxes | 600,000 | 700,000 | ' |
Estimated upper bound of reasonably possible changes in unrecognized tax benefits within the next 12 months | 200,000 | ' | ' |
Estimated upper bound of reasonably possible changes in unrecognized tax benefits that will impact the effective tax rate within the next 12 months | $100,000 | ' | ' |
Income_Taxes_Schedule_of_Compo
Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $115,150 | $110,825 | $97,887 |
State | 20,869 | 19,693 | 14,435 |
Foreign | 23,906 | 13,202 | 3,883 |
Current income tax expense, total | 159,925 | 143,720 | 116,205 |
Deferred: | ' | ' | ' |
Federal | 6,225 | 5,824 | 8,376 |
State | -550 | -647 | 919 |
Foreign | -1,396 | -955 | 7 |
Deferred income tax expense, total | 4,279 | 4,222 | 9,302 |
Provision for income taxes | $164,204 | $147,942 | $125,507 |
Income_Taxes_Schedule_of_Incom
Income Taxes Schedule of Income before Income Tax, Domestic and Foreign (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic income from continuing operations before provision for income taxes | $361,283 | $348,150 | $319,305 |
Foreign income from continuing operations before provision for income taxes | 114,544 | 61,017 | 16,466 |
Income before provision for income taxes | $475,827 | $409,167 | $335,771 |
Income_Taxes_Schedule_of_Effec
Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of state credits and federal tax impact | 2.90% | 3.10% | 3.10% |
Impact of international operations | -3.70% | -2.30% | -0.80% |
Non-deductible expenses | 0.90% | 0.80% | 0.70% |
Federal production incentives and credits | -0.30% | -0.30% | -0.40% |
Revaluation of deferred taxes | -0.30% | -0.30% | 0.00% |
Other, net | 0.00% | 0.20% | -0.20% |
Effective tax rate | 34.50% | 36.20% | 37.40% |
Income_Taxes_Schedule_of_Defer
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ' | ' |
Inventory | $30,880 | $29,523 |
Accrued expenses and reserves | 29,970 | 27,361 |
Stock-based compensation | 11,519 | 9,442 |
Accounts receivable | 11,161 | 10,037 |
Qualified and nonqualified retirement plans | 10,210 | 7,476 |
Net operating loss carryforwards | 5,181 | 4,451 |
Interest rate swaps | 3,070 | 5,461 |
Other | 4,777 | 4,711 |
Total deferred tax assets, gross | 106,768 | 98,462 |
Less valuation allowance | -1,092 | -1,631 |
Total deferred tax assets | 105,676 | 96,831 |
Deferred Tax Liabilities: | ' | ' |
Goodwill and other intangible assets | 83,097 | 64,704 |
Property and equipment | 50,695 | 48,994 |
Trade name | 40,929 | 30,336 |
Other | 2,693 | 1,428 |
Total deferred tax liabilities | 177,414 | 145,462 |
Net deferred tax liability | ($71,738) | ($48,631) |
Income_Taxes_Schedule_of_Defer1
Income Taxes Schedule of Deferred Tax Assets and Liabilities Classification (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Current deferred tax assets | $63,938 | $53,485 |
Noncurrent deferred tax assets | 1,501 | 164 |
Current deferred tax liabilities | 3,355 | 5 |
Noncurrent deferred tax liabilities | $133,822 | $102,275 |
Income_Taxes_Schedule_of_Unrec
Income Taxes Schedule of Unrecognized Tax Benefits Rollforward (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at January 1 | $2,303 | $5,497 | $5,441 |
Additions based on tax positions related to the current year | 348 | 973 | 952 |
Additions for tax positions of prior years | 62 | 167 | 192 |
Reductions for tax positions of prior years | 0 | -2,379 | 0 |
Lapse of statutes of limitations | -872 | -998 | -892 |
Settlements with taxing authorities | 0 | -957 | -196 |
Balance at December 31 | $1,841 | $2,303 | $5,497 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment [Roll Forward] | ' | ' | ' |
Balance, beginning | $10,850 | ($2,071) | $2,202 |
Pretax income (loss) | 14,056 | 12,921 | -4,273 |
Balance, ending | 24,906 | 10,850 | -2,071 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges [Roll Forward] | ' | ' | ' |
Balance, beginning | -10,091 | -6,890 | 2,176 |
Pretax income (loss) | -21,250 | -11,313 | -19,391 |
Income tax effect | 7,984 | 3,962 | 6,847 |
Reclassification of unrealized loss | 27,481 | 6,439 | 5,641 |
Reclassification of deferred income taxes | -10,011 | -2,289 | -2,019 |
Hedge ineffectiveness | 460 | ' | -225 |
Income tax effect | -169 | 2,289 | 81 |
Balance, ending | -5,596 | -10,091 | -6,890 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | ' | ' | ' |
Balance, beginning | 0 | ' | ' |
Pretax income (loss) | 935 | ' | ' |
Income tax effect | -234 | ' | ' |
Balance, ending | 701 | 0 | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance, beginning | 759 | -8,961 | 4,378 |
Pretax income (loss) | -6,259 | 1,608 | -23,664 |
Income tax effect | 7,750 | 3,962 | 6,847 |
Reclassification of Unrealized Loss | 27,481 | 6,439 | 5,641 |
Reclassification of deferred income taxes | -10,011 | ' | -2,019 |
Hedge ineffectiveness | 460 | ' | -225 |
Income tax effect | -169 | 2,289 | 81 |
Balance, ending | $20,011 | $759 | ($8,961) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification of unrealized loss | ($27,481) | ($6,439) | ($5,641) |
Foreign Exchange Forward | ' | ' | ' |
Schedule of Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification of unrealized loss | $21,300 | ' | ' |
Segment_and_Geographic_Informa2
Segment and Geographic Information - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Gain on lawsuit settlements | ' | ' | ' | ' | $700,000 | $500,000 | $8,400,000 | $8,300,000 | ' | $17,900,000 | ' |
Change in fair value of contingent consideration liabilities | 800,000 | 700,000 | 200,000 | 800,000 | -200,000 | 1,900,000 | 1,200,000 | -1,300,000 | 2,504,000 | 1,643,000 | -1,408,000 |
Restructuring and acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | 10,173,000 | 2,751,000 | 7,590,000 |
North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Change in fair value of contingent consideration liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -700,000 | 2,000,000 | 2,000,000 |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of contingent consideration liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | 3,600,000 | 600,000 |
Restructuring and acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | $7,400,000 | ' | ' |
Schedule_of_Financial_Performa
Schedule of Financial Performance by Reportable Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $1,067,915 | $1,016,707 | $1,006,531 | $1,031,777 | $5,062,528 | $4,122,930 | $3,269,862 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 615,910 | 510,547 | 418,068 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 86,463 | 70,165 | 54,505 |
North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 3,802,929 | 3,426,858 | 3,131,376 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 484,824 | 440,448 | 405,924 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 65,606 | 59,132 | 52,481 |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,259,599 | 696,072 | 138,486 |
EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 131,086 | 70,099 | 12,144 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | $20,857 | $11,033 | $2,024 |
Reconciliation_Of_EBITDA_To_In
Reconciliation Of EBITDA To Income From Continuing Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' |
EBITDA | $615,910 | $510,547 | $418,068 |
Depreciation and amortization | 86,463 | 70,165 | 54,505 |
Interest expense, net | 50,825 | 31,215 | 22,447 |
Loss on debt extinguishment | 2,795 | 0 | 5,345 |
Provision for income taxes | 164,204 | 147,942 | 125,507 |
Income from continuing operations | $311,623 | $261,225 | $210,264 |
Schedule_of_Capital_Expenditur
Schedule of Capital Expenditures by Reportable Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information | ' | ' | ' |
Capital Expenditures | $90,186 | $88,255 | $86,416 |
North America | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Capital Expenditures | 66,288 | 73,331 | 84,856 |
Europe | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Capital Expenditures | $23,898 | $14,924 | $1,560 |
Schedule_of_Assets_by_Reportab
Schedule of Assets by Reportable Segment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information | ' | ' | ' |
Receivables, net | $458,094 | $311,808 | $281,764 |
Inventory | 1,076,952 | 900,803 | 736,846 |
Property and Equipment, net | 546,651 | 494,379 | 424,098 |
Other unallocated assets | 2,437,077 | 2,016,466 | 1,756,996 |
Total Assets | 4,518,774 | 3,723,456 | 3,199,704 |
North America | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Receivables, net | 277,395 | 241,627 | 230,871 |
Inventory | 748,167 | 750,565 | 636,145 |
Property and Equipment, net | 447,528 | 434,010 | 380,282 |
Europe | ' | ' | ' |
Segment Reporting Information | ' | ' | ' |
Receivables, net | 180,699 | 70,181 | 50,893 |
Inventory | 328,785 | 150,238 | 100,701 |
Property and Equipment, net | $99,123 | $60,369 | $43,816 |
Schedule_of_Revenue_by_Geograp
Schedule of Revenue by Geographic Area (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $1,067,915 | $1,016,707 | $1,006,531 | $1,031,777 | $5,062,528 | $4,122,930 | $3,269,862 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 3,544,360 | 3,209,024 | 2,952,620 |
United Kingdom | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 981,585 | 696,072 | 138,486 |
Other countries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $536,583 | $217,834 | $178,756 |
Schedule_of_Tangible_LongLived
Schedule of Tangible Long-Lived Assets by Geographic Area (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Revenues from External Customers and Long-Lived Assets | ' | ' | ' |
Long-lived Assets | $546,651 | $494,379 | $424,098 |
United States | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' |
Long-lived Assets | 418,869 | 408,244 | ' |
United Kingdom | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' |
Long-lived Assets | 77,827 | 60,369 | ' |
Other countries | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets | ' | ' | ' |
Long-lived Assets | $49,955 | $25,766 | ' |
Schedule_of_Revenue_by_Product
Schedule of Revenue by Product Category (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $1,067,915 | $1,016,707 | $1,006,531 | $1,031,777 | $5,062,528 | $4,122,930 | $3,269,862 |
Aftermarket, other new and refurbished products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 3,034,599 | 2,286,853 | 1,634,003 |
Recycled, remanufactured and related products and services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,394,981 | 1,277,023 | 1,115,088 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $632,948 | $559,054 | $520,771 |
Selected_Quarterly_Data_Select1
Selected Quarterly Data Selected Quarterly Data - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on lawsuit settlements | ' | ' | ' | ' | $700,000 | $500,000 | $8,400,000 | $8,300,000 | ' | $17,900,000 | ' |
Change in fair value of contingent consideration liabilities | ($800,000) | ($700,000) | ($200,000) | ($800,000) | $200,000 | ($1,900,000) | ($1,200,000) | $1,300,000 | ($2,504,000) | ($1,643,000) | $1,408,000 |
Selected_Quarterly_Data_Summar
Selected Quarterly Data Summary of Selected Quarterly Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenue | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $1,067,915 | $1,016,707 | $1,006,531 | $1,031,777 | $5,062,528 | $4,122,930 | $3,269,862 | ||||||||
Gross margin | 545,673 | 517,907 | 509,873 | 501,949 | 445,121 | [1] | 409,705 | [1] | 421,931 | [1] | 447,383 | [1] | 2,075,402 | 1,724,140 | 1,391,993 | ||||
Operating income | 133,819 | 123,395 | 131,378 | 141,588 | 104,344 | [1] | 91,434 | [1] | 108,567 | [1] | 133,608 | [1] | 530,180 | 437,953 | 361,483 | ||||
Net income | $77,864 | [2] | $73,445 | [2] | $75,722 | [2] | $84,592 | [2] | $62,188 | [2] | $54,048 | [2] | $63,998 | [2] | $80,991 | [2] | $311,623 | $261,225 | $210,264 |
Basic earnings per share | $0.26 | [3] | $0.24 | [3] | $0.25 | [3] | $0.28 | [3] | $0.21 | [3] | $0.18 | [3] | $0.22 | [3] | $0.28 | [3] | ' | ' | ' |
Diluted earnings per share | $0.26 | [3] | $0.24 | [3] | $0.25 | [3] | $0.28 | [3] | $0.21 | [3] | $0.18 | [3] | $0.21 | [3] | $0.27 | [3] | ' | ' | ' |
[1] | Gross margin and operating income during the quarters ended March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012 include gains of $8.3 million, $8.4 million, $0.5 million and $0.7 million, respectively, resulting from lawsuit settlements with certain of our aftermarket product suppliers as discussed in Note 7, "Commitments and Contingencies." | ||||||||||||||||||
[2] | Net income during the quarters ended March 31, 2012 and December 31, 2012 include gains for changes in fair value of our contingent consideration liabilities of $1.3 million and $0.2 million, respectively, while the quarters ended June 30, 2012 and September 30, 2012 include losses of $1.2 million and $1.9 million, respectively. The quarters ended March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013 include losses for changes in fair value of our contingent consideration liabilities of $0.8 million, $0.2 million, $0.7 million and $0.8 million, respectively. See Note 6, "Fair Value Measurements," for further information on these changes in fair value of the contingent consideration obligations recorded in earnings during the periods. | ||||||||||||||||||
[3] | The sum of the quarters may not equal the total of the respective year's earnings per share on either a basic or diluted basis due to changes in weighted average shares outstanding throughout the year. |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Additional Information (Details) (Four Point Seven Five Percent Senior Notes Due May 2023) | 9-May-13 |
Four Point Seven Five Percent Senior Notes Due May 2023 | ' |
Debt Instrument | ' |
Senior notes interest rate | 4.75% |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||
Current Assets: | ' | ' | ' | ' | ' |
Cash and equivalents | $150,488 | $59,770 | $48,247 | $95,689 | ' |
Receivables, net | 458,094 | 311,808 | 281,764 | ' | ' |
Intercompany receivables, net | 0 | 0 | ' | ' | ' |
Inventory | 1,076,952 | 900,803 | 736,846 | ' | ' |
Deferred income taxes | 63,938 | 53,485 | ' | ' | ' |
Prepaid income taxes | 8,069 | 29,537 | ' | ' | ' |
Prepaid expenses and other current assets | 42,276 | 28,948 | ' | ' | ' |
Total Current Assets | 1,799,817 | 1,384,351 | ' | ' | ' |
Property and Equipment, net | 546,651 | 494,379 | 424,098 | ' | ' |
Intangible Assets: | ' | ' | ' | ' | ' |
Goodwill | 1,937,444 | 1,690,284 | 1,476,063 | ' | 1,032,973 |
Other intangibles, net | 153,739 | 106,715 | ' | ' | ' |
Investment in Subsidiaries | 0 | 0 | ' | ' | ' |
Intercompany Notes Receivable | 0 | 0 | ' | ' | ' |
Other Assets | 81,123 | 47,727 | ' | ' | ' |
Total Assets | 4,518,774 | 3,723,456 | 3,199,704 | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 349,069 | 219,335 | ' | ' | ' |
Intercompany payables, net | 0 | 0 | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' | ' |
Accrued payroll-related liabilities | 58,695 | 44,400 | ' | ' | ' |
Other accrued expenses | 140,074 | 90,422 | ' | ' | ' |
Income taxes payable | 17,440 | 2,748 | ' | ' | ' |
Contingent consideration liabilities | 52,465 | 42,255 | ' | ' | ' |
Other current liabilities | 18,675 | 17,068 | ' | ' | ' |
Current portion of long-term obligations | 41,535 | 71,716 | ' | ' | ' |
Total Current Liabilities | 677,953 | 487,944 | ' | ' | ' |
Long-Term Obligations, Excluding Current Portion | 1,264,246 | 1,046,762 | ' | ' | ' |
Intercompany Notes Payable | 0 | 0 | ' | ' | ' |
Deferred Income Taxes | 133,822 | 102,275 | ' | ' | ' |
Contingent Consideration Liabilities | 3,188 | 47,754 | ' | ' | ' |
Other Noncurrent Liabilities | 88,820 | 74,627 | ' | ' | ' |
Stockholders’ Equity | 2,350,745 | 1,964,094 | 1,644,085 | 1,414,161 | ' |
Total Liabilities and Stockholders’ Equity | 4,518,774 | 3,723,456 | ' | ' | ' |
Parent Company | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and equivalents | 77,926 | 18,396 | 9,908 | 70,335 | ' |
Receivables, net | 0 | 0 | ' | ' | ' |
Intercompany receivables, net | 2,275 | 1,781 | ' | ' | ' |
Inventory | 0 | 0 | ' | ' | ' |
Deferred income taxes | 3,189 | 4,778 | ' | ' | ' |
Prepaid income taxes | 6,429 | 26,538 | ' | ' | ' |
Prepaid expenses and other current assets | 1,495 | 1,065 | ' | ' | ' |
Total Current Assets | 91,314 | 52,558 | ' | ' | ' |
Property and Equipment, net | 668 | 970 | ' | ' | ' |
Intangible Assets: | ' | ' | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' | ' |
Other intangibles, net | 0 | 0 | ' | ' | ' |
Investment in Subsidiaries | 2,364,586 | 1,923,997 | ' | ' | ' |
Intercompany Notes Receivable | 959,185 | 711,624 | ' | ' | ' |
Other Assets | 49,218 | 41,692 | ' | ' | ' |
Total Assets | 3,464,971 | 2,730,841 | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 314 | 52 | ' | ' | ' |
Intercompany payables, net | 0 | 0 | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' | ' |
Accrued payroll-related liabilities | 5,236 | 3,731 | ' | ' | ' |
Other accrued expenses | 26,714 | 2,258 | ' | ' | ' |
Income taxes payable | 2,517 | 0 | ' | ' | ' |
Contingent consideration liabilities | 0 | 0 | ' | ' | ' |
Other current liabilities | 286 | 286 | ' | ' | ' |
Current portion of long-term obligations | 24,421 | 32,300 | ' | ' | ' |
Total Current Liabilities | 59,488 | 38,627 | ' | ' | ' |
Long-Term Obligations, Excluding Current Portion | 1,016,249 | 691,670 | ' | ' | ' |
Intercompany Notes Payable | 0 | 0 | ' | ' | ' |
Deferred Income Taxes | 0 | 0 | ' | ' | ' |
Contingent Consideration Liabilities | 0 | 0 | ' | ' | ' |
Other Noncurrent Liabilities | 38,489 | 36,450 | ' | ' | ' |
Stockholders’ Equity | 2,350,745 | 1,964,094 | ' | ' | ' |
Total Liabilities and Stockholders’ Equity | 3,464,971 | 2,730,841 | ' | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and equivalents | 13,693 | 18,253 | 17,433 | 21,372 | ' |
Receivables, net | 126,926 | 94,435 | ' | ' | ' |
Intercompany receivables, net | 6,923 | 5,970 | ' | ' | ' |
Inventory | 687,164 | 690,365 | ' | ' | ' |
Deferred income taxes | 57,422 | 45,255 | ' | ' | ' |
Prepaid income taxes | 0 | 0 | ' | ' | ' |
Prepaid expenses and other current assets | 24,190 | 16,608 | ' | ' | ' |
Total Current Assets | 916,318 | 870,886 | ' | ' | ' |
Property and Equipment, net | 419,617 | 408,944 | ' | ' | ' |
Intangible Assets: | ' | ' | ' | ' | ' |
Goodwill | 1,248,746 | 1,226,718 | ' | ' | ' |
Other intangibles, net | 56,069 | 61,815 | ' | ' | ' |
Investment in Subsidiaries | 264,815 | 142,334 | ' | ' | ' |
Intercompany Notes Receivable | 118,740 | 39,239 | ' | ' | ' |
Other Assets | 20,133 | 17,830 | ' | ' | ' |
Total Assets | 3,044,438 | 2,767,766 | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 147,708 | 97,678 | ' | ' | ' |
Intercompany payables, net | 0 | 0 | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' | ' |
Accrued payroll-related liabilities | 32,850 | 25,697 | ' | ' | ' |
Other accrued expenses | 56,877 | 48,805 | ' | ' | ' |
Income taxes payable | 0 | 0 | ' | ' | ' |
Contingent consideration liabilities | 1,923 | 1,518 | ' | ' | ' |
Other current liabilities | 13,039 | 16,241 | ' | ' | ' |
Current portion of long-term obligations | 3,030 | 9,940 | ' | ' | ' |
Total Current Liabilities | 255,427 | 199,879 | ' | ' | ' |
Long-Term Obligations, Excluding Current Portion | 6,554 | 7,549 | ' | ' | ' |
Intercompany Notes Payable | 611,274 | 681,275 | ' | ' | ' |
Deferred Income Taxes | 110,110 | 102,702 | ' | ' | ' |
Contingent Consideration Liabilities | 877 | 2,500 | ' | ' | ' |
Other Noncurrent Liabilities | 45,540 | 35,383 | ' | ' | ' |
Stockholders’ Equity | 2,014,656 | 1,738,478 | ' | ' | ' |
Total Liabilities and Stockholders’ Equity | 3,044,438 | 2,767,766 | ' | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and equivalents | 58,869 | 23,121 | 20,906 | 3,982 | ' |
Receivables, net | 331,168 | 217,373 | ' | ' | ' |
Intercompany receivables, net | 0 | 0 | ' | ' | ' |
Inventory | 389,788 | 210,438 | ' | ' | ' |
Deferred income taxes | 3,327 | 3,452 | ' | ' | ' |
Prepaid income taxes | 1,640 | 2,999 | ' | ' | ' |
Prepaid expenses and other current assets | 16,591 | 11,275 | ' | ' | ' |
Total Current Assets | 801,383 | 468,658 | ' | ' | ' |
Property and Equipment, net | 126,366 | 84,465 | ' | ' | ' |
Intangible Assets: | ' | ' | ' | ' | ' |
Goodwill | 688,698 | 463,566 | ' | ' | ' |
Other intangibles, net | 97,670 | 44,900 | ' | ' | ' |
Investment in Subsidiaries | 0 | 0 | ' | ' | ' |
Intercompany Notes Receivable | 0 | 0 | ' | ' | ' |
Other Assets | 17,241 | 3,528 | ' | ' | ' |
Total Assets | 1,731,358 | 1,065,117 | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 201,047 | 121,605 | ' | ' | ' |
Intercompany payables, net | 9,198 | 7,751 | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' | ' |
Accrued payroll-related liabilities | 20,609 | 14,972 | ' | ' | ' |
Other accrued expenses | 56,483 | 39,359 | ' | ' | ' |
Income taxes payable | 14,923 | 2,748 | ' | ' | ' |
Contingent consideration liabilities | 50,542 | 40,737 | ' | ' | ' |
Other current liabilities | 5,350 | 541 | ' | ' | ' |
Current portion of long-term obligations | 14,084 | 29,476 | ' | ' | ' |
Total Current Liabilities | 372,236 | 257,189 | ' | ' | ' |
Long-Term Obligations, Excluding Current Portion | 241,443 | 347,543 | ' | ' | ' |
Intercompany Notes Payable | 466,651 | 69,588 | ' | ' | ' |
Deferred Income Taxes | 29,181 | 14,896 | ' | ' | ' |
Contingent Consideration Liabilities | 2,311 | 45,254 | ' | ' | ' |
Other Noncurrent Liabilities | 4,791 | 2,794 | ' | ' | ' |
Stockholders’ Equity | 614,745 | 327,853 | ' | ' | ' |
Total Liabilities and Stockholders’ Equity | 1,731,358 | 1,065,117 | ' | ' | ' |
Consolidation, Eliminations | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and equivalents | 0 | 0 | 0 | 0 | ' |
Receivables, net | 0 | 0 | ' | ' | ' |
Intercompany receivables, net | -9,198 | -7,751 | ' | ' | ' |
Inventory | 0 | 0 | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' |
Prepaid income taxes | 0 | 0 | ' | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' | ' |
Total Current Assets | -9,198 | -7,751 | ' | ' | ' |
Property and Equipment, net | 0 | 0 | ' | ' | ' |
Intangible Assets: | ' | ' | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' | ' |
Other intangibles, net | 0 | 0 | ' | ' | ' |
Investment in Subsidiaries | -2,629,401 | -2,066,331 | ' | ' | ' |
Intercompany Notes Receivable | -1,077,925 | -750,863 | ' | ' | ' |
Other Assets | -5,469 | -15,323 | ' | ' | ' |
Total Assets | -3,721,993 | -2,840,268 | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' | ' |
Intercompany payables, net | -9,198 | -7,751 | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' | ' |
Accrued payroll-related liabilities | 0 | 0 | ' | ' | ' |
Other accrued expenses | 0 | 0 | ' | ' | ' |
Income taxes payable | 0 | 0 | ' | ' | ' |
Contingent consideration liabilities | 0 | 0 | ' | ' | ' |
Other current liabilities | 0 | 0 | ' | ' | ' |
Current portion of long-term obligations | 0 | 0 | ' | ' | ' |
Total Current Liabilities | -9,198 | -7,751 | ' | ' | ' |
Long-Term Obligations, Excluding Current Portion | 0 | 0 | ' | ' | ' |
Intercompany Notes Payable | -1,077,925 | -750,863 | ' | ' | ' |
Deferred Income Taxes | -5,469 | -15,323 | ' | ' | ' |
Contingent Consideration Liabilities | 0 | 0 | ' | ' | ' |
Other Noncurrent Liabilities | 0 | 0 | ' | ' | ' |
Stockholders’ Equity | -2,629,401 | -2,066,331 | ' | ' | ' |
Total Liabilities and Stockholders’ Equity | ($3,721,993) | ($2,840,268) | ' | ' | ' |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenue | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $1,067,915 | $1,016,707 | $1,006,531 | $1,031,777 | $5,062,528 | $4,122,930 | $3,269,862 | ||||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 2,987,126 | 2,398,790 | 1,877,869 | ||||||||
Gross margin | 545,673 | 517,907 | 509,873 | 501,949 | 445,121 | [1] | 409,705 | [1] | 421,931 | [1] | 447,383 | [1] | 2,075,402 | 1,724,140 | 1,391,993 | ||||
Facility and warehouse expenses | ' | ' | ' | ' | ' | ' | ' | ' | 425,081 | 347,917 | 293,423 | ||||||||
Distribution expenses | ' | ' | ' | ' | ' | ' | ' | ' | 431,947 | 375,835 | 287,626 | ||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 597,052 | 495,591 | 391,942 | ||||||||
Restructuring and acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | 10,173 | 2,751 | 7,590 | ||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 80,969 | 64,093 | 49,929 | ||||||||
Operating income | 133,819 | 123,395 | 131,378 | 141,588 | 104,344 | [1] | 91,434 | [1] | 108,567 | [1] | 133,608 | [1] | 530,180 | 437,953 | 361,483 | ||||
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 51,184 | 31,429 | 24,307 | ||||||||
Intercompany interest (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 2,795 | 0 | 5,345 | ||||||||
Change in fair value of contingent consideration liabilities | -800 | -700 | -200 | -800 | 200 | -1,900 | -1,200 | 1,300 | -2,504 | -1,643 | 1,408 | ||||||||
Interest and other income, net | ' | ' | ' | ' | ' | ' | ' | ' | -2,130 | -4,286 | -2,532 | ||||||||
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 54,353 | 28,786 | 25,712 | ||||||||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 475,827 | 409,167 | 335,771 | ||||||||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 164,204 | 147,942 | 125,507 | ||||||||
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Net income | 77,864 | [2] | 73,445 | [2] | 75,722 | [2] | 84,592 | [2] | 62,188 | [2] | 54,048 | [2] | 63,998 | [2] | 80,991 | [2] | 311,623 | 261,225 | 210,264 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Facility and warehouse expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Distribution expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 26,778 | 21,098 | 22,680 | ||||||||
Restructuring and acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 296 | 239 | ||||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -27,028 | -21,394 | -22,919 | ||||||||
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 42,442 | 24,272 | 21,839 | ||||||||
Intercompany interest (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -45,459 | -37,491 | -36,018 | ||||||||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 2,795 | ' | 5,345 | ||||||||
Change in fair value of contingent consideration liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 2,000 | ||||||||
Interest and other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 252 | -43 | -332 | ||||||||
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 30 | -13,262 | -11,166 | ||||||||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -27,058 | -8,132 | -11,753 | ||||||||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -7,193 | -3,287 | -6,034 | ||||||||
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 331,488 | 266,070 | 215,983 | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 311,623 | 261,225 | 210,264 | ||||||||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 3,576,269 | 3,236,507 | 2,975,275 | ||||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,804 | 1,886,098 | 1,721,419 | ||||||||
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 1,475,465 | 1,350,409 | 1,253,856 | ||||||||
Facility and warehouse expenses | ' | ' | ' | ' | ' | ' | ' | ' | 323,042 | 287,036 | 261,260 | ||||||||
Distribution expenses | ' | ' | ' | ' | ' | ' | ' | ' | 297,908 | 281,011 | 257,395 | ||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 377,481 | 346,596 | 321,403 | ||||||||
Restructuring and acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,406 | 1,812 | 3,438 | ||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 55,802 | 49,782 | 44,724 | ||||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 419,826 | 384,172 | 365,636 | ||||||||
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 640 | 308 | 99 | ||||||||
Intercompany interest (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 21,978 | 27,377 | 31,036 | ||||||||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ||||||||
Change in fair value of contingent consideration liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 744 | 1,943 | -11 | ||||||||
Interest and other income, net | ' | ' | ' | ' | ' | ' | ' | ' | -2,858 | -3,638 | -1,979 | ||||||||
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 19,016 | 22,104 | 29,167 | ||||||||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 400,810 | 362,068 | 336,469 | ||||||||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 151,369 | 140,150 | 128,930 | ||||||||
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 22,050 | 12,481 | 3,036 | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 271,491 | 234,399 | 210,575 | ||||||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,598,832 | 976,710 | 370,912 | ||||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 998,895 | 602,979 | 232,775 | ||||||||
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 599,937 | 373,731 | 138,137 | ||||||||
Facility and warehouse expenses | ' | ' | ' | ' | ' | ' | ' | ' | 102,039 | 60,881 | 32,163 | ||||||||
Distribution expenses | ' | ' | ' | ' | ' | ' | ' | ' | 134,039 | 94,824 | 30,231 | ||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 192,793 | 127,897 | 47,859 | ||||||||
Restructuring and acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | 8,767 | 939 | 4,152 | ||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 24,917 | 14,015 | 4,966 | ||||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 137,382 | 75,175 | 18,766 | ||||||||
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 8,102 | 6,849 | 2,369 | ||||||||
Intercompany interest (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 23,481 | 10,114 | 4,982 | ||||||||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ||||||||
Change in fair value of contingent consideration liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -3,248 | -3,586 | -581 | ||||||||
Interest and other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 476 | -605 | -221 | ||||||||
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 35,307 | 19,944 | 7,711 | ||||||||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 102,075 | 55,231 | 11,055 | ||||||||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 20,028 | 11,079 | 2,611 | ||||||||
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 82,047 | 44,152 | 8,444 | ||||||||
Consolidation, Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -112,573 | -90,287 | -76,325 | ||||||||
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -112,573 | -90,287 | -76,325 | ||||||||
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Facility and warehouse expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Distribution expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Restructuring and acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Intercompany interest (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ||||||||
Change in fair value of contingent consideration liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Interest and other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -353,538 | -278,551 | -219,019 | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ($353,538) | ($278,551) | ($219,019) | ||||||||
[1] | Gross margin and operating income during the quarters ended March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012 include gains of $8.3 million, $8.4 million, $0.5 million and $0.7 million, respectively, resulting from lawsuit settlements with certain of our aftermarket product suppliers as discussed in Note 7, "Commitments and Contingencies." | ||||||||||||||||||
[2] | Net income during the quarters ended March 31, 2012 and December 31, 2012 include gains for changes in fair value of our contingent consideration liabilities of $1.3 million and $0.2 million, respectively, while the quarters ended June 30, 2012 and September 30, 2012 include losses of $1.2 million and $1.9 million, respectively. The quarters ended March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013 include losses for changes in fair value of our contingent consideration liabilities of $0.8 million, $0.2 million, $0.7 million and $0.8 million, respectively. See Note 6, "Fair Value Measurements," for further information on these changes in fair value of the contingent consideration obligations recorded in earnings during the periods. |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | $77,864 | [1] | $73,445 | [1] | $75,722 | [1] | $84,592 | [1] | $62,188 | [1] | $54,048 | [1] | $63,998 | [1] | $80,991 | [1] | $311,623 | $261,225 | $210,264 |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | ' | 14,056 | 12,921 | -4,273 | ||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 4,495 | -3,201 | -9,066 | ||||||||
Unrealized gain on pension plan, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 701 | ' | ' | ||||||||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19,252 | 9,720 | -13,339 | ||||||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 330,875 | 270,945 | 196,925 | ||||||||
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 311,623 | 261,225 | 210,264 | ||||||||
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | ' | 14,056 | 12,921 | -4,273 | ||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 4,495 | -3,201 | -9,066 | ||||||||
Unrealized gain on pension plan, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 701 | ' | ' | ||||||||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19,252 | 9,720 | -13,339 | ||||||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 330,875 | 270,945 | 196,925 | ||||||||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 271,491 | 234,399 | 210,575 | ||||||||
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | ' | 7,168 | 5,278 | -1,440 | ||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||
Unrealized gain on pension plan, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ||||||||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 7,168 | 5,278 | -1,440 | ||||||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 278,659 | 239,677 | 209,135 | ||||||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 82,047 | 44,152 | 8,444 | ||||||||
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | ' | 15,495 | 12,334 | -3,790 | ||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,322 | -519 | -1,042 | ||||||||
Unrealized gain on pension plan, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 701 | ' | ' | ||||||||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 17,518 | 11,815 | -4,832 | ||||||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 99,565 | 55,967 | 3,612 | ||||||||
Consolidation, Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -353,538 | -278,551 | -219,019 | ||||||||
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | ' | -22,663 | -17,612 | 5,230 | ||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -1,322 | 519 | 1,042 | ||||||||
Unrealized gain on pension plan, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -701 | ' | ' | ||||||||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -24,686 | -17,093 | 6,272 | ||||||||
Total comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ($378,224) | ($295,644) | ($212,747) | ||||||||
[1] | Net income during the quarters ended March 31, 2012 and December 31, 2012 include gains for changes in fair value of our contingent consideration liabilities of $1.3 million and $0.2 million, respectively, while the quarters ended June 30, 2012 and September 30, 2012 include losses of $1.2 million and $1.9 million, respectively. The quarters ended March 31, 2013, June 30, 2013, September 30, 2013 and December 31, 2013 include losses for changes in fair value of our contingent consideration liabilities of $0.8 million, $0.2 million, $0.7 million and $0.8 million, respectively. See Note 6, "Fair Value Measurements," for further information on these changes in fair value of the contingent consideration obligations recorded in earnings during the periods. |
Condensed_Consolidating_Statem2
Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net cash provided by operating activities | $428,056 | $206,190 | $211,772 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property and equipment | -90,186 | -88,255 | -86,416 |
Proceeds from sales of property and equipment | 2,100 | 1,057 | 1,743 |
Investment in unconsolidated subsidiary | -9,136 | 0 | 0 |
Investment and intercompany note activity with subsidiaries | 0 | 0 | 0 |
Acquisitions, net of cash acquired | -408,384 | -265,336 | -486,934 |
Net cash used in investing activities | -505,606 | -352,534 | -571,607 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from exercise of stock options | 15,392 | 17,693 | 11,919 |
Excess tax benefit from stock-based payments | 18,348 | 15,737 | 7,973 |
Debt issuance costs | -16,940 | -253 | -11,048 |
Proceeds from issuance of senior notes | 600,000 | 0 | 0 |
Borrowings under revolving credit facility | 437,023 | 742,381 | 1,111,369 |
Repayments under revolving credit facility | -748,086 | -855,402 | -453,867 |
Borrowings under term loans | 35,000 | 200,000 | 250,000 |
Repayments under term loans | -16,875 | -20,000 | -600,464 |
Borrowings under receivables securitization facility | 41,500 | 82,700 | 0 |
Repayments under receivables securitization facility | -121,500 | -2,700 | 0 |
Repayments of other long-term debt | -45,062 | -18,791 | -4,471 |
Payments of other obligations | -32,859 | -4,293 | 0 |
Investment and intercompany note activity with parent | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 |
Net cash provided by financing activities | 165,941 | 157,072 | 311,411 |
Effect of exchange rate changes on cash and equivalents | 2,327 | 795 | 982 |
Net increase (decrease) in cash and equivalents | 90,718 | 11,523 | -47,442 |
Cash and equivalents, beginning of period | 59,770 | 48,247 | 95,689 |
Cash and equivalents, end of period | 150,488 | 59,770 | 48,247 |
Parent Company | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net cash provided by operating activities | 160,620 | 150,309 | 72,199 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property and equipment | 0 | -150 | -922 |
Proceeds from sales of property and equipment | 0 | 0 | 2 |
Investment in unconsolidated subsidiary | 0 | ' | ' |
Investment and intercompany note activity with subsidiaries | -434,172 | -132,006 | -347,005 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Net cash used in investing activities | -434,172 | -132,156 | -347,925 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from exercise of stock options | 15,392 | 17,693 | 11,919 |
Excess tax benefit from stock-based payments | 18,348 | 15,737 | 7,973 |
Debt issuance costs | -16,858 | -30 | -10,874 |
Proceeds from issuance of senior notes | 600,000 | ' | ' |
Borrowings under revolving credit facility | 315,000 | 612,700 | 748,329 |
Repayments under revolving credit facility | -616,000 | -832,700 | -227,329 |
Borrowings under term loans | 35,000 | 200,000 | 250,000 |
Repayments under term loans | -16,875 | -20,000 | -563,079 |
Borrowings under receivables securitization facility | 0 | 0 | ' |
Repayments under receivables securitization facility | 0 | 0 | ' |
Repayments of other long-term debt | -925 | -3,065 | -1,640 |
Payments of other obligations | 0 | 0 | ' |
Investment and intercompany note activity with parent | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 |
Net cash provided by financing activities | 333,082 | -9,665 | 215,299 |
Effect of exchange rate changes on cash and equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and equivalents | 59,530 | 8,488 | -60,427 |
Cash and equivalents, beginning of period | 18,396 | 9,908 | 70,335 |
Cash and equivalents, end of period | 77,926 | 18,396 | 9,908 |
Guarantor Subsidiaries | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net cash provided by operating activities | 260,567 | 289,013 | 201,029 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property and equipment | -57,219 | -68,344 | -79,474 |
Proceeds from sales of property and equipment | 1,191 | 699 | 1,557 |
Investment in unconsolidated subsidiary | 0 | ' | ' |
Investment and intercompany note activity with subsidiaries | -84,894 | 0 | -93,985 |
Acquisitions, net of cash acquired | -33,436 | -183,716 | -193,292 |
Net cash used in investing activities | -174,358 | -251,361 | -365,194 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Excess tax benefit from stock-based payments | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Proceeds from issuance of senior notes | 0 | ' | ' |
Borrowings under revolving credit facility | 0 | 0 | 0 |
Repayments under revolving credit facility | 0 | 0 | 0 |
Borrowings under term loans | 0 | 0 | 0 |
Repayments under term loans | 0 | 0 | 0 |
Borrowings under receivables securitization facility | 0 | 0 | ' |
Repayments under receivables securitization facility | 0 | 0 | ' |
Repayments of other long-term debt | -8,930 | -2,568 | -849 |
Payments of other obligations | -473 | -4,293 | ' |
Investment and intercompany note activity with parent | -38,446 | -129,076 | -226,872 |
Dividends | -119,812 | -159,047 | -65,797 |
Net cash provided by financing activities | -90,769 | -36,832 | 160,226 |
Effect of exchange rate changes on cash and equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and equivalents | -4,560 | 820 | -3,939 |
Cash and equivalents, beginning of period | 18,253 | 17,433 | 21,372 |
Cash and equivalents, end of period | 13,693 | 18,253 | 17,433 |
Non-Guarantor Subsidiaries | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net cash provided by operating activities | 126,681 | -74,085 | 4,341 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property and equipment | -32,967 | -19,761 | -6,020 |
Proceeds from sales of property and equipment | 909 | 358 | 184 |
Investment in unconsolidated subsidiary | -9,136 | ' | ' |
Investment and intercompany note activity with subsidiaries | 0 | 0 | 0 |
Acquisitions, net of cash acquired | -374,948 | -81,620 | -293,642 |
Net cash used in investing activities | -416,142 | -101,023 | -299,478 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Excess tax benefit from stock-based payments | 0 | 0 | 0 |
Debt issuance costs | -82 | -223 | -174 |
Proceeds from issuance of senior notes | 0 | ' | ' |
Borrowings under revolving credit facility | 122,023 | 129,681 | 363,040 |
Repayments under revolving credit facility | -132,086 | -22,702 | -226,538 |
Borrowings under term loans | 0 | 0 | 0 |
Repayments under term loans | 0 | 0 | -37,385 |
Borrowings under receivables securitization facility | 41,500 | 82,700 | ' |
Repayments under receivables securitization facility | -121,500 | -2,700 | ' |
Repayments of other long-term debt | -35,207 | -13,158 | -1,982 |
Payments of other obligations | -32,386 | 0 | ' |
Investment and intercompany note activity with parent | -480,620 | -2,930 | -214,118 |
Dividends | 0 | 0 | 0 |
Net cash provided by financing activities | 322,882 | 176,528 | 311,079 |
Effect of exchange rate changes on cash and equivalents | 2,327 | 795 | 982 |
Net increase (decrease) in cash and equivalents | 35,748 | 2,215 | 16,924 |
Cash and equivalents, beginning of period | 23,121 | 20,906 | 3,982 |
Cash and equivalents, end of period | 58,869 | 23,121 | 20,906 |
Consolidation, Eliminations | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net cash provided by operating activities | -119,812 | -159,047 | -65,797 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property and equipment | 0 | 0 | 0 |
Proceeds from sales of property and equipment | 0 | 0 | 0 |
Investment in unconsolidated subsidiary | 0 | ' | ' |
Investment and intercompany note activity with subsidiaries | 519,066 | 132,006 | 440,990 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Net cash used in investing activities | 519,066 | 132,006 | 440,990 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Excess tax benefit from stock-based payments | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Proceeds from issuance of senior notes | 0 | ' | ' |
Borrowings under revolving credit facility | 0 | 0 | 0 |
Repayments under revolving credit facility | 0 | 0 | 0 |
Borrowings under term loans | 0 | 0 | 0 |
Repayments under term loans | 0 | 0 | 0 |
Borrowings under receivables securitization facility | 0 | 0 | ' |
Repayments under receivables securitization facility | 0 | 0 | ' |
Repayments of other long-term debt | 0 | 0 | 0 |
Payments of other obligations | 0 | 0 | ' |
Investment and intercompany note activity with parent | 519,066 | 132,006 | 440,990 |
Dividends | 119,812 | 159,047 | 65,797 |
Net cash provided by financing activities | -399,254 | 27,041 | -375,193 |
Effect of exchange rate changes on cash and equivalents | 0 | 0 | 0 |
Net increase (decrease) in cash and equivalents | 0 | 0 | 0 |
Cash and equivalents, beginning of period | 0 | 0 | 0 |
Cash and equivalents, end of period | $0 | $0 | $0 |
Schedule_IIValuation_and_Quali1
Schedule II-Valuation and Qualifying Accounts and Reserves Schedule II-Valuation and Qualifying Accounts and Reserves (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | $9,470 | $8,347 | $6,895 |
Additions Charged to Costs and Expenses | 7,148 | 5,928 | 5,084 |
Acquisitions and Other | 3,633 | 308 | 2,199 |
Deductions | -5,891 | -5,113 | -5,831 |
Balance at End of Period | 14,360 | 9,470 | 8,347 |
Allowance for Estimated Returns, Discounts & Allowances | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | 24,692 | 22,804 | 18,185 |
Additions Charged to Costs and Expenses | 797,380 | 714,880 | 668,936 |
Acquisitions and Other | 825 | 1,151 | 2,754 |
Deductions | -796,261 | -714,143 | -667,071 |
Balance at End of Period | $26,636 | $24,692 | $22,804 |