Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LKQ | ||
Entity Registrant Name | LKQ CORP | ||
Entity Central Index Key | 1065696 | ||
Current Fiscal Year End Date | -19 | ||
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 | 304,083,043 | ||
Entity Public Float | $8 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and equivalents | $114,605 | $150,488 |
Receivables, net | 601,422 | 458,094 |
Inventory | 1,433,847 | 1,076,952 |
Deferred income taxes | 81,744 | 63,938 |
Prepaid expenses and other current assets | 85,799 | 50,345 |
Total Current Assets | 2,317,417 | 1,799,817 |
Property and Equipment, net | 629,987 | 546,651 |
Intangible Assets: | ||
Goodwill | 2,288,895 | 1,937,444 |
Other intangibles, net | 245,525 | 153,739 |
Other Assets | 91,668 | 81,123 |
Total Assets | 5,573,492 | 4,518,774 |
Current Liabilities: | ||
Accounts payable | 400,202 | 349,069 |
Accrued expenses: | ||
Accrued payroll-related liabilities | 86,016 | 58,695 |
Other accrued expenses | 164,148 | 140,074 |
Contingent consideration liabilities | 4,293 | 52,465 |
Other current liabilities | 32,522 | 36,115 |
Current portion of long-term obligations | 63,515 | 41,535 |
Total Current Liabilities | 750,696 | 677,953 |
Long-Term Obligations, Excluding Current Portion | 1,801,047 | 1,264,246 |
Deferred Income Taxes | 181,662 | 133,822 |
Other Noncurrent Liabilities | 119,430 | 92,008 |
Commitments and Contingencies | ||
Stockholders’ Equity: | ||
Common stock, $0.01 par value,1,000,000,000 shares authorized, 303,452,655 and 300,805,276 shares issued and outstanding at December 31, 2014 and 2013, respectively | 3,035 | 3,008 |
Additional paid-in capital | 1,054,686 | 1,006,084 |
Retained earnings | 1,703,161 | 1,321,642 |
Accumulated other comprehensive (loss) income | -40,225 | 20,011 |
Total Stockholders’ Equity | 2,720,657 | 2,350,745 |
Total Liabilities and Stockholders’ Equity | $5,573,492 | $4,518,774 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 303,452,655 | 300,805,276 |
Common stock, shares outstanding | 303,452,655 | 300,805,276 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Statement [Abstract] | ||||||||||||||
Revenue | $1,684,131 | $1,721,024 | $1,709,132 | $1,625,777 | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $6,740,064 | $5,062,528 | $4,122,930 | |||
Cost of goods sold | 4,088,151 | 2,987,126 | 2,398,790 | |||||||||||
Gross margin | 664,559 | 664,411 | 671,059 | 651,884 | 545,673 | 517,907 | 509,873 | 501,949 | 2,651,913 | 2,075,402 | 1,724,140 | |||
Facility and warehouse expenses | 526,291 | 425,081 | 347,917 | |||||||||||
Distribution expenses | 577,341 | 431,947 | 375,835 | |||||||||||
Selling, general and administrative expenses | 762,888 | 597,052 | 495,591 | |||||||||||
Restructuring and acquisition related expenses | 14,806 | 10,173 | 2,751 | |||||||||||
Depreciation and amortization | 120,719 | 80,969 | 64,093 | |||||||||||
Operating income | 146,250 | 156,188 | 173,596 | 173,834 | 133,819 | 123,395 | 131,378 | 141,588 | 649,868 | 530,180 | 437,953 | |||
Other expense (income): | ||||||||||||||
Interest expense | -64,542 | -51,184 | -31,429 | |||||||||||
Loss on debt extinguishment | 324 | 2,795 | 0 | |||||||||||
Change in fair value of contingent consideration liabilities | 1,851 | -2,504 | -1,643 | |||||||||||
Interest and other income, net | -1,035 | -2,130 | -4,286 | |||||||||||
Total other expense, net | 61,980 | 54,353 | 28,786 | |||||||||||
Income before provision for income taxes | 587,888 | 475,827 | 409,167 | |||||||||||
Provision for income taxes | 204,264 | 164,204 | 147,942 | |||||||||||
Equity in earnings of unconsolidated subsidiaries | -2,105 | 0 | 0 | |||||||||||
Net income | $80,469 | $91,515 | $104,882 | $104,653 | $77,864 | $73,445 | $75,722 | $84,592 | $381,519 | $311,623 | $261,225 | |||
Earnings per share: | ||||||||||||||
Basic | $1.26 | [1] | $1.04 | [1] | $0.88 | [1] | ||||||||
Diluted | $1.25 | [1] | $1.02 | [1] | $0.87 | [1] | ||||||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmU1MDMwNTZmYjBhZDRlZTZiMDZlYTFkYjFlYWYzNDhhfFRleHRTZWxlY3Rpb246MjgzQTNDQ0I2Q0JFMkFFMjVCMjRCQzAxQUNGMzFGMkIM} |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $80,469 | $91,515 | $104,882 | $104,653 | $77,864 | $73,445 | $75,722 | $84,592 | $381,519 | $311,623 | $261,225 |
Other comprehensive (loss) income, net of tax: | |||||||||||
Foreign currency translation | -51,979 | 14,056 | 12,921 | ||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | 2,195 | 4,495 | -3,201 | ||||||||
Unrealized gain on pension plan, net of tax | -10,452 | 701 | 0 | ||||||||
Total other comprehensive (loss) income | -60,236 | 19,252 | 9,720 | ||||||||
Total comprehensive income | $321,283 | $330,875 | $270,945 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $381,519 | $311,623 | $261,225 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 125,437 | 86,463 | 70,165 |
Stock-based compensation expense | 22,021 | 22,036 | 15,634 |
Deferred income taxes | 6,242 | 4,279 | 4,222 |
Excess tax benefit from stock-based payments | -17,814 | -18,348 | -15,737 |
Other | 6,593 | 9,630 | 4,515 |
Changes in operating assets and liabilities, net of effects from acquisitions: | |||
Receivables | -61,739 | -44,670 | -12,813 |
Inventory | -122,590 | -69,222 | -95,042 |
Prepaid expenses and other assets | -19,191 | -5,224 | -18,952 |
Prepaid income taxes/income taxes payable | 18,428 | 49,993 | -774 |
Accounts payable | -5,474 | 49,641 | -15,097 |
Accrued expenses and other current liabilities | 32,179 | 23,256 | 2,208 |
Other noncurrent liabilities | 5,286 | 8,599 | 6,636 |
Net cash provided by operating activities | 370,897 | 428,056 | 206,190 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | -140,950 | -90,186 | -88,255 |
Acquisitions, net of cash acquired | -775,921 | -408,384 | -265,336 |
Payments for (Proceeds from) Other Investing Activities | 4,123 | 7,036 | -1,057 |
Net cash used in investing activities | -920,994 | -505,606 | -352,534 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from exercise of stock options | 9,324 | 15,392 | 17,693 |
Excess tax benefit from stock-based payments | 17,814 | 18,348 | 15,737 |
Debt issuance costs | -3,750 | -16,940 | -253 |
Proceeds from issuance of senior notes | 0 | 600,000 | 0 |
Borrowings under revolving credit facilities | 1,587,644 | 437,023 | 742,381 |
Repayments under revolving credit facilities | -1,098,518 | -748,086 | -855,402 |
Borrowings under term loans | 11,250 | 35,000 | 200,000 |
Repayments under term loans | -16,875 | -16,875 | -20,000 |
Borrowings under receivables securitization facility | 95,050 | 41,500 | 82,700 |
Repayments under receivables securitization facility | -150 | -121,500 | -2,700 |
Repayments of other long-term debt | -40,051 | -45,062 | -18,791 |
Payments of other obligations | -41,992 | -32,859 | -4,293 |
Proceeds from (Payments for) Other Financing Activities | -743 | 0 | 0 |
Net cash provided by financing activities | 519,003 | 165,941 | 157,072 |
Effect of exchange rate changes on cash and equivalents | -4,789 | 2,327 | 795 |
Net (decrease) increase in cash and equivalents | -35,883 | 90,718 | 11,523 |
Cash and equivalents, beginning of period | 150,488 | 59,770 | 48,247 |
Cash and equivalents, end of period | 114,605 | 150,488 | 59,770 |
Supplemental disclosure of cash paid for: | |||
Income taxes, net of refunds | 176,955 | 110,862 | 146,478 |
Interest | 59,678 | 45,253 | 29,026 |
Supplemental disclosure of noncash investing and financing activities: | |||
Notes payable and other obligations, including notes issued and debt assumed in connection with business acquisitions | 96,258 | 8,360 | 21,626 |
Contingent consideration liabilities | 5,854 | 3,854 | 5,456 |
Non-cash property and equipment additions | $2,293 | $6,615 | $21,031 |
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, 2011 | $1,644,085 | $2,939 | $901,313 | $748,794 | ($8,961) |
Beginning Balance, shares at Dec. 31, 2011 | 293,897,000 | ||||
Net income | 261,225 | 0 | 0 | 261,225 | 0 |
Other comprehensive income (loss) | 9,720 | 0 | 0 | 0 | 9,720 |
Restricted stock units vested, shares | 467,000 | ||||
Restricted stock units vested, value | 0 | 5 | -5 | 0 | 0 |
Stock-based compensation expense | 15,634 | 0 | 15,634 | 0 | 0 |
Exercise of stock options, shares | 3,447,000 | ||||
Exercise of stock options, value | 17,693 | 34 | 17,659 | 0 | 0 |
Excess tax benefit from stock-based payments | 15,737 | 0 | 15,737 | 0 | 0 |
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 | 0 | 0 | 311,623 | |
Other comprehensive income (loss) | 19,252 | 0 | 0 | 0 | 19,252 |
Restricted stock units vested, shares | 595,000 | ||||
Restricted stock units vested, value | 6 | -6 | 0 | ||
Stock-based compensation expense | 22,036 | 0 | 22,036 | 0 | |
Exercise of stock options, shares | 2,399,000 | ||||
Exercise of stock options, value | 15,392 | 24 | 15,368 | 0 | |
Excess tax benefit from stock-based payments | 18,348 | 0 | 18,348 | 0 | |
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 | ||||
Net income | 381,519 | 0 | 0 | 381,519 | 0 |
Other comprehensive income (loss) | -60,236 | 0 | 0 | 0 | -60,236 |
Restricted stock units vested, shares | 975,000 | ||||
Restricted stock units vested, value | 0 | 10 | -10 | 0 | 0 |
Stock-based compensation expense | 22,021 | 0 | 22,021 | 0 | 0 |
Exercise of stock options, shares | 1,688,000 | ||||
Exercise of stock options, value | 9,324 | 17 | 9,307 | 0 | 0 |
Adjustments Related to Tax Withholding for Share-based Compensation | -443 | -15 | -443 | ||
Excess tax benefit from stock-based payments | 17,727 | 0 | 17,727 | 0 | 0 |
Ending Balance at Dec. 31, 2014 | $2,720,657 | $3,035 | $1,054,686 | $1,703,161 | ($40,225) |
Ending Balance, shares at Dec. 31, 2014 | 303,453,000 |
Business
Business | 12 Months Ended |
Dec. 31, 2014 | |
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 are the nation’s largest provider of alternative vehicle collision replacement products and a leading provider of alternative vehicle mechanical replacement products, with our sales, processing, and distribution facilities reaching most major markets in the United States and Canada. We are also a leading provider of alternative vehicle replacement and maintenance products in the United Kingdom and the Benelux region of continental Europe. In addition to our wholesale operations, we operate self service retail facilities across the U.S. that sell recycled automotive products from end-of-life-vehicles. We also have operations in the Netherlands, Belgium, Northern France, Sweden, Norway, Mexico and Central America. In total, we operate more than 750 facilities. | |
As described in Note 8, "Business Combinations," on January 3, 2014, we completed our acquisition of Keystone Automotive Holdings, Inc. ("Keystone Specialty"), a distributor and marketer of specialty vehicle aftermarket equipment and accessories in North America. With our acquisition of Keystone Specialty, we present an additional reportable segment, Specialty. Our consolidated financial statements reflect the impact of Keystone Specialty from the date of acquisition through December 31, 2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
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 to, 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 $31.3 million and $26.6 million at December 31, 2014 and 2013, 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 $19.4 million and $14.4 million at December 31, 2014 and 2013, 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 products; and salvage and remanufactured 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, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Aftermarket and refurbished products | $ | 1,022,549 | $ | 706,600 | ||||||||||||||||||||
Salvage and remanufactured products | 411,298 | 370,352 | ||||||||||||||||||||||
$ | 1,433,847 | $ | 1,076,952 | |||||||||||||||||||||
Our acquisitions completed during 2014 and adjustments to preliminary valuations of inventory for certain of our 2013 acquisitions contributed $253.7 million of the increase in our aftermarket and refurbished products inventory and $20.8 million of the increase in our salvage and remanufactured products inventory during 2014. See Note 8, "Business Combinations" for further information on our acquisitions. | ||||||||||||||||||||||||
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, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Land and improvements | $ | 112,582 | $ | 101,018 | ||||||||||||||||||||
Buildings and improvements | 173,366 | 143,535 | ||||||||||||||||||||||
Furniture, fixtures and equipment | 337,125 | 282,862 | ||||||||||||||||||||||
Computer equipment and software | 125,888 | 108,424 | ||||||||||||||||||||||
Vehicles and trailers | 87,944 | 64,381 | ||||||||||||||||||||||
Leasehold improvements | 129,309 | 108,625 | ||||||||||||||||||||||
966,214 | 808,845 | |||||||||||||||||||||||
Less—Accumulated depreciation | (374,291 | ) | (294,183 | ) | ||||||||||||||||||||
Construction in progress | 38,064 | 31,989 | ||||||||||||||||||||||
$ | 629,987 | $ | 546,651 | |||||||||||||||||||||
We record depreciation expense within Depreciation and Amortization on our Consolidated Statements of Income. Additionally, 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. Total depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $90.9 million, $72.7 million, and $60.7 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, software and other technology related assets, and covenants not to compete. | ||||||||||||||||||||||||
Goodwill is tested for impairment at least annually, and we performed annual impairment tests during the fourth quarters of 2014, 2013 and 2012. 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 | Specialty | Total | |||||||||||||||||||||
Balance as of January 1, 2012 | $ | 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 | ||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 43,752 | 91,916 | 280,035 | 415,703 | ||||||||||||||||||||
Exchange rate effects | (10,657 | ) | (53,604 | ) | 9 | (64,252 | ) | |||||||||||||||||
Balance as of December 31, 2014 | $ | 1,392,032 | $ | 616,819 | $ | 280,044 | $ | 2,288,895 | ||||||||||||||||
In 2014 and 2013, we finalized the valuation of certain intangible assets acquired related to our 2013 and 2012 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 2014 and 2013, respectively. | ||||||||||||||||||||||||
The components of other intangibles are as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Trade names and trademarks | $ | 173,340 | $ | (35,538 | ) | $ | 137,802 | $ | 143,577 | $ | (27,950 | ) | $ | 115,627 | ||||||||||
Customer relationships | 92,972 | (26,751 | ) | 66,221 | 29,583 | (10,770 | ) | 18,813 | ||||||||||||||||
Software and other technology related assets | 44,640 | (10,387 | ) | 34,253 | 20,384 | (2,718 | ) | 17,666 | ||||||||||||||||
Covenants not to compete | 11,074 | (3,825 | ) | 7,249 | 3,979 | (2,346 | ) | 1,633 | ||||||||||||||||
$ | 322,026 | $ | (76,501 | ) | $ | 245,525 | $ | 197,523 | $ | (43,784 | ) | $ | 153,739 | |||||||||||
During 2014, we recorded $35.5 million of trade names, $65.1 million of customer relationships, $26.7 million of software and technology related assets and $1.9 million of covenants not to compete resulting from our 2014 acquisitions and adjustments to certain preliminary intangible asset valuations from our 2013 acquisitions. The trade names, customer relationships, and software and technology related assets recorded in 2014 included $22.0 million, $30.5 million, and $25.5 million, respectively, related to our acquisition of Keystone Specialty as discussed in Note 8, "Business Combinations." Other intangible assets resulting from our acquisition of Keystone Specialty were not material. We also recognized trade names and customer relationships of $10.1 million and $17.6 million, respectively, related to our 2014 acquisition of a supplier of replacement parts, supplies and accessories for recreational vehicles in our Specialty segment and customer relationships of $12.0 million related to our 2014 acquisition of an automotive core business. | ||||||||||||||||||||||||
During 2013, we recorded $23.9 million of trade names, $14.1 million of customer relationships, $19.3 million of software and technology related assets 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, customer relationships, and software and technology related assets recorded in 2013 included $23.5 million, $2.5 million, and $19.3 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. | ||||||||||||||||||||||||
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 20 years) on an accelerated basis. Software and other technology related assets are amortized on a straight-line basis over the expected period to be benefited (five to six 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. The weighted average amortization period for our intangible assets acquired during 2014 is 14 years. Amortization expense for intangibles was $34.5 million, $13.8 million and $9.5 million during the years ended December 31, 2014, 2013 and 2012, respectively. Estimated amortization expense for each of the five years in the period ending December 31, 2019 is $33.1 million, $30.0 million, $27.6 million, $22.4 million and $17.8 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, 2014, 2013 or 2012. | ||||||||||||||||||||||||
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, 2013 | $ | 10,574 | ||||||||||||||||||||||
Warranty expense | 29,674 | |||||||||||||||||||||||
Warranty claims | (27,801 | ) | ||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 12,447 | ||||||||||||||||||||||
Warranty expense | 30,370 | |||||||||||||||||||||||
Warranty claims | (27,936 | ) | ||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 14,881 | ||||||||||||||||||||||
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 $76.0 million and $55.6 million, including $36.4 million and $25.8 million classified as Other Accrued Expenses, as of December 31, 2014 and 2013, 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 $0.6 million and $0.5 million at December 31, 2014 and 2013, respectively. In addition to these claims deposits, we had outstanding letters of credit of $59.2 million and $43.0 million at December 31, 2014 and 2013, 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 | ||||||||||||||||||||||||
As of December 31, 2014, the carrying value of our investments in unconsolidated subsidiaries was $8.1 million; of this amount, $6.4 million relates to our investment in ACM Parts Pty Ltd ("ACM Parts"). 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, an alternative vehicle replacement parts business in those countries. We hold a 49% interest in the entity and are contributing 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 is supplying salvage vehicles to the venture as well as assisting 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 and other unconsolidated subsidiaries is included within Other Assets on our Consolidated Balance Sheets. Our equity in the net earnings of the investees for the years ended December 31, 2014 and 2013 was not material. | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). This update outlines a new comprehensive revenue recognition model which supersedes most current revenue recognition guidance, and requires companies to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities adopting the standard have the option of using either a full retrospective or modified retrospective approach in the application of this guidance. ASU 2014-09 will be effective for the Company during the first quarter of our fiscal year 2017. Early adoption is not permitted. We are still evaluating the impact that ASU 2014-09 will have on our consolidated financial statements and related disclosures. | ||||||||||||||||||||||||
In June 2014, the FASB issued Accounting Standards Update 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period" ("ASU 2014-12"). This update requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition, and requires the recognition of compensation cost in the period in which it becomes probable that the performance target will be achieved. ASU 2014-12 will be effective for the Company during the first quarter of our fiscal year 2016. Early adoption is permitted. The new standard can be applied either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements as an adjustment to opening retained earnings. We do not anticipate the adoption of this update will have a material impact on our financial position, results of operations, cash flows, or disclosures. |
Equity_Incentive_Plans
Equity Incentive Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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, 13.3 million shares remained available for issuance as of December 31, 2014. We expect to issue new shares of common stock to cover past and future equity grants. | |||||||||||||||||||||
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. RSUs 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 January 2014, the Compensation Committee approved the grant of 175,800 RSUs to our executive officers that include both a performance-based vesting condition and a time-based vesting condition. The performance-based vesting condition is the report by the Company of positive diluted earnings per share, subject to certain adjustments, during any fiscal year period within five years following the grant date (the "Performance Condition"). The time-based vesting condition is the vesting of 16.67% of the number of RSUs subject to the grant each six months following the grant date over a total of three years (the "Time Condition"). The Performance Condition was satisfied when LKQ reported its 2014 earnings on February 26, 2015 and, as a result, the portion of the RSUs that had previously met the Time Condition vested on such date and the remaining RSUs will vest according to the remaining schedule of the Time Condition. | |||||||||||||||||||||
In March 2013, the Compensation Committee approved the grant to our executive officers of 275,400 RSUs that include both the Performance Condition and the Time Condition. Also in March 2013, the Compensation Committee approved the grant to our executive officers of 671,400 RSUs that have both a performance-based vesting condition (positive diluted earnings per share for the year ending December 31, 2013) and a time-based vesting condition as a replacement for the cancellation of an equal number of then unvested RSUs that had only a time-based vesting condition. The performance-based condition for the March 2013 RSU grants to our executive officers was satisfied. | |||||||||||||||||||||
The fair value of RSUs that vested during the years ended December 31, 2014, 2013 and 2012 was $27.7 million, $14.4 million and $7.8 million, respectively. | |||||||||||||||||||||
In January 2015, our Board of Directors granted 687,101 RSUs to employees (including executive officers). | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
Stock options vest over periods of up to five years, subject to a continued service condition. Stock options expire either six or ten years from the date they are granted. During 2014, we granted 126,755 stock options to employees. The grant date fair value of these options was immaterial to the financial statements, and thus we have not provided the detailed disclosures otherwise prescribed by the accounting guidance on stock options. | |||||||||||||||||||||
The total grant-date fair value of options that vested during the years ended December 31, 2014, 2013 and 2012 was $3.3 million, $5.1 million and $7.2 million, respectively. The total intrinsic value (market value of stock less option exercise price) of stock options exercised was $38.4 million, $46.9 million and $45.3 million during the years ended December 31, 2014, 2013 and 2012, 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. During the year ended December 31, 2014, all remaining unvested restricted stock became fully vested. | |||||||||||||||||||||
The fair value of restricted stock that vested during the years ended December 31, 2014, 2013 and 2012 was $0.5 million, $2.3 million and $1.6 million, respectively. | |||||||||||||||||||||
A summary of transactions in our stock-based compensation plans is as follows: | |||||||||||||||||||||
RSUs | Stock Options | Restricted Stock | |||||||||||||||||||
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, 2012 | 1,433,582 | $ | 11.8 | 13,078,092 | $ | 6.47 | 212,000 | $ | 9.49 | ||||||||||||
Granted | 1,504,410 | 15.86 | — | — | — | — | |||||||||||||||
Exercised | — | — | (3,446,472 | ) | 5.13 | — | — | ||||||||||||||
Vested | (467,208 | ) | 13.09 | — | — | (96,000 | ) | 9.51 | |||||||||||||
Canceled | (119,422 | ) | 14.03 | (276,550 | ) | 8.3 | — | — | |||||||||||||
Balance, December 31, 2012 | 2,351,362 | $ | 14.02 | 9,355,070 | $ | 6.9 | 116,000 | $ | 9.47 | ||||||||||||
Granted | 924,312 | 22.18 | — | — | — | — | |||||||||||||||
Exercised | — | — | (2,399,419 | ) | 6.41 | — | — | ||||||||||||||
Vested | (594,961 | ) | 15.05 | — | — | (96,000 | ) | 9.51 | |||||||||||||
Canceled | (122,500 | ) | 16.25 | (123,320 | ) | 8.89 | — | — | |||||||||||||
Balance, December 31, 2013 | 2,558,213 | $ | 16.63 | 6,832,331 | $ | 7.04 | 20,000 | $ | 9.3 | ||||||||||||
Granted | 664,897 | 31.82 | 126,755 | 32.31 | — | — | |||||||||||||||
Exercised | — | — | (1,687,700 | ) | 5.52 | — | — | ||||||||||||||
Vested | (975,462 | ) | 17.01 | — | — | (20,000 | ) | 9.3 | |||||||||||||
Canceled | (96,416 | ) | 20.73 | (63,614 | ) | 16.1 | — | — | |||||||||||||
Balance, December 31, 2014 | 2,151,232 | $ | 20.97 | 5,207,772 | $ | 8.04 | — | $ | — | ||||||||||||
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 RSUs and options at December 31, 2014: | |||||||||||||||||||||
Shares | Weighted | Intrinsic | Weighted | ||||||||||||||||||
Average | Value | Average | |||||||||||||||||||
Remaining | (in thousands) | Exercise | |||||||||||||||||||
Contractual | Price | ||||||||||||||||||||
Life (Yrs) | |||||||||||||||||||||
RSUs - expected to vest | 2,093,784 | 2.3 | $ | 58,877 | $ | — | |||||||||||||||
Stock options - outstanding | 5,207,772 | 3.6 | 105,038 | 8.04 | |||||||||||||||||
Stock options - expected to vest | 5,169,746 | 3.6 | 105,038 | 7.86 | |||||||||||||||||
Stock options - exercisable | 4,843,084 | 3.5 | 100,341 | 7.4 | |||||||||||||||||
The aggregate intrinsic value represents the total pre-tax intrinsic value based on our closing stock price of $28.12 on December 31, 2014. This amount changes based upon the fair market value of our common stock. The aggregate intrinsic value of total outstanding RSUs was $60.5 million at December 31, 2014. | |||||||||||||||||||||
For the RSUs 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 years ended December 31, 2014 and December 31, 2013, we recognized $8.2 million and $8.3 million, respectively, 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, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
RSUs | $ | 18,965 | $ | 17,299 | $ | 8,411 | |||||||||||||||
Stock options | 2,917 | 4,529 | 6,310 | ||||||||||||||||||
Restricted stock | 139 | 208 | 913 | ||||||||||||||||||
Total stock-based compensation expense | $ | 22,021 | $ | 22,036 | $ | 15,634 | |||||||||||||||
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, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Cost of goods sold | $ | 410 | $ | 392 | $ | 376 | |||||||||||||||
Facility and warehouse expenses | 2,195 | 2,745 | 2,465 | ||||||||||||||||||
Selling, general and administrative expenses | 19,416 | 18,899 | 12,793 | ||||||||||||||||||
22,021 | 22,036 | 15,634 | |||||||||||||||||||
Income tax benefit | (8,478 | ) | (8,594 | ) | (6,097 | ) | |||||||||||||||
Total stock-based compensation expense, net of tax | $ | 13,543 | $ | 13,442 | $ | 9,537 | |||||||||||||||
We have not capitalized any stock-based compensation costs during the years ended December 31, 2014, 2013 or 2012. | |||||||||||||||||||||
As of December 31, 2014, unrecognized compensation expense related to unvested RSUs and stock options is expected to be recognized as follows (in thousands): | |||||||||||||||||||||
RSUs | Stock | Total | |||||||||||||||||||
Options | |||||||||||||||||||||
2015 | $ | 13,362 | $ | 372 | $ | 13,734 | |||||||||||||||
2016 | 8,262 | 307 | 8,569 | ||||||||||||||||||
2017 | 4,812 | 8 | 4,820 | ||||||||||||||||||
2018 | 2,221 | — | 2,221 | ||||||||||||||||||
2019 | 98 | — | 98 | ||||||||||||||||||
Total unrecognized compensation expense | $ | 28,755 | $ | 687 | $ | 29,442 | |||||||||||||||
LongTerm_Obligations
Long-Term Obligations | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Obligations | Long-Term Obligations | |||||||
Long-Term Obligations consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Senior secured credit agreement: | ||||||||
Term loans payable | $ | 433,125 | $ | 438,750 | ||||
Revolving credit facilities | 663,912 | 233,804 | ||||||
Senior notes | 600,000 | 600,000 | ||||||
Receivables securitization facility | 94,900 | — | ||||||
Notes payable through November 2019 at weighted average interest rates of 1.0% and 1.1%, respectively | 45,891 | 15,730 | ||||||
Other long-term debt at weighted average interest rates of 3.1% and 3.5%, respectively | 26,734 | 17,497 | ||||||
1,864,562 | 1,305,781 | |||||||
Less current maturities | (63,515 | ) | (41,535 | ) | ||||
$ | 1,801,047 | $ | 1,264,246 | |||||
The scheduled maturities of long-term obligations outstanding at December 31, 2014 are as follows (in thousands): | ||||||||
2015 | $ | 63,515 | ||||||
2016 | 33,352 | |||||||
2017 | 119,145 | |||||||
2018 | 28,143 | |||||||
2019 | 1,008,137 | |||||||
Thereafter | 612,270 | |||||||
$ | 1,864,562 | |||||||
Senior Secured Credit Agreement | ||||||||
On March 27, 2014, LKQ Corporation, LKQ Delaware LLP, and certain other subsidiaries (collectively, the "Borrowers") entered into a third amended and restated credit agreement (the "Credit Agreement"). The Credit Agreement retains many of the terms of the Company’s second amended and restated credit agreement dated May 3, 2013 while also modifying certain terms to (1) extend the maturity date by one year to May 3, 2019; (2) increase the total availability under the Credit Agreement from $1.8 billion to $2.3 billion (composed of $1.69 billion in the revolving credit facility's multicurrency component, $165 million in the revolving credit facility's U.S. dollar only component, and $450 million of term loans); (3) reduce both the applicable margin on outstanding borrowings under the Credit Agreement and the commitment fee percentage we pay on average daily unused amounts under the revolving credit facilities; and (4) make other immaterial or clarifying modifications and amendments to the terms of the Company's second amended and restated 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 outstanding revolver borrowings and to pay fees related to the amendment and restatement. | ||||||||
Amounts under the revolving credit facilities are due and payable upon maturity of the Credit Agreement on May 3, 2019. Term loan borrowings are due and payable in quarterly installments equal to 1.25% of the original principal amount beginning on June 30, 2014 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, including limitations on our net leverage ratio and a minimum interest coverage ratio. | ||||||||
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 under the Credit Agreement at December 31, 2014 and December 31, 2013 were 2.10% and 3.05%, respectively. We also pay a commitment fee based on the average daily unused amount of the revolving credit facilities. 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. | ||||||||
Of the total borrowings outstanding under the Credit Agreement, $22.5 million was classified as current maturities at both December 31, 2014 and December 31, 2013. As of December 31, 2014, there were letters of credit outstanding in the aggregate amount of $60.4 million. The amounts available under the revolving credit facilities are reduced by the amounts outstanding under letters of credit, and thus availability under the revolving credit facilities at December 31, 2014 was $1.1 billion. | ||||||||
Related to the execution of the Credit Agreement in March 2014, we incurred $3.7 million of fees, of which $3.4 million were capitalized within Other Assets on our Consolidated Balance Sheet and are amortized over the term of the agreement. The remaining $0.3 million of fees were expensed during the year ended December 31, 2014 as a loss on debt extinguishment. Related to the execution of the second amended and restated credit agreement in May 2013, we incurred $7.2 million of fees, of which $6.1 million were capitalized within Other Assets on our Consolidated Balance Sheet. The remaining $1.1 million of fees, together with $1.7 million of capitalized debt issuance costs related to the original credit agreement, were expensed during the year ended December 31, 2013 as a loss on debt extinguishment. | ||||||||
Senior Notes | ||||||||
On May 9, 2013, LKQ Corporation completed an offering of $600 million aggregate principal amount of senior notes due May 15, 2023 (the "Original Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933. In April 2014, LKQ Corporation completed an offer to exchange $600 million aggregate principal amount of registered 4.75% Senior Notes due 2023 (the "Notes") for the Original Notes. 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 are substantially identical to the Original Notes, except the Notes are registered under the Securities Act of 1933, and the transfer restrictions, registration rights, and related additional interest provisions applicable to the Original Notes do not apply to the Notes. | ||||||||
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, respectively, LKQ Corporation's and each Guarantor's senior unsecured obligations and are subordinated to all of the Guarantors' 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. | ||||||||
Fees incurred related to the offering of the Notes totaling $9.7 million were capitalized during the year ended December 31, 2013 within Other Assets on our Consolidated Balance Sheet and are amortized over the term of the Notes. | ||||||||
Restricted Payments | ||||||||
Our senior secured credit agreement and our senior notes indenture contain limitations on payment of cash dividends or other distributions of assets. Based on limitations in effect under our senior secured credit agreement and senior notes indenture as of December 31, 2014, the maximum amount of dividends we could pay in 2015 is approximately $550 million. The limit on the payment of dividends is calculated using historical financial information and will change from period to period. | ||||||||
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. On September 29, 2014, the parties amended the terms of the facility to: (i) extend the term of the facility to October 2, 2017; (ii) increase the maximum amount available to $97 million; and (iii) make other clarifying and updating changes. | ||||||||
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 "Purchasers"). 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, 2014, $129.5 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. | ||||||||
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"), 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 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, 2014, the interest rate under the receivables facility was based on commercial paper rates and was 0.93%. The outstanding balance of $94.9 million as of December 31, 2014 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, 2014 | |||||||||||||||||||||||||
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, 2014, 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. | |||||||||||||||||||||||||
From time to time, we may 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 the foreign currency 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 the year ended December 31, 2014, we settled our £70 million and €150 million foreign currency forward contracts through payments to the counterparties totaling $20.0 million. At that time, we also settled the underlying intercompany debt transactions. | |||||||||||||||||||||||||
The following table summarizes the notional amounts and fair values of our designated cash flow hedges as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||
Notional Amount | Fair Value at December 31, 2014 (USD) | Fair Value at December 31, 2013 (USD) | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | Other Accrued Expenses | Other Noncurrent Liabilities | Other Accrued Expenses | Other Noncurrent Liabilities | ||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||||
USD denominated | $ | 420,000 | $ | 420,000 | $ | 2,691 | $ | 1,615 | $ | — | $ | 8,099 | |||||||||||||
GBP denominated | £ | 50,000 | £ | 50,000 | — | 893 | — | 345 | |||||||||||||||||
CAD denominated | C$ | 25,000 | C$ | 25,000 | — | 19 | — | 26 | |||||||||||||||||
Foreign currency forward contracts | |||||||||||||||||||||||||
EUR denominated | € | — | € | 149,976 | — | — | 11,632 | — | |||||||||||||||||
GBP denominated | £ | — | £ | 70,000 | — | — | 10,186 | — | |||||||||||||||||
Total cash flow hedges | $ | 2,691 | $ | 2,527 | $ | 21,818 | $ | 8,470 | |||||||||||||||||
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, 2014 or 2013. | |||||||||||||||||||||||||
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. Ineffectiveness related to our cash flow hedges was immaterial to our results of operations during 2014, 2013, and 2012. 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, 2014, we estimate that $3.1 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 to manage our exposure to variability related to inventory purchases and intercompany financing transactions denominated in a non-functional currency, as well as commodity forward contracts to manage our exposure to fluctuations in metals prices. 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, 2014 and 2013, along with the effect on our results of operations in 2014, 2013 and 2012 were immaterial. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, 2014, 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. 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, 2014 and 2013 (in thousands): | ||||||||||||||||
Balance as of December 31, 2014 | Fair Value Measurements as of December 31, 2014 | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | ||||||||||||||||
Cash surrender value of life insurance | $ | 28,242 | $ | — | $ | 28,242 | $ | — | ||||||||
Total Assets | $ | 28,242 | $ | — | $ | 28,242 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration liabilities | $ | 7,295 | $ | — | $ | — | $ | 7,295 | ||||||||
Deferred compensation liabilities | 27,580 | — | 27,580 | — | ||||||||||||
Interest rate swaps | 5,218 | — | 5,218 | — | ||||||||||||
Total Liabilities | $ | 40,093 | $ | — | $ | 32,798 | $ | 7,295 | ||||||||
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 | ||||||||
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 current portion of contingent consideration liabilities is classified as a separate line item in current liabilities and the noncurrent portion is included in Other 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, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Unobservable Input | (Weighted Average) | |||||||||||||||
Probability of achieving payout targets | 79.1 | % | 70.6 | % | ||||||||||||
Discount rate | 7.5 | % | 6.5 | % | ||||||||||||
A decrease in the assessed probabilities of achieving the targets or an increase in the discount rate, in isolation, would result in a 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, 2013 | $ | 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 | ||||||||||||||
Contingent consideration liabilities recorded for business acquisitions | 5,854 | |||||||||||||||
Payments | (52,363 | ) | ||||||||||||||
Decrease in fair value included in earnings | (1,851 | ) | ||||||||||||||
Exchange rate effects | 2 | |||||||||||||||
Balance as of December 31, 2014 | $ | 7,295 | ||||||||||||||
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 each of the measurement periods was exceeded, and therefore, we settled the liabilities related to the 2012 and 2013 performance periods for the maximum amounts of £25 million and £30 million, respectively. During 2014, we settled the liability for the 2013 performance period through a cash payment of $44.8 million (£26.9 million) and the issuance of notes for $5.1 million (£3.1 million). The liability for the 2012 performance period was settled during the three months ended March 31, 2013, through a cash payment of $33.9 million (£22.4 million) and the issuance of notes for $3.9 million (£2.6 million). The cash payments made for the settlement of these contingent consideration liabilities are included within Payments of Other Obligations and Other cash outflows in the Cash Flows from Financing Activities and Cash Flows from Operating Activities sections, respectively, of our Consolidated Statements of Cash Flows. | ||||||||||||||||
Substantially all of the gains and losses included in earnings during the years ended December 31, 2014 and 2013 related to contingent consideration obligations that were settled by December 31, 2014. The changes in the fair value of contingent consideration obligations included in earnings during 2014 and 2013 reflect the quarterly reassessment of each obligation's fair value, including an analysis of the significant inputs used in the valuation, as well as the accretion of the present value discount. | ||||||||||||||||
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, 2014 and 2013, the fair value of our credit agreement borrowings reasonably approximated the carrying value of $1.1 billion and $673 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 $94.9 million at December 31, 2014; we did not have any borrowings outstanding under the receivables facility as of December 31, 2013. As of December 31, 2014 and 2013, the fair value of our senior notes was approximately $569 million and $561 million, respectively, 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, 2014 to assume these obligations. The fair value of our senior notes is classified as Level 1 within the fair value hierarchy since it is determined based upon observable market inputs including quoted market prices in an active market. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
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, 2014 are as follows (in thousands): | ||||
Years ending December 31: | ||||
2015 | $ | 138,670 | ||
2016 | 121,263 | |||
2017 | 100,363 | |||
2018 | 81,635 | |||
2019 | 65,001 | |||
Thereafter | 253,329 | |||
Future Minimum Lease Payments | $ | 760,261 | ||
Rental expense for operating leases was approximately $148.5 million, $122.4 million and $101.1 million during the years ended December 31, 2014, 2013 and 2012, 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, 2014, our portion of the guaranteed residual value would have totaled approximately $29.0 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 were 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. | ||||
We 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, 2014 | ||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||
Business Combinations | Business Combinations | |||||||||||||||||||||||
On January 3, 2014, we completed our acquisition of Keystone Specialty, which is a leading distributor and marketer of specialty vehicle aftermarket equipment and accessories in North America. Total acquisition date fair value of the consideration for our Keystone Specialty acquisition was $471.9 million, composed of $427.1 million of cash (net of cash acquired), $31.5 million of notes payable and $13.4 million of other purchase price obligations (non-interest bearing). We recorded $237.7 million of goodwill related to our acquisition of Keystone Specialty, which we do not expect to be deductible for income tax purposes. In the period between January 3, 2014 and December 31, 2014, Keystone Specialty generated approximately $771.1 million of revenue and $26.5 million of net income. | ||||||||||||||||||||||||
In addition to our acquisition of Keystone Specialty, we made 22 acquisitions during 2014, including 9 wholesale businesses in North America, 9 wholesale businesses in Europe, 2 self service retail operations, and 2 specialty vehicle aftermarket businesses. Our European acquisitions included seven aftermarket parts distribution businesses in the Netherlands, five of which were customers of and distributors for our Netherlands subsidiary, Sator Beheer B.V. ("Sator"). Our European acquisitions were completed with the objective of aligning our Netherlands and U.K. distribution models; our other acquisitions completed during the year ended December 31, 2014 enabled us to expand into new product lines and enter new markets. Total acquisition date fair value of the consideration for these additional acquisitions was $359.1 million, composed of $334.3 million of cash (net of cash acquired), $13.5 million of notes payable, $0.3 million of other purchase price obligations (non-interest bearing), $5.9 million for the estimated value of contingent payments to former owners (with maximum potential payments totaling $8.3 million), and $5.1 million of pre-existing balances between us and the acquired entities considered to be effectively settled as a result of the acquisitions. During the year ended December 31, 2014, we recorded $178.0 million of goodwill related to these acquisitions and immaterial adjustments to preliminary purchase price allocations related to certain of our 2013 acquisitions. We expect $44.2 million of the $178.0 million of goodwill recorded to be deductible for income tax purposes. In the period between the acquisition dates and December 31, 2014, these acquisitions generated revenue of $257.8 million and $4.1 million of net income. | ||||||||||||||||||||||||
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 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. | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
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 2014 acquisitions, certain of 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 2014 and 2013 are as follows (in thousands): | ||||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Keystone | Other Acquisitions | Total | Sator | Other Acquisitions | Total | |||||||||||||||||||
Specialty | ||||||||||||||||||||||||
Receivables | $ | 48,473 | $ | 75,330 | $ | 123,803 | $ | 61,639 | $ | 38,685 | $ | 100,324 | ||||||||||||
Receivable reserves | (7,748 | ) | (7,383 | ) | (15,131 | ) | (8,563 | ) | (3,246 | ) | (11,809 | ) | ||||||||||||
Inventory | 150,696 | 123,815 | 274,511 | 71,784 | 26,455 | 98,239 | ||||||||||||||||||
Income taxes receivable | 14,096 | — | 14,096 | — | — | — | ||||||||||||||||||
Prepaid expenses and other current assets | 8,085 | 4,050 | 12,135 | 7,184 | 1,933 | 9,117 | ||||||||||||||||||
Property and equipment | 38,080 | 27,026 | 65,106 | 19,484 | 14,015 | 33,499 | ||||||||||||||||||
Goodwill | 237,729 | 177,974 | 415,703 | 142,721 | 92,726 | 235,447 | ||||||||||||||||||
Other intangibles | 78,110 | 51,135 | 129,245 | 45,293 | 12,353 | 57,646 | ||||||||||||||||||
Other assets | 6,159 | 2,793 | 8,952 | 2,049 | 1,251 | 3,300 | ||||||||||||||||||
Deferred income taxes | (26,591 | ) | 313 | (26,278 | ) | (14,100 | ) | (564 | ) | (14,664 | ) | |||||||||||||
Current liabilities assumed | (63,513 | ) | (52,961 | ) | (116,474 | ) | (49,593 | ) | (36,799 | ) | (86,392 | ) | ||||||||||||
Debt assumed | — | (32,441 | ) | (32,441 | ) | — | (664 | ) | (664 | ) | ||||||||||||||
Other noncurrent liabilities assumed | (11,675 | ) | (10,573 | ) | (22,248 | ) | (5,074 | ) | — | (5,074 | ) | |||||||||||||
Contingent consideration liabilities | — | (5,854 | ) | (5,854 | ) | — | (3,854 | ) | (3,854 | ) | ||||||||||||||
Other purchase price obligations | (13,351 | ) | (333 | ) | (13,684 | ) | — | (214 | ) | (214 | ) | |||||||||||||
Notes issued | (31,500 | ) | (13,535 | ) | (45,035 | ) | — | (7,482 | ) | (7,482 | ) | |||||||||||||
Settlement of pre-existing balances | — | (5,052 | ) | (5,052 | ) | — | — | — | ||||||||||||||||
Cash used in acquisitions, net of cash acquired | $ | 427,050 | $ | 334,304 | $ | 761,354 | $ | 272,824 | $ | 134,595 | $ | 407,419 | ||||||||||||
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 2014, 2013 and 2012 was to create economic value for our stockholders by enhancing our position as a leading source for alternative collision and mechanical repair products and expanding into other product lines and businesses that may benefit from our operating strengths. 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 logistics and administrative cost synergies as well as cross-selling opportunities, which contributed to the goodwill recorded on the Keystone Specialty acquisition. Our other acquisitions enabled us to further expand our market presence, 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 will 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, 2014 as though the businesses had been acquired as of January 1, 2013, the businesses acquired during the year ended December 31, 2013 as though they had been acquired as of January 1, 2012 and the businesses acquired during the year ended December 31, 2012 as though they had been acquired as of January 1, 2011. The pro forma adjustments are based upon unaudited financial information of the acquired entities (in thousands, except per share data): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Revenue, as reported | $ | 6,740,064 | $ | 5,062,528 | $ | 4,122,930 | ||||||||||||||||||
Revenue of purchased businesses for the period prior to acquisition: | ||||||||||||||||||||||||
Keystone Specialty | 3,443 | 696,960 | — | |||||||||||||||||||||
Sator | — | 126,309 | 369,934 | |||||||||||||||||||||
Other acquisitions | 302,853 | 695,596 | 440,938 | |||||||||||||||||||||
Pro forma revenue | $ | 7,046,360 | $ | 6,581,393 | $ | 4,933,802 | ||||||||||||||||||
Net income, as reported | $ | 381,519 | $ | 311,623 | $ | 261,225 | ||||||||||||||||||
Net income of purchased businesses for the period prior to acquisition, and pro forma purchase accounting adjustments: | ||||||||||||||||||||||||
Keystone Specialty | 637 | 40,460 | — | |||||||||||||||||||||
Sator | — | 5,712 | 6,032 | |||||||||||||||||||||
Other acquisitions | 11,490 | 19,367 | 18,363 | |||||||||||||||||||||
Pro forma net income | $ | 393,646 | $ | 377,162 | $ | 285,620 | ||||||||||||||||||
Earnings per share-basic, as reported | $ | 1.26 | $ | 1.04 | $ | 0.88 | ||||||||||||||||||
Effect of purchased businesses for the period prior to acquisition: | ||||||||||||||||||||||||
Keystone Specialty | 0 | 0.14 | — | |||||||||||||||||||||
Sator | — | 0.02 | 0.02 | |||||||||||||||||||||
Other acquisitions | 0.04 | 0.06 | 0.06 | |||||||||||||||||||||
Pro forma earnings per share-basic (1) | $ | 1.3 | $ | 1.26 | $ | 0.97 | ||||||||||||||||||
Earnings per share-diluted, as reported | $ | 1.25 | $ | 1.02 | $ | 0.87 | ||||||||||||||||||
Effect of purchased businesses for the period prior to acquisition: | ||||||||||||||||||||||||
Keystone Specialty | 0 | 0.13 | — | |||||||||||||||||||||
Sator | — | 0.02 | 0.02 | |||||||||||||||||||||
Other acquisitions | 0.04 | 0.06 | 0.06 | |||||||||||||||||||||
Pro forma earnings per share-diluted (1) | $ | 1.29 | $ | 1.24 | $ | 0.95 | ||||||||||||||||||
(1) 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 other acquisitions includes an adjustment for intercompany sales between Sator and the five Netherlands distributors that would have been reflected as intercompany transactions if the acquisitions had occurred on January 1, 2013. Our cost of sales in the initial months after the acquisitions reflects the increased valuation of acquired inventory, which has the impact of temporarily reducing our gross margin. Moving this negative gross margin impact to the year ended December 31, 2013 for our pro forma disclosure has the effect of increasing our pro forma net income during the year ended December 31, 2014. Additionally, the pro forma impact of our acquisitions reflects the elimination of acquisition related expenses totaling $3.2 million for the year ended December 31, 2014, primarily related to our May 2014 acquisitions of five aftermarket parts distribution businesses in the Netherlands. 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. 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 regarding our acquisition related expenses. These pro forma results are not necessarily indicative 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, 2014 | |
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 legal, accounting and advisory fees, totaled $3.7 million, $6.7 million, and $0.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. Our 2014 expenses included $1.9 million related to our acquisitions of seven aftermarket parts distribution businesses in the Netherlands; the remainder of our 2014 expenses related to our acquisition of a supplier of replacement parts, supplies and accessories for recreational vehicles in our Specialty segment as well as other completed and potential acquisitions. 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. These costs are expensed as incurred. | |
Acquisition Integration Plans | |
During the year ended December 31, 2014, we incurred $5.8 million of restructuring expenses as a result of the integration of our acquisition of Keystone Specialty into our existing business. 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 our integration plan are not expected to be material. | |
Also during 2014, we incurred $1.9 million, $1.0 million, and $0.8 million of other restructuring costs related to our European, North American, and Specialty acquisitions, respectively. These costs are a result of activities to integrate our acquisitions into our existing business, including 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 our acquisitions. | |
We expect to incur additional expenses related to the integration of certain of our acquisitions into our existing operations in 2015. These integration activities are expected to include 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 are expected to be approximately $6 million. | |
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 and $1.4 million of restructuring expenses related to the integration of certain of our 2012 North American acquisitions. Integration costs during the year ended December 31, 2012 totaled $1.2 million. 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. | |
European Restructuring Plan | |
In the third quarter of 2014, we initiated restructuring activities to eliminate overlapping positions within certain of our European operations. As a result of these restructuring activities, we incurred $1.6 million of expenses during the year ended December 31, 2014, primarily for severance costs to terminated employees. While we do not expect material incremental expenses for this portion of the integration plan, we may incur additional expenses in the future as we continue to rationalize our European operations. | |
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, 2014 | ||||||||||||
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 RSUs and 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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net Income | $ | 381,519 | $ | 311,623 | $ | 261,225 | ||||||
Denominator for basic earnings per share—Weighted-average shares outstanding | 302,343 | 299,574 | 295,810 | |||||||||
Effect of dilutive securities: | ||||||||||||
RSUs | 791 | 845 | 479 | |||||||||
Stock options | 2,905 | 3,696 | 4,346 | |||||||||
Restricted stock | 6 | 16 | 58 | |||||||||
Denominator for diluted earnings per share—Adjusted weighted-average shares outstanding | 306,045 | 304,131 | 300,693 | |||||||||
Earnings per share, basic | $ | 1.26 | $ | 1.04 | $ | 0.88 | ||||||
Earnings per share, diluted | $ | 1.25 | $ | 1.02 | $ | 0.87 | ||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Antidilutive securities: | ||||||||||||
RSUs | 289 | — | — | |||||||||
Stock options | 116 | — | — | |||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The provision for income taxes consists of the following components (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 144,924 | $ | 115,150 | $ | 110,825 | ||||||
State | 24,052 | 20,869 | 19,693 | |||||||||
Foreign | 29,046 | 23,906 | 13,202 | |||||||||
$ | 198,022 | $ | 159,925 | $ | 143,720 | |||||||
Deferred: | ||||||||||||
Federal | $ | 9,321 | $ | 6,225 | $ | 5,824 | ||||||
State | (179 | ) | (550 | ) | (647 | ) | ||||||
Foreign | (2,900 | ) | (1,396 | ) | (955 | ) | ||||||
$ | 6,242 | $ | 4,279 | $ | 4,222 | |||||||
Provision for income taxes | $ | 204,264 | $ | 164,204 | $ | 147,942 | ||||||
Income taxes have been based on the following components of income before provision for income taxes (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 460,637 | $ | 361,283 | $ | 348,150 | ||||||
Foreign | 127,251 | 114,544 | 61,017 | |||||||||
$ | 587,888 | $ | 475,827 | $ | 409,167 | |||||||
The U.S. federal statutory rate is reconciled to the effective tax rate as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of state credits and federal tax impact | 2.8 | % | 2.9 | % | 3.1 | % | ||||||
Impact of international operations | (3.6 | )% | (3.7 | )% | (2.3 | )% | ||||||
Non-deductible expenses | 0.5 | % | 0.9 | % | 0.8 | % | ||||||
Federal production incentives and credits | (0.2 | )% | (0.3 | )% | (0.3 | )% | ||||||
Revaluation of deferred taxes | — | % | (0.3 | )% | (0.3 | )% | ||||||
Other, net | 0.2 | % | — | % | 0.2 | % | ||||||
Effective tax rate | 34.7 | % | 34.5 | % | 36.2 | % | ||||||
Undistributed earnings of the Company's foreign subsidiaries amounted to approximately $266 million at December 31, 2014. 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 significant components of our deferred tax assets and liabilities are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Inventory | $ | 33,452 | $ | 30,880 | ||||||||
Accrued expenses and reserves | 40,349 | 29,970 | ||||||||||
Accounts receivable | 12,894 | 11,161 | ||||||||||
Stock-based compensation | 11,978 | 11,519 | ||||||||||
Qualified and nonqualified retirement plans | 14,049 | 10,210 | ||||||||||
Net operating loss carryforwards | 6,744 | 5,181 | ||||||||||
Tax credit carryforwards | 4,424 | 1,136 | ||||||||||
Other | 8,275 | 6,711 | ||||||||||
132,165 | 106,768 | |||||||||||
Less valuation allowance | (5,239 | ) | (1,092 | ) | ||||||||
Total deferred tax assets | $ | 126,926 | $ | 105,676 | ||||||||
Deferred Tax Liabilities: | ||||||||||||
Goodwill and other intangible assets | $ | 121,728 | $ | 83,097 | ||||||||
Property and equipment | 60,215 | 50,695 | ||||||||||
Trade name | 43,325 | 40,929 | ||||||||||
Other | 5,988 | 2,693 | ||||||||||
Total deferred tax liabilities | $ | 231,256 | $ | 177,414 | ||||||||
Net deferred tax liability | $ | (104,330 | ) | $ | (71,738 | ) | ||||||
Deferred tax assets and liabilities are reflected on our Consolidated Balance Sheets as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Current deferred tax assets | $ | 81,744 | $ | 63,938 | ||||||||
Noncurrent deferred tax assets | 203 | 1,501 | ||||||||||
Current deferred tax liabilities | 4,615 | 3,355 | ||||||||||
Noncurrent deferred tax liabilities | 181,662 | 133,822 | ||||||||||
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 $6.7 million and $5.1 million at December 31, 2014 and 2013, respectively. At December 31, 2014 and 2013, we had foreign, state, & local tax credit carryforwards of $4.4 million and $1.1 million, respectively. As of December 31, 2014 and 2013, valuation allowances of $5.2 million and $1.1 million, respectively, were recorded for a portion of the deferred tax assets related to net operating loss and tax credit carryforwards. Of the $4.1 million net increase in valuation allowances, $3.3 million was related to acquired foreign tax credit and net operating loss carryforwards, and the remainder was recognized primarily due to our judgment regarding the realization of other net operating loss and tax credit carryforwards. | ||||||||||||
The net operating loss carryforwards expire over the period from 2015 through 2033. Foreign tax credit carryforwards expire over the period from 2015 through 2024, while the state & local tax credits primarily 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): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at January 1 | $ | 1,445 | $ | 1,693 | $ | 4,305 | ||||||
Additions for acquired tax positions | 2,322 | — | — | |||||||||
Additions based on tax positions related to the current year | 302 | 302 | 827 | |||||||||
Reductions for tax positions of prior years | — | — | (1,931 | ) | ||||||||
Lapse of statutes of limitations | (134 | ) | (550 | ) | (713 | ) | ||||||
Settlements with taxing authorities | (1,182 | ) | — | (795 | ) | |||||||
Currency exchange rate fluctuations | (123 | ) | — | — | ||||||||
Balance at December 31 | $ | 2,630 | $ | 1,445 | $ | 1,693 | ||||||
Included in the balance of unrecognized tax benefits above as of December 31, 2014, 2013 and 2012 are $1.9 million, $0.9 million and $1.1 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate. The balance of unrecognized tax benefits at December 31, 2014, 2013 and 2012 also includes $0.7 million, $0.5 million, and $0.6 million respectively, of tax benefits that, if recognized, would result in adjustments to deferred taxes. | ||||||||||||
The Company recognizes interest and penalties accrued related to unrecognized tax benefits as income tax expense. Attributable to the unrecognized tax benefits noted above, at December 31, 2014 and 2013, the Company had accumulated interest and penalties of $0.7 million and $0.4 million respectively. During each of the years ended December 31, 2014, 2013, and 2012, $0.1 million, $0.1 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. | ||||||||||||
During the twelve months beginning January 1, 2015, it is reasonably possible that we will reduce unrecognized tax benefits by up to approximately $0.1 million, all of which would impact our effective tax rate, primarily as a result of the expiration of certain statutes of limitations. | ||||||||||||
As of December 31, 2014, the U.S. Internal Revenue Service was conducting an examination of the Company’s Federal consolidated tax returns for 2011 and 2012. In the U.K., with limited exceptions, tax years through 2010 are no longer subject to inquiry. Certain Canadian operations are under examinations for the years 2010 to 2012. In the Netherlands, tax years through 2012 have been assessed. Tax years from 2011 are subject to income tax examinations by various U.S. state and local jurisdictions. Adjustments from such examinations, if any, are not expected to have a material effect on our financial position, results of operations or cash flows. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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 (Loss)Gain | Unrealized Gain | Accumulated | ||||||||||||||
Currency | on Cash Flow Hedges | (Loss) on Pension Plan | Other | ||||||||||||||
Translation | Comprehensive | ||||||||||||||||
(Loss) Income | |||||||||||||||||
Balance at January 1, 2012 | $ | (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 | ||||||||
Pretax loss | (51,979 | ) | (1,586 | ) | (13,506 | ) | (67,071 | ) | |||||||||
Income tax effect | — | 382 | 3,179 | 3,561 | |||||||||||||
Reclassification of unrealized loss (gain) | — | 5,200 | (166 | ) | 5,034 | ||||||||||||
Reclassification of deferred income taxes | — | (1,801 | ) | 41 | (1,760 | ) | |||||||||||
Balance at December 31, 2014 | $ | (27,073 | ) | $ | (3,401 | ) | $ | (9,751 | ) | $ | (40,225 | ) | |||||
Unrealized losses on our interest rate swap contracts totaling $6.2 million, $6.2 million, and $6.4 million were reclassified to interest expense in our Consolidated Statements of Income during each of the years ended December 31, 2014, 2013, and 2012. The remaining reclassification of unrealized gains and losses during these periods related to our foreign currency forward contracts and were recorded to other income in our Consolidated Statements of Income. These gains and losses offset the remeasurement of certain of our intercompany balances as discussed in Note 5, "Derivative Instruments and Hedging Activities." 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, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Segment and Geographic Information | Segment and Geographic Information | |||||||||||||||||||
We have four operating segments: Wholesale – North America; Wholesale – Europe; Self Service; and Specialty. Our Specialty operating segment was formed with our January 3, 2014 acquisition of Keystone Specialty, as discussed in Note 8, "Business Combinations." Our Wholesale – North America and Self Service operating segments are aggregated into one reportable segment, North America, because they possess similar economic characteristics and have common products and services, customers, and methods of distribution. Therefore, we present three reportable segments: North America, Europe and Specialty. | ||||||||||||||||||||
The following tables present our financial performance by reportable segment for the periods indicated (in thousands): | ||||||||||||||||||||
North America | Europe | Specialty | Eliminations | Consolidated | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Third Party | $ | 4,088,701 | $ | 1,846,155 | $ | 805,208 | $ | — | $ | 6,740,064 | ||||||||||
Intersegment | 589 | — | 1,807 | (2,396 | ) | — | ||||||||||||||
Total segment revenue | $ | 4,089,290 | $ | 1,846,155 | $ | 807,015 | $ | (2,396 | ) | $ | 6,740,064 | |||||||||
Segment EBITDA | $ | 543,943 | $ | 167,155 | $ | 79,453 | $ | — | $ | 790,551 | ||||||||||
Depreciation and amortization | 70,434 | 34,391 | 20,612 | — | 125,437 | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Third Party | $ | 3,802,929 | $ | 1,259,599 | $ | — | $ | — | $ | 5,062,528 | ||||||||||
Intersegment | — | — | — | — | — | |||||||||||||||
Total segment revenue | $ | 3,802,929 | $ | 1,259,599 | $ | — | $ | — | $ | 5,062,528 | ||||||||||
Segment EBITDA | $ | 486,831 | $ | 141,756 | $ | — | $ | — | $ | 628,587 | ||||||||||
Depreciation and amortization | 65,606 | 20,857 | — | — | 86,463 | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Third Party | $ | 3,426,858 | $ | 696,072 | $ | — | $ | — | $ | 4,122,930 | ||||||||||
Intersegment | — | — | — | — | — | |||||||||||||||
Total segment revenue | $ | 3,426,858 | $ | 696,072 | $ | — | $ | — | $ | 4,122,930 | ||||||||||
Segment EBITDA | $ | 441,268 | $ | 73,673 | $ | — | $ | — | $ | 514,941 | ||||||||||
Depreciation and amortization | 59,132 | 11,033 | — | — | 70,165 | |||||||||||||||
The key measure of segment profit or loss reviewed by our chief operating decision maker, who is our Chief Executive Officer, is Segment 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 is calculated as EBITDA excluding restructuring and acquisition related expenses, change in fair value of contingent consideration liabilities and equity in earnings of unconsolidated subsidiaries. EBITDA, which is the basis for Segment EBITDA, is calculated as net income excluding depreciation, amortization, interest (including loss on debt extinguishment) 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 table below provides a reconciliation from Segment EBITDA to Net Income (in thousands): | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Segment EBITDA | $ | 790,551 | $ | 628,587 | $ | 514,941 | ||||||||||||||
Deduct: | ||||||||||||||||||||
Restructuring and acquisition related expenses(1) | 14,806 | 10,173 | 2,751 | |||||||||||||||||
Change in fair value of contingent consideration liabilities (2) | (1,851 | ) | 2,504 | 1,643 | ||||||||||||||||
Add: | ||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | (2,105 | ) | — | — | ||||||||||||||||
EBITDA | 775,491 | 615,910 | 510,547 | |||||||||||||||||
Depreciation and amortization | 125,437 | 86,463 | 70,165 | |||||||||||||||||
Interest expense, net | 63,947 | 50,825 | 31,215 | |||||||||||||||||
Loss on debt extinguishment | 324 | 2,795 | — | |||||||||||||||||
Provision for income taxes | 204,264 | 164,204 | 147,942 | |||||||||||||||||
Net income | $ | 381,519 | $ | 311,623 | $ | 261,225 | ||||||||||||||
(1) See Note 9, "Restructuring and Acquisition Related Expenses," for further information. | ||||||||||||||||||||
(2) See Note 6, "Fair Value Measurements," for further information on our contingent consideration liabilities. | ||||||||||||||||||||
The following table presents capital expenditures, which includes additions to property and equipment, by reportable segment (in thousands): | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Capital Expenditures | ||||||||||||||||||||
North America | $ | 86,172 | $ | 66,288 | $ | 73,331 | ||||||||||||||
Europe | 44,896 | 23,898 | 14,924 | |||||||||||||||||
Specialty | 9,882 | — | — | |||||||||||||||||
$ | 140,950 | $ | 90,186 | $ | 88,255 | |||||||||||||||
The following table presents assets by reportable segment (in thousands): | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Receivables, net | ||||||||||||||||||||
North America | $ | 322,713 | $ | 277,395 | $ | 241,627 | ||||||||||||||
Europe | 227,987 | 180,699 | 70,181 | |||||||||||||||||
Specialty | 50,722 | — | — | |||||||||||||||||
Total receivables, net | 601,422 | 458,094 | 311,808 | |||||||||||||||||
Inventory | ||||||||||||||||||||
North America | 826,429 | 748,167 | 750,565 | |||||||||||||||||
Europe | 402,488 | 328,785 | 150,238 | |||||||||||||||||
Specialty | 204,930 | — | — | |||||||||||||||||
Total inventory | 1,433,847 | 1,076,952 | 900,803 | |||||||||||||||||
Property and Equipment, net | ||||||||||||||||||||
North America | 456,288 | 447,528 | 434,010 | |||||||||||||||||
Europe | 128,309 | 99,123 | 60,369 | |||||||||||||||||
Specialty | 45,390 | — | — | |||||||||||||||||
Total property and equipment, net | 629,987 | 546,651 | 494,379 | |||||||||||||||||
Other unallocated assets | 2,908,236 | 2,437,077 | 2,016,466 | |||||||||||||||||
Total assets | $ | 5,573,492 | $ | 4,518,774 | $ | 3,723,456 | ||||||||||||||
We report net 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. | ||||||||||||||||||||
The majority of our operations are conducted in the U.S. Our European operations are located in the U.K., the Netherlands, Belgium, France, Sweden, and Norway. 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, other alternative parts operations in Guatemala, and administrative support functions in India. Our net sales are 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, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Revenue | ||||||||||||||||||||
United States | $ | 4,499,743 | $ | 3,544,360 | $ | 3,209,024 | ||||||||||||||
United Kingdom | 1,321,786 | 981,585 | 696,072 | |||||||||||||||||
Other countries | 918,535 | 536,583 | 217,834 | |||||||||||||||||
$ | 6,740,064 | $ | 5,062,528 | $ | 4,122,930 | |||||||||||||||
The following table sets forth our tangible long-lived assets by geographic area (in thousands): | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Long-lived Assets | ||||||||||||||||||||
United States | $ | 469,450 | $ | 418,869 | ||||||||||||||||
United Kingdom | 92,813 | 77,827 | ||||||||||||||||||
Other countries | 67,724 | 49,955 | ||||||||||||||||||
$ | 629,987 | $ | 546,651 | |||||||||||||||||
The following table sets forth our revenue by product category (in thousands): | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Aftermarket, other new and refurbished products | $ | 4,613,454 | $ | 3,034,599 | $ | 2,286,853 | ||||||||||||||
Recycled, remanufactured and related products and services | 1,473,305 | 1,394,981 | 1,277,023 | |||||||||||||||||
Other | 653,305 | 632,948 | 559,054 | |||||||||||||||||
$ | 6,740,064 | $ | 5,062,528 | $ | 4,122,930 | |||||||||||||||
Our North American reportable segment generates revenue from all of our product categories, while our European and Specialty segments generate 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, 2014 | ||||||||||||||||
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, 2014. 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. Beginning with the quarter ended March 31, 2014, the selected quarterly financial data includes the results of Keystone Specialty, which was acquired effective January 3, 2014. 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 | ||||||||||||
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 | 84,592 | 75,722 | 73,445 | 77,864 | ||||||||||||
Basic earnings per share(1) | $ | 0.28 | $ | 0.25 | $ | 0.24 | $ | 0.26 | ||||||||
Diluted earnings per share(1) | $ | 0.28 | $ | 0.25 | $ | 0.24 | $ | 0.26 | ||||||||
Quarter Ended | ||||||||||||||||
(In thousands, except per share data) | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||
2014 | ||||||||||||||||
Revenue | $ | 1,625,777 | $ | 1,709,132 | $ | 1,721,024 | $ | 1,684,131 | ||||||||
Gross margin | 651,884 | 671,059 | 664,411 | 664,559 | ||||||||||||
Operating income | 173,834 | 173,596 | 156,188 | 146,250 | ||||||||||||
Net income | 104,653 | 104,882 | 91,515 | 80,469 | ||||||||||||
Basic earnings per share(1) | $ | 0.35 | $ | 0.35 | $ | 0.3 | $ | 0.27 | ||||||||
Diluted earnings per share(1) | $ | 0.34 | $ | 0.34 | $ | 0.3 | $ | 0.26 | ||||||||
-1 | 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, 2014 | ||||||||||||||||||||
Condensed Consolidating Financial Information [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, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and equivalents | $ | 14,930 | $ | 32,103 | $ | 67,572 | $ | — | $ | 114,605 | ||||||||||
Receivables, net | 145 | 217,542 | 383,735 | — | 601,422 | |||||||||||||||
Intercompany receivables, net | 1,360 | — | 8,048 | (9,408 | ) | — | ||||||||||||||
Inventory | — | 964,477 | 469,370 | — | 1,433,847 | |||||||||||||||
Deferred income taxes | 4,064 | 62,850 | 10,215 | 4,615 | 81,744 | |||||||||||||||
Prepaid expenses and other current assets | 20,640 | 36,553 | 28,606 | — | 85,799 | |||||||||||||||
Total Current Assets | 41,139 | 1,313,525 | 967,546 | (4,793 | ) | 2,317,417 | ||||||||||||||
Property and Equipment, net | 494 | 470,791 | 158,702 | — | 629,987 | |||||||||||||||
Intangible Assets: | ||||||||||||||||||||
Goodwill | — | 1,563,796 | 725,099 | — | 2,288,895 | |||||||||||||||
Other intangibles, net | — | 155,819 | 89,706 | — | 245,525 | |||||||||||||||
Investment in Subsidiaries | 3,216,039 | 279,967 | — | (3,496,006 | ) | — | ||||||||||||||
Intercompany Notes Receivable | 667,949 | 23,449 | — | (691,398 | ) | — | ||||||||||||||
Other Assets | 49,601 | 24,457 | 20,481 | (2,871 | ) | 91,668 | ||||||||||||||
Total Assets | $ | 3,975,222 | $ | 3,831,804 | $ | 1,961,534 | $ | (4,195,068 | ) | $ | 5,573,492 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts payable | $ | 682 | $ | 182,607 | $ | 216,913 | $ | — | $ | 400,202 | ||||||||||
Intercompany payables, net | — | 8,048 | 1,360 | (9,408 | ) | — | ||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Accrued payroll-related liabilities | 8,075 | 48,850 | 29,091 | — | 86,016 | |||||||||||||||
Other accrued expenses | 8,061 | 83,857 | 72,230 | — | 164,148 | |||||||||||||||
Contingent consideration liabilities | — | 3,263 | 1,030 | — | 4,293 | |||||||||||||||
Other current liabilities | 283 | 12,934 | 14,690 | 4,615 | 32,522 | |||||||||||||||
Current portion of long-term obligations | 55,172 | 4,599 | 3,744 | — | 63,515 | |||||||||||||||
Total Current Liabilities | 72,273 | 344,158 | 339,058 | (4,793 | ) | 750,696 | ||||||||||||||
Long-Term Obligations, Excluding Current Portion | 1,150,624 | 6,561 | 643,862 | — | 1,801,047 | |||||||||||||||
Intercompany Notes Payable | — | 649,824 | 41,574 | (691,398 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 156,727 | 27,806 | (2,871 | ) | 181,662 | ||||||||||||||
Other Noncurrent Liabilities | 31,668 | 60,213 | 27,549 | — | 119,430 | |||||||||||||||
Stockholders’ Equity | 2,720,657 | 2,614,321 | 881,685 | (3,496,006 | ) | 2,720,657 | ||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 3,975,222 | $ | 3,831,804 | $ | 1,961,534 | $ | (4,195,068 | ) | $ | 5,573,492 | |||||||||
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 expenses and other current assets | 7,924 | 24,190 | 18,231 | — | 50,345 | |||||||||||||||
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 | |||||||||||||||
Contingent consideration liabilities | — | 1,923 | 50,542 | — | 52,465 | |||||||||||||||
Other current liabilities | 2,803 | 13,039 | 20,273 | — | 36,115 | |||||||||||||||
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 | ||||||||||||||
Other Noncurrent Liabilities | 38,489 | 46,417 | 7,102 | — | 92,008 | |||||||||||||||
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 Statements of Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Revenue | $ | — | $ | 4,649,391 | $ | 2,221,831 | $ | (131,158 | ) | $ | 6,740,064 | |||||||||
Cost of goods sold | — | 2,813,427 | 1,405,882 | (131,158 | ) | 4,088,151 | ||||||||||||||
Gross margin | — | 1,835,964 | 815,949 | — | 2,651,913 | |||||||||||||||
Facility and warehouse expenses | — | 382,937 | 143,354 | — | 526,291 | |||||||||||||||
Distribution expenses | — | 389,430 | 187,911 | — | 577,341 | |||||||||||||||
Selling, general and administrative expenses | 25,770 | 460,516 | 276,602 | — | 762,888 | |||||||||||||||
Restructuring and acquisition related expenses | — | 8,628 | 6,178 | — | 14,806 | |||||||||||||||
Depreciation and amortization | 218 | 81,253 | 39,248 | — | 120,719 | |||||||||||||||
Operating (loss) income | (25,988 | ) | 513,200 | 162,656 | — | 649,868 | ||||||||||||||
Other expense (income): | ||||||||||||||||||||
Interest expense | 50,636 | 635 | 13,271 | — | 64,542 | |||||||||||||||
Intercompany interest (income) expense, net | (48,556 | ) | 23,865 | 24,691 | — | — | ||||||||||||||
Loss on debt extinguishment | 324 | — | — | — | 324 | |||||||||||||||
Change in fair value of contingent consideration liabilities | — | (2,081 | ) | 230 | — | (1,851 | ) | |||||||||||||
Interest and other expense (income), net | 230 | (6,278 | ) | 5,013 | — | (1,035 | ) | |||||||||||||
Total other expense, net | 2,634 | 16,141 | 43,205 | — | 61,980 | |||||||||||||||
(Loss) income before (benefit) provision for income taxes | (28,622 | ) | 497,059 | 119,451 | — | 587,888 | ||||||||||||||
(Benefit) provision for income taxes | (10,536 | ) | 190,456 | 24,344 | — | 204,264 | ||||||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 40 | (2,145 | ) | — | (2,105 | ) | |||||||||||||
Equity in earnings of subsidiaries | 399,605 | 28,846 | — | (428,451 | ) | — | ||||||||||||||
Net income | $ | 381,519 | $ | 335,489 | $ | 92,962 | $ | (428,451 | ) | $ | 381,519 | |||||||||
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 expense (income): | ||||||||||||||||||||
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 Comprehensive Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net income | $ | 381,519 | $ | 335,489 | $ | 92,962 | $ | (428,451 | ) | $ | 381,519 | |||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||
Foreign currency translation | (51,979 | ) | (17,710 | ) | (49,559 | ) | 67,269 | (51,979 | ) | |||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | 2,195 | — | (444 | ) | 444 | 2,195 | ||||||||||||||
Net change in unrealized gains/losses on pension plan, net of tax | (10,452 | ) | — | (10,452 | ) | 10,452 | (10,452 | ) | ||||||||||||
Total other comprehensive (loss) income | (60,236 | ) | (17,710 | ) | (60,455 | ) | 78,165 | (60,236 | ) | |||||||||||
Total comprehensive income | $ | 321,283 | $ | 317,779 | $ | 32,507 | $ | (350,286 | ) | $ | 321,283 | |||||||||
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 | ||||||||||||||
Net change in 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 Cash Flows | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 271,221 | $ | 427,249 | $ | (53,348 | ) | $ | (274,225 | ) | $ | 370,897 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of property and equipment | (44 | ) | (85,182 | ) | (55,724 | ) | — | (140,950 | ) | |||||||||||
Investment and intercompany note activity with subsidiaries | (477,007 | ) | (608 | ) | — | 477,615 | — | |||||||||||||
Acquisitions, net of cash acquired | — | (635,171 | ) | (140,750 | ) | — | (775,921 | ) | ||||||||||||
Other investing activities, net | — | 768 | (4,891 | ) | — | (4,123 | ) | |||||||||||||
Net cash used in investing activities | (477,051 | ) | (720,193 | ) | (201,365 | ) | 477,615 | (920,994 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from exercise of stock options | 9,324 | — | — | — | 9,324 | |||||||||||||||
Excess tax benefit from stock-based payments | 17,814 | — | — | — | 17,814 | |||||||||||||||
Debt issuance costs | (3,675 | ) | — | (75 | ) | — | (3,750 | ) | ||||||||||||
Borrowings under revolving credit facilities | 867,000 | — | 720,644 | — | 1,587,644 | |||||||||||||||
Repayments under revolving credit facilities | (727,000 | ) | — | (371,518 | ) | — | (1,098,518 | ) | ||||||||||||
Borrowings under term loans | 11,250 | — | — | — | 11,250 | |||||||||||||||
Repayments under term loans | (16,875 | ) | — | — | — | (16,875 | ) | |||||||||||||
Borrowings under receivables securitization facility | — | — | 95,050 | — | 95,050 | |||||||||||||||
Repayments under receivables securitization facility | — | — | (150 | ) | — | (150 | ) | |||||||||||||
Repayments of other long-term debt | (1,921 | ) | (2,310 | ) | (35,820 | ) | — | (40,051 | ) | |||||||||||
Payments of other obligations | — | (464 | ) | (41,528 | ) | — | (41,992 | ) | ||||||||||||
Other financing activities, net | (13,083 | ) | 12,340 | — | — | (743 | ) | |||||||||||||
Investment and intercompany note activity with parent | — | 576,384 | (98,769 | ) | (477,615 | ) | — | |||||||||||||
Dividends | — | (274,225 | ) | — | 274,225 | — | ||||||||||||||
Net cash provided by financing activities | 142,834 | 311,725 | 267,834 | (203,390 | ) | 519,003 | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | (371 | ) | (4,418 | ) | — | (4,789 | ) | ||||||||||||
Net (decrease) increase in cash and equivalents | (62,996 | ) | 18,410 | 8,703 | — | (35,883 | ) | |||||||||||||
Cash and equivalents, beginning of period | 77,926 | 13,693 | 58,869 | — | 150,488 | |||||||||||||||
Cash and equivalents, end of period | $ | 14,930 | $ | 32,103 | $ | 67,572 | $ | — | $ | 114,605 | ||||||||||
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 | ) | ||||||||||||
Investment and intercompany note activity with subsidiaries | (434,172 | ) | (84,894 | ) | — | 519,066 | — | |||||||||||||
Acquisitions, net of cash acquired | — | (33,436 | ) | (374,948 | ) | — | (408,384 | ) | ||||||||||||
Other investing activities, net | — | 1,191 | (8,227 | ) | — | (7,036 | ) | |||||||||||||
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 facilities | 315,000 | — | 122,023 | — | 437,023 | |||||||||||||||
Repayments under revolving credit facilities | (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 | ) | |||||||||||
Investment and intercompany note activity with subsidiaries | (132,006 | ) | — | — | 132,006 | — | ||||||||||||||
Acquisitions, net of cash acquired | — | (183,716 | ) | (81,620 | ) | — | (265,336 | ) | ||||||||||||
Other investing activities, net | — | 699 | 358 | — | 1,057 | |||||||||||||||
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 facilities | 612,700 | — | 129,681 | — | 742,381 | |||||||||||||||
Repayments under revolving credit facilities | (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 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 | ||||||||||
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, 2014 | |||||||||||||||||||||
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, 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 | |||||||||||||||
Year ended December 31, 2014 | 14,360 | 9,814 | 4,436 | (9,184 | ) | 19,426 | |||||||||||||||
ALLOWANCE FOR ESTIMATED RETURNS, DISCOUNTS & ALLOWANCES: | |||||||||||||||||||||
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 | |||||||||||||||
Year ended December 31, 2014 | 26,636 | 955,615 | 10,695 | (961,658 | ) | 31,288 | |||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
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 to, 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 $31.3 million and $26.6 million at December 31, 2014 and 2013, 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 $19.4 million and $14.4 million at December 31, 2014 and 2013, 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 products; and salvage and remanufactured 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, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Aftermarket and refurbished products | $ | 1,022,549 | $ | 706,600 | ||||||||||||||||||||
Salvage and remanufactured products | 411,298 | 370,352 | ||||||||||||||||||||||
$ | 1,433,847 | $ | 1,076,952 | |||||||||||||||||||||
Our acquisitions completed during 2014 and adjustments to preliminary valuations of inventory for certain of our 2013 acquisitions contributed $253.7 million of the increase in our aftermarket and refurbished products inventory and $20.8 million of the increase in our salvage and remanufactured products inventory during 2014. See Note 8, "Business Combinations" for further information on our acquisitions. | ||||||||||||||||||||||||
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, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Land and improvements | $ | 112,582 | $ | 101,018 | ||||||||||||||||||||
Buildings and improvements | 173,366 | 143,535 | ||||||||||||||||||||||
Furniture, fixtures and equipment | 337,125 | 282,862 | ||||||||||||||||||||||
Computer equipment and software | 125,888 | 108,424 | ||||||||||||||||||||||
Vehicles and trailers | 87,944 | 64,381 | ||||||||||||||||||||||
Leasehold improvements | 129,309 | 108,625 | ||||||||||||||||||||||
966,214 | 808,845 | |||||||||||||||||||||||
Less—Accumulated depreciation | (374,291 | ) | (294,183 | ) | ||||||||||||||||||||
Construction in progress | 38,064 | 31,989 | ||||||||||||||||||||||
$ | 629,987 | $ | 546,651 | |||||||||||||||||||||
We record depreciation expense within Depreciation and Amortization on our Consolidated Statements of Income. Additionally, 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. Total depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $90.9 million, $72.7 million, and $60.7 million, respectively. | ||||||||||||||||||||||||
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, software and other technology related assets, and covenants not to compete. | ||||||||||||||||||||||||
Goodwill is tested for impairment at least annually, and we performed annual impairment tests during the fourth quarters of 2014, 2013 and 2012. 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 | Specialty | Total | |||||||||||||||||||||
Balance as of January 1, 2012 | $ | 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 | ||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 43,752 | 91,916 | 280,035 | 415,703 | ||||||||||||||||||||
Exchange rate effects | (10,657 | ) | (53,604 | ) | 9 | (64,252 | ) | |||||||||||||||||
Balance as of December 31, 2014 | $ | 1,392,032 | $ | 616,819 | $ | 280,044 | $ | 2,288,895 | ||||||||||||||||
In 2014 and 2013, we finalized the valuation of certain intangible assets acquired related to our 2013 and 2012 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 2014 and 2013, respectively. | ||||||||||||||||||||||||
The components of other intangibles are as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Trade names and trademarks | $ | 173,340 | $ | (35,538 | ) | $ | 137,802 | $ | 143,577 | $ | (27,950 | ) | $ | 115,627 | ||||||||||
Customer relationships | 92,972 | (26,751 | ) | 66,221 | 29,583 | (10,770 | ) | 18,813 | ||||||||||||||||
Software and other technology related assets | 44,640 | (10,387 | ) | 34,253 | 20,384 | (2,718 | ) | 17,666 | ||||||||||||||||
Covenants not to compete | 11,074 | (3,825 | ) | 7,249 | 3,979 | (2,346 | ) | 1,633 | ||||||||||||||||
$ | 322,026 | $ | (76,501 | ) | $ | 245,525 | $ | 197,523 | $ | (43,784 | ) | $ | 153,739 | |||||||||||
During 2014, we recorded $35.5 million of trade names, $65.1 million of customer relationships, $26.7 million of software and technology related assets and $1.9 million of covenants not to compete resulting from our 2014 acquisitions and adjustments to certain preliminary intangible asset valuations from our 2013 acquisitions. The trade names, customer relationships, and software and technology related assets recorded in 2014 included $22.0 million, $30.5 million, and $25.5 million, respectively, related to our acquisition of Keystone Specialty as discussed in Note 8, "Business Combinations." Other intangible assets resulting from our acquisition of Keystone Specialty were not material. We also recognized trade names and customer relationships of $10.1 million and $17.6 million, respectively, related to our 2014 acquisition of a supplier of replacement parts, supplies and accessories for recreational vehicles in our Specialty segment and customer relationships of $12.0 million related to our 2014 acquisition of an automotive core business. | ||||||||||||||||||||||||
During 2013, we recorded $23.9 million of trade names, $14.1 million of customer relationships, $19.3 million of software and technology related assets 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, customer relationships, and software and technology related assets recorded in 2013 included $23.5 million, $2.5 million, and $19.3 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. | ||||||||||||||||||||||||
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 20 years) on an accelerated basis. Software and other technology related assets are amortized on a straight-line basis over the expected period to be benefited (five to six 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. The weighted average amortization period for our intangible assets acquired during 2014 is 14 years. Amortization expense for intangibles was $34.5 million, $13.8 million and $9.5 million during the years ended December 31, 2014, 2013 and 2012, respectively. Estimated amortization expense for each of the five years in the period ending December 31, 2019 is $33.1 million, $30.0 million, $27.6 million, $22.4 million and $17.8 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, 2014, 2013 or 2012. | ||||||||||||||||||||||||
Warranty Reserve | 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, 2013 | $ | 10,574 | ||||||||||||||||||||||
Warranty expense | 29,674 | |||||||||||||||||||||||
Warranty claims | (27,801 | ) | ||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 12,447 | ||||||||||||||||||||||
Warranty expense | 30,370 | |||||||||||||||||||||||
Warranty claims | (27,936 | ) | ||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 14,881 | ||||||||||||||||||||||
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 $76.0 million and $55.6 million, including $36.4 million and $25.8 million classified as Other Accrued Expenses, as of December 31, 2014 and 2013, 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 $0.6 million and $0.5 million at December 31, 2014 and 2013, respectively. In addition to these claims deposits, we had outstanding letters of credit of $59.2 million and $43.0 million at December 31, 2014 and 2013, 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 | |||||||||||||||||||||||
As of December 31, 2014, the carrying value of our investments in unconsolidated subsidiaries was $8.1 million; of this amount, $6.4 million relates to our investment in ACM Parts Pty Ltd ("ACM Parts"). 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, an alternative vehicle replacement parts business in those countries. We hold a 49% interest in the entity and are contributing 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 is supplying salvage vehicles to the venture as well as assisting 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 and other unconsolidated subsidiaries is included within Other Assets on our Consolidated Balance Sheets. Our equity in the net earnings of the investees for the years ended December 31, 2014 and 2013 was not material. | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). This update outlines a new comprehensive revenue recognition model which supersedes most current revenue recognition guidance, and requires companies to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities adopting the standard have the option of using either a full retrospective or modified retrospective approach in the application of this guidance. ASU 2014-09 will be effective for the Company during the first quarter of our fiscal year 2017. Early adoption is not permitted. We are still evaluating the impact that ASU 2014-09 will have on our consolidated financial statements and related disclosures. | ||||||||||||||||||||||||
In June 2014, the FASB issued Accounting Standards Update 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period" ("ASU 2014-12"). This update requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition, and requires the recognition of compensation cost in the period in which it becomes probable that the performance target will be achieved. ASU 2014-12 will be effective for the Company during the first quarter of our fiscal year 2016. Early adoption is permitted. The new standard can be applied either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements as an adjustment to opening retained earnings. We do not anticipate the adoption of this update will have a material impact on our financial position, results of operations, cash flows, or disclosures. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||
Schedule Of Inventory | Inventory consists of the following (in thousands): | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Aftermarket and refurbished products | $ | 1,022,549 | $ | 706,600 | ||||||||||||||||||||
Salvage and remanufactured products | 411,298 | 370,352 | ||||||||||||||||||||||
$ | 1,433,847 | $ | 1,076,952 | |||||||||||||||||||||
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, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Land and improvements | $ | 112,582 | $ | 101,018 | ||||||||||||||||||||
Buildings and improvements | 173,366 | 143,535 | ||||||||||||||||||||||
Furniture, fixtures and equipment | 337,125 | 282,862 | ||||||||||||||||||||||
Computer equipment and software | 125,888 | 108,424 | ||||||||||||||||||||||
Vehicles and trailers | 87,944 | 64,381 | ||||||||||||||||||||||
Leasehold improvements | 129,309 | 108,625 | ||||||||||||||||||||||
966,214 | 808,845 | |||||||||||||||||||||||
Less—Accumulated depreciation | (374,291 | ) | (294,183 | ) | ||||||||||||||||||||
Construction in progress | 38,064 | 31,989 | ||||||||||||||||||||||
$ | 629,987 | $ | 546,651 | |||||||||||||||||||||
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 | Specialty | Total | |||||||||||||||||||||
Balance as of January 1, 2012 | $ | 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 | ||||||||||||||||
Business acquisitions and adjustments to previously recorded goodwill | 43,752 | 91,916 | 280,035 | 415,703 | ||||||||||||||||||||
Exchange rate effects | (10,657 | ) | (53,604 | ) | 9 | (64,252 | ) | |||||||||||||||||
Balance as of December 31, 2014 | $ | 1,392,032 | $ | 616,819 | $ | 280,044 | $ | 2,288,895 | ||||||||||||||||
Components Of Other Intangibles | The components of other intangibles are as follows (in thousands): | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Trade names and trademarks | $ | 173,340 | $ | (35,538 | ) | $ | 137,802 | $ | 143,577 | $ | (27,950 | ) | $ | 115,627 | ||||||||||
Customer relationships | 92,972 | (26,751 | ) | 66,221 | 29,583 | (10,770 | ) | 18,813 | ||||||||||||||||
Software and other technology related assets | 44,640 | (10,387 | ) | 34,253 | 20,384 | (2,718 | ) | 17,666 | ||||||||||||||||
Covenants not to compete | 11,074 | (3,825 | ) | 7,249 | 3,979 | (2,346 | ) | 1,633 | ||||||||||||||||
$ | 322,026 | $ | (76,501 | ) | $ | 245,525 | $ | 197,523 | $ | (43,784 | ) | $ | 153,739 | |||||||||||
Changes In Warranty Reserve | The changes in the warranty reserve are as follows (in thousands): | |||||||||||||||||||||||
Balance as of January 1, 2013 | $ | 10,574 | ||||||||||||||||||||||
Warranty expense | 29,674 | |||||||||||||||||||||||
Warranty claims | (27,801 | ) | ||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 12,447 | ||||||||||||||||||||||
Warranty expense | 30,370 | |||||||||||||||||||||||
Warranty claims | (27,936 | ) | ||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 14,881 | ||||||||||||||||||||||
Equity_Incentive_Plans_Tables
Equity Incentive Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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: | ||||||||||||||||||||
RSUs | Stock Options | Restricted Stock | |||||||||||||||||||
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, 2012 | 1,433,582 | $ | 11.8 | 13,078,092 | $ | 6.47 | 212,000 | $ | 9.49 | ||||||||||||
Granted | 1,504,410 | 15.86 | — | — | — | — | |||||||||||||||
Exercised | — | — | (3,446,472 | ) | 5.13 | — | — | ||||||||||||||
Vested | (467,208 | ) | 13.09 | — | — | (96,000 | ) | 9.51 | |||||||||||||
Canceled | (119,422 | ) | 14.03 | (276,550 | ) | 8.3 | — | — | |||||||||||||
Balance, December 31, 2012 | 2,351,362 | $ | 14.02 | 9,355,070 | $ | 6.9 | 116,000 | $ | 9.47 | ||||||||||||
Granted | 924,312 | 22.18 | — | — | — | — | |||||||||||||||
Exercised | — | — | (2,399,419 | ) | 6.41 | — | — | ||||||||||||||
Vested | (594,961 | ) | 15.05 | — | — | (96,000 | ) | 9.51 | |||||||||||||
Canceled | (122,500 | ) | 16.25 | (123,320 | ) | 8.89 | — | — | |||||||||||||
Balance, December 31, 2013 | 2,558,213 | $ | 16.63 | 6,832,331 | $ | 7.04 | 20,000 | $ | 9.3 | ||||||||||||
Granted | 664,897 | 31.82 | 126,755 | 32.31 | — | — | |||||||||||||||
Exercised | — | — | (1,687,700 | ) | 5.52 | — | — | ||||||||||||||
Vested | (975,462 | ) | 17.01 | — | — | (20,000 | ) | 9.3 | |||||||||||||
Canceled | (96,416 | ) | 20.73 | (63,614 | ) | 16.1 | — | — | |||||||||||||
Balance, December 31, 2014 | 2,151,232 | $ | 20.97 | 5,207,772 | $ | 8.04 | — | $ | — | ||||||||||||
Summary Of Expected to Vest RSUs, Options, and Restricted Shares | The following table summarizes information about RSUs and options at December 31, 2014: | ||||||||||||||||||||
Shares | Weighted | Intrinsic | Weighted | ||||||||||||||||||
Average | Value | Average | |||||||||||||||||||
Remaining | (in thousands) | Exercise | |||||||||||||||||||
Contractual | Price | ||||||||||||||||||||
Life (Yrs) | |||||||||||||||||||||
RSUs - expected to vest | 2,093,784 | 2.3 | $ | 58,877 | $ | — | |||||||||||||||
Stock options - outstanding | 5,207,772 | 3.6 | 105,038 | 8.04 | |||||||||||||||||
Stock options - expected to vest | 5,169,746 | 3.6 | 105,038 | 7.86 | |||||||||||||||||
Stock options - exercisable | 4,843,084 | 3.5 | 100,341 | 7.4 | |||||||||||||||||
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, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
RSUs | $ | 18,965 | $ | 17,299 | $ | 8,411 | |||||||||||||||
Stock options | 2,917 | 4,529 | 6,310 | ||||||||||||||||||
Restricted stock | 139 | 208 | 913 | ||||||||||||||||||
Total stock-based compensation expense | $ | 22,021 | $ | 22,036 | $ | 15,634 | |||||||||||||||
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, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Cost of goods sold | $ | 410 | $ | 392 | $ | 376 | |||||||||||||||
Facility and warehouse expenses | 2,195 | 2,745 | 2,465 | ||||||||||||||||||
Selling, general and administrative expenses | 19,416 | 18,899 | 12,793 | ||||||||||||||||||
22,021 | 22,036 | 15,634 | |||||||||||||||||||
Income tax benefit | (8,478 | ) | (8,594 | ) | (6,097 | ) | |||||||||||||||
Total stock-based compensation expense, net of tax | $ | 13,543 | $ | 13,442 | $ | 9,537 | |||||||||||||||
Schedule Of Stock-Based Compensation Expense Expected To Be Recognized | As of December 31, 2014, unrecognized compensation expense related to unvested RSUs and stock options is expected to be recognized as follows (in thousands): | ||||||||||||||||||||
RSUs | Stock | Total | |||||||||||||||||||
Options | |||||||||||||||||||||
2015 | $ | 13,362 | $ | 372 | $ | 13,734 | |||||||||||||||
2016 | 8,262 | 307 | 8,569 | ||||||||||||||||||
2017 | 4,812 | 8 | 4,820 | ||||||||||||||||||
2018 | 2,221 | — | 2,221 | ||||||||||||||||||
2019 | 98 | — | 98 | ||||||||||||||||||
Total unrecognized compensation expense | $ | 28,755 | $ | 687 | $ | 29,442 | |||||||||||||||
LongTerm_Obligations_Tables
Long-Term Obligations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule Of Long-Term Obligations | Long-Term Obligations consist of the following (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Senior secured credit agreement: | ||||||||
Term loans payable | $ | 433,125 | $ | 438,750 | ||||
Revolving credit facilities | 663,912 | 233,804 | ||||||
Senior notes | 600,000 | 600,000 | ||||||
Receivables securitization facility | 94,900 | — | ||||||
Notes payable through November 2019 at weighted average interest rates of 1.0% and 1.1%, respectively | 45,891 | 15,730 | ||||||
Other long-term debt at weighted average interest rates of 3.1% and 3.5%, respectively | 26,734 | 17,497 | ||||||
1,864,562 | 1,305,781 | |||||||
Less current maturities | (63,515 | ) | (41,535 | ) | ||||
$ | 1,801,047 | $ | 1,264,246 | |||||
Schedule Of Maturities Of Long-Term Obligations | The scheduled maturities of long-term obligations outstanding at December 31, 2014 are as follows (in thousands): | |||||||
2015 | $ | 63,515 | ||||||
2016 | 33,352 | |||||||
2017 | 119,145 | |||||||
2018 | 28,143 | |||||||
2019 | 1,008,137 | |||||||
Thereafter | 612,270 | |||||||
$ | 1,864,562 | |||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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 as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
Notional Amount | Fair Value at December 31, 2014 (USD) | Fair Value at December 31, 2013 (USD) | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | Other Accrued Expenses | Other Noncurrent Liabilities | Other Accrued Expenses | Other Noncurrent Liabilities | ||||||||||||||||||||
Interest rate swap agreements | |||||||||||||||||||||||||
USD denominated | $ | 420,000 | $ | 420,000 | $ | 2,691 | $ | 1,615 | $ | — | $ | 8,099 | |||||||||||||
GBP denominated | £ | 50,000 | £ | 50,000 | — | 893 | — | 345 | |||||||||||||||||
CAD denominated | C$ | 25,000 | C$ | 25,000 | — | 19 | — | 26 | |||||||||||||||||
Foreign currency forward contracts | |||||||||||||||||||||||||
EUR denominated | € | — | € | 149,976 | — | — | 11,632 | — | |||||||||||||||||
GBP denominated | £ | — | £ | 70,000 | — | — | 10,186 | — | |||||||||||||||||
Total cash flow hedges | $ | 2,691 | $ | 2,527 | $ | 21,818 | $ | 8,470 | |||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, 2014 and 2013 (in thousands): | |||||||||||||||
Balance as of December 31, 2014 | Fair Value Measurements as of December 31, 2014 | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | ||||||||||||||||
Cash surrender value of life insurance | $ | 28,242 | $ | — | $ | 28,242 | $ | — | ||||||||
Total Assets | $ | 28,242 | $ | — | $ | 28,242 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration liabilities | $ | 7,295 | $ | — | $ | — | $ | 7,295 | ||||||||
Deferred compensation liabilities | 27,580 | — | 27,580 | — | ||||||||||||
Interest rate swaps | 5,218 | — | 5,218 | — | ||||||||||||
Total Liabilities | $ | 40,093 | $ | — | $ | 32,798 | $ | 7,295 | ||||||||
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 | ||||||||
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, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Unobservable Input | (Weighted Average) | |||||||||||||||
Probability of achieving payout targets | 79.1 | % | 70.6 | % | ||||||||||||
Discount rate | 7.5 | % | 6.5 | % | ||||||||||||
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, 2013 | $ | 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 | ||||||||||||||
Contingent consideration liabilities recorded for business acquisitions | 5,854 | |||||||||||||||
Payments | (52,363 | ) | ||||||||||||||
Decrease in fair value included in earnings | (1,851 | ) | ||||||||||||||
Exchange rate effects | 2 | |||||||||||||||
Balance as of December 31, 2014 | $ | 7,295 | ||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Future Minimum Lease Commitments | The future minimum lease commitments under these leases at December 31, 2014 are as follows (in thousands): | |||
Years ending December 31: | ||||
2015 | $ | 138,670 | ||
2016 | 121,263 | |||
2017 | 100,363 | |||
2018 | 81,635 | |||
2019 | 65,001 | |||
Thereafter | 253,329 | |||
Future Minimum Lease Payments | $ | 760,261 | ||
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||
Purchase Price Allocations For Acquisitions | The purchase price allocations for the acquisitions completed during 2014 and 2013 are as follows (in thousands): | |||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Keystone | Other Acquisitions | Total | Sator | Other Acquisitions | Total | |||||||||||||||||||
Specialty | ||||||||||||||||||||||||
Receivables | $ | 48,473 | $ | 75,330 | $ | 123,803 | $ | 61,639 | $ | 38,685 | $ | 100,324 | ||||||||||||
Receivable reserves | (7,748 | ) | (7,383 | ) | (15,131 | ) | (8,563 | ) | (3,246 | ) | (11,809 | ) | ||||||||||||
Inventory | 150,696 | 123,815 | 274,511 | 71,784 | 26,455 | 98,239 | ||||||||||||||||||
Income taxes receivable | 14,096 | — | 14,096 | — | — | — | ||||||||||||||||||
Prepaid expenses and other current assets | 8,085 | 4,050 | 12,135 | 7,184 | 1,933 | 9,117 | ||||||||||||||||||
Property and equipment | 38,080 | 27,026 | 65,106 | 19,484 | 14,015 | 33,499 | ||||||||||||||||||
Goodwill | 237,729 | 177,974 | 415,703 | 142,721 | 92,726 | 235,447 | ||||||||||||||||||
Other intangibles | 78,110 | 51,135 | 129,245 | 45,293 | 12,353 | 57,646 | ||||||||||||||||||
Other assets | 6,159 | 2,793 | 8,952 | 2,049 | 1,251 | 3,300 | ||||||||||||||||||
Deferred income taxes | (26,591 | ) | 313 | (26,278 | ) | (14,100 | ) | (564 | ) | (14,664 | ) | |||||||||||||
Current liabilities assumed | (63,513 | ) | (52,961 | ) | (116,474 | ) | (49,593 | ) | (36,799 | ) | (86,392 | ) | ||||||||||||
Debt assumed | — | (32,441 | ) | (32,441 | ) | — | (664 | ) | (664 | ) | ||||||||||||||
Other noncurrent liabilities assumed | (11,675 | ) | (10,573 | ) | (22,248 | ) | (5,074 | ) | — | (5,074 | ) | |||||||||||||
Contingent consideration liabilities | — | (5,854 | ) | (5,854 | ) | — | (3,854 | ) | (3,854 | ) | ||||||||||||||
Other purchase price obligations | (13,351 | ) | (333 | ) | (13,684 | ) | — | (214 | ) | (214 | ) | |||||||||||||
Notes issued | (31,500 | ) | (13,535 | ) | (45,035 | ) | — | (7,482 | ) | (7,482 | ) | |||||||||||||
Settlement of pre-existing balances | — | (5,052 | ) | (5,052 | ) | — | — | — | ||||||||||||||||
Cash used in acquisitions, net of cash acquired | $ | 427,050 | $ | 334,304 | $ | 761,354 | $ | 272,824 | $ | 134,595 | $ | 407,419 | ||||||||||||
Pro Forma Effect Of Businesses Acquired | The following pro forma summary presents the effect of the businesses acquired during the year ended December 31, 2014 as though the businesses had been acquired as of January 1, 2013, the businesses acquired during the year ended December 31, 2013 as though they had been acquired as of January 1, 2012 and the businesses acquired during the year ended December 31, 2012 as though they had been acquired as of January 1, 2011. The pro forma adjustments are based upon unaudited financial information of the acquired entities (in thousands, except per share data): | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Revenue, as reported | $ | 6,740,064 | $ | 5,062,528 | $ | 4,122,930 | ||||||||||||||||||
Revenue of purchased businesses for the period prior to acquisition: | ||||||||||||||||||||||||
Keystone Specialty | 3,443 | 696,960 | — | |||||||||||||||||||||
Sator | — | 126,309 | 369,934 | |||||||||||||||||||||
Other acquisitions | 302,853 | 695,596 | 440,938 | |||||||||||||||||||||
Pro forma revenue | $ | 7,046,360 | $ | 6,581,393 | $ | 4,933,802 | ||||||||||||||||||
Net income, as reported | $ | 381,519 | $ | 311,623 | $ | 261,225 | ||||||||||||||||||
Net income of purchased businesses for the period prior to acquisition, and pro forma purchase accounting adjustments: | ||||||||||||||||||||||||
Keystone Specialty | 637 | 40,460 | — | |||||||||||||||||||||
Sator | — | 5,712 | 6,032 | |||||||||||||||||||||
Other acquisitions | 11,490 | 19,367 | 18,363 | |||||||||||||||||||||
Pro forma net income | $ | 393,646 | $ | 377,162 | $ | 285,620 | ||||||||||||||||||
Earnings per share-basic, as reported | $ | 1.26 | $ | 1.04 | $ | 0.88 | ||||||||||||||||||
Effect of purchased businesses for the period prior to acquisition: | ||||||||||||||||||||||||
Keystone Specialty | 0 | 0.14 | — | |||||||||||||||||||||
Sator | — | 0.02 | 0.02 | |||||||||||||||||||||
Other acquisitions | 0.04 | 0.06 | 0.06 | |||||||||||||||||||||
Pro forma earnings per share-basic (1) | $ | 1.3 | $ | 1.26 | $ | 0.97 | ||||||||||||||||||
Earnings per share-diluted, as reported | $ | 1.25 | $ | 1.02 | $ | 0.87 | ||||||||||||||||||
Effect of purchased businesses for the period prior to acquisition: | ||||||||||||||||||||||||
Keystone Specialty | 0 | 0.13 | — | |||||||||||||||||||||
Sator | — | 0.02 | 0.02 | |||||||||||||||||||||
Other acquisitions | 0.04 | 0.06 | 0.06 | |||||||||||||||||||||
Pro forma earnings per share-diluted (1) | $ | 1.29 | $ | 1.24 | $ | 0.95 | ||||||||||||||||||
(1) 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, 2014 | ||||||||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net Income | $ | 381,519 | $ | 311,623 | $ | 261,225 | ||||||
Denominator for basic earnings per share—Weighted-average shares outstanding | 302,343 | 299,574 | 295,810 | |||||||||
Effect of dilutive securities: | ||||||||||||
RSUs | 791 | 845 | 479 | |||||||||
Stock options | 2,905 | 3,696 | 4,346 | |||||||||
Restricted stock | 6 | 16 | 58 | |||||||||
Denominator for diluted earnings per share—Adjusted weighted-average shares outstanding | 306,045 | 304,131 | 300,693 | |||||||||
Earnings per share, basic | $ | 1.26 | $ | 1.04 | $ | 0.88 | ||||||
Earnings per share, diluted | $ | 1.25 | $ | 1.02 | $ | 0.87 | ||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Antidilutive securities: | ||||||||||||
RSUs | 289 | — | — | |||||||||
Stock options | 116 | — | — | |||||||||
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 144,924 | $ | 115,150 | $ | 110,825 | ||||||
State | 24,052 | 20,869 | 19,693 | |||||||||
Foreign | 29,046 | 23,906 | 13,202 | |||||||||
$ | 198,022 | $ | 159,925 | $ | 143,720 | |||||||
Deferred: | ||||||||||||
Federal | $ | 9,321 | $ | 6,225 | $ | 5,824 | ||||||
State | (179 | ) | (550 | ) | (647 | ) | ||||||
Foreign | (2,900 | ) | (1,396 | ) | (955 | ) | ||||||
$ | 6,242 | $ | 4,279 | $ | 4,222 | |||||||
Provision for income taxes | $ | 204,264 | $ | 164,204 | $ | 147,942 | ||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 460,637 | $ | 361,283 | $ | 348,150 | ||||||
Foreign | 127,251 | 114,544 | 61,017 | |||||||||
$ | 587,888 | $ | 475,827 | $ | 409,167 | |||||||
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, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of state credits and federal tax impact | 2.8 | % | 2.9 | % | 3.1 | % | ||||||
Impact of international operations | (3.6 | )% | (3.7 | )% | (2.3 | )% | ||||||
Non-deductible expenses | 0.5 | % | 0.9 | % | 0.8 | % | ||||||
Federal production incentives and credits | (0.2 | )% | (0.3 | )% | (0.3 | )% | ||||||
Revaluation of deferred taxes | — | % | (0.3 | )% | (0.3 | )% | ||||||
Other, net | 0.2 | % | — | % | 0.2 | % | ||||||
Effective tax rate | 34.7 | % | 34.5 | % | 36.2 | % | ||||||
Schedule Of Deferred Tax Assets and Liabilities | The significant components of our deferred tax assets and liabilities are as follows (in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred Tax Assets: | ||||||||||||
Inventory | $ | 33,452 | $ | 30,880 | ||||||||
Accrued expenses and reserves | 40,349 | 29,970 | ||||||||||
Accounts receivable | 12,894 | 11,161 | ||||||||||
Stock-based compensation | 11,978 | 11,519 | ||||||||||
Qualified and nonqualified retirement plans | 14,049 | 10,210 | ||||||||||
Net operating loss carryforwards | 6,744 | 5,181 | ||||||||||
Tax credit carryforwards | 4,424 | 1,136 | ||||||||||
Other | 8,275 | 6,711 | ||||||||||
132,165 | 106,768 | |||||||||||
Less valuation allowance | (5,239 | ) | (1,092 | ) | ||||||||
Total deferred tax assets | $ | 126,926 | $ | 105,676 | ||||||||
Deferred Tax Liabilities: | ||||||||||||
Goodwill and other intangible assets | $ | 121,728 | $ | 83,097 | ||||||||
Property and equipment | 60,215 | 50,695 | ||||||||||
Trade name | 43,325 | 40,929 | ||||||||||
Other | 5,988 | 2,693 | ||||||||||
Total deferred tax liabilities | $ | 231,256 | $ | 177,414 | ||||||||
Net deferred tax liability | $ | (104,330 | ) | $ | (71,738 | ) | ||||||
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, | ||||||||||||
2014 | 2013 | |||||||||||
Current deferred tax assets | $ | 81,744 | $ | 63,938 | ||||||||
Noncurrent deferred tax assets | 203 | 1,501 | ||||||||||
Current deferred tax liabilities | 4,615 | 3,355 | ||||||||||
Noncurrent deferred tax liabilities | 181,662 | 133,822 | ||||||||||
Schedule Of Unrecognized Tax Benefits Rollforward | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at January 1 | $ | 1,445 | $ | 1,693 | $ | 4,305 | ||||||
Additions for acquired tax positions | 2,322 | — | — | |||||||||
Additions based on tax positions related to the current year | 302 | 302 | 827 | |||||||||
Reductions for tax positions of prior years | — | — | (1,931 | ) | ||||||||
Lapse of statutes of limitations | (134 | ) | (550 | ) | (713 | ) | ||||||
Settlements with taxing authorities | (1,182 | ) | — | (795 | ) | |||||||
Currency exchange rate fluctuations | (123 | ) | — | — | ||||||||
Balance at December 31 | $ | 2,630 | $ | 1,445 | $ | 1,693 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | The components of Accumulated Other Comprehensive Income (Loss) are as follows (in thousands): | ||||||||||||||||
Foreign | Unrealized (Loss)Gain | Unrealized Gain | Accumulated | ||||||||||||||
Currency | on Cash Flow Hedges | (Loss) on Pension Plan | Other | ||||||||||||||
Translation | Comprehensive | ||||||||||||||||
(Loss) Income | |||||||||||||||||
Balance at January 1, 2012 | $ | (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 | ||||||||
Pretax loss | (51,979 | ) | (1,586 | ) | (13,506 | ) | (67,071 | ) | |||||||||
Income tax effect | — | 382 | 3,179 | 3,561 | |||||||||||||
Reclassification of unrealized loss (gain) | — | 5,200 | (166 | ) | 5,034 | ||||||||||||
Reclassification of deferred income taxes | — | (1,801 | ) | 41 | (1,760 | ) | |||||||||||
Balance at December 31, 2014 | $ | (27,073 | ) | $ | (3,401 | ) | $ | (9,751 | ) | $ | (40,225 | ) |
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Schedule Of Financial Performance By Reportable Segment | ||||||||||||||||||||
North America | Europe | Specialty | Eliminations | Consolidated | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Third Party | $ | 4,088,701 | $ | 1,846,155 | $ | 805,208 | $ | — | $ | 6,740,064 | ||||||||||
Intersegment | 589 | — | 1,807 | (2,396 | ) | — | ||||||||||||||
Total segment revenue | $ | 4,089,290 | $ | 1,846,155 | $ | 807,015 | $ | (2,396 | ) | $ | 6,740,064 | |||||||||
Segment EBITDA | $ | 543,943 | $ | 167,155 | $ | 79,453 | $ | — | $ | 790,551 | ||||||||||
Depreciation and amortization | 70,434 | 34,391 | 20,612 | — | 125,437 | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Third Party | $ | 3,802,929 | $ | 1,259,599 | $ | — | $ | — | $ | 5,062,528 | ||||||||||
Intersegment | — | — | — | — | — | |||||||||||||||
Total segment revenue | $ | 3,802,929 | $ | 1,259,599 | $ | — | $ | — | $ | 5,062,528 | ||||||||||
Segment EBITDA | $ | 486,831 | $ | 141,756 | $ | — | $ | — | $ | 628,587 | ||||||||||
Depreciation and amortization | 65,606 | 20,857 | — | — | 86,463 | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Third Party | $ | 3,426,858 | $ | 696,072 | $ | — | $ | — | $ | 4,122,930 | ||||||||||
Intersegment | — | — | — | — | — | |||||||||||||||
Total segment revenue | $ | 3,426,858 | $ | 696,072 | $ | — | $ | — | $ | 4,122,930 | ||||||||||
Segment EBITDA | $ | 441,268 | $ | 73,673 | $ | — | $ | — | $ | 514,941 | ||||||||||
Depreciation and amortization | 59,132 | 11,033 | — | — | 70,165 | |||||||||||||||
Reconciliation Of Earnings Before Interest Taxes Depreciation And Amortization To Net Income Table [Text Block] | The table below provides a reconciliation from Segment EBITDA to Net Income (in thousands): | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Segment EBITDA | $ | 790,551 | $ | 628,587 | $ | 514,941 | ||||||||||||||
Deduct: | ||||||||||||||||||||
Restructuring and acquisition related expenses(1) | 14,806 | 10,173 | 2,751 | |||||||||||||||||
Change in fair value of contingent consideration liabilities (2) | (1,851 | ) | 2,504 | 1,643 | ||||||||||||||||
Add: | ||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | (2,105 | ) | — | — | ||||||||||||||||
EBITDA | 775,491 | 615,910 | 510,547 | |||||||||||||||||
Depreciation and amortization | 125,437 | 86,463 | 70,165 | |||||||||||||||||
Interest expense, net | 63,947 | 50,825 | 31,215 | |||||||||||||||||
Loss on debt extinguishment | 324 | 2,795 | — | |||||||||||||||||
Provision for income taxes | 204,264 | 164,204 | 147,942 | |||||||||||||||||
Net income | $ | 381,519 | $ | 311,623 | $ | 261,225 | ||||||||||||||
(1) See Note 9, "Restructuring and Acquisition Related Expenses," for further information. | ||||||||||||||||||||
(2) See Note 6, "Fair Value Measurements," for further information on our contingent consideration liabilities. | ||||||||||||||||||||
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, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Capital Expenditures | ||||||||||||||||||||
North America | $ | 86,172 | $ | 66,288 | $ | 73,331 | ||||||||||||||
Europe | 44,896 | 23,898 | 14,924 | |||||||||||||||||
Specialty | 9,882 | — | — | |||||||||||||||||
$ | 140,950 | $ | 90,186 | $ | 88,255 | |||||||||||||||
Schedule Of Assets By Reportable Segment | The following table presents assets by reportable segment (in thousands): | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Receivables, net | ||||||||||||||||||||
North America | $ | 322,713 | $ | 277,395 | $ | 241,627 | ||||||||||||||
Europe | 227,987 | 180,699 | 70,181 | |||||||||||||||||
Specialty | 50,722 | — | — | |||||||||||||||||
Total receivables, net | 601,422 | 458,094 | 311,808 | |||||||||||||||||
Inventory | ||||||||||||||||||||
North America | 826,429 | 748,167 | 750,565 | |||||||||||||||||
Europe | 402,488 | 328,785 | 150,238 | |||||||||||||||||
Specialty | 204,930 | — | — | |||||||||||||||||
Total inventory | 1,433,847 | 1,076,952 | 900,803 | |||||||||||||||||
Property and Equipment, net | ||||||||||||||||||||
North America | 456,288 | 447,528 | 434,010 | |||||||||||||||||
Europe | 128,309 | 99,123 | 60,369 | |||||||||||||||||
Specialty | 45,390 | — | — | |||||||||||||||||
Total property and equipment, net | 629,987 | 546,651 | 494,379 | |||||||||||||||||
Other unallocated assets | 2,908,236 | 2,437,077 | 2,016,466 | |||||||||||||||||
Total assets | $ | 5,573,492 | $ | 4,518,774 | $ | 3,723,456 | ||||||||||||||
Schedule Of Revenue By Geographic Area | The following table sets forth our revenue by geographic area (in thousands): | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Revenue | ||||||||||||||||||||
United States | $ | 4,499,743 | $ | 3,544,360 | $ | 3,209,024 | ||||||||||||||
United Kingdom | 1,321,786 | 981,585 | 696,072 | |||||||||||||||||
Other countries | 918,535 | 536,583 | 217,834 | |||||||||||||||||
$ | 6,740,064 | $ | 5,062,528 | $ | 4,122,930 | |||||||||||||||
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, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Long-lived Assets | ||||||||||||||||||||
United States | $ | 469,450 | $ | 418,869 | ||||||||||||||||
United Kingdom | 92,813 | 77,827 | ||||||||||||||||||
Other countries | 67,724 | 49,955 | ||||||||||||||||||
$ | 629,987 | $ | 546,651 | |||||||||||||||||
Schedule Of Revenue By Product Category | The following table sets forth our revenue by product category (in thousands): | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Aftermarket, other new and refurbished products | $ | 4,613,454 | $ | 3,034,599 | $ | 2,286,853 | ||||||||||||||
Recycled, remanufactured and related products and services | 1,473,305 | 1,394,981 | 1,277,023 | |||||||||||||||||
Other | 653,305 | 632,948 | 559,054 | |||||||||||||||||
$ | 6,740,064 | $ | 5,062,528 | $ | 4,122,930 | |||||||||||||||
Selected_Quarterly_Data_Select
Selected Quarterly Data Selected Quarterly Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, 2014. 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. Beginning with the quarter ended March 31, 2014, the selected quarterly financial data includes the results of Keystone Specialty, which was acquired effective January 3, 2014. 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 | ||||||||||||
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 | 84,592 | 75,722 | 73,445 | 77,864 | ||||||||||||
Basic earnings per share(1) | $ | 0.28 | $ | 0.25 | $ | 0.24 | $ | 0.26 | ||||||||
Diluted earnings per share(1) | $ | 0.28 | $ | 0.25 | $ | 0.24 | $ | 0.26 | ||||||||
Quarter Ended | ||||||||||||||||
(In thousands, except per share data) | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | ||||||||||||
2014 | ||||||||||||||||
Revenue | $ | 1,625,777 | $ | 1,709,132 | $ | 1,721,024 | $ | 1,684,131 | ||||||||
Gross margin | 651,884 | 671,059 | 664,411 | 664,559 | ||||||||||||
Operating income | 173,834 | 173,596 | 156,188 | 146,250 | ||||||||||||
Net income | 104,653 | 104,882 | 91,515 | 80,469 | ||||||||||||
Basic earnings per share(1) | $ | 0.35 | $ | 0.35 | $ | 0.3 | $ | 0.27 | ||||||||
Diluted earnings per share(1) | $ | 0.34 | $ | 0.34 | $ | 0.3 | $ | 0.26 | ||||||||
-1 | 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, 2014 | ||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ||||||||||||||||||||
Consolidated Condensed Balance Sheets | LKQ CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and equivalents | $ | 14,930 | $ | 32,103 | $ | 67,572 | $ | — | $ | 114,605 | ||||||||||
Receivables, net | 145 | 217,542 | 383,735 | — | 601,422 | |||||||||||||||
Intercompany receivables, net | 1,360 | — | 8,048 | (9,408 | ) | — | ||||||||||||||
Inventory | — | 964,477 | 469,370 | — | 1,433,847 | |||||||||||||||
Deferred income taxes | 4,064 | 62,850 | 10,215 | 4,615 | 81,744 | |||||||||||||||
Prepaid expenses and other current assets | 20,640 | 36,553 | 28,606 | — | 85,799 | |||||||||||||||
Total Current Assets | 41,139 | 1,313,525 | 967,546 | (4,793 | ) | 2,317,417 | ||||||||||||||
Property and Equipment, net | 494 | 470,791 | 158,702 | — | 629,987 | |||||||||||||||
Intangible Assets: | ||||||||||||||||||||
Goodwill | — | 1,563,796 | 725,099 | — | 2,288,895 | |||||||||||||||
Other intangibles, net | — | 155,819 | 89,706 | — | 245,525 | |||||||||||||||
Investment in Subsidiaries | 3,216,039 | 279,967 | — | (3,496,006 | ) | — | ||||||||||||||
Intercompany Notes Receivable | 667,949 | 23,449 | — | (691,398 | ) | — | ||||||||||||||
Other Assets | 49,601 | 24,457 | 20,481 | (2,871 | ) | 91,668 | ||||||||||||||
Total Assets | $ | 3,975,222 | $ | 3,831,804 | $ | 1,961,534 | $ | (4,195,068 | ) | $ | 5,573,492 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts payable | $ | 682 | $ | 182,607 | $ | 216,913 | $ | — | $ | 400,202 | ||||||||||
Intercompany payables, net | — | 8,048 | 1,360 | (9,408 | ) | — | ||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Accrued payroll-related liabilities | 8,075 | 48,850 | 29,091 | — | 86,016 | |||||||||||||||
Other accrued expenses | 8,061 | 83,857 | 72,230 | — | 164,148 | |||||||||||||||
Contingent consideration liabilities | — | 3,263 | 1,030 | — | 4,293 | |||||||||||||||
Other current liabilities | 283 | 12,934 | 14,690 | 4,615 | 32,522 | |||||||||||||||
Current portion of long-term obligations | 55,172 | 4,599 | 3,744 | — | 63,515 | |||||||||||||||
Total Current Liabilities | 72,273 | 344,158 | 339,058 | (4,793 | ) | 750,696 | ||||||||||||||
Long-Term Obligations, Excluding Current Portion | 1,150,624 | 6,561 | 643,862 | — | 1,801,047 | |||||||||||||||
Intercompany Notes Payable | — | 649,824 | 41,574 | (691,398 | ) | — | ||||||||||||||
Deferred Income Taxes | — | 156,727 | 27,806 | (2,871 | ) | 181,662 | ||||||||||||||
Other Noncurrent Liabilities | 31,668 | 60,213 | 27,549 | — | 119,430 | |||||||||||||||
Stockholders’ Equity | 2,720,657 | 2,614,321 | 881,685 | (3,496,006 | ) | 2,720,657 | ||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 3,975,222 | $ | 3,831,804 | $ | 1,961,534 | $ | (4,195,068 | ) | $ | 5,573,492 | |||||||||
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 expenses and other current assets | 7,924 | 24,190 | 18,231 | — | 50,345 | |||||||||||||||
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 | |||||||||||||||
Contingent consideration liabilities | — | 1,923 | 50,542 | — | 52,465 | |||||||||||||||
Other current liabilities | 2,803 | 13,039 | 20,273 | — | 36,115 | |||||||||||||||
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 | ||||||||||||||
Other Noncurrent Liabilities | 38,489 | 46,417 | 7,102 | — | 92,008 | |||||||||||||||
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 | |||||||||
Consolidated Condensed Statements of Income | LKQ CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Revenue | $ | — | $ | 4,649,391 | $ | 2,221,831 | $ | (131,158 | ) | $ | 6,740,064 | |||||||||
Cost of goods sold | — | 2,813,427 | 1,405,882 | (131,158 | ) | 4,088,151 | ||||||||||||||
Gross margin | — | 1,835,964 | 815,949 | — | 2,651,913 | |||||||||||||||
Facility and warehouse expenses | — | 382,937 | 143,354 | — | 526,291 | |||||||||||||||
Distribution expenses | — | 389,430 | 187,911 | — | 577,341 | |||||||||||||||
Selling, general and administrative expenses | 25,770 | 460,516 | 276,602 | — | 762,888 | |||||||||||||||
Restructuring and acquisition related expenses | — | 8,628 | 6,178 | — | 14,806 | |||||||||||||||
Depreciation and amortization | 218 | 81,253 | 39,248 | — | 120,719 | |||||||||||||||
Operating (loss) income | (25,988 | ) | 513,200 | 162,656 | — | 649,868 | ||||||||||||||
Other expense (income): | ||||||||||||||||||||
Interest expense | 50,636 | 635 | 13,271 | — | 64,542 | |||||||||||||||
Intercompany interest (income) expense, net | (48,556 | ) | 23,865 | 24,691 | — | — | ||||||||||||||
Loss on debt extinguishment | 324 | — | — | — | 324 | |||||||||||||||
Change in fair value of contingent consideration liabilities | — | (2,081 | ) | 230 | — | (1,851 | ) | |||||||||||||
Interest and other expense (income), net | 230 | (6,278 | ) | 5,013 | — | (1,035 | ) | |||||||||||||
Total other expense, net | 2,634 | 16,141 | 43,205 | — | 61,980 | |||||||||||||||
(Loss) income before (benefit) provision for income taxes | (28,622 | ) | 497,059 | 119,451 | — | 587,888 | ||||||||||||||
(Benefit) provision for income taxes | (10,536 | ) | 190,456 | 24,344 | — | 204,264 | ||||||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 40 | (2,145 | ) | — | (2,105 | ) | |||||||||||||
Equity in earnings of subsidiaries | 399,605 | 28,846 | — | (428,451 | ) | — | ||||||||||||||
Net income | $ | 381,519 | $ | 335,489 | $ | 92,962 | $ | (428,451 | ) | $ | 381,519 | |||||||||
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 expense (income): | ||||||||||||||||||||
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 | |||||||||
Consolidated Condensed Statements of Comprehensive Income (Loss) | LKQ CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
Net income | $ | 381,519 | $ | 335,489 | $ | 92,962 | $ | (428,451 | ) | $ | 381,519 | |||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||
Foreign currency translation | (51,979 | ) | (17,710 | ) | (49,559 | ) | 67,269 | (51,979 | ) | |||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | 2,195 | — | (444 | ) | 444 | 2,195 | ||||||||||||||
Net change in unrealized gains/losses on pension plan, net of tax | (10,452 | ) | — | (10,452 | ) | 10,452 | (10,452 | ) | ||||||||||||
Total other comprehensive (loss) income | (60,236 | ) | (17,710 | ) | (60,455 | ) | 78,165 | (60,236 | ) | |||||||||||
Total comprehensive income | $ | 321,283 | $ | 317,779 | $ | 32,507 | $ | (350,286 | ) | $ | 321,283 | |||||||||
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 | ||||||||||||||
Net change in 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 | |||||||||
Consolidated Condensed Statements of Cash Flows | LKQ CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 271,221 | $ | 427,249 | $ | (53,348 | ) | $ | (274,225 | ) | $ | 370,897 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of property and equipment | (44 | ) | (85,182 | ) | (55,724 | ) | — | (140,950 | ) | |||||||||||
Investment and intercompany note activity with subsidiaries | (477,007 | ) | (608 | ) | — | 477,615 | — | |||||||||||||
Acquisitions, net of cash acquired | — | (635,171 | ) | (140,750 | ) | — | (775,921 | ) | ||||||||||||
Other investing activities, net | — | 768 | (4,891 | ) | — | (4,123 | ) | |||||||||||||
Net cash used in investing activities | (477,051 | ) | (720,193 | ) | (201,365 | ) | 477,615 | (920,994 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from exercise of stock options | 9,324 | — | — | — | 9,324 | |||||||||||||||
Excess tax benefit from stock-based payments | 17,814 | — | — | — | 17,814 | |||||||||||||||
Debt issuance costs | (3,675 | ) | — | (75 | ) | — | (3,750 | ) | ||||||||||||
Borrowings under revolving credit facilities | 867,000 | — | 720,644 | — | 1,587,644 | |||||||||||||||
Repayments under revolving credit facilities | (727,000 | ) | — | (371,518 | ) | — | (1,098,518 | ) | ||||||||||||
Borrowings under term loans | 11,250 | — | — | — | 11,250 | |||||||||||||||
Repayments under term loans | (16,875 | ) | — | — | — | (16,875 | ) | |||||||||||||
Borrowings under receivables securitization facility | — | — | 95,050 | — | 95,050 | |||||||||||||||
Repayments under receivables securitization facility | — | — | (150 | ) | — | (150 | ) | |||||||||||||
Repayments of other long-term debt | (1,921 | ) | (2,310 | ) | (35,820 | ) | — | (40,051 | ) | |||||||||||
Payments of other obligations | — | (464 | ) | (41,528 | ) | — | (41,992 | ) | ||||||||||||
Other financing activities, net | (13,083 | ) | 12,340 | — | — | (743 | ) | |||||||||||||
Investment and intercompany note activity with parent | — | 576,384 | (98,769 | ) | (477,615 | ) | — | |||||||||||||
Dividends | — | (274,225 | ) | — | 274,225 | — | ||||||||||||||
Net cash provided by financing activities | 142,834 | 311,725 | 267,834 | (203,390 | ) | 519,003 | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | — | (371 | ) | (4,418 | ) | — | (4,789 | ) | ||||||||||||
Net (decrease) increase in cash and equivalents | (62,996 | ) | 18,410 | 8,703 | — | (35,883 | ) | |||||||||||||
Cash and equivalents, beginning of period | 77,926 | 13,693 | 58,869 | — | 150,488 | |||||||||||||||
Cash and equivalents, end of period | $ | 14,930 | $ | 32,103 | $ | 67,572 | $ | — | $ | 114,605 | ||||||||||
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 | ) | ||||||||||||
Investment and intercompany note activity with subsidiaries | (434,172 | ) | (84,894 | ) | — | 519,066 | — | |||||||||||||
Acquisitions, net of cash acquired | — | (33,436 | ) | (374,948 | ) | — | (408,384 | ) | ||||||||||||
Other investing activities, net | — | 1,191 | (8,227 | ) | — | (7,036 | ) | |||||||||||||
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 facilities | 315,000 | — | 122,023 | — | 437,023 | |||||||||||||||
Repayments under revolving credit facilities | (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 | ) | |||||||||||
Investment and intercompany note activity with subsidiaries | (132,006 | ) | — | — | 132,006 | — | ||||||||||||||
Acquisitions, net of cash acquired | — | (183,716 | ) | (81,620 | ) | — | (265,336 | ) | ||||||||||||
Other investing activities, net | — | 699 | 358 | — | 1,057 | |||||||||||||||
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 facilities | 612,700 | — | 129,681 | — | 742,381 | |||||||||||||||
Repayments under revolving credit facilities | (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 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 | ||||||||||
Business_Business_Additional_I
Business Business - Additional Information (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of facilities (rounded) | 750 | |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets | |||
Reserve for estimated returns, discounts and allowances | ($31,300,000) | $26,600,000 | |
Reserve for uncollectible accounts | 19,400,000 | 14,400,000 | |
Depreciation | 90,900,000 | 72,700,000 | 60,700,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | ||
Amortization expense | 34,500,000 | 13,800,000 | 9,500,000 |
Estimated annual amortization expense in year one | 33,100,000 | ||
Estimated annual amortization expense in year two | 30,000,000 | ||
Estimated annual amortization expense in year three | 27,600,000 | ||
Estimated annual amortization expense in year four | 22,400,000 | ||
Estimated annual amortization expense in year five | 17,800,000 | ||
Self-insurance reserve, total | 76,000,000 | 55,600,000 | |
Self-insurance reserve, current | 36,400,000 | 25,800,000 | |
Claims deposits | 600,000 | 500,000 | |
Percentage threshold to measure tax benefit | 50.00% | ||
Investment in unconsolidated subsidiary | 8,100,000 | ||
Self-insurance | |||
Finite-Lived Intangible Assets | |||
Outstanding letters of credit | 59,200,000 | 43,000,000 | |
Aftermarket and refurbished products | |||
Finite-Lived Intangible Assets | |||
Inventory | 253,700,000 | ||
Salvage and remanufactured products | |||
Finite-Lived Intangible Assets | |||
Inventory | 20,800,000 | ||
Salvage Mechanical Products | |||
Finite-Lived Intangible Assets | |||
Standard warranty period | 6 months | ||
Remanufactured Engines | |||
Finite-Lived Intangible Assets | |||
Standard warranty period | 3 years | ||
Keystone Specialty | |||
Finite-Lived Intangible Assets | |||
Inventory | 150,696,000 | ||
Intangible assets recognized | 78,110,000 | ||
Sator | |||
Finite-Lived Intangible Assets | |||
Inventory | 71,784,000 | ||
Intangible assets recognized | 45,293,000 | ||
Trade names and trademarks | |||
Finite-Lived Intangible Assets | |||
Intangible assets recognized | 35,500,000 | 23,900,000 | |
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 | Keystone Specialty | |||
Finite-Lived Intangible Assets | |||
Intangible assets recognized | 22,000,000 | ||
Trade names and trademarks | 2014 Specialty Acquisition of RV Parts Supplier | |||
Finite-Lived Intangible Assets | |||
Intangible assets recognized | 10,100,000 | ||
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 | 26,700,000 | 19,300,000 | |
Software and technology related assets | Minimum | |||
Finite-Lived Intangible Assets | |||
Useful life, years | 5 years | ||
Software and technology related assets | Maximum | |||
Finite-Lived Intangible Assets | |||
Useful life, years | 6 years | ||
Software and technology related assets | Keystone Specialty | |||
Finite-Lived Intangible Assets | |||
Intangible assets recognized | 25,500,000 | ||
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 | 65,100,000 | 14,100,000 | |
Customer relationships | Minimum | |||
Finite-Lived Intangible Assets | |||
Useful life, years | 5 years | ||
Customer relationships | Maximum | |||
Finite-Lived Intangible Assets | |||
Useful life, years | 20 years | ||
Customer relationships | Keystone Specialty | |||
Finite-Lived Intangible Assets | |||
Intangible assets recognized | 30,500,000 | ||
Customer relationships | 2014 Specialty Acquisition of RV Parts Supplier | |||
Finite-Lived Intangible Assets | |||
Intangible assets recognized | 17,600,000 | ||
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 | ||
Customer relationships | Automotive Core | |||
Finite-Lived Intangible Assets | |||
Intangible assets recognized | 12,000,000 | ||
Covenants not to compete | |||
Finite-Lived Intangible Assets | |||
Intangible assets recognized | 1,900,000 | 300,000 | |
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 | ||
ACM Parts | |||
Finite-Lived Intangible Assets | |||
Investment in unconsolidated subsidiary, ownership percentage | 49.00% | ||
Equity method investment, ownership percentage of other investors | 51.00% | ||
Investment in unconsolidated subsidiary | $6,400,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Schedule of Inventory (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Product Information | |||
Inventory | $1,433,847 | $1,076,952 | $900,803 |
Aftermarket and refurbished products | |||
Product Information | |||
Inventory | 1,022,549 | 706,600 | |
Salvage and remanufactured products | |||
Product Information | |||
Inventory | $411,298 | $370,352 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Schedule of Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2014 | |
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 $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment | |||
Property and equipment excluding construction in progress, gross | $966,214,000 | $808,845,000 | |
Less—Accumulated depreciation | -374,291,000 | -294,183,000 | |
Construction in progress | 38,064,000 | 31,989,000 | |
Property, Plant and Equipment, Net | 629,987,000 | 546,651,000 | 494,379,000 |
Depreciation | 90,900,000 | 72,700,000 | 60,700,000 |
Land and improvements | |||
Property, Plant and Equipment | |||
Property and equipment excluding construction in progress, gross | 112,582,000 | 101,018,000 | |
Buildings and improvements | |||
Property, Plant and Equipment | |||
Property and equipment excluding construction in progress, gross | 173,366,000 | 143,535,000 | |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment | |||
Property and equipment excluding construction in progress, gross | 337,125,000 | 282,862,000 | |
Computer equipment and software | |||
Property, Plant and Equipment | |||
Property and equipment excluding construction in progress, gross | 125,888,000 | 108,424,000 | |
Vehicles and trailers | |||
Property, Plant and Equipment | |||
Property and equipment excluding construction in progress, gross | 87,944,000 | 64,381,000 | |
Leasehold improvements | |||
Property, Plant and Equipment | |||
Property and equipment excluding construction in progress, gross | $129,309,000 | $108,625,000 |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | |||
Beginning balance | $1,937,444 | $1,690,284 | $1,476,063 |
Business acquisitions and adjustments to previously recorded goodwill | 415,703 | 235,447 | 197,602 |
Exchange rate effects | -64,252 | 11,713 | 16,619 |
Ending balance | 2,288,895 | 1,937,444 | 1,690,284 |
North America | |||
Goodwill [Roll Forward] | |||
Beginning balance | 1,358,937 | 1,339,831 | 1,136,630 |
Business acquisitions and adjustments to previously recorded goodwill | 43,752 | 27,035 | 201,742 |
Exchange rate effects | -10,657 | -7,929 | 1,459 |
Ending balance | 1,392,032 | 1,358,937 | 1,339,831 |
Europe | |||
Goodwill [Roll Forward] | |||
Beginning balance | 578,507 | 350,453 | 339,433 |
Business acquisitions and adjustments to previously recorded goodwill | 91,916 | 208,412 | -4,140 |
Exchange rate effects | -53,604 | 19,642 | 15,160 |
Ending balance | 616,819 | 578,507 | 350,453 |
Specialty | |||
Goodwill [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Business acquisitions and adjustments to previously recorded goodwill | 280,035 | 0 | 0 |
Exchange rate effects | 9 | 0 | 0 |
Ending balance | $280,044 | $0 | $0 |
Components_of_Other_Intangible
Components of Other Intangibles (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets | ||
Gross carrying amount | $322,026 | $197,523 |
Accumulated amortization | -76,501 | -43,784 |
Net | 245,525 | 153,739 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | |
Trade names and trademarks | ||
Finite-Lived Intangible Assets | ||
Gross carrying amount | 173,340 | 143,577 |
Accumulated amortization | -35,538 | -27,950 |
Net | 137,802 | 115,627 |
Customer relationships | ||
Finite-Lived Intangible Assets | ||
Gross carrying amount | 92,972 | 29,583 |
Accumulated amortization | -26,751 | -10,770 |
Net | 66,221 | 18,813 |
Software and technology related assets | ||
Finite-Lived Intangible Assets | ||
Gross carrying amount | 44,640 | 20,384 |
Accumulated amortization | -10,387 | -2,718 |
Net | 34,253 | 17,666 |
Covenants not to compete | ||
Finite-Lived Intangible Assets | ||
Gross carrying amount | 11,074 | 3,979 |
Accumulated amortization | -3,825 | -2,346 |
Net | $7,249 | $1,633 |
Changes_in_Warranty_Reserve_De
Changes in Warranty Reserve (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Warranty Reserve [Roll Forward] | ||
Beginning balance | $12,447 | $10,574 |
Warranty expense | 30,370 | 29,674 |
Warranty claims | -27,936 | -27,801 |
Ending balance | $14,881 | $12,447 |
Equity_Incentive_Plans_Additio
Equity Incentive Plans - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock-based compensation expense | $22,021,000 | $22,036,000 | $15,634,000 | ||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Shares available for issuance under the Equity Incentive Plan | 2,151,232 | 2,558,213 | 2,351,362 | 1,433,582 | |
Vesting period | 5 years | ||||
Number of shares that RSUs convert into on the applicable vesting date | 1 | ||||
RSUs granted (shares) | 687,101 | 664,897 | 924,312 | 1,504,410 | |
Fair value of RSUs or restricted stock vested during the period | 27,700,000 | 14,400,000 | 7,800,000 | ||
Outstanding RSUs or restricted stock, intrinsic value | 60,500,000 | ||||
Stock-based compensation expense | 18,965,000 | 17,299,000 | 8,411,000 | ||
Replacement Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
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 | |||||
Vesting period | 3 years | ||||
RSUs granted (shares) | 175,800 | ||||
Stock-based compensation expense | 8,200,000 | 8,300,000 | |||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 126,755 | 0 | |||
Fair value of stock options vested | 3,300,000 | 5,100,000 | 7,200,000 | ||
Intrinsic value of stock options exercised | 38,400,000 | 46,900,000 | 45,300,000 | ||
Exercisable stock options, intrinsic value | 100,341,000 | ||||
Stock-based compensation expense | 2,917,000 | 4,529,000 | 6,310,000 | ||
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 | 500,000 | 2,300,000 | 1,600,000 | ||
Stock-based compensation expense | $139,000 | $208,000 | $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 | 13,333,818 | ||||
Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Closing stock price | $28.12 | ||||
Minimum | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock options expiration period | 6 years | ||||
Maximum | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock options expiration period | 10 years |
Summary_of_Transactions_in_Sto
Summary of Transactions in Stock-Based Compensation Plans (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Including Options, Shares Available for Grant [Roll Forward] | ||||
Balance, beginning of period | 2,151,232 | 2,558,213 | 2,351,362 | 1,433,582 |
Balance, end of period | 2,151,232 | 2,558,213 | 2,351,362 | |
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 | $20.97 | $16.63 | $14.02 | $11.80 |
Granted, weighted average grant date fair value | $31.82 | $22.18 | $15.86 | |
Vested, weighted average grant date fair value | $17.01 | $15.05 | $13.09 | |
Cancelled, weighted average grant date fair value | $20.73 | $16.25 | $14.03 | |
Balance, weighted average grant date fair value, end of period | $20.97 | $16.63 | $14.02 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted | 687,101 | 664,897 | 924,312 | 1,504,410 |
Vested | -975,462 | -594,961 | -467,208 | |
Cancelled | -96,416 | -122,500 | -119,422 | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardRSUsAndRestrictedStockExpectedToVestOutstandingWeightedAverageRemainingContractualTerm | 2 years 3 months 19 days | |||
ShareBasedCompensationArrangementByShareBasedPaymentAwardRSUsAndRestrictedStockExpectedToVestAggregateIntrinsicValue | $58,877 | |||
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 | $9.30 | $9.47 | $9.49 | |
Vested, weighted average grant date fair value | $9.30 | $9.51 | $9.51 | |
Balance, weighted average grant date fair value, end of period | $9.30 | $9.47 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Balance, beginning of period | 20,000 | 116,000 | 212,000 | |
Vested | -20,000 | -96,000 | -96,000 | |
Balance, end of period | 20,000 | 116,000 | ||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 5,207,772 | |||
Balance, beginning of period | 6,832,331 | 9,355,070 | 13,078,092 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 126,755 | 0 | ||
Exercised | -1,687,700 | -2,399,419 | -3,446,472 | |
Cancelled | -63,614 | -123,320 | -276,550 | |
Balance, end of period | 5,207,772 | 6,832,331 | 9,355,070 | |
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 | $7.04 | $6.90 | $6.47 | |
Granted, weighted average exercise price | $32.31 | $0 | ||
Exercised, weighted average exercise price | $5.52 | $6.41 | $5.13 | |
Cancelled, weighted average exercise price | $16.10 | $8.89 | $8.30 | |
Balance, weighted average exercise price, end of period | $8.04 | $7.04 | $6.90 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardRSUsAndRestrictedStockExpectedToVestOutstandingWeightedAverageRemainingContractualTerm | 3 years 7 months 6 days | |||
ShareBasedCompensationArrangementByShareBasedPaymentAwardRSUsAndRestrictedStockExpectedToVestAggregateIntrinsicValue | 105,038 | |||
Weighted average exercise price | $7.86 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 4,843,084 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 3 years 6 months | |||
Exercisable stock options, intrinsic value | $100,341 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $8.04 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $7.40 |
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, 2014 | Dec. 31, 2012 |
Summary of Expected to Vest RSUs, Stock Options, and Restricted Stock [Line Items] | ||
Share-based Compensation Arrangement by Share-Based Payment Award, Award Vesting Percentage | 17.00% | |
RSUs | ||
Summary of Expected to Vest RSUs, Stock Options, and Restricted Stock [Line Items] | ||
Shares | 2,093,784 | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardRSUsAndRestrictedStockExpectedToVestOutstandingWeightedAverageRemainingContractualTerm | 2 years 3 months 19 days | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardRSUsAndRestrictedStockExpectedToVestAggregateIntrinsicValue | $58,877 | |
Stock Options | ||
Summary of Expected to Vest RSUs, Stock Options, and Restricted Stock [Line Items] | ||
ShareBasedCompensationArrangementByShareBasedPaymentAwardRSUsAndRestrictedStockExpectedToVestOutstandingWeightedAverageRemainingContractualTerm | 3 years 7 months 6 days | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardRSUsAndRestrictedStockExpectedToVestAggregateIntrinsicValue | 105,038 | |
Shares | 5,169,746 | |
Weighted average remaining contractual life | 3 years 7 months 6 days | |
Intrinsic value | $105,038 | |
Weighted average exercise price | $7.86 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 126,755 | 0 |
Minimum | Stock Options | ||
Summary of Expected to Vest RSUs, Stock Options, and Restricted Stock [Line Items] | ||
Stock options expiration period | 6 years |
Schedule_of_PreTax_StockBased_
Schedule of Pre-Tax Stock-Based Compensation Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | $22,021 | $22,036 | $15,634 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | 18,965 | 17,299 | 8,411 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | 2,917 | 4,529 | 6,310 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | $139 | $208 | $913 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Stock-based compensation expense, before tax | $22,021 | $22,036 | $15,634 |
Income tax benefit | -8,478 | -8,594 | -6,097 |
Total stock-based compensation expense, net of tax | 13,543 | 13,442 | 9,537 |
Cost of goods sold | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Stock-based compensation expense, before tax | 410 | 392 | 376 |
Facility and warehouse expenses | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Stock-based compensation expense, before tax | 2,195 | 2,745 | 2,465 |
Selling, general and administrative expenses | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Stock-based compensation expense, before tax | $19,416 | $18,899 | $12,793 |
Schedule_of_StockBased_Compens1
Schedule of Stock-Based Compensation Expense Expected to be Recognized (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Share-based Compensation Arrangement by Share-based Payment Award | |
2014 | $13,734 |
2015 | 8,569 |
2016 | 4,820 |
2017 | 2,221 |
2018 | 98 |
Total unrecognized compensation expense | 29,442 |
RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award | |
2014 | 13,362 |
2015 | 8,262 |
2016 | 4,812 |
2017 | 2,221 |
2018 | 98 |
Total unrecognized compensation expense | 28,755 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award | |
2014 | 372 |
2015 | 307 |
2016 | 8 |
Total unrecognized compensation expense | $687 |
LongTerm_Obligations_Additiona
Long-Term Obligations - Additional Information (Details) (USD $) | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 27, 2014 | 3-May-13 | Sep. 29, 2014 | Sep. 28, 2012 | 9-May-13 | |
Debt Instrument | ||||||||
Debt and capital lease obligations | $1,864,562,000 | $1,305,781,000 | ||||||
RestrictivePaymentsUnderBorrowingAgreement | 550,000,000 | |||||||
Loss on debt extinguishment | -324,000 | -2,795,000 | 0 | |||||
Receivables used as collateral for receivables securitization facility | 129,500,000 | |||||||
Credit Agreement | ||||||||
Debt Instrument | ||||||||
Maximum credit agreement borrowings | 1,800,000,000 | |||||||
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 | 0.00% | |||||||
Increment change in applicable margin | 0.25% | |||||||
Weighted average interest rates | 2.10% | 3.05% | ||||||
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 | 1,132,000,000 | 672,600,000 | ||||||
Current maturities of credit agreement | 22,500,000 | |||||||
Outstanding letters of credit | 60,400,000 | |||||||
Availability on the revolving credit facility | 1,100,000,000 | |||||||
Fees capitalized | 3,400,000 | 6,100,000 | ||||||
Payments of Financing Costs | 3,700,000 | 7,200,000 | ||||||
Senior Notes | ||||||||
Debt Instrument | ||||||||
Debt instrument, face amount | 600,000,000 | 600,000,000 | ||||||
Receivables securitization | ||||||||
Debt Instrument | ||||||||
Weighted average interest rates | 0.93% | |||||||
Receivables securitization maximum borrowing capacity | 97,000,000 | 80,000,000 | ||||||
Borrowings under receivable securitization facility, carrying value | 94,900,000 | 0 | ||||||
Amended Credit Agreement | Credit Agreement | ||||||||
Debt Instrument | ||||||||
Maximum credit agreement borrowings | 2,300,000,000 | |||||||
Debt and capital lease obligations | 450,000,000 | |||||||
Loss on debt extinguishment | 300,000 | 1,100,000 | ||||||
Amended Credit Agreement | Multicurrency Component [Member] | Credit Agreement | ||||||||
Debt Instrument | ||||||||
Maximum revolving credit facility borrowings | 1,690,000,000 | |||||||
Amended Credit Agreement | US Dollar Component [Member] | Credit Agreement | ||||||||
Debt Instrument | ||||||||
Maximum revolving credit facility borrowings | 165,000,000 | |||||||
Original Credit Agreement | Credit Agreement | ||||||||
Debt Instrument | ||||||||
Loss on debt extinguishment | 1,700,000 | |||||||
Four Point Seven Five Percent Senior Notes Due May 2023 | ||||||||
Debt Instrument | ||||||||
Fees capitalized | $9,700,000 | |||||||
Senior notes interest rate | 4.75% |
Schedule_of_LongTerm_Obligatio
Schedule of Long-Term Obligations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument | ||
Less current maturities | ($63,515,000) | ($41,535,000) |
Long-Term Obligations, Excluding Current Portion | 1,801,047,000 | 1,264,246,000 |
Long-term obligations, total | 1,864,562,000 | 1,305,781,000 |
Loans Payable | ||
Debt Instrument | ||
Term loan | 433,125,000 | 438,750,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument | ||
Long-term Line of Credit | 663,912,000 | 233,804,000 |
Senior Notes | ||
Debt Instrument | ||
Debt instrument, face amount | 600,000,000 | 600,000,000 |
Receivables securitization | ||
Debt Instrument | ||
Borrowings under receivable securitization facility, carrying value | 94,900,000 | 0 |
Notes payable | ||
Debt Instrument | ||
Notes Payable | 45,891,000 | 15,730,000 |
Other long-term debt | ||
Debt Instrument | ||
Other long-term debt | $26,734,000 | $17,497,000 |
Schedule_of_LongTerm_Obligatio1
Schedule of Long-Term Obligations (Parenthetical) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Notes payable | ||
Debt Instrument | ||
Weighted average interest rates | 1.00% | 1.10% |
Other long-term debt | ||
Debt Instrument | ||
Weighted average interest rates | 3.10% | 3.50% |
LongTerm_Obligations_Schedule_
Long-Term Obligations Schedule of Maturities of Long-Term Obligations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2014 | $63,515 | |
2015 | 33,352 | |
2016 | 119,145 | |
2017 | 28,143 | |
2018 | 1,008,137 | |
Thereafter | 612,270 | |
Long-term obligations, total | $1,864,562 | $1,305,781 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | 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 | |
Payments for (Proceeds from) Derivative Instrument, Financing Activities | 20,000,000 | ||
Net loss included in accumulated other comprehensive income (loss) to be reclassified into interest expense within the next 12 months | ($3,100,000) |
Terms_of_Interest_Rate_Swap_Ag
Terms of Interest Rate Swap Agreements (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | 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 | $420,000 | £ 50,000 | £ 50,000 | 25,000 | 25,000 | £ 70,000 | € 149,976 | ||||||||
Derivative Liabilities, Current | 2,691 | 21,818 | 2,691 | 10,186 | 11,632 | |||||||||||
Derivative Liabilities, Noncurrent | $2,527 | $8,470 | $1,615 | $8,099 | $893 | $345 | $19 | $26 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Details) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | |
USD ($) | USD ($) | Credit Agreement | Credit Agreement | Receivables securitization | Receivables securitization | Senior Notes | Senior Notes | ECP 2012 Contingent Payment | ECP 2012 Contingent Payment | ECP 2012 Contingent Payment | ECP 2012 Contingent Payment | ECP 2012 Contingent Payment | ECP 2013 Contingent Payment [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | GBP (£) | GBP (£) | |||
Fair Value Measurements | ||||||||||||||
Maximum payment under contingent consideration agreement | £ 25,000,000 | £ 30,000,000 | ||||||||||||
Borrowings under credit agreement, carrying value | 1,132,000,000 | 672,600,000 | ||||||||||||
Borrowings under receivable securitization facility, carrying value | 94,900,000 | 0 | ||||||||||||
Contingent consideration payments | 52,363,000 | 39,117,000 | 33,900,000 | 22,400,000 | 44,800,000 | 26,900,000 | ||||||||
Contingent consideration other settlements | 3,900,000 | 2,600,000 | 5,100,000 | 3,100,000 | ||||||||||
Debt instrument, fair value | 569,000,000 | 561,000,000 | ||||||||||||
Debt instrument, face amount | $600,000,000 | $600,000,000 |
Financial_Assets_and_Liabiliti
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value assets measured on recurring basis | $28,242 | $25,745 |
Fair value liabilities measured on recurring basis | 40,093 | 111,173 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value assets measured on recurring basis | 28,242 | 25,745 |
Fair value liabilities measured on recurring basis | 32,798 | 55,520 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value liabilities measured on recurring basis | 7,295 | 55,653 |
Cash surrender value of life insurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value assets measured on recurring basis | 28,242 | 25,745 |
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 | 28,242 | 25,745 |
Contingent Consideration Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value liabilities measured on recurring basis | 7,295 | 55,653 |
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 | 7,295 | 55,653 |
Deferred Compensation Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value liabilities measured on recurring basis | 27,580 | 25,232 |
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 | 27,580 | 25,232 |
Foreign Exchange Forward | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value liabilities measured on recurring basis | 21,818 | |
Foreign Exchange Forward | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value liabilities measured on recurring basis | 21,818 | |
Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value liabilities measured on recurring basis | 5,218 | 8,470 |
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 | $5,218 | $8,470 |
Significant_Unobservable_Input
Significant Unobservable Inputs Used in Fair Value Measurements (Details) (Contingent Consideration Liabilities, Fair Value, Inputs, Level 3) | Dec. 31, 2014 | Dec. 31, 2013 |
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 | 79.10% | 70.60% |
Weighted Average, Discount rate | 7.50% | 6.50% |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Contingent Consideration Obligations [Roll Forward] | |||
Beginning balance | $55,653 | $90,009 | |
Contingent consideration liabilities recorded for business acquisitions | 5,854 | 3,854 | 5,456 |
Payments | -52,363 | -39,117 | |
Loss (gain) included in earnings | -1,851 | 2,504 | |
Exchange rate effects | 2 | -1,597 | |
Ending balance | $7,295 | $55,653 | $90,009 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $148.50 | $122.40 | $101.10 |
Guaranteed residual value of operating leases | 29 | ||
Gain on lawsuit settlements | $17.90 |
Future_Minimum_Lease_Commitmen
Future Minimum Lease Commitments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2014 | $138,670 |
2015 | 121,263 |
2016 | 100,363 |
2017 | 81,635 |
2018 | 65,001 |
Thereafter | 253,329 |
Future Minimum Lease Payments | $760,261 |
Business_Combinations_Addition
Business Combinations - Additional Information (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | 3-May-13 | 3-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | Europe | Europe | Europe | Europe | North America | North America | North America | North America | Specialty | Specialty | Specialty | Specialty | Netherlands Distributors | Netherlands Distributors Former Customers | Netherlands Distributors Former Customers | All 2014 Acquisitions Excluding Keystone Specialty | All 2014 Acquisitions Excluding Keystone Specialty | All 2014 Acquisitions Excluding Keystone Specialty | All 2014 Acquisitions Excluding Keystone Specialty | All 2014 Acquisitions Excluding Keystone Specialty | Keystone Specialty | All 2013 Acquisitions | Sator | Sator | Sator | All 2013 Acquisitions Excluding Sator | All 2013 Acquisitions Excluding Sator | All 2013 Acquisitions Excluding Sator | All 2013 Acquisitions Excluding Sator | UK Paint | All 2012 Acquisitions | All 2012 Acquisitions | All 2012 Acquisitions | Scrap and Other Metals Processors | All 2014 Acquisitions | Acquisition-related expenses | Acquisition-related expenses | Acquisition-related expenses | Acquisition-related expenses | Acquisition-related expenses | Acquisition-related expenses | Acquisition-related expenses | Acquisition-related expenses | Acquisition-related expenses | Acquisition-related expenses | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Europe | USD ($) | Europe | Wholesale North America Segment | Self Service Segment | Specialty | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | Europe | Wholesale North America Segment | Self Service Segment | USD ($) | Wholesale North America Segment | Self Service Segment | USD ($) | USD ($) | USD ($) | USD ($) | Netherlands Distributors | Keystone Specialty | Sator | Sator | All 2013 Acquisitions Excluding Sator | UK Paint | All 2014 Acquisitions | |||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of acquisitions | 7 | 5 | 5 | 22 | 9 | 9 | 2 | 2 | 19 | 7 | 10 | 2 | 5 | 30 | 22 | 8 | 2 | ||||||||||||||||||||||||||||||||
Total acquisition date fair value of the consideration for acquisitions | $359,100,000 | $471,900,000 | $146,100,000 | $284,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Cash used in acquisitions, net of cash acquired | 775,921,000 | 408,384,000 | 265,336,000 | 334,300,000 | 427,100,000 | 272,800,000 | 209,800,000 | 134,600,000 | 261,500,000 | ||||||||||||||||||||||||||||||||||||||||
Notes issued | 13,535,000 | 31,500,000 | 7,482,000 | 0 | 7,482,000 | 15,990,000 | 45,035,000 | ||||||||||||||||||||||||||||||||||||||||||
Other purchase price obligations | 333,000 | 13,351,000 | 214,000 | 0 | 214,000 | 1,647,000 | 13,684,000 | ||||||||||||||||||||||||||||||||||||||||||
Contingent consideration liability | 5,854,000 | 0 | 3,854,000 | 0 | 3,854,000 | 5,456,000 | 5,854,000 | ||||||||||||||||||||||||||||||||||||||||||
Maximum payment under contingent consideration agreement | 8,300,000 | 5,000,000 | 6,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition Cost of Acquired Entity Settlement of Pre-existing Balances | 5,052,000 | 5,052,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 2,288,895,000 | 1,937,444,000 | 1,690,284,000 | 1,476,063,000 | 616,819,000 | 578,507,000 | 350,453,000 | 339,433,000 | 1,392,032,000 | 1,358,937,000 | 1,339,831,000 | 1,136,630,000 | 280,044,000 | 0 | 0 | 0 | 177,974,000 | 237,729,000 | 235,447,000 | 142,721,000 | 92,726,000 | 415,703,000 | |||||||||||||||||||||||||||
Goodwill recorded for acquisitions | 415,703,000 | 235,447,000 | 197,602,000 | 91,916,000 | 208,412,000 | -4,140,000 | 43,752,000 | 27,035,000 | 201,742,000 | 280,035,000 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Goodwill expected to be deductible for income tax purposes | 44,200,000 | 18,300,000 | 157,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Revenue generated by acquisitions | 257,800,000 | 771,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income generated by acquisitions | 4,100,000 | 26,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and acquisition related expenses | $14,806,000 | $10,173,000 | $2,751,000 | $3,700,000 | $6,700,000 | $500,000 | $1,900,000 | $900,000 | $3,600,000 | $3,600,000 | $2,200,000 | $1,400,000 | $3,200,000 |
Purchase_Price_Allocations_for
Purchase Price Allocations for Acquisitions (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Business Acquisition | ||||
Goodwill | $2,288,895 | $1,937,444 | $1,690,284 | $1,476,063 |
Keystone Specialty | ||||
Business Acquisition | ||||
Receivables | 48,473 | |||
Receivable reserves | -7,748 | |||
Inventory | 150,696 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Income Tax Receivable | 14,096 | |||
Prepaid expenses and other current assets | 8,085 | |||
Property and equipment | 38,080 | |||
Goodwill | 237,729 | |||
Other intangibles | 78,110 | |||
Other assets | 6,159 | |||
Deferred income taxes | -26,591 | |||
Current liabilities assumed | -63,513 | |||
Debt assumed | 0 | |||
Other noncurrent liabilities assumed | -11,675 | |||
Contingent consideration liabilities | 0 | |||
Other purchase price obligations | -13,351 | |||
Notes issued | -31,500 | |||
Cash used in acquisitions, net of cash acquired | 427,050 | |||
All 2014 Acquisitions Excluding Keystone Specialty | ||||
Business Acquisition | ||||
Receivables | 75,330 | |||
Receivable reserves | -7,383 | |||
Inventory | 123,815 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Income Tax Receivable | 0 | |||
Prepaid expenses and other current assets | 4,050 | |||
Property and equipment | 27,026 | |||
Goodwill | 177,974 | |||
Other intangibles | 51,135 | |||
Other assets | 2,793 | |||
Deferred income taxes | 313 | |||
Current liabilities assumed | -52,961 | |||
Debt assumed | -32,441 | |||
Other noncurrent liabilities assumed | -10,573 | |||
Contingent consideration liabilities | -5,854 | |||
Other purchase price obligations | -333 | |||
Notes issued | -13,535 | |||
Business Acquisition Cost of Acquired Entity Settlement of Pre-existing Balances | -5,052 | |||
Cash used in acquisitions, net of cash acquired | 334,304 | |||
All 2014 Acquisitions | ||||
Business Acquisition | ||||
Receivables | 123,803 | |||
Receivable reserves | -15,131 | |||
Inventory | 274,511 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Income Tax Receivable | 14,096 | |||
Prepaid expenses and other current assets | 12,135 | |||
Property and equipment | 65,106 | |||
Goodwill | 415,703 | |||
Other intangibles | 129,245 | |||
Other assets | 8,952 | |||
Deferred income taxes | -26,278 | |||
Current liabilities assumed | -116,474 | |||
Debt assumed | -32,441 | |||
Other noncurrent liabilities assumed | -22,248 | |||
Contingent consideration liabilities | -5,854 | |||
Other purchase price obligations | -13,684 | |||
Notes issued | -45,035 | |||
Business Acquisition Cost of Acquired Entity Settlement of Pre-existing Balances | -5,052 | |||
Cash used in acquisitions, net of cash acquired | 761,354 | |||
Sator | ||||
Business Acquisition | ||||
Receivables | 61,639 | |||
Receivable reserves | -8,563 | |||
Inventory | 71,784 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Income Tax Receivable | 0 | |||
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 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Income Tax Receivable | 0 | |||
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 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Income Tax Receivable | 0 | |||
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 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Business Acquisition | ||||||||||||||
Revenue, as reported | $1,684,131 | $1,721,024 | $1,709,132 | $1,625,777 | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $6,740,064 | $5,062,528 | $4,122,930 | |||
Pro forma revenue | 7,046,360 | 6,581,393 | 4,933,802 | |||||||||||
Net income | 80,469 | 91,515 | 104,882 | 104,653 | 77,864 | 73,445 | 75,722 | 84,592 | 381,519 | 311,623 | 261,225 | |||
Pro forma net income | 393,646 | 377,162 | 285,620 | |||||||||||
Earnings per share, basic | $1.26 | [1] | $1.04 | [1] | $0.88 | [1] | ||||||||
Pro forma earnings per share-basic (1) | $1.30 | [2] | $1.26 | [2] | $0.97 | [2] | ||||||||
Earnings per share, diluted | $1.25 | [1] | $1.02 | [1] | $0.87 | [1] | ||||||||
Pro forma earnings per share-diluted (1) | $1.29 | [2] | $1.24 | [2] | $0.95 | [2] | ||||||||
Keystone Specialty | ||||||||||||||
Business Acquisition | ||||||||||||||
Revenue of purchased businesses for the period prior to acquisition | 3,443 | 696,960 | 0 | |||||||||||
Net income of purchased businesses for the period prior to acquisition, including pro forma purchase accounting adjustments | 637 | 40,460 | 0 | |||||||||||
Effect of purchased businesses for the period prior to acquisition | $0 | $0.14 | $0 | |||||||||||
Effect of purchased businesses for the period prior to acquisition | $0 | $0.13 | $0 | |||||||||||
Sator | ||||||||||||||
Business Acquisition | ||||||||||||||
Revenue of purchased businesses for the period prior to acquisition | 0 | 126,309 | 369,934 | |||||||||||
Net income of purchased businesses for the period prior to acquisition, including pro forma purchase accounting adjustments | 0 | 5,712 | 6,032 | |||||||||||
Effect of purchased businesses for the period prior to acquisition | $0 | $0.02 | $0 | |||||||||||
Effect of purchased businesses for the period prior to acquisition | $0 | $0.02 | $0 | |||||||||||
All 2014 Acquisitions Excluding Keystone Specialty | ||||||||||||||
Business Acquisition | ||||||||||||||
Revenue of purchased businesses for the period prior to acquisition | 302,853 | |||||||||||||
Net income of purchased businesses for the period prior to acquisition, including pro forma purchase accounting adjustments | 11,490 | |||||||||||||
Effect of purchased businesses for the period prior to acquisition | $0.04 | |||||||||||||
Effect of purchased businesses for the period prior to acquisition | $0.04 | |||||||||||||
All 2014 and 2013 Acquisitions Excluding Keystone Specialty and Sator [Member] | ||||||||||||||
Business Acquisition | ||||||||||||||
Revenue of purchased businesses for the period prior to acquisition | 695,596 | |||||||||||||
Net income of purchased businesses for the period prior to acquisition, including pro forma purchase accounting adjustments | 19,367 | |||||||||||||
Effect of purchased businesses for the period prior to acquisition | $0.06 | |||||||||||||
Effect of purchased businesses for the period prior to acquisition | $0.06 | |||||||||||||
All 2012 and 2013 Acquisitions Excluding Sator [Member] | ||||||||||||||
Business Acquisition | ||||||||||||||
Revenue of purchased businesses for the period prior to acquisition | 440,938 | |||||||||||||
Net income of purchased businesses for the period prior to acquisition, including pro forma purchase accounting adjustments | $18,363 | |||||||||||||
Effect of purchased businesses for the period prior to acquisition | $0.06 | |||||||||||||
Effect of purchased businesses for the period prior to acquisition | $0.06 | |||||||||||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmU1MDMwNTZmYjBhZDRlZTZiMDZlYTFkYjFlYWYzNDhhfFRleHRTZWxlY3Rpb246MjgzQTNDQ0I2Q0JFMkFFMjVCMjRCQzAxQUNGMzFGMkIM} | |||||||||||||
[2] | 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 | 9 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2012 | |
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | $14,806,000 | $10,173,000 | $2,751,000 | ||
Restructuring expenses | |||||
Restructuring Cost and Reserve | |||||
Expected additional charges | -6,000,000 | ||||
Acquisition-related expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | 3,700,000 | 6,700,000 | 500,000 | ||
Europe | Restructuring expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | 1,600,000 | ||||
North America | Restructuring expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | 1,000,000 | ||||
Specialty | Restructuring expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | 800,000 | ||||
All 2013 Acquisitions | Restructuring expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | 2,100,000 | ||||
2012 North America Acquisitions | Restructuring expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | 1,400,000 | ||||
Keystone Specialty | Restructuring expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | 5,800,000 | ||||
Keystone Specialty | Acquisition-related expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | 900,000 | ||||
All 2014 Europe Acquisitions [Member] | Restructuring expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | 1,900,000 | ||||
Netherlands Distributors | Acquisition-related expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | 1,900,000 | ||||
Netherlands Distributors | Europe | |||||
Restructuring Cost and Reserve | |||||
Number of acquisitions | 7 | ||||
UK Paint | |||||
Restructuring Cost and Reserve | |||||
Number of acquisitions | 5 | ||||
UK Paint | Acquisition-related expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | 1,400,000 | ||||
Sator | Acquisition-related expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | 3,600,000 | 3,600,000 | |||
Other Two Thousand Eleven And Two Thousand Twelve Acquisitions [Member] | Restructuring expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | 1,200,000 | ||||
Refurbished Bumper And Wheel Restructuring [Member] | Restructuring expenses | |||||
Restructuring Cost and Reserve | |||||
Restructuring and acquisition related expenses | $1,100,000 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Earnings Per Share [Abstract] | ||||||||||||||
Net income | $80,469 | $91,515 | $104,882 | $104,653 | $77,864 | $73,445 | $75,722 | $84,592 | $381,519 | $311,623 | $261,225 | |||
Denominator for basic earnings per share—Weighted-average shares outstanding | 302,343 | 299,574 | 295,810 | |||||||||||
Effect of dilutive securities: | ||||||||||||||
RSUs | 791 | 845 | 479 | |||||||||||
Stock options | 2,905 | 3,696 | 4,346 | |||||||||||
Restricted stock | 6 | 16 | 58 | |||||||||||
Denominator for diluted earnings per share—Adjusted weighted-average shares outstanding | 306,045 | 304,131 | 300,693 | |||||||||||
Earnings per share, basic | $1.26 | [1] | $1.04 | [1] | $0.88 | [1] | ||||||||
Earnings per share, diluted | $1.25 | [1] | $1.02 | [1] | $0.87 | [1] | ||||||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmU1MDMwNTZmYjBhZDRlZTZiMDZlYTFkYjFlYWYzNDhhfFRleHRTZWxlY3Rpb246MjgzQTNDQ0I2Q0JFMkFFMjVCMjRCQzAxQUNGMzFGMkIM} |
Schedule_of_Antidilutive_Secur
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
RSUs | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |
Antidilutive securities | 289 |
Stock Options | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |
Antidilutive securities | 116 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | $2,322,000 | ||
Undistributed earnings of foreign subsidiaries | 266,000,000 | ||
Tax credit carryforwards | 6,744,000 | 5,181,000 | |
Tax credit carryforwards | 4,400,000 | 1,100,000 | |
Accumulated interest and penalties | 700,000 | 400,000 | |
Accumulated interest and penalties recorded through the income tax provision | 100,000 | 100,000 | 200,000 |
Unrecognized tax benefits that would impact effective tax rate | 1,900,000 | 900,000 | 1,100,000 |
Unrecognized tax benefits that would impact deferred taxes | 700,000 | 500,000 | 600,000 |
Estimated upper bound of reasonably possible changes in unrecognized tax benefits within the next 12 months | 100,000 | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 4,100,000 | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount Due to Acquired Foreign Tax Credits and NOL Carry Forwards | $3,300,000 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $144,924 | $115,150 | $110,825 |
State | 24,052 | 20,869 | 19,693 |
Foreign | 29,046 | 23,906 | 13,202 |
Current income tax expense, total | 198,022 | 159,925 | 143,720 |
Deferred: | |||
Federal | 9,321 | 6,225 | 5,824 |
State | -179 | -550 | -647 |
Foreign | -2,900 | -1,396 | -955 |
Deferred income tax expense, total | 6,242 | 4,279 | 4,222 |
Provision for income taxes | $204,264 | $164,204 | $147,942 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Domestic income from continuing operations before provision for income taxes | $460,637 | $361,283 | $348,150 |
Foreign income from continuing operations before provision for income taxes | 127,251 | 114,544 | 61,017 |
Income before provision for income taxes | $587,888 | $475,827 | $409,167 |
Income_Taxes_Schedule_of_Effec
Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | 2.80% | 2.90% | 3.10% |
Impact of international operations | -3.60% | -3.70% | -2.30% |
Non-deductible expenses | 0.50% | 0.90% | 0.80% |
Federal production incentives and credits | -0.20% | -0.30% | -0.30% |
Revaluation of deferred taxes | 0.00% | -0.30% | -0.30% |
Other, net | 0.20% | 0.00% | 0.20% |
Effective tax rate | 34.70% | 34.50% | 36.20% |
Income_Taxes_Schedule_of_Defer
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ||
Inventory | $33,452 | $30,880 |
Accrued expenses and reserves | 40,349 | 29,970 |
Stock-based compensation | 11,978 | 11,519 |
Qualified and nonqualified retirement plans | 12,894 | 11,161 |
Net operating loss carryforwards | 14,049 | 10,210 |
Tax credit carryforwards | 6,744 | 5,181 |
Other | 4,424 | 1,136 |
Other | 8,275 | 6,711 |
Total deferred tax assets, gross | 132,165 | 106,768 |
Less valuation allowance | -5,239 | -1,092 |
Total deferred tax assets | 126,926 | 105,676 |
Deferred Tax Liabilities: | ||
Goodwill and other intangible assets | 121,728 | 83,097 |
Property and equipment | 60,215 | 50,695 |
Trade name | 43,325 | 40,929 |
Other | 5,988 | 2,693 |
Total deferred tax liabilities | 231,256 | 177,414 |
Net deferred tax liability | ($104,330) | ($71,738) |
Income_Taxes_Schedule_of_Defer1
Income Taxes Schedule of Deferred Tax Assets and Liabilities Classification (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Current deferred tax assets | $81,744 | $63,938 |
Noncurrent deferred tax assets | 203 | 1,501 |
Current deferred tax liabilities | 4,615 | 3,355 |
Noncurrent deferred tax liabilities | $181,662 | $133,822 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | $2,322 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | 1,445 | 1,693 | 4,305 |
Additions for acquired tax positions | 302 | 302 | 827 |
Reductions for tax positions of prior years | 0 | 0 | -1,931 |
Lapse of statutes of limitations | -134 | -550 | -713 |
Settlements with taxing authorities | -1,182 | 0 | -795 |
Foreign Currency Translation | -123 | ||
Balance at December 31 | $2,630 | $1,445 | $1,693 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment [Roll Forward] | |||
Balance, beginning | $24,906 | $10,850 | ($2,071) |
Pretax income (loss) | -51,979 | 14,056 | 12,921 |
Balance, ending | -27,073 | 24,906 | 10,850 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges [Roll Forward] | |||
Balance, beginning | -5,596 | -10,091 | -6,890 |
Pretax income (loss) | -1,586 | -21,250 | -11,313 |
Income tax effect | 382 | 7,984 | 3,962 |
Reclassification of unrealized loss | 5,200 | 27,481 | 6,439 |
Reclassification of deferred income taxes | -1,801 | -10,011 | -2,289 |
Hedge ineffectiveness | 460 | ||
Income tax effect | -169 | ||
Balance, ending | -3,401 | -5,596 | -10,091 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 41 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | -166 | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans [Roll Forward] | |||
Balance, beginning | 701 | ||
Pretax income (loss) | -13,506 | 935 | |
Income tax effect | 3,179 | -234 | |
Balance, ending | -9,751 | 701 | |
Balance, beginning | 20,011 | 759 | -8,961 |
Pretax income (loss) | -67,071 | -6,259 | 1,608 |
Income tax effect | 3,561 | 7,750 | 3,962 |
Reclassification of Unrealized Loss | 5,034 | 27,481 | 6,439 |
Reclassification of deferred income taxes | -1,760 | -10,011 | -2,289 |
Hedge ineffectiveness | 460 | ||
Income tax effect | -169 | ||
Balance, ending | ($40,225) | $20,011 | $759 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification of unrealized loss | $5,200 | $27,481 | $6,439 |
Interest Rate Swap | |||
Schedule of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification of unrealized loss | $6,200 | $6,200 | $6,400 |
Segment_and_Geographic_Informa2
Segment and Geographic Information - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information | |||||||||||
Revenue | $1,684,131,000 | $1,721,024,000 | $1,709,132,000 | $1,625,777,000 | $1,316,689,000 | $1,298,094,000 | $1,251,748,000 | $1,195,997,000 | $6,740,064,000 | $5,062,528,000 | $4,122,930,000 |
Number of operating segments | 4 | ||||||||||
Number of reportable segments | 3 | ||||||||||
Gain on lawsuit settlements | 17,900,000 | ||||||||||
Change in fair value of contingent consideration liabilities | 1,851,000 | -2,504,000 | -1,643,000 | ||||||||
Restructuring and acquisition related expenses | 14,806,000 | 10,173,000 | 2,751,000 | ||||||||
North America | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 4,089,290,000 | 3,802,929,000 | 3,426,858,000 | ||||||||
Number of reportable segments | 1 | ||||||||||
Europe | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 1,846,155,000 | 1,259,599,000 | 696,072,000 | ||||||||
Specialty | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | $807,015,000 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information | |||||||||||
Revenue | $1,684,131 | $1,721,024 | $1,709,132 | $1,625,777 | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $6,740,064 | $5,062,528 | $4,122,930 |
Segment EBITDA | 790,551 | 628,587 | 514,941 | ||||||||
Depreciation and amortization | 125,437 | 86,463 | 70,165 | ||||||||
North America | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 4,089,290 | 3,802,929 | 3,426,858 | ||||||||
Segment EBITDA | 543,943 | 486,831 | 441,268 | ||||||||
Depreciation and amortization | 70,434 | 65,606 | 59,132 | ||||||||
Europe | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 1,846,155 | 1,259,599 | 696,072 | ||||||||
Segment EBITDA | 167,155 | 141,756 | 73,673 | ||||||||
Depreciation and amortization | 34,391 | 20,857 | 11,033 | ||||||||
Specialty | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 807,015 | ||||||||||
Segment EBITDA | 79,453 | ||||||||||
Depreciation and amortization | 20,612 | ||||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | -2,396 | ||||||||||
Third Party | North America | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 4,088,701 | 3,802,929 | 3,426,858 | ||||||||
Third Party | Europe | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 1,846,155 | 1,259,599 | 696,072 | ||||||||
Third Party | Specialty | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 805,208 | ||||||||||
Intersegment | North America | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 589 | ||||||||||
Intersegment | Specialty | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | 1,807 | ||||||||||
Intersegment | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information | |||||||||||
Revenue | ($2,396) |
Reconciliation_Of_Segment_EBIT
Reconciliation Of Segment EBITDA To Net Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting [Abstract] | |||||||||||
Segment EBITDA | $790,551 | $628,587 | $514,941 | ||||||||
Restructuring and acquisition related expenses | 14,806 | 10,173 | 2,751 | ||||||||
Change in fair value of contingent consideration liabilities | 1,851 | -2,504 | -1,643 | ||||||||
Equity in earnings of unconsolidated subsidiaries | -2,105 | 0 | 0 | ||||||||
EBITDA | 775,491 | 615,910 | 510,547 | ||||||||
Depreciation and amortization | 125,437 | 86,463 | 70,165 | ||||||||
Interest expense, net | 63,947 | 50,825 | 31,215 | ||||||||
Loss on debt extinguishment | -324 | -2,795 | 0 | ||||||||
Provision for income taxes | 204,264 | 164,204 | 147,942 | ||||||||
Net income | $80,469 | $91,515 | $104,882 | $104,653 | $77,864 | $73,445 | $75,722 | $84,592 | $381,519 | $311,623 | $261,225 |
Schedule_of_Capital_Expenditur
Schedule of Capital Expenditures by Reportable Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information | |||
Capital Expenditures | $140,950 | $90,186 | $88,255 |
North America | |||
Segment Reporting Information | |||
Capital Expenditures | 86,172 | 66,288 | 73,331 |
Europe | |||
Segment Reporting Information | |||
Capital Expenditures | 44,896 | 23,898 | 14,924 |
Specialty | |||
Segment Reporting Information | |||
Capital Expenditures | $9,882 |
Schedule_of_Assets_by_Reportab
Schedule of Assets by Reportable Segment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information | |||
Receivables, net | $601,422 | $458,094 | $311,808 |
Inventory | 1,433,847 | 1,076,952 | 900,803 |
Property and Equipment, net | 629,987 | 546,651 | 494,379 |
Other unallocated assets | 2,908,236 | 2,437,077 | 2,016,466 |
Total Assets | 5,573,492 | 4,518,774 | 3,723,456 |
North America | |||
Segment Reporting Information | |||
Receivables, net | 322,713 | 277,395 | 241,627 |
Inventory | 826,429 | 748,167 | 750,565 |
Property and Equipment, net | 456,288 | 447,528 | 434,010 |
Europe | |||
Segment Reporting Information | |||
Receivables, net | 227,987 | 180,699 | 70,181 |
Inventory | 402,488 | 328,785 | 150,238 |
Property and Equipment, net | 128,309 | 99,123 | 60,369 |
Specialty | |||
Segment Reporting Information | |||
Receivables, net | 50,722 | ||
Inventory | 204,930 | ||
Property and Equipment, net | $45,390 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets | |||||||||||
Revenue | $1,684,131 | $1,721,024 | $1,709,132 | $1,625,777 | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $6,740,064 | $5,062,528 | $4,122,930 |
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Revenue | 4,499,743 | 3,544,360 | 3,209,024 | ||||||||
United Kingdom | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Revenue | 1,321,786 | 981,585 | 696,072 | ||||||||
Other countries | |||||||||||
Revenues from External Customers and Long-Lived Assets | |||||||||||
Revenue | $918,535 | $536,583 | $217,834 |
Schedule_of_Tangible_LongLived
Schedule of Tangible Long-Lived Assets by Geographic Area (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Revenues from External Customers and Long-Lived Assets | |||
Long-lived Assets | $629,987 | $546,651 | $494,379 |
United States | |||
Revenues from External Customers and Long-Lived Assets | |||
Long-lived Assets | 469,450 | 418,869 | |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets | |||
Long-lived Assets | 92,813 | 77,827 | |
Other countries | |||
Revenues from External Customers and Long-Lived Assets | |||
Long-lived Assets | $67,724 | $49,955 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from External Customers | |||||||||||
Revenue | $1,684,131 | $1,721,024 | $1,709,132 | $1,625,777 | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $6,740,064 | $5,062,528 | $4,122,930 |
Aftermarket, other new and refurbished products | |||||||||||
Revenue from External Customers | |||||||||||
Revenue | 4,613,454 | 3,034,599 | 2,286,853 | ||||||||
Recycled, remanufactured and related products and services | |||||||||||
Revenue from External Customers | |||||||||||
Revenue | 1,473,305 | 1,394,981 | 1,277,023 | ||||||||
Other | |||||||||||
Revenue from External Customers | |||||||||||
Revenue | $653,305 | $632,948 | $559,054 |
Selected_Quarterly_Data_Select1
Selected Quarterly Data Selected Quarterly Data - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Gain on lawsuit settlements | $17,900,000 | ||
Change in fair value of contingent consideration liabilities | $1,851,000 | ($2,504,000) | ($1,643,000) |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $1,684,131 | $1,721,024 | $1,709,132 | $1,625,777 | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $6,740,064 | $5,062,528 | $4,122,930 |
Gross margin | 664,559 | 664,411 | 671,059 | 651,884 | 545,673 | 517,907 | 509,873 | 501,949 | 2,651,913 | 2,075,402 | 1,724,140 |
Operating income | 146,250 | 156,188 | 173,596 | 173,834 | 133,819 | 123,395 | 131,378 | 141,588 | 649,868 | 530,180 | 437,953 |
Net income | $80,469 | $91,515 | $104,882 | $104,653 | $77,864 | $73,445 | $75,722 | $84,592 | $381,519 | $311,623 | $261,225 |
Basic earnings per share | $0.27 | $0.30 | $0.35 | $0.35 | $0.26 | $0.24 | $0.25 | $0.28 | |||
Diluted earnings per share | $0.26 | $0.30 | $0.34 | $0.34 | $0.26 | $0.24 | $0.25 | $0.28 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current Assets: | ||||
Cash and equivalents | $114,605 | $150,488 | $59,770 | $48,247 |
Receivables, net | 601,422 | 458,094 | 311,808 | |
Intercompany receivables, net | 0 | 0 | ||
Inventory | 1,433,847 | 1,076,952 | 900,803 | |
Deferred income taxes | 81,744 | 63,938 | ||
Prepaid expenses and other current assets | 85,799 | 50,345 | ||
Total Current Assets | 2,317,417 | 1,799,817 | ||
Property and Equipment, net | 629,987 | 546,651 | 494,379 | |
Intangible Assets: | ||||
Goodwill | 2,288,895 | 1,937,444 | 1,690,284 | 1,476,063 |
Other intangibles, net | 245,525 | 153,739 | ||
Investment in Subsidiaries | 0 | 0 | ||
Intercompany Notes Receivable | 0 | 0 | ||
Other Assets | 91,668 | 81,123 | ||
Total Assets | 5,573,492 | 4,518,774 | 3,723,456 | |
Current Liabilities: | ||||
Accounts payable | 400,202 | 349,069 | ||
Intercompany payables, net | 0 | 0 | ||
Accrued expenses: | ||||
Accrued payroll-related liabilities | 86,016 | 58,695 | ||
Other accrued expenses | 164,148 | 140,074 | ||
Contingent consideration liabilities | 4,293 | 52,465 | ||
Other current liabilities | 32,522 | 36,115 | ||
Current portion of long-term obligations | 63,515 | 41,535 | ||
Total Current Liabilities | 750,696 | 677,953 | ||
Long-Term Obligations, Excluding Current Portion | 1,801,047 | 1,264,246 | ||
Intercompany Notes Payable | 0 | 0 | ||
Deferred Income Taxes | 181,662 | 133,822 | ||
Other Noncurrent Liabilities | 119,430 | 92,008 | ||
Stockholders’ Equity | 2,720,657 | 2,350,745 | 1,964,094 | 1,644,085 |
Total Liabilities and Stockholders’ Equity | 5,573,492 | 4,518,774 | ||
Parent Company | ||||
Current Assets: | ||||
Cash and equivalents | 14,930 | 77,926 | 18,396 | 9,908 |
Receivables, net | 145 | 0 | ||
Intercompany receivables, net | 1,360 | 2,275 | ||
Inventory | 0 | 0 | ||
Deferred income taxes | 4,064 | 3,189 | ||
Prepaid expenses and other current assets | 20,640 | 7,924 | ||
Total Current Assets | 41,139 | 91,314 | ||
Property and Equipment, net | 494 | 668 | ||
Intangible Assets: | ||||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Investment in Subsidiaries | 3,216,039 | 2,364,586 | ||
Intercompany Notes Receivable | 667,949 | 959,185 | ||
Other Assets | 49,601 | 49,218 | ||
Total Assets | 3,975,222 | 3,464,971 | ||
Current Liabilities: | ||||
Accounts payable | 682 | 314 | ||
Intercompany payables, net | 0 | 0 | ||
Accrued expenses: | ||||
Accrued payroll-related liabilities | 8,075 | 5,236 | ||
Other accrued expenses | 8,061 | 26,714 | ||
Contingent consideration liabilities | 0 | 0 | ||
Other current liabilities | 283 | 2,803 | ||
Current portion of long-term obligations | 55,172 | 24,421 | ||
Total Current Liabilities | 72,273 | 59,488 | ||
Long-Term Obligations, Excluding Current Portion | 1,150,624 | 1,016,249 | ||
Intercompany Notes Payable | 0 | 0 | ||
Deferred Income Taxes | 0 | 0 | ||
Other Noncurrent Liabilities | 31,668 | 38,489 | ||
Stockholders’ Equity | 2,720,657 | 2,350,745 | ||
Total Liabilities and Stockholders’ Equity | 3,975,222 | 3,464,971 | ||
Guarantor Subsidiaries | ||||
Current Assets: | ||||
Cash and equivalents | 32,103 | 13,693 | 18,253 | 17,433 |
Receivables, net | 217,542 | 126,926 | ||
Intercompany receivables, net | 0 | 6,923 | ||
Inventory | 964,477 | 687,164 | ||
Deferred income taxes | 62,850 | 57,422 | ||
Prepaid expenses and other current assets | 36,553 | 24,190 | ||
Total Current Assets | 1,313,525 | 916,318 | ||
Property and Equipment, net | 470,791 | 419,617 | ||
Intangible Assets: | ||||
Goodwill | 1,563,796 | 1,248,746 | ||
Other intangibles, net | 155,819 | 56,069 | ||
Investment in Subsidiaries | 279,967 | 264,815 | ||
Intercompany Notes Receivable | 23,449 | 118,740 | ||
Other Assets | 24,457 | 20,133 | ||
Total Assets | 3,831,804 | 3,044,438 | ||
Current Liabilities: | ||||
Accounts payable | 182,607 | 147,708 | ||
Intercompany payables, net | 8,048 | 0 | ||
Accrued expenses: | ||||
Accrued payroll-related liabilities | 48,850 | 32,850 | ||
Other accrued expenses | 83,857 | 56,877 | ||
Contingent consideration liabilities | 3,263 | 1,923 | ||
Other current liabilities | 12,934 | 13,039 | ||
Current portion of long-term obligations | 4,599 | 3,030 | ||
Total Current Liabilities | 344,158 | 255,427 | ||
Long-Term Obligations, Excluding Current Portion | 6,561 | 6,554 | ||
Intercompany Notes Payable | 649,824 | 611,274 | ||
Deferred Income Taxes | 156,727 | 110,110 | ||
Other Noncurrent Liabilities | 60,213 | 46,417 | ||
Stockholders’ Equity | 2,614,321 | 2,014,656 | ||
Total Liabilities and Stockholders’ Equity | 3,831,804 | 3,044,438 | ||
Non-Guarantor Subsidiaries | ||||
Current Assets: | ||||
Cash and equivalents | 67,572 | 58,869 | 23,121 | 20,906 |
Receivables, net | 383,735 | 331,168 | ||
Intercompany receivables, net | 8,048 | 0 | ||
Inventory | 469,370 | 389,788 | ||
Deferred income taxes | 10,215 | 3,327 | ||
Prepaid expenses and other current assets | 28,606 | 18,231 | ||
Total Current Assets | 967,546 | 801,383 | ||
Property and Equipment, net | 158,702 | 126,366 | ||
Intangible Assets: | ||||
Goodwill | 725,099 | 688,698 | ||
Other intangibles, net | 89,706 | 97,670 | ||
Investment in Subsidiaries | 0 | 0 | ||
Intercompany Notes Receivable | 0 | 0 | ||
Other Assets | 20,481 | 17,241 | ||
Total Assets | 1,961,534 | 1,731,358 | ||
Current Liabilities: | ||||
Accounts payable | 216,913 | 201,047 | ||
Intercompany payables, net | 1,360 | 9,198 | ||
Accrued expenses: | ||||
Accrued payroll-related liabilities | 29,091 | 20,609 | ||
Other accrued expenses | 72,230 | 56,483 | ||
Contingent consideration liabilities | 1,030 | 50,542 | ||
Other current liabilities | 14,690 | 20,273 | ||
Current portion of long-term obligations | 3,744 | 14,084 | ||
Total Current Liabilities | 339,058 | 372,236 | ||
Long-Term Obligations, Excluding Current Portion | 643,862 | 241,443 | ||
Intercompany Notes Payable | 41,574 | 466,651 | ||
Deferred Income Taxes | 27,806 | 29,181 | ||
Other Noncurrent Liabilities | 27,549 | 7,102 | ||
Stockholders’ Equity | 881,685 | 614,745 | ||
Total Liabilities and Stockholders’ Equity | 1,961,534 | 1,731,358 | ||
Consolidation, Eliminations | ||||
Current Assets: | ||||
Cash and equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 0 | 0 | ||
Intercompany receivables, net | -9,408 | -9,198 | ||
Inventory | 0 | 0 | ||
Deferred income taxes | 4,615 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total Current Assets | -4,793 | -9,198 | ||
Property and Equipment, net | 0 | 0 | ||
Intangible Assets: | ||||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Investment in Subsidiaries | -3,496,006 | -2,629,401 | ||
Intercompany Notes Receivable | -691,398 | -1,077,925 | ||
Other Assets | -2,871 | -5,469 | ||
Total Assets | -4,195,068 | -3,721,993 | ||
Current Liabilities: | ||||
Accounts payable | 0 | 0 | ||
Intercompany payables, net | -9,408 | -9,198 | ||
Accrued expenses: | ||||
Accrued payroll-related liabilities | 0 | 0 | ||
Other accrued expenses | 0 | 0 | ||
Contingent consideration liabilities | 0 | 0 | ||
Other current liabilities | 4,615 | 0 | ||
Current portion of long-term obligations | 0 | 0 | ||
Total Current Liabilities | -4,793 | -9,198 | ||
Long-Term Obligations, Excluding Current Portion | 0 | 0 | ||
Intercompany Notes Payable | -691,398 | -1,077,925 | ||
Deferred Income Taxes | -2,871 | -5,469 | ||
Other Noncurrent Liabilities | 0 | 0 | ||
Stockholders’ Equity | -3,496,006 | -2,629,401 | ||
Total Liabilities and Stockholders’ Equity | ($4,195,068) | ($3,721,993) |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | $1,684,131 | $1,721,024 | $1,709,132 | $1,625,777 | $1,316,689 | $1,298,094 | $1,251,748 | $1,195,997 | $6,740,064 | $5,062,528 | $4,122,930 |
Cost of goods sold | 4,088,151 | 2,987,126 | 2,398,790 | ||||||||
Gross margin | 664,559 | 664,411 | 671,059 | 651,884 | 545,673 | 517,907 | 509,873 | 501,949 | 2,651,913 | 2,075,402 | 1,724,140 |
Facility and warehouse expenses | 526,291 | 425,081 | 347,917 | ||||||||
Distribution expenses | 577,341 | 431,947 | 375,835 | ||||||||
Selling, general and administrative expenses | 762,888 | 597,052 | 495,591 | ||||||||
Restructuring and acquisition related expenses | 14,806 | 10,173 | 2,751 | ||||||||
Depreciation and amortization | 120,719 | 80,969 | 64,093 | ||||||||
Operating income | 146,250 | 156,188 | 173,596 | 173,834 | 133,819 | 123,395 | 131,378 | 141,588 | 649,868 | 530,180 | 437,953 |
Other expense (income): | |||||||||||
Interest expense | -64,542 | -51,184 | -31,429 | ||||||||
Intercompany interest (income) expense, net | 0 | 0 | 0 | ||||||||
Loss on debt extinguishment | 324 | 2,795 | 0 | ||||||||
Change in fair value of contingent consideration liabilities | 1,851 | -2,504 | -1,643 | ||||||||
Interest and other income, net | -1,035 | -2,130 | -4,286 | ||||||||
Total other expense, net | 61,980 | 54,353 | 28,786 | ||||||||
Income before provision for income taxes | 587,888 | 475,827 | 409,167 | ||||||||
Provision for income taxes | 204,264 | 164,204 | 147,942 | ||||||||
Equity in earnings of unconsolidated subsidiaries | -2,105 | 0 | 0 | ||||||||
Income (Loss) from Subsidiaries, Net of Tax | 0 | ||||||||||
Net income | 80,469 | 91,515 | 104,882 | 104,653 | 77,864 | 73,445 | 75,722 | 84,592 | 381,519 | 311,623 | 261,225 |
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 | 25,770 | 26,778 | 21,098 | ||||||||
Restructuring and acquisition related expenses | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 218 | 250 | 296 | ||||||||
Operating income | -25,988 | -27,028 | -21,394 | ||||||||
Other expense (income): | |||||||||||
Interest expense | -50,636 | -42,442 | -24,272 | ||||||||
Intercompany interest (income) expense, net | -48,556 | -45,459 | -37,491 | ||||||||
Loss on debt extinguishment | 324 | 2,795 | |||||||||
Change in fair value of contingent consideration liabilities | 0 | 0 | 0 | ||||||||
Interest and other income, net | 230 | 252 | -43 | ||||||||
Total other expense, net | 2,634 | 30 | -13,262 | ||||||||
Income before provision for income taxes | -28,622 | -27,058 | -8,132 | ||||||||
Provision for income taxes | -10,536 | -7,193 | -3,287 | ||||||||
Equity in earnings of unconsolidated subsidiaries | 0 | 331,488 | 266,070 | ||||||||
Income (Loss) from Subsidiaries, Net of Tax | 399,605 | ||||||||||
Net income | 381,519 | 311,623 | 261,225 | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | 4,649,391 | 3,576,269 | 3,236,507 | ||||||||
Cost of goods sold | 2,813,427 | 2,100,804 | 1,886,098 | ||||||||
Gross margin | 1,835,964 | 1,475,465 | 1,350,409 | ||||||||
Facility and warehouse expenses | 382,937 | 323,042 | 287,036 | ||||||||
Distribution expenses | 389,430 | 297,908 | 281,011 | ||||||||
Selling, general and administrative expenses | 460,516 | 377,481 | 346,596 | ||||||||
Restructuring and acquisition related expenses | 8,628 | 1,406 | 1,812 | ||||||||
Depreciation and amortization | 81,253 | 55,802 | 49,782 | ||||||||
Operating income | 513,200 | 419,826 | 384,172 | ||||||||
Other expense (income): | |||||||||||
Interest expense | -635 | -640 | -308 | ||||||||
Intercompany interest (income) expense, net | 23,865 | 21,978 | 27,377 | ||||||||
Loss on debt extinguishment | 0 | 0 | |||||||||
Change in fair value of contingent consideration liabilities | 2,081 | 744 | 1,943 | ||||||||
Interest and other income, net | -6,278 | -2,858 | -3,638 | ||||||||
Total other expense, net | 16,141 | 19,016 | 22,104 | ||||||||
Income before provision for income taxes | 497,059 | 400,810 | 362,068 | ||||||||
Provision for income taxes | 190,456 | 151,369 | 140,150 | ||||||||
Equity in earnings of unconsolidated subsidiaries | 40 | 22,050 | 12,481 | ||||||||
Income (Loss) from Subsidiaries, Net of Tax | 28,846 | ||||||||||
Net income | 335,489 | 271,491 | 234,399 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | 2,221,831 | 1,598,832 | 976,710 | ||||||||
Cost of goods sold | 1,405,882 | 998,895 | 602,979 | ||||||||
Gross margin | 815,949 | 599,937 | 373,731 | ||||||||
Facility and warehouse expenses | 143,354 | 102,039 | 60,881 | ||||||||
Distribution expenses | 187,911 | 134,039 | 94,824 | ||||||||
Selling, general and administrative expenses | 276,602 | 192,793 | 127,897 | ||||||||
Restructuring and acquisition related expenses | 6,178 | 8,767 | 939 | ||||||||
Depreciation and amortization | 39,248 | 24,917 | 14,015 | ||||||||
Operating income | 162,656 | 137,382 | 75,175 | ||||||||
Other expense (income): | |||||||||||
Interest expense | -13,271 | -8,102 | -6,849 | ||||||||
Intercompany interest (income) expense, net | 24,691 | 23,481 | 10,114 | ||||||||
Loss on debt extinguishment | 0 | 0 | |||||||||
Change in fair value of contingent consideration liabilities | -230 | -3,248 | -3,586 | ||||||||
Interest and other income, net | 5,013 | 476 | -605 | ||||||||
Total other expense, net | 43,205 | 35,307 | 19,944 | ||||||||
Income before provision for income taxes | 119,451 | 102,075 | 55,231 | ||||||||
Provision for income taxes | 24,344 | 20,028 | 11,079 | ||||||||
Equity in earnings of unconsolidated subsidiaries | -2,145 | 0 | 0 | ||||||||
Income (Loss) from Subsidiaries, Net of Tax | 0 | ||||||||||
Net income | 92,962 | 82,047 | 44,152 | ||||||||
Consolidation, Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | -131,158 | -112,573 | -90,287 | ||||||||
Cost of goods sold | -131,158 | -112,573 | -90,287 | ||||||||
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 unconsolidated subsidiaries | 0 | -353,538 | -278,551 | ||||||||
Income (Loss) from Subsidiaries, Net of Tax | -428,451 | ||||||||||
Net income | ($428,451) | ($353,538) | ($278,551) |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | $80,469 | $91,515 | $104,882 | $104,653 | $77,864 | $73,445 | $75,722 | $84,592 | $381,519 | $311,623 | $261,225 |
Other comprehensive income, net of tax: | |||||||||||
Foreign currency translation | -51,979 | 14,056 | 12,921 | ||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | 2,195 | 4,495 | -3,201 | ||||||||
Unrealized gain on pension plan, net of tax | -10,452 | 701 | 0 | ||||||||
Total other comprehensive (loss) income | -60,236 | 19,252 | 9,720 | ||||||||
Total comprehensive income | 321,283 | 330,875 | 270,945 | ||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 381,519 | 311,623 | 261,225 | ||||||||
Other comprehensive income, net of tax: | |||||||||||
Foreign currency translation | -51,979 | 14,056 | 12,921 | ||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | 2,195 | 4,495 | -3,201 | ||||||||
Unrealized gain on pension plan, net of tax | -10,452 | 701 | |||||||||
Total other comprehensive (loss) income | -60,236 | 19,252 | 9,720 | ||||||||
Total comprehensive income | 321,283 | 330,875 | 270,945 | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 335,489 | 271,491 | 234,399 | ||||||||
Other comprehensive income, net of tax: | |||||||||||
Foreign currency translation | -17,710 | 7,168 | 5,278 | ||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | 0 | 0 | 0 | ||||||||
Unrealized gain on pension plan, net of tax | 0 | 0 | |||||||||
Total other comprehensive (loss) income | -17,710 | 7,168 | 5,278 | ||||||||
Total comprehensive income | 317,779 | 278,659 | 239,677 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 92,962 | 82,047 | 44,152 | ||||||||
Other comprehensive income, net of tax: | |||||||||||
Foreign currency translation | -49,559 | 15,495 | 12,334 | ||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | -444 | 1,322 | -519 | ||||||||
Unrealized gain on pension plan, net of tax | -10,452 | 701 | |||||||||
Total other comprehensive (loss) income | -60,455 | 17,518 | 11,815 | ||||||||
Total comprehensive income | 32,507 | 99,565 | 55,967 | ||||||||
Consolidation, Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | -428,451 | -353,538 | -278,551 | ||||||||
Other comprehensive income, net of tax: | |||||||||||
Foreign currency translation | 67,269 | -22,663 | -17,612 | ||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | 444 | -1,322 | 519 | ||||||||
Unrealized gain on pension plan, net of tax | 10,452 | -701 | |||||||||
Total other comprehensive (loss) income | 78,165 | -24,686 | -17,093 | ||||||||
Total comprehensive income | ($350,286) | ($378,224) | ($295,644) |
Condensed_Consolidating_Statem2
Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net cash provided by operating activities | $370,897 | $428,056 | $206,190 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | -140,950 | -90,186 | -88,255 |
Investment and intercompany note activity with subsidiaries | 0 | 0 | 0 |
Acquisitions, net of cash acquired | -775,921 | -408,384 | -265,336 |
Payments for (Proceeds from) Other Investing Activities | -4,123 | -7,036 | 1,057 |
Net cash used in investing activities | -920,994 | -505,606 | -352,534 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from exercise of stock options | 9,324 | 15,392 | 17,693 |
Excess tax benefit from stock-based payments | 17,814 | 18,348 | 15,737 |
Debt issuance costs | -3,750 | -16,940 | -253 |
Proceeds from issuance of senior notes | 0 | 600,000 | 0 |
Borrowings under revolving credit facilities | 1,587,644 | 437,023 | 742,381 |
Repayments under revolving credit facilities | -1,098,518 | -748,086 | -855,402 |
Borrowings under term loans | 11,250 | 35,000 | 200,000 |
Repayments under term loans | -16,875 | -16,875 | -20,000 |
Borrowings under receivables securitization facility | 95,050 | 41,500 | 82,700 |
Repayments under receivables securitization facility | -150 | -121,500 | -2,700 |
Repayments of other long-term debt | -40,051 | -45,062 | -18,791 |
Payments of other obligations | -41,992 | -32,859 | -4,293 |
Proceeds from (Payments for) Other Financing Activities | -743 | 0 | 0 |
Investment and intercompany note activity with parent | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 |
Net cash provided by financing activities | 519,003 | 165,941 | 157,072 |
Effect of exchange rate changes on cash and equivalents | -4,789 | 2,327 | 795 |
Net (decrease) increase in cash and equivalents | -35,883 | 90,718 | 11,523 |
Cash and equivalents, beginning of period | 150,488 | 59,770 | 48,247 |
Cash and equivalents, end of period | 114,605 | 150,488 | 59,770 |
Parent Company | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net cash provided by operating activities | 271,221 | 160,620 | 150,309 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | -44 | 0 | -150 |
Investment and intercompany note activity with subsidiaries | -477,007 | -434,172 | -132,006 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | 0 |
Net cash used in investing activities | -477,051 | -434,172 | -132,156 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from exercise of stock options | 9,324 | 15,392 | 17,693 |
Excess tax benefit from stock-based payments | 17,814 | 18,348 | 15,737 |
Debt issuance costs | -3,675 | -16,858 | -30 |
Proceeds from issuance of senior notes | 600,000 | ||
Borrowings under revolving credit facilities | 867,000 | 315,000 | 612,700 |
Repayments under revolving credit facilities | -727,000 | -616,000 | -832,700 |
Borrowings under term loans | 11,250 | 35,000 | 200,000 |
Repayments under term loans | -16,875 | -16,875 | -20,000 |
Borrowings under receivables securitization facility | 0 | 0 | 0 |
Repayments under receivables securitization facility | 0 | 0 | 0 |
Repayments of other long-term debt | -1,921 | -925 | -3,065 |
Payments of other obligations | 0 | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | -13,083 | ||
Investment and intercompany note activity with parent | 0 | 0 | 0 |
Dividends | 0 | 0 | 0 |
Net cash provided by financing activities | 142,834 | 333,082 | -9,665 |
Effect of exchange rate changes on cash and equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and equivalents | -62,996 | 59,530 | 8,488 |
Cash and equivalents, beginning of period | 77,926 | 18,396 | 9,908 |
Cash and equivalents, end of period | 14,930 | 77,926 | 18,396 |
Guarantor Subsidiaries | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net cash provided by operating activities | 427,249 | 260,567 | 289,013 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | -85,182 | -57,219 | -68,344 |
Investment and intercompany note activity with subsidiaries | -608 | -84,894 | 0 |
Acquisitions, net of cash acquired | -635,171 | -33,436 | -183,716 |
Payments for (Proceeds from) Other Investing Activities | 768 | 1,191 | 699 |
Net cash used in investing activities | -720,193 | -174,358 | -251,361 |
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 facilities | 0 | 0 | 0 |
Repayments under revolving credit facilities | 0 | 0 | 0 |
Borrowings under term loans | 0 | 0 | 0 |
Repayments under term loans | 0 | 0 | 0 |
Borrowings under receivables securitization facility | 0 | 0 | 0 |
Repayments under receivables securitization facility | 0 | 0 | 0 |
Repayments of other long-term debt | -2,310 | -8,930 | -2,568 |
Payments of other obligations | -464 | -473 | -4,293 |
Proceeds from (Payments for) Other Financing Activities | 12,340 | ||
Investment and intercompany note activity with parent | -576,384 | -38,446 | -129,076 |
Dividends | -274,225 | -119,812 | -159,047 |
Net cash provided by financing activities | 311,725 | -90,769 | -36,832 |
Effect of exchange rate changes on cash and equivalents | -371 | 0 | 0 |
Net (decrease) increase in cash and equivalents | 18,410 | -4,560 | 820 |
Cash and equivalents, beginning of period | 13,693 | 18,253 | 17,433 |
Cash and equivalents, end of period | 32,103 | 13,693 | 18,253 |
Non-Guarantor Subsidiaries | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net cash provided by operating activities | -53,348 | 126,681 | -74,085 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | -55,724 | -32,967 | -19,761 |
Investment and intercompany note activity with subsidiaries | 0 | 0 | 0 |
Acquisitions, net of cash acquired | -140,750 | -374,948 | -81,620 |
Payments for (Proceeds from) Other Investing Activities | -4,891 | -8,227 | 358 |
Net cash used in investing activities | -201,365 | -416,142 | -101,023 |
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 | -75 | -82 | -223 |
Proceeds from issuance of senior notes | 0 | ||
Borrowings under revolving credit facilities | 720,644 | 122,023 | 129,681 |
Repayments under revolving credit facilities | -371,518 | -132,086 | -22,702 |
Borrowings under term loans | 0 | 0 | 0 |
Repayments under term loans | 0 | 0 | 0 |
Borrowings under receivables securitization facility | 95,050 | 41,500 | 82,700 |
Repayments under receivables securitization facility | -150 | -121,500 | -2,700 |
Repayments of other long-term debt | -35,820 | -35,207 | -13,158 |
Payments of other obligations | -41,528 | -32,386 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | ||
Investment and intercompany note activity with parent | 98,769 | -480,620 | -2,930 |
Dividends | 0 | 0 | 0 |
Net cash provided by financing activities | 267,834 | 322,882 | 176,528 |
Effect of exchange rate changes on cash and equivalents | -4,418 | 2,327 | 795 |
Net (decrease) increase in cash and equivalents | 8,703 | 35,748 | 2,215 |
Cash and equivalents, beginning of period | 58,869 | 23,121 | 20,906 |
Cash and equivalents, end of period | 67,572 | 58,869 | 23,121 |
Consolidation, Eliminations | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net cash provided by operating activities | -274,225 | -119,812 | -159,047 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | 0 | 0 | 0 |
Investment and intercompany note activity with subsidiaries | 477,615 | 519,066 | 132,006 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | 0 |
Net cash used in investing activities | 477,615 | 519,066 | 132,006 |
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 facilities | 0 | 0 | 0 |
Repayments under revolving credit facilities | 0 | 0 | 0 |
Borrowings under term loans | 0 | 0 | 0 |
Repayments under term loans | 0 | 0 | 0 |
Borrowings under receivables securitization facility | 0 | 0 | 0 |
Repayments under receivables securitization facility | 0 | 0 | 0 |
Repayments of other long-term debt | 0 | 0 | 0 |
Payments of other obligations | 0 | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | ||
Investment and intercompany note activity with parent | 477,615 | 519,066 | 132,006 |
Dividends | 274,225 | 119,812 | 159,047 |
Net cash provided by financing activities | -203,390 | -399,254 | 27,041 |
Effect of exchange rate changes on cash and equivalents | 0 | 0 | 0 |
Net (decrease) increase 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 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $14,360 | $9,470 | $8,347 |
Additions Charged to Costs and Expenses | 9,814 | 7,148 | 5,928 |
Acquisitions and Other | 4,436 | 3,633 | 308 |
Deductions | -9,184 | -5,891 | -5,113 |
Balance at End of Period | 19,426 | 14,360 | 9,470 |
Allowance for Estimated Returns, Discounts & Allowances | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 26,636 | 24,692 | 22,804 |
Additions Charged to Costs and Expenses | 955,615 | 797,380 | 714,880 |
Acquisitions and Other | 10,695 | 825 | 1,151 |
Deductions | -961,658 | -796,261 | -714,143 |
Balance at End of Period | $31,288 | $26,636 | $24,692 |