Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | LITHIA MOTORS INC | |
Entity Central Index Key | 1,023,128 | |
Trading Symbol | lad | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,262,231 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 23,776,338 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Current Assets: | |||
Cash and cash equivalents | $ 31,440 | $ 50,282 | |
Accounts receivable, net of allowance for doubtful accounts of $4,953 and $5,281 | 341,591 | 417,714 | |
Inventories, net | 1,812,217 | 1,772,587 | |
Other current assets | 48,248 | 46,611 | |
Total Current Assets | 2,233,496 | 2,287,194 | |
Property and equipment, net of accumulated depreciation of $175,231 and $167,300 | 1,010,496 | 1,006,130 | |
Goodwill | [1] | 259,399 | 259,399 |
Franchise value | 184,268 | 184,268 | |
Other non-current assets | 114,305 | 107,159 | |
Total Assets | 3,801,964 | 3,844,150 | |
Current Liabilities: | |||
Floor plan notes payable | 97,031 | 94,602 | |
Floor plan notes payable: non-trade | 1,503,257 | 1,506,895 | |
Current maturities of long-term debt | 17,917 | 20,965 | |
Trade payables | 80,022 | 88,423 | |
Accrued liabilities | 241,639 | 211,109 | |
Total Current Liabilities | 1,939,866 | 1,921,994 | |
Long-term debt, less current maturities | 666,135 | 769,916 | |
Deferred revenue | 86,840 | 81,929 | |
Deferred income taxes | 58,658 | 59,075 | |
Other long-term liabilities | 100,299 | 100,460 | |
Total Liabilities | 2,851,798 | 2,933,374 | |
Stockholders' Equity: | |||
Preferred stock - no par value; authorized 15,000 shares; none outstanding | 0 | 0 | |
Additional paid-in capital | 37,714 | 41,225 | |
Retained earnings | 748,423 | 703,820 | |
Total Stockholders' Equity | 950,166 | 910,776 | |
Total Liabilities and Stockholders' Equity | 3,801,964 | 3,844,150 | |
Common Class A [Member] | |||
Stockholders' Equity: | |||
Common stock | 163,872 | 165,512 | |
Common Class B [Member] | |||
Stockholders' Equity: | |||
Common stock | $ 157 | $ 219 | |
[1] | Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008. |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 4,953 | $ 5,281 |
Accumulated depreciation | $ 175,231 | $ 167,300 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 15,000 | 15,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 100,000 | 100,000 |
Common stock, shares issued (in shares) | 23,891 | 23,382 |
Common stock, shares outstanding (in shares) | 23,891 | 23,382 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 25,000 | 25,000 |
Common stock, shares issued (in shares) | 1,262 | 1,762 |
Common stock, shares outstanding (in shares) | 1,262 | 1,762 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Total revenues | $ 2,236,101 | $ 1,982,861 |
Cost of sales: | ||
Total cost of sales | 1,894,449 | 1,675,679 |
Gross profit | 341,652 | 307,182 |
Asset impairments | 3,498 | |
Selling, general and administrative | 242,772 | 219,106 |
Depreciation and amortization | 12,739 | 11,663 |
Operating income | 86,141 | 72,915 |
Floor plan interest expense | (8,052) | (5,909) |
Other interest expense, net | (6,671) | (5,459) |
Other income (expense), net | 9,845 | (1,526) |
Income before income taxes | 81,263 | 60,021 |
Income tax provision | (30,536) | (19,751) |
Net income | $ 50,727 | $ 40,270 |
Basic net income per share (in dollars per share) | $ 2.01 | $ 1.56 |
Shares used in basic per share calculations (in shares) | 25,180 | 25,816 |
Diluted net income per share (in dollars per share) | $ 2.01 | $ 1.55 |
Shares used in diluted per share calculations (in shares) | 25,250 | 25,973 |
Cash dividends declared per Class A and Class B share (in dollars per share) | $ 0.25 | $ 0.20 |
New Vehicle [Member] | ||
Revenues: | ||
Total revenues | $ 1,210,304 | $ 1,096,055 |
Cost of sales: | ||
Total cost of sales | 1,140,186 | 1,029,289 |
Used Retail Vehicle [Member] | ||
Revenues: | ||
Total revenues | 602,223 | 532,726 |
Cost of sales: | ||
Total cost of sales | 533,440 | 468,449 |
Used Wholesale Vehicle [Member] | ||
Revenues: | ||
Total revenues | 71,503 | 65,146 |
Cost of sales: | ||
Total cost of sales | 69,986 | 63,316 |
Finance and Insurance [Member] | ||
Revenues: | ||
Total revenues | 86,777 | 77,638 |
Service, Body and Parts [Member] | ||
Revenues: | ||
Total revenues | 232,574 | 196,675 |
Cost of sales: | ||
Total cost of sales | 119,380 | 100,556 |
Fleet and Other [Member] | ||
Revenues: | ||
Total revenues | 32,720 | 14,621 |
Cost of sales: | ||
Total cost of sales | $ 31,457 | $ 14,069 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 50,727 | $ 40,270 |
Other comprehensive income, net of tax: | ||
Gain on cash flow hedges, net of tax expense of $0 and $103, respectively | 163 | |
Comprehensive income | $ 50,727 | $ 40,433 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Gain on cash flow hedges, tax expense | $ 0 | $ 103 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 50,727 | $ 40,270 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Asset impairments | 3,498 | |
Depreciation and amortization | 12,739 | 11,663 |
Stock-based compensation | 2,619 | 3,149 |
(Gain) loss on disposal of other assets | 279 | (3,391) |
Gain on disposal of franchise | (1,087) | |
Deferred income taxes | (417) | 10,261 |
(Increase) decrease (net of acquisitions and dispositions): | ||
Trade receivables, net | 76,123 | 25,564 |
Inventories | (42,298) | (73,744) |
Other assets | (3,776) | (4,661) |
Floor plan notes payable | 2,429 | 7,753 |
Trade payables | (7,617) | 920 |
Accrued liabilities | 31,116 | 13,425 |
Other long-term liabilities and deferred revenue | 4,750 | 5,396 |
Net cash provided by operating activities | 126,674 | 39,016 |
Cash flows from investing activities: | ||
Capital expenditures | (16,039) | (15,900) |
Proceeds from sales of assets | 399 | 92 |
Cash paid for other investments | (6,863) | (11,449) |
Cash paid for acquisitions, net of cash acquired | (13,799) | |
Proceeds from sales of stores | 11,822 | |
Net cash used in investing activities | (22,503) | (29,234) |
Cash flows from financing activities: | ||
(Repayments) borrowings on floor plan notes payable, net: non-trade | (2,110) | 38,626 |
Borrowings on lines of credit | 231,000 | 213,123 |
Repayments on lines of credit | (351,433) | (229,311) |
Proceeds from issuance of long-term debt | 27,878 | 12,080 |
Proceeds from issuance of common stock | 1,523 | 1,464 |
Repurchase of common stock | (9,188) | (57,736) |
Dividends paid | (6,292) | (5,151) |
Net cash used in financing activities | (123,013) | (33,231) |
Decrease in cash and cash equivalents | (18,842) | (23,449) |
Cash and cash equivalents at beginning of period | 50,282 | 45,008 |
Cash and cash equivalents at end of period | 31,440 | 21,559 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 17,261 | 12,990 |
Cash paid during the period for income taxes, net | 8 | 497 |
Supplemental schedule of non-cash activities: | ||
Floor plan debt paid in connection with store disposals | 5,284 | |
Scheduled Payments [Member] | ||
Cash flows from financing activities: | ||
Principal payments on long-term debt, scheduled | (4,648) | (4,023) |
Other Payments [Member] | ||
Cash flows from financing activities: | ||
Principal payments on long-term debt, scheduled | $ (9,743) | $ (2,303) |
Note 1 - Interim Financial Stat
Note 1 - Interim Financial Statements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Basis of Presentation These condensed Consolidated Financial Statements contain unaudited information as of March 31, 2017 three March 31, 2017 2016. 10 2016 December 31, 2016 10 February 28, 2017. 2016 10 Reclassifications Certain reclassifications of amounts previously reported have been made to the accompanying condensed Consolidated Financial Statements to maintain consistency and comparability between periods presented. This reclassification was related to our adoption of ASU 2016 09, 11. |
Note 2 - Accounts Receivable
Note 2 - Accounts Receivable | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 2. Accounts receivable consisted of the following (in thousands): March 31, 2017 December 31, 2016 Contracts in transit $ 168,642 $ 233,506 Trade receivables 47,883 47,450 Vehicle receivables 39,630 43,937 Manufacturer receivables 68,883 76,948 Auto loan receivables 70,383 69,859 Other receivables 1,568 1,600 396,989 473,300 Less: Allowance (4,953 ) (5,281 ) Less: Long-term portion of accounts receivable, net (50,445 ) (50,305 ) Total accounts receivable, net $ 341,591 $ 417,714 Accounts receivable classifications include the following: • Contracts in transit are receivables from various lenders for the financing of vehicles that we have arranged on behalf of the customer and are typically received approximately ten • Trade receivables are comprised of amounts due from customers for open charge accounts, lenders for the commissions earned on financing and others for commissions earned on service contracts and insurance products. • Vehicle receivables represent receivables for the portion of the vehicle sales price paid directly by the customer. • Manufacturer receivables represent amounts due from manufacturers, including holdbacks, rebates, incentives and warranty claims. • Auto loan receivables include amounts due from customers related to retail sales of vehicles and certain finance and insurance products. Interest income on auto loan receivables is recognized based on the contractual terms of each loan and is accrued until repayment, charge-off or repossession. Direct costs associated with loan originations are capitalized and expensed as an offset to interest income when recognized on the loans. All other receivables are recorded at invoice and do not bear interest until they are 60 The allowance for doubtful accounts is estimated based on our historical write-off experience and is reviewed monthly. Consideration is given to recent delinquency trends and recovery rates. Account balances are charged against the allowance after all appropriate means of collection have been exhausted and the potential for recovery is considered remote. The annual activity for charges and subsequent recoveries is immaterial. The long-term portion of accounts receivable was included as a component of other non-current assets in the Consolidated Balance Sheets. |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 3. The components of inventories, net, consisted of the following (in thousands): March 31, 2017 December 31, 2016 New vehicles $ 1,364,188 $ 1,338,110 Used vehicles 381,190 368,067 Parts and accessories 66,839 66,410 Total inventories $ 1,812,217 $ 1,772,587 Inventories are valued at the lower of net realizable value or cost, using a pooled approach for vehicles and the specific identification method for parts. Certain acquired inventories are valued using the last-in first |
Note 4 - Goodwill and Franchise
Note 4 - Goodwill and Franchise Value | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 4. The changes in the carrying amounts of goodwill are as follows (in thousands): Domestic Import Luxury Consolidated Balance as of December 31, 2015 1 $ 97,903 $ 84,384 $ 30,933 $ 213,220 Additions through acquisitions 2 18,154 21,795 7,448 47,397 Reductions through divestitures (1,218 ) — — (1,218 ) Balance as of December 31, 2016 1 $ 114,839 $ 106,179 $ 38,381 $ 259,399 Additions through acquisitions — — — — Reductions through divestitures — — — — Balance as of March 31, 2017 1 $ 114,839 $ 106,179 $ 38,381 $ 259,399 1 $299.3 December 31, 2008. 2 Our purchase price allocation is preliminary for the acquisitions related to the Carbone Auto Group. The initial purchase price allocation is subject to change upon final valuation analysis. The primary balances still subject to analysis are certain intangible assets. The changes in the carrying amounts of franchise value are as follows (in thousands): Franchise Value Balance as of December 31, 2015 $ 157,699 Additions through acquisitions 1 27,087 Reductions through divestitures (518 ) Balance as of December 31, 2016 $ 184,268 Additions through acquisitions — Reductions through divestiture — Balance as of March 31, 2017 $ 184,268 1 Our purchase price allocation is preliminary for the acquisitions related to the Carbone Auto Group. The initial purchase price allocation is subject to change upon final valuation analysis. The primary balances still subject to analysis are certain intangible assets. |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 5. Repurchases of Class A Common Stock Repurchases of our Class A Common Stock occurred under a repurchase authorization granted by our Board of Directors and related to shares withheld as part of the vesting of restricted stock units ("RSUs"). In February 2016, $250 Repurchases Occurring in the Three Months Ended March 31, 2017 Cumulative Repurchases as of March 31, 2017 Shares Average Price Shares Average Price 2016 Share Repurchase Authorization 62,000 $ 96.94 775,725 $ 81.12 As of March 31, 2017, $187.1 2016 In addition, during the first three 2017, 31,986 $99.34 $3.2 |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 6. Fair Value Disclosures for Financial Assets and Liabilities We determined the carrying value of cash equivalents, accounts receivable, trade payables, accrued liabilities and short-term borrowings approximate their fair values because of the nature of their terms and current market rates of these instruments. We believe the carrying value of our variable rate debt approximates fair value. We have fixed rate debt and calculate the estimated fair value of our fixed rate debt using a discounted cash flow methodology. Using estimated current interest rates based on a similar risk profile and duration (Level 2), March 31, 2017, May 1, 2018 December 31, 2050. three March 31, 2017. A summary of the aggregate carrying values and fair values of our long-term fixed interest rate debt is as follows (in thousands): March 31, 2017 December 31, 2016 Carrying value $ 296,539 $ 286,660 Fair value 299,623 293,522 |
Note 7 - Net Income Per Share o
Note 7 - Net Income Per Share of Class A and Class B Common Stock | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 7. We compute net income per share of Class A and Class B common stock using the two Except with respect to voting and transfer rights, the rights of the holders of our Class A and Class B common stock are identical. Under our Articles of Incorporation, the Class A and Class B common stock share equally in any dividends, liquidation proceeds or other distribution with respect to our common stock and the Articles of Incorporation can only be amended by a vote of the shareholders. Additionally, Oregon law provides that amendments to our Articles of Incorporation that would adversely alter the rights, powers or preferences of a given class of stock, must be approved by the class of stock adversely affected by the proposed amendment. As a result, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B common shares as if the earnings for the year had been distributed. Because the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Following is a reconciliation of net income and weighted average shares used for our basic earnings per share (“EPS”) and diluted EPS (in thousands, except per share amounts): Three Months Ended March 31, 2017 2016 (in thousands, except per share data) Class A Class B Class A Class B Net income applicable to common stockholders - basic $ 47,826 $ 2,901 $ 36,692 $ 3,578 Reallocation of net income as a result of conversion of dilutive stock options 1 (1 ) 3 (3 ) Reallocation of net income due to conversion of Class B to Class A common shares outstanding 359 — 455 — Conversion of Class B common shares into Class A common shares 2,534 — 3,102 — Effect of dilutive stock options on net income 7 (7 ) 18 (18 ) Net income applicable to common stockholders - diluted $ 50,727 $ 2,893 $ 40,270 $ 3,557 Weighted average common shares outstanding – basic 23,740 1,440 23,522 2,294 Conversion of Class B common shares into Class A common shares 1,440 — 2,294 — Effect of dilutive stock options on weighted average common shares 70 — 157 — Weighted average common shares outstanding – diluted 25,250 1,440 25,973 2,294 Net income per common share - basic $ 2.01 $ 2.01 $ 1.56 $ 1.56 Net income per common share - diluted $ 2.01 $ 2.01 $ 1.55 $ 1.55 Three Months Ended March 31, 2017 2016 Diluted EPS Class A Class B Class A Class B Antidilutive Securities Shares issuable pursuant to stock options not included since they were antidilutive — — 20 — |
Note 8 - Equity-method Investme
Note 8 - Equity-method Investment | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 8. In October 2014, 99.9% $49.8 2000 While U.S. Bancorp Community Development Corporation exercised management control over the limited liability company, due to the economic interest we held in the entity, we determined our ownership portion of the entity was appropriately accounted for using the equity method. We exited this equity-method investment in December 2016. We estimated the value of our equity-method investment, which was recorded at fair value on a non-recurring basis, based on a market valuation approach. We used prices and other relevant information generated primarily by recent market transactions involving similar or comparable assets. Because these valuations contained unobservable inputs, we classified the measurement of fair value of our equity-method investment as Level 3. The following amounts related to this equity-method investment were recorded in our Consolidated Statements of Operations (in thousands): Three Months Ended 2017 2016 Asset impairments to write investment down to fair value $ — $ 3,498 Our portion of the partnership’s operating losses — 2,066 Non-cash interest expense related to the amortization of the discounted fair value of future equity contributions — 92 Tax benefits and credits generated — 5,945 |
Note 9 - Segments
Note 9 - Segments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 9. While we have determined that each individual store is a reporting unit, we have aggregated our reporting units into three Our Domestic segment is comprised of retail automotive franchises that sell new vehicles manufactured by Chrysler, General Motors and Ford. Our Import segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by Honda, Toyota, Subaru, Nissan and Volkswagen. Our Luxury segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by BMW, Mercedes-Benz and Lexus. The franchises in each segment also sell used vehicles, parts and automotive services, and automotive finance and insurance products. Corporate and other revenue and income includes the results of operations of our stand-alone body shop offset by unallocated corporate overhead expenses, such as corporate personnel costs, and certain unallocated reserve and elimination adjustments. Additionally, certain internal corporate expense allocations increase segment income for Corporate and other while decreasing segment income for the other reportable segments. These internal corporate expense allocations are used to increase comparability of our dealerships and reflect the capital burden a stand-alone dealership would experience. Examples of these internal allocations include internal rent expense, internal floor plan financing charges, and internal fees charged to offset employees within our corporate headquarters that perform certain dealership functions. We define our chief operating decision maker (“CODM”) to be certain members of our executive management group. Historical and forecasted operational performance is evaluated on a store-by-store basis and on a consolidated basis by the CODM. We derive the operating results of the segments directly from our internal management reporting system. The accounting policies used to derive segment results are substantially the same as those used to determine our consolidated results, except for the internal allocation within Corporate and other discussed above. Our CODM measures the performance of each operating segment based on several metrics, including earnings from operations, and uses these results, in part, to evaluate the performance of, and to allocate resources to, each of the operating segments. Certain financial information on a segment basis is as follows (in thousands): Three Months Ended 2017 2016 Revenues: Domestic $ 899,759 $ 771,902 Import 971,472 862,743 Luxury 363,803 346,813 2,235,034 1,981,458 Corporate and other 1,067 1,403 $ 2,236,101 $ 1,982,861 Segment income*: Domestic $ 25,442 $ 23,132 Import 22,172 24,263 Luxury 4,713 4,583 52,327 51,978 Corporate and other 38,501 26,691 Depreciation and amortization (12,739 ) (11,663 ) Other interest expense (6,671 ) (5,459 ) Other income (expense), net 9,845 (1,526 ) Income before income taxes $ 81,263 $ 60,021 *Segment income for each of the segments is defined as income before income taxes, depreciation and amortization, other interest expense and other expense, net. Three Months Ended 2017 2016 Floor plan interest expense: Domestic $ 7,954 $ 6,496 Import 5,873 4,234 Luxury 3,076 2,657 16,903 13,387 Corporate and other (8,851 ) (7,478 ) $ 8,052 $ 5,909 March 31, 2017 December 31, 2016 Total assets: Domestic $ 1,206,623 $ 1,225,387 Import 979,834 959,355 Luxury 480,275 511,779 Corporate and other 1,135,232 1,147,629 $ 3,801,964 $ 3,844,150 |
Note 10 - Contingencies
Note 10 - Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10. Litigation We are party to numerous legal proceedings arising in the normal course of our business. Although we do not anticipate that the resolution of legal proceedings arising in the normal course of business or the proceedings described below will have a material adverse effect on our business, results of operations, financial condition, or cash flows, we cannot predict this with certainty. In Re Lithia Motors Derivative Litigation On April 26, 2017, In re Lithia Motors Derivative Litigation 15CV33696. 8 September 16, 2015. As part of the settlement, no changes were made to the transition agreement with Mr. DeBoer, no damages were paid by any defendant, and no fault was ascribed to any of Lithia’s directors. The parties agreed to payment of approximately $1 five • Lithia will publicly disclose the most recent five • Lithia will identify in its annual proxy statement and on its website the committees of the board of directors and the members of the committees; • Lithia will disclose the results of its annual say-on-pay vote by voting share class; • The audit and compensation committees of the board will each have one • After 2017, may four • After the annual shareholder meeting in 2019, 15 • A director who is over 79 may • A bar on non-member participation in executive sessions of the compensation committee, except for committee advisers and independent directors, and best efforts to limit the involvement of non-independent board members from compensation committee meetings where that individual’s compensation is discussed; • By 2020, five • The compensation committee will retain a compensation consultant each year; • Lithia will submit any life-time compensation agreements for named executive officers that include payments over $1 • Related party transactions over $1 The original derivative claim (Stein v. DeBoer et al.) was filed on December 14, 2015 February 12, 2016. California Wage and Hour Litigations In June 2012, Robles v. Tustin Motors, Inc. 30 2012 00579414, two 2013 During the pendency of Robles, related cases were filed that made substantially similar technician claims including Holzer (see below). DCH and the Robles claimants settled their individual claims in mediation in 2015. April 2016, June 14, 2014. In August 2014, Holzer v. DCH Auto Group (USA) Inc. BC558869) During the pendency of Holzer, related cases were filed that made substantially similar non-technician claims. DCH and all non-technician claimants settled their individual claims in mediation in 2017. January 2017, June 14, 2014. |
Note 11 - Recent Accounting Pro
Note 11 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Note 11. In May 2014, 2014 09, July 2015, December 15, 2017 December 15, 2016, In February 2016, 2016 02, 2016 02 2016 02 December 15, 2018, In March 2016, 2016 09, 2016 09 January 2017, • Reclassified $0.2 • All prior periods presented in our Consolidated Statements of Cash Flow have been adjusted for the presentation of excess tax benefits on the cash flow statement. This reclassification resulted in a $4.4 • We had $0.3 In August 2016, 2016 15, 2016 15 eight 2016 15 December 15, 2017, In January 2017, 2017 04, 350) 2017 04 2 zero 2017 04 December 15, 2019, January 1, 2017. 2017 04 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 12. Common Stock Dividend On April 17, 2017, $0.27 first 2017 $6.7 May 26, 2017 May 12, 2017. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation These condensed Consolidated Financial Statements contain unaudited information as of March 31, 2017 three March 31, 2017 2016. 10 2016 December 31, 2016 10 February 28, 2017. 2016 10 |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications of amounts previously reported have been made to the accompanying condensed Consolidated Financial Statements to maintain consistency and comparability between periods presented. This reclassification was related to our adoption of ASU 2016 09, 11. |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, 2014 09, July 2015, December 15, 2017 December 15, 2016, In February 2016, 2016 02, 2016 02 2016 02 December 15, 2018, In March 2016, 2016 09, 2016 09 January 2017, • Reclassified $168,192 • All prior periods presented in our Consolidated Statements of Cash Flow have been adjusted for the presentation of excess tax benefits on the cash flow statement. In August 2016, 2016 15, 2016 15 eight 2016 15 December 15, 2017, In January 2017, 2017 04, 350) 2017 04 2 zero 2017 04 December 15, 2019, January 1, 2017. 2017 04 |
Note 2 - Accounts Receivable (T
Note 2 - Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2017 December 31, 2016 Contracts in transit $ 168,642 $ 233,506 Trade receivables 47,883 47,450 Vehicle receivables 39,630 43,937 Manufacturer receivables 68,883 76,948 Auto loan receivables 70,383 69,859 Other receivables 1,568 1,600 396,989 473,300 Less: Allowance (4,953 ) (5,281 ) Less: Long-term portion of accounts receivable, net (50,445 ) (50,305 ) Total accounts receivable, net $ 341,591 $ 417,714 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2017 December 31, 2016 New vehicles $ 1,364,188 $ 1,338,110 Used vehicles 381,190 368,067 Parts and accessories 66,839 66,410 Total inventories $ 1,812,217 $ 1,772,587 |
Note 4 - Goodwill and Franchi23
Note 4 - Goodwill and Franchise Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Domestic Import Luxury Consolidated Balance as of December 31, 2015 1 $ 97,903 $ 84,384 $ 30,933 $ 213,220 Additions through acquisitions 2 18,154 21,795 7,448 47,397 Reductions through divestitures (1,218 ) — — (1,218 ) Balance as of December 31, 2016 1 $ 114,839 $ 106,179 $ 38,381 $ 259,399 Additions through acquisitions — — — — Reductions through divestitures — — — — Balance as of March 31, 2017 1 $ 114,839 $ 106,179 $ 38,381 $ 259,399 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Franchise Value Balance as of December 31, 2015 $ 157,699 Additions through acquisitions 1 27,087 Reductions through divestitures (518 ) Balance as of December 31, 2016 $ 184,268 Additions through acquisitions — Reductions through divestiture — Balance as of March 31, 2017 $ 184,268 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Stock Repurchased and Retired [Table Text Block] | Repurchases Occurring in the Three Months Ended March 31, 2017 Cumulative Repurchases as of March 31, 2017 Shares Average Price Shares Average Price 2016 Share Repurchase Authorization 62,000 $ 96.94 775,725 $ 81.12 |
Note 6 - Fair Value Measureme25
Note 6 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | March 31, 2017 December 31, 2016 Carrying value $ 296,539 $ 286,660 Fair value 299,623 293,522 |
Note 7 - Net Income Per Share26
Note 7 - Net Income Per Share of Class A and Class B Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2017 2016 (in thousands, except per share data) Class A Class B Class A Class B Net income applicable to common stockholders - basic $ 47,826 $ 2,901 $ 36,692 $ 3,578 Reallocation of net income as a result of conversion of dilutive stock options 1 (1 ) 3 (3 ) Reallocation of net income due to conversion of Class B to Class A common shares outstanding 359 — 455 — Conversion of Class B common shares into Class A common shares 2,534 — 3,102 — Effect of dilutive stock options on net income 7 (7 ) 18 (18 ) Net income applicable to common stockholders - diluted $ 50,727 $ 2,893 $ 40,270 $ 3,557 Weighted average common shares outstanding – basic 23,740 1,440 23,522 2,294 Conversion of Class B common shares into Class A common shares 1,440 — 2,294 — Effect of dilutive stock options on weighted average common shares 70 — 157 — Weighted average common shares outstanding – diluted 25,250 1,440 25,973 2,294 Net income per common share - basic $ 2.01 $ 2.01 $ 1.56 $ 1.56 Net income per common share - diluted $ 2.01 $ 2.01 $ 1.55 $ 1.55 Three Months Ended March 31, 2017 2016 Diluted EPS Class A Class B Class A Class B Antidilutive Securities Shares issuable pursuant to stock options not included since they were antidilutive — — 20 — |
Note 8 - Equity-method Invest27
Note 8 - Equity-method Investment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Equity Method Investment, Summarized Financial Information, Income Statement [Table Text Block] | Three Months Ended 2017 2016 Asset impairments to write investment down to fair value $ — $ 3,498 Our portion of the partnership’s operating losses — 2,066 Non-cash interest expense related to the amortization of the discounted fair value of future equity contributions — 92 Tax benefits and credits generated — 5,945 |
Note 9 - Segments (Tables)
Note 9 - Segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended 2017 2016 Revenues: Domestic $ 899,759 $ 771,902 Import 971,472 862,743 Luxury 363,803 346,813 2,235,034 1,981,458 Corporate and other 1,067 1,403 $ 2,236,101 $ 1,982,861 Segment income*: Domestic $ 25,442 $ 23,132 Import 22,172 24,263 Luxury 4,713 4,583 52,327 51,978 Corporate and other 38,501 26,691 Depreciation and amortization (12,739 ) (11,663 ) Other interest expense (6,671 ) (5,459 ) Other income (expense), net 9,845 (1,526 ) Income before income taxes $ 81,263 $ 60,021 Three Months Ended 2017 2016 Floor plan interest expense: Domestic $ 7,954 $ 6,496 Import 5,873 4,234 Luxury 3,076 2,657 16,903 13,387 Corporate and other (8,851 ) (7,478 ) $ 8,052 $ 5,909 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, 2017 December 31, 2016 Total assets: Domestic $ 1,206,623 $ 1,225,387 Import 979,834 959,355 Luxury 480,275 511,779 Corporate and other 1,135,232 1,147,629 $ 3,801,964 $ 3,844,150 |
Note 2 - Accounts Receivable -
Note 2 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts receivable gross | $ 396,989 | $ 473,300 |
Less: Allowance | (4,953) | (5,281) |
Less: Long-term portion of accounts receivable, net | (50,445) | (50,305) |
Total accounts receivable, net | 341,591 | 417,714 |
Contracts in Transit [Member] | ||
Accounts receivable gross | 168,642 | 233,506 |
Trade Accounts Receivable [Member] | ||
Accounts receivable gross | 47,883 | 47,450 |
Vehicle Receivables [Member] | ||
Accounts receivable gross | 39,630 | 43,937 |
Manufacturer Receivables [Member] | ||
Accounts receivable gross | 68,883 | 76,948 |
Auto Loans Receivables [Member] | ||
Accounts receivable gross | 70,383 | 69,859 |
Other Receivables [Member] | ||
Accounts receivable gross | $ 1,568 | $ 1,600 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventories, net | $ 1,812,217 | $ 1,772,587 |
New Vehicle [Member] | ||
Inventories, net | 1,364,188 | 1,338,110 |
Used Vehicle [Member] | ||
Inventories, net | 381,190 | 368,067 |
Parts and Accessories [Member] | ||
Inventories, net | $ 66,839 | $ 66,410 |
Note 4 - Goodwill and Franchi31
Note 4 - Goodwill and Franchise Value (Details Textual) $ in Millions | Dec. 31, 2008USD ($) |
Goodwill, Impaired, Accumulated Impairment Loss | $ 299.3 |
Note 4 - Goodwill and Franchi32
Note 4 - Goodwill and Franchise Value - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | |||
Balance | [1] | $ 259,399 | $ 213,220 | |
Additions through acquisitions | 47,397 | [2] | ||
Reductions through divestitures | (1,218) | |||
Balance | [1] | 259,399 | 259,399 | |
Domestic [Member] | ||||
Balance | [1] | 114,839 | 97,903 | |
Additions through acquisitions | 18,154 | [2] | ||
Reductions through divestitures | (1,218) | |||
Balance | [1] | 114,839 | 114,839 | |
Import [Member] | ||||
Balance | [1] | 106,179 | 84,384 | |
Additions through acquisitions | 21,795 | [2] | ||
Reductions through divestitures | ||||
Balance | [1] | 106,179 | 106,179 | |
Luxury [Member] | ||||
Balance | [1] | 38,381 | 30,933 | |
Additions through acquisitions | 7,448 | [2] | ||
Reductions through divestitures | ||||
Balance | [1] | $ 38,381 | $ 38,381 | |
[1] | Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008. | |||
[2] | Our purchase price allocation is preliminary for the acquisitions related to the Carbone Auto Group. The initial purchase price allocation is subject to change upon final valuation analysis. The primary balances still subject to analysis are certain intangible assets. |
Note 4 - Goodwill and Franchi33
Note 4 - Goodwill and Franchise Value - Franchise Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | ||
Balance | $ 184,268 | $ 157,699 | |
Additions through acquisitions | 27,087 | [1] | |
Reductions through divestitures | (518) | ||
Balance as of December 31, 2016 | $ 184,268 | $ 184,268 | |
[1] | Our purchase price allocation is preliminary for the acquisitions related to the Carbone Auto Group. The initial purchase price allocation is subject to change upon final valuation analysis. The primary balances still subject to analysis are certain intangible assets. |
Note 5 - Stockholders' Equity34
Note 5 - Stockholders' Equity (Details Textual) - Common Class A [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Feb. 29, 2016 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 250,000,000 | |
Restricted Stock Units (RSUs) [Member] | ||
Shares Paid for Tax Withholding for Share Based Compensation | 31,986 | |
Treasury Stock Acquired, Average Cost Per Share | $ 99.34 | |
Adjustments Related to Tax Withholding for Share-based Compensation | $ 3.2 | |
The 2016 Stock Repurchase Authorization [Member] | ||
Stock Repurchase Program, Authorized Amount | $ 187.1 |
Note 5 - Stockholders' Equity -
Note 5 - Stockholders' Equity - Share Repurchases (Details) - The 2016 Stock Repurchase Authorization [Member] - Common Class A [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Shares repurchased pursuant to repurchase authorizations (in shares) | shares | 62,000 |
Average purchase price per share (in dollars per share) | $ / shares | $ 96.94 |
Cumulative repurchases, shares (in shares) | shares | 775,725 |
Cumulative repurchases, average price (in dollars per share) | $ / shares | $ 81.12 |
Note 6 - Fair Value Measureme36
Note 6 - Fair Value Measurements - Long-term Fixed Interest Rate Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Carrying value | $ 296,539 | $ 286,660 |
Fair value | $ 299,623 | $ 293,522 |
Note 7 - Net Income Per Share37
Note 7 - Net Income Per Share of Class A and Class B Common Stock - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Shares used in basic per share calculations (in shares) | 25,180 | 25,816 |
Shares used in diluted per share calculations (in shares) | 25,250 | 25,973 |
Basic net income per share (in dollars per share) | $ 2.01 | $ 1.56 |
Diluted net income per share (in dollars per share) | $ 2.01 | $ 1.55 |
Common Class A [Member] | ||
Net income applicable to common stockholders - basic | $ 47,826 | $ 36,692 |
Reallocation of net income as a result of conversion of dilutive stock options | 1 | 3 |
Reallocation of net income due to conversion of Class B to Class A common shares outstanding | 359 | 455 |
Conversion of Class B common shares into Class A common shares | 2,534 | 3,102 |
Effect of dilutive stock options on net income | 7 | 18 |
Net income applicable to common stockholders - diluted | $ 50,727 | $ 40,270 |
Shares used in basic per share calculations (in shares) | 23,740 | 23,522 |
Conversion of Class B common shares into Class A common shares (in shares) | 1,440 | 2,294 |
Effect of dilutive stock options on weighted average common shares (in shares) | 70 | 157 |
Shares used in diluted per share calculations (in shares) | 25,250 | 25,973 |
Basic net income per share (in dollars per share) | $ 2.01 | $ 1.56 |
Diluted net income per share (in dollars per share) | $ 2.01 | $ 1.55 |
Shares issuable pursuant to stock options not included since they were antidilutive (in shares) | 20 | |
Common Class B [Member] | ||
Net income applicable to common stockholders - basic | $ 2,901 | $ 3,578 |
Reallocation of net income as a result of conversion of dilutive stock options | (1) | (3) |
Reallocation of net income due to conversion of Class B to Class A common shares outstanding | ||
Conversion of Class B common shares into Class A common shares | ||
Effect of dilutive stock options on net income | (7) | (18) |
Net income applicable to common stockholders - diluted | $ 2,893 | $ 3,557 |
Shares used in basic per share calculations (in shares) | 1,440 | 2,294 |
Conversion of Class B common shares into Class A common shares (in shares) | ||
Effect of dilutive stock options on weighted average common shares (in shares) | ||
Shares used in diluted per share calculations (in shares) | 1,440 | 2,294 |
Basic net income per share (in dollars per share) | $ 2.01 | $ 1.56 |
Diluted net income per share (in dollars per share) | $ 2.01 | $ 1.55 |
Shares issuable pursuant to stock options not included since they were antidilutive (in shares) |
Note 8 - Equity-method Invest38
Note 8 - Equity-method Investment (Details Textual) - NMTC Program [Member] $ in Millions | Oct. 31, 2014USD ($) |
Equity Method Investment, Ownership Percentage | 99.90% |
Equity Method Investment Equity Contribution Obligation | $ 49.8 |
Note 8 - Equity-method Invest39
Note 8 - Equity-method Investment - Equity-method Investment Recorded in Consolidated Statements of Operations (Details) - NMTC Program [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Asset impairments to write investment down to fair value | $ 3,498 | |
Our portion of the partnership’s operating losses | 2,066 | |
Non-cash interest expense related to the amortization of the discounted fair value of future equity contributions | 92 | |
Tax benefits and credits generated | $ 5,945 |
Note 9 - Segments (Details Text
Note 9 - Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Number of Reportable Segments | 3 |
Note 9 - Segments - Certain Seg
Note 9 - Segments - Certain Segment Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Total revenues | $ 2,236,101 | $ 1,982,861 | |
Income from continuing operations before income taxes | 81,263 | 60,021 | |
Depreciation and amortization | (12,739) | (11,663) | |
Other interest expense, net | (6,671) | (5,459) | |
Other income (expense), net | 9,845 | (1,526) | |
Income before income taxes | 81,263 | 60,021 | |
Floor plan interest expense: | |||
Floor plan interest expense | 8,052 | 5,909 | |
Operating Segments [Member] | |||
Total revenues | 2,235,034 | 1,981,458 | |
Income from continuing operations before income taxes | [1] | 52,327 | 51,978 |
Income before income taxes | [1] | 52,327 | 51,978 |
Floor plan interest expense: | |||
Floor plan interest expense | 16,903 | 13,387 | |
Operating Segments [Member] | Domestic [Member] | |||
Total revenues | 899,759 | 771,902 | |
Income from continuing operations before income taxes | [1] | 25,442 | 23,132 |
Income before income taxes | [1] | 25,442 | 23,132 |
Floor plan interest expense: | |||
Floor plan interest expense | 7,954 | 6,496 | |
Operating Segments [Member] | Import [Member] | |||
Total revenues | 971,472 | 862,743 | |
Income from continuing operations before income taxes | [1] | 22,172 | 24,263 |
Income before income taxes | [1] | 22,172 | 24,263 |
Floor plan interest expense: | |||
Floor plan interest expense | 5,873 | 4,234 | |
Operating Segments [Member] | Luxury [Member] | |||
Total revenues | 363,803 | 346,813 | |
Income from continuing operations before income taxes | [1] | 4,713 | 4,583 |
Income before income taxes | [1] | 4,713 | 4,583 |
Floor plan interest expense: | |||
Floor plan interest expense | 3,076 | 2,657 | |
Corporate, Non-Segment [Member] | |||
Total revenues | 1,067 | 1,403 | |
Income from continuing operations before income taxes | [1] | 38,501 | 26,691 |
Income before income taxes | [1] | 38,501 | 26,691 |
Floor plan interest expense: | |||
Floor plan interest expense | $ (8,851) | $ (7,478) | |
[1] | Segment income for each of the segments is defined as income before income taxes, depreciation and amortization, other interest expense and other expense, net. |
Note 9 - Segments - Segment Ass
Note 9 - Segments - Segment Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Total Assets | $ 3,801,964 | $ 3,844,150 |
Operating Segments [Member] | Domestic [Member] | ||
Total Assets | 1,206,623 | 1,225,387 |
Operating Segments [Member] | Import [Member] | ||
Total Assets | 979,834 | 959,355 |
Operating Segments [Member] | Luxury [Member] | ||
Total Assets | 480,275 | 511,779 |
Operating Segments [Member] | Corporate and Other [Member] | ||
Total Assets | $ 1,135,232 | $ 1,147,629 |
Note 10 - Contingencies (Detail
Note 10 - Contingencies (Details Textual) - Subsequent Event [Member] - In Re Lithia Motors Derivative Litigation [Member] $ in Millions | Apr. 26, 2017USD ($) |
Litigation Settlement, Amount Awarded to Other Party | $ 1 |
Litigation Settlement, Required Compensation Disclosure of Executive Officers, Term | 5 years |
Litigation Settlement, Required Number of Independent Director Not a Member of Both Committees | 1 |
Litigation Settlement, Maximum Number of Consecutive Years a Director Serves as Chair of a Board Committee | 4 years |
Litigation Settlement, Maximum Number of Years To Be Considered Independent | 15 years |
Litigation Settlement, Maximum Independent Director Age | 79 |
Litigation Settlement, Number of Independent Directors, Year Three | 5 |
Litigation Settlement, Annual Threshold Life-time Compensation for Executive Officers with Shareholders Approval | $ 1 |
Litigation Settlement, Threshold Amount of Related Party Transaction Reviewed By Audit Comittee | $ 1 |
Note 11 - Recent Accounting P44
Note 11 - Recent Accounting Pronouncements (Details Textual) $ in Millions | 1 Months Ended |
Jan. 31, 2017USD ($) | |
Accounting Standards Update 2016-09 [Member] | |
Deferred Tax Assets, Gross | $ 0.3 |
Deferred Tax Assets, Valuation Allowance | 0.3 |
Reclassification of Excess Tax Benefits Between Financing and Operating Cash Flows [Member] | Three Months Ended March 31, 2016 [Member] | |
Prior Period Reclassification Adjustment | 4.4 |
Additional Paid-in Capital [Member] | Accounting Standards Update 2016-09 [Member] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | (0.2) |
Retained Earnings [Member] | Accounting Standards Update 2016-09 [Member] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0.2 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Apr. 17, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Common Stock, Dividends, Per Share, Declared | $ 0.25 | $ 0.20 | |
Subsequent Event [Member] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.27 | ||
Dividends Payable, Current | $ 6.7 |