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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information [Text Block]
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 
 
Quarter
 
 
 
 
First
 
Second
 
Third
 
Fourth
 
Full Year
 
 
(In thousands, except per share data)
Year Ended December 31,
 
 
 
 
 
 
 
 
 
 
2015
 
 
 
 
 
 
 
 
 
 
Total revenues
 
$
2,432,854

 
$
2,726,480

 
$
2,800,569

 
$
2,672,602

 
$
10,632,505

Gross profit
 
363,884

 
391,573

 
398,382

 
380,133

 
1,533,972

Net income
 
35,815

 
46,310

 
45,261

 
(33,387
)
 
93,999

Basic earnings per share (1)
 
1.47

 
1.91

 
1.88

 
(1.41
)
 
3.91

Diluted earnings per share (1)
 
1.47

 
1.91

 
1.88

 
(1.41
)
 
3.90

2014
 
 
 
 
 
 
 
 
 
 
Total revenues
 
$
2,260,863

 
$
2,511,638

 
$
2,626,448

 
$
2,538,940

 
$
9,937,889

Gross profit
 
338,122

 
369,148

 
374,709

 
365,959

 
1,447,938

Net income
 
31,303

 
16,862

 
26,162

 
18,677

 
93,004

Basic earnings per share (1)
 
1.29

 
0.70

 
1.07

 
0.77

 
3.82

Diluted earnings per share (1)
 
1.19

 
0.62

 
1.03

 
0.77

 
3.60

(1) The sum of the quarterly income per share amounts may not equal the annual amount reported, as per share amounts are computed independently for each quarter and for the full year based on the respective weighted average common shares outstanding.
During the second, third and fourth quarters of 2015, the Company incurred charges of $1.0 million, $0.9 million, and $85.7 million related to the impairment of assets. In addition, during 2015, the Company sold two dealerships in the U.S. and recognized a net gain of $9.4 million.
During the second, third and fourth quarters of 2014, the Company incurred charges of $1.7 million, $9.4 million, and $30.4 million related to the impairment of assets. Included in these charges, for the third and fourth quarters of 2014, were impairments of the Company’s intangible assets of $5.5 million and $25.6 million, respectively. During the third quarter of 2014, the Company sold five dealerships in the U.S. and recognized a net gain of $16.6 million and also realized a $3.4 million tax benefit relative to deductible goodwill in the Brazil segment. In addition, the Company had a loss of $23.6 million and $22.8 million on the extinguishment of debt for the second and third quarters of 2014, respectively.
For more information on non-cash impairment charges, refer to Note 15, “Asset Impairments.”