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Note 9 - Assets Held for Sale and Discontinued Operations | 6 Months Ended
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Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 9. Assets Held for Sale and Discontinued Operations Assets Held for Sale We classify an asset group as held for sale if we have ceased operations at that location or the store meets the criteria required by U.S. generally accepted accounting standards as follows:
| ● | our management team, possessing the necessary authority, commits to a plan to sell the store;
| ● | the store is available for immediate sale in its present condition;
| ● | an active program to locate buyers and other actions that are required to sell the store are initiated;
| ● | a market for the store exists and we believe its sale is likely within one year;
| ● | active marketing of the store commences at a price that is reasonable in relation to the estimated fair market value; and
| ● | our management team believes it is unlikely changes will be made to the plan or the plan to dispose of the store will be withdrawn.
As of December 31, 2014, we had two Import stores classified as held for sale. During the first six months of 2015, we completed the sale of both of these Import stores, and recognized a gain of $5.9 million as a component of selling, general and administrative on our Consolidated Statements of Operations for the six months ended June 30, 2015. As of June 30, 2015, we no longer had any stores classified as held for sale. Assets held for sale included the following (in thousands):
|  | June 30, 201 5 |  |  | December 31, 2014 |
Inventories |  | $ | - |  |  | $ | 6,284 |
Property, plant and equipment |  |  | - |  |  |  | 1,739 |
Intangible assets |  |  | - |  |  |  | 540 |
|  | $ | - |  |  | $ | 8,563 |
Liabilities related to assets held for sale included the following (in thousands):
|  | June 30, 201 5 |  |  | December 31, 201 4 |
Floor plan notes payable |  | $ | - |  |  | $ | 4,892 |
Discontinued Operations and the Sales of Stores In the third quarter of 2014, we early-adopted guidance that redefined discontinued operations. As a result, we determined that individual stores which met the criteria for held for sale after our adoption date would no longer qualify for classification as discontinued operations. We had previously reclassified a store’s operations to discontinued operations in our Consolidated Statements of Operations, on a comparable basis for all periods presented, provided we did not expect to have any significant continuing involvement in the store’s operations after its disposal. Certain financial information related to discontinued operations and sales of stores was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Revenue |  | $ | - |  |  | $ | 3,920 |  |  | $ | - |  |  | $ | 12,569 |
Pre-tax loss from discontinued operations |  | $ | - |  |  | $ | (532 | ) |  | $ | - |  |  | $ | (467 | )
Net gain on disposal activities |  |  | - |  |  |  | 5,744 |  |  |  | - |  |  |  | 5,744 |
|  |  | - |  |  |  | 5,212 |  |  |  | - |  |  |  | 5,277 |
Income tax expense |  |  | - |  |  |  | (2,073 | ) |  |  | - |  |  |  | (2,098 | )
Income from discontinued operations, net of income tax expense |  | $ | - |  |  | $ | 3,139 |  |  | $ | - |  |  | $ | 3,179 |
Goodwill and other intangible assets disposed of |  | $ | 157 |  |  | $ | 221 |  |  | $ | 246 |  |  | $ | 221 |
Cash generated from disposal activities |  |  | 9,286 |  |  |  | 10,617 |  |  |  | 12,966 |  |  |  | 10,617 |
Floor plan debt paid in connection with disposal activities |  |  | 2,192 |  |  |  | 3,311 |  |  |  | 4,400 |  |  |  | 3,311 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 + Details
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