AutoNation 2000 Annual Report Download - page 47
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Equity securities ................. 3.1 1.5 -- 4.6
----- ---- -- -----
$ 3.7 $ 1.5 $-- $ 5.2
===== ===== === =====
46
AUTONATION, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -- (Continued)
1999
------------------------------------------------------
Gross Gross Fair
Unrealized Unrealized Market
Cost Gains Losses Value
----------- ------------ ------------ ----------
U.S. government debt securities ......... $ 37.2 $ -- $ (.6) $ 36.6
Corporate debt securities ............... 21.5 -- (.4) 21.1
Equity securities ....................... 27.4 21.1 -- 48.5
-------- ----- ------- -------
$ 86.1 $ 21.1 $ (1.0) $ 106.2
======== ====== ======= =======
Proceeds from sales of available-for-sale securities were $91.6 million,
$116.7 million and $94.1 million for the years ended December 31, 2000, 1999
and 1998, respectively. Gross realized gains and losses of $24.0 million and
$.3 million, respectively were recognized for the year ended December 31, 2000.
Gross realized gains and losses of $5.3 million and $.8 million, respectively
were recognized for the year ended December 31, 1999. Gross realized gains and
losses were not material for the year ended December 31, 1998. In 2000, the
Company recognized a pre-tax $30.0 million valuation write-down to an
equity-method investment in a privately-held salvage and parts recycling
business which has been reflected in Other Income, Net in the accompanying 2000
Consolidated Income Statement.
Property and Equipment
Property and equipment are recorded at cost. Expenditures for major
additions and improvements are capitalized, while minor replacements,
maintenance and repairs are charged to expense as incurred. When property is
retired or otherwise disposed of, the cost and accumulated depreciation and
amortization are removed from the accounts and any resulting gain or loss is
reflected in the Consolidated Income Statements.
The Company revises the estimated useful lives of property and equipment
acquired through its business acquisitions to conform with its policies
regarding property and equipment. Depreciation and amortization are provided
over the estimated useful lives of the assets involved using the straight-line
method. The estimated useful lives are: twenty to forty years for buildings and
improvements, three to fifteen years for equipment and five to ten years for
furniture and fixtures.
A summary of property and equipment at December 31 is as follows:
2000 1999