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Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2014
Condensed Consolidating Financial Information |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2014
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  |  |  |  |  | (In millions) |  |  |  |  |
Cash and cash equivalents |  | $ | 54.9 |  | $ | — |  | $ | — |  | $ | 7.7 |  | $ | 47.2 |
Accounts receivable, net |  | 677.7 |  | (396.2 | ) | 396.2 |  | 354.3 |  | 323.4 |
Inventories |  | 2,547.3 |  | — |  | — |  | 1,400.5 |  | 1,146.8 |
Other current assets |  | 101.8 |  | — |  | 2.5 |  | 31.9 |  | 67.4 |
Assets held for sale |  | 55.6 |  | — |  | — |  | 11.8 |  | 43.8 |
Total current assets |  | 3,437.3 |  | (396.2 | ) | 398.7 |  | 1,806.2 |  | 1,628.6 |
Property and equipment, net |  | 1,301.2 |  | — |  | 4.0 |  | 835.3 |  | 461.9 |
Intangible assets |  | 1,501.9 |  | — |  | — |  | 826.4 |  | 675.5 |
Equity method investments |  | 352.0 |  | — |  | 298.5 |  | — |  | 53.5 |
Other long-term assets |  | 19.8 |  | (1,747.7 | ) | 1,759.0 |  | 5.1 |  | 3.4 |
Total assets |  | $ | 6,612.2 |  | $ | (2,143.9 | ) | $ | 2,460.2 |  | $ | 3,473.0 |  | $ | 2,822.9 |
Floor plan notes payable |  | $ | 1,721.6 |  | $ | — |  | $ | — |  | $ | 979.5 |  | $ | 742.1 |
Floor plan notes payable — non-trade |  | 908.7 |  | — |  | 125.0 |  | 416.6 |  | 367.1 |
Accounts payable |  | 411.7 |  | — |  | 4.0 |  | 143.2 |  | 264.5 |
Accrued expenses |  | 319.1 |  | (396.2 | ) | — |  | 150.1 |  | 565.2 |
Current portion of long-term debt |  | 65.1 |  | — |  | — |  | 52.3 |  | 12.8 |
Liabilities held for sale |  | 36.9 |  | — |  | — |  | 7.8 |  | 29.1 |
Total current liabilities |  | 3,463.1 |  | (396.2 | ) | 129.0 |  | 1,749.5 |  | 1,980.8 |
Long-term debt |  | 1,010.3 |  | (126.9 | ) | 748.0 |  | 158.9 |  | 230.3 |
Deferred tax liabilities |  | 364.8 |  | — |  | — |  | 340.4 |  | 24.4 |
Other long-term liabilities |  | 190.8 |  | — |  | — |  | 64.0 |  | 126.8 |
Total liabilities |  | 5,029.0 |  | (523.1 | ) | 877.0 |  | 2,312.8 |  | 2,362.3 |
Total equity |  | 1,583.2 |  | (1,620.8 | ) | 1,583.2 |  | 1,160.2 |  | 460.6 |
Total liabilities and equity |  | $ | 6,612.2 |  | $ | (2,143.9 | ) | $ | 2,460.2 |  | $ | 3,473.0 |  | $ | 2,822.9 |
CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2013
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  |  |  |  |  | (In millions) |  |  |  |  |
Cash and cash equivalents |  | $ | 49.8 |  | $ | — |  | $ | — |  | $ | 12.6 |  | $ | 37.2 |
Accounts receivable, net |  | 600.8 |  | (392.5 | ) | 392.5 |  | 382.1 |  | 218.7 |
Inventories |  | 2,518.3 |  | — |  | — |  | 1,416.2 |  | 1,102.1 |
Other current assets |  | 88.4 |  | — |  | 2.9 |  | 43.4 |  | 42.1 |
Assets held for sale |  | 107.3 |  | — |  | — |  | 61.0 |  | 46.3 |
Total current assets |  | 3,364.6 |  | (392.5 | ) | 395.4 |  | 1,915.3 |  | 1,446.4 |
Property and equipment, net |  | 1,232.2 |  | — |  | 4.0 |  | 800.0 |  | 428.2 |
Intangible assets |  | 1,439.9 |  | — |  | — |  | 771.6 |  | 668.3 |
Equity method investments |  | 346.9 |  | — |  | 294.9 |  | — |  | 52.0 |
Other long-term assets |  | 31.9 |  | (1,686.0 | ) | 1,697.5 |  | 5.2 |  | 15.2 |
Total assets |  | $ | 6,415.5 |  | $ | (2,078.5 | ) | $ | 2,391.8 |  | $ | 3,492.1 |  | $ | 2,610.1 |
Floor plan notes payable |  | $ | 1,685.1 |  | $ | — |  | $ | — |  | $ | 1,009.5 |  | $ | 675.6 |
Floor plan notes payable — non-trade |  | 901.6 |  | — |  | 128.1 |  | 445.7 |  | 327.8 |
Accounts payable |  | 373.3 |  | — |  | 3.5 |  | 141.7 |  | 228.1 |
Accrued expenses |  | 262.6 |  | (392.5 | ) | 0.1 |  | 122.2 |  | 532.8 |
Current portion of long-term debt |  | 50.0 |  | — |  | — |  | 39.5 |  | 10.5 |
Liabilities held for sale |  | 59.7 |  | — |  | — |  | 31.0 |  | 28.7 |
Total current liabilities |  | 3,332.3 |  | (392.5 | ) | 131.7 |  | 1,789.6 |  | 1,803.5 |
Long-term debt |  | 1,033.2 |  | (123.6 | ) | 738.0 |  | 158.4 |  | 260.4 |
Deferred tax liabilities |  | 361.4 |  | — |  | — |  | 337.6 |  | 23.8 |
Other long-term liabilities |  | 166.5 |  | — |  | — |  | 68.8 |  | 97.7 |
Total liabilities |  | 4,893.4 |  | (516.1 | ) | 869.7 |  | 2,354.4 |  | 2,185.4 |
Total equity |  | 1,522.1 |  | (1,562.4 | ) | 1,522.1 |  | 1,137.7 |  | 424.7 |
Total liabilities and equity |  | $ | 6,415.5 |  | $ | (2,078.5 | ) | $ | 2,391.8 |  | $ | 3,492.1 |  | $ | 2,610.1 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME | CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended March 31, 2014
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 4,048.0 |  | $ | — |  | $ | — |  | $ | 2,180.5 |  | $ | 1,867.5 |
Cost of sales |  | 3,424.0 |  | — |  | — |  | 1,825.3 |  | 1,598.7 |
Gross profit |  | 624.0 |  | — |  | — |  | 355.2 |  | 268.8 |
Selling, general and administrative expenses |  | 487.8 |  | — |  | 5.8 |  | 286.6 |  | 195.4 |
Depreciation |  | 16.5 |  | — |  | 0.3 |  | 9.3 |  | 6.9 |
Operating income (loss) |  | 119.7 |  | — |  | (6.1 | ) | 59.3 |  | 66.5 |
Floor plan interest expense |  | (11.1 | ) | — |  | (2.4 | ) | (5.0 | ) | (3.7 | )
Other interest expense |  | (13.1 | ) | — |  | (7.1 | ) | (1.2 | ) | (4.8 | )
Equity in earnings of affiliates |  | 5.1 |  | — |  | 4.2 |  | — |  | 0.9 |
Equity in earnings of subsidiaries |  | — |  | (111.6 | ) | 111.6 |  | — |  | — |
Income (loss) from continuing operations before income taxes |  | 100.6 |  | (111.6 | ) | 100.2 |  | 53.1 |  | 58.9 |
Income taxes |  | (34.1 | ) | 37.9 |  | (34.1 | ) | (23.9 | ) | (14.0 | )
Income (loss) from continuing operations |  | 66.5 |  | (73.7 | ) | 66.1 |  | 29.2 |  | 44.9 |
(Loss) income from discontinued operations, net of tax |  | 1.4 |  | (1.4 | ) | 1.4 |  | 7.0 |  | (5.6 | )
Net income (loss) |  | 67.9 |  | (75.1 | ) | 67.5 |  | 36.2 |  | 39.3 |
Other comprehensive income (loss), net of tax |  | 6.2 |  | (6.8 | ) | 6.2 |  | (2.4 | ) | 9.2 |
Comprehensive income |  | 74.1 |  | (81.9 | ) | 73.7 |  | 33.8 |  | 48.5 |
Less: Comprehensive income attributable to the non-controlling interests |  | 0.2 |  | 0.2 |  | (0.2 | ) | — |  | 0.2 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 73.9 |  | $ | (82.1 | ) | $ | 73.9 |  | $ | 33.8 |  | $ | 48.3 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended March 31, 2013
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 3,349.3 |  | $ | — |  | $ | — |  | $ | 1,960.9 |  | $ | 1,388.4 |
Cost of sales |  | 2,822.7 |  | — |  | — |  | 1,636.1 |  | 1,186.6 |
Gross profit |  | 526.6 |  | — |  | — |  | 324.8 |  | 201.8 |
Selling, general and administrative expenses |  | 407.1 |  | — |  | 5.2 |  | 250.0 |  | 151.9 |
Depreciation |  | 14.3 |  | — |  | 0.4 |  | 8.0 |  | 5.9 |
Operating income (loss) |  | 105.2 |  | — |  | (5.6 | ) | 66.8 |  | 44.0 |
Floor plan interest expense |  | (10.1 | ) | — |  | (2.3 | ) | (4.7 | ) | (3.1 | )
Other interest expense |  | (11.5 | ) | — |  | (6.3 | ) | (1.1 | ) | (4.1 | )
Equity in earnings of affiliates |  | 2.3 |  | — |  | 1.9 |  | — |  | 0.4 |
Equity in earnings of subsidiaries |  | — |  | (97.9 | ) | 97.9 |  | — |  | — |
Income (loss) from continuing operations before income taxes |  | 85.9 |  | (97.9 | ) | 85.6 |  | 61.0 |  | 37.2 |
Income taxes |  | (28.3 | ) | 32.2 |  | (28.3 | ) | (23.8 | ) | (8.4 | )
Income (loss) from continuing operations |  | 57.6 |  | (65.7 | ) | 57.3 |  | 37.2 |  | 28.8 |
(Loss) income from discontinued operations, net of tax |  | 0.4 |  | (0.4 | ) | 0.4 |  | 0.8 |  | (0.4 | )
Net income (loss) |  | 58.0 |  | (66.1 | ) | 57.7 |  | 38.0 |  | 28.4 |
Other comprehensive income (loss), net of tax |  | (37.1 | ) | 36.8 |  | (37.1 | ) | 1.0 |  | (37.8 | )
Comprehensive income |  | 20.9 |  | (29.3 | ) | 20.6 |  | 39.0 |  | (9.4 | )
Less: Comprehensive income attributable to non-controlling interests |  | 0.9 |  | (0.5 | ) | 0.5 |  | — |  | 0.9 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 20.0 |  | $ | (28.8 | ) | $ | 20.1 |  | $ | 39.0 |  | $ | (10.3 | )
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2014
|  | Total Company |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In millions) |
Net cash from continuing operating activities |  | $ | 132.5 |  | $ | 9.7 |  | $ | 112.2 |  | $ | 10.6 |
Investing activities: |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  | (34.5 | ) | (0.3 | ) | (22.7 | ) | (11.5 | )
Purchase of car rental vehicles |  | (28.5 | ) | — |  | (28.5 | ) | — |
Acquisitions, net |  | (81.8 | ) | — |  | (80.0 | ) | (1.8 | )
Other |  | 8.3 |  | — |  | 8.3 |  | — |
Net cash from continuing investing activities |  | (136.5 | ) | (0.3 | ) | (122.9 | ) | (13.3 | )
Financing activities: |  |  |  |  |  |  |  |  |
Net borrowings (repayments) of long-term debt |  | (12.0 | ) | 10.0 |  | 9.0 |  | (31.0 | )
Net borrowings (repayments) of floor plan notes payable — non-trade |  | 7.1 |  | (3.2 | ) | (29.1 | ) | 39.4 |
Dividends |  | (16.2 | ) | (16.2 | ) | — |  | — |
Distributions from (to) parent |  | — |  | — |  | 0.5 |  | (0.5 | )
Net cash from continuing financing activities |  | (21.1 | ) | (9.4 | ) | (19.6 | ) | 7.9 |
Net cash from discontinued operations |  | 30.2 |  | — |  | 25.4 |  | 4.8 |
Net change in cash and cash equivalents |  | 5.1 |  | — |  | (4.9 | ) | 10.0 |
Cash and cash equivalents, beginning of period |  | 49.8 |  | — |  | 12.6 |  | 37.2 |
Cash and cash equivalents, end of period |  | $ | 54.9 |  | $ | — |  | $ | 7.7 |  | $ | 47.2 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2013
|  | Total Company |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In millions) |
Net cash from continuing operating activities |  | $ | 97.9 |  | $ | 68.4 |  | $ | 26.6 |  | $ | 2.9 |
Investing activities: |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  | (32.8 | ) | (0.3 | ) | (21.6 | ) | (10.9 | )
Purchase of car rental vehicles |  | (35.9 | ) | — |  | (35.9 | ) | — |
Acquisitions, net |  | (27.2 | ) | — |  | (27.2 | ) | — |
Other |  | 5.7 |  | — |  | — |  | 5.7 |
Net cash from continuing investing activities |  | (90.2 | ) | (0.3 | ) | (84.7 | ) | (5.2 | )
Financing activities: |  |  |  |  |  |  |  |  |
Net borrowings (repayments) of long-term debt |  | (39.5 | ) | (40.0 | ) | 52.3 |  | (51.8 | )
Net borrowings (repayments) of floor plan notes payable — non-trade |  | 41.7 |  | (2.8 | ) | (12.7 | ) | 57.2 |
Repurchase of common stock |  | (12.7 | ) | (12.7 | ) | — |  | — |
Dividends |  | (12.6 | ) | (12.6 | ) | — |  | — |
Distributions from (to) parent |  | — |  | — |  | 0.4 |  | (0.4 | )
Other |  | — |  | — |  | — |  | — |
Net cash from continuing financing activities |  | (23.1 | ) | (68.1 | ) | 40.0 |  | 5.0 |
Net cash from discontinued operations |  | 3.6 |  | — |  | 0.4 |  | 3.2 |
Net change in cash and cash equivalents |  | (11.8 | ) | 0.0 |  | (17.7 | ) | 5.9 |
Cash and cash equivalents, beginning of period |  | 43.8 |  | — |  | 34.7 |  | 9.1 |
Cash and cash equivalents, end of period |  | $ | 32.0 |  | $ | 0.0 |  | $ | 17.0 |  | $ | 15.0 |

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