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Condensed Consolidating Financial Information (Tables) | 9 Months Ended
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Sep. 30, 2015
Condensed Consolidating Financial Information |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2015
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In millions) |
Cash and cash equivalents |  | $ | 49.7 |  | $ | — |  | $ | — |  | $ | — |  | $ | 49.7 |
Accounts receivable, net |  | 775.5 |  | (428.1 | ) | 428.1 |  | 307.0 |  | 468.5 |
Inventories |  | 3,188.4 |  | — |  | — |  | 1,526.0 |  | 1,662.4 |
Other current assets |  | 109.0 |  | — |  | 4.7 |  | 34.2 |  | 70.1 |
Assets held for sale |  | 15.3 |  | — |  | — |  | 9.2 |  | 6.1 |
Total current assets |  | 4,137.9 |  | (428.1 | ) | 432.8 |  | 1,876.4 |  | 2,256.8 |
Property and equipment, net |  | 1,476.9 |  | — |  | 4.1 |  | 796.3 |  | 676.5 |
Intangible assets |  | 1,690.4 |  | — |  | — |  | 833.9 |  | 856.5 |
Equity method investments |  | 340.1 |  | — |  | 298.9 |  | — |  | 41.2 |
Other long-term assets |  | 29.6 |  | (2,155.9 | ) | 2,170.9 |  | 1.5 |  | 13.1 |
Total assets |  | $ | 7,674.9 |  | $ | (2,584.0 | ) | $ | 2,906.7 |  | $ | 3,508.1 |  | $ | 3,844.1 |
Floor plan notes payable |  | $ | 2,096.0 |  | $ | — |  | $ | — |  | $ | 1,186.7 |  | $ | 909.3 |
Floor plan notes payable — non-trade |  | 1,072.6 |  | — |  | 153.6 |  | 268.0 |  | 651.0 |
Accounts payable |  | 482.4 |  | — |  | 3.1 |  | 131.1 |  | 348.2 |
Accrued expenses |  | 358.3 |  | (428.1 | ) | 0.9 |  | 157.3 |  | 628.2 |
Current portion of long-term debt |  | 29.7 |  | — |  | — |  | 6.9 |  | 22.8 |
Liabilities held for sale |  | 8.3 |  | — |  | — |  | 4.6 |  | 3.7 |
Total current liabilities |  | 4,047.3 |  | (428.1 | ) | 157.6 |  | 1,754.6 |  | 2,563.2 |
Long-term debt |  | 1,155.2 |  | (262.0 | ) | 928.0 |  | 110.4 |  | 378.8 |
Deferred tax liabilities |  | 395.6 |  | — |  | — |  | 371.8 |  | 23.8 |
Other long-term liabilities |  | 255.7 |  | — |  | — |  | 67.2 |  | 188.5 |
Total liabilities |  | 5,853.8 |  | (690.1 | ) | 1,085.6 |  | 2,304.0 |  | 3,154.3 |
Total equity |  | 1,821.1 |  | (1,893.9 | ) | 1,821.1 |  | 1,204.1 |  | 689.8 |
Total liabilities and equity |  | $ | 7,674.9 |  | $ | (2,584.0 | ) | $ | 2,906.7 |  | $ | 3,508.1 |  | $ | 3,844.1 |
CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In millions) |
Cash and cash equivalents |  | $ | 36.3 |  | $ | — |  | $ | — |  | $ | — |  | $ | 36.3 |
Accounts receivable, net |  | 707.1 |  | (409.6 | ) | 409.6 |  | 392.6 |  | 314.5 |
Inventories |  | 2,836.4 |  | — |  | — |  | 1,481.5 |  | 1,354.9 |
Other current assets |  | 124.8 |  | — |  | 4.5 |  | 58.3 |  | 62.0 |
Assets held for sale |  | 156.1 |  | — |  | — |  | 150.9 |  | 5.2 |
Total current assets |  | 3,860.7 |  | (409.6 | ) | 414.1 |  | 2,083.3 |  | 1,772.9 |
Property and equipment, net |  | 1,331.6 |  | — |  | 4.3 |  | 754.6 |  | 572.7 |
Intangible assets |  | 1,656.5 |  | — |  | — |  | 817.9 |  | 838.6 |
Equity method investments |  | 352.8 |  | — |  | 285.5 |  | — |  | 67.3 |
Other long-term assets |  | 26.6 |  | (1,990.8 | ) | 2,005.0 |  | 4.4 |  | 8.0 |
Total assets |  | $ | 7,228.2 |  | $ | (2,400.4 | ) | $ | 2,708.9 |  | $ | 3,660.2 |  | $ | 3,259.5 |
Floor plan notes payable |  | $ | 1,812.6 |  | $ | — |  | $ | — |  | $ | 1,102.0 |  | $ | 710.6 |
Floor plan notes payable — non-trade |  | 933.8 |  | — |  | 86.8 |  | 398.1 |  | 448.9 |
Accounts payable |  | 422.5 |  | — |  | 2.9 |  | 208.3 |  | 211.3 |
Accrued expenses |  | 316.0 |  | (409.6 | ) | — |  | 123.3 |  | 602.3 |
Current portion of long-term debt |  | 37.2 |  | — |  | — |  | 4.6 |  | 32.6 |
Liabilities held for sale |  | 108.2 |  | — |  | — |  | 105.9 |  | 2.3 |
Total current liabilities |  | 3,630.3 |  | (409.6 | ) | 89.7 |  | 1,942.2 |  | 2,008.0 |
Long-term debt |  | 1,316.0 |  | (247.0 | ) | 938.0 |  | 116.1 |  | 508.9 |
Deferred tax liabilities |  | 409.9 |  | — |  | — |  | 385.6 |  | 24.3 |
Other long-term liabilities |  | 190.8 |  | — |  | — |  | 66.9 |  | 123.9 |
Total liabilities |  | 5,547.0 |  | (656.6 | ) | 1,027.7 |  | 2,510.8 |  | 2,665.1 |
Total equity |  | 1,681.2 |  | (1,743.8 | ) | 1,681.2 |  | 1,149.4 |  | 594.4 |
Total liabilities and equity |  | $ | 7,228.2 |  | $ | (2,400.4 | ) | $ | 2,708.9 |  | $ | 3,660.2 |  | $ | 3,259.5 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME | CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2015
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 4,960.1 |  | $ | — |  | $ | — |  | $ | 2,591.2 |  | $ | 2,368.9 |
Cost of sales |  | 4,230.9 |  | — |  | — |  | 2,197.2 |  | 2,033.7 |
Gross profit |  | 729.2 |  | — |  | — |  | 394.0 |  | 335.2 |
Selling, general and administrative expenses |  | 563.4 |  | — |  | 5.7 |  | 302.6 |  | 255.1 |
Depreciation |  | 19.8 |  | — |  | 0.4 |  | 10.6 |  | 8.8 |
Operating income |  | 146.0 |  | — |  | (6.1 | ) | 80.8 |  | 71.3 |
Floor plan interest expense |  | (11.4 | ) | — |  | (0.7 | ) | (5.6 | ) | (5.1 | )
Other interest expense |  | (16.3 | ) | — |  | (10.6 | ) | (1.3 | ) | (4.4 | )
Equity in earnings of affiliates |  | 11.0 |  | — |  | 11.0 |  | — |  | — |
Equity in earnings of subsidiaries |  | — |  | (134.8 | ) | 134.8 |  | — |  | — |
Income from continuing operations before income taxes |  | 129.3 |  | (134.8 | ) | 128.4 |  | 73.9 |  | 61.8 |
Income taxes |  | (41.7 | ) | 43.8 |  | (41.7 | ) | (29.4 | ) | (14.4 | )
Income from continuing operations |  | 87.6 |  | (91.0 | ) | 86.7 |  | 44.5 |  | 47.4 |
(Loss) income from discontinued operations, net of tax |  | (0.1 | ) | 0.1 |  | (0.1 | ) | (0.1 | ) | — |
Net income |  | 87.5 |  | (90.9 | ) | 86.6 |  | 44.4 |  | 47.4 |
Other comprehensive income (loss), net of tax |  | (42.5 | ) | 40.8 |  | (42.5 | ) | — |  | (40.8 | )
Comprehensive income |  | 45.0 |  | (50.1 | ) | 44.1 |  | 44.4 |  | 6.6 |
Less: Comprehensive income attributable to non-controlling interests |  | 1.5 |  | (0.6 | ) | 0.6 |  | — |  | 1.5 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 43.5 |  | $ | (49.5 | ) | $ | 43.5 |  | $ | 44.4 |  | $ | 5.1 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2014
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 4,396.7 |  | $ | — |  | $ | — |  | $ | 2,489.9 |  | $ | 1,906.8 |
Cost of sales |  | 3,749.1 |  | — |  | — |  | 2,112.5 |  | 1,636.6 |
Gross profit |  | 647.6 |  | — |  | — |  | 377.4 |  | 270.2 |
Selling, general and administrative expenses |  | 502.3 |  | — |  | 11.5 |  | 283.0 |  | 207.8 |
Depreciation |  | 17.3 |  | — |  | 0.4 |  | 9.6 |  | 7.3 |
Operating income |  | 128.0 |  | — |  | (11.9 | ) | 84.8 |  | 55.1 |
Floor plan interest expense |  | (11.3 | ) | — |  | (2.5 | ) | (5.1 | ) | (3.7 | )
Other interest expense |  | (12.4 | ) | — |  | (7.4 | ) | (0.5 | ) | (4.5 | )
Equity in earnings of affiliates |  | 12.7 |  | — |  | 11.7 |  | — |  | 1.0 |
Equity in earnings of subsidiaries |  | — |  | (126.8 | ) | 126.8 |  | — |  | — |
Income from continuing operations before income taxes |  | 117.0 |  | (126.8 | ) | 116.7 |  | 79.2 |  | 47.9 |
Income taxes |  | (39.7 | ) | 43.1 |  | (39.7 | ) | (31.4 | ) | (11.7 | )
Income from continuing operations |  | 77.3 |  | (83.7 | ) | 77.0 |  | 47.8 |  | 36.2 |
(Loss) income from discontinued operations, net of tax |  | (2.2 | ) | 2.5 |  | (2.5 | ) | (1.6 | ) | (0.6 | )
Net income |  | 75.1 |  | (81.2 | ) | 74.5 |  | 46.2 |  | 35.6 |
Other comprehensive income (loss), net of tax |  | (51.0 | ) | 50.1 |  | (51.0 | ) | 1.1 |  | (51.2 | )
Comprehensive income |  | 24.1 |  | (31.1 | ) | 23.5 |  | 47.3 |  | (15.6 | )
Less: Comprehensive income attributable to non-controlling interests |  | (0.1 | ) | 0.7 |  | (0.7 | ) | — |  | (0.1 | )
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 24.2 |  | $ | (31.8 | ) | $ | 24.2 |  | $ | 47.3 |  | $ | (15.5 | )
CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2015
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 14,363.6 |  | $ | — |  | $ | — |  | $ | 7,548.5 |  | $ | 6,815.1 |
Cost of sales |  | 12,213.2 |  | — |  | — |  | 6,372.4 |  | 5,840.8 |
Gross profit |  | 2,150.4 |  | — |  | — |  | 1,176.1 |  | 974.3 |
Selling, general and administrative expenses |  | 1,652.3 |  | — |  | 18.0 |  | 895.9 |  | 738.4 |
Depreciation |  | 57.7 |  | — |  | 1.2 |  | 31.2 |  | 25.3 |
Operating income |  | 440.4 |  | — |  | (19.2 | ) | 249.0 |  | 210.6 |
Floor plan interest expense |  | (32.7 | ) | — |  | (2.1 | ) | (16.4 | ) | (14.2 | )
Other interest expense |  | (49.0 | ) | — |  | (30.6 | ) | (4.0 | ) | (14.4 | )
Equity in earnings of affiliates |  | 29.7 |  | — |  | 27.3 |  | — |  | 2.4 |
Equity in earnings of subsidiaries |  | — |  | (410.2 | ) | 410.2 |  | — |  | — |
Income from continuing operations before income taxes |  | 388.4 |  | (410.2 | ) | 385.6 |  | 228.6 |  | 184.4 |
Income taxes |  | (128.2 | ) | 136.3 |  | (128.2 | ) | (91.8 | ) | (44.5 | )
Income from continuing operations |  | 260.2 |  | (273.9 | ) | 257.4 |  | 136.8 |  | 139.9 |
(Loss) income from discontinued operations, net of tax |  | (1.1 | ) | 1.7 |  | (1.7 | ) | (1.3 | ) | 0.2 |
Net income |  | 259.1 |  | (272.2 | ) | 255.7 |  | 135.5 |  | 140.1 |
Other comprehensive income (loss), net of tax |  | (59.3 | ) | 55.6 |  | (59.3 | ) | — |  | (55.6 | )
Comprehensive income |  | 199.8 |  | (216.6 | ) | 196.4 |  | 135.5 |  | 84.5 |
Less: Comprehensive income attributable to non-controlling interests |  | 3.1 |  | 0.2 |  | (0.2 | ) | — |  | 3.1 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 196.7 |  | $ | (216.8 | ) | $ | 196.6 |  | $ | 135.5 |  | $ | 81.4 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2014
|  | Total Company |  | Eliminations |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 12,806.4 |  | $ | — |  | $ | — |  | $ | 7,102.0 |  | $ | 5,704.4 |
Cost of sales |  | 10,887.3 |  | — |  | — |  | 5,988.2 |  | 4,899.1 |
Gross profit |  | 1,919.1 |  | — |  | — |  | 1,113.8 |  | 805.3 |
Selling, general and administrative expenses |  | 1,486.0 |  | — |  | 23.2 |  | 853.2 |  | 609.6 |
Depreciation |  | 50.6 |  | — |  | 1.0 |  | 27.9 |  | 21.7 |
Operating income |  | 382.5 |  | — |  | (24.2 | ) | 232.7 |  | 174.0 |
Floor plan interest expense |  | (34.2 | ) | — |  | (7.3 | ) | (15.4 | ) | (11.5 | )
Other interest expense |  | (37.2 | ) | — |  | (21.9 | ) | (1.4 | ) | (13.9 | )
Equity in earnings of affiliates |  | 28.7 |  | — |  | 25.3 |  | — |  | 3.4 |
Equity in earnings of subsidiaries |  | — |  | (368.5 | ) | 368.5 |  | — |  | — |
Income from continuing operations before income taxes |  | 339.8 |  | (368.5 | ) | 340.4 |  | 215.9 |  | 152.0 |
Income taxes |  | (115.7 | ) | 125.1 |  | (115.7 | ) | (84.0 | ) | (41.1 | )
Income from continuing operations |  | 224.1 |  | (243.4 | ) | 224.7 |  | 131.9 |  | 110.9 |
(Loss) income from discontinued operations, net of tax |  | (7.2 | ) | 9.8 |  | (9.8 | ) | 4.2 |  | (11.4 | )
Net income |  | 216.9 |  | (233.6 | ) | 214.9 |  | 136.1 |  | 99.5 |
Other comprehensive income (loss), net of tax |  | (26.0 | ) | 24.9 |  | (26.0 | ) | 3.2 |  | (28.1 | )
Comprehensive income |  | 190.9 |  | (208.7 | ) | 188.9 |  | 139.3 |  | 71.4 |
Less: Comprehensive income attributable to non-controlling interests |  | 1.0 |  | 0.9 |  | (0.9 | ) | — |  | 1.0 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 189.9 |  | $ | (209.6 | ) | $ | 189.8 |  | $ | 139.3 |  | $ | 70.4 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2015
|  | Total Company |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In millions) |
Net cash provided by continuing operating activities |  | $ | 373.4 |  | $ | 28.4 |  | $ | 154.3 |  | $ | 190.7 |
Investing activities: |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  | (151.1 | ) | (1.0 | ) | (74.0 | ) | (76.1 | )
Acquisitions, net |  | (85.4 | ) | — |  | (21.7 | ) | (63.7 | )
Other |  | 0.2 |  | — |  | — |  | 0.2 |
Net cash used in continuing investing activities |  | (236.3 | ) | (1.0 | ) | (95.7 | ) | (139.6 | )
Financing activities: |  |  |  |  |  |  |  |  |
Net (repayments) borrowings of long-term debt |  | (165.7 | ) | (10.0 | ) | 24.0 |  | (179.7 | )
Net borrowings (repayments) of floor plan notes payable — non-trade |  | 94.6 |  | 66.9 |  | (130.1 | ) | 157.8 |
Payment of deferred financing fees |  | (1.8 | ) | — |  | — |  | (1.8 | )
Repurchases of common stock |  | (22.0 | ) | (22.0 | ) | — |  | — |
Dividends |  | (62.3 | ) | (62.3 | ) | — |  | — |
Other |  | (5.9 | ) | — |  | — |  | (5.9 | )
Distributions from (to) parent |  | — |  | — |  | 8.3 |  | (8.3 | )
Net cash used in continuing financing activities |  | (163.1 | ) | (27.4 | ) | (97.8 | ) | (37.9 | )
Net cash provided by discontinued operations |  | 39.7 |  | — |  | 39.2 |  | 0.5 |
Effect of exchange rate changes on cash and cash equivalents |  | (0.3 | ) | — |  | — |  | (0.3 | )
Net change in cash and cash equivalents |  | 13.4 |  | — |  | — |  | 13.4 |
Cash and cash equivalents, beginning of period |  | 36.3 |  | — |  | — |  | 36.3 |
Cash and cash equivalents, end of period |  | $ | 49.7 |  | $ | — |  | $ | — |  | $ | 49.7 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2014
|  | Total Company |  | Penske Automotive Group |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |
|  | (In millions) |
Net cash provided by (used in) continuing operating activities |  | $ | 276.0 |  | $ | (19.4 | ) | $ | 169.0 |  | $ | 126.4 |
Investing activities: |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  | (139.6 | ) | (0.6 | ) | (82.9 | ) | (56.1 | )
Acquisitions, net |  | (86.2 | ) | — |  | (80.5 | ) | (5.7 | )
Other |  | (25.3 | ) | 4.2 |  | (10.6 | ) | (18.9 | )
Net cash (used in) provided by continuing investing activities |  | (251.1 | ) | 3.6 |  | (174.0 | ) | (80.7 | )
Financing activities: |  |  |  |  |  |  |  |  |
Net borrowings of long-term debt |  | 127.0 |  | 84.0 |  | 9.6 |  | 33.4 |
Net borrowings (repayments) of floor plan notes payable — non-trade |  | — |  | (1.2 | ) | (20.9 | ) | 22.1 |
Repurchases of common stock |  | (15.5 | ) | (15.5 | ) | — |  | — |
Dividends |  | (51.5 | ) | (51.5 | ) | — |  | — |
Other |  | 0.2 |  | — |  | — |  | 0.2 |
Distributions from (to) parent |  | — |  | — |  | 4.8 |  | (4.8 | )
Net cash provided by (used in) continuing financing activities |  | 60.2 |  | 15.8 |  | (6.5 | ) | 50.9 |
Net cash provided by (used in) discontinued operations |  | 15.1 |  | — |  | (1.5 | ) | 16.6 |
Net change in cash and cash equivalents |  | 100.2 |  | — |  | (13.0 | ) | 113.2 |
Cash and cash equivalents, beginning of period |  | 50.3 |  | — |  | 13.0 |  | 37.3 |
Cash and cash equivalents, end of period |  | $ | 150.5 |  | $ | — |  | $ | — |  | $ | 150.5 |

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