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Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2019
Condensed Consolidating Financial Information |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2019
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Cash and cash equivalents |  | $ | 43.5 |  | $ | — |  | $ | — |  | $ | — |  | $ | 43.5 |
Accounts receivable, net |  |  | 1,034.1 |  |  | (481.1) |  |  | 481.1 |  |  | 473.5 |  |  | 560.6 |
Inventories |  |  | 4,104.1 |  |  | — |  |  | — |  |  | 1,945.8 |  |  | 2,158.3 |
Other current assets |  |  | 101.5 |  |  | — |  |  | 8.6 |  |  | 17.8 |  |  | 75.1 |
Total current assets |  |  | 5,283.2 |  |  | (481.1) |  |  | 489.7 |  |  | 2,437.1 |  |  | 2,837.5 |
Property and equipment, net |  |  | 2,276.1 |  |  | — |  |  | 3.9 |  |  | 1,086.8 |  |  | 1,185.4 |
Operating lease right-of-use assets |  |  | 2,416.4 |  |  | — |  |  | 9.5 |  |  | 1,627.9 |  |  | 779.0 |
Intangible assets |  |  | 2,247.9 |  |  | — |  |  | — |  |  | 1,422.2 |  |  | 825.7 |
Equity method investments |  |  | 1,332.4 |  |  | — |  |  | 1,267.3 |  |  | — |  |  | 65.1 |
Other long-term assets |  |  | 18.9 |  |  | (2,826.7) |  |  | 2,834.0 |  |  | 2.9 |  |  | 8.7 |
Total assets |  | $ | 13,574.9 |  | $ | (3,307.8) |  | $ | 4,604.4 |  | $ | 6,576.9 |  | $ | 5,701.4 |
Floor plan notes payable |  | $ | 2,419.2 |  | $ | — |  | $ | — |  | $ | 1,306.4 |  | $ | 1,112.8 |
Floor plan notes payable — non-trade |  |  | 1,488.7 |  |  | — |  |  | 219.9 |  |  | 503.1 |  |  | 765.7 |
Accounts payable |  |  | 668.5 |  |  | — |  |  | 3.4 |  |  | 187.4 |  |  | 477.7 |
Accrued expenses and other current liabilities |  |  | 704.7 |  |  | (481.1) |  |  | 1.5 |  |  | 228.8 |  |  | 955.5 |
Current portion of long-term debt |  |  | 94.5 |  |  | — |  |  | — |  |  | 9.6 |  |  | 84.9 |
Liabilities held for sale |  |  | 0.5 |  |  | — |  |  | — |  |  | 0.5 |  |  | — |
Total current liabilities |  |  | 5,376.1 |  |  | (481.1) |  |  | 224.8 |  |  | 2,235.8 |  |  | 3,396.6 |
Long-term debt |  |  | 2,118.3 |  |  | (84.0) |  |  | 1,709.6 |  |  | 219.9 |  |  | 272.8 |
Long-term operating lease liabilities |  |  | 2,378.2 |  |  | — |  |  | 9.2 |  |  | 1,613.3 |  |  | 755.7 |
Deferred tax liabilities |  |  | 591.4 |  |  | — |  |  | — |  |  | 583.5 |  |  | 7.9 |
Other long-term liabilities |  |  | 450.0 |  |  | — |  |  | — |  |  | 33.8 |  |  | 416.2 |
Total liabilities |  |  | 10,914.0 |  |  | (565.1) |  |  | 1,943.6 |  |  | 4,686.3 |  |  | 4,849.2 |
Total equity |  |  | 2,660.9 |  |  | (2,742.7) |  |  | 2,660.8 |  |  | 1,890.6 |  |  | 852.2 |
Total liabilities and equity |  | $ | 13,574.9 |  | $ | (3,307.8) |  | $ | 4,604.4 |  | $ | 6,576.9 |  | $ | 5,701.4 |
CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Cash and cash equivalents |  | $ | 39.4 |  | $ | — |  | $ | — |  | $ | 12.9 |  | $ | 26.5 |
Accounts receivable, net |  |  | 929.1 |  |  | (481.7) |  |  | 481.7 |  |  | 507.1 |  |  | 422.0 |
Inventories |  |  | 4,040.1 |  |  | — |  |  | — |  |  | 1,961.6 |  |  | 2,078.5 |
Other current assets |  |  | 86.6 |  |  | — |  |  | 10.6 |  |  | 17.8 |  |  | 58.2 |
Total current assets |  |  | 5,095.2 |  |  | (481.7) |  |  | 492.3 |  |  | 2,499.4 |  |  | 2,585.2 |
Property and equipment, net |  |  | 2,250.0 |  |  | — |  |  | 3.9 |  |  | 1,077.7 |  |  | 1,168.4 |
Intangible assets |  |  | 2,238.2 |  |  | — |  |  | — |  |  | 1,422.6 |  |  | 815.6 |
Equity method investments |  |  | 1,305.2 |  |  | — |  |  | 1,239.9 |  |  | — |  |  | 65.3 |
Other long-term assets |  |  | 15.9 |  |  | (2,814.3) |  |  | 2,821.0 |  |  | 2.9 |  |  | 6.3 |
Total assets |  | $ | 10,904.5 |  | $ | (3,296.0) |  | $ | 4,557.1 |  | $ | 5,002.6 |  | $ | 4,640.8 |
Floor plan notes payable |  | $ | 2,362.2 |  | $ | — |  | $ | — |  | $ | 1,348.3 |  | $ | 1,013.9 |
Floor plan notes payable — non-trade |  |  | 1,428.6 |  |  | — |  |  | 232.3 |  |  | 505.9 |  |  | 690.4 |
Accounts payable |  |  | 598.2 |  |  | — |  |  | 4.9 |  |  | 196.6 |  |  | 396.7 |
Accrued expenses |  |  | 566.6 |  |  | (481.7) |  |  | 1.4 |  |  | 160.2 |  |  | 886.7 |
Current portion of long-term debt |  |  | 92.0 |  |  | — |  |  | — |  |  | 6.3 |  |  | 85.7 |
Liabilities held for sale |  |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |  |  | — |
Total current liabilities |  |  | 5,048.3 |  |  | (481.7) |  |  | 238.6 |  |  | 2,218.0 |  |  | 3,073.4 |
Long-term debt |  |  | 2,124.7 |  |  | (88.6) |  |  | 1,683.8 |  |  | 225.7 |  |  | 303.8 |
Deferred tax liabilities |  |  | 577.8 |  |  | — |  |  | — |  |  | 570.5 |  |  | 7.3 |
Other long-term liabilities |  |  | 519.0 |  |  | — |  |  | — |  |  | 57.6 |  |  | 461.4 |
Total liabilities |  |  | 8,269.8 |  |  | (570.3) |  |  | 1,922.4 |  |  | 3,071.8 |  |  | 3,845.9 |
Total equity |  |  | 2,634.7 |  |  | (2,725.7) |  |  | 2,634.7 |  |  | 1,930.8 |  |  | 794.9 |
Total liabilities and equity |  | $ | 10,904.5 |  | $ | (3,296.0) |  | $ | 4,557.1 |  | $ | 5,002.6 |  | $ | 4,640.8 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME | CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended March 31, 2019
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 5,564.4 |  | $ | — |  | $ | — |  | $ | 2,851.4 |  | $ | 2,713.0 |
Cost of sales |  |  | 4,712.9 |  |  | — |  |  | — |  |  | 2,382.9 |  |  | 2,330.0 |
Gross profit |  |  | 851.5 |  |  | — |  |  | — |  |  | 468.5 |  |  | 383.0 |
Selling, general and administrative expenses |  |  | 666.4 |  |  | — |  |  | 6.6 |  |  | 358.4 |  |  | 301.4 |
Depreciation |  |  | 26.4 |  |  | — |  |  | 0.3 |  |  | 14.5 |  |  | 11.6 |
Operating income |  |  | 158.7 |  |  | — |  |  | (6.9) |  |  | 95.6 |  |  | 70.0 |
Floor plan interest expense |  |  | (21.8) |  |  | — |  |  | (1.8) |  |  | (15.0) |  |  | (5.0) |
Other interest expense |  |  | (29.9) |  |  | — |  |  | (19.2) |  |  | (3.0) |  |  | (7.7) |
Equity in earnings of affiliates |  |  | 26.8 |  |  | — |  |  | 25.8 |  |  | — |  |  | 1.0 |
Equity in earnings of subsidiaries |  |  | — |  |  | (137.1) |  |  | 137.1 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 133.8 |  |  | (137.1) |  |  | 135.0 |  |  | 77.6 |  |  | 58.3 |
Income taxes |  |  | (34.7) |  |  | 35.3 |  |  | (34.8) |  |  | (23.0) |  |  | (12.2) |
Income from continuing operations |  |  | 99.1 |  |  | (101.8) |  |  | 100.2 |  |  | 54.6 |  |  | 46.1 |
Income from discontinued operations, net of tax |  |  | 0.1 |  |  | (0.1) |  |  | 0.1 |  |  | 0.1 |  |  | — |
Net income |  |  | 99.2 |  |  | (101.9) |  |  | 100.3 |  |  | 54.7 |  |  | 46.1 |
Other comprehensive (loss) income, net of tax |  |  | 8.5 |  |  | (6.9) |  |  | 8.5 |  |  | — |  |  | 6.9 |
Comprehensive income |  |  | 107.7 |  |  | (108.8) |  |  | 108.8 |  |  | 54.7 |  |  | 53.0 |
Less: Comprehensive (loss) income attributable to non-controlling interests |  |  | (1.3) |  |  | 0.3 |  |  | (0.3) |  |  | — |  |  | (1.3) |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 109.0 |  | $ | (109.1) |  | $ | 109.1 |  | $ | 54.7 |  | $ | 54.3 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended March 31, 2018
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 5,746.9 |  | $ | — |  | $ | — |  | $ | 2,856.5 |  | $ | 2,890.4 |
Cost of sales |  |  | 4,882.5 |  |  | — |  |  | — |  |  | 2,395.2 |  |  | 2,487.3 |
Gross profit |  |  | 864.4 |  |  | — |  |  | — |  |  | 461.3 |  |  | 403.1 |
Selling, general and administrative expenses |  |  | 663.1 |  |  | — |  |  | 6.5 |  |  | 343.0 |  |  | 313.6 |
Depreciation |  |  | 25.6 |  |  | — |  |  | 0.4 |  |  | 13.6 |  |  | 11.6 |
Operating income |  |  | 175.7 |  |  | — |  |  | (6.9) |  |  | 104.7 |  |  | 77.9 |
Floor plan interest expense |  |  | (18.9) |  |  | — |  |  | (1.6) |  |  | (11.3) |  |  | (6.0) |
Other interest expense |  |  | (29.8) |  |  | — |  |  | (20.8) |  |  | (1.9) |  |  | (7.1) |
Equity in earnings of affiliates |  |  | 17.3 |  |  | — |  |  | 16.0 |  |  | — |  |  | 1.3 |
Equity in earnings of subsidiaries |  |  | — |  |  | (157.9) |  |  | 157.9 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 144.3 |  |  | (157.9) |  |  | 144.6 |  |  | 91.5 |  |  | 66.1 |
Income taxes |  |  | (36.6) |  |  | 40.0 |  |  | (36.6) |  |  | (25.2) |  |  | (14.8) |
Income from continuing operations |  |  | 107.7 |  |  | (117.9) |  |  | 108.0 |  |  | 66.3 |  |  | 51.3 |
Income from discontinued operations, net of tax |  |  | 0.1 |  |  | (0.1) |  |  | 0.1 |  |  | 0.1 |  |  | — |
Net income |  |  | 107.8 |  |  | (118.0) |  |  | 108.1 |  |  | 66.4 |  |  | 51.3 |
Other comprehensive income, net of tax |  |  | 31.8 |  |  | (31.5) |  |  | 31.8 |  |  | — |  |  | 31.5 |
Comprehensive income |  |  | 139.6 |  |  | (149.5) |  |  | 139.9 |  |  | 66.4 |  |  | 82.8 |
Less: Comprehensive loss attributable to non-controlling interests |  |  | (0.3) |  |  | — |  |  | — |  |  | — |  |  | (0.3) |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 139.9 |  | $ | (149.5) |  | $ | 139.9 |  | $ | 66.4 |  | $ | 83.1 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2019
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
Net cash provided by (used in) continuing operating activities |  | $ | 91.4 |  | $ | (9.8) |  | $ | 94.0 |  | $ | 7.2 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (63.1) |  |  | (0.5) |  |  | (24.2) |  |  | (38.4) |
Proceeds from sale of dealerships |  |  | 7.2 |  |  | — |  |  | 7.2 |  |  | — |
Proceeds from sale-leaseback transactions |  |  | 7.3 |  |  | — |  |  | — |  |  | 7.3 |
Acquisitions, net |  |  | (1.1) |  |  | — |  |  | — |  |  | (1.1) |
Other |  |  | (0.2) |  |  | (0.6) |  |  | — |  |  | 0.4 |
Net cash used in continuing investing activities |  |  | (49.9) |  |  | (1.1) |  |  | (17.0) |  |  | (31.8) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net (repayments) borrowings of long-term debt |  |  | (10.6) |  |  | 25.0 |  |  | (2.4) |  |  | (33.2) |
Net borrowings (repayments) of floor plan notes payable — non-trade |  |  | 60.1 |  |  | (12.3) |  |  | (2.9) |  |  | 75.3 |
Repurchases of common stock |  |  | (54.3) |  |  | (54.3) |  |  | — |  |  | — |
Dividends |  |  | (32.2) |  |  | (32.2) |  |  | — |  |  | — |
Other |  |  | (0.1) |  |  | (0.1) |  |  | — |  |  | — |
Distributions from (to) parent |  |  | — |  |  | 84.8 |  |  | (84.5) |  |  | (0.3) |
Net cash (used in) provided by continuing financing activities |  |  | (37.1) |  |  | 10.9 |  |  | (89.8) |  |  | 41.8 |
Net cash (used in) provided by discontinued operations |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  | — |
Effect of exchange rate changes on cash and cash equivalents |  |  | (0.2) |  |  | — |  |  | — |  |  | (0.2) |
Net change in cash and cash equivalents |  |  | 4.1 |  |  | — |  |  | (12.9) |  |  | 17.0 |
Cash and cash equivalents, beginning of period |  |  | 39.4 |  |  | — |  |  | 12.9 |  |  | 26.5 |
Cash and cash equivalents, end of period |  | $ | 43.5 |  | $ | — |  | $ | — |  | $ | 43.5 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2018
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
Net cash provided by (used in) continuing operating activities |  | $ | 174.8 |  | $ | (23.0) |  | $ | 137.0 |  | $ | 60.8 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (64.7) |  |  | (1.1) |  |  | (38.6) |  |  | (25.0) |
Proceeds from sale of dealerships |  |  | 58.4 |  |  | — |  |  | 55.9 |  |  | 2.5 |
Acquisitions, net |  |  | (156.5) |  |  | — |  |  | — |  |  | (156.5) |
Other |  |  | (6.3) |  |  | (1.6) |  |  | — |  |  | (4.7) |
Net cash (used in) provided by continuing investing activities |  |  | (169.1) |  |  | (2.7) |  |  | 17.3 |  |  | (183.7) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net borrowings (repayments) of long-term debt |  |  | 84.6 |  |  | (44.0) |  |  | 9.3 |  |  | 119.3 |
Net (repayments) borrowings of floor plan notes payable — non-trade |  |  | (4.8) |  |  | 1.0 |  |  | (43.2) |  |  | 37.4 |
Repurchases of common stock |  |  | (50.0) |  |  | (50.0) |  |  | — |  |  | — |
Dividends |  |  | (29.2) |  |  | (29.2) |  |  | — |  |  | — |
Distributions from (to) parent |  |  | — |  |  | 147.9 |  |  | (135.3) |  |  | (12.6) |
Net cash provided by (used in) continuing financing activities |  |  | 0.6 |  |  | 25.7 |  |  | (169.2) |  |  | 144.1 |
Net cash provided by discontinued operations |  |  | 0.1 |  |  | — |  |  | 0.1 |  |  | — |
Effect of exchange rate changes on cash and cash equivalents |  |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |
Net change in cash and cash equivalents |  |  | 7.1 |  |  | — |  |  | (14.8) |  |  | 21.9 |
Cash and cash equivalents, beginning of period |  |  | 45.7 |  |  | — |  |  | 14.8 |  |  | 30.9 |
Cash and cash equivalents, end of period |  | $ | 52.8 |  | $ | — |  | $ | — |  | $ | 52.8 |

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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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