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ACCOUNTS RECEIVABLE AND OTHER NON-CURRENT ASSETS (Tables) | 6 Months Ended
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Jun. 30, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract] |
Schedule of Accounts Receivable | Accounts receivable consisted of the following:
(in millions) |  | June 30, 2022 |  | December 31, 2021
Contracts in transit |  | $ | 391.8 |  |  | $ | 304.9 |
Trade receivables |  | 109.9 |  |  | 125.5 |
Vehicle receivables |  | 121.4 |  |  | 106.6 |
Manufacturer receivables |  | 131.4 |  |  | 120.5 |
Auto loan and lease receivables |  | 1,412.2 |  |  | 829.2 |
Other receivables |  | 20.8 |  |  | 43.2 |
|  | 2,187.5 |  |  | 1,529.9 |
Less: Allowance for doubtful accounts |  | (22.0) |  |  | (17.3) |
Less: Long-term portion of accounts receivable, net 1 |  | (1,187.1) |  |  | (602.6) |
Total accounts receivable, net |  | $ | 978.4 |  |  | $ | 910.0 |
1 The long-term portions of accounts receivable and allowance for doubtful accounts were included as a component of other non-current assets in the Consolidated Balance Sheets.
(Dollars in millions) | June 30, 2022 |  | December 31, 2021
Total Auto loan and lease receivables | $ | 1,412.2 |  |  | $ | 829.2 |
Less: Allowance for loan and lease losses | (37.4) |  |  | (25.0) |
Auto loan and lease receivables, net | $ | 1,374.8 |  |  | $ | 804.2 |
Below is a breakdown of the current and long term portions of our auto loan and lease receivables:
(Dollars in millions) | June 30, 2022 |  | December 31, 2021
Current portion of auto loan and lease receivables, net of allowance of $18.8 and $13.6 | $ | 216.1 |  |  | $ | 224.5 |
Long term portion of auto loan and lease receivables, net of allowance of $18.6 and $11.4 | 1,158.7 |  |  | 579.7 |
Auto loan and lease receivables, net | $ | 1,374.8 |  |  | $ | 804.2 |
Accounts Receivable, Allowance for Credit Loss | The allowances for credit losses related to auto loan and lease receivables consisted of the following changes during the period:
| Six Months Ended June 30,
(Dollars in millions) | 2022 |  | 2021
Allowance for loan losses at beginning of period | $ | 22.5 |  |  | $ | 13.9 |
Charge-offs | (20.1) |  |  | (5.5) |
Recoveries | 8.1 |  |  | 3.7 |
Provision expense | 23.0 |  |  | 1.2 |
Allowance for loan losses at end of period | 33.5 |  |  | 13.3 |
Allowance for lease losses | 3.9 |  |  | — |
Total allowance for loan and lease losses balance at end of period | $ | 37.4 |  |  | $ | 13.3 |
Financing Receivable Credit Quality Indicators | Ending auto loan receivables (principal balances) by FICO score:
(Dollars in millions) | June 30, 2022 |  | December 31, 2021
<599 1 | $ | 89.6 |  |  | $ | 83.2 |
600-699 | 676.3 |  |  | 437.6 |
700-774 | 379.3 |  |  | 166.8 |
775+ | 149.2 |  |  | 37.4 |
Total auto loan receivables | 1,294.4 |  |  | 725.0 |
Lease portfolio and accrued interest | 117.8 |  |  | 104.2 |
Total auto loan and lease receivables | $ | 1,412.2 |  |  | $ | 829.2 |
1 Includes loans that are originated with no FICO score available.
Schedule of Other Non-Current Assets | The long-term portion of auto loan and lease receivables was included as a component of other non-current assets in the Consolidated Balance Sheets as follows:
(Dollars in millions) | June 30, 2022 |  | December 31, 2021
Long term portion of auto loan and lease receivables, net of allowance of $18.6 and $11.4 | $ | 1,158.7 |  |  | $ | 579.7 |
Unallocated acquisition purchase price | 970.3 |  |  | 1,554.6 |
Other | 258.7 |  |  | 254.4 |
Other non-current assets | $ | 2,387.7 |  |  | $ | 2,388.7 |

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- Definition Tabular disclosure of allowance for credit loss on accounts receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447 + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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