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Condensed Consolidating Financial Information | 12 Months Ended
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Dec. 31, 2019
Condensed Consolidating Financial Information [Abstract] |
Condensed Financial Statements [Text Block] | Condensed Consolidating Financial Information LKQ Corporation (the "Parent") issued, and the Guarantors have fully and unconditionally guaranteed, jointly and severally, the U.S. Notes (2023) due on May 15, 2023. A Guarantor's guarantee will be unconditionally and automatically released and discharged upon the occurrence of any of the following events: (i) a transfer (including as a result of consolidation or merger) by the Guarantor to any person that is not a Guarantor of all or substantially all assets and properties of such Guarantor, provided the Guarantor is also released from its obligations with respect to indebtedness under the Credit Agreement or other indebtedness of ours, which obligation gave rise to the guarantee of the U.S. Notes (2023); (ii) a transfer (including as a result of consolidation or merger) to any person that is not a Guarantor of the equity interests of a Guarantor or issuance by a Guarantor of its equity interests such that the Guarantor ceases to be a subsidiary, as defined in the U.S. Notes (2023) Indenture, provided the Guarantor is also released from its obligations with respect to indebtedness under the Credit Agreement or other indebtedness of ours, which obligation gave rise to the guarantee of the U.S. Notes (2023); (iii) the release of the Guarantor from its obligations with respect to indebtedness under the Credit Agreement or other indebtedness of ours, which obligation gave rise to the guarantee of the U.S. Notes (2023); and (iv) upon legal defeasance, covenant defeasance or satisfaction and discharge of the U.S. Notes (2023) Indenture, as defined in the U.S. Notes (2023) Indenture. Presented below are the condensed consolidating financial statements of the Parent, the Guarantors, the non-guarantor subsidiaries (the "Non-Guarantors"), and the elimination entries necessary to present our financial statements on a consolidated basis as required by Rule 3-10 of Regulation S-X of the Securities Exchange Act of 1934 resulting from the guarantees of the U.S. Notes (2023). Investments in consolidated subsidiaries have been presented under the equity method of accounting. The principal elimination entries eliminate investments in subsidiaries, intercompany balances, and intercompany revenue and expenses. The condensed consolidating financial statements below have been prepared from our financial information on the same basis of accounting as the consolidated financial statements, and may not necessarily be indicative of the financial position, results of operations or cash flows had the Parent, Guarantors and Non-Guarantors operated as independent entities. On January 10, 2020, we redeemed the U.S Notes (2023) at which point the guarantees were released. Refer to "U.S. Notes (2023)" in Note 10 "Long-Term Obligations," for further information on the redemption.
LKQ CORPORATION AND SUBSIDIARIES Condensed Consolidating Statements of Income (In thousands)
| Year Ended December 31, 2019
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Revenue | $ | — |  |  | $ | 6,269,185 |  |  | $ | 6,384,822 |  |  | $ | (147,898 | ) |  | $ | 12,506,109 |
Cost of goods sold | — |  |  | 3,711,074 |  |  | 4,091,139 |  |  | (147,898 | ) |  | 7,654,315 |
Gross margin | — |  |  | 2,558,111 |  |  | 2,293,683 |  |  | — |  |  | 4,851,794 |
Selling, general and administrative expenses | 45,914 |  |  | 1,732,282 |  |  | 1,802,104 |  |  | — |  |  | 3,580,300 |
Restructuring and acquisition related expenses | — |  |  | 8,644 |  |  | 28,335 |  |  | — |  |  | 36,979 |
Impairment of net assets held for sale and goodwill | — |  |  | 39,355 |  |  | 7,747 |  |  | — |  |  | 47,102 |
Depreciation and amortization | 479 |  |  | 105,288 |  |  | 185,003 |  |  | — |  |  | 290,770 |
Operating (loss) income | (46,393 | ) |  | 672,542 |  |  | 270,494 |  |  | — |  |  | 896,643 |
Other expense (income): |  |  |  |  |  |  |  |  |
Interest expense | 52,376 |  |  | 299 |  |  | 85,829 |  |  | — |  |  | 138,504 |
Intercompany interest (income) expense, net | (58,762 | ) |  | 32,899 |  |  | 25,863 |  |  | — |  |  | — |
Gain on debt extinguishment | — |  |  | (128 | ) |  | — |  |  | — |  |  | (128 | )
Interest income and other (income) expense, net | (13,269 | ) |  | (20,376 | ) |  | 890 |  |  | — |  |  | (32,755 | )
Total other (income) expense, net | (19,655 | ) |  | 12,694 |  |  | 112,582 |  |  | — |  |  | 105,621 |
(Loss) income from continuing operations before (benefit) provision for income taxes | (26,738 | ) |  | 659,848 |  |  | 157,912 |  |  | — |  |  | 791,022 |
(Benefit) provision for income taxes | (7,062 | ) |  | 169,173 |  |  | 53,219 |  |  | — |  |  | 215,330 |
Equity in earnings (losses) of unconsolidated subsidiaries | — |  |  | 1,220 |  |  | (33,497 | ) |  | — |  |  | (32,277 | )
Equity in earnings of subsidiaries | 559,317 |  |  | 10,824 |  |  | — |  |  | (570,141 | ) |  | — |
Income from continuing operations | 539,641 |  |  | 502,719 |  |  | 71,196 |  |  | (570,141 | ) |  | 543,415 |
Net income (loss) from discontinued operations | 1,619 |  |  | (1,253 | ) |  | 1,673 |  |  | (420 | ) |  | 1,619 |
Net income | 541,260 |  |  | 501,466 |  |  | 72,869 |  |  | (570,561 | ) |  | 545,034 |
Less: net income attributable to continuing noncontrolling interest | — |  |  | — |  |  | 2,800 |  |  | — |  |  | 2,800 |
Less: net income attributable to discontinued noncontrolling interest | — |  |  | — |  |  | 974 |  |  | — |  |  | 974 |
Net income attributable to LKQ stockholders | $ | 541,260 |  |  | $ | 501,466 |  |  | $ | 69,095 |  |  | $ | (570,561 | ) |  | $ | 541,260 |
LKQ CORPORATION AND SUBSIDIARIES Condensed Consolidating Statements of Income (In thousands)
| Year Ended December 31, 2018
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Revenue | $ | — |  |  | $ | 6,276,951 |  |  | $ | 5,766,958 |  |  | $ | (167,235 | ) |  | $ | 11,876,674 |
Cost of goods sold | — |  |  | 3,783,376 |  |  | 3,685,676 |  |  | (167,235 | ) |  | 7,301,817 |
Gross margin | — |  |  | 2,493,575 |  |  | 2,081,282 |  |  | — |  |  | 4,574,857 |
Selling, general and administrative expenses | 27,394 |  |  | 1,713,118 |  |  | 1,612,219 |  |  | — |  |  | 3,352,731 |
Restructuring and acquisition related expenses | — |  |  | 3,140 |  |  | 29,288 |  |  | — |  |  | 32,428 |
Impairment of net assets held for sale and goodwill | — |  |  | 33,244 |  |  | — |  |  | — |  |  | 33,244 |
Depreciation and amortization | 137 |  |  | 99,665 |  |  | 174,411 |  |  | — |  |  | 274,213 |
Operating (loss) income | (27,531 | ) |  | 644,408 |  |  | 265,364 |  |  | — |  |  | 882,241 |
Other expense (income): |  |  |  |  |  |  |  |  |
Interest expense | 66,794 |  |  | 640 |  |  | 78,943 |  |  | — |  |  | 146,377 |
Intercompany interest (income) expense, net | (65,072 | ) |  | 40,756 |  |  | 24,316 |  |  | — |  |  | — |
Loss on debt extinguishment | 1,350 |  |  | — |  |  | — |  |  | — |  |  | 1,350 |
Interest income and other (income) expense, net | (1,082 | ) |  | (15,586 | ) |  | 7,751 |  |  | — |  |  | (8,917 | )
Total other expense, net | 1,990 |  |  | 25,810 |  |  | 111,010 |  |  | — |  |  | 138,810 |
(Loss) income from continuing operations before (benefit) provision for income taxes | (29,521 | ) |  | 618,598 |  |  | 154,354 |  |  | — |  |  | 743,431 |
(Benefit) provision for income taxes | (18,600 | ) |  | 163,937 |  |  | 46,058 |  |  | — |  |  | 191,395 |
Equity in earnings (losses) of unconsolidated subsidiaries | — |  |  | 173 |  |  | (64,644 | ) |  | — |  |  | (64,471 | )
Equity in earnings of subsidiaries | 495,436 |  |  | 16,598 |  |  | — |  |  | (512,034 | ) |  | — |
Income from continuing operations | 484,515 |  |  | 471,432 |  |  | 43,652 |  |  | (512,034 | ) |  | 487,565 |
Net loss from discontinued operations | (4,397 | ) |  | (4,397 | ) |  | — |  |  | 4,397 |  |  | (4,397 | )
Net income | 480,118 |  |  | 467,035 |  |  | 43,652 |  |  | (507,637 | ) |  | 483,168 |
Less: net income attributable to noncontrolling interest | — |  |  | — |  |  | 3,050 |  |  | — |  |  | 3,050 |
Net income attributable to LKQ stockholders | $ | 480,118 |  |  | $ | 467,035 |  |  | $ | 40,602 |  |  | $ | (507,637 | ) |  | $ | 480,118 |
LKQ CORPORATION AND SUBSIDIARIES Condensed Consolidating Statements of Income (In thousands)
| Year Ended December 31, 2017
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Revenue | $ | — |  |  | $ | 5,780,904 |  |  | $ | 4,116,161 |  |  | $ | (160,156 | ) |  | $ | 9,736,909 |
Cost of goods sold | — |  |  | 3,458,304 |  |  | 2,639,138 |  |  | (160,156 | ) |  | 5,937,286 |
Gross margin | — |  |  | 2,322,600 |  |  | 1,477,023 |  |  | — |  |  | 3,799,623 |
Selling, general and administrative expenses | 29,884 |  |  | 1,557,883 |  |  | 1,127,640 |  |  | — |  |  | 2,715,407 |
Restructuring and acquisition related expenses | — |  |  | 7,352 |  |  | 12,320 |  |  | — |  |  | 19,672 |
Depreciation and amortization | 118 |  |  | 96,717 |  |  | 122,711 |  |  | — |  |  | 219,546 |
Operating (loss) income | (30,002 | ) |  | 660,648 |  |  | 214,352 |  |  | — |  |  | 844,998 |
Other expense (income): |  |  |  |  |  |  |  |  |
Interest expense | 66,030 |  |  | 546 |  |  | 35,064 |  |  | — |  |  | 101,640 |
Intercompany interest (income) expense, net | (17,873 | ) |  | (2,383 | ) |  | 20,256 |  |  | — |  |  | — |
Loss on debt extinguishment | 456 |  |  | — |  |  | — |  |  | — |  |  | 456 |
Interest income and other expense (income), net | 242 |  |  | (14,323 | ) |  | (9,644 | ) |  | — |  |  | (23,725 | )
Total other expense (income), net | 48,855 |  |  | (16,160 | ) |  | 45,676 |  |  | — |  |  | 78,371 |
(Loss) income from continuing operations before provision for income taxes | (78,857 | ) |  | 676,808 |  |  | 168,676 |  |  | — |  |  | 766,627 |
Provision for income taxes | 28,684 |  |  | 168,288 |  |  | 38,588 |  |  | — |  |  | 235,560 |
Equity in earnings of unconsolidated subsidiaries | — |  |  | — |  |  | 5,907 |  |  | — |  |  | 5,907 |
Equity in earnings of subsidiaries | 648,031 |  |  | 21,836 |  |  | — |  |  | (669,867 | ) |  | — |
Income from continuing operations | 540,490 |  |  | 530,356 |  |  | 135,995 |  |  | (669,867 | ) |  | 536,974 |
Net (loss) income from discontinued operations | (6,746 | ) |  | (6,746 | ) |  | 2,050 |  |  | 4,696 |  |  | (6,746 | )
Net income | 533,744 |  |  | 523,610 |  |  | 138,045 |  |  | (665,171 | ) |  | 530,228 |
Less: net loss attributable to noncontrolling interest | — |  |  | — |  |  | (3,516 | ) |  | — |  |  | (3,516 | )
Net income attributable to LKQ stockholders | $ | 533,744 |  |  | $ | 523,610 |  |  | $ | 141,561 |  |  | $ | (665,171 | ) |  | $ | 533,744 |
LKQ CORPORATION AND SUBSIDIARIES Condensed Consolidating Statements of Comprehensive Income (In thousands)
| Year Ended December 31, 2019
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net income | $ | 541,260 |  |  | $ | 501,466 |  |  | $ | 72,869 |  |  | $ | (570,561 | ) |  | $ | 545,034 |
Less: net income attributable to continuing noncontrolling interest | — |  |  | — |  |  | 2,800 |  |  | — |  |  | 2,800 |
Less: net income attributable to discontinued noncontrolling interest | — |  |  | — |  |  | 974 |  |  | — |  |  | 974 |
Net income attributable to LKQ stockholders | 541,260 |  |  | 501,466 |  |  | 69,095 |  |  | (570,561 | ) |  | 541,260 |
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |
Foreign currency translation, net of tax | 6,704 |  |  | 5,477 |  |  | 5,360 |  |  | (10,837 | ) |  | 6,704 |
Net change in unrealized gains/losses on cash flow hedges, net of tax | (9,016 | ) |  | — |  |  | — |  |  | — |  |  | (9,016 | )
Net change in unrealized gains/losses on pension plans, net of tax | (23,859 | ) |  | (6,088 | ) |  | (17,771 | ) |  | 23,859 |  |  | (23,859 | )
Net change in other comprehensive income from unconsolidated subsidiaries | 236 |  |  | — |  |  | 236 |  |  | (236 | ) |  | 236 |
Other comprehensive loss | (25,935 | ) |  | (611 | ) |  | (12,175 | ) |  | 12,786 |  |  | (25,935 | )
Comprehensive income | 515,325 |  |  | 500,855 |  |  | 60,694 |  |  | (557,775 | ) |  | 519,099 |
Less: comprehensive income attributable to continuing noncontrolling interest | — |  |  | — |  |  | 2,800 |  |  | — |  |  | 2,800 |
Less: comprehensive income attributable to discontinued noncontrolling interest | — |  |  | — |  |  | 974 |  |  | — |  |  | 974 |
Comprehensive income attributable to LKQ stockholders | $ | 515,325 |  |  | $ | 500,855 |  |  | $ | 56,920 |  |  | $ | (557,775 | ) |  | $ | 515,325 |
LKQ CORPORATION AND SUBSIDIARIES Condensed Consolidating Statements of Comprehensive Income (In thousands)
| Year Ended December 31, 2018
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net income | $ | 480,118 |  |  | $ | 467,035 |  |  | $ | 43,652 |  |  | $ | (507,637 | ) |  | $ | 483,168 |
Less: net income attributable to noncontrolling interest | — |  |  | — |  |  | 3,050 |  |  | — |  |  | 3,050 |
Net income attributable to LKQ stockholders | 480,118 |  |  | 467,035 |  |  | 40,602 |  |  | (507,637 | ) |  | 480,118 |
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |
Foreign currency translation, net of tax | (108,523 | ) |  | (8,628 | ) |  | (75,462 | ) |  | 84,090 |  |  | (108,523 | )
Net change in unrealized gains/losses on cash flow hedges, net of tax | 350 |  |  | — |  |  | — |  |  | — |  |  | 350 |
Net change in unrealized gains/losses on pension plans, net of tax | 697 |  |  | 1,266 |  |  | (569 | ) |  | (697 | ) |  | 697 |
Net change in other comprehensive loss from unconsolidated subsidiaries | (2,343 | ) |  | — |  |  | (2,343 | ) |  | 2,343 |  |  | (2,343 | )
Other comprehensive loss | (109,819 | ) |  | (7,362 | ) |  | (78,374 | ) |  | 85,736 |  |  | (109,819 | )
Comprehensive income (loss) | 370,299 |  |  | 459,673 |  |  | (34,722 | ) |  | (421,901 | ) |  | 373,349 |
Less: comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 3,050 |  |  | — |  |  | 3,050 |
Comprehensive income (loss) attributable to LKQ stockholders | $ | 370,299 |  |  | $ | 459,673 |  |  | $ | (37,772 | ) |  | $ | (421,901 | ) |  | $ | 370,299 |
LKQ CORPORATION AND SUBSIDIARIES Condensed Consolidating Statements of Comprehensive Income (In thousands)
| Year Ended December 31, 2017
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net income | $ | 533,744 |  |  | $ | 523,610 |  |  | $ | 138,045 |  |  | $ | (665,171 | ) |  | $ | 530,228 |
Less: net loss attributable to noncontrolling interest | — |  |  | — |  |  | (3,516 | ) |  | — |  |  | (3,516 | )
Net income attributable to LKQ stockholders | 533,744 |  |  | 523,610 |  |  | 141,561 |  |  | (665,171 | ) |  | 533,744 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Foreign currency translation, net of tax | 200,596 |  |  | 16,743 |  |  | 206,049 |  |  | (222,792 | ) |  | 200,596 |
Net change in unrealized gains/losses on cash flow hedges, net of tax | 3,447 |  |  | (133 | ) |  | — |  |  | 133 |  |  | 3,447 |
Net change in unrealized gains/losses on pension plans, net of tax | (6,035 | ) |  | (3,254 | ) |  | (2,781 | ) |  | 6,035 |  |  | (6,035 | )
Net change in other comprehensive loss from unconsolidated subsidiaries | (1,309 | ) |  | — |  |  | (1,309 | ) |  | 1,309 |  |  | (1,309 | )
Other comprehensive income | 196,699 |  |  | 13,356 |  |  | 201,959 |  |  | (215,315 | ) |  | 196,699 |
Comprehensive income | 730,443 |  |  | 536,966 |  |  | 340,004 |  |  | (880,486 | ) |  | 726,927 |
Less: comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (3,516 | ) |  | — |  |  | (3,516 | )
Comprehensive income attributable to LKQ stockholders | $ | 730,443 |  |  | $ | 536,966 |  |  | $ | 343,520 |  |  | $ | (880,486 | ) |  | $ | 730,443 |
LKQ CORPORATION AND SUBSIDIARIES Condensed Consolidating Balance Sheets (In thousands)
| December 31, 2019
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 240,476 |  |  | $ | 44,326 |  |  | $ | 238,218 |  |  | $ | — |  |  | $ | 523,020 |
Receivables, net | — |  |  | 304,416 |  |  | 826,716 |  |  | — |  |  | 1,131,132 |
Intercompany receivables, net | 9,822 |  |  | — |  |  | 18,261 |  |  | (28,083 | ) |  | — |
Inventories | — |  |  | 1,289,389 |  |  | 1,483,388 |  |  | — |  |  | 2,772,777 |
Prepaid expenses and other current assets | 11,606 |  |  | 94,146 |  |  | 155,138 |  |  | — |  |  | 260,890 |
Total current assets | 261,904 |  |  | 1,732,277 |  |  | 2,721,721 |  |  | (28,083 | ) |  | 4,687,819 |
Property, plant and equipment, net | 423 |  |  | 640,648 |  |  | 593,329 |  |  | — |  |  | 1,234,400 |
Operating lease assets, net | 3,701 |  |  | 808,726 |  |  | 496,084 |  |  | — |  |  | 1,308,511 |
Intangible assets: |  |  |  |  |  |  |  |  |
Goodwill | — |  |  | 2,012,282 |  |  | 2,394,253 |  |  | — |  |  | 4,406,535 |
Other intangibles, net | 564 |  |  | 249,497 |  |  | 600,277 |  |  | — |  |  | 850,338 |
Investment in subsidiaries | 5,345,724 |  |  | 127,551 |  |  | — |  |  | (5,473,275 | ) |  | — |
Intercompany notes receivable | 1,021,380 |  |  | 120,099 |  |  | — |  |  | (1,141,479 | ) |  | — |
Equity method investments | — |  |  | 17,624 |  |  | 121,619 |  |  | — |  |  | 139,243 |
Other noncurrent assets | 64,080 |  |  | 39,204 |  |  | 49,826 |  |  | — |  |  | 153,110 |
Total assets | $ | 6,697,776 |  |  | $ | 5,747,908 |  |  | $ | 6,977,109 |  |  | $ | (6,642,837 | ) |  | $ | 12,779,956 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 2,883 |  |  | $ | 397,647 |  |  | $ | 542,265 |  |  | $ | — |  |  | $ | 942,795 |
Intercompany payables, net | — |  |  | 18,261 |  |  | 9,822 |  |  | (28,083 | ) |  | — |
Accrued expenses: |  |  |  |  |  |  |  |  |
Accrued payroll-related liabilities | 8,837 |  |  | 66,877 |  |  | 103,489 |  |  | — |  |  | 179,203 |
Refund liability | — |  |  | 46,789 |  |  | 50,525 |  |  | — |  |  | 97,314 |
Other accrued expenses | 8,895 |  |  | 119,352 |  |  | 161,436 |  |  | — |  |  | 289,683 |
Other current liabilities | 282 |  |  | 23,641 |  |  | 97,700 |  |  |  |  |  | 121,623 |
Current portion of operating lease liabilities | 224 |  |  | 119,538 |  |  | 101,765 |  |  | — |  |  | 221,527 |
Current portion of long-term obligations | 202,220 |  |  | 3,124 |  |  | 121,023 |  |  | — |  |  | 326,367 |
Total current liabilities | 223,341 |  |  | 795,229 |  |  | 1,188,025 |  |  | (28,083 | ) |  | 2,178,512 |
Long-term operating lease liabilities, excluding current portion | 3,883 |  |  | 721,584 |  |  | 412,130 |  |  | — |  |  | 1,137,597 |
Long-term obligations, excluding current portion | 1,331,015 |  |  | 14,268 |  |  | 2,370,106 |  |  | — |  |  | 3,715,389 |
Intercompany notes payable | — |  |  | 517,361 |  |  | 624,118 |  |  | (1,141,479 | ) |  | — |
Deferred income taxes | 5,229 |  |  | 161,574 |  |  | 143,326 |  |  | — |  |  | 310,129 |
Other noncurrent liabilities | 125,432 |  |  | 80,611 |  |  | 159,629 |  |  | — |  |  | 365,672 |
Redeemable noncontrolling interest | — |  |  | — |  |  | 24,077 |  |  | — |  |  | 24,077 |
Stockholders' equity: |  |  |  |  |  |  |  |  |
Total Company stockholders’ equity | 5,008,876 |  |  | 3,457,281 |  |  | 2,015,994 |  |  | (5,473,275 | ) |  | 5,008,876 |
Noncontrolling interest | — |  |  | — |  |  | 39,704 |  |  | — |  |  | 39,704 |
Total stockholders’ equity | 5,008,876 |  |  | 3,457,281 |  |  | 2,055,698 |  |  | (5,473,275 | ) |  | 5,048,580 |
Total liabilities and stockholders' equity | $ | 6,697,776 |  |  | $ | 5,747,908 |  |  | $ | 6,977,109 |  |  | $ | (6,642,837 | ) |  | $ | 12,779,956 |
LKQ CORPORATION AND SUBSIDIARIES Condensed Consolidating Balance Sheets (In thousands)
| December 31, 2018
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 25,633 |  |  | $ | 29,285 |  |  | $ | 276,843 |  |  | $ | — |  |  | $ | 331,761 |
Receivables, net | 310 |  |  | 316,726 |  |  | 837,047 |  |  | — |  |  | 1,154,083 |
Intercompany receivables, net | 6,978 |  |  | — |  |  | 12,880 |  |  | (19,858 | ) |  | — |
Inventories | — |  |  | 1,343,612 |  |  | 1,492,463 |  |  | — |  |  | 2,836,075 |
Prepaid expenses and other current assets | 18,611 |  |  | 99,356 |  |  | 81,063 |  |  | — |  |  | 199,030 |
Total current assets | 51,532 |  |  | 1,788,979 |  |  | 2,700,296 |  |  | (19,858 | ) |  | 4,520,949 |
Property, plant and equipment, net | 1,547 |  |  | 600,054 |  |  | 618,561 |  |  | — |  |  | 1,220,162 |
Intangible assets: |  |  |  |  |  |  |  |  |
Goodwill | — |  |  | 1,973,364 |  |  | 2,408,094 |  |  | — |  |  | 4,381,458 |
Other intangibles, net | 260 |  |  | 272,451 |  |  | 656,041 |  |  | — |  |  | 928,752 |
Investment in subsidiaries | 5,224,006 |  |  | 111,826 |  |  | — |  |  | (5,335,832 | ) |  | — |
Intercompany notes receivable | 1,220,582 |  |  | 10,515 |  |  | — |  |  | (1,231,097 | ) |  | — |
Equity method investments | — |  |  | 16,404 |  |  | 162,765 |  |  | — |  |  | 179,169 |
Other noncurrent assets | 70,283 |  |  | 40,548 |  |  | 52,081 |  |  | — |  |  | 162,912 |
Total assets | $ | 6,568,210 |  |  | $ | 4,814,141 |  |  | $ | 6,597,838 |  |  | $ | (6,586,787 | ) |  | $ | 11,393,402 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 2,454 |  |  | $ | 343,116 |  |  | $ | 596,828 |  |  | $ | — |  |  | $ | 942,398 |
Intercompany payables, net | — |  |  | 12,880 |  |  | 6,978 |  |  | (19,858 | ) |  | — |
Accrued expenses: |  |  |  |  |  |  |  |  |
Accrued payroll-related liabilities | 6,652 |  |  | 70,267 |  |  | 95,086 |  |  | — |  |  | 172,005 |
Refund liability | — |  |  | 50,899 |  |  | 53,686 |  |  | — |  |  | 104,585 |
Other accrued expenses | 5,454 |  |  | 105,672 |  |  | 177,299 |  |  | — |  |  | 288,425 |
Other current liabilities | 283 |  |  | 17,860 |  |  | 42,966 |  |  | — |  |  | 61,109 |
Current portion of long-term obligations | 8,459 |  |  | 2,932 |  |  | 110,435 |  |  | — |  |  | 121,826 |
Total current liabilities | 23,302 |  |  | 603,626 |  |  | 1,083,278 |  |  | (19,858 | ) |  | 1,690,348 |
Long-term obligations, excluding current portion | 1,628,677 |  |  | 13,532 |  |  | 2,546,465 |  |  | — |  |  | 4,188,674 |
Intercompany notes payable | — |  |  | 597,283 |  |  | 633,814 |  |  | (1,231,097 | ) |  | — |
Deferred income taxes | 8,045 |  |  | 135,355 |  |  | 168,034 |  |  | — |  |  | 311,434 |
Other noncurrent liabilities | 125,888 |  |  | 99,147 |  |  | 139,159 |  |  | — |  |  | 364,194 |
Total Company stockholders’ equity | 4,782,298 |  |  | 3,365,198 |  |  | 1,970,634 |  |  | (5,335,832 | ) |  | 4,782,298 |
Noncontrolling interest | — |  |  | — |  |  | 56,454 |  |  | — |  |  | 56,454 |
Total stockholders’ equity | 4,782,298 |  |  | 3,365,198 |  |  | 2,027,088 |  |  | (5,335,832 | ) |  | 4,838,752 |
Total liabilities and stockholders' equity | $ | 6,568,210 |  |  | $ | 4,814,141 |  |  | $ | 6,597,838 |  |  | $ | (6,586,787 | ) |  | $ | 11,393,402 |
LKQ CORPORATION AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows (In thousands)
| Year Ended December 31, 2019
| Parent |  | Guarantors |  | Non-Guarantors (1) |  | Eliminations |  | Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 500,658 |  |  | $ | 275,443 |  |  | $ | 378,100 |  |  | $ | (90,168 | ) |  | $ | 1,064,033 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (564 | ) |  | (134,992 | ) |  | (130,174 | ) |  | — |  |  | (265,730 | )
Proceeds from disposals of property, plant and equipment | — |  |  | 6,821 |  |  | 9,224 |  |  | — |  |  | 16,045 |
Investment and intercompany note activity with subsidiaries | 130,600 |  |  | — |  |  | — |  |  | (130,600 | ) |  | — |
Acquisitions, net of cash and restricted cash acquired | — |  |  | (23,643 | ) |  | (3,653 | ) |  | — |  |  | (27,296 | )
Proceeds from disposal of businesses | — |  |  | 19,682 |  |  | (1,213 | ) |  | — |  |  | 18,469 |
Investments in unconsolidated subsidiaries | — |  |  | (3,250 | ) |  | (4,344 | ) |  | — |  |  | (7,594 | )
Receipts of deferred purchase price on receivables under factoring arrangements | — |  |  | 358,995 |  |  | — |  |  | (358,995 | ) |  | — |
Other investing activities, net | 967 |  |  | 286 |  |  | — |  |  | — |  |  | 1,253 |
Net cash provided by (used in) investing activities | 131,003 |  |  | 223,899 |  |  | (130,160 | ) |  | (489,595 | ) |  | (264,853 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Purchase of treasury stock | (291,813 | ) |  | — |  |  | — |  |  | — |  |  | (291,813 | )
Borrowings under revolving credit facilities | 218,000 |  |  | — |  |  | 387,708 |  |  | — |  |  | 605,708 |
Repayments under revolving credit facilities | (316,692 | ) |  | — |  |  | (417,779 | ) |  | — |  |  | (734,471 | )
Repayments under term loans | (8,750 | ) |  | — |  |  | — |  |  | — |  |  | (8,750 | )
Borrowings under receivables securitization facility | — |  |  | — |  |  | 36,600 |  |  | — |  |  | 36,600 |
Repayments under receivables securitization facility | — |  |  | — |  |  | (146,600 | ) |  | — |  |  | (146,600 | )
Payment of notes issued and assumed debt from acquisitions | (19,123 | ) |  | — |  |  | — |  |  | — |  |  | (19,123 | )
Repayments of other debt, net | (749 | ) |  | (2,185 | ) |  | (30,988 | ) |  | — |  |  | (33,922 | )
Other financing activities, net | 2,309 |  |  | — |  |  | (10,607 | ) |  | — |  |  | (8,298 | )
Investment and intercompany note activity with parent | — |  |  | (34,026 | ) |  | (96,574 | ) |  | 130,600 |  |  | — |
Dividends | — |  |  | (449,163 | ) |  | — |  |  | 449,163 |  |  | — |
Net cash used in financing activities | (416,818 | ) |  | (485,374 | ) |  | (278,240 | ) |  | 579,763 |  |  | (600,669 | )
Effect of exchange rate changes on cash, cash equivalents and restricted cash | — |  |  | 1,073 |  |  | (1,977 | ) |  | — |  |  | (904 | )
Net increase (decrease) in cash, cash equivalents and restricted cash | 214,843 |  |  | 15,041 |  |  | (32,277 | ) |  | — |  |  | 197,607 |
Cash, cash equivalents and restricted cash of continuing operations, beginning of period | 25,633 |  |  | 29,285 |  |  | 282,332 |  |  | — |  |  | 337,250 |
Cash, cash equivalents and restricted cash of continuing and discontinued operations, end of period | 240,476 |  |  | 44,326 |  |  | 250,055 |  |  | — |  |  | 534,857 |
Less: Cash and cash equivalents of discontinued operations, end of period | — |  |  | — |  |  | 6,470 |  |  | — |  |  | 6,470 |
Cash, cash equivalents and restricted cash, end of period | $ | 240,476 |  |  | $ | 44,326 |  |  | $ | 243,585 |  |  | $ | — |  |  | $ | 528,387 |
(1) Restricted cash is only included in the condensed consolidating financial information of the Non-Guarantors
LKQ CORPORATION AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows (In thousands)
| Year Ended December 31, 2018
| Parent |  | Guarantors |  | Non-Guarantors (1) |  | Eliminations |  | Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 481,138 |  |  | $ | 277,595 |  |  | $ | 111,213 |  |  | $ | (159,207 | ) |  | $ | 710,739 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (848 | ) |  | (136,033 | ) |  | (113,146 | ) |  | — |  |  | (250,027 | )
Proceeds from disposals of property, plant and equipment | — |  |  | 22,393 |  |  | 5,266 |  |  | — |  |  | 27,659 |
Investment and intercompany note activity with subsidiaries | (97,261 | ) |  | — |  |  | — |  |  | 97,261 |  |  | — |
Return of investment in subsidiaries | 143,524 |  |  | — |  |  | — |  |  | (143,524 | ) |  | — |
Acquisitions, net of cash and restricted cash acquired | — |  |  | (8,217 | ) |  | (1,206,778 | ) |  | — |  |  | (1,214,995 | )
Investments in unconsolidated subsidiaries | — |  |  | (12,216 | ) |  | (48,084 | ) |  | — |  |  | (60,300 | )
Receipts of deferred purchase price on receivables under factoring arrangements | — |  |  | 317,091 |  |  | 36,991 |  |  | (317,091 | ) |  | 36,991 |
Other investing activities, net | 887 |  |  | 180 |  |  | 666 |  |  | — |  |  | 1,733 |
Net cash provided by (used in) investing activities | 46,302 |  |  | 183,198 |  |  | (1,325,085 | ) |  | (363,354 | ) |  | (1,458,939 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Debt issuance costs | (5,434 | ) |  | — |  |  | (15,694 | ) |  | — |  |  | (21,128 | )
Proceeds from issuance of Euro Notes (2026/28) | — |  |  | — |  |  | 1,232,100 |  |  | — |  |  | 1,232,100 |
Purchase of treasury stock | (60,000 | ) |  | — |  |  | — |  |  | — |  |  | (60,000 | )
Borrowings under revolving credit facilities | 765,632 |  |  | — |  |  | 901,693 |  |  | — |  |  | 1,667,325 |
Repayments under revolving credit facilities | (884,863 | ) |  | — |  |  | (644,107 | ) |  | — |  |  | (1,528,970 | )
Repayments under term loans | (354,800 | ) |  | — |  |  | — |  |  | — |  |  | (354,800 | )
Borrowings under receivables securitization facility | — |  |  | — |  |  | 10,120 |  |  | — |  |  | 10,120 |
Repayments under receivables securitization facility | — |  |  | — |  |  | (120 | ) |  | — |  |  | (120 | )
Payment of notes issued and assumed debt from acquisitions | — |  |  | — |  |  | (54,888 | ) |  | — |  |  | (54,888 | )
Repayments of other debt, net | (385 | ) |  | (3,636 | ) |  | (7,709 | ) |  | — |  |  | (11,730 | )
Other financing activities, net | 3,683 |  |  | — |  |  | 1,403 |  |  | — |  |  | 5,086 |
Investment and intercompany note activity with parent | — |  |  | (68,435 | ) |  | 165,696 |  |  | (97,261 | ) |  | — |
Dividends | — |  |  | (392,883 | ) |  | (226,939 | ) |  | 619,822 |  |  | — |
Net cash (used in) provided by financing activities | (536,167 | ) |  | (464,954 | ) |  | 1,361,555 |  |  | 522,561 |  |  | 882,995 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | — |  |  | (1,685 | ) |  | (75,626 | ) |  | — |  |  | (77,311 | )
Net (decrease) increase in cash, cash equivalents and restricted cash | (8,727 | ) |  | (5,846 | ) |  | 72,057 |  |  | — |  |  | 57,484 |
Cash, cash equivalents and restricted cash, beginning of period | 34,360 |  |  | 35,131 |  |  | 210,275 |  |  | — |  |  | 279,766 |
Cash, cash equivalents and restricted cash, end of period | $ | 25,633 |  |  | $ | 29,285 |  |  | $ | 282,332 |  |  | $ | — |  |  | $ | 337,250 |
(1) Restricted cash is only included in the condensed consolidating financial information of the Non-Guarantors
LKQ CORPORATION AND SUBSIDIARIES Condensed Consolidating Statements of Cash Flows (In thousands)
| Year Ended December 31, 2017
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 243,011 |  |  | $ | 186,459 |  |  | $ | 95,617 |  |  | $ | (6,187 | ) |  | $ | 518,900 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (648 | ) |  | (87,102 | ) |  | (91,340 | ) |  | — |  |  | (179,090 | )
Proceeds from disposals of property, plant and equipment | — |  |  | 6,490 |  |  | 2,217 |  |  | — |  |  | 8,707 |
Investment and intercompany note activity with subsidiaries | 57,735 |  |  | — |  |  | — |  |  | (57,735 | ) |  | — |
Acquisitions, net of cash and restricted cash acquired | — |  |  | (335,582 | ) |  | (177,506 | ) |  | — |  |  | (513,088 | )
Proceeds from disposals of businesses | — |  |  | 305,740 |  |  | (4,443 | ) |  | — |  |  | 301,297 |
Investments in unconsolidated subsidiaries | — |  |  | (2,750 | ) |  | (4,914 | ) |  | — |  |  | (7,664 | )
Receipts of deferred purchase price on receivables under factoring arrangements (1) | — |  |  | 294,925 |  |  | — |  |  | (294,925 | ) |  | — |
Other investing activities, net | — |  |  | — |  |  | 5,243 |  |  | — |  |  | 5,243 |
Net cash provided by (used in) investing activities | 57,087 |  |  | 181,721 |  |  | (270,743 | ) |  | (352,660 | ) |  | (384,595 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Debt issuance costs | (4,267 | ) |  | — |  |  | — |  |  | — |  |  | (4,267 | )
Borrowings under revolving credit facilities | 558,000 |  |  | — |  |  | 281,171 |  |  | — |  |  | 839,171 |
Repayments under revolving credit facilities | (824,862 | ) |  | — |  |  | (121,615 | ) |  | — |  |  | (946,477 | )
Repayments under term loans | (27,884 | ) |  | — |  |  | — |  |  | — |  |  | (27,884 | )
Borrowings under receivables securitization facility | — |  |  | — |  |  | 11,245 |  |  | — |  |  | 11,245 |
Repayments under receivables securitization facility | — |  |  | — |  |  | (11,245 | ) |  | — |  |  | (11,245 | )
(Repayments) borrowings of other debt, net | (1,700 | ) |  | (1,318 | ) |  | 22,724 |  |  | — |  |  | 19,706 |
Other financing activities, net | 1,945 |  |  | (1,336 | ) |  | 6,575 |  |  | — |  |  | 7,184 |
Investment and intercompany note activity with parent | — |  |  | (65,498 | ) |  | 7,763 |  |  | 57,735 |  |  | — |
Dividends | — |  |  | (301,112 | ) |  | — |  |  | 301,112 |  |  | — |
Net cash (used in) provided by financing activities | (298,768 | ) |  | (369,264 | ) |  | 196,618 |  |  | 358,847 |  |  | (112,567 | )
Effect of exchange rate changes on cash, cash equivalents and restricted cash | — |  |  | 706 |  |  | 22,806 |  |  | — |  |  | 23,512 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,330 |  |  | (378 | ) |  | 44,298 |  |  | — |  |  | 45,250 |
Cash, cash equivalents and restricted cash of continuing operations, beginning of period | 33,030 |  |  | 35,360 |  |  | 159,010 |  |  | — |  |  | 227,400 |
Add: Cash, cash equivalents and restricted cash of discontinued operations, beginning of period | — |  |  | 149 |  |  | 6,967 |  |  | — |  |  | 7,116 |
Cash, cash equivalents and restricted cash of continuing and discontinued operations, beginning of period | 33,030 |  |  | 35,509 |  |  | 165,977 |  |  | — |  |  | 234,516 |
Cash, cash equivalents and restricted cash, end of period | $ | 34,360 |  |  | $ | 35,131 |  |  | $ | 210,275 |  |  | $ | — |  |  | $ | 279,766 |
(1) Reflects the impact of adopting ASU 2016-15

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph d -Subparagraph 4 -Subsection 10 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph c -Subparagraph 4 -Subsection 10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph a -Subsection 04 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph e -Subparagraph 4 -Subsection 10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph f -Subparagraph 4 -Subsection 10 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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