XML 12 R39.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Condensed Consolidated Financial Information Condensed Consolidated Financial Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2015
Condensed Consolidated Financial Information [Abstract] |
Condensed Balance Sheet [Table Text Block] | CONDENSED CONSOLIDATED BALANCE SHEET March 31, 2015
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
ASSETS
CURRENT ASSETS: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 4,449 |  |  | $ | 21,830 |  |  | $ | — |  |  | $ | 26,279 |
Contracts-in-transit and vehicle receivables, net | — |  |  | 196,674 |  |  | 28,374 |  |  | — |  |  | 225,048 |
Accounts and notes receivable, net | — |  |  | 105,570 |  |  | 31,803 |  |  | — |  |  | 137,373 |
Intercompany accounts receivable | — |  |  | 257,147 |  |  | — |  |  | (257,147 | ) |  |
Inventories, net | — |  |  | 1,346,561 |  |  | 200,875 |  |  | — |  |  | 1,547,436 |
Deferred income taxes | 240 |  |  | 13,076 |  |  | — |  |  | — |  |  | 13,316 |
Prepaid expenses and other current assets | 743 |  |  | 17,297 |  |  | 14,997 |  |  | — |  |  | 33,037 |
Total current assets | 983 |  |  | 1,940,774 |  |  | 297,879 |  |  | (257,147 | ) |  | 1,982,489 |
PROPERTY AND EQUIPMENT, net | — |  |  | 835,370 |  |  | 109,115 |  |  | — |  |  | 944,485 |
GOODWILL | — |  |  | 734,367 |  |  | 113,305 |  |  | — |  |  | 847,672 |
INTANGIBLE FRANCHISE RIGHTS | — |  |  | 266,345 |  |  | 39,405 |  |  | — |  |  | 305,750 |
INVESTMENT IN SUBSIDIARIES | 2,039,365 |  |  | — |  |  | — |  |  | (2,039,365 | ) |  | — |
OTHER ASSETS | — |  |  | 9,277 |  |  | 8,794 |  |  | — |  |  | 18,071 |
Total assets | $ | 2,040,348 |  |  | $ | 3,786,133 |  |  | $ | 568,498 |  |  | $ | (2,296,512 | ) |  | $ | 4,098,467 |
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
Floorplan notes payable — credit facility and other | $ | — |  |  | $ | 1,133,884 |  |  | $ | 4,611 |  |  | $ | — |  |  | $ | 1,138,495 |
Offset account related to floorplan notes payable - credit facility | — |  |  | (79,795 | ) |  | — |  |  | — |  |  | (79,795 | )
Floorplan notes payable — manufacturer affiliates | — |  |  | 195,038 |  |  | 95,000 |  |  | — |  |  | 290,038 |
Offset account related to floorplan notes payable - manufacturer affiliates | — |  |  | (21,000 | ) |  | — |  |  | — |  |  | (21,000 | )
Current maturities of long-term debt and short-term financing | — |  |  | 56,439 |  |  | 12,836 |  |  | — |  |  | 69,275 |
Accounts payable | — |  |  | 139,261 |  |  | 111,265 |  |  | — |  |  | 250,526 |
Intercompany accounts payable | 299,275 |  |  | — |  |  | 257,147 |  |  | (556,422 | ) |  | — |
Accrued expenses | — |  |  | 146,999 |  |  | 22,568 |  |  | — |  |  | 169,567 |
Total current liabilities | 299,275 |  |  | 1,570,826 |  |  | 503,427 |  |  | (556,422 | ) |  | 1,817,106 |
LONG-TERM DEBT, net of current maturities | 664,120 |  |  | 347,809 |  |  | 66,035 |  |  | — |  |  | 1,077,964 |
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES | — |  |  | 33,793 |  |  | — |  |  | — |  |  | 33,793 |
DEFERRED INCOME TAXES AND OTHER LIABILITIES | — |  |  | 197,710 |  |  | 12,067 |  |  | — |  |  | 209,777 |
STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
Group 1 stockholders’ equity | 1,076,953 |  |  | 1,935,270 |  |  | (13,031 | ) |  | (2,039,365 | ) |  | 959,827 |
Intercompany note receivable | — |  |  | (299,275 | ) |  | — |  |  | 299,275 |  |  | — |
Total stockholders’ equity | 1,076,953 |  |  | 1,635,995 |  |  | (13,031 | ) |  | (1,740,090 | ) |  | 959,827 |
Total liabilities and stockholders’ equity | $ | 2,040,348 |  |  | $ | 3,786,133 |  |  | $ | 568,498 |  |  | $ | (2,296,512 | ) |  | $ | 4,098,467 |
CONDENSED CONSOLIDATED BALANCE SHEET December 31, 2014
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
ASSETS
CURRENT ASSETS: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 25,379 |  |  | $ | 15,596 |  |  | $ | — |  |  | $ | 40,975 |
Contracts-in-transit and vehicle receivables, net | — |  |  | 218,361 |  |  | 19,087 |  |  | — |  |  | 237,448 |
Accounts and notes receivable, net | — |  |  | 117,427 |  |  | 33,903 |  |  | — |  |  | 151,330 |
Intercompany accounts receivable | — |  |  | 276,217 |  |  | — |  |  | (276,217 | ) |  | — |
Inventories, net | — |  |  | 1,342,022 |  |  | 214,683 |  |  | — |  |  | 1,556,705 |
Deferred income taxes | 196 |  |  | 10,866 |  |  | — |  |  | — |  |  | 11,062 |
Prepaid expenses and other current assets | 590 |  |  | 22,039 |  |  | 15,070 |  |  | — |  |  | 37,699 |
Total current assets | 786 |  |  | 2,012,311 |  |  | 298,339 |  |  | (276,217 | ) |  | 2,035,219 |
PROPERTY AND EQUIPMENT, net | — |  |  | 839,063 |  |  | 111,325 |  |  | — |  |  | 950,388 |
GOODWILL | — |  |  | 700,642 |  |  | 129,735 |  |  | — |  |  | 830,377 |
INTANGIBLE FRANCHISE RIGHTS | — |  |  | 257,502 |  |  | 46,445 |  |  | — |  |  | 303,947 |
INVESTMENT IN SUBSIDIARIES | 1,964,442 |  |  | — |  |  | — |  |  | (1,964,442 | ) |  | — |
OTHER ASSETS | — |  |  | 10,120 |  |  | 11,441 |  |  | — |  |  | 21,561 |
Total assets | $ | 1,965,228 |  |  | $ | 3,819,638 |  |  | $ | 597,285 |  |  | $ | (2,240,659 | ) |  | $ | 4,141,492 |
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
Floorplan notes payable — credit facility and other | $ | — |  |  | $ | 1,137,743 |  |  | $ | 5,503 |  |  | $ | — |  |  | $ | 1,143,246 |
Offset account related to floorplan notes payable - credit facility | — |  |  | (39,616 | ) |  | — |  |  | — |  |  | (39,616 | )
Floorplan notes payable — manufacturer affiliates | — |  |  | 207,329 |  |  | 100,327 |  |  | — |  |  | 307,656 |
Offset account related to floorplan notes payable - manufacturer affiliates | — |  |  | (22,500 | ) |  | — |  |  | — |  |  | (22,500 | )
Current maturities of long-term debt and short-term financing | — |  |  | 61,185 |  |  | 11,445 |  |  | — |  |  | 72,630 |
Accounts payable | — |  |  | 176,143 |  |  | 112,177 |  |  | — |  |  | 288,320 |
Intercompany accounts payable | 295,421 |  |  | — |  |  | 276,217 |  |  | (571,638 | ) |  | — |
Accrued expenses | — |  |  | 149,700 |  |  | 22,763 |  |  | — |  |  | 172,463 |
Total current liabilities | 295,421 |  |  | 1,669,984 |  |  | 528,432 |  |  | (571,638 | ) |  | 1,922,199 |
LONG-TERM DEBT, net of current maturities | 609,812 |  |  | 347,202 |  |  | 51,823 |  |  | — |  |  | 1,008,837 |
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES | — |  |  | 25,311 |  |  | — |  |  | — |  |  | 25,311 |
DEFERRED INCOME TAXES AND OTHER LIABILITIES | — |  |  | 193,077 |  |  | 14,058 |  |  | — |  |  | 207,135 |
STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
Group 1 stockholders’ equity | 1,059,995 |  |  | 1,879,485 |  |  | 2,972 |  |  | (1,964,442 | ) |  | 978,010 |
Intercompany note receivable | — |  |  | (295,421 | ) |  | — |  |  | 295,421 |  |  | — |
Total stockholders’ equity | 1,059,995 |  |  | 1,584,064 |  |  | 2,972 |  |  | (1,669,021 | ) |  | 978,010 |
Total liabilities and stockholders’ equity | $ | 1,965,228 |  |  | $ | 3,819,638 |  |  | $ | 597,285 |  |  | $ | (2,240,659 | ) |  | $ | 4,141,492 |
Condensed Income Statement [Table Text Block] | CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, 2015
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
REVENUES: | $ | — |  |  | $ | 1,998,500 |  |  | $ | 434,354 |  |  | $ | — |  |  | $ | 2,432,854 |
COST OF SALES: | — |  |  | 1,684,012 |  |  | 384,958 |  |  | — |  |  | 2,068,970 |
GROSS PROFIT | — |  |  | 314,488 |  |  | 49,396 |  |  | — |  |  | 363,884 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 1,231 |  |  | 227,472 |  |  | 42,766 |  |  | — |  |  | 271,469 |
DEPRECIATION AND AMORTIZATION EXPENSE | — |  |  | 10,118 |  |  | 1,566 |  |  | — |  |  | 11,684 |
INCOME FROM OPERATIONS | (1,231 | ) |  | 76,898 |  |  | 5,064 |  |  | — |  |  | 80,731 |
OTHER EXPENSE: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | (8,519 | ) |  | (829 | ) |  | — |  |  | (9,348 | )
Other interest expense, net | 592 |  |  | (12,723 | ) |  | (1,780 | ) |  | — |  |  | (13,911 | )
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | (639 | ) |  | 55,656 |  |  | 2,455 |  |  | — |  |  | 57,472 |
(PROVISION) BENEFIT FOR INCOME TAXES | 240 |  |  | (20,602 | ) |  | (1,295 | ) |  | — |  |  | (21,657 | )
EQUITY IN EARNINGS OF SUBSIDIARIES | 36,214 |  |  | — |  |  | — |  |  | (36,214 | ) |  | — |
NET INCOME (LOSS) | $ | 35,815 |  |  | $ | 35,054 |  |  | $ | 1,160 |  |  | $ | (36,214 | ) |  | $ | 35,815 |
COMPREHENSIVE INCOME (LOSS) | — |  |  | (4,546 | ) |  | (30,594 | ) |  | — |  |  | (35,140 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT | $ | 35,815 |  |  | $ | 30,508 |  |  | $ | (29,434 | ) |  | $ | (36,214 | ) |  | $ | 675 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, 2014
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
REVENUES: | $ | — |  |  | $ | 1,834,627 |  |  | $ | 426,236 |  |  | $ | — |  |  | $ | 2,260,863 |
COST OF SALES: | — |  |  | 1,544,895 |  |  | 377,846 |  |  | — |  |  | 1,922,741 |
GROSS PROFIT | — |  |  | 289,732 |  |  | 48,390 |  |  | — |  |  | 338,122 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 842 |  |  | 214,658 |  |  | 42,058 |  |  | — |  |  | 257,558 |
DEPRECIATION AND AMORTIZATION EXPENSE | — |  |  | 8,626 |  |  | 1,299 |  |  | — |  |  | 9,925 |
INCOME FROM OPERATIONS | (842 | ) |  | 66,448 |  |  | 5,033 |  |  | — |  |  | 70,639 |
OTHER EXPENSE: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | (8,584 | ) |  | (2,329 | ) |  | — |  |  | (10,913 | )
Other interest expense, net | 565 |  |  | (10,264 | ) |  | (814 | ) |  | — |  |  | (10,513 | )
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | (277 | ) |  | 47,600 |  |  | 1,890 |  |  | — |  |  | 49,213 |
(PROVISION) BENEFIT FOR INCOME TAXES | 103 |  |  | (16,931 | ) |  | (1,082 | ) |  | — |  |  | (17,910 | )
EQUITY IN EARNINGS OF SUBSIDIARIES | 31,477 |  |  | — |  |  | — |  |  | (31,477 | ) |  | — |
NET INCOME (LOSS) | $ | 31,303 |  |  | $ | 30,669 |  |  | $ | 808 |  |  | $ | (31,477 | ) |  | $ | 31,303 |
COMPREHENSIVE INCOME (LOSS) | — |  |  | (780 | ) |  | 8,215 |  |  | — |  |  | 7,435 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT | $ | 31,303 |  |  | $ | 29,889 |  |  | $ | 9,023 |  |  | $ | (31,477 | ) |  | $ | 38,738 |
Condensed Cash Flow Statement [Table Text Block] | CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Three Months Ended March 31, 2015
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Total Company
| (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | (399 | ) |  | $ | 57,971 |  |  | $ | 595 |  |  | $ | 58,167 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |
Cash paid in acquisitions, net of cash received | — |  |  | (50,142 | ) |  | — |  |  | (50,142 | )
Proceeds from disposition of franchises, property and equipment | — |  |  | 816 |  |  | 355 |  |  | 1,171 |
Purchases of property and equipment, including real estate | — |  |  | (16,949 | ) |  | (6,208 | ) |  | (23,157 | )
Other | — |  |  | 287 |  |  | — |  |  | 287 |
Net cash used in investing activities | — |  |  | (65,988 | ) |  | (5,853 | ) |  | (71,841 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |
Borrowings on credit facility - floorplan line and other | — |  |  | 1,597,034 |  |  | — |  |  | 1,597,034 |
Repayments on credit facility - floorplan line and other | — |  |  | (1,641,072 | ) |  | — |  |  | (1,641,072 | )
Borrowings on credit facility - acquisition line | 189,933 |  |  | — |  |  | — |  |  | 189,933 |
Repayment on credit facility - acquisition line | (135,907 | ) |  | — |  |  | — |  |  | (135,907 | )
Principal payments on real estate credit facility | — |  |  | (836 | ) |  | — |  |  | (836 | )
Borrowings on other debt | — |  |  | — |  |  | 13,678 |  |  | 13,678 |
Principal payments on other debt | — |  |  | — |  |  | (10,644 | ) |  | (10,644 | )
Borrowings on debt related to real estate | — |  |  | — |  |  | 17,600 |  |  | 17,600 |
Principal payments on debt related to real estate | — |  |  | (5,102 | ) |  | (520 | ) |  | (5,622 | )
Employee stock purchase plan purchases, net of employee tax withholdings | (2,140 | ) |  | — |  |  | — |  |  | (2,140 | )
Repurchases of common stock, amounts based on settlement date | (16,175 | ) |  | — |  |  | — |  |  | (16,175 | )
Tax effect from stock-based compensation | — |  |  | 1,004 |  |  | — |  |  | 1,004 |
Dividends paid | (4,892 | ) |  | — |  |  | — |  |  | (4,892 | )
Borrowings (repayments) with subsidiaries | 9,831 |  |  | 9,239 |  |  | (19,070 | ) |  | — |
Investment in subsidiaries | (40,251 | ) |  | 26,820 |  |  | 13,431 |  |  | — |
Distributions to parent | — |  |  | — |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | 399 |  |  | (12,913 | ) |  | 14,475 |  |  | 1,961 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (2,983 | ) |  | (2,983 | )
NET INCREASE IN CASH AND CASH EQUIVALENTS | — |  |  | (20,930 | ) |  | 6,234 |  |  | (14,696 | )
CASH AND CASH EQUIVALENTS, beginning of period | — |  |  | 25,379 |  |  | 15,596 |  |  | 40,975 |
CASH AND CASH EQUIVALENTS, end of period | $ | — |  |  | $ | 4,449 |  |  | $ | 21,830 |  |  | $ | 26,279 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Three Months Ended March 31, 2014
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Total Company
| (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | (173 | ) |  | $ | 129,876 |  |  | $ | 3,489 |  |  | $ | 133,192 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |
Cash paid in acquisitions, net of cash received | — |  |  | (52,648 | ) |  | — |  |  | (52,648 | )
Proceeds from disposition of franchises, property and equipment | — |  |  | — |  |  | 197 |  |  | 197 |
Purchases of property and equipment, including real estate | — |  |  | (24,552 | ) |  | (2,543 | ) |  | (27,095 | )
Other | — |  |  | (1,539 | ) |  | — |  |  | (1,539 | )
Net cash used in investing activities | — |  |  | (78,739 | ) |  | (2,346 | ) |  | (81,085 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |
Borrowings on credit facility - floorplan line and other | — |  |  | 1,503,650 |  |  | — |  |  | 1,503,650 |
Repayments on credit facility - floorplan line and other | — |  |  | (1,511,811 | ) |  | — |  |  | (1,511,811 | )
Borrowings on credit facility - acquisition line | 19,963 |  |  | — |  |  | — |  |  | 19,963 |
Repayment on credit facility - acquisition line | (30,000 | ) |  | — |  |  | — |  |  | (30,000 | )
Borrowings on real estate credit facility | — |  |  | 200 |  |  | — |  |  | 200 |
Principal payments on real estate credit facility | — |  |  | (677 | ) |  | — |  |  | (677 | )
Borrowings on other debt | — |  |  | — |  |  | 19,683 |  |  | 19,683 |
Principal payments on other debt | — |  |  | — |  |  | (24,321 | ) |  | (24,321 | )
Borrowings on debt related to real estate | — |  |  | 13,855 |  |  | — |  |  | 13,855 |
Principal payments on debt related to real estate | — |  |  | (3,939 | ) |  | (7,571 | ) |  | (11,510 | )
Employee stock purchase plan purchases, net of employee tax withholdings | (1,089 | ) |  | — |  |  | — |  |  | (1,089 | )
Repurchases of common stock, amounts based on settlement date | (16,942 | ) |  | — |  |  | — |  |  | (16,942 | )
Tax effect from stock-based compensation | — |  |  | 733 |  |  | — |  |  | 733 |
Dividends paid | (4,115 | ) |  | — |  |  | — |  |  | (4,115 | )
Borrowings (repayments) with subsidiaries | 77,862 |  |  | (99,669 | ) |  | 21,807 |  |  | — |
Investment in subsidiaries | (45,506 | ) |  | 45,656 |  |  | (150 | ) |  | — |
Distributions to parent | — |  |  | — |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | 173 |  |  | (52,002 | ) |  | 9,448 |  |  | (42,381 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (12,254 | ) |  | (12,254 | )
NET INCREASE IN CASH AND CASH EQUIVALENTS | — |  |  | (865 | ) |  | (1,663 | ) |  | (2,528 | )
CASH AND CASH EQUIVALENTS, beginning of period | — |  |  | 4,306 |  |  | 15,909 |  |  | 20,215 |
CASH AND CASH EQUIVALENTS, end of period | $ | — |  |  | $ | 3,441 |  |  | $ | 14,246 |  |  | $ | 17,687 |

X
- Details
Name: | gpi_CondensedConsolidatedFinancialInformationAbstract
Namespace Prefix: | gpi_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration