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