XML 50 R39.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Condensed Consolidated Financial Information Condensed Consolidated Financial Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Balance Sheet [Table Text Block] | CONDENSED CONSOLIDATED BALANCE SHEET June 30, 2016
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
ASSETS
CURRENT ASSETS: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 5,495 |  |  | $ | 19,470 |  |  | $ | — |  |  | $ | 24,965 |
Contracts-in-transit and vehicle receivables, net | — |  |  | 173,024 |  |  | 39,280 |  |  | — |  |  | 212,304 |
Accounts and notes receivable, net | — |  |  | 116,770 |  |  | 34,885 |  |  | — |  |  | 151,655 |
Intercompany accounts receivable | — |  |  | 4,386 |  |  | — |  |  | (4,386 | ) |  | — |
Inventories, net | — |  |  | 1,532,707 |  |  | 251,407 |  |  | — |  |  | 1,784,114 |
Prepaid expenses and other current assets | 684 |  |  | 8,643 |  |  | 19,592 |  |  | — |  |  | 28,919 |
Total current assets | 684 |  |  | 1,841,025 |  |  | 364,634 |  |  | (4,386 | ) |  | 2,201,957 |
PROPERTY AND EQUIPMENT, net | — |  |  | 938,378 |  |  | 142,854 |  |  | — |  |  | 1,081,232 |
GOODWILL | — |  |  | 807,781 |  |  | 74,200 |  |  | — |  |  | 881,981 |
INTANGIBLE FRANCHISE RIGHTS | — |  |  | 285,659 |  |  | 37,315 |  |  | — |  |  | 322,974 |
INVESTMENT IN SUBSIDIARIES | 2,584,017 |  |  | — |  |  | — |  |  | (2,584,017 | ) |  | — |
OTHER ASSETS | — |  |  | 8,126 |  |  | 4,530 |  |  | — |  |  | 12,656 |
Total assets | $ | 2,584,701 |  |  | $ | 3,880,969 |  |  | $ | 623,533 |  |  | $ | (2,588,403 | ) |  | $ | 4,500,800 |
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
Floorplan notes payable — credit facility and other | $ | — |  |  | $ | 1,233,518 |  |  | $ | 5,702 |  |  | $ | — |  |  | $ | 1,239,220 |
Offset account related to floorplan notes payable - credit facility | — |  |  | (35,461 | ) |  | — |  |  | — |  |  | (35,461 | )
Floorplan notes payable — manufacturer affiliates | — |  |  | 302,504 |  |  | 94,791 |  |  | — |  |  | 397,295 |
Offset account related to floorplan notes payable - manufacturer affiliates | — |  |  | (27,500 | ) |  | — |  |  | — |  |  | (27,500 | )
Current maturities of long-term debt and short-term financing | — |  |  | 28,246 |  |  | 14,747 |  |  | — |  |  | 42,993 |
Accounts payable | — |  |  | 158,500 |  |  | 154,719 |  |  | — |  |  | 313,219 |
Intercompany accounts payable | 718,412 |  |  | — |  |  | 4,386 |  |  | (722,798 | ) |  | — |
Accrued expenses | — |  |  | 156,948 |  |  | 25,160 |  |  | — |  |  | 182,108 |
Total current liabilities | 718,412 |  |  | 1,816,755 |  |  | 299,505 |  |  | (722,798 | ) |  | 2,111,874 |
LONG-TERM DEBT, net of current maturities | 845,010 |  |  | 340,094 |  |  | 65,836 |  |  | — |  |  | 1,250,940 |
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES | — |  |  | 49,438 |  |  | — |  |  | — |  |  | 49,438 |
DEFERRED INCOME TAXES AND OTHER LIABILITIES | (678 | ) |  | 212,649 |  |  | 9,025 |  |  | — |  |  | 220,996 |
STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
Group 1 stockholders’ equity | 1,021,957 |  |  | 2,180,445 |  |  | 249,167 |  |  | (2,584,017 | ) |  | 867,552 |
Intercompany note receivable | — |  |  | (718,412 | ) |  | — |  |  | 718,412 |  |  | — |
Total stockholders’ equity | 1,021,957 |  |  | 1,462,033 |  |  | 249,167 |  |  | (1,865,605 | ) |  | 867,552 |
Total liabilities and stockholders’ equity | $ | 2,584,701 |  |  | $ | 3,880,969 |  |  | $ | 623,533 |  |  | $ | (2,588,403 | ) |  | $ | 4,500,800 |
CONDENSED CONSOLIDATED BALANCE SHEET December 31, 2015
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
ASSETS
CURRENT ASSETS: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 6,338 |  |  | $ | 6,699 |  |  | $ | — |  |  | $ | 13,037 |
Contracts-in-transit and vehicle receivables, net | — |  |  | 233,275 |  |  | 19,163 |  |  | — |  |  | 252,438 |
Accounts and notes receivable, net | — |  |  | 132,078 |  |  | 25,690 |  |  | — |  |  | 157,768 |
Intercompany accounts receivable | — |  |  | 1,192 |  |  | — |  |  | (1,192 | ) |  | — |
Inventories, net | — |  |  | 1,533,166 |  |  | 204,585 |  |  | — |  |  | 1,737,751 |
Prepaid expenses and other current assets | 5,312 |  |  | 8,946 |  |  | 13,118 |  |  | — |  |  | 27,376 |
Total current assets | 5,312 |  |  | 1,914,995 |  |  | 269,255 |  |  | (1,192 | ) |  | 2,188,370 |
PROPERTY AND EQUIPMENT, net | — |  |  | 916,338 |  |  | 117,643 |  |  | — |  |  | 1,033,981 |
GOODWILL | — |  |  | 809,775 |  |  | 45,140 |  |  | — |  |  | 854,915 |
INTANGIBLE FRANCHISE RIGHTS | — |  |  | 285,659 |  |  | 21,929 |  |  | — |  |  | 307,588 |
INVESTMENT IN SUBSIDIARIES | 2,388,081 |  |  | — |  |  | — |  |  | (2,388,081 | ) |  | — |
OTHER ASSETS | — |  |  | 5,950 |  |  | 5,912 |  |  | — |  |  | 11,862 |
Total assets | $ | 2,393,393 |  |  | $ | 3,932,717 |  |  | $ | 459,879 |  |  | $ | (2,389,273 | ) |  | $ | 4,396,716 |
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
Floorplan notes payable — credit facility and other | $ | — |  |  | $ | 1,261,606 |  |  | $ | 4,113 |  |  | $ | — |  |  | $ | 1,265,719 |
Offset account related to floorplan notes payable - credit facility | — |  |  | (110,759 | ) |  | — |  |  | — |  |  | (110,759 | )
Floorplan notes payable — manufacturer affiliates | — |  |  | 303,810 |  |  | 85,261 |  |  | — |  |  | 389,071 |
Offset account related to floorplan notes payable - manufacturer affiliates | — |  |  | (25,500 | ) |  | — |  |  | — |  |  | (25,500 | )
Current maturities of long-term debt and short-term financing | — |  |  | 47,015 |  |  | 7,976 |  |  | — |  |  | 54,991 |
Accounts payable | — |  |  | 178,544 |  |  | 101,879 |  |  | — |  |  | 280,423 |
Intercompany accounts payable | 503,333 |  |  | — |  |  | 1,192 |  |  | (504,525 | ) |  | — |
Accrued expenses | — |  |  | 167,509 |  |  | 17,814 |  |  | — |  |  | 185,323 |
Total current liabilities | 503,333 |  |  | 1,822,225 |  |  | 218,235 |  |  | (504,525 | ) |  | 2,039,268 |
LONG-TERM DEBT, net of current maturities | 834,090 |  |  | 300,788 |  |  | 64,656 |  |  | — |  |  | 1,199,534 |
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES | — |  |  | 31,153 |  |  | — |  |  | — |  |  | 31,153 |
DEFERRED INCOME TAXES AND OTHER LIABILITIES | (265 | ) |  | 203,824 |  |  | 4,950 |  |  | — |  |  | 208,509 |
STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
Group 1 stockholders’ equity | 1,056,235 |  |  | 2,078,060 |  |  | 172,038 |  |  | (2,388,081 | ) |  | 918,252 |
Intercompany note receivable | — |  |  | (503,333 | ) |  | — |  |  | 503,333 |  |  | — |
Total stockholders’ equity | 1,056,235 |  |  | 1,574,727 |  |  | 172,038 |  |  | (1,884,748 | ) |  | 918,252 |
Total liabilities and stockholders’ equity | $ | 2,393,393 |  |  | $ | 3,932,717 |  |  | $ | 459,879 |  |  | $ | (2,389,273 | ) |  | $ | 4,396,716 |
Condensed Income Statement [Table Text Block] | CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended June 30, 2016
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
REVENUES: | $ | — |  |  | $ | 2,207,383 |  |  | $ | 575,066 |  |  | $ | — |  |  | $ | 2,782,449 |
COST OF SALES: | — |  |  | 1,862,787 |  |  | 509,543 |  |  | — |  |  | 2,372,330 |
GROSS PROFIT | — |  |  | 344,596 |  |  | 65,523 |  |  | — |  |  | 410,119 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 605 |  |  | 243,312 |  |  | 55,105 |  |  | — |  |  | 299,022 |
DEPRECIATION AND AMORTIZATION EXPENSE | — |  |  | 10,642 |  |  | 2,071 |  |  | — |  |  | 12,713 |
ASSET IMPAIRMENTS | — |  |  | 1,024 |  |  | — |  |  | — |  |  | 1,024 |
INCOME (LOSS) FROM OPERATIONS | (605 | ) |  | 89,618 |  |  | 8,347 |  |  | — |  |  | 97,360 |
OTHER EXPENSE: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | (10,402 | ) |  | (1,191 | ) |  | — |  |  | (11,593 | )
Other interest expense, net | — |  |  | (16,072 | ) |  | (633 | ) |  | — |  |  | (16,705 | )
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | (605 | ) |  | 63,144 |  |  | 6,523 |  |  | — |  |  | 69,062 |
BENEFIT (PROVISION) FOR INCOME TAXES | 227 |  |  | (23,081 | ) |  | 372 |  |  | — |  |  | (22,482 | )
EQUITY IN EARNINGS OF SUBSIDIARIES | 46,958 |  |  | — |  |  | — |  |  | (46,958 | ) |  | — |
NET INCOME (LOSS) | $ | 46,580 |  |  | $ | 40,063 |  |  | $ | 6,895 |  |  | $ | (46,958 | ) |  | $ | 46,580 |
OTHER COMPREHENSIVE LOSS, NET OF TAXES | — |  |  | (3,480 | ) |  | (6,068 | ) |  | — |  |  | (9,548 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT | $ | 46,580 |  |  | $ | 36,583 |  |  | $ | 827 |  |  | $ | (46,958 | ) |  | $ | 37,032 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Six Months Ended June 30, 2016
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
REVENUES: | $ | — |  |  | $ | 4,289,016 |  |  | $ | 1,101,788 |  |  | $ | — |  |  | $ | 5,390,804 |
COST OF SALES: | — |  |  | 3,611,709 |  |  | 979,874 |  |  | — |  |  | 4,591,583 |
GROSS PROFIT | — |  |  | 677,307 |  |  | 121,914 |  |  | — |  |  | 799,221 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 1,808 |  |  | 486,327 |  |  | 104,552 |  |  | — |  |  | 592,687 |
DEPRECIATION AND AMORTIZATION EXPENSE | — |  |  | 21,238 |  |  | 3,939 |  |  | — |  |  | 25,177 |
ASSET IMPAIRMENTS | — |  |  | 1,533 |  |  | 423 |  |  | — |  |  | 1,956 |
INCOME (LOSS) FROM OPERATIONS | (1,808 | ) |  | 168,209 |  |  | 13,000 |  |  | — |  |  | 179,401 |
OTHER EXPENSE: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | (20,450 | ) |  | (2,153 | ) |  | — |  |  | (22,603 | )
Other interest expense, net | — |  |  | (32,124 | ) |  | (1,510 | ) |  | — |  |  | (33,634 | )
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | (1,808 | ) |  | 115,635 |  |  | 9,337 |  |  | — |  |  | 123,164 |
BENEFIT (PROVISION) FOR INCOME TAXES | 677 |  |  | (42,362 | ) |  | (608 | ) |  | — |  |  | (42,293 | )
EQUITY IN EARNINGS OF SUBSIDIARIES | 82,002 |  |  | — |  |  | — |  |  | (82,002 | ) |  | — |
NET INCOME (LOSS) | $ | 80,871 |  |  | $ | 73,273 |  |  | $ | 8,729 |  |  | $ | (82,002 | ) |  | $ | 80,871 |
OTHER COMPREHENSIVE LOSS, NET OF TAXES | — |  |  | (12,507 | ) |  | (3,913 | ) |  | — |  |  | (16,420 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT | $ | 80,871 |  |  | $ | 60,766 |  |  | $ | 4,816 |  |  | $ | (82,002 | ) |  | $ | 64,451 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended June 30, 2015
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
REVENUES: | $ | — |  |  | $ | 2,287,447 |  |  | $ | 439,033 |  |  | $ | — |  |  | $ | 2,726,480 |
COST OF SALES: | — |  |  | 1,945,263 |  |  | 389,644 |  |  | — |  |  | 2,334,907 |
GROSS PROFIT | — |  |  | 342,184 |  |  | 49,389 |  |  | — |  |  | 391,573 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 848 |  |  | 237,716 |  |  | 42,004 |  |  | — |  |  | 280,568 |
DEPRECIATION AND AMORTIZATION EXPENSE | — |  |  | 10,357 |  |  | 1,589 |  |  | — |  |  | 11,946 |
ASSET IMPAIRMENTS | — |  |  | 498 |  |  | 541 |  |  | — |  |  | 1,039 |
INCOME FROM OPERATIONS | (848 | ) |  | 93,613 |  |  | 5,255 |  |  | — |  |  | 98,020 |
OTHER EXPENSE: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | (8,959 | ) |  | (1,056 | ) |  | — |  |  | (10,015 | )
Other interest expense, net | 605 |  |  | (13,073 | ) |  | (1,760 | ) |  | — |  |  | (14,228 | )
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | (243 | ) |  | 71,581 |  |  | 2,439 |  |  | — |  |  | 73,777 |
BENEFIT (PROVISION) FOR INCOME TAXES | 92 |  |  | (26,382 | ) |  | (1,177 | ) |  | — |  |  | (27,467 | )
EQUITY IN EARNINGS OF SUBSIDIARIES | 46,461 |  |  | — |  |  | — |  |  | (46,461 | ) |  | — |
NET INCOME (LOSS) | $ | 46,310 |  |  | $ | 45,199 |  |  | $ | 1,262 |  |  | $ | (46,461 | ) |  | $ | 46,310 |
OTHER COMPREHENSIVE INCOME, NET OF TAXES | — |  |  | 3,784 |  |  | 9,999 |  |  | — |  |  | 13,783 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT | $ | 46,310 |  |  | $ | 48,983 |  |  | $ | 11,261 |  |  | $ | (46,461 | ) |  | $ | 60,093 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Six Months Ended June 30, 2015
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
REVENUES: | $ | — |  |  | $ | 4,285,947 |  |  | $ | 873,387 |  |  | $ | — |  |  | $ | 5,159,334 |
COST OF SALES: | — |  |  | 3,629,275 |  |  | 774,602 |  |  | — |  |  | 4,403,877 |
GROSS PROFIT | — |  |  | 656,672 |  |  | 98,785 |  |  | — |  |  | 755,457 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 2,079 |  |  | 465,188 |  |  | 84,770 |  |  | — |  |  | 552,037 |
DEPRECIATION AND AMORTIZATION EXPENSE | — |  |  | 20,475 |  |  | 3,155 |  |  | — |  |  | 23,630 |
ASSET IMPAIRMENTS | — |  |  | 498 |  |  | 541 |  |  | — |  |  | 1,039 |
INCOME FROM OPERATIONS | (2,079 | ) |  | 170,511 |  |  | 10,319 |  |  | — |  |  | 178,751 |
OTHER EXPENSE: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | (17,477 | ) |  | (1,885 | ) |  | — |  |  | (19,362 | )
Other interest expense, net | 1,197 |  |  | (25,796 | ) |  | (3,540 | ) |  | — |  |  | (28,139 | )
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | (882 | ) |  | 127,238 |  |  | 4,894 |  |  | — |  |  | 131,250 |
BENEFIT (PROVISION) FOR INCOME TAXES | 331 |  |  | (46,985 | ) |  | (2,472 | ) |  | — |  |  | (49,126 | )
EQUITY IN EARNINGS OF SUBSIDIARIES | 82,675 |  |  | — |  |  | — |  |  | (82,675 | ) |  | — |
NET INCOME (LOSS) | $ | 82,124 |  |  | $ | 80,253 |  |  | $ | 2,422 |  |  | $ | (82,675 | ) |  | $ | 82,124 |
OTHER COMPREHENSIVE LOSS, NET OF TAXES | — |  |  | (762 | ) |  | (20,595 | ) |  | — |  |  | (21,357 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT | $ | 82,124 |  |  | $ | 79,491 |  |  | $ | (18,173 | ) |  | $ | (82,675 | ) |  | $ | 60,767 |
Condensed Cash Flow Statement [Table Text Block] | CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six Months Ended June 30, 2016
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Total Company
| (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 80,872 |  |  | $ | 88,538 |  |  | $ | 3,457 |  |  | $ | 172,867 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |
Cash paid in acquisitions, net of cash received | — |  |  | — |  |  | (54,739 | ) |  | (54,739 | )
Proceeds from disposition of franchises, property and equipment | — |  |  | 12,728 |  |  | 1,257 |  |  | 13,985 |
Purchases of property and equipment, including real estate | — |  |  | (59,894 | ) |  | (10,378 | ) |  | (70,272 | )
Other | — |  |  | 3,007 |  |  | 149 |  |  | 3,156 |
Net cash used in investing activities | — |  |  | (44,159 | ) |  | (63,711 | ) |  | (107,870 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |
Borrowings on credit facility - floorplan line and other | — |  |  | 3,373,126 |  |  | — |  |  | 3,373,126 |
Repayments on credit facility - floorplan line and other | — |  |  | (3,325,917 | ) |  | — |  |  | (3,325,917 | )
Borrowings on credit facility - acquisition line | 150,020 |  |  | — |  |  | — |  |  | 150,020 |
Repayment on credit facility - acquisition line | (140,020 | ) |  | — |  |  | — |  |  | (140,020 | )
Borrowings on other debt | — |  |  | — |  |  | 19,653 |  |  | 19,653 |
Principal payments on other debt | — |  |  | (461 | ) |  | (21,787 | ) |  | (22,248 | )
Borrowings on debt related to real estate, net of debt issue costs | — |  |  | 30,754 |  |  | — |  |  | 30,754 |
Principal payments on debt related to real estate | — |  |  | (9,611 | ) |  | (2,604 | ) |  | (12,215 | )
Employee stock purchase plan purchases, net of employee tax withholdings | 136 |  |  | — |  |  | — |  |  | 136 |
Repurchases of common stock, amounts based on settlement date | (115,246 | ) |  | — |  |  | — |  |  | (115,246 | )
Tax effect from stock-based compensation | (85 | ) |  | — |  |  | — |  |  | (85 | )
Dividends paid | (10,124 | ) |  | — |  |  | — |  |  | (10,124 | )
Other | (2,736 | ) |  | (423 | ) |  | — |  |  | (3,159 | )
Borrowings (repayments) with subsidiaries | 233,120 |  |  | (236,314 | ) |  | 3,194 |  |  | — |
Investment in subsidiaries | (195,937 | ) |  | 123,624 |  |  | 72,313 |  |  | — |
Distributions to parent | — |  |  | — |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | (80,872 | ) |  | (45,222 | ) |  | 70,769 |  |  | (55,325 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | 2,256 |  |  | 2,256 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — |  |  | (843 | ) |  | 12,771 |  |  | 11,928 |
CASH AND CASH EQUIVALENTS, beginning of period | — |  |  | 6,338 |  |  | 6,699 |  |  | 13,037 |
CASH AND CASH EQUIVALENTS, end of period | $ | — |  |  | $ | 5,495 |  |  | $ | 19,470 |  |  | $ | 24,965 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six Months Ended June 30, 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 | $ | 82,124 |  |  | $ | (6,018 | ) |  | $ | 4,469 |  |  | $ | 80,575 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |
Cash paid in acquisitions, net of cash received | — |  |  | (130,783 | ) |  | — |  |  | (130,783 | )
Proceeds from disposition of franchises, property and equipment | — |  |  | 6,845 |  |  | 494 |  |  | 7,339 |
Purchases of property and equipment, including real estate | — |  |  | (39,305 | ) |  | (9,181 | ) |  | (48,486 | )
Other | — |  |  | 6,294 |  |  | — |  |  | 6,294 |
Net cash used in investing activities | — |  |  | (156,949 | ) |  | (8,687 | ) |  | (165,636 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |
Borrowings on credit facility - floorplan line and other | — |  |  | 3,550,526 |  |  | — |  |  | 3,550,526 |
Repayments on credit facility - floorplan line and other | — |  |  | (3,466,772 | ) |  | — |  |  | (3,466,772 | )
Borrowings on credit facility - acquisition line | 346,050 |  |  | — |  |  | — |  |  | 346,050 |
Repayment on credit facility - acquisition line | (324,222 | ) |  | — |  |  | — |  |  | (324,222 | )
Borrowings on other debt | — |  |  | 138 |  |  | 25,606 |  |  | 25,744 |
Principal payments on other debt | — |  |  | (989 | ) |  | (25,953 | ) |  | (26,942 | )
Borrowings on debt related to real estate, net of debt issue costs | — |  |  | — |  |  | 22,430 |  |  | 22,430 |
Principal payments on debt related to real estate | — |  |  | (12,846 | ) |  | (1,513 | ) |  | (14,359 | )
Employee stock purchase plan purchases, net of employee tax withholdings | (1,113 | ) |  | — |  |  | — |  |  | (1,113 | )
Repurchases of common stock, amounts based on settlement date | (33,121 | ) |  | — |  |  | — |  |  | (33,121 | )
Tax effect from stock-based compensation | — |  |  | 1,439 |  |  | — |  |  | 1,439 |
Dividends paid | (9,737 | ) |  | — |  |  | — |  |  | (9,737 | )
Borrowings (repayments) with subsidiaries | 80,027 |  |  | (54,206 | ) |  | (25,821 | ) |  | — |
Investment in subsidiaries | (140,008 | ) |  | 124,918 |  |  | 15,090 |  |  | — |
Distributions to parent | — |  |  | — |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | (82,124 | ) |  | 142,208 |  |  | 9,839 |  |  | 69,923 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (1,612 | ) |  | (1,612 | )
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — |  |  | (20,759 | ) |  | 4,009 |  |  | (16,750 | )
CASH AND CASH EQUIVALENTS, beginning of period | — |  |  | 25,379 |  |  | 15,596 |  |  | 40,975 |
CASH AND CASH EQUIVALENTS, end of period | $ | — |  |  | $ | 4,620 |  |  | $ | 19,605 |  |  | $ | 24,225 |

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
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