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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
ASSETS    
Total assets $ 4,421,064 $ 4,396,716
Total current assets 2,098,438 2,188,370
Cash and cash equivalents 22,918 13,037
Contracts-in-transit and vehicle receivables, net 206,292 252,438
Accounts and notes receivable, net 156,294 157,768
Inventories, net 1,687,379 1,737,751
Deferred income taxes   14,100
Prepaid expenses and other current assets 25,555 27,376
PROPERTY AND EQUIPMENT, net 1,118,785 1,033,981
GOODWILL 880,393 [1] 854,915
INTANGIBLE FRANCHISE RIGHTS 310,513 307,588
OTHER ASSETS 12,935 11,862
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Total liabilities and stockholders’ equity 4,421,064 4,396,716
Total current liabilities 2,026,549 2,039,268
Floorplan notes payable - credit facility and other 1,110,104 1,265,719
Offset account related to floorplan notes payable - credit facility (59,684) (110,759)
Floorplan notes payable - manufacturer affiliates 387,770 389,071
Offset account related to floorplan notes payable - manufacturer affiliates (22,500) (25,500)
Current maturities of long-term debt and short-term financing 62,349 54,991
Accounts payable 354,957 280,423
Accrued expenses 193,553 185,323
LONG-TERM DEBT, net of current maturities 1,232,717 1,199,534
Deferred Tax Liabilities, Net, Noncurrent 148,001 136,644
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES 45,040 31,153
OTHER LIABILITIES 81,785 71,865
STOCKHOLDERS’ EQUITY:    
Total stockholders’ equity 886,972 918,252
Preferred stock, $0.01 par value, 1,000 shares authorized; none issued or outstanding 0 0
Common stock, $0.01 par value, 50,000 shares authorized; 25,678 and 25,706 issued, respectively 257 257
Additional paid-in capital 287,018 291,092
Retained earnings 1,027,393 926,169
Accumulated other comprehensive loss (157,446) (137,984)
Treasury stock, at cost; 4,305 and 2,291 shares, respectively $ (270,250) $ (161,282)
[1] 1) Net of accumulated impairment of $97.8 million.The Company evaluates intangible franchise rights and goodwill assets for impairment annually or more frequently if events or circumstances indicate possible impairment. During the three months ended September 30, 2016, the Company identified circumstances indicating possible impairment of some individual franchise rights and requiring a quantitative assessment. The Company did not identify any such circumstances relative to the goodwill for each of its reporting units. Based on the results of the Company's assessment, the Company determined that the fair values of the franchise rights on two U.S. franchises were below their respective carrying values, resulting in franchise asset impairment charges of $10.6 million. This was recognized as an asset impairment in the Company's Consolidated Statements of Operations during the three months ended September 30, 2016.