Condensed Consolidated Financial Information Condensed Consolidated Financial Information (Tables)

9 Months Ended

Sep. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheet [Table Text Block]

CONDENSED CONSOLIDATED BALANCE SHEET

September 30, 2016



	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Elimination			Total Company
	(In thousands)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	—		$	5,145		$	17,773	$	—		$	22,918
Contracts-in-transit and vehicle receivables, net	—			159,965			46,327		—			206,292
Accounts and notes receivable, net	—			116,666			39,628		—			156,294
Intercompany accounts receivable	—			6,048			—		(6,048		)	—
Inventories, net	—			1,416,388			270,991		—			1,687,379
Prepaid expenses and other current assets	261			7,033			18,261		—			25,555
Total current assets	261			1,711,245			392,980		(6,048		)	2,098,438
PROPERTY AND EQUIPMENT, net	—			977,038			141,747		—			1,118,785
GOODWILL	—			806,681			73,712		—			880,393
INTANGIBLE FRANCHISE RIGHTS	—			275,080			35,433		—			310,513
INVESTMENT IN SUBSIDIARIES	2,601,015			—			—		(2,601,015		)	—
OTHER ASSETS	—			8,218			4,717		—			12,935
Total assets	$	2,601,276		$	3,778,262		$	648,589	$	(2,607,063	)	$	4,421,064

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other	$	—		$	1,103,490		$	6,614	$	—		$	1,110,104
Offset account related to floorplan notes payable - credit facility	—			(59,684		)	—		—			(59,684		)
Floorplan notes payable — manufacturer affiliates	—			276,934			110,836		—			387,770
Offset account related to floorplan notes payable - manufacturer affiliates	—			(22,500		)	—		—			(22,500		)
Current maturities of long-term debt and short-term financing	—			33,529			28,820		—			62,349
Accounts payable	—			189,766			165,191		—			354,957
Intercompany accounts payable	722,169			—			6,048		(728,217		)	—
Accrued expenses	—			168,707			24,846		—			193,553
Total current liabilities	722,169			1,690,242			342,355		(728,217		)	2,026,549
LONG-TERM DEBT, net of current maturities	835,530			341,222			55,965		—			1,232,717
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES	—			45,040			—		—			45,040
DEFERRED INCOME TAXES AND OTHER LIABILITIES	(840		)	223,154			7,472		—			229,786
STOCKHOLDERS’ EQUITY:
Group 1 stockholders’ equity	1,044,417			2,200,773			242,797		(2,601,015		)	886,972
Intercompany note receivable	—			(722,169		)	—		722,169			—
Total stockholders’ equity	1,044,417			1,478,604			242,797		(1,878,846		)	886,972
Total liabilities and stockholders’ equity	$	2,601,276		$	3,778,262		$	648,589	$	(2,607,063	)	$	4,421,064

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 September 30, 2016



	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Total Company
	(In thousands)
REVENUES:	$	—		$	2,274,723		$	548,453		$	—		$	2,823,176
COST OF SALES:	—			1,927,997			488,511			—			2,416,508
GROSS PROFIT	—			346,726			59,942			—			406,668
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	435			244,450			54,121			—			299,006
DEPRECIATION AND AMORTIZATION EXPENSE	—			11,061			1,830			—			12,891
ASSET IMPAIRMENTS	—			10,855			—			—			10,855
INCOME (LOSS) FROM OPERATIONS	(435		)	80,360			3,991			—			83,916
OTHER EXPENSE:
Floorplan interest expense	—			(9,979		)	(1,156		)	—			(11,135		)
Other interest expense, net	—			(16,376		)	(718		)	—			(17,094		)
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	(435		)	54,005			2,117			—			55,687
BENEFIT (PROVISION) FOR INCOME TAXES	164			(19,884		)	(601		)	—			(20,321		)
EQUITY IN EARNINGS OF SUBSIDIARIES	35,637			—			—			(35,637		)	—
NET INCOME (LOSS)	$	35,366		$	34,121		$	1,516		$	(35,637	)	$	35,366
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES	—			(6,341		)	3,300			—			(3,041		)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT	$	35,366		$	27,780		$	4,816		$	(35,637	)	$	32,325

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Nine Months Ended September 30, 2016



	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Total Company
	(In thousands)
REVENUES:	$	—		$	6,563,739		$	1,650,241		$	—		$	8,213,980
COST OF SALES:	—			5,539,707			1,468,385			—			7,008,092
GROSS PROFIT	—			1,024,032			181,856			—			1,205,888
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	2,243			730,776			158,673			—			891,692
DEPRECIATION AND AMORTIZATION EXPENSE	—			32,298			5,769			—			38,067
ASSET IMPAIRMENTS	—			12,389			423			—			12,812
INCOME (LOSS) FROM OPERATIONS	(2,243		)	248,569			16,991			—			263,317
OTHER EXPENSE:
Floorplan interest expense	—			(30,428		)	(3,309		)	—			(33,737		)
Other interest expense, net	—			(48,501		)	(2,228		)	—			(50,729		)
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	(2,243		)	169,640			11,454			—			178,851
BENEFIT (PROVISION) FOR INCOME TAXES	841			(62,246		)	(1,209		)	—			(62,614		)
EQUITY IN EARNINGS OF SUBSIDIARIES	117,639			—			—			(117,639		)	—
NET INCOME (LOSS)	$	116,237		$	107,394		$	10,245		$	(117,639	)	$	116,237
OTHER COMPREHENSIVE LOSS, NET OF TAXES	—			(9,208		)	(10,254		)	—			(19,462		)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT	$	116,237		$	98,186		$	(9	)	$	(117,639	)	$	96,775

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended September 30, 2015



	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Total Company
	(In thousands)
REVENUES:	$	—		$	2,343,567		$	457,002		$	—		$	2,800,569
COST OF SALES:	—			1,995,252			406,935			—			2,402,187
GROSS PROFIT	—			348,315			50,067			—			398,382
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	555			247,054			41,403			—			289,012
DEPRECIATION AND AMORTIZATION EXPENSE	—			10,372			1,439			—			11,811
ASSET IMPAIRMENTS	—			204			712			—			916
INCOME (LOSS) FROM OPERATIONS	(555		)	90,685			6,513			—			96,643
OTHER EXPENSE:
Floorplan interest expense	—			(8,963		)	(722		)	—			(9,685		)
Other interest expense, net	648			(12,738		)	(1,832		)	—			(13,922		)
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	93			68,984			3,959			—			73,036
PROVISION FOR INCOME TAXES	(35		)	(26,398		)	(1,342		)	—			(27,775		)
EQUITY IN EARNINGS OF SUBSIDIARIES	45,203			—			—			(45,203		)	—
NET INCOME (LOSS)	$	45,261		$	42,586		$	2,617		$	(45,203	)	$	45,261
OTHER COMPREHENSIVE LOSS, NET OF TAXES	—			(6,158		)	(36,307		)	—			(42,465		)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT	$	45,261		$	36,428		$	(33,690	)	$	(45,203	)	$	2,796

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Nine Months Ended September 30, 2015



	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Total Company
	(In thousands)
REVENUES:	$	—		$	6,629,514		$	1,330,389		$	—		$	7,959,903
COST OF SALES:	—			5,624,527			1,181,537			—			6,806,064
GROSS PROFIT	—			1,004,987			148,852			—			1,153,839
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	2,612			712,265			126,173			—			841,050
DEPRECIATION AND AMORTIZATION EXPENSE	—			30,847			4,594			—			35,441
ASSET IMPAIRMENTS	—			702			1,253			—			1,955
INCOME (LOSS) FROM OPERATIONS	(2,612		)	261,173			16,832			—			275,393
OTHER EXPENSE:
Floorplan interest expense	—			(26,439		)	(2,607		)	—			(29,046		)
Other interest expense, net	1,845			(38,534		)	(5,372		)	—			(42,061		)
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	(767		)	196,200			8,853			—			204,286
BENEFIT (PROVISION) FOR INCOME TAXES	288			(73,375		)	(3,814		)	—			(76,901		)
EQUITY IN EARNINGS OF SUBSIDIARIES	127,864			—			—			(127,864		)	—
NET INCOME (LOSS)	$	127,385		$	122,825		$	5,039		$	(127,864	)	$	127,385
OTHER COMPREHENSIVE LOSS, NET OF TAXES	—			(6,919		)	(56,902		)	—			(63,821		)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT	$	127,385		$	115,906		$	(51,863	)	$	(127,864	)	$	63,564

Condensed Cash Flow Statement [Table Text Block]

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Nine Months Ended September 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	$	116,237		$	269,096		$	1,279		$	386,612
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid in acquisitions, net of cash received	—			—			(57,327		)	(57,327		)
Proceeds from disposition of franchises, property and equipment	—			21,735			1,337			23,072
Purchases of property and equipment, including real estate	—			(110,495		)	(15,197		)	(125,692		)
Other	—			2,653			271			2,924
Net cash used in investing activities	—			(86,107		)	(70,916		)	(157,023		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility - floorplan line and other	—			5,040,726			—			5,040,726
Repayments on credit facility - floorplan line and other	—			(5,147,766		)	—			(5,147,766		)
Borrowings on credit facility - acquisition line	220,020			—			—			220,020
Repayment on credit facility - acquisition line	(220,020		)	—			—			(220,020		)
Borrowings on other debt	—			—			37,786			37,786
Principal payments on other debt	—			(692		)	(31,140		)	(31,832		)
Borrowings on debt related to real estate, net of debt issue costs	—			42,654			—			42,654
Principal payments on debt related to real estate	—			(14,941		)	(3,904		)	(18,845		)
Employee stock purchase plan purchases, net of employee tax withholdings	1,452			—			—			1,452
Repurchases of common stock, amounts based on settlement date	(127,606		)	—			—			(127,606		)
Tax effect from stock-based compensation	(148		)	—			—			(148		)
Dividends paid	(15,054		)	—			—			(15,054		)
Other	(2,997		)	(423		)	—			(3,420		)
Borrowings (repayments) with subsidiaries	241,050			(245,906		)	4,856			—
Investment in subsidiaries	(212,934		)	142,166			70,768			—
Distributions to parent	—			—			—			—
Net cash provided by (used in) financing activities	(116,237		)	(184,182		)	78,366			(222,053		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			2,345			2,345
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	—			(1,193		)	11,074			9,881
CASH AND CASH EQUIVALENTS, beginning of period	—			6,338			6,699			13,037
CASH AND CASH EQUIVALENTS, end of period	$	—		$	5,145		$	17,773		$	22,918

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Nine Months Ended September 30, 2015



	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Total Company
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$	127,385		$	93,518		$	9,965		$	230,868
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid in acquisitions, net of cash received	—			(212,252		)	—			(212,252		)
Proceeds from disposition of franchises, property and equipment	—			8,986			698			9,684
Purchases of property and equipment, including real estate	—			(61,052		)	(17,287		)	(78,339		)
Other	—			6,047			—			6,047
Net cash used in investing activities	—			(258,271		)	(16,589		)	(274,860		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility - floorplan line and other	—			5,529,338			—			5,529,338
Repayments on credit facility - floorplan line and other	—			(5,479,152		)	—			(5,479,152		)
Borrowings on credit facility - acquisition line	584,643			—			—			584,643
Repayment on credit facility - acquisition line	(515,944		)	—			—			(515,944		)
Borrowings on other debt	—			460			32,915			33,375
Principal payments on other debt	—			(1,157		)	(41,772		)	(42,929		)
Borrowings on debt related to real estate, net of debt issue costs	—			—			22,430			22,430
Principal payments on debt related to real estate	—			(18,348		)	(2,693		)	(21,041		)
Employee stock purchase plan purchases, net of employee tax withholdings	(789		)	—			—			(789		)
Repurchases of common stock, amounts based on settlement date	(66,746		)	—			—			(66,746		)
Tax effect from stock-based compensation	—			1,827			—			1,827
Dividends paid	(14,781		)	—			—			(14,781		)
Borrowings (repayments) with subsidiaries	85,465			(73,365		)	(12,100		)	—
Investment in subsidiaries	(199,233		)	184,168			15,065			—
Distributions to parent	—			—			—			—
Net cash provided by (used in) financing activities	(127,385		)	143,771			13,845			30,231
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(5,246		)	(5,246		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	—			(20,982		)	1,975			(19,007		)
CASH AND CASH EQUIVALENTS, beginning of period	—			25,379			15,596			40,975
CASH AND CASH EQUIVALENTS, end of period	$	—		$	4,397		$	17,571		$	21,968