XML 13 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
ASSETS    
Total assets $ 4,730,994 $ 4,461,903
Total current assets 2,232,655 2,150,587
Cash and cash equivalents 66,883 20,992
Contracts-in-transit and vehicle receivables, net 288,200 269,508
Accounts and notes receivable, net 187,672 173,364
Inventories, net 1,651,789 1,651,815
Prepaid expenses and other current assets 38,111 34,908
PROPERTY AND EQUIPMENT, net 1,269,397 1,125,883
GOODWILL 914,224 [1] 876,763
INTANGIBLE FRANCHISE RIGHTS 294,120 284,876
OTHER ASSETS 20,598 23,794
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Total liabilities and stockholders’ equity 4,730,994 4,461,903
Total current liabilities 2,136,283 2,053,117
Floorplan notes payable - credit facility and other 1,077,287 1,136,654
Offset account related to floorplan notes payable - credit facility (46,248) (59,626)
Floorplan notes payable - manufacturer affiliates 399,804 392,661
Offset account related to floorplan notes payable - manufacturer affiliates (22,000) (25,500)
Current maturities of long-term debt and short-term financing 80,996 72,419
Derivative Liability, Current 823 3,941
Accounts payable 436,851 356,099
Accrued expenses 208,770 176,469
LONG-TERM DEBT, net of current maturities 1,292,689 1,212,809
Deferred Tax Liabilities, Net, Noncurrent 181,244 161,502
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES 16,157 20,470
OTHER LIABILITIES 93,474 83,805
STOCKHOLDERS’ EQUITY:    
Total stockholders’ equity 1,011,147 930,200
Common stock, $0.01 par value, 50,000 shares authorized; 25,523 and 25,663 issued, respectively 255 257
Additional paid-in capital 288,970 290,899
Retained earnings 1,141,066 1,053,301
Accumulated other comprehensive loss (126,415) (146,944)
Treasury stock, at cost; 4,661 and 4,258 shares, respectively $ (292,729) $ (267,313)
[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, 2017, the Company identified circumstances indicating possible impairment of some individual franchise rights, 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 value of the franchise rights on one of its U.S. dealerships was below its respective carrying value, resulting in franchise asset impairment charges of $9.5 million. This was recognized as an asset impairment in the Company's Consolidated Statements of Operations during the three months ended September 30, 2017.