XML 66 R49.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Condensed Consolidated Financial Information Condensed Consolidated Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Balance Sheet [Table Text Block] | CONDENSED CONSOLIDATED BALANCE SHEET December 31, 2017
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
ASSETS
CURRENT ASSETS: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 10,096 |  |  | $ | 18,691 |  |  | $ | — |  |  | $ | 28,787 |
Contracts-in-transit and vehicle receivables, net | — |  |  | 266,788 |  |  | 39,645 |  |  | — |  |  | 306,433 |
Accounts and notes receivable, net | — |  |  | 144,872 |  |  | 43,739 |  |  | — |  |  | 188,611 |
Intercompany accounts receivable | 26,988 |  |  | 12,948 |  |  | — |  |  | (39,936 | ) |  | — |
Inventories, net | — |  |  | 1,434,852 |  |  | 328,441 |  |  | — |  |  | 1,763,293 |
Prepaid expenses and other current assets | 1,934 |  |  | 8,378 |  |  | 31,750 |  |  | — |  |  | 42,062 |
Total current assets | 28,922 |  |  | 1,877,934 |  |  | 462,266 |  |  | (39,936 | ) |  | 2,329,186 |
PROPERTY AND EQUIPMENT, net | — |  |  | 1,121,108 |  |  | 197,851 |  |  | — |  |  | 1,318,959 |
GOODWILL | — |  |  | 835,268 |  |  | 77,766 |  |  | — |  |  | 913,034 |
INTANGIBLE FRANCHISE RIGHTS | — |  |  | 255,980 |  |  | 29,652 |  |  | — |  |  | 285,632 |
INVESTMENT IN SUBSIDIARIES | 2,999,407 |  |  | — |  |  | — |  |  | (2,999,407 | ) |  | — |
OTHER ASSETS | — |  |  | 13,682 |  |  | 10,572 |  |  | — |  |  | 24,254 |
Total assets | $ | 3,028,329 |  |  | $ | 4,103,972 |  |  | $ | 778,107 |  |  | $ | (3,039,343 | ) |  | $ | 4,871,065 |
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
Floorplan notes payable — credit facility and other | $ | — |  |  | $ | 1,219,844 |  |  | $ | 20,851 |  |  | $ | — |  |  | $ | 1,240,695 |
Offset account related to floorplan notes payable - credit facility | — |  |  | (86,547 | ) |  | — |  |  | — |  |  | (86,547 | )
Floorplan notes payable — manufacturer affiliates | — |  |  | 272,563 |  |  | 124,620 |  |  | — |  |  | 397,183 |
Offset account related to floorplan notes payable - manufacturer affiliates | — |  |  | (22,500 | ) |  | — |  |  | — |  |  | (22,500 | )
Current maturities of long-term debt and short-term financing | 24,741 |  |  | 31,229 |  |  | 21,639 |  |  | — |  |  | 77,609 |
Current liabilities from interest rate risk management activities | — |  |  | 1,996 |  |  | — |  |  | — |  |  | 1,996 |
Accounts payable | — |  |  | 229,470 |  |  | 183,511 |  |  | — |  |  | 412,981 |
Intercompany accounts payable | 890,995 |  |  | — |  |  | 39,936 |  |  | (930,931 | ) |  | — |
Accrued expenses | — |  |  | 150,241 |  |  | 26,829 |  |  | — |  |  | 177,070 |
Total current liabilities | 915,736 |  |  | 1,796,296 |  |  | 417,386 |  |  | (930,931 | ) |  | 2,198,487 |
LONG-TERM DEBT, net of current maturities | 865,202 |  |  | 360,526 |  |  | 92,456 |  |  | — |  |  | 1,318,184 |
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES | — |  |  | 8,583 |  |  | — |  |  | — |  |  | 8,583 |
DEFERRED INCOME TAXES AND OTHER LIABILITIES | (117 | ) |  | 210,216 |  |  | 11,430 |  |  | — |  |  | 221,529 |
STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |  |
Group 1 stockholders’ equity | 1,247,508 |  |  | 2,619,346 |  |  | 256,835 |  |  | (2,999,407 | ) |  | 1,124,282 |
Intercompany note receivable | — |  |  | (890,995 | ) |  | — |  |  | 890,995 |  |  | — |
Total stockholders’ equity | 1,247,508 |  |  | 1,728,351 |  |  | 256,835 |  |  | (2,108,412 | ) |  | 1,124,282 |
Total liabilities and stockholders’ equity | $ | 3,028,329 |  |  | $ | 4,103,972 |  |  | $ | 778,107 |  |  | $ | (3,039,343 | ) |  | $ | 4,871,065 |
CONDENSED CONSOLIDATED BALANCE SHEET December 31, 2016
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
ASSETS
CURRENT ASSETS: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 8,039 |  |  | $ | 12,953 |  |  | $ | — |  |  | $ | 20,992 |
Contracts-in-transit and vehicle receivables, net | — |  |  | 241,097 |  |  | 28,411 |  |  | — |  |  | 269,508 |
Accounts and notes receivable, net | — |  |  | 140,985 |  |  | 32,379 |  |  | — |  |  | 173,364 |
Intercompany accounts receivable | — |  |  | 8,929 |  |  | — |  |  | (8,929 | ) |  | — |
Inventories, net | — |  |  | 1,386,871 |  |  | 264,944 |  |  | — |  |  | 1,651,815 |
Prepaid expenses and other current assets | 516 |  |  | 7,188 |  |  | 27,204 |  |  | — |  |  | 34,908 |
Total current assets | 516 |  |  | 1,793,109 |  |  | 365,891 |  |  | (8,929 | ) |  | 2,150,587 |
PROPERTY AND EQUIPMENT, net | — |  |  | 990,084 |  |  | 135,799 |  |  | — |  |  | 1,125,883 |
GOODWILL | — |  |  | 805,935 |  |  | 70,828 |  |  | — |  |  | 876,763 |
INTANGIBLE FRANCHISE RIGHTS | — |  |  | 260,534 |  |  | 24,342 |  |  | — |  |  | 284,876 |
INVESTMENT IN SUBSIDIARIES | 2,787,328 |  |  | — |  |  | — |  |  | (2,787,328 | ) |  | — |
OTHER ASSETS | — |  |  | 19,313 |  |  | 4,481 |  |  | — |  |  | 23,794 |
Total assets | $ | 2,787,844 |  |  | $ | 3,868,975 |  |  | $ | 601,341 |  |  | $ | (2,796,257 | ) |  | $ | 4,461,903 |
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
Floorplan notes payable — credit facility and other | $ | — |  |  | $ | 1,131,718 |  |  | $ | 4,936 |  |  | $ | — |  |  | $ | 1,136,654 |
Offset account related to floorplan notes payable - credit facility | — |  |  | (59,626 | ) |  | — |  |  | — |  |  | (59,626 | )
Floorplan notes payable — manufacturer affiliates | — |  |  | 281,747 |  |  | 110,914 |  |  | — |  |  | 392,661 |
Offset account related to floorplan notes payable - manufacturer affiliates | — |  |  | (25,500 | ) |  | — |  |  | — |  |  | (25,500 | )
Current maturities of long-term debt and short-term financing | — |  |  | 44,659 |  |  | 27,760 |  |  | — |  |  | 72,419 |
Current liabilities from interest rate risk management activities | — |  |  | 3,941 |  |  | — |  |  | — |  |  | 3,941 |
Accounts payable | — |  |  | 211,050 |  |  | 145,049 |  |  | — |  |  | 356,099 |
Intercompany accounts payable | 875,662 |  |  | — |  |  | 8,929 |  |  | (884,591 | ) |  | — |
Accrued expenses | — |  |  | 156,648 |  |  | 19,821 |  |  | — |  |  | 176,469 |
Total current liabilities | 875,662 |  |  | 1,744,637 |  |  | 317,409 |  |  | (884,591 | ) |  | 2,053,117 |
LONG-TERM DEBT, net of current maturities | 836,056 |  |  | 324,540 |  |  | 52,213 |  |  | — |  |  | 1,212,809 |
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES | — |  |  | 20,470 |  |  | — |  |  | — |  |  | 20,470 |
DEFERRED INCOME TAXES AND OTHER LIABILITIES | (1,020 | ) |  | 240,348 |  |  | 5,979 |  |  | — |  |  | 245,307 |
STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |  |
Group 1 stockholders’ equity | 1,077,146 |  |  | 2,414,642 |  |  | 225,740 |  |  | (2,787,328 | ) |  | 930,200 |
Intercompany note receivable | — |  |  | (875,662 | ) |  | — |  |  | 875,662 |  |  | — |
Total stockholders’ equity | 1,077,146 |  |  | 1,538,980 |  |  | 225,740 |  |  | (1,911,666 | ) |  | 930,200 |
Total liabilities and stockholders’ equity | $ | 2,787,844 |  |  | $ | 3,868,975 |  |  | $ | 601,341 |  |  | $ | (2,796,257 | ) |  | $ | 4,461,903 |
Condensed Income Statement [Table Text Block] | CONDENSED CONSOLIDATED STATEMENTS OF INCOME Year Ended December 31, 2017
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
REVENUES: | $ | — |  |  | $ | 8,680,565 |  |  | $ | 2,443,156 |  |  | $ | — |  |  | $ | 11,123,721 |
COST OF SALES: | — |  |  | 7,315,252 |  |  | 2,162,960 |  |  | — |  |  | 9,478,212 |
GROSS PROFIT | — |  |  | 1,365,313 |  |  | 280,196 |  |  | — |  |  | 1,645,509 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 3,381 |  |  | 974,413 |  |  | 248,401 |  |  | — |  |  | 1,226,195 |
DEPRECIATION AND AMORTIZATION EXPENSE | — |  |  | 48,284 |  |  | 9,652 |  |  | — |  |  | 57,936 |
ASSET IMPAIRMENTS | — |  |  | 12,762 |  |  | 6,744 |  |  | — |  |  | 19,506 |
INCOME (LOSS) FROM OPERATIONS | (3,381 | ) |  | 329,854 |  |  | 15,399 |  |  | — |  |  | 341,872 |
OTHER EXPENSE: |  |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | (47,222 | ) |  | (5,150 | ) |  | — |  |  | (52,372 | )
Other interest income (expense), net | — |  |  | (66,490 | ) |  | (4,007 | ) |  | — |  |  | (70,497 | )
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | (3,381 | ) |  | 216,142 |  |  | 6,242 |  |  | — |  |  | 219,003 |
BENEFIT (PROVISION) FOR INCOME TAXES | 1,268 |  |  | (6,947 | ) |  | 118 |  |  | — |  |  | (5,561 | )
EQUITY IN EARNINGS OF SUBSIDIARIES | 215,556 |  |  | — |  |  | — |  |  | (215,556 | ) |  | — |
NET INCOME (LOSS) | $ | 213,443 |  |  | $ | 209,195 |  |  | $ | 6,360 |  |  | $ | (215,556 | ) |  | $ | 213,442 |
COMPREHENSIVE INCOME | — |  |  | 8,657 |  |  | 15,061 |  |  | — |  |  | 23,718 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT | $ | 213,443 |  |  | $ | 217,852 |  |  | $ | 21,421 |  |  | $ | (215,556 | ) |  | $ | 237,160 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Year Ended December 31, 2016
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
REVENUES: | $ | — |  |  | $ | 8,734,673 |  |  | $ | 2,152,939 |  |  | $ | — |  |  | $ | 10,887,612 |
COST OF SALES: | — |  |  | 7,379,323 |  |  | 1,913,220 |  |  | — |  |  | 9,292,543 |
GROSS PROFIT | — |  |  | 1,355,350 |  |  | 239,719 |  |  | — |  |  | 1,595,069 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 2,722 |  |  | 954,495 |  |  | 213,546 |  |  | — |  |  | 1,170,763 |
DEPRECIATION AND AMORTIZATION EXPENSE | — |  |  | 43,472 |  |  | 7,762 |  |  | — |  |  | 51,234 |
ASSET IMPAIRMENTS | — |  |  | 21,794 |  |  | 11,044 |  |  | — |  |  | 32,838 |
INCOME (LOSS) FROM OPERATIONS | (2,722 | ) |  | 335,589 |  |  | 7,367 |  |  | — |  |  | 340,234 |
OTHER EXPENSE: |  |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | (40,444 | ) |  | (4,483 | ) |  | — |  |  | (44,927 | )
Other interest expense, net | — |  |  | (64,870 | ) |  | (3,066 | ) |  | — |  |  | (67,936 | )
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | (2,722 | ) |  | 230,275 |  |  | (182 | ) |  | — |  |  | 227,371 |
BENEFIT (PROVISION) FOR INCOME TAXES | 1,020 |  |  | (83,560 | ) |  | 2,234 |  |  | — |  |  | (80,306 | )
EQUITY IN EARNINGS OF SUBSIDIARIES | 148,767 |  |  | — |  |  | — |  |  | (148,767 | ) |  | — |
NET INCOME (LOSS) | $ | 147,065 |  |  | $ | 146,715 |  |  | $ | 2,052 |  |  | $ | (148,767 | ) |  | $ | 147,065 |
COMPREHENSIVE INCOME (LOSS) |  |  |  | 10,121 |  |  | (19,081 | ) |  |  |  |  | (8,960 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT | $ | 147,065 |  |  | $ | 156,836 |  |  | $ | (17,029 | ) |  | $ | (148,767 | ) |  | $ | 138,105 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Year Ended December 31, 2015
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
| (In thousands)
REVENUES: | $ | — |  |  | $ | 8,893,990 |  |  | $ | 1,738,515 |  |  | $ | — |  |  | $ | 10,632,505 |
COST OF SALES: | — |  |  | 7,555,043 |  |  | 1,543,490 |  |  | — |  |  | 9,098,533 |
GROSS PROFIT | — |  |  | 1,338,947 |  |  | 195,025 |  |  | — |  |  | 1,533,972 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 3,024 |  |  | 950,268 |  |  | 167,541 |  |  | — |  |  | 1,120,833 |
DEPRECIATION AND AMORTIZATION EXPENSE | — |  |  | 41,220 |  |  | 6,019 |  |  | — |  |  | 47,239 |
ASSET IMPAIRMENTS | — |  |  | 18,899 |  |  | 68,663 |  |  | — |  |  | 87,562 |
INCOME (LOSS) FROM OPERATIONS | (3,024 | ) |  | 328,560 |  |  | (47,198 | ) |  | — |  |  | 278,338 |
OTHER EXPENSE: |  |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | (36,063 | ) |  | (3,201 | ) |  | — |  |  | (39,264 | )
Other interest income (expense), net | 2,320 |  |  | (52,276 | ) |  | (6,947 | ) |  | — |  |  | (56,903 | )
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | (704 | ) |  | 240,221 |  |  | (57,346 | ) |  | — |  |  | 182,171 |
BENEFIT (PROVISION) FOR INCOME TAXES | 264 |  |  | (89,698 | ) |  | 1,262 |  |  | — |  |  | (88,172 | )
EQUITY IN EARNINGS OF SUBSIDIARIES | 94,439 |  |  | — |  |  | — |  |  | (94,439 | ) |  | — |
NET INCOME (LOSS) | $ | 93,999 |  |  | $ | 150,523 |  |  | $ | (56,084 | ) |  | $ | (94,439 | ) |  | $ | 93,999 |
COMPREHENSIVE LOSS | — |  |  | (1,543 | ) |  | (54,457 | ) |  | — |  |  | (56,000 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT | $ | 93,999 |  |  | $ | 148,980 |  |  | $ | (110,541 | ) |  | $ | (94,439 | ) |  | $ | 37,999 |
Condensed Cash Flow Statement [Table Text Block] | CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended December 31, 2017
| 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 | $ | 214,595 |  |  | $ | (13,759 | ) |  | $ | (1,911 | ) |  | $ | 198,925 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |
Cash paid in acquisitions, net of cash received | — |  |  | (62,474 | ) |  | (46,607 | ) |  | (109,081 | )
Proceeds from disposition of franchises, property and equipment | — |  |  | 8,345 |  |  | 2,363 |  |  | 10,708 |
Purchases of property and equipment, including real estate | — |  |  | (185,342 | ) |  | (30,490 | ) |  | (215,832 | )
Other | — |  |  | 1,607 |  |  | — |  |  | 1,607 |
Net cash used in investing activities | — |  |  | (237,864 | ) |  | (74,734 | ) |  | (312,598 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |
Borrowings on credit facility - floorplan line and other | — |  |  | 7,019,070 |  |  | — |  |  | 7,019,070 |
Repayments on credit facility - floorplan line and other | — |  |  | (6,957,866 | ) |  | — |  |  | (6,957,866 | )
Borrowings on credit facility - acquisition line | 68,086 |  |  | — |  |  | — |  |  | 68,086 |
Repayments on credit facility - acquisition line | (42,278 | ) |  | — |  |  | — |  |  | (42,278 | )
Borrowings on other debt | 25,054 |  |  | 19 |  |  | 140,629 |  |  | 165,702 |
Principal payments on other debt | (313 | ) |  | (718 | ) |  | (120,168 | ) |  | (121,199 | )
Borrowings on debt related to real estate | — |  |  | 46,419 |  |  | 28,890 |  |  | 75,309 |
Principal payments on debt related to real estate | — |  |  | (22,931 | ) |  | (6,460 | ) |  | (29,391 | )
Employee stock purchase plan purchases, net of employee tax withholdings | 4,603 |  |  | — |  |  | — |  |  | 4,603 |
Repurchases of common stock, amounts based on settlement date | (40,094 | ) |  | — |  |  | — |  |  | (40,094 | )
Dividends paid | (20,466 | ) |  | — |  |  | — |  |  | (20,466 | )
Borrowings (repayments) with subsidiaries | 2,892 |  |  | (32,719 | ) |  | 29,827 |  |  | — |
Investment in subsidiaries | (212,079 | ) |  | 202,406 |  |  | 9,673 |  |  | — |
Net cash (used in) provided by financing activities | (214,595 | ) |  | 253,680 |  |  | 82,391 |  |  | 121,476 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (8 | ) |  | (8 | )
NET INCREASE IN CASH AND CASH EQUIVALENTS | — |  |  | 2,057 |  |  | 5,738 |  |  | 7,795 |
CASH AND CASH EQUIVALENTS, beginning of period | — |  |  | 8,039 |  |  | 12,953 |  |  | 20,992 |
CASH AND CASH EQUIVALENTS, end of period | $ | — |  |  | $ | 10,096 |  |  | $ | 18,691 |  |  | $ | 28,787 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended December 31, 2016
| 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 | $ | 147,065 |  |  | $ | 238,552 |  |  | $ | (760 | ) |  | $ | 384,857 |
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 | — |  |  | 35,317 |  |  | 1,526 |  |  | 36,843 |
Purchases of property and equipment, including real estate | — |  |  | (138,263 | ) |  | (18,258 | ) |  | (156,521 | )
Other | — |  |  | 2,748 |  |  | 217 |  |  | 2,965 |
Net cash used in investing activities | — |  |  | (100,198 | ) |  | (73,842 | ) |  | (174,040 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |
Borrowings on credit facility - floorplan line and other | — |  |  | 6,597,406 |  |  | — |  |  | 6,597,406 |
Repayments on credit facility - floorplan line and other | — |  |  | (6,676,161 | ) |  | — |  |  | (6,676,161 | )
Borrowings on credit facility - acquisition line | 220,020 |  |  | — |  |  | — |  |  | 220,020 |
Repayment on credit facility - acquisition line | (220,020 | ) |  | — |  |  | — |  |  | (220,020 | )
Debt issue costs | (2,997 | ) |  | (516 | ) |  | — |  |  | (3,513 | )
Borrowings on other debt | — |  |  | — |  |  | 49,972 |  |  | 49,972 |
Principal payments on other debt | — |  |  | (923 | ) |  | (45,005 | ) |  | (45,928 | )
Borrowings on debt related to real estate | — |  |  | 42,654 |  |  | — |  |  | 42,654 |
Principal payments on debt related to real estate loans | — |  |  | (20,309 | ) |  | (5,154 | ) |  | (25,463 | )
Issuance of common stock to benefit plans, net | 3,868 |  |  | — |  |  | — |  |  | 3,868 |
Repurchases of common stock, amounts based on settlement date | (127,606 | ) |  | — |  |  | — |  |  | (127,606 | )
Tax effect from stock-based compensation | (249 | ) |  | — |  |  | — |  |  | (249 | )
Dividends paid | (19,987 | ) |  | — |  |  | — |  |  | (19,987 | )
Borrowings (repayments) with subsidiaries | 399,151 |  |  | (406,888 | ) |  | 7,737 |  |  | — |
Investment in subsidiaries | (399,245 | ) |  | 328,084 |  |  | 71,161 |  |  | — |
Net cash (used in) provided by financing activities | (147,065 | ) |  | (136,653 | ) |  | 78,711 |  |  | (205,007 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | 2,145 |  |  | 2,145 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | — |  |  | 1,701 |  |  | 6,254 |  |  | 7,955 |
CASH AND CASH EQUIVALENTS, beginning of period | — |  |  | 6,338 |  |  | 6,699 |  |  | 13,037 |
CASH AND CASH EQUIVALENTS, end of period | $ | — |  |  | $ | 8,039 |  |  | $ | 12,953 |  |  | $ | 20,992 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended December 31, 2015
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Total Company
| (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |
Net cash (used in) provided by operating activities | $ | 93,999 |  |  | $ | 49,710 |  |  | $ | (2,662 | ) |  | $ | 141,047 |
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 | — |  |  | 40,833 |  |  | 748 |  |  | 41,581 |
Purchases of property and equipment, including real estate | — |  |  | (97,009 | ) |  | (23,243 | ) |  | (120,252 | )
Other | — |  |  | 6,421 |  |  | — |  |  | 6,421 |
Net cash used in investing activities | — |  |  | (262,007 | ) |  | (22,495 | ) |  | (284,502 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |
Borrowings on credit facility - floorplan line and other | — |  |  | 7,557,237 |  |  | — |  |  | 7,557,237 |
Repayments on credit facility - floorplan line and other | — |  |  | (7,504,516 | ) |  | — |  |  | (7,504,516 | )
Borrowings on credit facility - acquisition line | 489,548 |  |  | — |  |  | — |  |  | 489,548 |
Repayment on credit facility - acquisition line | (557,696 | ) |  | — |  |  | — |  |  | (557,696 | )
Net borrowings of 5.25% Senior Unsecured Notes | 296,250 |  |  | — |  |  | — |  |  | 296,250 |
Debt issue costs | — |  |  | (788 | ) |  | — |  |  | (788 | )
Borrowings on other debt | — |  |  | 451 |  |  | 59,404 |  |  | 59,855 |
Principal payments on other debt | — |  |  | (1,386 | ) |  | (62,383 | ) |  | (63,769 | )
Principal payments on debt related to real estate loans | — |  |  | (68,234 | ) |  | (3,845 | ) |  | (72,079 | )
Borrowings on debt related to real estate | — |  |  | 9,596 |  |  | 22,430 |  |  | 32,026 |
Issuance of common stock to benefit plans, net | 214 |  |  | — |  |  | — |  |  | 214 |
Repurchases of common stock, amounts based on settlement date | (97,473 | ) |  | — |  |  | — |  |  | (97,473 | )
Tax effect from stock-based compensation | — |  |  | 2,142 |  |  | — |  |  | 2,142 |
Dividends paid | (19,942 | ) |  | — |  |  | — |  |  | (19,942 | )
Borrowings (repayments) with subsidiaries | 220,281 |  |  | (211,236 | ) |  | (9,045 | ) |  | — |
Investment in subsidiaries | (425,181 | ) |  | 409,990 |  |  | 15,191 |  |  | — |
Net cash (used in) provided by financing activities | (93,999 | ) |  | 193,256 |  |  | 21,752 |  |  | 121,009 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (5,492 | ) |  | (5,492 | )
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | — |  |  | (19,041 | ) |  | (8,897 | ) |  | (27,938 | )
CASH AND CASH EQUIVALENTS, beginning of period | — |  |  | 25,379 |  |  | 15,596 |  |  | 40,975 |
CASH AND CASH EQUIVALENTS, end of period | $ | — |  |  | $ | 6,338 |  |  | $ | 6,699 |  |  | $ | 13,037 |

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