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Condensed Consolidated Financial Information | 12 Months Ended
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Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract] |
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | CONDENSED CONSOLIDATING FINANCIAL INFORMATION The following tables include condensed consolidating financial information as of December 31, 2018 and 2017, and for each of the years in the three-year period ended December 31, 2018, for Group 1 Automotive, Inc.’s (as issuer of the 5.00% Notes), guarantor subsidiaries and non-guarantor subsidiaries (representing foreign entities). The condensed consolidating financial information includes certain allocations of balance sheet, statement of operations and cash flows items that are not necessarily indicative of the financial position, results of operations or cash flows of these entities had they operated on a stand-alone basis. In accordance with Rule 3-10 of Regulation S-X, condensed consolidated financial statements of non-guarantors are not required. The Company has no assets or operations independent of its subsidiaries. Obligations under the 5.00% Notes are fully and unconditionally and jointly and severally guaranteed on a senior unsecured basis by the Company’s current 100%-owned domestic subsidiaries and certain of the Company’s future domestic subsidiaries, with the exception of the Company’s “minor” subsidiaries (as defined by Rule 3-10 of Regulation S-X). There are no significant restrictions on the ability of the Company or subsidiary guarantors for the Company to obtain funds from its subsidiary guarantors by dividend or loan. None of the subsidiary guarantors’ assets represent restricted assets pursuant to SEC Rule 4-08(e)(3) of Regulation S-X. CONDENSED CONSOLIDATED BALANCE SHEETS As of December 31, 2018 (In thousands)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
ASSETS
CURRENT ASSETS: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 4,613 |  |  | $ | 11,319 |  |  | $ | — |  |  | $ | 15,932 |
Contracts-in-transit and vehicle receivables, net | — |  |  | 232,095 |  |  | 33,565 |  |  | — |  |  | 265,660 |
Accounts and notes receivable, net | — |  |  | 153,871 |  |  | 40,110 |  |  | — |  |  | 193,981 |
Intercompany accounts receivable | 31,842 |  |  | 21,636 |  |  | — |  |  | (53,478 | ) |  | — |
Inventories, net | — |  |  | 1,468,422 |  |  | 375,637 |  |  | — |  |  | 1,844,059 |
Prepaid expenses and other current assets | 992 |  |  | 32,118 |  |  | 49,624 |  |  | — |  |  | 82,734 |
Total current assets | 32,834 |  |  | 1,912,755 |  |  | 510,255 |  |  | (53,478 | ) |  | 2,402,366 |
PROPERTY AND EQUIPMENT, net | — |  |  | 1,124,559 |  |  | 223,276 |  |  | — |  |  | 1,347,835 |
GOODWILL | — |  |  | 861,628 |  |  | 102,297 |  |  | — |  |  | 963,925 |
INTANGIBLE FRANCHISE RIGHTS | — |  |  | 224,394 |  |  | 35,236 |  |  | — |  |  | 259,630 |
INVESTMENT IN SUBSIDIARIES | 3,100,931 |  |  | — |  |  | — |  |  | (3,100,931 | ) |  | — |
OTHER ASSETS | — |  |  | 16,165 |  |  | 11,154 |  |  | — |  |  | 27,319 |
Total assets | $ | 3,133,765 |  |  | $ | 4,139,501 |  |  | $ | 882,218 |  |  | $ | (3,154,409 | ) |  | $ | 5,001,075 |
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
Floorplan notes payable — credit facility and other | $ | — |  |  | $ | 1,251,402 |  |  | $ | 41,050 |  |  | $ | — |  |  | $ | 1,292,452 |
Offset account related to floorplan notes payable - credit facility | — |  |  | (33,637 | ) |  | — |  |  | — |  |  | (33,637 | )
Floorplan notes payable — manufacturer affiliates | — |  |  | 276,862 |  |  | 141,062 |  |  | — |  |  | 417,924 |
Offset account related to floorplan notes payable - manufacturer affiliates | — |  |  | (100 | ) |  | — |  |  | — |  |  | (100 | )
Current maturities of long-term debt and short-term financing | — |  |  | 73,834 |  |  | 19,133 |  |  | — |  |  | 92,967 |
Current liabilities from interest rate risk management activities | — |  |  | 115 |  |  | — |  |  | — |  |  | 115 |
Accounts payable | — |  |  | 200,912 |  |  | 218,438 |  |  | — |  |  | 419,350 |
Intercompany accounts payable | 1,164,949 |  |  | — |  |  | 53,478 |  |  | (1,218,427 | ) |  | — |
Accrued expenses | — |  |  | 164,883 |  |  | 32,611 |  |  | — |  |  | 197,494 |
Total current liabilities | 1,164,949 |  |  | 1,934,271 |  |  | 505,772 |  |  | (1,218,427 | ) |  | 2,386,565 |
LONG-TERM DEBT, net of current maturities | 872,307 |  |  | 294,388 |  |  | 114,794 |  |  | — |  |  | 1,281,489 |
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES | — |  |  | 1,696 |  |  | — |  |  | — |  |  | 1,696 |
DEFERRED INCOME TAXES AND OTHER LIABILITIES | 815 |  |  | 223,022 |  |  | 11,794 |  |  | — |  |  | 235,631 |
STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |  |
Group 1 stockholders’ equity | 1,095,694 |  |  | 2,851,073 |  |  | 249,858 |  |  | (3,100,931 | ) |  | 1,095,694 |
Intercompany note receivable | — |  |  | (1,164,949 | ) |  | — |  |  | 1,164,949 |  |  | — |
Total stockholders’ equity | 1,095,694 |  |  | 1,686,124 |  |  | 249,858 |  |  | (1,935,982 | ) |  | 1,095,694 |
Total liabilities and stockholders’ equity | $ | 3,133,765 |  |  | $ | 4,139,501 |  |  | $ | 882,218 |  |  | $ | (3,154,409 | ) |  | $ | 5,001,075 |
CONDENSED CONSOLIDATED BALANCE SHEETS As of December 31, 2017 (In thousands)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
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 STATEMENTS OF OPERATIONS Year Ended December 31, 2018 (In thousands)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
REVENUES | $ | — |  |  | $ | 8,723,258 |  |  | $ | 2,878,100 |  |  | $ | — |  |  | $ | 11,601,358 |
COST OF SALES | — |  |  | 7,331,950 |  |  | 2,544,315 |  |  | — |  |  | 9,876,265 |
GROSS PROFIT | — |  |  | 1,391,308 |  |  | 333,785 |  |  | — |  |  | 1,725,093 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 3,388 |  |  | 971,923 |  |  | 297,746 |  |  | — |  |  | 1,273,057 |
DEPRECIATION AND AMORTIZATION EXPENSE | — |  |  | 52,881 |  |  | 14,189 |  |  | — |  |  | 67,070 |
ASSET IMPAIRMENTS | — |  |  | 43,398 |  |  | 485 |  |  | — |  |  | 43,883 |
INCOME (LOSS) FROM OPERATIONS | (3,388 | ) |  | 323,106 |  |  | 21,365 |  |  | — |  |  | 341,083 |
OTHER EXPENSE: |  |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | (52,773 | ) |  | (7,109 | ) |  | — |  |  | (59,882 | )
Other interest income (expense), net | — |  |  | (68,085 | ) |  | (7,713 | ) |  | — |  |  | (75,798 | )
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | (3,388 | ) |  | 202,248 |  |  | 6,543 |  |  | — |  |  | 205,403 |
BENEFIT (PROVISION) FOR INCOME TAXES | 786 |  |  | (44,520 | ) |  | (3,897 | ) |  | — |  |  | (47,631 | )
EQUITY IN EARNINGS OF SUBSIDIARIES | 160,374 |  |  | — |  |  | — |  |  | (160,374 | ) |  | — |
NET INCOME (LOSS) | $ | 157,772 |  |  | $ | 157,728 |  |  | $ | 2,646 |  |  | $ | (160,374 | ) |  | $ | 157,772 |
COMPREHENSIVE INCOME (LOSS) | — |  |  | 9,760 |  |  | (24,156 | ) |  | — |  |  | (14,396 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT | $ | 157,772 |  |  | $ | 167,488 |  |  | $ | (21,510 | ) |  | $ | (160,374 | ) |  | $ | 143,376 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended December 31, 2017 (In thousands)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
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 expense, net | — |  |  | (66,490 | ) |  | (4,007 | ) |  | — |  |  | (70,497 | )
INCOME (LOSS) 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 (LOSS) | — |  |  | 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 OPERATIONS Year Ended December 31, 2016 (In thousands)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
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 income (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 CASH FLOWS Year Ended December 31, 2018 (In thousands)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Total Company
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 157,770 |  |  | $ | 98,934 |  |  | $ | 13,274 |  |  | $ | 269,978 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |
Cash paid in acquisitions, net of cash received | — |  |  | (91,891 | ) |  | (43,452 | ) |  | (135,343 | )
Proceeds from disposition of franchises, property and equipment | — |  |  | 101,462 |  |  | 6,412 |  |  | 107,874 |
Purchases of property and equipment, including real estate | — |  |  | (97,229 | ) |  | (43,804 | ) |  | (141,033 | )
Other | 501 |  |  | — |  |  | — |  |  | 501 |
Net cash used in (provided by) investing activities | 501 |  |  | (87,658 | ) |  | (80,844 | ) |  | (168,001 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |
Borrowings on credit facility - floorplan line and other | — |  |  | 6,858,529 |  |  | 95,799 |  |  | 6,954,328 |
Repayments on credit facility - floorplan line and other | — |  |  | (6,797,143 | ) |  | (72,913 | ) |  | (6,870,056 | )
Borrowings on credit facility - acquisition line | 165,346 |  |  | — |  |  | — |  |  | 165,346 |
Repayments on credit facility - acquisition line | (158,485 | ) |  | — |  |  | — |  |  | (158,485 | )
Borrowings on other debt | — |  |  | 95,799 |  |  | 60,224 |  |  | 156,023 |
Principal payments on other debt | (24,741 | ) |  | (48,924 | ) |  | (45,124 | ) |  | (118,789 | )
Borrowings on debt related to real estate | — |  |  | 42,657 |  |  | 12,055 |  |  | 54,712 |
Principal payments on debt related to real estate | — |  |  | (77,781 | ) |  | (13,686 | ) |  | (91,467 | )
Employee stock purchase plan purchases, net of employee tax withholdings | 2,717 |  |  | — |  |  | — |  |  | 2,717 |
Proceeds from termination of mortgage swap | — |  |  | 918 |  |  | — |  |  | 918 |
Repurchases of common stock, amounts based on settlement date | (183,918 | ) |  | — |  |  | — |  |  | (183,918 | )
Dividends paid | (20,872 | ) |  | — |  |  | — |  |  | (20,872 | )
Borrowings (repayments) with subsidiaries | 289,432 |  |  | (300,731 | ) |  | 11,299 |  |  | — |
Investment in subsidiaries | (227,750 | ) |  | 209,917 |  |  | 17,833 |  |  | — |
Net cash provided by (used in) financing activities | (158,271 | ) |  | (16,759 | ) |  | 65,487 |  |  | (109,543 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (3,345 | ) |  | (3,345 | )
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | — |  |  | (5,483 | ) |  | (5,428 | ) |  | (10,911 | )
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period | — |  |  | 10,096 |  |  | 19,535 |  |  | 29,631 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period | $ | — |  |  | $ | 4,613 |  |  | $ | 14,107 |  |  | $ | 18,720 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2017 (In thousands)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Total Company
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 214,595 |  |  | $ | (13,759 | ) |  | $ | (4,321 | ) |  | $ | 196,515 |
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 provided by (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 |
Repayment 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 loans | — |  |  | (22,931 | ) |  | (6,460 | ) |  | (29,391 | )
Issuance of common stock to benefit plans, net | 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 provided by (used in) financing activities | (214,595 | ) |  | 253,680 |  |  | 82,391 |  |  | 121,476 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (8 | ) |  | (8 | )
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | — |  |  | 2,057 |  |  | 3,328 |  |  | 5,385 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period | — |  |  | 8,039 |  |  | 16,207 |  |  | 24,246 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period | $ | — |  |  | $ | 10,096 |  |  | $ | 19,535 |  |  | $ | 29,631 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2016 (In thousands)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Total Company
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 147,065 |  |  | $ | 238,552 |  |  | $ | (1,520 | ) |  | $ | 384,097 |
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 provided by (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 | )
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, net of debt issue costs | (2,997 | ) |  | 42,138 |  |  | — |  |  | 39,141 |
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 provided by (used in) financing activities | (147,065 | ) |  | (136,653 | ) |  | 78,711 |  |  | (205,007 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | 2,145 |  |  | 2,145 |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | — |  |  | 1,701 |  |  | 5,494 |  |  | 7,195 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period | — |  |  | 6,338 |  |  | 10,713 |  |  | 17,051 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period | $ | — |  |  | $ | 8,039 |  |  | $ | 16,207 |  |  | $ | 24,246 |

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