XML 52 R25.htm IDEA: XBRL DOCUMENT
v3.19.3

Condensed Consolidating Financial Information | 9 Months Ended
--- | ---
Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract] |
CONDENSED CONSOLIDATED FINANCIAL INFORMATION | CONDENSED CONSOLIDATING FINANCIAL INFORMATION The following tables include condensed consolidating financial information as of September 30, 2019 and December 31, 2018 and for the three and nine months ended September 30, 2019 and 2018, respectively, for Group 1 Automotive, Inc. (as issuer of the 5.00% Notes) and its guarantor 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 SHEET As of September 30, 2019 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
ASSETS
CURRENT ASSETS: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 4.0 |  |  | $ | 37.0 |  |  | $ | — |  |  | $ | 41.0 |
Contracts-in-transit and vehicle receivables, net | — |  |  | 185.9 |  |  | 70.3 |  |  | — |  |  | 256.2 |
Accounts and notes receivable, net | 0.1 |  |  | 173.8 |  |  | 48.3 |  |  | — |  |  | 222.2 |
Intercompany accounts receivable | 49.2 |  |  | 10.3 |  |  | — |  |  | (59.5 | ) |  | — |
Inventories, net | — |  |  | 1,466.9 |  |  | 325.8 |  |  | — |  |  | 1,792.7 |
Prepaid expenses and other current assets | 0.6 |  |  | 20.6 |  |  | 53.2 |  |  | — |  |  | 74.4 |
TOTAL CURRENT ASSETS | 49.9 |  |  | 1,861.5 |  |  | 534.6 |  |  | (59.5 | ) |  | 2,386.5 |
Property and equipment, net of accumulated depreciation of $380.5 | — |  |  | 1,233.2 |  |  | 251.6 |  |  | — |  |  | 1,484.8 |
Operating lease assets | — |  |  | 118.5 |  |  | 86.2 |  |  | — |  |  | 204.7 |
Goodwill | — |  |  | 879.7 |  |  | 99.3 |  |  | — |  |  | 979.0 |
Intangible franchise rights | — |  |  | 224.5 |  |  | 28.4 |  |  | — |  |  | 252.9 |
Investment in subsidiaries | 3,282.7 |  |  | — |  |  | — |  |  | (3,282.7 | ) |  | — |
Other assets | — |  |  | 11.9 |  |  | 9.2 |  |  | — |  |  | 21.1 |
TOTAL ASSETS | $ | 3,332.6 |  |  | $ | 4,329.3 |  |  | $ | 1,009.3 |  |  | $ | (3,342.2 | ) |  | $ | 5,329.0 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
Floorplan notes payable — credit facility and other, net of offset account of $25.0 | $ | — |  |  | $ | 1,164.7 |  |  | $ | 35.1 |  |  | $ | — |  |  | $ | 1,199.8 |
Floorplan notes payable — manufacturer affiliates, net of offset account of $0.2 | — |  |  | 279.3 |  |  | 131.2 |  |  | — |  |  | 410.5 |
Current maturities of long-term debt | — |  |  | 38.0 |  |  | 28.0 |  |  | — |  |  | 66.0 |
Current operating lease liabilities | — |  |  | 17.2 |  |  | 6.7 |  |  | — |  |  | 23.9 |
Accounts payable | — |  |  | 211.6 |  |  | 271.7 |  |  | — |  |  | 483.3 |
Intercompany accounts payable | 1,253.5 |  |  | — |  |  | 75.9 |  |  | (1,329.4 | ) |  | — |
Accrued expenses and other current liabilities | — |  |  | 182.0 |  |  | 31.8 |  |  | — |  |  | 213.8 |
TOTAL CURRENT LIABILITIES | 1,253.5 |  |  | 1,892.8 |  |  | 580.4 |  |  | (1,329.4 | ) |  | 2,397.3 |
Long-term debt, net of current maturities | 891.4 |  |  | 306.7 |  |  | 109.9 |  |  | — |  |  | 1,308.0 |
Operating lease liabilities, net of current portion | — |  |  | 109.1 |  |  | 86.4 |  |  | — |  |  | 195.5 |
Deferred income taxes and other liabilities | 1.4 |  |  | 236.4 |  |  | 4.1 |  |  | — |  |  | 241.9 |
STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
Group 1 stockholders’ equity | 1,186.3 |  |  | 3,054.2 |  |  | 228.5 |  |  | (3,282.7 | ) |  | 1,186.3 |
Intercompany note receivable | — |  |  | (1,269.9 | ) |  | — |  |  | 1,269.9 |  |  | — |
TOTAL STOCKHOLDERS’ EQUITY | 1,186.3 |  |  | 1,784.3 |  |  | 228.5 |  |  | (2,012.8 | ) |  | 1,186.3 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,332.6 |  |  | $ | 4,329.3 |  |  | $ | 1,009.3 |  |  | $ | (3,342.2 | ) |  | $ | 5,329.0 |
CONDENSED CONSOLIDATED BALANCE SHEET As of December 31, 2018 (In millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
ASSETS
CURRENT ASSETS: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 4.6 |  |  | $ | 11.3 |  |  | $ | — |  |  | $ | 15.9 |
Contracts-in-transit and vehicle receivables, net | — |  |  | 232.1 |  |  | 33.6 |  |  | — |  |  | 265.7 |
Accounts and notes receivable, net | — |  |  | 153.9 |  |  | 40.1 |  |  | — |  |  | 194.0 |
Intercompany accounts receivable | 31.9 |  |  | 21.6 |  |  | — |  |  | (53.5 | ) |  | — |
Inventories, net | — |  |  | 1,468.5 |  |  | 375.6 |  |  | — |  |  | 1,844.1 |
Prepaid expenses and other current assets | 1.0 |  |  | 32.1 |  |  | 49.6 |  |  | — |  |  | 82.7 |
TOTAL CURRENT ASSETS | 32.9 |  |  | 1,912.8 |  |  | 510.2 |  |  | (53.5 | ) |  | 2,402.4 |
Property and equipment, net of accumulated depreciation of $347.3 | — |  |  | 1,124.5 |  |  | 223.3 |  |  | — |  |  | 1,347.8 |
Goodwill | — |  |  | 861.6 |  |  | 102.3 |  |  | — |  |  | 963.9 |
Intangible franchise rights | — |  |  | 224.4 |  |  | 35.2 |  |  | — |  |  | 259.6 |
Investment in subsidiaries | 3,100.9 |  |  | — |  |  | — |  |  | (3,100.9 | ) |  | — |
Other assets | — |  |  | 16.2 |  |  | 11.2 |  |  | — |  |  | 27.4 |
TOTAL ASSETS | $ | 3,133.8 |  |  | $ | 4,139.5 |  |  | $ | 882.2 |  |  | $ | (3,154.4 | ) |  | $ | 5,001.1 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
Floorplan notes payable — credit facility and other, net of offset account of $33.6 | $ | — |  |  | $ | 1,217.8 |  |  | $ | 41.1 |  |  | $ | — |  |  | $ | 1,258.9 |
Floorplan notes payable — manufacturer affiliates, net of offset account of $0.1 | — |  |  | 276.7 |  |  | 141.1 |  |  | — |  |  | 417.8 |
Current maturities of long-term debt | — |  |  | 73.9 |  |  | 19.1 |  |  | — |  |  | 93.0 |
Accounts payable | — |  |  | 201.0 |  |  | 218.4 |  |  | — |  |  | 419.4 |
Intercompany accounts payable | 1,165.0 |  |  | — |  |  | 53.4 |  |  | (1,218.4 | ) |  | — |
Accrued expenses and other current liabilities | — |  |  | 165.0 |  |  | 32.6 |  |  | — |  |  | 197.6 |
TOTAL CURRENT LIABILITIES | 1,165.0 |  |  | 1,934.4 |  |  | 505.7 |  |  | (1,218.4 | ) |  | 2,386.7 |
Long-term debt, net of current maturities | 872.3 |  |  | 294.3 |  |  | 114.8 |  |  | — |  |  | 1,281.4 |
Deferred income taxes and other liabilities | 0.8 |  |  | 224.7 |  |  | 11.8 |  |  | — |  |  | 237.3 |
STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
Group 1 stockholders’ equity | 1,095.7 |  |  | 2,851.0 |  |  | 249.9 |  |  | (3,100.9 | ) |  | 1,095.7 |
Intercompany note receivable | — |  |  | (1,164.9 | ) |  | — |  |  | 1,164.9 |  |  | — |
TOTAL STOCKHOLDERS’ EQUITY | 1,095.7 |  |  | 1,686.1 |  |  | 249.9 |  |  | (1,936.0 | ) |  | 1,095.7 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,133.8 |  |  | $ | 4,139.5 |  |  | $ | 882.2 |  |  | $ | (3,154.4 | ) |  | $ | 5,001.1 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2019 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
Revenues | $ | — |  |  | $ | 2,422.8 |  |  | $ | 695.5 |  |  | $ | — |  |  | $ | 3,118.3 |
Cost of sales | — |  |  | 2,035.9 |  |  | 616.8 |  |  | — |  |  | 2,652.7 |
Gross profit | — |  |  | 386.9 |  |  | 78.7 |  |  | — |  |  | 465.6 |
Selling, general and administrative expenses | 0.4 |  |  | 283.7 |  |  | 69.9 |  |  | — |  |  | 354.0 |
Depreciation and amortization expense | — |  |  | 13.8 |  |  | 4.2 |  |  | — |  |  | 18.0 |
Asset impairments | — |  |  | 3.3 |  |  | 7.0 |  |  | — |  |  | 10.3 |
Income (loss) from operations | (0.4 | ) |  | 86.1 |  |  | (2.4 | ) |  | — |  |  | 83.3 |
Interest expense: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | 13.3 |  |  | 2.1 |  |  | — |  |  | 15.4 |
Other interest expense, net | — |  |  | 16.6 |  |  | 2.3 |  |  | — |  |  | 18.9 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (0.4 | ) |  | 56.2 |  |  | (6.8 | ) |  | — |  |  | 49.0 |
(Benefit) provision for income taxes | (0.1 | ) |  | 12.8 |  |  | (1.7 | ) |  | — |  |  | 11.0 |
Equity in earnings of subsidiaries | 38.4 |  |  | — |  |  | — |  |  | (38.4 | ) |  | — |
Net income (loss) | $ | 38.1 |  |  | $ | 43.4 |  |  | $ | (5.1 | ) |  | $ | (38.4 | ) |  | $ | 38.0 |
Comprehensive income (loss) | (17.0 | ) |  | (5.4 | ) |  | (11.6 | ) |  | 17.0 |  |  | (17.0 | )
Comprehensive income (loss) attributable to parent | $ | 21.1 |  |  | $ | 38.0 |  |  | $ | (16.7 | ) |  | $ | (21.4 | ) |  | $ | 21.0 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2019 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
Revenues | $ | — |  |  | $ | 6,764.3 |  |  | $ | 2,168.1 |  |  | $ | — |  |  | $ | 8,932.4 |
Cost of sales | — |  |  | 5,653.8 |  |  | 1,927.2 |  |  | — |  |  | 7,581.0 |
Gross profit | — |  |  | 1,110.5 |  |  | 240.9 |  |  | — |  |  | 1,351.4 |
Selling, general and administrative expenses | 3.4 |  |  | 801.3 |  |  | 215.7 |  |  | — |  |  | 1,020.4 |
Depreciation and amortization expense | — |  |  | 41.3 |  |  | 11.7 |  |  | — |  |  | 53.0 |
Asset impairments | — |  |  | 3.2 |  |  | 7.6 |  |  | — |  |  | 10.8 |
Income (loss) from operations | (3.4 | ) |  | 264.7 |  |  | 5.9 |  |  | — |  |  | 267.2 |
Interest expense: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | 41.3 |  |  | 5.7 |  |  | — |  |  | 47.0 |
Other interest expense, net | — |  |  | 50.4 |  |  | 5.4 |  |  | — |  |  | 55.8 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (3.4 | ) |  | 173.0 |  |  | (5.2 | ) |  | — |  |  | 164.4 |
(Benefit) provision for income taxes | (0.8 | ) |  | 41.0 |  |  | (1.7 | ) |  | — |  |  | 38.5 |
Equity in earnings of subsidiaries | 128.5 |  |  | — |  |  | — |  |  | (128.5 | ) |  | — |
Net income (loss) | $ | 125.9 |  |  | $ | 132.0 |  |  | $ | (3.5 | ) |  | $ | (128.5 | ) |  | $ | 125.9 |
Comprehensive income (loss) | (31.7 | ) |  | (19.8 | ) |  | (12.0 | ) |  | 31.8 |  |  | (31.7 | )
Comprehensive income (loss) attributable to parent | $ | 94.2 |  |  | $ | 112.2 |  |  | $ | (15.5 | ) |  | $ | (96.7 | ) |  | $ | 94.2 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2018 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
Revenues | $ | — |  |  | $ | 2,200.3 |  |  | $ | 688.8 |  |  | $ | — |  |  | $ | 2,889.1 |
Cost of sales | — |  |  | 1,847.8 |  |  | 606.2 |  |  | — |  |  | 2,454.0 |
Gross profit | — |  |  | 352.5 |  |  | 82.6 |  |  | — |  |  | 435.1 |
Selling, general and administrative expenses | 0.3 |  |  | 240.2 |  |  | 76.3 |  |  | — |  |  | 316.8 |
Depreciation and amortization expense | — |  |  | 13.5 |  |  | 3.4 |  |  | — |  |  | 16.9 |
Asset impairments | — |  |  | 23.2 |  |  | — |  |  | — |  |  | 23.2 |
Income (loss) from operations | (0.3 | ) |  | 75.6 |  |  | 2.9 |  |  | — |  |  | 78.2 |
Interest expense: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | 12.9 |  |  | 1.8 |  |  | — |  |  | 14.7 |
Other interest (income) expense, net | — |  |  | 17.2 |  |  | 1.9 |  |  | — |  |  | 19.1 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (0.3 | ) |  | 45.5 |  |  | (0.8 | ) |  | — |  |  | 44.4 |
(Benefit) provision for income taxes | (0.1 | ) |  | 9.2 |  |  | 0.5 |  |  | — |  |  | 9.6 |
Equity in earnings of subsidiaries | 35.0 |  |  | — |  |  | — |  |  | (35.0 | ) |  | — |
Net income (loss) | $ | 34.8 |  |  | $ | 36.3 |  |  | $ | (1.3 | ) |  | $ | (35.0 | ) |  | $ | 34.8 |
Comprehensive income (loss) | — |  |  | 3.5 |  |  | (5.9 | ) |  | — |  |  | (2.4 | )
Comprehensive income (loss) attributable to parent | $ | 34.8 |  |  | $ | 39.8 |  |  | $ | (7.2 | ) |  | $ | (35.0 | ) |  | $ | 32.4 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2018 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
Revenues | $ | — |  |  | $ | 6,456.7 |  |  | $ | 2,235.8 |  |  | $ | — |  |  | $ | 8,692.5 |
Cost of sales | — |  |  | 5,417.9 |  |  | 1,981.6 |  |  | — |  |  | 7,399.5 |
Gross profit | — |  |  | 1,038.8 |  |  | 254.2 |  |  | — |  |  | 1,293.0 |
Selling, general and administrative expenses | 2.7 |  |  | 721.3 |  |  | 225.2 |  |  | — |  |  | 949.2 |
Depreciation and amortization expense | — |  |  | 39.4 |  |  | 10.6 |  |  | — |  |  | 50.0 |
Asset impairments | — |  |  | 27.4 |  |  | — |  |  | — |  |  | 27.4 |
Income (loss) from operations | (2.7 | ) |  | 250.7 |  |  | 18.4 |  |  | — |  |  | 266.4 |
Interest expense: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | 38.0 |  |  | 5.3 |  |  | — |  |  | 43.3 |
Other interest expense, net | — |  |  | 51.6 |  |  | 5.8 |  |  | — |  |  | 57.4 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (2.7 | ) |  | 161.1 |  |  | 7.3 |  |  | — |  |  | 165.7 |
(Benefit) provision for income taxes | (0.6 | ) |  | 36.5 |  |  | 2.8 |  |  | — |  |  | 38.6 |
Equity in earnings of subsidiaries | 129.1 |  |  | — |  |  | — |  |  | (129.1 | ) |  | — |
Net income (loss) | $ | 127.1 |  |  | $ | 124.6 |  |  | $ | 4.5 |  |  | $ | (129.1 | ) |  | $ | 127.1 |
Comprehensive income (loss) | — |  |  | 16.7 |  |  | (22.2 | ) |  | — |  |  | (5.5 | )
Comprehensive income (loss) attributable to parent | $ | 127.1 |  |  | $ | 141.3 |  |  | $ | (17.7 | ) |  | $ | (129.1 | ) |  | $ | 121.6 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2019 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Total Company
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 125.9 |  |  | $ | 123.8 |  |  | $ | 61.1 |  |  | $ | 310.8 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |
Cash paid in acquisitions, net of cash received | — |  |  | (67.7 | ) |  | (29.3 | ) |  | (97.0 | )
Proceeds from disposition of franchises, property and equipment | — |  |  | 37.2 |  |  | 5.9 |  |  | 43.1 |
Purchases of property and equipment, including real estate | — |  |  | (114.0 | ) |  | (25.5 | ) |  | (139.5 | )
Other | (0.1 | ) |  | — |  |  | — |  |  | (0.1 | )
Net cash provided by (used in) investing activities | (0.1 | ) |  | (144.5 | ) |  | (48.9 | ) |  | (193.5 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |
Borrowings on credit facility - floorplan line and other | — |  |  | 5,274.6 |  |  | 36.6 |  |  | 5,311.2 |
Repayments on credit facility - floorplan line and other | — |  |  | (5,322.6 | ) |  | (41.7 | ) |  | (5,364.3 | )
Borrowings on credit facility - acquisition line | 230.5 |  |  | — |  |  | — |  |  | 230.5 |
Repayments on credit facility - acquisition line | (211.4 | ) |  | — |  |  | — |  |  | (211.4 | )
Debt issue costs | — |  |  | (3.2 | ) |  | — |  |  | (3.2 | )
Borrowings on other debt | — |  |  | 36.6 |  |  | 94.2 |  |  | 130.8 |
Principal payments on other debt | — |  |  | (42.2 | ) |  | (91.5 | ) |  | (133.7 | )
Borrowings on debt related to real estate, net of debt issue costs | — |  |  | 74.8 |  |  | — |  |  | 74.8 |
Principal payments on debt related to real estate | — |  |  | (106.5 | ) |  | (6.3 | ) |  | (112.8 | )
Employee stock purchase plan purchases, net of employee tax withholdings | 2.8 |  |  | — |  |  | — |  |  | 2.8 |
Dividends paid | (14.8 | ) |  | — |  |  | — |  |  | (14.8 | )
Borrowings (repayments) with subsidiaries | 86.7 |  |  | (111.4 | ) |  | 24.7 |  |  | — |
Investment in subsidiaries | (219.6 | ) |  | 220.0 |  |  | (0.4 | ) |  | — |
Net cash provided by (used in) financing activities | (125.8 | ) |  | 20.1 |  |  | 15.6 |  |  | (90.1 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (1.3 | ) |  | (1.3 | )
Net increase (decrease) in cash, cash equivalents and restricted cash | — |  |  | (0.6 | ) |  | 26.5 |  |  | 25.9 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | — |  |  | 4.6 |  |  | 14.1 |  |  | 18.7 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | — |  |  | $ | 4.0 |  |  | $ | 40.6 |  |  | $ | 44.6 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2018 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Total Company
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 127.1 |  |  | $ | 192.9 |  |  | $ | 37.4 |  |  | $ | 357.4 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |
Cash paid in acquisitions, net of cash received | — |  |  | (91.9 | ) |  | (43.5 | ) |  | (135.3 | )
Proceeds from disposition of franchises, property and equipment | — |  |  | 101.4 |  |  | 6.3 |  |  | 107.7 |
Purchases of property and equipment, including real estate | — |  |  | (79.5 | ) |  | (38.7 | ) |  | (118.3 | )
Other | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Net cash provided by (used in) investing activities | 0.4 |  |  | (70.0 | ) |  | (75.8 | ) |  | (145.5 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |
Borrowings on credit facility - floorplan line and other | — |  |  | 5,036.1 |  |  | 70.7 |  |  | 5,106.8 |
Repayments on credit facility - floorplan line and other | — |  |  | (5,124.9 | ) |  | (60.4 | ) |  | (5,185.2 | )
Borrowings on credit facility - acquisition line | 98.6 |  |  | — |  |  | — |  |  | 98.6 |
Repayments on credit facility - acquisition line | (91.4 | ) |  | — |  |  | — |  |  | (91.4 | )
Borrowings on other debt | — |  |  | 70.7 |  |  | 52.6 |  |  | 123.3 |
Principal payments on other debt | (24.7 | ) |  | (36.2 | ) |  | (44.6 | ) |  | (105.6 | )
Borrowings on debt related to real estate, net of debt issue costs | — |  |  | 42.7 |  |  | 12.1 |  |  | 54.7 |
Principal payments on debt related to real estate | — |  |  | (71.8 | ) |  | (11.5 | ) |  | (83.2 | )
Employee stock purchase plan purchases, net of employee tax withholdings | 1.5 |  |  | — |  |  | — |  |  | 1.5 |
Repurchases of common stock, amounts based on settlement date | (108.6 | ) |  | — |  |  | — |  |  | (108.6 | )
Proceeds from termination of mortgage swap | — |  |  | 0.9 |  |  | — |  |  | 0.9 |
Dividends paid | (16.0 | ) |  | — |  |  | — |  |  | (16.0 | )
Borrowings (repayments) with subsidiaries | 208.7 |  |  | (219.2 | ) |  | 10.5 |  |  | — |
Investment in subsidiaries | (195.4 | ) |  | 177.6 |  |  | 17.8 |  |  | — |
Net cash provided by (used in) financing activities | (127.4 | ) |  | (124.0 | ) |  | 47.2 |  |  | (204.2 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (2.9 | ) |  | (2.9 | )
Net increase (decrease) in cash, cash equivalents and restricted cash | — |  |  | (1.0 | ) |  | 5.8 |  |  | 4.8 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | — |  |  | 10.1 |  |  | 19.5 |  |  | 29.6 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | — |  |  | $ | 9.1 |  |  | $ | 25.3 |  |  | $ | 34.4 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph d -Subparagraph 4 -Subsection 10 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph c -Subparagraph 4 -Subsection 10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph a -Subsection 04 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph e -Subparagraph 4 -Subsection 10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph f -Subparagraph 4 -Subsection 10 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
Name: | srt_CondensedFinancialStatementsTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration