Condensed Consolidated Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

CONDENSED CONSOLIDATED BALANCE SHEETS

As of December 31, 2019

(In millions)



	Group 1 Automotive, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Elimination			Total Company
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	—	$	5.6		$	18.2	$	—		$	23.8
Contracts-in-transit and vehicle receivables, net	—		211.0			42.8		—			253.8
Accounts and notes receivable, net	0.4		177.0			47.7		—			225.1
Intercompany accounts receivable	72.3		99.0			1.0		(172.3		)	—
Inventories, net	—		1,498.5			403.2		—			1,901.7
Prepaid and other current assets	2.0		31.0			78.9		—			111.9
TOTAL CURRENT ASSETS	74.7		2,022.1			591.8		(172.3		)	2,516.3
Property and equipment, net	—		1,251.4			295.7		—			1,547.1
Operating lease assets	—		114.8			105.3		—			220.1
Goodwill	—		902.3			106.0		—			1,008.3
Intangible franchise rights	—		223.0			30.5		—			253.5
Investment in subsidiaries	3,393.2		—			—		(3,393.2		)	—
Other long-term assets	—		14.9			9.9		—			24.8
TOTAL ASSETS	$	3,467.9	$	4,528.5		$	1,139.2	$	(3,565.5	)	$	5,570.2

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other, net of offset account of $106.8	$	—	$	1,099.1		$	45.3	$	—		$	1,144.4
Floorplan notes payable — manufacturer affiliates, net of offset account of $4.1	—		318.4			141.5		—			459.9
Current maturities of long-term debt	—		27.0			32.1		—			59.1
Current operating lease liabilities	—		17.4			7.2		—			24.6
Accounts payable	—		235.4			292.1		—			527.5
Intercompany accounts payable	1,296.8		—			100.0		(1,396.8		)	—
Accrued expenses and other current liabilities	—		177.2			29.5		—			206.7
TOTAL CURRENT LIABILITIES	1,296.8		1,874.5			647.7		(1,396.8		)	2,422.3
Long-term debt, net of current maturities	915.3		379.0			137.8		—			1,432.1
Operating lease liabilities, net of current portion	—		104.9			105.8		—			210.7
Deferred income taxes and other long-term liabilities	—		245.6			3.7		—			249.3
STOCKHOLDERS’ EQUITY:
Group 1 stockholders’ equity	1,255.7		3,148.9			244.3		(3,393.2		)	1,255.7
Intercompany note receivable	—		(1,224.5		)	—		1,224.5			—
TOTAL STOCKHOLDERS’ EQUITY	1,255.7		1,924.4			244.3		(2,168.7		)	1,255.7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,467.9	$	4,528.5		$	1,139.2	$	(3,565.5	)	$	5,570.2

CONDENSED CONSOLIDATED BALANCE SHEETS

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	—		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 long-term assets	—		16.2			11.2		—			27.3
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	$	—		$	1,258.8
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		)	2,386.6
Long-term debt, net of current maturities	872.3		294.3			114.8		—			1,281.5
Deferred income taxes and other long-term 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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Year Ended December 31, 2019

(In millions)



	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Total Company
Revenues	$	—		$	9,184.3		$	2,859.5		$	—		$	12,043.8
Cost of sales	—			7,689.5			2,538.3			—			10,227.8
Gross profit	—			1,494.8			321.2			—			1,816.0
Selling, general and administrative expenses	4.1			1,066.6			287.7			—			1,358.4
Depreciation and amortization expense	—			55.4			16.2			—			71.6
Asset impairments	—			14.6			7.6			—			22.2
Income (loss) from operations	(4.1		)	358.2			9.7			—			363.7
Interest expense:
Floorplan interest expense	—			53.8			7.8			—			61.6
Other interest expense, net	—			67.5			7.4			—			74.9
Income (loss) before income taxes and equity in earnings of subsidiaries	(4.1		)	236.9			(5.5		)	—			227.3
(Benefit) provision for income taxes	(1.0		)	56.2			(1.9		)	—			53.3
Equity in earnings (loss) of subsidiaries	177.1			—			—			(177.1		)	—
Net income (loss)	$	174.0		$	180.7		$	(3.6	)	$	(177.1	)	$	174.0
Other comprehensive income (loss)	(9.2		)	(13.0		)	3.8			9.2			(9.2		)
Comprehensive income (loss)	$	164.8		$	167.7		$	0.2		$	(167.9	)	$	164.8

Year Ended December 31, 2018

(In millions)



	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Total Company
Revenues	$	—		$	8,723.3		$	2,878.1		$	—		$	11,601.4
Cost of sales	—			7,332.0			2,544.3			—			9,876.3
Gross profit	—			1,391.3			333.8			—			1,725.1
Selling, general and administrative expenses	3.4			971.9			297.7			—			1,273.1
Depreciation and amortization expense	—			52.9			14.2			—			67.1
Asset impairments	—			43.4			0.5			—			43.9
Income (loss) from operations	(3.4		)	323.1			21.4			—			341.1
Interest expense:
Floorplan interest expense	—			(52.8		)	(7.1		)	—			(59.9		)
Other interest expense, net	—			(68.1		)	(7.7		)	—			(75.8		)
Income (loss) before income taxes and equity in earnings of subsidiaries	(3.4		)	202.2			6.5			—			205.4
(Benefit) provision for income taxes	(0.8		)	44.5			3.9			—			47.6
Equity in earnings (loss) of subsidiaries	160.4			—			—			(160.4		)	—
Net income (loss)	$	157.8		$	157.7		$	2.6		$	(160.4	)	$	157.8
Other comprehensive income (loss)	—			9.8			(24.2		)	—			(14.4		)
Comprehensive income (loss)	$	157.8		$	167.5		$	(21.5	)	$	(160.4	)	$	143.4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Year Ended December 31, 2017

(In millions)



	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Total Company
Revenues	$	—		$	8,680.6		$	2,443.2		$	—		$	11,123.7
Cost of sales	—			7,315.3			2,163.0			—			9,478.2
Gross profit	—			1,365.3			280.2			—			1,645.5
Selling, general and administrative expenses	3.4			974.4			248.4			—			1,226.2
Depreciation and amortization expense	—			48.3			9.7			—			57.9
Asset impairments	—			12.8			6.7			—			19.5
Income (loss) from operations	(3.4		)	329.9			15.4			—			341.9
Interest expense:
Floorplan interest expense	—			(47.2		)	(5.2		)	—			(52.4		)
Other interest expense, net	—			(66.5		)	(4.0		)	—			(70.5		)
Income (loss) before income taxes and equity in earnings of subsidiaries	(3.4		)	216.1			6.2			—			219.0
(Benefit) provision for income taxes	(1.3		)	6.9			(0.1		)	—			5.6
Equity in earnings (loss) of subsidiaries	215.6			—			—			(215.6		)	—
Net income (loss)	$	213.4		$	209.2		$	6.4		$	(215.6	)	$	213.4
Other comprehensive income (loss)	—			8.7			15.1			—			23.7
Comprehensive income (loss)	$	213.4		$	217.9		$	21.4		$	(215.6	)	$	237.2

Condensed Consolidated Statements of Cash Flows

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31, 2019

(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	$	174.0		$	169.1		$	27.8		$	370.9
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions, net of cash received	—			(113.9		)	(29.3		)	(143.2		)
Proceeds from disposition of franchises, property and equipment	—			37.2			6.2			43.4
Purchases of property and equipment	—			(133.7		)	(58.1		)	(191.8		)
Net cash used in (provided by) investing activities	—			(210.4		)	(81.2		)	(291.6		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility — floorplan line and other	—			7,248.9			55.7			7,304.6
Repayments on credit facility — floorplan line and other	—			(7,370.1		)	(53.1		)	(7,423.2		)
Borrowings on credit facility — acquisition line	319.0			—			—			319.0
Repayments on credit facility — acquisition line	(281.4		)	—			—			(281.4		)
Debt issue costs	—			(3.5		)	(1.9		)	(5.4		)
Borrowings on other debt	—			55.7			121.7			177.4
Principal payments on other debt	—			(53.8		)	(112.9		)	(166.7		)
Borrowings on debt related to real estate	—			152.4			21.1			173.5
Principal payments on debt related to real estate	—			(138.7		)	(8.6		)	(147.3		)
Proceeds from employee stock purchase plan	8.6			—			—			8.6
Payment of tax withholding for stock-based awards	(4.4		)	—			—			(4.4		)
Repurchases of common stock, amounts based on settlement date	(1.4		)	—			—			(1.4		)
Dividends paid	(20.3		)	—			—			(20.3		)
Borrowings (repayments) with subsidiaries	113.5			(155.9		)	42.5			—
Investment in subsidiaries	(307.5		)	307.3			0.2			—
Net cash provided by (used in) financing activities	(174.0		)	42.3			64.7			(67.0		)
Effect of exchange rate changes on cash	—			—			(2.9		)	(2.9		)
Net increase (decrease) in cash, cash equivalents and restricted cash	—			1.0			8.4			9.3
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	—			4.6			14.1			18.7
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$	—		$	5.6		$	22.5		$	28.1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31, 2018

(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	$	157.8		$	98.9		$	13.3		$	270.0
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions, net of cash received	—			(91.9		)	(43.5		)	(135.3		)
Proceeds from disposition of franchises, property and equipment	—			101.5			6.4			107.9
Purchases of property and equipment	—			(97.2		)	(43.8		)	(141.0		)
Other	0.5			—			—			0.5
Net cash provided by (used in) investing activities	0.5			(87.7		)	(80.8		)	(168.0		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility — floorplan line and other	—			6,858.5			95.8			6,954.3
Repayments on credit facility — floorplan line and other	—			(6,797.1		)	(72.9		)	(6,870.1		)
Borrowings on credit facility — acquisition line	165.3			—			—			165.3
Repayments on credit facility — acquisition line	(158.5		)	—			—			(158.5		)
Borrowings on other debt	—			95.8			60.2			156.0
Principal payments on other debt	(24.7		)	(48.9		)	(45.1		)	(118.8		)
Borrowings on debt related to real estate	—			42.7			12.1			54.7
Principal payments on debt related to real estate	—			(77.8		)	(13.7		)	(91.5		)
Proceeds from employee stock purchase plan	7.6			—			—			7.6
Payment of tax withholding for stock-based awards	(4.9		)	—			—			(4.9		)
Proceeds from termination of mortgage swap	—			0.9			—			0.9
Repurchases of common stock, amounts based on settlement date	(183.9		)	—			—			(183.9		)
Dividends paid	(20.9		)	—			—			(20.9		)
Borrowings (repayments) with subsidiaries	289.4			(300.7		)	11.3			—
Investment in subsidiaries	(227.8		)	209.9			17.8			—
Net cash provided by (used in) financing activities	(158.3		)	(16.8		)	65.5			(109.5		)
Effect of exchange rate changes on cash	—			—			(3.3		)	(3.3		)
Net increase (decrease) in cash, cash equivalents and restricted cash	—			(5.5		)	(5.4		)	(10.9		)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	—			10.1			19.5			29.6
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$	—		$	4.6		$	14.1		$	18.7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31, 2017

(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	$	214.6		$	(13.8	)	$	(4.3	)	$	196.5
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions, net of cash received	—			(62.5		)	(46.6		)	(109.1		)
Proceeds from disposition of franchises, property and equipment	—			8.3			2.4			10.7
Purchases of property and equipment	—			(185.3		)	(30.5		)	(215.8		)
Other	—			1.6			—			1.6
Net cash provided by (used in) investing activities	—			(237.9		)	(74.7		)	(312.6		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility — floorplan line and other	—			7,019.1			—			7,019.1
Repayments on credit facility — floorplan line and other	—			(6,957.9		)	—			(6,957.9		)
Borrowings on credit facility — acquisition line	68.1			—			—			68.1
Repayments on credit facility — acquisition line	(42.3		)	—			—			(42.3		)
Borrowings on other debt	25.1			—			140.6			165.7
Principal payments on other debt	(0.3		)	(0.7		)	(120.2		)	(121.2		)
Borrowings on debt related to real estate	—			46.4			28.9			75.3
Principal payments on debt related to real estate	—			(22.9		)	(6.5		)	(29.4		)
Proceeds from employee stock purchase plan	7.1			—			—			7.1
Payment of tax withholding for stock-based awards	(2.5		)	—			—			(2.5		)
Repurchases of common stock, amounts based on settlement date	(40.1		)	—			—			(40.1		)
Dividends paid	(20.5		)	—			—			(20.5		)
Borrowings (repayments) with subsidiaries	2.9			(32.7		)	29.8			—
Investment in subsidiaries	(212.1		)	202.4			9.7			—
Net cash provided by (used in) financing activities	(214.6		)	253.7			82.4			121.5
Net increase (decrease) in cash, cash equivalents and restricted cash	—			2.1			3.3			5.4
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	—			8.0			16.2			24.2
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$	—		$	10.1		$	19.5		$	29.6