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DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables) | 12 Months Ended
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Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Disposal groups, including discontinued operations | The following table summarizes the estimated fair value of proceeds expected and net carrying value of the assets disposed (in millions):
Estimated fair value of proceeds from disposition |  | $ | 91.6 |  |
Estimated net assets disposed |  | 42.3 |  |
Estimated gain before currency translation adjustments |  | 49.2 |  |
Estimated amount of currency translation loss recorded in AOCI |  | (125.7) |  |
Estimated incremental costs to sell |  | 1.1 |  |
Net loss on disposal of the Brazil Discontinued Operations |  | $ | (77.5) |  |
Results of the Brazil Discontinued Operations were as follows (in millions):
|  | Years Ended December 31,
|  | 2021 |  | 2020 |  | 2019
REVENUES: |  |  |  |  |  |
New vehicle retail sales |  | $ | 205.6 |  |  | $ | 152.4 |  |  | $ | 286.8 |
Used vehicle retail sales |  | 58.1 |  |  | 50.0 |  |  | 85.4 |
Used vehicle wholesale sales |  | 11.3 |  |  | 12.3 |  |  | 18.3 |
Parts and service sales |  | 38.7 |  |  | 31.9 |  |  | 47.6 |
Finance, insurance and other, net |  | 6.1 |  |  | 5.0 |  |  | 7.6 |
Total revenues |  | 319.8 |  |  | 251.6 |  |  | 445.9 |
COST OF SALES: |  |  |  |  |  |
New vehicle retail sales |  | 184.9 |  |  | 141.3 |  |  | 269.1 |
Used vehicle retail sales |  | 53.1 |  |  | 46.3 |  |  | 79.5 |
Used vehicle wholesale sales |  | 10.5 |  |  | 11.5 |  |  | 17.1 |
Parts and service sales |  | 22.0 |  |  | 17.7 |  |  | 26.6 |
Total cost of sales |  | 270.6 |  |  | 216.7 |  |  | 392.3 |
GROSS PROFIT |  | 49.2 |  |  | 34.8 |  |  | 53.5 |
Selling, general and administrative expenses |  | 34.3 |  |  | 31.1 |  |  | 46.0 |
Depreciation and amortization expense |  | 1.5 |  |  | 2.3 |  |  | 1.6 |
Asset impairments |  | 77.5 |  |  | 11.1 |  |  | 0.5 |
(LOSS) INCOME FROM DISCONTINUED OPERATIONS |  | (64.1) |  |  | (9.6) |  |  | 5.4 |
INTEREST EXPENSE: |  |  |  |  |  |
Floorplan interest expense |  | 1.1 |  |  | 0.3 |  |  | 0.7 |
Other interest expense, net |  | 0.9 |  |  | 0.7 |  |  | 0.1 |
Loss on extinguishment of debt |  | 3.8 |  |  | — |  |  | — |
(LOSS) INCOME BEFORE INCOME TAXES — DISCONTINUED OPERATIONS |  | (69.9) |  |  | (10.5) |  |  | 4.6 |
Provision (benefit) for income taxes |  | 3.4 |  |  | (0.3) |  |  | (0.4) |
NET (LOSS) INCOME — DISCONTINUED OPERATIONS |  | $ | (73.3) |  |  | $ | (10.2) |  |  | $ | 5.0 |
The following table presents cash flows from operating and investing activities for the Brazil Discontinued Operations (in millions):
|  | Years Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Net cash provided by operating activities — discontinued operations |  | $ | 5.2 |  |  | $ | 13.1 |  |  | $ | 6.9 |
Net cash used in investing activities — discontinued operations |  | $ | (1.5) |  |  | $ | (6.8) |  |  | $ | (3.0) |
Assets and liabilities of the Brazil Discontinued Operations were as follows (in millions):
|  | As of December 31,
|  | 2021 |  | 2020
Cash and cash equivalents |  | $ | 3.7 |  |  | $ | 18.3 |
Contracts-in-transit and vehicle receivables, net |  | 2.3 |  |  | 0.6 |
Accounts and notes receivable, net |  | 11.8 |  |  | 7.8 |
Inventories |  | 37.2 |  |  | 21.5 |
Prepaid expenses |  | 1.9 |  |  | 4.0 |
Assets of discontinued operations — current |  | 56.9 |  |  | 52.3 |
Property and equipment, net |  | 22.3 |  |  | 23.9 |
Operating lease assets |  | 2.4 |  |  | 2.8 |
Other long-term assets |  | 7.8 |  |  | 8.5 |
Assets of discontinued operations — non-current (1) |  | 32.5 |  |  | 35.2 |
Total assets, before valuation allowance |  | 89.5 |  |  | 87.5 |
Valuation allowance |  | (76.4) |  |  | — |
Total assets, net of valuation allowance (1) |  | $ | 13.0 |  |  | $ | 87.5 |
Floorplan notes payable — credit facility and other |  | $ | 3.3 |  |  | $ | 1.1 |
Floorplan notes payable — manufacturer affiliates |  | 20.1 |  |  | 6.7 |
Current maturities of long-term debt |  | — |  |  | 0.7 |
Current operating lease liabilities |  | 2.5 |  |  | 1.6 |
Accounts payable |  | 13.7 |  |  | 12.2 |
Accrued expenses and other current liabilities |  | 8.7 |  |  | 9.0 |
Liabilities of discontinued operations — current |  | 48.3 |  |  | 31.3 |
Long-term debt |  | — |  |  | 14.1 |
Long-term operating lease liabilities |  | — |  |  | 1.5 |
Liabilities of discontinued operations — non-current (1) |  | — |  |  | 15.7 |
Total liabilities (1) |  | $ | 48.3 |  |  | $ | 47.0 |
(1) The assets and liabilities of the Brazil Discontinued Operations are classified in current assets and liabilities, respectively, in the Consolidated Balance Sheet as of December 31, 2021, as the Brazil Disposal is expected to close before the end of the second quarter of 2022. The assets and liabilities of the Brazil Discontinued Operations are classified in their respective current or long-term classifications in the Consolidated Balance Sheet as of December 31, 2020, in accordance with the nature and underlying classification of such assets and liabilities, as the Brazil Disposal did not occur within one-year of that date. Assets and Liabilities Held for Sale Assets and liabilities classified as held for sale consisted of the following (in millions):
|  | As of December 31,
|  | 2021 |  | 2020
Current assets classified as held for sale |  |  |  |
Brazil Discontinued Operations |  | $ | 13.0 |  |  | $ | 52.3 |
Prime Acquisition (1) |  | 52.3 |  |  | — |
Other (2) |  | 34.9 |  |  | 2.4 |
Total current assets classified as held for sale |  | $ | 100.3 |  |  | $ | 54.7 |
Long-term assets classified as held for sale |  |  |  |
Brazil Discontinued Operations |  | $ | — |  |  | $ | 35.2 |
Total long-term assets classified as held for sale |  | $ | — |  |  | $ | 35.2 |
Current liabilities classified as held for sale |  |  |  |
Brazil Discontinued Operations |  | $ | 48.3 |  |  | $ | 31.3 |
Prime Acquisition (1) |  | 1.6 |  |  | — |
Other |  | — |  |  | — |
Total current liabilities classified as held for sale |  | $ | 49.9 |  |  | $ | 31.3 |
Long-term liabilities classified as held for sale |  |  |  |
Brazil Discontinued Operations |  | $ | — |  |  | $ | 15.7 |
Total long-term liabilities classified as held for sale |  | $ | — |  |  | $ | 15.7 |
(1) For additional details on current assets and current liabilities classified as held for sale in connection with the Prime Acquisition, refer to Note 3. Acquisitions. (2) Includes $9.9 million of goodwill reclassified to assets held for sale as of December 31, 2021.

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