XML 12 R2.htm IDEA: XBRL DOCUMENT v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash and cash equivalents $ 16.6 $ 14.9
Contracts-in-transit and vehicle receivables, net 216.2 218.9
Accounts and notes receivable, net 197.0 177.9
Inventories 1,096.4 1,073.1
Prepaid expenses 19.7 30.6
Other current assets 19.9 50.4
Current assets classified as held for sale 81.8 100.3
TOTAL CURRENT ASSETS 1,647.5 1,666.2
Property and equipment, net of accumulated depreciation of $529.9 and $513.5, respectively 1,994.5 1,957.8
Operating lease assets 258.4 267.8
Goodwill 1,588.1 1,420.2
Intangible franchise rights 462.3 392.3
Other long-term assets 88.8 45.0
TOTAL ASSETS 6,039.6 5,749.4
CURRENT LIABILITIES:    
Floorplan notes payable — credit facility and other, net of offset account of $197.2 and $268.6, respectively 460.3 295.0
Floorplan notes payable — manufacturer affiliates, net of offset account of $2.4 and $3.3, respectively 244.4 236.0
Current maturities of long-term debt 85.9 220.4
Current operating lease liabilities 24.9 25.9
Accounts payable 439.5 457.8
Accrued expenses and other current liabilities 289.4 258.6
Current liabilities classified as held for sale 74.6 49.9
TOTAL CURRENT LIABILITIES 1,618.9 1,543.6
Long-term debt 1,902.9 1,815.3
Long-term operating lease liabilities 247.7 256.6
Deferred income taxes 201.5 180.9
Other long-term liabilities 119.4 127.7
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Common stock, $0.01 par value, 50,000,000 shares authorized; 25,266,915 and 25,336,054 shares issued, respectively 0.3 0.3
Additional paid-in capital 324.2 325.8
Retained earnings 2,542.7 2,345.9
Accumulated other comprehensive income (loss) (120.6) (156.2)
Treasury stock, at cost; 8,666,078 and 8,160,228 shares, respectively (797.3) (690.4)
TOTAL STOCKHOLDERS’ EQUITY 1,949.2 1,825.2
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 6,039.6 $ 5,749.4