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DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)
 6 Months Ended
Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Disposal groups, including discontinued operations
The following table summarizes the estimated fair value of the proceeds received from the disposition and net carrying value of the assets disposed as of June 30, 2022 (in millions):
Estimated fair value of proceeds from disposition$96.2 
Estimated net assets disposed48.8 
Estimated gain before currency translation adjustments47.4 
Estimated amount of currency translation loss recorded in AOCI(122.8)
Estimated incremental costs to sell8.4 
Net loss on the Brazil Disposal$(83.8)
Results of the Brazil Discontinued Operations were as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
REVENUES:
New vehicle retail sales$60.4 $49.8 $109.0 $83.9 
Used vehicle retail sales21.8 11.8 44.0 22.5 
Used vehicle wholesale sales4.8 2.6 10.1 4.6 
Parts and service sales13.1 9.2 23.8 17.1 
Finance, insurance and other, net1.8 1.4 3.3 2.8 
Total revenues101.9 74.8 190.2 130.9 
COST OF SALES:
New vehicle retail sales54.7 44.6 98.5 75.4 
Used vehicle retail sales20.6 10.9 41.2 20.4 
Used vehicle wholesale sales4.7 2.4 10.0 4.3 
Parts and service sales8.1 5.2 14.5 9.7 
Total cost of sales88.1 63.0 164.2 109.7 
GROSS PROFIT13.8 11.8 26.1 21.2 
Selling, general and administrative expenses10.6 8.1 19.3 15.2 
Depreciation and amortization expense0.5 0.4 0.9 0.7 
Asset impairments6.3 — 6.3 — 
(LOSS) INCOME FROM OPERATIONS — DISCONTINUED(3.6)3.3 (0.5)5.3 
Floorplan interest expense0.7 0.2 1.4 0.2 
Other interest (income) expense, net(0.3)0.1 (0.4)0.8 
(LOSS) INCOME BEFORE INCOME TAXES — DISCONTINUED OPERATIONS(4.0)3.0 (1.5)4.3 
(Benefit) provision for income taxes(0.6)0.8 0.1 1.1 
NET (LOSS) INCOME — DISCONTINUED OPERATIONS$(3.4)$2.2 $(1.6)$3.2 
The following table presents cash flows from operating and investing activities for the Brazil Discontinued Operations (in millions):
Six Months Ended June 30,
20222021
Net cash provided by operating activities — discontinued operations$26.3 $9.2 
Net cash used in investing activities — discontinued operations$(8.7)$(1.2)
Assets and liabilities of the Brazil Discontinued Operations were as follows (in millions):
June 30, 2022December 31, 2021
Cash and cash equivalents$10.4 $3.7 
Contracts-in-transit and vehicle receivables, net5.0 2.3 
Accounts and notes receivable, net10.0 11.8 
Inventories32.4 37.2 
Prepaid expenses1.4 1.9 
Current assets of discontinued operations59.2 56.9 
Property and equipment, net23.3 22.3 
Operating lease assets2.1 2.4 
Other long-term assets8.8 7.8 
Non-current assets of discontinued operations (1)
34.2 32.5 
Total assets, before valuation allowance93.4 89.5 
Valuation allowance(75.4)(76.4)
Total assets, net of valuation allowance (1)
$18.0 $13.0 
Floorplan notes payable — credit facility and other$0.8 $3.3 
Floorplan notes payable — manufacturer affiliates13.7 20.1 
Current operating lease liabilities2.1 2.5 
Accounts payable19.5 13.7 
Accrued expenses and other current liabilities7.6 8.7 
Current liabilities of discontinued operations$43.8 $48.3 
(1) The assets of the Brazil Discontinued Operations are classified as current assets in the Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021, respectively, as the Brazil Disposal was expected to close in less than twelve months.
Assets and Liabilities Held for Sale
Assets and liabilities classified as held for sale consisted of the following (in millions):
June 30, 2022December 31, 2021
Current assets classified as held for sale
Brazil Discontinued Operations$18.0 $13.0 
Prime Acquisition (1)
29.7 52.3 
Other (2)
28.5 34.9 
Total current assets classified as held for sale$76.2 $100.3 
Current liabilities classified as held for sale
Brazil Discontinued Operations$43.8 $48.3 
Prime Acquisition (1)
1.3 1.6 
Other13.6 — 
Total current liabilities classified as held for sale$58.7 $49.9 
(1) For additional details on current assets and current liabilities classified as held for sale in connection with the Prime Acquisition as of the acquisition date, refer to Note 3. Acquisitions.
(2) Includes $19.3 million and $9.9 million of goodwill reclassified to assets held for sale as of June 30, 2022 and December 31, 2021, respectively.