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DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables) | 9 Months Ended
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Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Disposal groups, including discontinued operations | The following table summarizes the fair value of the proceeds received from the disposition and net carrying value of the assets disposed as of September 30, 2022 (in millions):
Fair value of proceeds from disposition |  | $ | 92.5 |  |
Net assets disposed |  | 48.8 |  |
Gain before currency translation adjustments |  | 43.7 |  |
Amount of currency translation loss recorded in AOCI |  | (122.8) |  |
Incremental costs to sell |  | 8.4 |  |
Net loss on the Brazil Disposal |  | $ | (87.5) |  |
Results of the Brazil Discontinued Operations were as follows (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
REVENUES: |  |  |  |  |  |  |  |
New vehicle retail sales |  | $ | — |  |  | $ | 62.3 |  |  | $ | 109.0 |  |  | $ | 146.3 |
Used vehicle retail sales |  | — |  |  | 18.0 |  |  | 44.0 |  |  | 40.5 |
Used vehicle wholesale sales |  | — |  |  | 3.3 |  |  | 10.1 |  |  | 8.0 |
Parts and service sales |  | — |  |  | 11.1 |  |  | 23.8 |  |  | 28.2 |
Finance, insurance and other, net |  | — |  |  | 1.7 |  |  | 3.3 |  |  | 4.4 |
Total revenues |  | — |  |  | 96.4 |  |  | 190.2 |  |  | 227.3 |
COST OF SALES: |  |  |  |  |  |  |  |
New vehicle retail sales |  | — |  |  | 56.1 |  |  | 98.5 |  |  | 131.5 |
Used vehicle retail sales |  | — |  |  | 16.4 |  |  | 41.2 |  |  | 36.9 |
Used vehicle wholesale sales |  | — |  |  | 3.1 |  |  | 10.0 |  |  | 7.4 |
Parts and service sales |  | — |  |  | 6.2 |  |  | 14.5 |  |  | 15.9 |
Total cost of sales |  | — |  |  | 81.9 |  |  | 164.2 |  |  | 191.6 |
GROSS PROFIT |  | — |  |  | 14.5 |  |  | 26.1 |  |  | 35.7 |
Selling, general and administrative expenses |  | (4.6) |  |  | 8.8 |  |  | 14.8 |  |  | 24.0 |
Depreciation and amortization expense |  | — |  |  | 0.4 |  |  | 0.9 |  |  | 1.1 |
Asset impairments |  | 0.1 |  |  | — |  |  | 6.3 |  |  | — |
INCOME FROM OPERATIONS — DISCONTINUED OPERATIONS |  | 4.5 |  |  | 5.3 |  |  | 4.0 |  |  | 10.6 |
Floorplan interest expense |  | — |  |  | 0.4 |  |  | 1.4 |  |  | 0.7 |
Other interest (income) expense, net |  | (0.7) |  |  | 0.1 |  |  | (1.1) |  |  | 0.8 |
Loss on extinguishment of debt |  | — |  |  | 3.8 |  |  | — |  |  | 3.8 |
Other expenses |  | 1.5 |  |  | — |  |  | 1.5 |  |  | — |
INCOME BEFORE INCOME TAXES — DISCONTINUED OPERATIONS |  | 3.7 |  |  | 0.9 |  |  | 2.2 |  |  | 5.2 |
Provision for income taxes |  | 5.0 |  |  | 1.3 |  |  | 5.1 |  |  | 2.4 |
NET (LOSS) INCOME — DISCONTINUED OPERATIONS |  | $ | (1.3) |  |  | $ | (0.4) |  |  | $ | (2.9) |  |  | $ | 2.8 |
The following table presents cash flows from operating and investing activities for the Brazil Discontinued Operations (in millions):
|  | Nine Months Ended September 30,
|  | 2022 |  | 2021
Net cash provided by operating activities — discontinued operations |  | $ | 26.6 |  |  | $ | 8.1 |
Net cash provided by (used in) investing activities — discontinued operations |  | $ | 59.1 |  |  | $ | (1.4) |
Assets and liabilities of the Brazil Discontinued Operations were as follows (in millions):
|  | September 30, 2022 |  | December 31, 2021
Cash and cash equivalents |  | $ | — |  |  | $ | 3.7 |
Contracts-in-transit and vehicle receivables, net |  | — |  |  | 2.3 |
Accounts and notes receivable, net |  | — |  |  | 11.8 |
Inventories |  | — |  |  | 37.2 |
Prepaid expenses |  | — |  |  | 1.9 |
Other current assets |  | 1.3 |  |  | — |
Current assets of discontinued operations |  | 1.3 |  |  | 56.9 |
Property and equipment, net |  | — |  |  | 22.3 |
Operating lease assets |  | — |  |  | 2.4 |
Other long-term assets |  | 21.8 |  |  | 7.8 |
Non-current assets of discontinued operations |  | 21.8 |  |  | 32.5 |
Total assets, before valuation allowance |  | 23.2 |  |  | 89.5 |
Valuation allowance |  | — |  |  | (76.4) |
Total assets, net of valuation allowance |  | $ | 23.2 |  |  | $ | 13.0 |
Floorplan notes payable — credit facility and other |  | $ | — |  |  | $ | 3.3 |
Floorplan notes payable — manufacturer affiliates |  | — |  |  | 20.1 |
Current operating lease liabilities |  | — |  |  | 2.5 |
Accounts payable |  | — |  |  | 13.7 |
Accrued expenses and other current liabilities |  | 7.5 |  |  | 8.7 |
Current liabilities of discontinued operations |  | $ | 7.5 |  |  | $ | 48.3 |
Assets and Liabilities Held for Sale Assets and liabilities classified as held for sale consisted of the following (in millions):
|  | September 30, 2022 |  | December 31, 2021
Current assets classified as held for sale |  |  |  |
Brazil Discontinued Operations |  | $ | — |  |  | $ | 13.0 |
Prime Acquisition (1) |  | 7.4 |  |  | 52.3 |
Other (2) |  | 31.2 |  |  | 34.9 |
Total current assets classified as held for sale |  | $ | 38.6 |  |  | $ | 100.3 |
Current liabilities classified as held for sale |  |  |  |
Brazil Discontinued Operations |  | $ | — |  |  | $ | 48.3 |
Prime Acquisition (1) |  | 1.2 |  |  | 1.6 |
Other |  | 4.0 |  |  | — |
Total current liabilities classified as held for sale |  | $ | 5.2 |  |  | $ | 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 $11.3 million and $9.9 million of goodwill reclassified to assets held for sale as of September 30, 2022 and December 31, 2021, respectively.

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