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DISCONTINUED OPERATIONS AND OTHER DIVESTITURES (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2022 (in millions):
Fair value of proceeds from disposition$92.5 
Net assets disposed48.8 
Gain before currency translation adjustments43.7 
Amount of currency translation loss recorded in AOCI(122.8)
Incremental costs to sell8.4 
Net loss on the Brazil Disposal$(87.5)
Results of the Brazil Discontinued Operations were as follows (in millions):
Years Ended December 31,
202220212020
REVENUES:
New vehicle retail sales$109.0 $205.6 $152.4 
Used vehicle retail sales44.0 58.1 50.0 
Used vehicle wholesale sales10.1 11.3 12.3 
Parts and service sales23.8 38.7 31.9 
Finance, insurance and other, net3.3 6.1 5.0 
Total revenues190.2 319.8 251.6 
COST OF SALES:
New vehicle retail sales98.5 184.9 141.3 
Used vehicle retail sales41.2 53.1 46.3 
Used vehicle wholesale sales10.0 10.5 11.5 
Parts and service sales14.5 22.0 17.7 
Total cost of sales164.2 270.6 216.7 
GROSS PROFIT26.1 49.2 34.8 
Selling, general and administrative expenses15.1 34.3 31.1 
Depreciation and amortization expense0.9 1.5 2.3 
Asset impairments6.3 77.5 11.1 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS3.7 (64.1)(9.6)
Floorplan interest expense1.4 1.1 0.3 
Other interest (income) expense, net(1.8)0.9 0.7 
Loss on extinguishment of debt— 3.8 — 
Other expenses1.5 — — 
INCOME (LOSS) BEFORE INCOME TAXES — DISCONTINUED OPERATIONS2.6 (69.9)(10.5)
Provision (benefit) for income taxes5.3 3.4 (0.3)
NET LOSS — DISCONTINUED OPERATIONS$(2.7)$(73.3)$(10.2)
The following table presents cash flows from operating and investing activities for the Brazil Discontinued Operations (in millions):
Years Ended December 31,
202220212020
Net cash provided by operating activities — discontinued operations$26.6 $5.2 $13.1 
Net cash provided by (used in) investing activities — discontinued operations$59.1 $(1.5)$(6.8)
Assets and liabilities of the Brazil Discontinued Operations were as follows (in millions):
As of December 31,
20222021
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 assets1.3 — 
Current assets of discontinued operations1.3 56.9 
Property and equipment, net— 22.3 
Operating lease assets— 2.4 
Other long-term assets22.8 7.8 
Non-current assets of discontinued operations22.8 32.5 
Total assets, before valuation allowance24.1 89.5 
Valuation allowance— (76.4)
Total assets, net of valuation allowance$24.1 $13.0 
Floorplan notes payable — credit facility and other$— $3.3 
Floorplan notes payable — manufacturer affiliates— 20.1 
Current operating lease liabilities— 2.5 
Accounts payable— 13.7 
Accrued expenses and other current liabilities7.8 8.7 
Current liabilities of discontinued operations$7.8 $48.3 
Assets and Liabilities Held for Sale
Assets and liabilities classified as held for sale consisted of the following (in millions):
As of December 31,
20222021
Current assets classified as held for sale
Brazil Discontinued Operations$— $13.0 
Prime Acquisition (1)
9.8 52.3 
Other (2)
43.8 34.9 
Total current assets classified as held for sale$53.6 $100.3 
Current liabilities classified as held for sale
Brazil Discontinued Operations$— $48.3 
Prime Acquisition (1)
1.1 1.6 
Other3.7 — 
Total current liabilities classified as held for sale$4.8 $49.9 
(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 $13.4 million and $9.9 million of goodwill reclassified to assets held for sale as of December 31, 2022 and December 31, 2021.