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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash and cash equivalents $ 21.3 $ 47.9
Contracts-in-transit and vehicle receivables, net 236.5 278.5
Accounts and notes receivable, net 207.1 199.2
Inventories 1,540.0 1,356.6
Prepaid expenses 22.7 30.5
Other current assets 19.5 19.1
Current assets classified as held for sale 50.5 53.6
TOTAL CURRENT ASSETS 2,097.7 1,985.3
Property and equipment, net of accumulated depreciation of $578.2 and $554.4, respectively 2,162.7 2,128.2
Operating lease assets 246.7 249.1
Goodwill 1,709.4 1,661.8
Intangible franchise rights 546.7 516.3
Other long-term assets 160.0 176.8
TOTAL ASSETS 6,923.2 6,717.5
CURRENT LIABILITIES:    
Floorplan notes payable — credit facility and other, net of offset account of $106.7 and $140.2, respectively 848.7 762.1
Floorplan notes payable — manufacturer affiliates, net of offset account of $16.1 and $13.4, respectively 297.4 243.1
Current maturities of long-term debt 85.5 130.3
Current operating lease liabilities 21.4 21.8
Accounts payable 509.8 488.0
Accrued expenses and other current liabilities 287.3 271.5
Current liabilities classified as held for sale 4.3 4.8
TOTAL CURRENT LIABILITIES 2,054.4 1,921.4
Long-term debt 1,903.0 1,952.2
Long-term operating lease liabilities 236.8 238.4
Deferred income taxes 247.5 238.1
Other long-term liabilities 129.0 129.8
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:    
Common stock, $0.01 par value, 50,000,000 shares authorized; 25,150,165 and 25,232,620 shares issued, respectively 0.3 0.3
Additional paid-in capital 333.6 338.7
Retained earnings 3,225.5 3,073.6
Accumulated other comprehensive income 16.7 22.5
Treasury stock, at cost; 11,007,160 and 10,940,298 shares, respectively (1,223.7) (1,197.5)
TOTAL STOCKHOLDERS’ EQUITY 2,352.5 2,237.5
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 6,923.2 $ 6,717.5