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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES Supplemental information related to leases as of December 31 was as follows ($ in millions):
Leases |  | Balance Sheet Classification |  | 2024 |  | 2023
Assets: |  |  |  |  |  |
Operating lease assets |  | ROU assets |  | $ | 157.1 |  |  | $ | 163.9 |
Finance lease assets |  | Property and equipment, net |  | 43.8 |  |  | 45.6 |
Total |  |  |  | $ | 200.9 |  |  | $ | 209.5 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Accounts payable and other current liabilities |  | 24.3 |  |  | $ | 23.9 |
Non-Current |  |  |  |  |  |
Operating |  | Long-term portion of operating lease liabilities |  | 129.8 |  |  | 134.1 |
Finance |  | Other long-term liabilities |  | 50.6 |  |  | 49.8 |
Total lease liabilities |  |  |  | $ | 204.7 |  |  | $ | 207.8 |
The weighted-average remaining lease terms and discount rates for our operating and financing leases as of December 31 for the corresponding year were as follows:
| 2024 |  | 2023
Weighted average remaining lease term (years): |  |  |
Operating leases | 13.6 |  | 13.9
Finance leases | 38.7 |  | 39.7
Weighted average discount rate: |  |  |
Operating leases | 14.3 | % |  | 14.1 | %
Finance leases | 9.0 | % |  | 9.0 | %
The following table provides information related to the lease costs of finance and operating leases ($ in millions):
Lease Expense |  | Income Statement Classification |  | 2024 |  | 2023
Operating |  | SG&A expenses |  | $ | 33.3 |  |  | $ | 32.6 |
Finance: |  |  |  |  |  |
Depreciation on assets |  | Depreciation and amortization expense |  | 3.1 |  |  | 0.9 |
Interest on lease liabilities |  | Interest expense |  | 4.6 |  |  | 1.4 |
Total lease costs |  |  |  | $ | 41.0 |  |  | $ | 34.9 |
The following table provides information related to the portion of operating lease assets and liabilities which are attributable to related-party operating leases (described in Note 15) at December 31 ($ in millions):
Leases |  | 2024 |  | 2023
Assets: |  |  |  |
ROU assets – related party |  | $ | 106.3 |  |  | $ | 108.5 |
All other ROU assets |  | 50.8 |  |  | 55.4 |
Total |  | $ | 157.1 |  |  | $ | 163.9 |
Liabilities: |  |  |  |
Current: |  |  |  |
Current portion of lease liabilities – related party |  | $ | 14.6 |  |  | $ | 14.2 |
Current portion of lease liabilities – all other leases |  | 9.7 |  |  | 9.7 |
Total current liabilities |  | 24.3 |  |  | 23.9 |
Non-Current: |  |  |  |
Long-term portion of lease liabilities – related party |  | 101.5 |  |  | 96.2 |
Long-term portion of lease liabilities – all other leases |  | 28.3 |  |  | 37.9 |
Total non-current liabilities |  | 129.8 |  |  | 134.1 |
Total operating lease liabilities |  | $ | 154.1 |  |  | $ | 158.0 |
Supplemental cash flow information related to leases was as follows:
($ in millions) | 2024 |  | 2023
Cash payments for operating leases | $ | 30.5 |  |  | $ | 29.3 |
New assets obtained in exchange for operating lease liabilities | 5.9 |  |  | 14.9 |
Cash payments for finance leases | 3.8 |  |  | 1.2 |
The following table summarizes the future minimum payments for leases as of December 31, 2024:
($ in millions) |  | Operating Leases |  | Finance Lease
2025 |  | $ | 30.2 |  |  | $ | 3.8 |
2026 |  | 29.1 |  |  | 3.9 |
2027 |  | 27.8 |  |  | 4.0 |
2028 |  | 22.7 |  |  | 4.1 |
2029 |  | 20.9 |  |  | 4.2 |
Thereafter |  | 247.9 |  |  | 201.6 |
Total lease payments |  | 378.6 |  |  | 221.6 |
Less imputed interest |  | (224.5) |  |  | (171.0) |
Present value of lease liabilities |  | $ | 154.1 |  |  | $ | 50.6 |
Sale-Leaseback Transactions 2024 Sale-Leaseback In December 2024, the Company entered into a sale-leaseback transaction with a related third party discussed in more detail in Note 15. Under these agreements, the Company sold one of its dealership properties, including land, buildings and certain improvements, at a price of $4.0 million and then leased the assets back from a related party through the 2024 sale-leaseback transaction. The 2024 sale-leaseback met the criteria under GAAP for a true sale. The Company removed the assets from its records and will recognize rent expense related to the leased assets. The ROU asset and short- and long-term liabilities related to this lease are in the amounts reflected above for December 31, 2024 and are included on our consolidated balance sheet. 2023 Sale-Leaseback In September 2023, the Company entered into a sale and master lease agreement (a “sale-leaseback”) with an unrelated third party. Under these agreements, the Company sold eight of its dealership properties, including land, buildings and certain improvements, at a price of $50.0 million and then leased the assets back through the sale-leaseback transaction. Based on certain criteria and in accordance with GAAP, the transaction was accounted for as a failed sale-leaseback. As a result, the dealership property assets remain on the consolidated balance sheet at their historical net book value and are depreciated over the remaining term of the master lease. A financing obligation liability was recognized in the amount of the net proceeds received in the amount of $48.2 million. The Company does not recognize rent expense related to the leased assets. Instead, monthly rent payments under the master agreement (initially, $0.3 million, increasing annually by the lesser of two times the Consumer Price Index or 2% during the initial term and all option periods) will be recorded as interest expense and a reduction of the outstanding liability over the expected term of the lease.
LEASES | LEASES Supplemental information related to leases as of December 31 was as follows ($ in millions):
Leases |  | Balance Sheet Classification |  | 2024 |  | 2023
Assets: |  |  |  |  |  |
Operating lease assets |  | ROU assets |  | $ | 157.1 |  |  | $ | 163.9 |
Finance lease assets |  | Property and equipment, net |  | 43.8 |  |  | 45.6 |
Total |  |  |  | $ | 200.9 |  |  | $ | 209.5 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Accounts payable and other current liabilities |  | 24.3 |  |  | $ | 23.9 |
Non-Current |  |  |  |  |  |
Operating |  | Long-term portion of operating lease liabilities |  | 129.8 |  |  | 134.1 |
Finance |  | Other long-term liabilities |  | 50.6 |  |  | 49.8 |
Total lease liabilities |  |  |  | $ | 204.7 |  |  | $ | 207.8 |
The weighted-average remaining lease terms and discount rates for our operating and financing leases as of December 31 for the corresponding year were as follows:
| 2024 |  | 2023
Weighted average remaining lease term (years): |  |  |
Operating leases | 13.6 |  | 13.9
Finance leases | 38.7 |  | 39.7
Weighted average discount rate: |  |  |
Operating leases | 14.3 | % |  | 14.1 | %
Finance leases | 9.0 | % |  | 9.0 | %
The following table provides information related to the lease costs of finance and operating leases ($ in millions):
Lease Expense |  | Income Statement Classification |  | 2024 |  | 2023
Operating |  | SG&A expenses |  | $ | 33.3 |  |  | $ | 32.6 |
Finance: |  |  |  |  |  |
Depreciation on assets |  | Depreciation and amortization expense |  | 3.1 |  |  | 0.9 |
Interest on lease liabilities |  | Interest expense |  | 4.6 |  |  | 1.4 |
Total lease costs |  |  |  | $ | 41.0 |  |  | $ | 34.9 |
The following table provides information related to the portion of operating lease assets and liabilities which are attributable to related-party operating leases (described in Note 15) at December 31 ($ in millions):
Leases |  | 2024 |  | 2023
Assets: |  |  |  |
ROU assets – related party |  | $ | 106.3 |  |  | $ | 108.5 |
All other ROU assets |  | 50.8 |  |  | 55.4 |
Total |  | $ | 157.1 |  |  | $ | 163.9 |
Liabilities: |  |  |  |
Current: |  |  |  |
Current portion of lease liabilities – related party |  | $ | 14.6 |  |  | $ | 14.2 |
Current portion of lease liabilities – all other leases |  | 9.7 |  |  | 9.7 |
Total current liabilities |  | 24.3 |  |  | 23.9 |
Non-Current: |  |  |  |
Long-term portion of lease liabilities – related party |  | 101.5 |  |  | 96.2 |
Long-term portion of lease liabilities – all other leases |  | 28.3 |  |  | 37.9 |
Total non-current liabilities |  | 129.8 |  |  | 134.1 |
Total operating lease liabilities |  | $ | 154.1 |  |  | $ | 158.0 |
Supplemental cash flow information related to leases was as follows:
($ in millions) | 2024 |  | 2023
Cash payments for operating leases | $ | 30.5 |  |  | $ | 29.3 |
New assets obtained in exchange for operating lease liabilities | 5.9 |  |  | 14.9 |
Cash payments for finance leases | 3.8 |  |  | 1.2 |
The following table summarizes the future minimum payments for leases as of December 31, 2024:
($ in millions) |  | Operating Leases |  | Finance Lease
2025 |  | $ | 30.2 |  |  | $ | 3.8 |
2026 |  | 29.1 |  |  | 3.9 |
2027 |  | 27.8 |  |  | 4.0 |
2028 |  | 22.7 |  |  | 4.1 |
2029 |  | 20.9 |  |  | 4.2 |
Thereafter |  | 247.9 |  |  | 201.6 |
Total lease payments |  | 378.6 |  |  | 221.6 |
Less imputed interest |  | (224.5) |  |  | (171.0) |
Present value of lease liabilities |  | $ | 154.1 |  |  | $ | 50.6 |
Sale-Leaseback Transactions 2024 Sale-Leaseback In December 2024, the Company entered into a sale-leaseback transaction with a related third party discussed in more detail in Note 15. Under these agreements, the Company sold one of its dealership properties, including land, buildings and certain improvements, at a price of $4.0 million and then leased the assets back from a related party through the 2024 sale-leaseback transaction. The 2024 sale-leaseback met the criteria under GAAP for a true sale. The Company removed the assets from its records and will recognize rent expense related to the leased assets. The ROU asset and short- and long-term liabilities related to this lease are in the amounts reflected above for December 31, 2024 and are included on our consolidated balance sheet. 2023 Sale-Leaseback In September 2023, the Company entered into a sale and master lease agreement (a “sale-leaseback”) with an unrelated third party. Under these agreements, the Company sold eight of its dealership properties, including land, buildings and certain improvements, at a price of $50.0 million and then leased the assets back through the sale-leaseback transaction. Based on certain criteria and in accordance with GAAP, the transaction was accounted for as a failed sale-leaseback. As a result, the dealership property assets remain on the consolidated balance sheet at their historical net book value and are depreciated over the remaining term of the master lease. A financing obligation liability was recognized in the amount of the net proceeds received in the amount of $48.2 million. The Company does not recognize rent expense related to the leased assets. Instead, monthly rent payments under the master agreement (initially, $0.3 million, increasing annually by the lesser of two times the Consumer Price Index or 2% during the initial term and all option periods) will be recorded as interest expense and a reduction of the outstanding liability over the expected term of the lease.
LEASES | LEASES Supplemental information related to leases as of December 31 was as follows ($ in millions):
Leases |  | Balance Sheet Classification |  | 2024 |  | 2023
Assets: |  |  |  |  |  |
Operating lease assets |  | ROU assets |  | $ | 157.1 |  |  | $ | 163.9 |
Finance lease assets |  | Property and equipment, net |  | 43.8 |  |  | 45.6 |
Total |  |  |  | $ | 200.9 |  |  | $ | 209.5 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Accounts payable and other current liabilities |  | 24.3 |  |  | $ | 23.9 |
Non-Current |  |  |  |  |  |
Operating |  | Long-term portion of operating lease liabilities |  | 129.8 |  |  | 134.1 |
Finance |  | Other long-term liabilities |  | 50.6 |  |  | 49.8 |
Total lease liabilities |  |  |  | $ | 204.7 |  |  | $ | 207.8 |
The weighted-average remaining lease terms and discount rates for our operating and financing leases as of December 31 for the corresponding year were as follows:
| 2024 |  | 2023
Weighted average remaining lease term (years): |  |  |
Operating leases | 13.6 |  | 13.9
Finance leases | 38.7 |  | 39.7
Weighted average discount rate: |  |  |
Operating leases | 14.3 | % |  | 14.1 | %
Finance leases | 9.0 | % |  | 9.0 | %
The following table provides information related to the lease costs of finance and operating leases ($ in millions):
Lease Expense |  | Income Statement Classification |  | 2024 |  | 2023
Operating |  | SG&A expenses |  | $ | 33.3 |  |  | $ | 32.6 |
Finance: |  |  |  |  |  |
Depreciation on assets |  | Depreciation and amortization expense |  | 3.1 |  |  | 0.9 |
Interest on lease liabilities |  | Interest expense |  | 4.6 |  |  | 1.4 |
Total lease costs |  |  |  | $ | 41.0 |  |  | $ | 34.9 |
The following table provides information related to the portion of operating lease assets and liabilities which are attributable to related-party operating leases (described in Note 15) at December 31 ($ in millions):
Leases |  | 2024 |  | 2023
Assets: |  |  |  |
ROU assets – related party |  | $ | 106.3 |  |  | $ | 108.5 |
All other ROU assets |  | 50.8 |  |  | 55.4 |
Total |  | $ | 157.1 |  |  | $ | 163.9 |
Liabilities: |  |  |  |
Current: |  |  |  |
Current portion of lease liabilities – related party |  | $ | 14.6 |  |  | $ | 14.2 |
Current portion of lease liabilities – all other leases |  | 9.7 |  |  | 9.7 |
Total current liabilities |  | 24.3 |  |  | 23.9 |
Non-Current: |  |  |  |
Long-term portion of lease liabilities – related party |  | 101.5 |  |  | 96.2 |
Long-term portion of lease liabilities – all other leases |  | 28.3 |  |  | 37.9 |
Total non-current liabilities |  | 129.8 |  |  | 134.1 |
Total operating lease liabilities |  | $ | 154.1 |  |  | $ | 158.0 |
Supplemental cash flow information related to leases was as follows:
($ in millions) | 2024 |  | 2023
Cash payments for operating leases | $ | 30.5 |  |  | $ | 29.3 |
New assets obtained in exchange for operating lease liabilities | 5.9 |  |  | 14.9 |
Cash payments for finance leases | 3.8 |  |  | 1.2 |
The following table summarizes the future minimum payments for leases as of December 31, 2024:
($ in millions) |  | Operating Leases |  | Finance Lease
2025 |  | $ | 30.2 |  |  | $ | 3.8 |
2026 |  | 29.1 |  |  | 3.9 |
2027 |  | 27.8 |  |  | 4.0 |
2028 |  | 22.7 |  |  | 4.1 |
2029 |  | 20.9 |  |  | 4.2 |
Thereafter |  | 247.9 |  |  | 201.6 |
Total lease payments |  | 378.6 |  |  | 221.6 |
Less imputed interest |  | (224.5) |  |  | (171.0) |
Present value of lease liabilities |  | $ | 154.1 |  |  | $ | 50.6 |
Sale-Leaseback Transactions 2024 Sale-Leaseback In December 2024, the Company entered into a sale-leaseback transaction with a related third party discussed in more detail in Note 15. Under these agreements, the Company sold one of its dealership properties, including land, buildings and certain improvements, at a price of $4.0 million and then leased the assets back from a related party through the 2024 sale-leaseback transaction. The 2024 sale-leaseback met the criteria under GAAP for a true sale. The Company removed the assets from its records and will recognize rent expense related to the leased assets. The ROU asset and short- and long-term liabilities related to this lease are in the amounts reflected above for December 31, 2024 and are included on our consolidated balance sheet. 2023 Sale-Leaseback In September 2023, the Company entered into a sale and master lease agreement (a “sale-leaseback”) with an unrelated third party. Under these agreements, the Company sold eight of its dealership properties, including land, buildings and certain improvements, at a price of $50.0 million and then leased the assets back through the sale-leaseback transaction. Based on certain criteria and in accordance with GAAP, the transaction was accounted for as a failed sale-leaseback. As a result, the dealership property assets remain on the consolidated balance sheet at their historical net book value and are depreciated over the remaining term of the master lease. A financing obligation liability was recognized in the amount of the net proceeds received in the amount of $48.2 million. The Company does not recognize rent expense related to the leased assets. Instead, monthly rent payments under the master agreement (initially, $0.3 million, increasing annually by the lesser of two times the Consumer Price Index or 2% during the initial term and all option periods) will be recorded as interest expense and a reduction of the outstanding liability over the expected term of the lease.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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