Condensed Consolidated Financial Information Condensed Consolidated Financial Information (Tables)

3 Months Ended

Mar. 31, 2018

Condensed Income Statements, Captions [Line Items]

Condensed Balance Sheet [Table Text Block]

CONDENSED CONSOLIDATED BALANCE SHEET

March 31, 2018

	Group 1 Automotive, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Elimination			Total Company
	(Unaudited, in thousands)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	—	$	8,874		$	24,216	$	—		$	33,090
Contracts-in-transit and vehicle receivables, net	—		209,364			88,521		—			297,885
Accounts and notes receivable, net	—		140,243			59,916		—			200,159
Intercompany accounts receivable	28,035		40,271			—		(68,306		)	—
Inventories, net	—		1,438,626			365,550		—			1,804,176
Prepaid expenses and other current assets	—		28,151			49,737		—			77,888
Total current assets	28,035		1,865,529			587,940		(68,306		)	2,413,198
PROPERTY AND EQUIPMENT, net	—		1,127,632			230,238		—			1,357,870
GOODWILL	—		849,485			110,625		—			960,110
INTANGIBLE FRANCHISE RIGHTS	—		257,281			38,345		—			295,626
INVESTMENT IN SUBSIDIARIES	3,017,378		—			—		(3,017,378		)	—
OTHER ASSETS	—		19,943			11,731		—			31,674
Total assets	$	3,045,413	$	4,119,870		$	978,879	$	(3,085,684	)	$	5,058,478
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other	$	—	$	1,161,401		$	38,340	$	—		$	1,199,741
Offset account related to floorplan notes payable - credit facility	—		(74,359		)	—		—			(74,359		)
Floorplan notes payable — manufacturer affiliates	—		286,320			133,995		—			420,315
Offset account related to floorplan notes payable - manufacturer affiliates	—		(24,000		)	—		—			(24,000		)
Current maturities of long-term debt and short-term financing	—		46,207			11,988		—			58,195
Current liabilities from interest rate risk management activities	—		1,177			—		—			1,177
Accounts payable	—		217,150			274,691		—			491,841
Intercompany accounts payable	904,425		—			68,306		(972,731		)	—
Accrued expenses	696		159,784			33,768		—			194,248
Total current liabilities	905,121		1,773,680			561,088		(972,731		)	2,267,158
LONG-TERM DEBT, net of current maturities	866,803		373,977			135,990		—			1,376,770
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES	—		3,512			—		—			3,512
DEFERRED INCOME TAXES AND OTHER LIABILITIES	855		218,811			13,293		—			232,959
STOCKHOLDERS’ EQUITY:
Group 1 stockholders’ equity	1,272,634		2,654,315			268,508		(3,017,378		)	1,178,079
Intercompany note receivable	—		(904,425		)	—		904,425			—
Total stockholders’ equity	1,272,634		1,749,890			268,508		(2,112,953		)	1,178,079
Total liabilities and stockholders’ equity	$	3,045,413	$	4,119,870		$	978,879	$	(3,085,684	)	$	5,058,478

CONDENSED CONSOLIDATED BALANCE SHEET

December 31, 2017

	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Elimination			Total Company
	(In thousands)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	—		$	10,096		$	18,691	$	—		$	28,787
Contracts-in-transit and vehicle receivables, net	—			266,788			39,645		—			306,433
Accounts and notes receivable, net	—			144,872			43,739		—			188,611
Intercompany accounts receivable	26,988			12,948			—		(39,936		)	—
Inventories, net	—			1,434,852			328,441		—			1,763,293
Prepaid expenses and other current assets	1,934			8,378			31,750		—			42,062
Total current assets	28,922			1,877,934			462,266		(39,936		)	2,329,186
PROPERTY AND EQUIPMENT, net	—			1,121,108			197,851		—			1,318,959
GOODWILL	—			835,268			77,766		—			913,034
INTANGIBLE FRANCHISE RIGHTS	—			255,980			29,652		—			285,632
INVESTMENT IN SUBSIDIARIES	2,999,407			—			—		(2,999,407		)	—
OTHER ASSETS	—			13,682			10,572		—			24,254
Total assets	$	3,028,329		$	4,103,972		$	778,107	$	(3,039,343	)	$	4,871,065
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other	$	—		$	1,219,844		$	20,851	$	—		$	1,240,695
Offset account related to floorplan notes payable - credit facility	—			(86,547		)	—		—			(86,547		)
Floorplan notes payable — manufacturer affiliates	—			272,563			124,620		—			397,183
Offset account related to floorplan notes payable - manufacturer affiliates	—			(22,500		)	—		—			(22,500		)
Current maturities of long-term debt and short-term financing	24,741			31,229			21,639		—			77,609
Current liabilities from interest rate risk management activities	—			1,996			—		—			1,996
Accounts payable	—			229,470			183,511		—			412,981
Intercompany accounts payable	890,995			—			39,936		(930,931		)	—
Accrued expenses	—			150,241			26,829		—			177,070
Total current liabilities	915,736			1,796,296			417,386		(930,931		)	2,198,487
LONG-TERM DEBT, net of current maturities	865,202			360,526			92,456		—			1,318,184
LIABILITIES FROM INTEREST RATE RISK MANAGEMENT ACTIVITIES	—			8,583			—		—			8,583
DEFERRED INCOME TAXES AND OTHER LIABILITIES	(117		)	210,216			11,430		—			221,529
STOCKHOLDERS’ EQUITY:
Group 1 stockholders’ equity	1,247,508			2,619,346			256,835		(2,999,407		)	1,124,282
Intercompany note receivable	—			(890,995		)	—		890,995			—
Total stockholders’ equity	1,247,508			1,728,351			256,835		(2,108,412		)	1,124,282
Total liabilities and stockholders’ equity	$	3,028,329		$	4,103,972		$	778,107	$	(3,039,343	)	$	4,871,065

Condensed Income Statement [Table Text Block]

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended March 31, 2018

	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Total Company
	(Unaudited, in thousands)
REVENUES	$	—		$	2,088,487		$	771,539		$	—		$	2,860,026
COST OF SALES	—			1,752,802			687,461			—			2,440,263
GROSS PROFIT	—			335,685			84,078			—			419,763
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	1,768			249,165			73,414			—			324,347
DEPRECIATION AND AMORTIZATION EXPENSE	—			12,881			3,461			—			16,342
ASSET IMPAIRMENTS	—			—			—			—			—
INCOME (LOSS) FROM OPERATIONS	(1,768		)	73,639			7,203			—			79,074
OTHER EXPENSE:
Floorplan interest expense	—			(12,337		)	(1,750		)	—			(14,087		)
Other interest expense, net	—			(17,017		)	(1,803		)	—			(18,820		)
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	(1,768		)	44,285			3,650			—			46,167
BENEFIT (PROVISION) FOR INCOME TAXES	424			(9,780		)	(997		)	—			(10,353		)
EQUITY IN EARNINGS OF SUBSIDIARIES	37,158			—			—			(37,158		)	—
NET INCOME (LOSS)	$	35,814		$	34,505		$	2,653		$	(37,158	)	$	35,814
OTHER COMPREHENSIVE INCOME	—			9,405			7,871			—			17,276
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT	$	35,814		$	43,910		$	10,524		$	(37,158	)	$	53,090

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended March 31, 2017

	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Total Company
	(Unaudited, in thousands)
REVENUES	$	—		$	1,967,718		$	551,111		$	—		$	2,518,829
COST OF SALES	—			1,647,123			488,184			—			2,135,307
GROSS PROFIT	—			320,595			62,927			—			383,522
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	1,966			232,611			55,202			—			289,779
DEPRECIATION AND AMORTIZATION EXPENSE	—			11,567			2,039			—			13,606
INCOME (LOSS) FROM OPERATIONS	(1,966		)	76,417			5,686			—			80,137
OTHER EXPENSE:
Floorplan interest expense	—			(10,878		)	(1,064		)	—			(11,942		)
Other interest expense, net	—			(16,274		)	(725		)	—			(16,999		)
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	(1,966		)	49,265			3,897			—			51,196
BENEFIT (PROVISION) FOR INCOME TAXES	737			(17,084		)	(910		)	—			(17,257		)
EQUITY IN EARNINGS OF SUBSIDIARIES	35,167			—			—			(35,167		)	—
NET INCOME (LOSS)	$	33,938		$	32,181		$	2,987		$	(35,167	)	$	33,939
OTHER COMPREHENSIVE INCOME	—			2,658			4,137			—			6,795
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO PARENT	$	33,938		$	34,839		$	7,124		$	(35,167	)	$	40,734

Condensed Cash Flow Statement [Table Text Block]

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Three Months Ended March 31, 2018

	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Total Company
	(Unaudited, in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$	35,814		$	114,862		$	(1,894	)	$	148,782
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid in acquisitions, net of cash received	—			(31,414		)	(40,085		)	(71,499		)
Proceeds from disposition of franchises, property and equipment	—			918			2,022			2,940
Purchases of property and equipment, including real estate	—			(34,101		)	(13,847		)	(47,948		)
Other	—			140			—			140
Net cash used in investing activities	—			(64,457		)	(51,910		)	(116,367		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility - floorplan line and other	—			1,612,866			43,326			1,656,192
Repayments on credit facility - floorplan line and other	—			(1,675,917		)	(26,530		)	(1,702,447		)
Borrowings on credit facility - acquisition line	66,945			—			—			66,945
Repayments on credit facility - acquisition line	(66,444		)	—			—			(66,444		)
Borrowings on other debt	—			43,326			22,288			65,614
Principal payments on other debt	(24,742		)	(1,987		)	(13,349		)	(40,078		)
Borrowings on debt related to real estate	—			34,817			12,018			46,835
Principal payments on debt related to real estate	—			(31,000		)	(6,819		)	(37,819		)
Employee stock purchase plan purchases, net of employee tax withholdings	(1,638		)	—			—			(1,638		)
Repurchases of common stock, amounts based on settlement date	(9,199		)	—			—			(9,199		)
Dividends paid	(5,495		)	—			—			(5,495		)
Borrowings (repayments) with subsidiaries	22,730			(50,554		)	27,824			—
Investment in subsidiaries	(17,971		)	16,822			1,149			—
Net cash provided by (used in) financing activities	(35,814		)	(51,627		)	59,907			(27,534		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			47			47
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	—			(1,222		)	6,150			4,928
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	—			10,096			19,535			29,631
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$	—		$	8,874		$	25,685		$	34,559

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Three Months Ended March 31, 2017

	Group 1 Automotive, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Total Company
	(Unaudited, in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$	33,939		$	23,409		$	11,869		$	69,217
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid in acquisitions, net of cash received	—			—			(95		)	(95		)
Proceeds from disposition of franchises, property and equipment	—			181			2,026			2,207
Purchases of property and equipment, including real estate	—			(43,091		)	(3,360		)	(46,451		)
Other	—			2,459			—			2,459
Net cash used in investing activities	—			(40,451		)	(1,429		)	(41,880		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on credit facility - floorplan line and other	—			1,580,590			13,781			1,594,371
Repayments on credit facility - floorplan line and other	—			(1,586,075		)	(12,216		)	(1,598,291		)
Borrowings on credit facility - acquisition line	15,000			—			—			15,000
Repayments on credit facility - acquisition line	(15,000		)	—			—			(15,000		)
Principal payments on other debt	—			(232		)	—			(232		)
Principal payments on debt related to real estate	—			(5,589		)	(1,242		)	(6,831		)
Employee stock purchase plan purchases, net of employee tax withholdings	(1,030		)	—			—			(1,030		)
Dividends paid	(5,150		)	—			—			(5,150		)
Borrowings (repayments) with subsidiaries	(70,250		)	68,483			1,767			—
Investment in subsidiaries	42,491			(42,498		)	7			—
Net cash provided by (used in) financing activities	(33,939		)	14,679			2,097			(17,163		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			260			260
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	—			(2,363		)	12,797			10,434
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	—			8,039			16,207			24,246
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$	—		$	5,676		$	29,004		$	34,680