XML 119 R2.htm IDEA: XBRL DOCUMENT v3.24.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure [Table]        
Pay vs Performance [Table Text Block]

Pay Versus Performance Disclosure

In accordance with SEC rules, we provide the following disclosure regarding executive “compensation actually paid” (“CAP”) and certain Company performance for the fiscal years listed below. Please refer to the CD&A for a complete description of how executive compensation relates to Company performance and how the CHR Committee makes its decisions.

 

                   Average
Summary
   Average   Value of Initial Fixed $100
Investment Based On:
       Adjusted 
Year  Summary
Compensation
Table Total for
Kenningham(1)
   Compensation
Actually Paid to
Kenningham(1) (2) (3)
   Summary
Compensation
Table Total for
Hesterberg(1)
   Compensation
Actually Paid to
Hesterberg(1) (2) (3)
   Compensation
Table Total
for Non-CEO
NEOs(4)
   Compensation
Actually Paid
to Non-CEO
NEOs(2) (3) (4)
   Total
Shareholder
Return
   Peer Group
Total
Shareholder
Return(5)
   Net
Income
(in
millions)
   Net Income
from
Continuing
Operations
 
(a)   (b)    (c)    (b)    (c)    (d)    (e)    (f)    (g)    (h)    (i) 
2023  $7,274,300  $12,370,687    N/A    N/A   $2,053,869   $3,343,276   $313.79   $268.90   $601.6   $623.3 
2022   N/A    N/A   $8,774,685   $8,512,251   $2,881,512   $2,877,697   $184.39   $189.75   $751.5   $728.7 
2021   N/A    N/A   $8,577,257   $19,080,981   $2,684,236   $4,992,687   $197.96   $205.74   $552.1   $633.7 
2020   N/A    N/A   $7,298,579   $12,911,445   $2,657,309   $3,543,096   $131.93   $146.68   $286.5   $333.0 
   
(6) Reconciliations for Adjusted Net Income can be found on page 130 of this proxy statement

   
(1) Earl Hesterberg served as CEO until 12/31/2022. Effective 1/1/2023, Daryl Kenningham was named CEO.

(2) Deductions from, and additions to, total compensation in the 2023 Summary Compensation Table to calculate Compensation Actually Paid consist of:

 

   2023 
   Daryl A.
Kenningham
      Average
Non-CEO
NEOs
 
Total Compensation from Summary Compensation  $7,274,300  $2,053,869 
Adjustments for Pension         
Adjustment for Summary Compensation Table Pension  $0  $0 
Amount added for current year service cost  $0  $0 
Amount added for prior service cost impacting current year  $0  $0 
Total Adjustments for Pension  $0  $0 
Adjustments for Equity Awards         
Adjustment for grant date values in the Summary Compensation Table  $(3,499,802)  $(737,385)
Year-end fair value of unvested awards granted in the current year  $6,420,975  $1,284,874 
Year-over-year difference of year-end fair values for unvested awards granted in prior years  $2,395,423  $684,640 
Fair values at vest date for awards granted and vested in current year  $0  $0 
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years  $(298,389)  $38,931 
Forfeitures during current year equal to prior year-end fair value  $0  $0 
Dividends or dividend equivalents not otherwise included in the total compensation  $78,180  $18,348 
Total Adjustments for Equity Awards  $5,096,387  $1,289,408 
Compensation Actually Paid (as calculated)  $12,370,687  $3,343,276 

(3) Equity valuation assumptions for calculating Compensation Actually Paid are not materially different from grant date valuation assumptions.

 

(4) Non-CEO NEOs reflect the average Summary Compensation Table total compensation and average Compensation Actually Paid for the following executives by year:

2023: Daniel J. McHenry, Peter C. DeLongchamps, Gillian A. Hobson, Michael D. Jones

2022: Daryl A. Kenningham, Daniel J. McHenry, Peter C. DeLongchamps, Darryl Burman

2021: Daryl A. Kenningham, Daniel J. McHenry, Frank Grese Jr., Peter C. DeLongchamps

2020: Daryl A. Kenningham, Daniel J. McHenry, John Rickel, Frank Grese Jr., Peter C. DeLongchamps

(5) The peer group is comprised of Lithia Motors, Autonation, Sonic Automotive, Penske Automotive Group, and Asbury Automotive Group
(6) Reconciliations for Adjusted Net Income can be found on page 130 of this proxy statement
     
Company Selected Measure Name Adjusted Net Income      
Named Executive Officers, Footnote [Text Block]

   
(1) Earl Hesterberg served as CEO until 12/31/2022. Effective 1/1/2023, Daryl Kenningham was named CEO.

 

(4) Non-CEO NEOs reflect the average Summary Compensation Table total compensation and average Compensation Actually Paid for the following executives by year:

2023: Daniel J. McHenry, Peter C. DeLongchamps, Gillian A. Hobson, Michael D. Jones

2022: Daryl A. Kenningham, Daniel J. McHenry, Peter C. DeLongchamps, Darryl Burman

2021: Daryl A. Kenningham, Daniel J. McHenry, Frank Grese Jr., Peter C. DeLongchamps

2020: Daryl A. Kenningham, Daniel J. McHenry, John Rickel, Frank Grese Jr., Peter C. DeLongchamps

     
Peer Group Issuers, Footnote [Text Block] The peer group is comprised of Lithia Motors, Autonation, Sonic Automotive, Penske Automotive Group, and Asbury Automotive Group      
Adjustment To PEO Compensation, Footnote [Text Block]

(2) Deductions from, and additions to, total compensation in the 2023 Summary Compensation Table to calculate Compensation Actually Paid consist of:

 

   2023 
   Daryl A.
Kenningham
      Average
Non-CEO
NEOs
 
Total Compensation from Summary Compensation  $7,274,300  $2,053,869 
Adjustments for Pension         
Adjustment for Summary Compensation Table Pension  $0  $0 
Amount added for current year service cost  $0  $0 
Amount added for prior service cost impacting current year  $0  $0 
Total Adjustments for Pension  $0  $0 
Adjustments for Equity Awards         
Adjustment for grant date values in the Summary Compensation Table  $(3,499,802)  $(737,385)
Year-end fair value of unvested awards granted in the current year  $6,420,975  $1,284,874 
Year-over-year difference of year-end fair values for unvested awards granted in prior years  $2,395,423  $684,640 
Fair values at vest date for awards granted and vested in current year  $0  $0 
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years  $(298,389)  $38,931 
Forfeitures during current year equal to prior year-end fair value  $0  $0 
Dividends or dividend equivalents not otherwise included in the total compensation  $78,180  $18,348 
Total Adjustments for Equity Awards  $5,096,387  $1,289,408 
Compensation Actually Paid (as calculated)  $12,370,687  $3,343,276 

     
Non-PEO NEO Average Total Compensation Amount [1] $ 2,053,869 $ 2,881,512 $ 2,684,236 $ 2,657,309
Non-PEO NEO Average Compensation Actually Paid Amount [1],[2],[3] $ 3,343,276 2,877,697 4,992,687 3,543,096
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

(2) Deductions from, and additions to, total compensation in the 2023 Summary Compensation Table to calculate Compensation Actually Paid consist of:

 

   2023 
   Daryl A.
Kenningham
      Average
Non-CEO
NEOs
 
Total Compensation from Summary Compensation  $7,274,300  $2,053,869 
Adjustments for Pension         
Adjustment for Summary Compensation Table Pension  $0  $0 
Amount added for current year service cost  $0  $0 
Amount added for prior service cost impacting current year  $0  $0 
Total Adjustments for Pension  $0  $0 
Adjustments for Equity Awards         
Adjustment for grant date values in the Summary Compensation Table  $(3,499,802)  $(737,385)
Year-end fair value of unvested awards granted in the current year  $6,420,975  $1,284,874 
Year-over-year difference of year-end fair values for unvested awards granted in prior years  $2,395,423  $684,640 
Fair values at vest date for awards granted and vested in current year  $0  $0 
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years  $(298,389)  $38,931 
Forfeitures during current year equal to prior year-end fair value  $0  $0 
Dividends or dividend equivalents not otherwise included in the total compensation  $78,180  $18,348 
Total Adjustments for Equity Awards  $5,096,387  $1,289,408 
Compensation Actually Paid (as calculated)  $12,370,687  $3,343,276 
     
Compensation Actually Paid vs. Total Shareholder Return [Text Block]

 

CAP and Cumulative TSR / Cumulative TSR of the Peer Group

 

     
Compensation Actually Paid vs. Net Income [Text Block]

CAP and Company Net Income

 

     
Compensation Actually Paid vs. Company Selected Measure [Text Block]

CAP and Adjusted Net Income from Continuing Operations

 

     
Total Shareholder Return Vs Peer Group [Text Block]

CAP and Cumulative TSR / Cumulative TSR of the Peer Group

 

     
Tabular List [Table Text Block]

TABULAR LIST OF FINANCIAL PERFORMANCE MEASURES

 

In our assessment, the most important financial performance measures used to link CAP (as calculated in accordance with the SEC rules), to our NEOs in 2023 to our performance were:

 

   
Adjusted Net Income,
Relative Total Shareholder Return, and
Return on Invested Capital.
     
Total Shareholder Return Amount $ 313.79 184.39 197.96 131.93
Peer Group Total Shareholder Return Amount [4] 268.90 189.75 205.74 146.68
Net Income (Loss) Attributable to Parent $ 601,600,000 $ 751,500,000 $ 552,100,000 $ 286,500,000
Company Selected Measure Amount 623,300,000 728,700,000 633,700,000 333,000,000
PEO Name Daryl Kenningham Earl Hesterberg Earl Hesterberg Earl Hesterberg
Measure [Axis]: 1        
Pay vs Performance Disclosure [Table]        
Measure Name Adjusted Net Income      
Measure [Axis]: 2        
Pay vs Performance Disclosure [Table]        
Measure Name Relative Total Shareholder Return      
Measure [Axis]: 3        
Pay vs Performance Disclosure [Table]        
Measure Name Return on Invested Capital      
Non-PEO NEO [Member] | Adjustment for Summary Compensation Table Pension        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount $ 0      
Non-PEO NEO [Member] | Amount added for current year service cost        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0      
Non-PEO NEO [Member] | Amount added for prior service cost impacting current year        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0      
Non-PEO NEO [Member] | Total Adjustments for Pension        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0      
Non-PEO NEO [Member] | Adjustment for grant date values in the Summary Compensation Table        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (737,385)      
Non-PEO NEO [Member] | Year-end fair value of unvested awards granted in the current year        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 1,284,874      
Non-PEO NEO [Member] | Year-over-year difference of year-end fair values for unvested awards granted in prior years        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 684,640      
Non-PEO NEO [Member] | Fair values at vest date for awards granted and vested in current year        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0      
Non-PEO NEO [Member] | Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 38,931      
Non-PEO NEO [Member] | Forfeitures during current year equal to prior year-end fair value        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0      
Non-PEO NEO [Member] | Dividends or dividend equivalents not otherwise included in the total compensation        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 18,348      
Non-PEO NEO [Member] | Total Adjustments for Equity Awards        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 1,289,408      
Daryl Kenningham        
Pay vs Performance Disclosure [Table]        
PEO Total Compensation Amount [5] 7,274,300      
PEO Actually Paid Compensation Amount [2],[3],[5] 12,370,687      
Daryl Kenningham | PEO [Member] | Adjustment for Summary Compensation Table Pension        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0      
Daryl Kenningham | PEO [Member] | Amount added for current year service cost        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0      
Daryl Kenningham | PEO [Member] | Amount added for prior service cost impacting current year        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0      
Daryl Kenningham | PEO [Member] | Total Adjustments for Pension        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0      
Daryl Kenningham | PEO [Member] | Adjustment for grant date values in the Summary Compensation Table        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (3,499,802)      
Daryl Kenningham | PEO [Member] | Year-end fair value of unvested awards granted in the current year        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 6,420,975      
Daryl Kenningham | PEO [Member] | Year-over-year difference of year-end fair values for unvested awards granted in prior years        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 2,395,423      
Daryl Kenningham | PEO [Member] | Fair values at vest date for awards granted and vested in current year        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0      
Daryl Kenningham | PEO [Member] | Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (298,389)      
Daryl Kenningham | PEO [Member] | Forfeitures during current year equal to prior year-end fair value        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 0      
Daryl Kenningham | PEO [Member] | Dividends or dividend equivalents not otherwise included in the total compensation        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 78,180      
Daryl Kenningham | PEO [Member] | Total Adjustments for Equity Awards        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount $ 5,096,387      
Earl Hesterberg        
Pay vs Performance Disclosure [Table]        
PEO Total Compensation Amount [5]   $ 8,774,685 $ 8,577,257 $ 7,298,579
PEO Actually Paid Compensation Amount [2],[3],[5]   $ 8,512,251 $ 19,080,981 $ 12,911,445
[1] Non-CEO NEOs reflect the average Summary Compensation Table total compensation and average Compensation Actually Paid for the following executives by year: 2023: Daniel J. McHenry, Peter C. DeLongchamps, Gillian A. Hobson, Michael D. Jones 2022: Daryl A. Kenningham, Daniel J. McHenry, Peter C. DeLongchamps, Darryl Burman 2021: Daryl A. Kenningham, Daniel J. McHenry, Frank Grese Jr., Peter C. DeLongchamps 2020: Daryl A. Kenningham, Daniel J. McHenry, John Rickel, Frank Grese Jr., Peter C. DeLongchamps
[2] Deductions from, and additions to, total compensation in the 2023 Summary Compensation Table to calculate Compensation Actually Paid consist of:
[3] Equity valuation assumptions for calculating Compensation Actually Paid are not materially different from grant date valuation assumptions.
[4] The peer group is comprised of Lithia Motors, Autonation, Sonic Automotive, Penske Automotive Group, and Asbury Automotive Group
[5] Earl Hesterberg served as CEO until 12/31/2022. Effective 1/1/2023, Daryl Kenningham was named CEO.