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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 58.7 $ 57.2
Contracts-in-transit and vehicle receivables, net 332.9 369.2
Accounts and notes receivable, net 305.9 238.4
Inventories 2,752.2 1,963.4
Prepaid expenses 59.6 38.9
Other current assets 49.0 25.1
Current assets classified as held for sale 67.5 99.1
TOTAL CURRENT ASSETS 3,625.7 2,791.3
Property and equipment, net of accumulated depreciation of $648.2 and $587.7, respectively 2,881.6 2,248.7
Operating lease assets 302.9 216.5
Goodwill 2,140.7 1,651.9
Intangible franchise rights 865.4 701.2
Other long-term assets 160.2 164.6
TOTAL ASSETS 9,976.5 7,774.1
CURRENT LIABILITIES:    
Floorplan notes payable — credit facility and other, net of offset account of $99.8 and $236.7, respectively 1,443.4 1,153.0
Floorplan notes payable — manufacturer affiliates, net of offset account of $— and $38.5, respectively 826.1 412.4
Current maturities of long-term debt 196.0 109.4
Current operating lease liabilities 25.3 20.9
Accounts payable 737.0 499.3
Accrued expenses and other current liabilities 380.6 303.4
Current liabilities classified as held for sale 15.5 7.2
TOTAL CURRENT LIABILITIES 3,623.9 2,505.7
Long-term debt 2,695.1 1,989.4
Long-term operating lease liabilities 284.9 209.4
Deferred income taxes 256.1 256.6
Other long-term liabilities 140.2 138.6
Commitments and Contingencies (Note 11)
STOCKHOLDERS’ EQUITY:    
Common stock, $0.01 par value, 50,000,000 shares authorized; 25,082,140 and 25,131,460 shares issued, respectively 0.3 0.3
Additional paid-in capital 367.0 349.1
Retained earnings 4,033.9 3,649.8
Accumulated other comprehensive income (loss) 45.8 28.1
Treasury stock, at cost; 11,743,353 and 11,447,422 shares, respectively (1,470.8) (1,352.8)
TOTAL STOCKHOLDERS’ EQUITY 2,976.2 2,674.4
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 9,976.5 $ 7,774.1