XML 34 R32.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidating Financial Information (Tables)
 6 Months Ended
Jun. 30, 2014
Condensed Consolidating Financial Information  
CONDENSED CONSOLIDATING BALANCE SHEET

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2014

 

 

 

Total
Company

 

Eliminations

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

61.4

 

$

—

 

$

—

 

$

—

 

$

61.4

 

Accounts receivable, net

 

641.2

 

(401.9

)

401.9

 

354.7

 

286.5

 

Inventories

 

2,615.9

 

—

 

—

 

1,461.3

 

1,154.6

 

Other current assets

 

111.4

 

—

 

7.5

 

33.9

 

70.0

 

Assets held for sale

 

52.4

 

—

 

—

 

10.8

 

41.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

3,482.3

 

(401.9

)

409.4

 

1,860.7

 

1,614.1

 

Property and equipment, net

 

1,367.8

 

—

 

3.8

 

883.0

 

481.0

 

Intangible assets

 

1,518.4

 

—

 

—

 

826.6

 

691.8

 

Equity method investments

 

354.7

 

—

 

299.6

 

—

 

55.1

 

Other long-term assets

 

19.1

 

(1,805.0

)

1,816.0

 

5.4

 

2.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

6,742.3

 

$

(2,206.9

)

$

2,528.8

 

$

3,575.7

 

$

2,844.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Floor plan notes payable

 

$

1,717.3

 

$

—

 

$

—

 

$

979.7

 

$

737.6

 

Floor plan notes payable — non-trade

 

934.0

 

—

 

129.9

 

460.3

 

343.8

 

Accounts payable

 

435.1

 

—

 

3.7

 

145.2

 

286.2

 

Accrued expenses

 

314.4

 

(401.9

)

0.5

 

150.4

 

565.4

 

Current portion of long-term debt

 

81.6

 

—

 

—

 

66.9

 

14.7

 

Liabilities held for sale

 

41.1

 

—

 

—

 

4.9

 

36.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

3,523.5

 

(401.9

)

134.1

 

1,807.4

 

1,983.9

 

Long-term debt

 

1,006.8

 

(124.6

)

748.0

 

177.2

 

206.2

 

Deferred tax liabilities

 

372.8

 

—

 

—

 

347.0

 

25.8

 

Other long-term liabilities

 

192.5

 

—

 

—

 

63.7

 

128.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

5,095.6

 

(526.5

)

882.1

 

2,395.3

 

2,344.7

 

Total equity

 

1,646.7

 

(1,680.4

)

1,646.7

 

1,180.4

 

500.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

6,742.3

 

$

(2,206.9

)

$

2,528.8

 

$

3,575.7

 

$

2,844.7

 

 

CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2013

 

 

 

Total
Company

 

Eliminations

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

49.8

 

$

—

 

$

—

 

$

12.6

 

$

37.2

 

Accounts receivable, net

 

600.8

 

(392.5

)

392.5

 

382.1

 

218.7

 

Inventories

 

2,518.3

 

—

 

—

 

1,416.2

 

1,102.1

 

Other current assets

 

88.4

 

—

 

2.9

 

43.4

 

42.1

 

Assets held for sale

 

107.3

 

—

 

—

 

61.0

 

46.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

3,364.6

 

(392.5

)

395.4

 

1,915.3

 

1,446.4

 

Property and equipment, net

 

1,232.2

 

—

 

4.0

 

800.0

 

428.2

 

Intangible assets

 

1,439.9

 

—

 

—

 

771.6

 

668.3

 

Equity method investments

 

346.9

 

—

 

294.9

 

—

 

52.0

 

Other long-term assets

 

31.9

 

(1,686.0

)

1,697.5

 

5.2

 

15.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

6,415.5

 

$

(2,078.5

)

$

2,391.8

 

$

3,492.1

 

$

2,610.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Floor plan notes payable

 

$

1,685.1

 

$

—

 

$

—

 

$

1,009.5

 

$

675.6

 

Floor plan notes payable — non-trade

 

901.6

 

—

 

128.1

 

445.7

 

327.8

 

Accounts payable

 

373.3

 

—

 

3.5

 

141.7

 

228.1

 

Accrued expenses

 

262.6

 

(392.5

)

0.1

 

122.2

 

532.8

 

Current portion of long-term debt

 

50.0

 

—

 

—

 

39.5

 

10.5

 

Liabilities held for sale

 

59.7

 

—

 

—

 

31.0

 

28.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

3,332.3

 

(392.5

)

131.7

 

1,789.6

 

1,803.5

 

Long-term debt

 

1,033.2

 

(123.6

)

738.0

 

158.4

 

260.4

 

Deferred tax liabilities

 

361.4

 

—

 

—

 

337.6

 

23.8

 

Other long-term liabilities

 

166.5

 

—

 

—

 

68.8

 

97.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

4,893.4

 

(516.1

)

869.7

 

2,354.4

 

2,185.4

 

Total equity

 

1,522.1

 

(1,562.4

)

1,522.1

 

1,137.7

 

424.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

6,415.5

 

$

(2,078.5

)

$

2,391.8

 

$

3,492.1

 

$

2,610.1

 
CONDENSED CONSOLIDATING STATEMENT OF INCOME

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended June 30, 2014

 

 

 

Total
Company

 

Eliminations

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

4,406.7

 

$

—

 

$

—

 

$

2,480.6

 

$

1,926.1

 

Cost of sales

 

3,739.8

 

—

 

—

 

2,080.4

 

1,659.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

666.9

 

—

 

—

 

400.2

 

266.7

 

Selling, general and administrative expenses

 

513.2

 

—

 

5.9

 

302.5

 

204.8

 

Depreciation

 

17.5

 

—

 

0.3

 

9.8

 

7.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

136.2

 

—

 

(6.2

)

87.9

 

54.5

 

Floor plan interest expense

 

(11.6

)

—

 

(2.4

)

(5.4

)

(3.8

)

Other interest expense

 

(13.1

)

—

 

(7.4

)

(1.1

)

(4.6

)

Equity in earnings of affiliates

 

10.9

 

—

 

9.4

 

—

 

1.5

 

Equity in earnings of subsidiaries

 

—

 

(128.0

)

128.0

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

122.4

 

(128.0

)

121.4

 

81.4

 

47.6

 

Income taxes

 

(41.1

)

43.3

 

(41.1

)

(27.9

)

(15.4

)

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

81.3

 

(84.7

)

80.3

 

53.5

 

32.2

 

(Loss) income from discontinued operations, net of tax

 

(7.4

)

7.4

 

(7.4

)

0.2

 

(7.6

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

73.9

 

(77.3

)

72.9

 

53.7

 

24.6

 

Other comprehensive income (loss), net of tax

 

18.8

 

(18.4

)

18.8

 

1.5

 

16.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

92.7

 

(95.7

)

91.7

 

55.2

 

41.5

 

Less: Comprehensive income attributable to the non-controlling interests

 

0.9

 

—

 

—

 

—

 

0.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to Penske Automotive Group common stockholders

 

$

91.8

 

$

(95.7

)

$

91.7

 

$

55.2

 

$

40.6

 

 

CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2013

 

 

 

Total
Company

 

Eliminations

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

3,630.6

 

$

—

 

$

—

 

$

2,196.0

 

$

1,434.6

 

Cost of sales

 

3,071.1

 

—

 

—

 

1,836.9

 

1,234.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

559.5

 

—

 

—

 

359.1

 

200.4

 

Selling, general and administrative expenses

 

432.7

 

—

 

4.6

 

272.0

 

156.1

 

Depreciation

 

14.7

 

—

 

0.4

 

8.5

 

5.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

112.1

 

—

 

(5.0

)

78.6

 

38.5

 

Floor plan interest expense

 

(10.7

)

—

 

(2.5

)

(5.0

)

(3.2

)

Other interest expense

 

(11.9

)

—

 

(5.4

)

(1.1

)

(5.4

)

Equity in earnings of affiliates

 

8.9

 

—

 

6.9

 

—

 

2.0

 

Equity in earnings of subsidiaries

 

—

 

(103.9

)

103.9

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

98.4

 

(103.9

)

97.9

 

72.5

 

31.9

 

Income taxes

 

(34.9

)

36.2

 

(34.8

)

(27.4

)

(8.9

)

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

63.5

 

(67.7

)

63.1

 

45.1

 

23.0

 

(Loss) income from discontinued operations, net of tax

 

(1.0

)

1.0

 

(1.0

)

—

 

(1.0

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

62.5

 

(66.7

)

62.1

 

45.1

 

22.0

 

Other comprehensive income (loss), net of tax

 

3.0

 

(2.6

)

3.0

 

1.1

 

1.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

65.5

 

(69.3

)

65.1

 

46.2

 

23.5

 

Less: Comprehensive income attributable to the non-controlling interests

 

0.4

 

—

 

—

 

—

 

0.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to Penske Automotive Group common stockholders

 

$

65.1

 

$

(69.3

)

$

65.1

 

$

46.2

 

$

23.1

 

 

CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2014

 

 

 

Total
Company

 

Eliminations

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

8,454.7

 

$

—

 

$

—

 

$

4,661.1

 

$

3,793.6

 

Cost of sales

 

7,163.8

 

—

 

—

 

3,905.7

 

3,258.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

1,290.9

 

—

 

—

 

755.4

 

535.5

 

Selling, general and administrative expenses

 

1,001.0

 

—

 

11.7

 

589.1

 

400.2

 

Depreciation

 

34.0

 

—

 

0.6

 

19.1

 

14.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

255.9

 

—

 

(12.3

)

147.2

 

121.0

 

Floor plan interest expense

 

(22.7

)

—

 

(4.8

)

(10.4

)

(7.5

)

Other interest expense

 

(26.2

)

—

 

(14.5

)

(2.3

)

(9.4

)

Equity in earnings of affiliates

 

16.0

 

—

 

13.6

 

—

 

2.4

 

Equity in earnings of subsidiaries

 

—

 

(239.6

)

239.6

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

223.0

 

(239.6

)

221.6

 

134.5

 

106.5

 

Income taxes

 

(75.2

)

81.2

 

(75.2

)

(51.8

)

(29.4

)

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

147.8

 

(158.4

)

146.4

 

82.7

 

77.1

 

(Loss) income from discontinued operations, net of tax

 

(6.0

)

6.0

 

(6.0

)

7.2

 

(13.2

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

141.8

 

(152.4

)

140.4

 

89.9

 

63.9

 

Other comprehensive income (loss), net of tax

 

25.0

 

(25.2

)

25.0

 

(0.9

)

26.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

166.8

 

(177.6

)

165.4

 

89.0

 

90.0

 

Less: Comprehensive income attributable to the non-controlling interests

 

1.1

 

0.2

 

(0.2

)

—

 

1.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to Penske Automotive Group common stockholders

 

$

165.7

 

$

(177.8

)

$

165.6

 

$

89.0

 

$

88.9

 

 

CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2013

 

 

 

Total
Company

 

Eliminations

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

6,979.9

 

$

—

 

$

—

 

$

4,156.9

 

$

2,823.0

 

Cost of sales

 

5,893.8

 

—

 

—

 

3,473.0

 

2,420.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

1,086.1

 

—

 

—

 

683.9

 

402.2

 

Selling, general and administrative expenses

 

839.8

 

—

 

9.8

 

522.0

 

308.0

 

Depreciation

 

29.0

 

—

 

0.8

 

16.5

 

11.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

217.3

 

—

 

(10.6

)

145.4

 

82.5

 

Floor plan interest expense

 

(20.8

)

—

 

(4.8

)

(9.7

)

(6.3

)

Other interest expense

 

(23.4

)

—

 

(11.7

)

(2.2

)

(9.5

)

Equity in earnings of affiliates

 

11.2

 

—

 

8.8

 

—

 

2.4

 

Equity in earnings of subsidiaries

 

—

 

(201.8

)

201.8

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

184.3

 

(201.8

)

183.5

 

133.5

 

69.1

 

Income taxes

 

(63.2

)

68.4

 

(63.1

)

(51.2

)

(17.3

)

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

121.1

 

(133.4

)

120.4

 

82.3

 

51.8

 

(Loss) income from discontinued operations, net of tax

 

(0.6

)

0.6

 

(0.6

)

0.8

 

(1.4

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

120.5

 

(132.8

)

119.8

 

83.1

 

50.4

 

Other comprehensive income (loss), net of tax

 

(34.1

)

34.2

 

(34.1

)

2.1

 

(36.3

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

86.4

 

(98.6

)

85.7

 

85.2

 

14.1

 

Less: Comprehensive income attributable to the non-controlling interests

 

1.3

 

(0.5

)

0.5

 

—

 

1.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to Penske Automotive Group common stockholders

 

$

85.1

 

$

(98.1

)

$

85.2

 

$

85.2

 

$

12.8

 
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2014

 

 

 

Total
Company

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

Net cash from continuing operating activities

 

$

211.4

 

$

33.6

 

$

95.8

 

$

82.0

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

Purchase of equipment and improvements

 

(72.9

)

(0.4

)

(51.8

)

(20.7

)

Purchase of car rental vehicles

 

(76.3

)

—

 

(76.3

)

—

 

Acquisitions, net

 

(86.2

)

—

 

(80.5

)

(5.7

)

Other

 

24.9

 

4.1

 

20.8

 

—

 

 

 

 

 

 

 

 

 

 

 

Net cash from continuing investing activities

 

(210.5

)

3.7

 

(187.8

)

(26.4

)

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

Net borrowings (repayments) of long-term debt

 

(3.1

)

10.0

 

45.1

 

(58.2

)

Net borrowings (repayments) of floor plan notes payable — non-trade

 

32.4

 

1.7

 

14.6

 

16.1

 

Repurchases of common stock

 

(15.5

)

(15.5

)

—

 

—

 

Dividends

 

(33.5

)

(33.5

)

—

 

—

 

Distributions from (to) parent

 

—

 

—

 

3.6

 

(3.6

)

Other

 

0.3

 

—

 

—

 

0.3

 

 

 

 

 

 

 

 

 

 

 

Net cash from continuing financing activities

 

(19.4

)

(37.3

)

63.3

 

(45.4

)

 

 

 

 

 

 

 

 

 

 

Net cash from discontinued operations

 

30.1

 

—

 

16.1

 

14.0

 

 

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

11.6

 

—

 

(12.6

)

24.2

 

Cash and cash equivalents, beginning of period

 

49.8

 

—

 

12.6

 

37.2

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

61.4

 

$

—

 

$

—

 

$

61.4

 

 

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2013

 

 

 

Total
Company

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

(In millions)

 

 

 

 

 

 

 

 

 

 

 

Net cash from continuing operating activities

 

$

174.0

 

$

72.1

 

$

52.4

 

$

49.5

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

Purchase of equipment and improvements

 

(70.2

)

(0.7

)

(45.9

)

(23.6

)

Purchase of car rental vehicles

 

(73.2

)

—

 

(73.2

)

—

 

Acquisitions, net

 

(30.7

)

—

 

(29.3

)

(1.4

)

Other

 

(9.7

)

—

 

(15.5

)

5.8

 

 

 

 

 

 

 

 

 

 

 

Net cash from continuing investing activities

 

(183.8

)

(0.7

)

(163.9

)

(19.2

)

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

Net borrowings (repayments) of long-term debt

 

(11.2

)

(40.0

)

80.3

 

(51.5

)

Net borrowings (repayments) of floor plan notes payable — non-trade

 

37.6

 

10.6

 

(5.7

)

32.7

 

Repurchases of common stock

 

(15.8

)

(15.8

)

—

 

—

 

Dividends

 

(26.2

)

(26.2

)

—

 

—

 

Distributions from (to) parent

 

—

 

—

 

0.3

 

(0.3

)

Other

 

0.2

 

—

 

—

 

0.2

 

 

 

 

 

 

 

 

 

 

 

Net cash from continuing financing activities

 

(15.4

)

(71.4

)

74.9

 

(18.9

)

 

 

 

 

 

 

 

 

 

 

Net cash from discontinued operations

 

7.7

 

—

 

1.9

 

5.8

 

 

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

(17.5

)

—

 

(34.7

)

17.2

 

Cash and cash equivalents, beginning of period

 

43.8

 

—

 

34.7

 

9.1

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

26.3

 

$

—

 

$

—

 

$

26.3