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Condensed Consolidating Financial Information (Tables)
 12 Months Ended
Dec. 31, 2013
Condensed Consolidating Financial Information  
CONDENSED CONSOLIDATING BALANCE SHEET

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2013

 

 

 

Total
Company

 

Eliminations

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

—

 

—

 

1,416.1

 

1,102.2

 

Other current assets

 

88.4

 

—

 

2.9

 

43.4

 

42.1

 

Assets held for sale

 

107.3

 

—

 

—

 

61.1

 

46.2

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

—

 

295.0

 

—

 

51.9

 

Other long-term assets

 

31.9

 

(1,686.0

)

1,697.4

 

5.2

 

15.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

6,415.5

 

$

(2,078.5

)

$

2,391.8

 

$

3,492.1

 

$

2,610.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Floor plan notes payable

 

$

1,685.1

 

$

—

 

$

—

 

$

1,009.4

 

$

675.7

 

Floor plan notes payable — non-trade

 

901.6

 

—

 

128.2

 

445.7

 

327.7

 

Accounts payable

 

373.3

 

—

 

3.4

 

141.8

 

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

 

(123.5

)

738.0

 

158.3

 

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

 

(516.0

)

869.7

 

2,354.3

 

2,185.4

 

Total equity

 

1,522.1

 

(1,562.5

)

1,522.1

 

1,137.8

 

424.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

6,415.5

 

$

(2,078.5

)

$

2,391.8

 

$

3,492.1

 

$

2,610.1

 

 

 

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2012

 

 

 

Total
Company

 

Eliminations

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

43.8

 

$

—

 

$

—

 

$

34.7

 

$

9.1

 

Accounts receivable, net

 

545.1

 

(345.5

)

345.5

 

360.4

 

184.7

 

Inventories

 

1,959.3

 

—

 

—

 

1,177.2

 

782.1

 

Other current assets

 

90.2

 

—

 

3.5

 

55.6

 

31.1

 

Assets held for sale

 

164.1

 

—

 

—

 

82.8

 

81.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

2,802.5

 

(345.5

)

349.0

 

1,710.7

 

1,088.3

 

Property and equipment, net

 

1,013.7

 

—

 

4.5

 

631.6

 

377.6

 

Intangible assets

 

1,239.0

 

—

 

—

 

711.5

 

527.5

 

Equity method investments

 

303.2

 

—

 

252.8

 

—

 

50.4

 

Other long-term assets

 

20.6

 

(1,522.6

)

1,535.9

 

4.9

 

2.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

5,379.0

 

$

(1,868.1

)

$

2,142.2

 

$

3,058.7

 

$

2,046.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Floor plan notes payable

 

$

1,388.7

 

$

—

 

$

—

 

$

877.6

 

$

511.1

 

Floor plan notes payable — non-trade

 

710.4

 

—

 

112.1

 

343.8

 

254.5

 

Accounts payable

 

259.8

 

—

 

3.3

 

121.2

 

135.3

 

Accrued expenses

 

221.3

 

(345.5

)

0.5

 

112.2

 

454.1

 

Current portion of long-term debt

 

19.5

 

—

 

—

 

9.8

 

9.7

 

Liabilities held for sale

 

95.9

 

—

 

—

 

42.1

 

53.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

2,695.6

 

(345.5

)

115.9

 

1,506.7

 

1,418.5

 

Long-term debt

 

917.1

 

(76.0

)

710.0

 

121.6

 

161.5

 

Deferred tax liabilities

 

287.8

 

—

 

—

 

260.4

 

27.4

 

Other long-term liabilities

 

162.2

 

—

 

—

 

84.6

 

77.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

4,062.7

 

(421.5

)

825.9

 

1,973.3

 

1,685.0

 

Total equity

 

1,316.3

 

(1,446.6

)

1,316.3

 

1,085.4

 

361.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

5,379.0

 

$

(1,868.1

)

$

2,142.2

 

$

3,058.7

 

$

2,046.2

 
CONDENSED CONSOLIDATING STATEMENT OF INCOME

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2013

 

 

 

Total
Company

 

Eliminations

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

14,563.9

 

$

—

 

$

—

 

$

8,620.1

 

$

5,943.8

 

Cost of sales

 

12,325.3

 

—

 

—

 

7,228.1

 

5,097.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

2,238.6

 

—

 

—

 

1,392.0

 

846.6

 

Selling, general, and administrative expenses

 

1,744.6

 

—

 

21.4

 

1,060.1

 

663.1

 

Depreciation

 

61.1

 

—

 

1.8

 

35.2

 

24.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

432.9

 

—

 

(23.2

)

296.7

 

159.4

 

Floor plan interest expense

 

(43.3

)

—

 

(9.6

)

(19.7

)

(14.0

)

Other interest expense

 

(47.7

)

—

 

(26.1

)

(4.3

)

(17.3

)

Equity in earnings of affiliates

 

30.7

 

—

 

25.5

 

—

 

5.2

 

Equity in earnings of subsidiaries

 

—

 

(404.5

)

404.5

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

372.6

 

(404.5

)

371.1

 

272.7

 

133.3

 

Income taxes

 

(123.2

)

134.3

 

(123.2

)

(99.7

)

(34.6

)

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

249.4

 

(270.2

)

247.9

 

173.0

 

98.7

 

Loss from discontinued operations, net of tax

 

(3.7

)

3.7

 

(3.7

)

2.1

 

(5.8

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

245.7

 

(266.5

)

244.2

 

175.1

 

92.9

 

Other comprehensive income (loss), net of tax

 

18.9

 

(9.8

)

18.9

 

4.0

 

5.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

264.6

 

(276.3

)

263.1

 

179.1

 

98.7

 

Less: Comprehensive income attributable to the non-controlling interests

 

2.0

 

(0.5

)

0.5

 

—

 

2.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to Penske Automotive Group common stockholders

 

$

262.6

 

$

(275.8

)

$

262.6

 

$

179.1

 

$

96.7

 

 

 

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2012

 

 

 

Total
Company

 

Eliminations

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

12,957.3

 

$

—

 

$

—

 

$

7,656.6

 

$

5,300.7

 

Cost of sales

 

10,971.3

 

—

 

—

 

6,444.6

 

4,526.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

1,986.0

 

—

 

—

 

1,212.0

 

774.0

 

Selling, general, and administrative expenses

 

1,570.5

 

—

 

19.4

 

938.5

 

612.6

 

Depreciation

 

52.9

 

—

 

1.3

 

28.6

 

23.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

362.6

 

—

 

(20.7

)

244.9

 

138.4

 

Floor plan interest expense

 

(38.1

)

—

 

(8.6

)

(16.5

)

(13.0

)

Other interest expense

 

(46.6

)

—

 

(29.5

)

(0.4

)

(16.7

)

Equity in earnings of affiliates

 

27.6

 

—

 

24.0

 

—

 

3.6

 

Debt redemption costs

 

(17.8

)

—

 

(17.8

)

—

 

—

 

Equity in earnings of subsidiaries

 

—

 

(338.7

)

338.7

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

287.7

 

(338.7

)

286.1

 

228.0

 

112.3

 

Income taxes

 

(93.4

)

110.7

 

(93.4

)

(86.4

)

(24.3

)

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

194.3

 

(228.0

)

192.7

 

141.6

 

88.0

 

Loss from discontinued operations, net of tax

 

(7.1

)

7.1

 

(7.1

)

1.5

 

(8.6

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

187.2

 

(220.9

)

185.6

 

143.1

 

79.4

 

Other comprehensive income (loss), net of tax

 

17.6

 

(16.6

)

17.6

 

1.0

 

15.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

204.8

 

(237.5

)

203.2

 

144.1

 

95.0

 

Less: Comprehensive income attributable to non-controlling interests

 

1.9

 

(0.3

)

0.3

 

—

 

1.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to Penske Automotive Group common stockholders

 

$

202.9

 

$

(237.2

)

$

202.9

 

$

144.1

 

$

93.1

 

 

 

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2011

 

 

 

Total
Company

 

Eliminations

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

10,926.4

 

$

—

 

$

—

 

$

6,496.3

 

$

4,430.1

 

Cost of sales

 

9,193.8

 

—

 

—

 

5,414.3

 

3,779.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

1,732.6

 

—

 

—

 

1,082.0

 

650.6

 

Selling, general, and administrative expenses

 

1,394.6

 

—

 

19.0

 

863.3

 

512.3

 

Depreciation

 

45.8

 

—

 

1.3

 

25.1

 

19.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

292.2

 

—

 

(20.3

)

193.6

 

118.9

 

Floor plan interest expense

 

(26.6

)

—

 

(1.4

)

(13.6

)

(11.6

)

Other interest expense

 

(44.1

)

—

 

(25.4

)

(1.0

)

(17.7

)

Debt discount amortization

 

(1.7

)

—

 

(1.7

)

—

 

—

 

Equity in earnings of affiliates

 

25.4

 

—

 

23.0

 

—

 

2.4

 

Equity in earnings of subsidiaries

 

—

 

(269.7

)

269.7

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

245.2

 

(269.7

)

243.9

 

179.0

 

92.0

 

Income taxes

 

(70.6

)

78.3

 

(70.7

)

(51.9

)

(26.3

)

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

174.6

 

(191.4

)

173.2

 

127.1

 

65.7

 

Loss from discontinued operations, net of tax

 

3.7

 

(3.7

)

3.7

 

4.8

 

(1.1

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

178.3

 

(195.1

)

176.9

 

131.9

 

64.6

 

Other comprehensive income (loss), net of tax

 

(24.1

)

21.2

 

(24.1

)

(9.6

)

(11.6

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

154.2

 

(173.9

)

152.8

 

122.3

 

53.0

 

Less: Comprehensive income attributable to the non-controlling interests

 

1.4

 

—

 

—

 

—

 

1.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to Penske Automotive Group common stockholders

 

$

152.8

 

$

(173.9

)

$

152.8

 

$

122.3

 

$

51.6

 
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2013

 

 

 

Total
Company

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) continuing operating activities

 

$

312.1

 

$

46.6

 

$

28.7

 

$

236.8

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

(169.6

)

(1.4

)

(111.4

)

(56.8

)

Purchase of car rental vehicles

 

(86.4

)

—

 

(86.4

)

—

 

Acquisitions, net

 

(338.1

)

—

 

(127.5

)

(210.6

)

Other

 

6.7

 

(17.5

)

19.9

 

4.3

 

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) continuing investing activities

 

(587.4

)

(18.9

)

(305.4

)

(263.1

)

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

Net borrowings (repayments) of long-term debt

 

144.8

 

28.0

 

66.4

 

50.4

 

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

 

191.3

 

16.1

 

181.3

 

(6.1

)

Repurchase of common stock

 

(15.8

)

(15.8

)

—

 

—

 

Dividends

 

(56.0

)

(56.0

)

—

 

—

 

Distributions from (to) parent

 

—

 

—

 

0.9

 

(0.9

)

Other

 

0.2

 

—

 

—

 

0.2

 

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) continuing financing activities

 

264.5

 

(27.7

)

248.6

 

43.6

 

 

 

 

 

 

 

 

 

 

 

Net cash from discontinued operations

 

16.8

 

—

 

6.0

 

10.8

 

 

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

6.0

 

—

 

(22.1

)

28.1

 

Cash and cash equivalents, beginning of period

 

43.8

 

—

 

34.7

 

9.1

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

49.8

 

$

—

 

$

12.6

 

$

37.2

 

 

 

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2012

 

 

 

Total
Company

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) continuing operating activities

 

$

323.5

 

$

45.5

 

$

125.8

 

$

152.2

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

Purchase of equipment and improvements

 

(152.0

)

(1.1

)

(101.4

)

(49.5

)

Purchase of car rental vehicles

 

(9.9

)

—

 

(9.9

)

—

 

Proceeds from sale-leaseback transactions

 

1.6

 

—

 

—

 

1.6

 

Acquisitions, net

 

(250.2

)

—

 

(115.8

)

(134.4

)

Other

 

8.8

 

(3.3

)

4.8

 

7.3

 

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) continuing investing activities

 

(401.7

)

(4.4

)

(222.3

)

(175.0

)

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

Repurchase of 3.5% senior subordinated convertible notes

 

(62.7

)

(62.7

)

—

 

—

 

Issuance of 5.75% senior subordinated notes

 

550.0

 

550.0

 

—

 

—

 

Repurchase of 7.75% senior subordinated notes

 

(390.8

)

(390.8

)

—

 

—

 

Net borrowings (repayments) of long-term debt

 

(28.5

)

(98.9

)

50.9

 

19.5

 

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

 

70.5

 

21.2

 

41.6

 

7.7

 

Repurchases of common stock

 

(9.8

)

(9.8

)

—

 

—

 

Dividends

 

(41.5

)

(41.5

)

—

 

—

 

Payment of deferred financing fees

 

(8.6

)

(8.6

)

—

 

—

 

Other

 

(1.1

)

—

 

—

 

(1.1

)

Distributions from (to) parent

 

—

 

—

 

5.2

 

(5.2

)

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) continuing financing activities

 

77.5

 

(41.1

)

97.7

 

20.9

 

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) discontinued operations

 

17.7

 

—

 

7.7

 

10.0

 

 

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

17.0

 

—

 

8.9

 

8.1

 

Cash and cash equivalents, beginning of period

 

26.8

 

—

 

25.8

 

1.0

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

43.8

 

$

—

 

$

34.7

 

$

9.1

 

 

 

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2011

 

 

 

Total
Company

 

Penske
Automotive
Group

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) continuing operating activities

 

$

134.3

 

$

(39.4

)

$

186.1

 

$

(12.4

)

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

Purchase of equipment and improvements

 

(131.2

)

(1.3

)

(75.6

)

(54.3

)

Acquisitions, net

 

(232.1

)

—

 

(194.3

)

(37.8

)

Other

 

2.9

 

—

 

—

 

2.9

 

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) continuing investing activities

 

(360.4

)

(1.3

)

(269.9

)

(89.2

)

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

Repurchase of 3.5% senior subordinated convertible notes

 

(87.3

)

(87.3

)

—

 

—

 

Net borrowings (repayments) of long-term debt

 

155.2

 

125.0

 

18.4

 

11.8

 

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

 

197.0

 

65.9

 

34.9

 

96.2

 

Proceeds from exercises of options, including excess tax benefit

 

3.4

 

3.4

 

—

 

—

 

Repurchases of common stock

 

(44.3

)

(44.3

)

—

 

—

 

Dividends

 

(22.0

)

(22.0

)

—

 

—

 

Distributions from (to) parent

 

—

 

—

 

6.1

 

(6.1

)

 

 

 

 

 

 

 

 

 

 

Net cash from (used in) continuing financing activities

 

202.0

 

40.7

 

59.4

 

101.9

 

 

 

 

 

 

 

 

 

 

 

Net cash from discontinued operations

 

32.8

 

—

 

34.4

 

(1.6

)

 

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

8.7

 

—

 

10.0

 

(1.3

)

Cash and cash equivalents, beginning of period

 

18.1

 

—

 

15.8

 

2.3

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

26.8

 

$

—

 

$

25.8

 

$

1.0