XML 61 R50.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidating Financial Information - Statement of Income (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Condensed consolidating statement of income        
Revenues $ 5,152.0 $ 4,960.1 $ 15,230.7 $ 14,363.6
Cost of sales 4,407.8 4,230.9 12,991.4 12,213.2
Gross profit 744.2 729.2 2,239.3 2,150.4
Selling, general and administrative expenses 581.2 563.4 1,722.8 1,652.3
Depreciation 21.5 19.8 66.8 57.7
Operating income 141.5 146.0 449.7 440.4
Floor plan interest expense (11.9) (11.4) (37.8) (32.7)
Other interest expense (25.1) (16.3) (61.8) (49.0)
Equity in earnings of affiliates 25.6 11.0 43.1 29.7
Income from continuing operations before income taxes 130.1 129.3 393.2 388.4
Income taxes (41.7) (41.7) (128.4) (128.2)
Income from continuing operations 88.4 87.6 264.8 260.2
(Loss) income from discontinued operations, net of tax 0.1 (0.1) (1.1) (1.1)
Net income 88.5 87.5 263.7 259.1
Other comprehensive income (loss), net of tax (10.8) (42.5) (65.1) (59.3)
Comprehensive income 77.7 45.0 198.6 199.8
Less: Comprehensive income attributable to non-controlling interests 1.3 1.5 4.5 3.1
Comprehensive income attributable to Penske Automotive Group common stockholders 76.4 43.5 194.1 196.7
Eliminations        
Condensed consolidating statement of income        
Equity in earnings of subsidiaries (127.8) (134.8) (412.8) (410.2)
Income from continuing operations before income taxes (127.8) (134.8) (412.8) (410.2)
Income taxes 41.4 43.8 136.1 136.3
Income from continuing operations (86.4) (91.0) (276.7) (273.9)
(Loss) income from discontinued operations, net of tax (0.1) 0.1 1.1 1.7
Net income (86.5) (90.9) (275.6) (272.2)
Other comprehensive income (loss), net of tax 10.2 40.8 66.2 55.6
Comprehensive income (76.3) (50.1) (209.4) (216.6)
Less: Comprehensive income attributable to non-controlling interests (0.3) (0.6) (1.1) 0.2
Comprehensive income attributable to Penske Automotive Group common stockholders (76.0) (49.5) (208.3) (216.8)
Reportable legal entities | Penske Automotive Group        
Condensed consolidating statement of income        
Selling, general and administrative expenses 3.9 5.7 15.2 18.0
Depreciation 0.5 0.4 1.3 1.2
Operating income (4.4) (6.1) (16.5) (19.2)
Floor plan interest expense (0.7) (0.7) (2.0) (2.1)
Other interest expense (18.0) (10.6) (43.6) (30.6)
Equity in earnings of affiliates 24.4 11.0 39.1 27.3
Equity in earnings of subsidiaries 127.8 134.8 412.8 410.2
Income from continuing operations before income taxes 129.1 128.4 389.8 385.6
Income taxes (41.7) (41.7) (128.4) (128.2)
Income from continuing operations 87.4 86.7 261.4 257.4
(Loss) income from discontinued operations, net of tax 0.1 (0.1) (1.1) (1.7)
Net income 87.5 86.6 260.3 255.7
Other comprehensive income (loss), net of tax (10.8) (42.5) (65.1) (59.3)
Comprehensive income 76.7 44.1 195.2 196.4
Less: Comprehensive income attributable to non-controlling interests 0.3 0.6 1.1 (0.2)
Comprehensive income attributable to Penske Automotive Group common stockholders 76.4 43.5 194.1 196.6
Reportable legal entities | Guarantor Subsidiaries        
Condensed consolidating statement of income        
Revenues 2,896.9 2,591.2 8,113.9 7,548.5
Cost of sales 2,457.1 2,197.2 6,856.0 6,372.4
Gross profit 439.8 394.0 1,257.9 1,176.1
Selling, general and administrative expenses 337.3 302.6 955.8 895.9
Depreciation 12.4 10.6 34.8 31.2
Operating income 90.1 80.8 267.3 249.0
Floor plan interest expense (7.1) (5.6) (21.3) (16.4)
Other interest expense (2.2) (1.3) (2.8) (4.0)
Income from continuing operations before income taxes 80.8 73.9 243.2 228.6
Income taxes (32.2) (29.4) (97.9) (91.8)
Income from continuing operations 48.6 44.5 145.3 136.8
(Loss) income from discontinued operations, net of tax 0.1 (0.1) (1.0) (1.3)
Net income 48.7 44.4 144.3 135.5
Comprehensive income 48.7 44.4 144.3 135.5
Comprehensive income attributable to Penske Automotive Group common stockholders 48.7 44.4 144.3 135.5
Reportable legal entities | Non-Guarantor Subsidiaries        
Condensed consolidating statement of income        
Revenues 2,255.1 2,368.9 7,116.8 6,815.1
Cost of sales 1,950.7 2,033.7 6,135.4 5,840.8
Gross profit 304.4 335.2 981.4 974.3
Selling, general and administrative expenses 240.0 255.1 751.8 738.4
Depreciation 8.6 8.8 30.7 25.3
Operating income 55.8 71.3 198.9 210.6
Floor plan interest expense (4.1) (5.1) (14.5) (14.2)
Other interest expense (4.9) (4.4) (15.4) (14.4)
Equity in earnings of affiliates 1.2   4.0 2.4
Income from continuing operations before income taxes 48.0 61.8 173.0 184.4
Income taxes (9.2) (14.4) (38.2) (44.5)
Income from continuing operations 38.8 47.4 134.8 139.9
(Loss) income from discontinued operations, net of tax     (0.1) 0.2
Net income 38.8 47.4 134.7 140.1
Other comprehensive income (loss), net of tax (10.2) (40.8) (66.2) (55.6)
Comprehensive income 28.6 6.6 68.5 84.5
Less: Comprehensive income attributable to non-controlling interests 1.3 1.5 4.5 3.1
Comprehensive income attributable to Penske Automotive Group common stockholders $ 27.3 $ 5.1 $ 64.0 $ 81.4