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SEC Filings

10-K
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-K on 02/24/2017
Entire Document
 

Table of Contents

 

PENSKE AUTOMOTIVE GROUP, INC.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 

(In millions, except share and per share amounts)

 

15. Accumulated Other Comprehensive Income/(Loss)

 

Changes in accumulated other comprehensive income/(loss) by component and the reclassifications out of accumulated other comprehensive income/(loss) during the years ended December 31, 2016, 2015, and 2014 attributable to Penske Automotive Group common stockholders follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Accumulated

 

 

 

Foreign

 

 

 

 

Other

 

 

 

Currency

 

 

 

 

Comprehensive

 

 

 

Translation

 

Other

 

Income (Loss)

 

Balance at January 1, 2014

 

$

11.4

 

$

0.2

 

$

11.6

 

Other comprehensive income before reclassifications

 

 

(63.1)

 

 

(6.7)

 

 

(69.8)

 

Amounts reclassified from accumulated other comprehensive income — net of tax provision of $3.2

 

 

 —

 

 

4.9

 

 

4.9

 

Net current-period other comprehensive income

 

 

(63.1)

 

 

(1.8)

 

 

(64.9)

 

Balance at December 31, 2014

 

$

(51.7)

 

$

(1.6)

 

$

(53.3)

 

Other comprehensive income before reclassifications

 

 

(61.8)

 

 

(7.4)

 

 

(69.2)

 

Amounts reclassified from accumulated other comprehensive income — net of tax provision $0.0

 

 

 —

 

 

 —

 

 

 —

 

Net current-period other comprehensive income

 

 

(61.8)

 

 

(7.4)

 

 

(69.2)

 

Balance at December 31, 2015

 

$

(113.5)

 

$

(9.0)

 

$

(122.5)

 

Other comprehensive income before reclassifications

 

 

(116.5)

 

 

(11.7)

 

 

(128.2)

 

Amounts reclassified from accumulated other comprehensive income — net of tax provision of $0.0

 

 

 —

 

 

 —

 

 

 —

 

Net current-period other comprehensive income

 

 

(116.5)

 

 

(11.7)

 

 

(128.2)

 

Balance at December 31, 2016

 

$

(230.0)

 

$

(20.7)

 

$

(250.7)

 

 

 

Within the amounts reclassified from accumulated other comprehensive income in 2014, the amounts associated with “Other” relate to interest rate swaps and are included in floor plan interest expense.

 

16. Income Taxes

 

Income taxes relating to income from continuing operations consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

    

2016

    

2015

    

2014

 

Current:

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(47.2)

 

$

61.8

 

$

51.2

 

State and local

 

 

4.7

 

 

11.5

 

 

7.9

 

Foreign

 

 

41.0

 

 

40.1

 

 

43.5

 

Total current

 

$

(1.5)

 

$

113.4

 

$

102.6

 

Deferred:

 

 

 

 

 

 

 

 

 

 

Federal

 

 

140.6

 

 

40.1

 

 

42.9

 

State and local

 

 

22.3

 

 

8.4

 

 

9.3

 

Foreign

 

 

(0.7)

 

 

(3.9)

 

 

(1.7)

 

Total deferred

 

$

162.2

 

$

44.6

 

$

50.5

 

Income taxes relating to continuing operations

 

$

160.7

 

$

158.0

 

$

153.1

 

 

 

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