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SEC Filings

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

PENSKE AUTOMOTIVE GROUP, INC.

 

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2016

 

2015

 

 

 

(In millions, except share and

 

 

 

per share amounts)

 

ASSETS

 

 

    

    

 

    

 

Cash and cash equivalents

 

$

24.0

 

$

62.4

 

Accounts receivable, net of allowance for doubtful accounts of $4.5 and $4.2

 

 

879.0

 

 

782.3

 

Inventories

 

 

3,408.2

 

 

3,463.5

 

Other current assets

 

 

102.0

 

 

85.6

 

Assets held for sale

 

 

8.3

 

 

12.7

 

Total current assets

 

 

4,421.5

 

 

4,406.5

 

Property and equipment, net

 

 

1,806.5

 

 

1,520.1

 

Goodwill

 

 

1,291.3

 

 

1,323.2

 

Other indefinite-lived intangible assets

 

 

420.1

 

 

408.0

 

Equity method investments

 

 

893.4

 

 

336.4

 

Other long-term assets

 

 

28.3

 

 

19.2

 

Total assets

 

$

8,861.1

 

$

8,013.4

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Floor plan notes payable

 

$

2,084.5

 

$

2,247.2

 

Floor plan notes payable — non-trade

 

 

1,233.3

 

 

1,132.4

 

Accounts payable

 

 

497.4

 

 

493.8

 

Accrued expenses

 

 

360.0

 

 

378.1

 

Current portion of long-term debt

 

 

48.3

 

 

28.0

 

Liabilities held for sale

 

 

6.1

 

 

6.2

 

Total current liabilities

 

 

4,229.6

 

 

4,285.7

 

Long-term debt

 

 

1,828.8

 

 

1,247.0

 

Deferred tax liabilities

 

 

592.7

 

 

433.4

 

Other long-term liabilities

 

 

430.5

 

 

212.4

 

Total liabilities

 

 

7,081.6

 

 

6,178.5

 

Commitments and contingent liabilities (Note 11)

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

Penske Automotive Group stockholders’ equity:

 

 

 

 

 

 

 

Preferred Stock, $0.0001 par value; 100,000 shares authorized; none issued and outstanding

 

 

 —

 

 

 

Common Stock, $0.0001 par value, 240,000,000 shares authorized; 85,214,345 shares issued and outstanding at December 31, 2016; 89,524,724 shares issued and outstanding at December 31, 2015

 

 

 —

 

 

 

Non-voting Common Stock, $0.0001 par value; 7,125,000 shares authorized; none issued and outstanding

 

 

 —

 

 

 

Class C Common Stock, $0.0001 par value; 20,000,000 shares authorized; none issued and outstanding

 

 

 —

 

 

 

Additional paid-in-capital

 

 

497.1

 

 

656.0

 

Retained earnings

 

 

1,504.5

 

 

1,256.7

 

Accumulated other comprehensive income (loss)

 

 

(250.7)

 

 

(122.5)

 

Total Penske Automotive Group stockholders’ equity

 

 

1,750.9

 

 

1,790.2

 

Non-controlling interest

 

 

28.6

 

 

44.7

 

Total equity

 

 

1,779.5

 

 

1,834.9

 

Total liabilities and equity

 

$

8,861.1

 

$

8,013.4

 

 

See Notes to Consolidated Financial Statements.

F-10