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SEC Filings

10-Q
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-Q on 10/26/2017
Entire Document
 

Other Interest Expense

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017 vs. 2016

 

 

    

2017

    

2016

    

Change

    

% Change

    

Other interest expense

 

$

27.8

 

$

25.1

 

$

2.7

 

10.8

%  

 

Other interest expense increased from 2016 to 2017 primarily due to the issuance of our $300.0 million 3.75% senior subordinated notes in August 2017, as well as an increase in outstanding revolver borrowings under the U.S. and U.K. credit agreements and our Australia working capital loan agreement, as well as an increase in applicable rates. 

 

Equity in Earnings of Affiliates

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017 vs. 2016

 

 

    

2017

    

2016

    

Change

    

% Change

    

Equity in earnings of affiliates

 

$

30.9

 

$

25.6

 

$

5.3

 

20.7

%  

 

Equity in earnings of affiliates increased from 2016 to 2017 primarily due to an increase in our investment in PTL from 9.0% to 23.4% in July 2016 and from 23.4% to 28.9% in September 2017. Equity in earnings of affiliates from PTL increased by $6.3 million from 2016 to 2017. This increase was offset by a decrease in earnings from our retail automotive joint ventures in Germany and Spain.

 

Income Taxes

(In millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017 vs. 2016

 

 

    

2017

    

2016

    

Change

    

% Change

    

Income taxes

 

$

44.7

 

$

41.7

 

$

3.0

 

7.2

%  

 

Income taxes increased from 2016 to 2017 due to an $8.8 million increase in our pretax income and an increase in our effective tax rate compared to the prior year.

 

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