0001144980-22-000142 | 10-Q | XBRL Viewer | Asbury Automotive Group INC

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Jul. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-31262
Entity Registrant Name	ASBURY AUTOMOTIVE GROUP, INC.
Entity Central Index Key	0001144980
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	01-0609375
Entity Address, Address Line One	2905 Premiere Parkway NW,
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Duluth
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30097
City Area Code	770
Local Phone Number	418-8200
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	ABG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,131,513

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 100.1	$ 178.9
Short-term investments	10.8	11.0
Contracts-in-transit	212.7	212.5
Accounts receivable, net	176.6	229.8
Inventories	783.2	718.4
Assets held for sale	60.6	375.1
Other current assets	257.5	203.7
Total current assets	1,601.5	1,929.4
INVESTMENTS	105.3	123.5
PROPERTY AND EQUIPMENT, net	1,974.0	1,990.0
OPERATING LEASE RIGHT-OF-USE ASSETS	246.1	261.0
GOODWILL	2,230.8	2,271.7
INTANGIBLE FRANCHISE RIGHTS	1,327.3	1,335.7
DEFERRED INCOME TAXES, net of current portion	54.8	69.1
OTHER LONG-TERM ASSETS	99.0	22.2
Total assets	7,638.8	8,002.6
CURRENT LIABILITIES:
Floor plan notes payable—trade, net	27.7	37.3
Floor plan notes payable—non-trade, net	16.7	527.2
Current maturities of long-term debt	69.6	62.5
Current maturities of operating leases	24.4	25.8
Accounts payable and accrued liabilities	812.8	742.9
Deferred revenue—current	201.2	181.5
Liabilities associated with assets held for sale	4.5	20.8
Total current liabilities	1,156.9	1,598.0
LONG-TERM DEBT	3,315.5	3,520.1
OPERATING LEASE LIABILITIES	227.9	242.0
DEFERRED REVENUE	476.0	466.3
OTHER LONG-TERM LIABILITIES	52.1	60.7
COMMITMENTS AND CONTINGENCIES (Note 13)
SHAREHOLDERS' EQUITY:
Preferred stock, $.01 par value; 10,000,000 shares authorized; none issued or outstanding	0.0	0.0
Common stock, $.01 par value; 90,000,000 shares authorized; 44,100,010 and 45,052,293 shares issued, including shares held in treasury, respectively	0.4	0.4
Additional paid-in capital	1,278.8	1,278.6
Retained earnings	2,133.3	1,881.3
Treasury stock, at cost; 21,968,497 and 21,914,251 shares, respectively	(1,053.1)	(1,044.1)
Accumulated other comprehensive gain (loss)	51.0	(0.7)
Total shareholders' equity	2,410.4	2,115.5
Total liabilities and shareholders' equity	$ 7,638.8	$ 8,002.6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	44,100,010	45,052,293
Treasury stock, shares (in shares)	21,968,497	21,914,251

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUE:
New vehicle	$ 1,864.5	$ 1,368.4	$ 3,720.1	$ 2,520.1
Used vehicle	1,362.5	816.2	2,713.4	1,507.1
Parts and service	520.2	292.4	1,022.1	554.4
Finance and insurance, net	203.0	107.0	406.4	195.3
TOTAL REVENUE	3,950.2	2,584.0	7,862.0	4,776.9
COST OF SALES:
New vehicle	1,644.1	1,244.3	3,275.7	2,320.5
Used vehicle	1,258.3	732.7	2,509.9	1,367.8
Parts and service	229.8	109.8	455.2	208.7
Finance and insurance	15.3	0.0	26.5	0.0
TOTAL COST OF SALES	3,147.5	2,086.8	6,267.3	3,897.0
GROSS PROFIT	802.7	497.2	1,594.7	879.9
OPERATING EXPENSES:
Selling, general, and administrative	448.3	269.7	903.8	509.5
Depreciation and amortization	18.1	10.1	36.5	19.9
Other operating expense (income), net	0.8	(1.0)	(1.9)	(4.2)
INCOME FROM OPERATIONS	335.5	218.4	656.3	354.7
OTHER EXPENSES:
Floor plan interest expense	1.5	2.1	4.1	5.0
Other interest expense, net	37.6	14.4	75.2	28.4
(Gain) loss on dealership divestitures, net	28.7	0.0	(4.4)	0.0
Total other expenses, net	67.8	16.5	74.9	33.4
INCOME BEFORE INCOME TAXES	267.7	201.9	581.4	321.3
Income tax expense	66.3	49.8	142.3	76.4
NET INCOME	$ 201.4	$ 152.1	$ 439.1	$ 244.9
Basic—
Net income (in dollars per share)	$ 9.11	$ 7.88	$ 19.60	$ 12.69
Diluted—
Net income (in dollars per share)	$ 9.07	$ 7.80	$ 19.52	$ 12.56
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	22.1	19.3	22.4	19.3
Restricted stock (in shares)	0.0	0.1	0.0	0.1
Performance share units (in shares)	0.1	0.1	0.1	0.1
Diluted (in shares)	22.2	19.5	22.5	19.5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 201.4	$ 152.1	$ 439.1	$ 244.9
Other comprehensive income:
Change in fair value of cash flow swaps	28.6	(6.5)	70.9	(0.3)
Income tax (charge) benefit associated with cash flow swaps	(6.9)	1.6	(17.4)	0.0
Change in accumulated losses on available-for-sale debt securities	0.0	0.0	(2.1)	0.0
Income tax benefit associated with available-for-sale debt securities	0.2	0.0	0.4	0.0
Comprehensive income	$ 223.3	$ 147.2	$ 490.9	$ 244.6

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Dec. 31, 2020		41,133,668			21,848,314
Balance at Dec. 31, 2020	$ 905.5	$ 0.4	$ 595.5	$ 1,348.9	$ (1,033.7)	$ (5.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	92.8			92.8
Change in fair value of cash flow swaps, net of reclassification adjustment	4.6					4.6
Comprehensive income	97.4			92.8		4.6
Share-based compensation	4.7		4.7
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		(115,881)
Issuance of common stock, net of forfeitures, in connection with share-based payment arrangements	0.0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					61,893
Repurchase of common stock associated with net share settlements of employee share-based awards	(9.6)				$ (9.6)
Balance (in shares) at Mar. 31, 2021		41,249,549			21,910,207
Balance at Mar. 31, 2021	998.0	$ 0.4	600.2	1,441.7	$ (1,043.3)	(1.0)
Balance (in shares) at Dec. 31, 2020		41,133,668			21,848,314
Balance at Dec. 31, 2020	905.5	$ 0.4	595.5	1,348.9	$ (1,033.7)	(5.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	244.9
Comprehensive income	244.6
Balance (in shares) at Jun. 30, 2021		41,254,715			21,913,341
Balance at Jun. 30, 2021	1,148.3	$ 0.4	603.9	1,593.8	$ (1,043.9)	(5.9)
Balance (in shares) at Mar. 31, 2021		41,249,549			21,910,207
Balance at Mar. 31, 2021	998.0	$ 0.4	600.2	1,441.7	$ (1,043.3)	(1.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	152.1			152.1
Change in fair value of cash flow swaps, net of reclassification adjustment	(4.9)					(4.9)
Comprehensive income	147.2			152.1		(4.9)
Share-based compensation	3.7		3.7
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		(5,166)
Issuance of common stock, net of forfeitures, in connection with share-based payment arrangements	0.0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					3,134
Repurchase of common stock associated with net share settlements of employee share-based awards	(0.6)				$ (0.6)
Balance (in shares) at Jun. 30, 2021		41,254,715			21,913,341
Balance at Jun. 30, 2021	1,148.3	$ 0.4	603.9	1,593.8	$ (1,043.9)	(5.9)
Balance (in shares) at Dec. 31, 2021		45,052,293			21,914,251
Balance at Dec. 31, 2021	2,115.5	$ 0.4	1,278.6	1,881.3	$ (1,044.1)	(0.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	237.7			237.7
Change in fair value of cash flow swaps, net of reclassification adjustment	31.8					31.8
Loss on changes in fair value of debt securities, net of $0.2 tax benefit	(2.0)					(2.0)
Comprehensive income	267.5			237.7		29.8
Share-based compensation	7.0		7.0
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		(115,435)
Issuance of common stock, net of forfeitures, in connection with share-based payment arrangements	0.0		0.0
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					53,810
Repurchase of common stock associated with net share settlements of employee share-based awards	(8.9)				$ (8.9)
Share repurchases (in shares)					1,069,203
Share repurchases	(198.6)		1.4		$ (200.0)
Retirement of common stock (in shares)		(1,069,203)			(1,069,203)
Retirement of common stock	0.0		(12.9)	(187.1)	$ 200.0
Balance (in shares) at Mar. 31, 2022		44,098,525			21,968,061
Balance at Mar. 31, 2022	2,182.5	$ 0.4	1,274.1	1,931.9	$ (1,053.0)	29.1
Balance (in shares) at Dec. 31, 2021		45,052,293			21,914,251
Balance at Dec. 31, 2021	2,115.5	$ 0.4	1,278.6	1,881.3	$ (1,044.1)	(0.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	439.1
Comprehensive income	$ 490.9
Retirement of common stock (in shares)	(1,069,203)
Balance (in shares) at Jun. 30, 2022		44,100,010			21,968,497
Balance at Jun. 30, 2022	$ 2,410.4	$ 0.4	1,278.8	2,133.3	$ (1,053.1)	51.0
Balance (in shares) at Mar. 31, 2022		44,098,525			21,968,061
Balance at Mar. 31, 2022	2,182.5	$ 0.4	1,274.1	1,931.9	$ (1,053.0)	29.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	201.4			201.4
Change in fair value of cash flow swaps, net of reclassification adjustment	21.7					21.7
Change in fair value of cash flow swaps, net of reclassification adjustment and $6.9 tax charge	0.2					0.2
Comprehensive income	223.3			201.4		21.9
Share-based compensation	4.7		4.7
Issuance of common stock, net of forfeitures in connection with share-based payment arrangements (in shares)		(1,485)
Repurchase of common stock associated with net share settlements of employee share-based awards (in shares)					436
Repurchase of common stock associated with net share settlements of employee share-based awards	(0.1)				$ (0.1)
Balance (in shares) at Jun. 30, 2022		44,100,010			21,968,497
Balance at Jun. 30, 2022	$ 2,410.4	$ 0.4	$ 1,278.8	$ 2,133.3	$ (1,053.1)	$ 51.0

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Change in fair value of cash flow swaps, tax	$ 6.9	$ 10.4	$ 1.6	$ 1.6
Gains (losses) on changes in fair value of debt securities, tax benefit		$ 0.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$ 439.1	$ 244.9
Adjustments to reconcile net income to net cash provided by operating activities—
Depreciation and amortization	36.5	19.9
Share-based compensation	11.7	8.3
Deferred income taxes	(2.7)	0.0
Unrealized losses on investments	12.0	0.0
Amortization of debt securities discount/premium	0.6	0.0
Loaner vehicle amortization	5.8	12.5
Gain on divestitures	4.4	0.0
Change in right-of-use assets	13.8	11.1
Other adjustments, net	0.5	(0.5)
Changes in operating assets and liabilities, net of acquisitions and divestitures—
Contracts-in-transit	(8.9)	15.7
Accounts receivable	45.2	42.3
Inventories	54.2	424.6
Other current assets	(189.7)	(121.7)
Floor plan notes payable—trade, net	(9.6)	(51.0)
Deferred revenue	29.4	0.0
Accounts payable and accrued liabilities	82.5	(3.1)
Operating lease liabilities	(14.5)	(11.2)
Other long-term assets and liabilities, net	(4.9)	(4.5)
Net cash provided by operating activities	496.6	587.3
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures—excluding real estate	(39.5)	(26.7)
Capital expenditures—real estate	0.0	(5.5)
Purchases of previously leased real estate	0.0	(217.1)
Acquisitions	0.0	(1.0)
Divestitures	379.7	0.0
Purchases of debt securities—available-for-sale	(25.9)	0.0
Purchases of equity securities	(8.4)	0.0
Proceeds from the sale of debt securities—available-for-sale	29.4	0.0
Proceeds from the sale of equity securities	8.9	0.0
Proceeds from the sale of assets	0.0	21.5
Net cash provided by (used in) investing activities	344.2	(228.8)
CASH FLOW FROM FINANCING ACTIVITIES:
Floor plan borrowings—non-trade	3,618.4	2,401.0
Floor plan repayments—non-trade	(4,115.4)	(2,808.9)
Floor plan repayments—divestitures	(21.6)	0.0
Proceeds from borrowings	0.0	184.4
Repayments of borrowings	(24.1)	(23.9)
Proceeds from revolving credit facility	330.0	0.0
Repayments of revolving credit facility	(499.0)	0.0
Proceeds from issuance of common stock	1.4	0.0
Payment of debt issuance costs	(0.4)	0.0
Purchases of treasury stock	200.0	0.0
Repurchases of common stock, including amounts associated with net share settlements of employee share-based awards	(8.9)	(10.2)
Net cash used in financing activities	(919.6)	(257.6)
Net (decrease) increase in cash and cash equivalents	(78.8)	100.9
CASH AND CASH EQUIVALENTS, beginning of period	178.9	1.4
CASH AND CASH EQUIVALENTS, end of period	$ 100.1	$ 102.3

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Asbury Automotive Group, Inc., a Delaware corporation organized in 2002, is one of the largest automotive retailers in the United States. Our store operations are conducted by our subsidiaries. As of June 30, 2022, we own and operated 198 new vehicle franchises, representing 31 brands of automobiles at 148 new vehicle dealership locations in 15 states. We also operated 34 collision centers, seven stand-alone used vehicle stores, one used vehicle wholesale business, one auto auction, and Total Care Auto, Powered by Landcar ("TCA"), a finance and insurance ("F&I") product provider. As of June 30, 2022, our new vehicle revenue brand mix consisted of 30% luxury, 40% imports and 30% domestic brands. Our stores offer an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes repair and maintenance services, replacement parts and collision repair services (collectively referred to as "parts and services" or "P&S"); and F&I, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection ("GAP") debt cancellation and prepaid maintenance. The finance and insurance products are provided by independent third parties and TCA. The F&I products offered by TCA are primarily sold through Larry H. Miller Dealerships ("LHM"). As a result of the LHM Acquisition, the Company now reflects its operations in two reportable segments: Dealerships and TCA. On December 17, 2021, the Company completed the acquisition of LHM, which included 54 new vehicle dealerships, seven used vehicle stores, 11 collision centers, a used vehicle wholesale business, the real property related thereto, and the entities comprising the F&I product provider, TCA, for a total purchase price of $3.48 billion (the "LHM Acquisition"). The purchase price was financed through a combination of cash, debt, including senior notes, real estate facilities, new and used vehicle floor plan facilities and the proceeds from the issuance of common stock. Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and reflect the consolidated accounts of Asbury Automotive Group, Inc. (the "Company") and our wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. If necessary, reclassifications of amounts previously reported have been made to the accompanying Condensed Consolidated Financial Statements in order to conform to current presentation. In the opinion of management, all adjustments, consisting only of normal, recurring adjustments, considered necessary for a fair statement of the Condensed Consolidated Financial Statements as of June 30, 2022, and for the three and six months ended June 30, 2022 and 2021, have been included, unless otherwise indicated. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for any other interim period, or any full year period. Our Condensed Consolidated Financial Statements should be read together with our audited Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the periods presented. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed quarterly and the effects of any revisions are reflected in the Consolidated Financial Statements in the period they are determined to be necessary. Significant estimates made in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, those relating to inventory valuation reserves, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, reserves for self-insurance programs, certain assumptions related to intangible and long-lived assets, and reserves for certain legal or similar proceedings relating to our business operations. Cash and Cash Equivalents Cash and cash equivalents include investments in money market accounts and short-term certificates of deposit which have maturity dates of less than 90 days when purchased. Restricted Cash and Securities TCA places securities on statutory deposit with certain state agencies to retain the right to do business in those states. Securities held on deposit with various state regulatory authorities had a fair value of $2.7 million as of June 30, 2022. Short-Term Investments Short-term investments consist of debt securities that are callable or have a maturity date within the next 12 months and are classified as current assets. Debt securities classified as short-term investments are designated as available-for-sale as management intends to hold these securities for indefinite periods of time or may sell the securities in response to changes in interest rates, prepayments, or other similar factors. Available-for-sale debt securities are reported at fair market value with any unrealized gain or loss, net of applicable income tax, reported in other comprehensive income, as a separate component of shareholders’ equity. Premiums and discounts on debt securities classified as short-term investments are amortized or accreted using the effective interest method over the period from the purchase date to the expected maturity or call date of the related security and are reported in net income. Investments Investments consist of available-for-sale debt securities, equity securities, and other investments. These securities are classified as non-current investments as they are not intended to fund current operations or have stated call dates or maturity dates beyond the next 12 months. Equity securities may consist of both preferred stock and common stock. Other investments consist of hedge funds and partnerships. Debt securities classified as non-current investments are designated as available-for-sale as management intends to hold these securities for indefinite periods of time or may sell the securities in response to changes in interest rates, prepayments, or other similar factors. Available-for-sale debt securities included in non-current investments are reported at fair market value with any unrealized gain or loss, net of applicable income tax, reported in other comprehensive income, as a separate component of shareholders’ equity. Premiums and discounts on debt securities included in non-current investments are amortized or accreted, as applicable, using the effective interest method over the period from the purchase date to the expected maturity or call date of the related security and are reported in net income. Equity securities included in non-current investments are reported at fair market value with the change in value recognized in net income. Other investments are measured at net asset value as a practical expedient with the net change in net asset value recognized in net income. We review the debt securities portfolio at the security level on a quarterly basis for potential credit losses, which takes into consideration numerous factors. Some factors evaluated include changes in credit ratings, financial conditions of the issuer, recent payment activity, and other industry specific economic conditions. If a security is considered to have a potential credit loss, we compare the present value of expected cash flows to the amortized cost basis of the security to estimate the allowance for credit losses. The amount of the allowance is limited to the gross unrealized loss on an individual security. An unrealized loss on a debt security is generally considered to not be related to credit when the fair value of the security is below the carrying value of the security primarily due to changes in risk-free interest rates and when there has not been a significant deterioration in the financial condition of the issuer. If the Company no longer has the intent or ability to hold a security in an unrealized loss position until recovery of the security’s cost basis, a loss is realized immediately in net income. Contracts-In-Transit Contracts-in-transit represent receivables from third-party finance companies for the portion of new and used vehicle purchase price financed by customers through sources arranged by us. Accounts Receivable The allowance for credit losses is estimated using an annual loss rate approach, by type of receivable, utilizing historical loss rates which have been adjusted for expectations of future economic conditions. Acquisitions Acquisitions are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their fair value at the acquisition date. The results of operations of acquired dealerships and other businesses are included in the accompanying Consolidated Statements of Income, commencing on the date of acquisition. Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers (Topic 606). Under that guidance, the transaction price is attributed to the underlying performance obligations in the contract and revenue is deferred and recognized as income as the Company satisfies the performance obligations in the contract. Incremental costs of obtaining a contract are capitalized and amortized to the extent that the Company expects to recover those costs. The Company satisfies performance obligations either over time or at a point in time as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or performing a service to a customer. Sales and other taxes we collect, concurrent with revenue-producing activities, are excluded from revenue. New vehicle and used vehicle retail Revenue from the sale of new and used vehicles is recognized when the terms of the customer contract are satisfied which generally occurs with the signing of the sales contract and transfer of control of the vehicle to the customer. Payment is generally received at the time of sale or from a third-party financial institution within a short period of time following the sale of the vehicle. Amounts due from third-party financial institutions are reflected in Contracts-in-transit or vehicle receivables within Accounts receivable, net on our Condensed Consolidated Balance Sheets. Costs associated with incidental items that are immaterial in the context of the contract are accrued at the time of sale. Used vehicle wholesale Proceeds from the sale of these vehicles are recognized in used vehicle revenue upon transfer of control to end-users at auction. Sale of vehicle parts and accessories The Company recognizes revenue upon transfer of control to the customer which occurs at a point in time. Payment is typically received when control of the parts and accessories transfers to the customer or within 30 days of such time. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. Vehicle repair and maintenance services The Company provides vehicle repair and maintenance services to its customers pursuant to the terms and conditions included within the customer contract ("repair order"). Payment for services are typically received upon completion of the services or within 30 days following the completion of the services. Certain of these services are provided by the Dealerships segment to TCA customers in connection with claims related to TCA's vehicle protection products. Revenues recorded by the Dealerships segment and the associated claims expenses recorded by the TCA segment are eliminated upon consolidation. Satisfaction of this performance obligation creates an asset with no alternative use for which an enforceable right to payment for performance to date exists within our contractual agreements. As such, the Company recognizes revenue over time as the Company satisfies its performance obligation. Additionally, the Company has determined that parts and labor are not individually distinct in the context of a repair order and therefore treated as a single performance obligation. Finance and insurance, net Within the Dealerships segment, we receive commissions from third-party lending and insurance institutions for arranging customer financing and from the sale of vehicle service contracts, guaranteed asset protection debt cancellation, and other products, to end-users. In addition, we record commissions received from our TCA segment related to the sale of TCA's various vehicle protection F&I products. Finance and insurance commission revenue is recognized at the point of sale since our performance obligation is to arrange financing or facilitate the sale of a third-party's products or services to our customers. The dealerships' commission arrangements with TCA, third-party lenders and insurance administrators consists of fixed ("upfront") and variable consideration. Variable consideration includes commission chargebacks ("chargebacks") in the event a contract is prepaid, defaulted upon, or terminated by the end-user. The Company reserves for future chargebacks based on historical chargeback experience and the termination provisions of the applicable contract, and these reserves are established in the same period that the related revenue is recognized. Commissions revenue and related reserves for future chargebacks in connection with the sale of TCA F&I products by our dealerships, are eliminated in consolidation. We also participate in future profits pursuant to retrospective commission arrangements, which meet the definition of variable consideration, for certain insurance products associated with a third-party portfolio. The Company estimates the amount of variable consideration to be included in the transaction price based on historical payment trends and further constrains the variable consideration such that it is probable a significant reversal of previously recognized revenue will not occur. In making these assessments the Company considers the likelihood and magnitude of a potential reversal of revenue and updates its assessment when uncertainties associated with the constraint are removed. Within our TCA segment, all revenue, other than investment and interest income, is the result of contracts with customers. Each contract is considered to have a single performance obligation which extends over the life of the contract. Revenue is recognized ratably over the contract term based on earnings factors that align with the performance obligation. Expenses are matched with earned premiums resulting in recognition of profits over the life of the contracts. These expenses include the incremental costs incurred, primarily in the form of commissions, to obtain the contracts with customers. These commissions are primarily paid to affiliated dealerships and are therefore eliminated upon consolidation. Unearned premium reserves are established to cover the unexpired portion of premiums written. Deferred Revenue We earn and recognize premium revenue related to the TCA segment over the period of the related service contract. Accordingly, we record deferred revenue as we ratably recognize revenue over the service contract period. Internal Profit Revenues and expenses associated with internal work performed by our parts and service departments on new and used vehicle inventory are eliminated in consolidation. The gross profit earned by our parts and service departments for internal work performed is included as a reduction of Parts and Service Cost of Sales in the accompanying Condensed Consolidated Statements of Income upon the sale of the vehicle. The costs incurred by our new and used vehicle departments for work performed by our parts and service departments is included in either New Vehicle Cost of Sales or Used Vehicle Cost of Sales in the accompanying Condensed Consolidated Statements of Income, depending on the classification of the vehicle serviced. We eliminate the internal profit on vehicles that remain in inventory. Intersegment Elimination TCA's vehicle protection products are sold primarily through affiliated dealerships and the revenue from the related commissions are included in F&I revenue in the Dealership segment before consolidation. The corresponding claims expense incurred and the amortization of deferred acquisition costs is recorded as a cost of sales in the TCA segment. The Dealership segment also provides vehicle repair and maintenance services to TCA customers in connection with claims related to TCA's vehicle protection products. Revenues recorded by the Dealership segment and the associated claims expenses recorded by the TCA segment are eliminated upon consolidation. Intersegment revenues and profits from contracts and services are eliminated in consolidation. See Note 12 "Segment Information" for further details. Income Taxes We use the liability method to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using currently enacted tax rates. Share Repurchases Share repurchases may be made from time-to-time in open market transactions or through privately negotiated transactions under the authorization approved by the Board of Directors. Periodically, the Company may retire repurchased shares of common stock previously held by the Company as treasury stock. In accordance with our accounting policy, we allocate any excess share repurchase price over par value between additional paid-in capital, which is limited to amounts initially recorded for the same issue, and retained earnings. There were no shares repurchased during the three months ended June 30, 2022. During the six months ended June 30, 2022, the Company repurchased and retired 1,069,203 shares of our common stock under our share repurchase program. Earnings per Share Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. The Company excluded 473 and 113 restricted share units and 18,339 and 12 performance share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan from its computation of diluted earnings per share for the three months ended June 30, 2022 and 2021, respectively. During the six months ended June 30, 2022 and 2021, the Company excluded 1,669 and 904 restricted share units and 89 and 324 performance share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan from its computation of diluted earnings per share, respectively, because they were anti-dilutive. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share. Assets Held for Sale and Liabilities Associated with Assets Held for Sale Certain amounts have been classified as Assets Held for Sale as of June 30, 2022 and December 31, 2021 in the accompanying Condensed Consolidated Balance Sheets. Assets and liabilities classified as held for sale include assets and liabilities associated with pending dealership disposals, real estate we are actively marketing to sell, and any related mortgage notes payable or other liabilities, if applicable. Classification as held for sale begins on the date that we have met all of the criteria for classification as held for sale. At the time of classifying assets as held for sale, we compare the carrying value of these assets to estimates of fair value to assess for impairment. We compare the carrying value to estimates of fair value utilizing the assistance of third-party broker opinions of value and third-party desktop appraisals to assist in our fair value estimates related to real estate properties. Statements of Cash Flows Borrowings and repayments of floor plan notes payable through our senior secured credit agreement with Bank of America, as administrative agent, and the other agents and lenders party thereto (as amended, the "2019 Senior Credit Facility") and all floor plan notes payable relating to used vehicles (together referred to as "Floor Plan Notes Payable—Non-Trade"), are classified as financing activities in the accompanying Condensed Consolidated Statements of Cash Flows, with borrowings reflected separately from repayments. The net change in floor plan notes payable to a lender affiliated with the manufacturer from which we purchase a particular new vehicle (collectively referred to as "Floor Plan Notes Payable—Trade") is classified as an operating activity in the accompanying Condensed Consolidated Statements of Cash Flows. Borrowings of floor plan notes payable associated with inventory acquired in connection with all acquisitions and repayments made in connection with all divestitures are classified as a financing activity in the accompanying Condensed Consolidated Statements of Cash Flows. Cash flows related to floor plan notes payable included in operating activities differ from cash flows related to floor plan notes payable included in financing activities only to the extent that the former are payable to a lender affiliated with the manufacturer from which we purchased the related inventory, while the latter are payable to our 2019 Senior Credit Facility that includes lenders affiliated with the manufacturers and lenders not affiliated with the manufacturer from which we purchased the related inventory. The majority of our floor plan notes are payable to our 2019 Senior Credit Facility, with the exception of floor plan notes payable relating to the financing of new Ford and Lincoln vehicles. Loaner vehicles account for a significant portion of Other current assets. We acquire loaner vehicles either with available cash or through borrowing from either our manufacturer affiliated lenders or through our 2019 Senior Credit Facility. Loaner vehicles are initially used by our service department for a short period of time (typically 6 to 12 months) before we seek to sell them. Therefore, we classify the acquisition of loaner vehicles in Other current assets and the borrowings and repayments of loaner vehicle notes payable in Accounts payable and accrued liabilities in the accompanying Condensed Consolidated Statements of Cash Flows. Loaner vehicles are depreciated over the service period to their estimated value. At the end of the loaner service period, loaner vehicles are transferred from Other current assets to used vehicle inventory. These transfers are reflected as non-cash transfers between Other current assets and Inventory in the accompanying Condensed Consolidated Statements of Cash Flows. Segment Reporting As of June 30, 2022, the Company had two reportable segments: (1) Dealerships and (2) TCA. Prior to the acquisition of TCA as part of the LHM Acquisition, we had one reportable segment as the geographic dealership groups are aggregated into one reportable segment. See Note 12 "Segment Information" for further details. Recent Accounting Pronouncements Effective October 1, 2021, the Company adopted Financial Accounting Standard Board ("FASB") Accounting Standards Update 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquiring entity to apply ASC Topic 606 to recognize and measure contract assets acquired and contract liabilities assumed in a business combination. The Company applied ASC Topic 606 in recording contract assets acquired and contract liabilities assumed in business combinations that occurred in the quarter ended December 31, 2021. We assumed contract liabilities or deferred revenue of $644.3 million in connection with the LHM Acquisition which closed in December 2021. In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). In January 2021, the FASB issued Accounting Standards Update No. 2021-01, Reference Rate Reform (Topic 848): Scope, which clarified the scope and application of the original guidance. The guidance in these standards apply to contract accounting, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, and provides optional expedients and exceptions for a limited time to ease the potential burden in accounting for reference rate reform. The amendments apply only to contracts and hedging relationships that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. ASU 2020-04 is effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. LIBOR benchmarking is utilized in our debt (including mortgages), revolving credit facilities, floorplan facilities, and interest rate swaps. During the quarter ended June 30, 2022, we amended our LIBOR-based debt arrangements and related hedging financial instruments to revise their interest basis from LIBOR to a Secured Overnight Financing Rate ("SOFR"). See Note 9 "Debt" for further details. The impact of these proposed amendments to our debt arrangements and related interest rate swap derivative agreements, along with the adoption of the provisions from this standard, did not have a material impact on our Condensed Consolidated Financial Statements.

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Disaggregation of Revenue

Revenue from contracts with customers for the three and six months ended June 30, 2022 and 2021 consists of the following:


	For the Three Months Ended June 30,
	2022		2021
	(In millions)
Revenue:
New vehicle	$	1,864.5	$	1,368.4
Used vehicle retail	1,272.8		759.4
Used vehicle wholesale	89.7		56.8
New and used vehicle	3,227.0		2,184.6
Sale of vehicle parts and accessories	125.4		49.0
Vehicle repair and maintenance services	394.8		243.4
Parts and services	520.2		292.4
Finance and insurance, net	203.0		107.0
Total revenue	$	3,950.2	$	2,584.0


	For the Six Months Ended June 30,
	2022		2021
	(In millions)
Revenue:
New vehicle	$	3,720.1	$	2,520.1
Used vehicle retail	2,489.7		1,366.9
Used vehicle wholesale	223.7		140.2
New and used vehicle	6,433.5		4,027.2
Sale of vehicle parts and accessories	255.6		91.8
Vehicle repair and maintenance services	766.5		462.6
Parts and service	1,022.1		554.4
Finance and insurance, net	406.4		195.3
Total revenue	$	7,862.0	$	4,776.9

Contract Assets

Changes in contract assets during the period are reflected in the table below. Contract assets related to vehicle repair and maintenance services are transferred to receivables when a repair order is completed and invoiced to the customer. Certain

incremental sales commissions payable to obtain an F&I revenue contract with a customer have been capitalized and are amortized using the same pattern of recognition applicable to the associated F&I revenue contract.


	Vehicle Repair and Maintenance Services		Finance and Insurance, net		Deferred Sales Commissions		Total
	(In millions)
Balance as of January 1, 2022	$	12.3	$	13.5	$	1.4	$	27.2
Transferred to receivables from contract assets recognized at the beginning of the period	(12.3)		(5.4)		—		(17.7)
Amortization of costs to obtain a contract with a customer	—		—		(0.5)		(0.5)
Costs incurred to obtain a contract with a customer	—		—		10.0		10.0
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	12.8		5.9		—		18.7
Balance as of March 31, 2022	12.8		14.0		10.9		37.7
Transferred to receivables from contract assets recognized at the beginning of the period	(12.8)		(4.3)		—		(17.1)
Amortization of costs to obtain a contract with a customer	—		—		(0.9)		(0.9)
Costs incurred to obtain a contract with a customer	—		—		10.1		10.1
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	13.4		5.0		—		18.4
Balance as of June 30, 2022	$	13.4	$	14.7	$	20.1	$	48.2

Deferred Revenue

The Company acquired $644.3 million in Deferred revenue as part of the LHM Acquisition in December 2021. The Condensed Consolidated Balance Sheets reflect $677.2 million and $647.8 million as of June 30, 2022 and December 31, 2021, respectively. Approximately $108.0 million of Deferred revenue at December 31, 2021 was recorded in Finance and insurance, net revenue in the Condensed Consolidated Statements of Income during the six months ended June 30, 2022.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

ACQUISITIONS AND DIVESTITURES

6 Months Ended

Jun. 30, 2022

Business Combinations and Discontinued Operations and Disposal Groups [Abstract]

ACQUISITIONS AND DIVESTITURES

Results of acquired businesses, which are primarily dealerships, are included in our accompanying Condensed Consolidated Statements of Income commencing on the date of acquisition. Our acquisitions are accounted for such that the assets acquired and liabilities assumed are recognized at their acquisition date fair values, with any excess of the consideration transferred over the estimated fair values of the identifiable net assets acquired recorded as goodwill. Goodwill is an asset representing operational synergies and future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Upon the completion of purchase accounting, the fair value of our manufacturer franchise rights are determined as of the acquisition date, by discounting the projected cash flows specific to each franchise. Included in this analysis are market participant assumptions related to the cash flows directly attributable to the franchise rights, including year-over-year and terminal growth rates, working capital requirements, weighted average cost of capital, future gross margins, and future selling, general, and administrative expenses.

LHM Acquisition

On December 17, 2021, we completed the acquisition of the equity interests of, and the real property related to the businesses of the Larry H. Miller Dealerships and the Total Care Auto, Powered by Landcar business. The acquisition diversifies Asbury's geographic mix, with entry into six Western states; Arizona, Utah, New Mexico, Idaho, California and Washington, and adds to the Company’s growing Colorado presence.

As a result of the LHM Acquisition, we acquired 54 new vehicle dealerships, seven used vehicle stores, 11 collision centers, a used vehicle wholesale business, the real property related thereto, and the entities comprising the TCA Business for a total purchase price of approximately $3.48 billion. The preliminary purchase price was paid in cash.

The sources of the preliminary purchase consideration are as follows:


	(In millions)
Cash, net of cash acquired	$	195.0
Common stock offering	666.9
Senior notes	1,578.5
Real estate facility	513.0
New vehicle floor plan facility	183.5
Used vehicle floor plan facility	51.0
Payable to sellers	6.0
Preliminary purchase price, net of cash acquired	$	3,193.9

Under the acquisition method of accounting, the tangible and intangible assets acquired and liabilities assumed are recorded at their estimated fair value based on information currently available. The following table summarizes the amounts recorded based on preliminary estimates of fair value:


	(In millions)
Summary of Assets Acquired and Liabilities Assumed
Assets
Cash and cash equivalents	$	287.4
Investments	133.5
Contracts-in-transit, net	99.5
Accounts receivable, net	110.0
Inventories, net	282.1
Other current assets	25.4
Total current assets	937.9
Property and equipment, net	792.6
Goodwill	1,642.2
Intangible franchise rights	870.0
Operating lease right-of-use assets	34.1
Deferred income taxes	136.5
Other long-term assets	5.6
Total assets acquired	4,418.9

Liabilities
Accounts payable and accrued liabilities	234.0
Operating lease liabilities	34.1
Deferred revenue	644.3
Other long-term liabilities	25.2
Total liabilities assumed	937.6
Net assets acquired	$	3,481.3

The preliminary acquisition accounting is based upon the Company’s estimates of fair value. The estimated fair values of the assets acquired and liabilities assumed and the related preliminary acquisition accounting are based on management’s estimates and assumptions, as well as other information compiled by management, including the books and records of Larry H. Miller. Our estimates and assumptions are subject to change during the measurement period, not to exceed one year from the acquisition date. The areas of acquisition accounting that are not yet finalized primarily relate to the following significant items: (i) finalizing the review and valuation of land, land improvements, buildings and non-real property and equipment (including the models, key assumptions, estimates and inputs used) and assignment of remaining useful lives associated with the

depreciable assets, (ii) finalizing the review and valuation of manufacturer franchise rights (including key assumptions, inputs and estimates), (iii) finalizing the review of the actuarial inputs to the value of business added intangible asset for TCA, (iv) finalizing the valuation of certain in-place contracts or contractual relationships (including but not limited to leases), including determining the appropriate amortization period, (v) finalizing our review of certain assets acquired and liabilities assumed, (vi) finalizing the evaluation and valuation of certain legal matters and/or other loss contingencies, including those that we may not yet be aware of but meet the requirement to qualify as a pre-acquisition contingency, and (vii) finalizing our estimate of the impact of acquisition accounting on deferred income taxes or liabilities. As the initial acquisition accounting is based on our preliminary assessments, actual values may differ (possibly materially) from our current estimates when final information becomes available. Additionally, the total consideration transferred is subject to certain post-close adjustments. We believe that the information gathered to date provides a reasonable basis for estimating the preliminary fair values of assets acquired and liabilities assumed. We will continue to evaluate these items until they are satisfactorily resolved and adjust our acquisition accounting accordingly, within the allowable measurement period.

The Company's Condensed Consolidated Statements of Income included revenue attributable to LHM Acquisition for the six months ended June 30, 2022 of $2.82 billion.

Other Acquisitions and Divestitures

There were no acquisitions during the six months ended June 30, 2022 and 2021.

During the six months ended June 30, 2022, we sold one franchise (one dealership location) in St. Louis, Missouri, three franchises (three dealership locations) and one collision center in Denver, Colorado, two franchises (two dealership locations) in Spokane, Washington and one franchise (one dealership location) in Albuquerque, New Mexico. The Company recorded a pre-tax gain totaling $4.4 million during the six months ended June 30, 2022, which is presented in our accompanying Condensed Consolidated Statements of Income as (Gain) loss on dealership divestitures, net. The gain or loss on dealership divestitures related to the six dealerships divested in the Denver, Colorado, Spokane, Washington and Albuquerque, New Mexico markets is preliminary, pending final purchase accounting entries in connection with the Larry H. Miller acquisition. None of the divested businesses would be considered significant subsidiaries as defined in Rule 1-02(w) of Regulation S-X.

We did not divest any dealerships during the six months ended June 30, 2021; however, we did release $1.0 million of purchase price holdbacks related to a prior year acquisition.

ACCOUNTS RECEIVABLE

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
Vehicle receivables	$	47.3	$	73.1
Manufacturer receivables	38.4		44.0
Other receivables	92.9		114.3
Total accounts receivable	178.6		231.4
Less—Allowance for credit losses	(2.0)		(1.6)
Accounts receivable, net	$	176.6	$	229.8

INVENTORIES

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
New vehicles	$	237.5	$	206.5
Used vehicles	424.8		402.0
Parts and accessories	120.9		109.9
Total inventories, net (a)	$	783.2	$	718.4

____________________________

(a) Amounts reflected for inventory as of June 30, 2022 and December 31, 2021, excluded $5.6 million and $24.1 million classified as Assets held for sale, respectively.

The lower of cost and net realizable value reserves reduced total inventories by $8.2 million and $7.7 million as of June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022 and December 31, 2021, certain automobile manufacturer incentives reduced new vehicle inventory cost by $1.2 million and $1.2 million, respectively, and reduced new vehicle cost of sales for the six months ended June 30, 2022 and 2021 by $48.8 million and $31.3 million, respectively.

ASSETS AND LIABILITIES HELD FOR SALE

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

ASSETS HELD FOR SALE

ASSETS AND LIABILITIES HELD FOR SALE

Assets and liabilities classified as held for sale include (i) assets and liabilities associated with pending dealership disposals, (ii) real estate not currently used in our operations that we are actively marketing to sell and (iii) the related mortgage notes payable, if applicable.

A summary of assets held for sale and liabilities associated with assets held for sale is as follows:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
Assets:


Inventory	$	5.6	$	24.1
Loaner vehicles	1.0		4.6

Property and equipment, net	38.8		110.8
Operating lease right-of-use assets	0.2		7.1
Goodwill	8.2		118.5
Intangible franchise rights	6.8		110.0
Total assets held for sale	60.6		375.1
Liabilities:

Floor plan notes payable—non-trade	1.1		9.1
Loaner vehicles payable	0.4		4.6

Current maturities of long-term debt	0.2		—
Current maturities of operating leases	—		2.7
Long-term debt	2.6		—
Operating lease liabilities	0.2		4.4
Total liabilities associated with assets held for sale	4.5		20.8
Net assets held for sale	$	56.1	$	354.3

As of June 30, 2022, assets held for sale consisted of two franchises (two dealership locations) in addition to one real estate property not currently used in our operations. Assets and liabilities associated with these dealerships and properties totaled $60.6 million and $4.5 million respectively.

As of December 31, 2021, assets held for sale consisted of eight franchises (eight dealership locations) in addition to one real estate property not currently used in our operations. Assets and liabilities associated with these dealerships and property totaled $375.1 million and $20.8 million, respectively.

During the six months ended June 30, 2022, the Company sold seven franchises (seven dealership locations) and one collision center for a pre-tax gain totaling $4.4 million.

During the six months ended June 30, 2021, the Company sold two vacant properties with a net book value of $12.5 million.

INVESTMENTS

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

The acquisition of TCA included an investment portfolio funded primarily by product premiums. The amortized cost, gross unrealized gains and losses and estimated fair values of debt securities available-for-sale, equity securities, and other investments measured at net asset value are as follows:


	As of June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In millions)
Short-term investments	$	10.8	$	—	$	—	$	10.8
U.S. Treasury	6.3		—		(0.2)		6.1
Municipal	29.8		—		(0.8)		29.0
Corporate	11.9		—		(0.7)		11.2
Mortgage and other asset-backed securities	4.9		—		(0.2)		4.7
Total debt securities	63.7		—		(1.9)		61.8
Common stock	52.9		—		—		52.9

Other investments measured at net asset value	1.4		—		—		1.4
Total investments	$	118.0	$	—	$	(1.9)	$	116.1


	As of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In millions)
Short-term investments	$	11.0	$	—	$	—	$	11.0
U.S. Treasury	7.5		—		(0.1)		7.4
Municipal	27.9		0.4		(0.1)		28.2
Corporate	9.5		0.1		(0.1)		9.5
Mortgage and other asset-backed securities	8.8		0.1		(0.1)		8.8
Total debt securities	64.7		0.6		(0.4)		64.9
Common stock	65.2		—		—		65.2

Other investments measured at net asset value	4.4		—		—		4.4
Total investments	$	134.3	$	0.6	$	(0.4)	$	134.5

As of June 30, 2022 and December 31, 2021, the Company had $0.7 million and $0.6 million of accrued interest receivable, which is included in Other current assets on the Condensed Consolidated Balance Sheets. The Company does not consider accrued interest receivable in the carrying amount of financial assets held at amortized cost basis or in the allowance for credit losses calculation. As of June 30, 2022 and December 31, 2021, the Company did not have any allowance for credit losses.

A summary of amortized costs and fair value of investments by time to maturity, is as follows:


	As of June 30, 2022
	Amortized Cost		Fair Value
	(In millions)
Due in 1 year or less	$	10.8	$	10.8
Due in 1-5 years	46.3		44.6
Due in 5-10 years	1.7		1.7
Due after 10 years	—		—
Total by maturity	58.8		57.1
Mortgage and other asset-backed securities	4.9		4.7
Common stock	52.9		52.9
Preferred stock	—		—
Other investments measured at net asset value	1.4		1.4
Total investment securities	$	118.0	$	116.1

There were no gross gains and $0.5 million gross losses realized related to the sale of available-for-sale debt securities carried at fair value for the three months ended June 30, 2022. Gross gains and gross losses realized related to the sale of equity securities carried at fair value for the three months ended June 30, 2022 were $1.4 million and $1.0 million respectively.

The following tables summarize the amount of unrealized losses, defined as the amount by which the amortized cost exceeds fair value, and the related fair value of investments with unrealized losses as of June 30, 2022 and December 31, 2021. The investments were segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months. The reference point for determining how long an investment was in an unrealized loss position was June 30, 2022. All investments were acquired in the LHM Acquisition on or after December 17, 2021, thus there are no unrealized losses greater than 12 months at June 30, 2022 or at December 31, 2021.


	As of June 30, 2022
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In millions)

U.S Treasury	$	6.0	$	(0.2)	$	—	$	—	$	6.0	$	(0.2)
Municipal	20.7		(0.8)		—		—		20.7		(0.8)
Corporate	11.1		(0.7)		—		—		11.1		(0.7)
Mortgage and other asset-backed securities	4.7		(0.2)		—		—		4.7		(0.2)
Total debt securities	$	42.5	$	(1.9)	$	—	$	—	$	42.5	$	(1.9)


	As of December 31, 2021
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In millions)

U.S Treasury	7.1		(0.1)		—		—		7.1		(0.1)
Municipal	10.0		(0.1)		—		—		10.0		(0.1)
Corporate	6.4		(0.1)		—		—		6.4		(0.1)
Mortgage and other asset-backed securities	5.8		(0.1)		—		—		5.8		(0.1)
Total debt securities	$	29.3	$	(0.4)	$	—	$	—	$	29.3	$	(0.4)

On January 1, 2020, the Company adopted the amendments within ASU 2016-13, which replaced the legacy GAAP other-than-temporary impairment (“OTTI”) model with a credit loss model. The credit loss model under ASC 326-30, applicable to the available-for-sale debt securities, requires the recognition of credit losses through an allowance account, but retains the concept from the OTTI model that credit losses are recognized once securities become impaired. The Company reviews the investment securities portfolio at the security level on a quarterly basis for potential credit losses, which takes into consideration numerous factors as described in Note 1. The decline in fair value identified in the tables above are a result of widening market spreads and not a result of credit quality. Additionally, the Company has determined it has both the intent and ability to hold these investments until the market price recovers or until maturity and does not believe it will be required to sell the securities before maturity. Accordingly, no credit losses were recognized on these securities during the three and six months ended June 30, 2022.

FLOOR PLAN NOTES PAYABLE

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

FLOOR PLAN NOTES PAYABLE

Floor plan notes payable consisted of the following:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
Floor plan notes payable—trade	$	31.7	$	39.3
Floor plan notes payable offset account	(4.0)		(2.0)
Floor plan notes payable—trade, net	$	27.7	$	37.3

Floor plan notes payable—new non-trade (a)	$	317.0	$	314.7
Floor plan notes payable—used non-trade	—		294.0
Floor plan notes payable offset account	(300.3)		(81.5)
Floor plan notes payable—non-trade, net	$	16.7	$	527.2

____________________________

(a) Amounts reflected for Floor plan notes payable—new non-trade as of June 30, 2022 and December 31, 2021, excluded $1.1 million and $9.1 million classified as Liabilities associated with assets held for sale, respectively.

We have a floor plan facility with Ford Motor Credit Company ("Ford Credit") to purchase new Ford and Lincoln vehicle inventory. We have established a floor plan notes payable offset account with Ford Credit that allows us to transfer cash to the account as an offset to our outstanding Floor Plan Notes Payable—Trade. Our floor plan facility with Ford Credit was amended in July 2020 and can be terminated by either the Company or Ford Credit with a 30-day notice period.

In addition, we have a similar floor plan offset account with Bank of America that allows us to offset our Floor Plan Notes Payable—Non-Trade. These accounts allow us to transfer cash to reduce the amount of outstanding floor plan notes payable that would otherwise accrue interest, while retaining the ability to transfer amounts from the offset account into our operating cash accounts within the same day. As of June 30, 2022 and December 31, 2021, we had $304.3 million and $83.5 million, respectively, in these floor plan offset accounts.

We have the ability to convert a portion of our availability under the Revolving Credit Facility to the New Vehicle Floor Plan Facility or the Used Vehicle Floor Plan Facility. The maximum amount we are allowed to convert is determined based on our aggregate revolving commitment under the Revolving Credit Facility, less $50.0 million. In addition, we are able to convert any amounts moved to the New Vehicle Floor Plan Facility or Used Vehicle Floor Plan Facility back to the Revolving Credit Facility.

On May 25, 2022, we and certain of our subsidiaries, as applicable, entered into an amendment to our 2019 Syndicated Revolving Credit Facility to revise the benchmark reference rate of LIBOR to SOFR applicable to interest payable under the New Vehicle Floor Plan Facility and the Used Vehicle Floor Plan Facility. See Note 9 "Debt" for further details of the revisions to the applicable facility.

On May 27, 2022, $389.0 million of our availability under the Revolving Credit Facility was re-designated to the New Vehicle Floor Plan Facility to take advantage of lower commitment fee rates.

DEBT

Long-term debt consisted of the following:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
4.50% Senior Notes due 2028	$	405.0	$	405.0
4.625% Senior Notes due 2029	800.0		800.0
4.75% Senior Notes due 2030	445.0		445.0
5.00% Senior Notes due 2032	600.0		600.0
Mortgage notes payable bearing interest at fixed rates (a)	66.2		71.7
2021 Real Estate Facility	677.9		689.7
2021 BofA Real Estate Facility	177.0		180.7
2018 Bank of America Facility	76.1		78.8
2018 Wells Fargo Master Loan Facility	79.4		81.9
2013 BofA Real Estate Facility	29.8		31.1
2015 Wells Fargo Master Loan Facility	50.7		53.2
2019 Syndicated Revolving Credit Facility	—		169.0
Finance lease liability	8.4		8.4
Total debt outstanding	3,415.5		3,614.5
Add—unamortized premium on 4.50% Senior Notes due 2028	0.9		1.0
Add—unamortized premium on 4.75% Senior Notes due 2030	1.7		1.8
Less—debt issuance costs	(33.0)		(34.7)
Long-term debt, including current portion	3,385.1		3,582.6
Less—current portion, net of current portion of debt issuance costs	(69.6)		(62.5)
Long-term debt	$	3,315.5	$	3,520.1

____________________________

(a) Amounts reflected for the Mortgage notes payable as of June 30, 2022, exclude $2.8 million classified as

Liabilities associated with assets held for sale.

During the quarter ended June 30, 2022, we and certain of our subsidiaries, as applicable entered into amendments to our 2019 Syndicated Revolving Credit Facility and certain real estate loan agreements to replace the benchmark reference rate of LIBOR to SOFR as published by the Federal Reserve Bank of New York. All LIBOR-based debt arrangements have now been amended to replace LIBOR benchmark rates with SOFR benchmark rates, effective June 1, 2022. Details of these changes are outlined below.

2019 Senior Credit Facility

On May 25, 2022, the Company and certain of its subsidiaries entered into the fourth amendment to the 2019 third amended and restated credit agreement with Bank of America, as administrative agent, and the other lenders party thereto (the "2019 Senior Credit Facility"). The fourth amendment revised the benchmark reference rate from one-month LIBOR to SOFR. Borrowings under the 2019 Senior Credit Facility bear interest, at our option, based on Daily Simple SOFR, as defined withing the agreement, or the Base Rate, in each case, plus an Applicable Rate. The Base Rate is the highest of (i) the Federal Funds Rate plus 0.50%, (ii) the Bank of America prime rate, (iii) SOFR plus 0.10%, plus 1.00%, and (iv) 1.00%. Applicable Rate means with respect to the revolving credit facility under the 2019 Senior Credit Facility, a range from 1.00% to 2.00% for Daily Simple SOFR loans and 0.15% to 1.00% for Base Rate loans, in each case based on the Company's consolidated total lease adjusted leverage ratio. Borrowings under the new vehicle floorplan facility under the 2019 Senior Credit Facility bear interest, at our option, based on SOFR plus 0.10%, plus 1.10% or the Base Rate plus 0.10%. Borrowings under the used vehicle floorplan facility under the 2019 Senior Credit Facility bear interest, at our option, based on SOFR plus 0.10%, plus 1.40% or the Base Rate plus 0.40%.

2021 BofA Real Estate Facility

On May 25, 2022, we entered into the second amendment to the credit agreement to, amount other things, revise the benchmark interest rate payable on term loans under our 2021 BofA Real Estate Facility. Interest is payable, at our option, based on (1) SOFR plus 0.10%, plus 1.65% per annum or (2) the Base Rate (as described below) plus 0.65% per annum. The Base Rate is the highest of (i) the Federal Funds rate plus 0.50%, (ii) the Bank of America prime rate, (iii) SOFR plus 0.10%, plus 1.00%, and (iv) 1.00%.

2018 Wells Fargo Master Loan Facility

On June 1, 2022, certain of our subsidiaries entered into the Second Amendment to the master loan agreement which revised interest payable from a LIBOR reference rate to SOFR plus 0.10%, plus an applicable margin based on a pricing grid ranging from 1.50% to 1.85% per annum based on our consolidated total lease adjusted leverage ratio.

2018 BofA Real Estate Facility

On May 25, 2022, we entered into the third amendment to the credit agreement to revise the benchmark interest rate payable on term loans under our 2018 BofA Real Estate Facility. Interest is payable, at our option, based on SOFR plus 0.10%, plus 1.50% or the Base Rate (as described below) plus 0.50%. The Base Rate is the highest of (i) the Federal Funds rate plus 0.50%, (ii) the Bank of America prime rate, (iii) SOFR plus 0.10%, plus 1.00%, and (iv) 1.00%.

2015 Wells Fargo Master Loan Facility

2013 BofA Real Estate Facility

On May 25, 2022, we entered into the third amendment to the credit agreement to revise the benchmark interest rate payable on term loans under our 2013 BofA Real Estate Facility. Interest is payable, at our option, based on SOFR plus 0.10%, plus 1.50% or the Base Rate (as described below) plus 0.50%. The Base Rate is the highest of (i) the Federal Funds rate plus 0.50%, (ii) the Bank of America prime rate, (iii) SOFR plus 0.10%, plus 1.00%, and (iv) 1.00%. Our right to make draws under the 2013 BofA Real Estate Facility terminated on December 26, 2013.

We are a holding company with no independent assets or operations. For all relevant periods presented, our 2028 Notes and 2030 Notes have been fully and unconditionally guaranteed, on a joint and several basis, by substantially all of our subsidiaries other than Landcar Administration Company, Landcar Agency, Inc., and Landcar Casualty Company (collectively, the “TCA Non-Guarantor Subsidiaries”).

LONG-TERM DEBT

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

LONG-TERM DEBT

FLOOR PLAN NOTES PAYABLE

Floor plan notes payable consisted of the following:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
Floor plan notes payable—trade	$	31.7	$	39.3
Floor plan notes payable offset account	(4.0)		(2.0)
Floor plan notes payable—trade, net	$	27.7	$	37.3

Floor plan notes payable—new non-trade (a)	$	317.0	$	314.7
Floor plan notes payable—used non-trade	—		294.0
Floor plan notes payable offset account	(300.3)		(81.5)
Floor plan notes payable—non-trade, net	$	16.7	$	527.2

____________________________

On May 27, 2022, $389.0 million of our availability under the Revolving Credit Facility was re-designated to the New Vehicle Floor Plan Facility to take advantage of lower commitment fee rates.

DEBT

Long-term debt consisted of the following:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
4.50% Senior Notes due 2028	$	405.0	$	405.0
4.625% Senior Notes due 2029	800.0		800.0
4.75% Senior Notes due 2030	445.0		445.0
5.00% Senior Notes due 2032	600.0		600.0
Mortgage notes payable bearing interest at fixed rates (a)	66.2		71.7
2021 Real Estate Facility	677.9		689.7
2021 BofA Real Estate Facility	177.0		180.7
2018 Bank of America Facility	76.1		78.8
2018 Wells Fargo Master Loan Facility	79.4		81.9
2013 BofA Real Estate Facility	29.8		31.1
2015 Wells Fargo Master Loan Facility	50.7		53.2
2019 Syndicated Revolving Credit Facility	—		169.0
Finance lease liability	8.4		8.4
Total debt outstanding	3,415.5		3,614.5
Add—unamortized premium on 4.50% Senior Notes due 2028	0.9		1.0
Add—unamortized premium on 4.75% Senior Notes due 2030	1.7		1.8
Less—debt issuance costs	(33.0)		(34.7)
Long-term debt, including current portion	3,385.1		3,582.6
Less—current portion, net of current portion of debt issuance costs	(69.6)		(62.5)
Long-term debt	$	3,315.5	$	3,520.1

____________________________

(a) Amounts reflected for the Mortgage notes payable as of June 30, 2022, exclude $2.8 million classified as

Liabilities associated with assets held for sale.

2019 Senior Credit Facility

2021 BofA Real Estate Facility

2018 Wells Fargo Master Loan Facility

2018 BofA Real Estate Facility

2015 Wells Fargo Master Loan Facility

2013 BofA Real Estate Facility

FINANCIAL INSTRUMENTS AND FAIR VALUE

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS AND FAIR VALUE

In determining fair value, we use various valuation approaches, including market and income approaches. Accounting standards establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the presumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

Level 1-Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

Level 2-Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Assets and liabilities utilizing Level 2 inputs include interest rate swap instruments, exchange-traded debt securities that are not actively traded or do not have a high trading volume, mortgage notes payable, and certain real estate properties on a non-recurring basis.

Level 3-Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Asset and liability measurements utilizing Level 3 inputs include those used in estimating the fair value of certain non-financial assets and non-financial liabilities in purchase acquisitions and those used in the assessment of impairment for goodwill and manufacturer franchise rights.

The availability of observable inputs can vary and is affected by a wide variety of factors. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment required to determine fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed is determined based on the lowest level input that is significant to the fair value measurement.

Fair value is a market-based exit price measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. We use inputs that are current as of the measurement date, including during periods of significant market fluctuations.

Financial instruments consist primarily of cash and cash equivalents, contracts-in-transit, accounts receivable, cash surrender value of corporate-owned life insurance policies, accounts payable, floor plan notes payable, subordinated long-term debt, mortgage notes payable, and interest rate swap instruments. The carrying values of our financial instruments, with the exception of subordinated long-term debt and mortgage notes payable, approximate fair value due to (i) their short-term nature, (ii) recently completed market transactions, or (iii) existence of variable interest rates, which approximate market rates. The fair value of our subordinated long-term debt is based on reported market prices in an inactive market that reflects Level 2 inputs. We estimate the fair value of our mortgage notes payable using a present value technique based on current market interest rates for similar types of financial instruments that reflect Level 2 inputs.

A summary of the carrying values and fair values of our Notes and our mortgage notes payable is as follows:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
Carrying Value:
4.50% Senior Notes due 2028	$	401.9	$	401.6
4.625% Senior Notes due 2029	788.4		787.9
4.75% Senior Notes due 2030	441.5		441.2
5.00% Senior Notes due 2032	591.0		590.9
Mortgage notes payable (a)	1,153.9		1,183.6
Total carrying value	$	3,376.7	$	3,405.2

Fair Value:
4.50% Senior Notes due 2028	$	350.3	$	413.6
4.625% Senior Notes due 2029	658.0		815.0
4.75% Senior Notes due 2030	366.0		455.0
5.00% Senior Notes due 2032	487.5		621.8
Mortgage notes payable (a)	1,163.7		1,196.6
Total fair value	$	3,025.5	$	3,502.0

____________________________

(a) Amounts reflected for the Mortgage notes payable as of June 30, 2022, exclude $2.8 million classified as Liabilities associated with assets held for sale.

Interest Rate Swap Agreements

We currently have seven interest rate swap agreements. In January 2022, we entered into two new interest rate swap agreements with a combined notional principal amount of $550.0 million. These swaps are designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the SOFR rate. All interest rate swap agreements with an inception date of 2021 and prior were amended on June 1, 2022 to provide a hedge against changes in variable rate cash flows regarding fluctuations in SOFR as compared to the previous benchmark rate of one-month LIBOR. The revisions to the interest rate swap agreements did not impact our hedge accounting because we applied the accounting expedients outlined in ASU 2020-04 and

ASU 2021-01 of ASC Topic 848, Reference Rate Reform. The following table provides information on the attributes of each swap as of June 30, 2022:


Inception Date	Notional Principal at Inception		Notional Value as of June 30, 2022		Notional Principal at Maturity		Maturity Date
	(In millions)
January 2022	$	300.0	$	296.3	$	228.8	December 2026
January 2022	$	250.0	$	250.0	$	250.0	December 2031
May 2021	$	184.4	$	177.0	$	110.6	May 2031
July 2020	$	93.5	$	84.0	$	50.6	December 2028
July 2020	$	85.5	$	76.1	$	57.3	November 2025
June 2015	$	100.0	$	66.7	$	53.1	February 2025
November 2013	$	75.0	$	43.3	$	38.7	September 2023

The fair value of cash flow swaps is calculated as the present value of expected future cash flows, determined on the basis of forward interest rates and present value factors. Fair value estimates reflect a credit adjustment to the discount rate applied to all expected cash flows under the swaps. Other than this input, all other inputs used in the valuation of these swaps are designated to be Level 2 fair values. The fair value of our swaps was a $70.0 million net asset and a $0.9 million net liability as of June 30, 2022 and December 31, 2021, respectively.

The following table provides information regarding the fair value of our interest rate swap agreements and the impact on the Condensed Consolidated Balance Sheets:


	As of
	June 30, 2022		December 31, 2021
	(In millions)

Other current liabilities	$	(14.2)	$	(3.8)
Other long-term assets	84.2		5.5
Other long-term liabilities	—		(2.6)
Total fair value	$	70.0	$	(0.9)

Our interest rate swaps qualify for cash flow hedge accounting treatment. These interest rate swaps are marked to market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income and reclassified to interest expense in the same period or periods during which the hedged transactions affect earnings. Information about the effect of our interest rate swap agreements in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, is as follows (in millions):


For the Three Months Ended June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2022	$	30.3	Other interest expense, net	$	1.7
2021	$	(7.3)	Other interest expense, net	$	0.9


For the Six Months Ended June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2022	$	75.7	Other interest expense, net	$	4.8
2021	$	(1.9)	Other interest expense, net	$	1.7

On the basis of yield curve conditions as of June 30, 2022 and including assumptions about future changes in fair value, we expect the amount to be reclassified out of Accumulated Other Comprehensive Loss into earnings within the next 12 months will be losses of $14.2 million.

Investments

The table below presents the Company’s investment securities that are measured at fair value on a recurring basis aggregated by the level in the fair value hierarchy within which those measurements fall:


	As of June 30, 2022
	Level 1		Level 2		Level 3		Total
	(In millions)
Cash equivalents	$	12.5	$	—	$	—	$	12.5
Short-term investments	2.7		8.1		—		10.8
U.S Treasury	6.1		—		—		6.1
Municipal	—		29.1		—		29.1
Corporate	—		11.1		—		11.1
Mortgage and other asset-backed securities	—		4.7		—		4.7
Total debt securities	8.8		53.0		—		61.8
Common stock	52.9		—		—		52.9
Preferred stock	—		—		—		—
Total	$	61.7	$	53.0	$	—	$	114.7
Investments measured at net asset value (a)							1.4
Total investments, at fair value							$	116.1


	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
	(In millions)
Cash equivalents	$	6.0	$	—	$	—	$	6.0
Short-term investments	2.9		8.1		—		11.0
U.S Treasury	7.4		—		—		7.4
Municipal	—		28.2		—		28.2
Corporate	—		9.5		—		9.5
Mortgage and other asset-backed securities	—		8.8		—		8.8
Total debt securities	10.3		54.6		—		64.9
Common stock	65.2		—		—		65.2
Preferred stock	—		—		—		—
Total	$	75.5	$	54.6	$	—	$	130.1
Investments measured at net asset value (a)							4.4
Total investments, at fair value							$	134.5

(a) In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities, divided by the number of units outstanding and is determined by the fund investment manager or custodian.

Other investment securities measured at net asset value as a practical expedient in the amount of $1.4 million are excluded from the fair value leveling disclosure above. We do not have any significant restrictions on our ability to liquidate our positions on these investments, nor do we believe it is probable a price less than NAV would be received in the event of a liquidation.

Available-for-sale debt securities are recorded at fair value and any unrealized gains or losses are included in accumulated other comprehensive income and reclassified to Finance and insurance, net revenue in the period or periods during which the debt securities are sold and the gains or losses are realized. Information about the effect of our available-for-sale debt securities in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, is as follows (in millions):


For the Three Months Ended June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2022	$	(0.4)	Revenue-Finance and Insurance, net	$	(0.4)
2021	$	—	Revenue-Finance and Insurance, net	$	—


For the Six Months Ended June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2022	$	(2.8)	Revenue-Finance and Insurance, net	$	(0.7)
2021	$	—	Revenue-Finance and Insurance, net	$	—

SUPPLEMENTAL CASH FLOW INFORMATION	6 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Jun. 30, 2022
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION During the six months ended June 30, 2022 and 2021, we made interest payments, including amounts capitalized, totaling $74.4 million and $32.8 million, respectively. Included in these interest payments are $5.2 million and $5.8 million, of floor plan interest payments during the six months ended June 30, 2022 and 2021, respectively. During the six months ended June 30, 2022 and 2021, we made income tax payments, net of refunds received, totaling $120.9 million. and $74.9 million, respectively. During the six months ended June 30, 2022 and 2021, we transferred $128.7 million and $112.6 million, respectively, of loaner vehicles from Other current assets to Inventories on our Condensed Consolidated Balance Sheets.

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

As of June 30, 2022, the Company had two reportable segments: (1) Dealerships and (2) TCA. Prior to the acquisition of TCA in connection with the LHM Acquisition, we had one reportable segment whereby the geographic dealership groups were aggregated into one reportable segment.

On December 17, 2021, we completed the LHM Acquisition which included 54 new vehicle dealerships, seven used vehicle stores, 11 collision centers, a used vehicle wholesale business, the real property related thereto, and the entities comprising TCA. The dealerships acquired in the LHM Acquisition are located in Utah, Arizona, New Mexico, Colorado, Idaho, California and Washington.

Our dealership operations are organized by management into geographic market-based groups within the Dealership segment. The operations of our F&I product provider is reflected within our TCA segment. Our Chief Operating Decision Maker is our Chief Executive Officer who manages the business, regularly reviews financial information and allocates resources at the geographic market level for our dealerships and at the TCA segment level for our F&I product provider's operations. The geographic dealership group operating segments have been aggregated into one reportable segment as their operations (i) have similar economic characteristics (our markets all have similar long-term average gross margins), (ii) offer similar products and services (all of our markets offer new and used vehicles, parts and service, and finance and insurance products), (iii) have similar customers, (iv) have similar distribution and marketing practices (all of our markets distribute products and services through dealership facilities that market to customers in similar ways), and (v) operate under similar regulatory environments.

Goodwill acquired in the LHM Acquisition of $929.0 million and $710.3 million was allocated to the Dealership and TCA segments, respectively, and is consistent with how the Chief Operating Decision Maker reviews financial information and allocates resources. The allocation was based on the net assets acquired in the Dealership and TCA segments. This allocation is preliminary and subject to change once the purchase price allocation is finalized.

The majority of TCA’s revenue is generated from sales through our affiliated dealerships. Intercompany profits and losses are eliminated in consolidation.

Reportable segment financial information for the three and six months ended June 30, 2022 and 2021, are as follows:


	Three Months Ended June 30, 2022
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	3,930.0	$	51.9	$	(31.7)	$	3,950.2
Gross profit	$	793.7	$	41.8	$	(32.8)	$	802.7


	Three Months Ended June 30, 2021
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	2,584.0	$	—	$	—	$	2,584.0
Gross profit	$	497.2	$	—	$	—	$	497.2


	Six Months Ended June 30, 2022
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	7,824.2	$	109.2	$	(71.4)	$	7,862.0
Gross profit	$	1,575.1	$	98.3	$	(78.7)	$	1,594.7


	Six Months Ended June 30, 2021
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	4,776.9	$	—	$	—	$	4,776.9
Gross profit	$	879.9	$	—	$	—	$	879.9

Total Assets by segment as of June 30, 2022 and as of December 31, 2021 are as follows:


	As of June 30, 2022
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Total Assets	$	6,871.2	$	810.1	$	(42.5)	$	7,638.8


	As of December 31, 2021
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Total Assets	$	7,289.7	$	762.6	$	(49.7)	$	8,002.6

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESOur dealerships are party to dealer and framework agreements with applicable vehicle manufacturers. In accordance with these agreements, each dealership has certain rights and is subject to restrictions typical in the industry. The ability of these manufacturers to influence the operations of the dealerships or the loss of any of these agreements could have a materially negative impact on our operating results. In some instances, manufacturers may have the right, and may direct us, to implement costly capital improvements to dealerships as a condition to entering into, renewing, or extending franchise agreements with them. Manufacturers also typically require that their franchises meet specific standards of appearance. These factors, either alone or in combination, could cause us to use our financial resources on capital projects that we might not have planned for or otherwise determined to undertake. From time-to-time, we and our dealerships are or may become involved in various claims relating to, and arising out of, our business and our operations. These claims may involve, but not be limited to, financial and other audits by vehicle manufacturers or lenders and certain federal, state, and local government authorities, which have historically related primarily to (i) incentive and warranty payments received from vehicle manufacturers, or allegations of violations of manufacturer agreements or policies, (ii) compliance with lender rules and covenants, and (iii) payments made to government authorities relating to federal, state, and local taxes, as well as compliance with other government regulations. Claims may also arise through litigation, government proceedings, and other dispute resolution processes. Such claims, including class actions, could relate to, but may not be limited to, the practice of charging administrative fees and other fees and commissions, employment-related matters, truth-in-lending and other dealer assisted financing obligations, contractual disputes, actions brought by governmental authorities, and other matters. We evaluate pending and threatened claims and establish loss contingency reserves based upon outcomes we currently believe to be probable and reasonably estimable. Based on our review of the various types of claims currently known to us, there is no indication of material reasonably possible losses in excess of amounts accrued in the aggregate. We currently do not anticipate that any known claim will materially adversely affect our financial condition, liquidity, or results of operations. However, the outcome of any matter cannot be predicted with certainty, and an unfavorable resolution of one or more matters presently known or arising in the future could have a material adverse effect on our financial condition, liquidity, or results of operations. A significant portion of our business involves the sale of vehicles, parts, or vehicles composed of parts that are manufactured outside the United States. As a result, our operations are subject to customary risks of importing merchandise, including fluctuations in the relative values of currencies, import duties, exchange controls, trade restrictions, work stoppages, and general political and socio-economic conditions in foreign countries. The United States or the countries from which our products are imported may, from time-to-time, impose new quotas, duties, tariffs, or other restrictions, or adjust presently prevailing quotas, duties, or tariffs, which may affect our operations, and our ability to purchase imported vehicles and/or parts at reasonable prices. Substantially all of our facilities are subject to federal, state and local provisions regarding the discharge of materials into the environment. Compliance with these provisions has not had, nor do we expect such compliance to have, any material effect upon our capital expenditures, net earnings, financial condition, liquidity or competitive position. We believe that our current practices and procedures for the control and disposition of such materials comply with applicable federal, state, and local requirements. No assurances can be provided, however, that future laws or regulations, or changes in existing laws or regulations, would not require us to expend significant resources in order to comply therewith. We had $12.7 million of letters of credit outstanding as of June 30, 2022, which are required by certain of our insurance providers. In addition, as of June 30, 2022, we maintained a $16.0 million surety bond line in the ordinary course of our business. Our letters of credit and surety bond line are considered to be off balance sheet arrangements. Our other material commitments include (i) floor plan notes payable, (ii) operating leases, (iii) long-term debt and (iv) interest on long-term debt, as described elsewhere herein.

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and reflect the consolidated accounts of Asbury Automotive Group, Inc. (the "Company") and our wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. If necessary, reclassifications of amounts previously reported have been made to the accompanying Condensed Consolidated Financial Statements in order to conform to current presentation. In the opinion of management, all adjustments, consisting only of normal, recurring adjustments, considered necessary for a fair statement of the Condensed Consolidated Financial Statements as of June 30, 2022, and for the three and six months ended June 30, 2022 and 2021, have been included, unless otherwise indicated. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for any other interim period, or any full year period. Our Condensed Consolidated Financial Statements should be read together with our audited Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the periods presented. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed quarterly and the effects of any revisions are reflected in the Consolidated Financial Statements in the period they are determined to be necessary. Significant estimates made in the accompanying Condensed Consolidated Financial Statements include, but are not limited to, those relating to inventory valuation reserves, reserves for chargebacks against revenue recognized from the sale of finance and insurance products, reserves for self-insurance programs, certain assumptions related to intangible and long-lived assets, and reserves for certain legal or similar proceedings relating to our business operations.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include investments in money market accounts and short-term certificates of deposit which have maturity dates of less than 90 days when purchased.
Restricted Cash and Securities	Restricted Cash and Securities TCA places securities on statutory deposit with certain state agencies to retain the right to do business in those states. Securities held on deposit with various state regulatory authorities had a fair value of $2.7 million as of June 30, 2022.
Investment	Short-Term Investments Short-term investments consist of debt securities that are callable or have a maturity date within the next 12 months and are classified as current assets. Debt securities classified as short-term investments are designated as available-for-sale as management intends to hold these securities for indefinite periods of time or may sell the securities in response to changes in interest rates, prepayments, or other similar factors. Available-for-sale debt securities are reported at fair market value with any unrealized gain or loss, net of applicable income tax, reported in other comprehensive income, as a separate component of shareholders’ equity. Premiums and discounts on debt securities classified as short-term investments are amortized or accreted using the effective interest method over the period from the purchase date to the expected maturity or call date of the related security and are reported in net income. Investments Investments consist of available-for-sale debt securities, equity securities, and other investments. These securities are classified as non-current investments as they are not intended to fund current operations or have stated call dates or maturity dates beyond the next 12 months. Equity securities may consist of both preferred stock and common stock. Other investments consist of hedge funds and partnerships. Debt securities classified as non-current investments are designated as available-for-sale as management intends to hold these securities for indefinite periods of time or may sell the securities in response to changes in interest rates, prepayments, or other similar factors. Available-for-sale debt securities included in non-current investments are reported at fair market value with any unrealized gain or loss, net of applicable income tax, reported in other comprehensive income, as a separate component of shareholders’ equity. Premiums and discounts on debt securities included in non-current investments are amortized or accreted, as applicable, using the effective interest method over the period from the purchase date to the expected maturity or call date of the related security and are reported in net income. Equity securities included in non-current investments are reported at fair market value with the change in value recognized in net income. Other investments are measured at net asset value as a practical expedient with the net change in net asset value recognized in net income. We review the debt securities portfolio at the security level on a quarterly basis for potential credit losses, which takes into consideration numerous factors. Some factors evaluated include changes in credit ratings, financial conditions of the issuer, recent payment activity, and other industry specific economic conditions. If a security is considered to have a potential credit loss, we compare the present value of expected cash flows to the amortized cost basis of the security to estimate the allowance for credit losses. The amount of the allowance is limited to the gross unrealized loss on an individual security. An unrealized loss on a debt security is generally considered to not be related to credit when the fair value of the security is below the carrying value of the security primarily due to changes in risk-free interest rates and when there has not been a significant deterioration in the financial condition of the issuer. If the Company no longer has the intent or ability to hold a security in an unrealized loss position until recovery of the security’s cost basis, a loss is realized immediately in net income.
Contracts-In-Transit	Contracts-In-Transit Contracts-in-transit represent receivables from third-party finance companies for the portion of new and used vehicle purchase price financed by customers through sources arranged by us.
Accounts Receivable	Accounts Receivable The allowance for credit losses is estimated using an annual loss rate approach, by type of receivable, utilizing historical loss rates which have been adjusted for expectations of future economic conditions.
Acquisitions	Acquisitions Acquisitions are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their fair value at the acquisition date. The results of operations of acquired dealerships and other businesses are included in the accompanying Consolidated Statements of Income, commencing on the date of acquisition.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers (Topic 606). Under that guidance, the transaction price is attributed to the underlying performance obligations in the contract and revenue is deferred and recognized as income as the Company satisfies the performance obligations in the contract. Incremental costs of obtaining a contract are capitalized and amortized to the extent that the Company expects to recover those costs. The Company satisfies performance obligations either over time or at a point in time as discussed in further detail below. Revenue is recognized at the time the related performance obligation is satisfied by transferring a promised good or performing a service to a customer. Sales and other taxes we collect, concurrent with revenue-producing activities, are excluded from revenue. New vehicle and used vehicle retail Revenue from the sale of new and used vehicles is recognized when the terms of the customer contract are satisfied which generally occurs with the signing of the sales contract and transfer of control of the vehicle to the customer. Payment is generally received at the time of sale or from a third-party financial institution within a short period of time following the sale of the vehicle. Amounts due from third-party financial institutions are reflected in Contracts-in-transit or vehicle receivables within Accounts receivable, net on our Condensed Consolidated Balance Sheets. Costs associated with incidental items that are immaterial in the context of the contract are accrued at the time of sale. Used vehicle wholesale Proceeds from the sale of these vehicles are recognized in used vehicle revenue upon transfer of control to end-users at auction. Sale of vehicle parts and accessories The Company recognizes revenue upon transfer of control to the customer which occurs at a point in time. Payment is typically received when control of the parts and accessories transfers to the customer or within 30 days of such time. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. Vehicle repair and maintenance services The Company provides vehicle repair and maintenance services to its customers pursuant to the terms and conditions included within the customer contract ("repair order"). Payment for services are typically received upon completion of the services or within 30 days following the completion of the services. Certain of these services are provided by the Dealerships segment to TCA customers in connection with claims related to TCA's vehicle protection products. Revenues recorded by the Dealerships segment and the associated claims expenses recorded by the TCA segment are eliminated upon consolidation. Satisfaction of this performance obligation creates an asset with no alternative use for which an enforceable right to payment for performance to date exists within our contractual agreements. As such, the Company recognizes revenue over time as the Company satisfies its performance obligation. Additionally, the Company has determined that parts and labor are not individually distinct in the context of a repair order and therefore treated as a single performance obligation. Finance and insurance, net Within the Dealerships segment, we receive commissions from third-party lending and insurance institutions for arranging customer financing and from the sale of vehicle service contracts, guaranteed asset protection debt cancellation, and other products, to end-users. In addition, we record commissions received from our TCA segment related to the sale of TCA's various vehicle protection F&I products. Finance and insurance commission revenue is recognized at the point of sale since our performance obligation is to arrange financing or facilitate the sale of a third-party's products or services to our customers. The dealerships' commission arrangements with TCA, third-party lenders and insurance administrators consists of fixed ("upfront") and variable consideration. Variable consideration includes commission chargebacks ("chargebacks") in the event a contract is prepaid, defaulted upon, or terminated by the end-user. The Company reserves for future chargebacks based on historical chargeback experience and the termination provisions of the applicable contract, and these reserves are established in the same period that the related revenue is recognized. Commissions revenue and related reserves for future chargebacks in connection with the sale of TCA F&I products by our dealerships, are eliminated in consolidation. We also participate in future profits pursuant to retrospective commission arrangements, which meet the definition of variable consideration, for certain insurance products associated with a third-party portfolio. The Company estimates the amount of variable consideration to be included in the transaction price based on historical payment trends and further constrains the variable consideration such that it is probable a significant reversal of previously recognized revenue will not occur. In making these assessments the Company considers the likelihood and magnitude of a potential reversal of revenue and updates its assessment when uncertainties associated with the constraint are removed. Within our TCA segment, all revenue, other than investment and interest income, is the result of contracts with customers. Each contract is considered to have a single performance obligation which extends over the life of the contract. Revenue is recognized ratably over the contract term based on earnings factors that align with the performance obligation. Expenses are matched with earned premiums resulting in recognition of profits over the life of the contracts. These expenses include the incremental costs incurred, primarily in the form of commissions, to obtain the contracts with customers. These commissions are primarily paid to affiliated dealerships and are therefore eliminated upon consolidation. Unearned premium reserves are established to cover the unexpired portion of premiums written. Deferred Revenue We earn and recognize premium revenue related to the TCA segment over the period of the related service contract. Accordingly, we record deferred revenue as we ratably recognize revenue over the service contract period.
Consolidation	Internal Profit Revenues and expenses associated with internal work performed by our parts and service departments on new and used vehicle inventory are eliminated in consolidation. The gross profit earned by our parts and service departments for internal work performed is included as a reduction of Parts and Service Cost of Sales in the accompanying Condensed Consolidated Statements of Income upon the sale of the vehicle. The costs incurred by our new and used vehicle departments for work performed by our parts and service departments is included in either New Vehicle Cost of Sales or Used Vehicle Cost of Sales in the accompanying Condensed Consolidated Statements of Income, depending on the classification of the vehicle serviced. We eliminate the internal profit on vehicles that remain in inventory. Intersegment Elimination TCA's vehicle protection products are sold primarily through affiliated dealerships and the revenue from the related commissions are included in F&I revenue in the Dealership segment before consolidation. The corresponding claims expense incurred and the amortization of deferred acquisition costs is recorded as a cost of sales in the TCA segment. The Dealership segment also provides vehicle repair and maintenance services to TCA customers in connection with claims related to TCA's vehicle protection products. Revenues recorded by the Dealership segment and the associated claims expenses recorded by the TCA segment are eliminated upon consolidation. Intersegment revenues and profits from contracts and services are eliminated in consolidation. See Note 12 "Segment Information" for further details.
Income Taxes	Income TaxesWe use the liability method to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using currently enacted tax rates.
Share Repurchases	Share Repurchases Share repurchases may be made from time-to-time in open market transactions or through privately negotiated transactions under the authorization approved by the Board of Directors. Periodically, the Company may retire repurchased shares of common stock previously held by the Company as treasury stock. In accordance with our accounting policy, we allocate any excess share repurchase price over par value between additional paid-in capital, which is limited to amounts initially recorded for the same issue, and retained earnings. There were no shares repurchased during the three months ended June 30, 2022. During the six months ended June 30, 2022, the Company repurchased and retired 1,069,203 shares of our common stock under our share repurchase program.
Earnings per Share	Earnings per Share Basic earnings per share is computed by dividing net income by the weighted-average common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average common shares and common share equivalents outstanding during the period. The Company excluded 473 and 113 restricted share units and 18,339 and 12 performance share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan from its computation of diluted earnings per share for the three months ended June 30, 2022 and 2021, respectively. During the six months ended June 30, 2022 and 2021, the Company excluded 1,669 and 904 restricted share units and 89 and 324 performance share units issued under the Asbury Automotive Group, Inc. 2019 Equity and Incentive Compensation Plan from its computation of diluted earnings per share, respectively, because they were anti-dilutive. For all periods presented, there were no adjustments to the numerator necessary to compute diluted earnings per share.
Assets Held for Sale and Liabilities Associated with Assets Held for Sale	Assets Held for Sale and Liabilities Associated with Assets Held for Sale Certain amounts have been classified as Assets Held for Sale as of June 30, 2022 and December 31, 2021 in the accompanying Condensed Consolidated Balance Sheets. Assets and liabilities classified as held for sale include assets and liabilities associated with pending dealership disposals, real estate we are actively marketing to sell, and any related mortgage notes payable or other liabilities, if applicable. Classification as held for sale begins on the date that we have met all of the criteria for classification as held for sale. At the time of classifying assets as held for sale, we compare the carrying value of these assets to estimates of fair value to assess for impairment. We compare the carrying value to estimates of fair value utilizing the assistance of third-party broker opinions of value and third-party desktop appraisals to assist in our fair value estimates related to real estate properties.
Statements of Cash Flows	Statements of Cash Flows Borrowings and repayments of floor plan notes payable through our senior secured credit agreement with Bank of America, as administrative agent, and the other agents and lenders party thereto (as amended, the "2019 Senior Credit Facility") and all floor plan notes payable relating to used vehicles (together referred to as "Floor Plan Notes Payable—Non-Trade"), are classified as financing activities in the accompanying Condensed Consolidated Statements of Cash Flows, with borrowings reflected separately from repayments. The net change in floor plan notes payable to a lender affiliated with the manufacturer from which we purchase a particular new vehicle (collectively referred to as "Floor Plan Notes Payable—Trade") is classified as an operating activity in the accompanying Condensed Consolidated Statements of Cash Flows. Borrowings of floor plan notes payable associated with inventory acquired in connection with all acquisitions and repayments made in connection with all divestitures are classified as a financing activity in the accompanying Condensed Consolidated Statements of Cash Flows. Cash flows related to floor plan notes payable included in operating activities differ from cash flows related to floor plan notes payable included in financing activities only to the extent that the former are payable to a lender affiliated with the manufacturer from which we purchased the related inventory, while the latter are payable to our 2019 Senior Credit Facility that includes lenders affiliated with the manufacturers and lenders not affiliated with the manufacturer from which we purchased the related inventory. The majority of our floor plan notes are payable to our 2019 Senior Credit Facility, with the exception of floor plan notes payable relating to the financing of new Ford and Lincoln vehicles. Loaner vehicles account for a significant portion of Other current assets. We acquire loaner vehicles either with available cash or through borrowing from either our manufacturer affiliated lenders or through our 2019 Senior Credit Facility. Loaner vehicles are initially used by our service department for a short period of time (typically 6 to 12 months) before we seek to sell them. Therefore, we classify the acquisition of loaner vehicles in Other current assets and the borrowings and repayments of loaner vehicle notes payable in Accounts payable and accrued liabilities in the accompanying Condensed Consolidated Statements of Cash Flows. Loaner vehicles are depreciated over the service period to their estimated value. At the end of the loaner service period, loaner vehicles are transferred from Other current assets to used vehicle inventory. These transfers are reflected as non-cash transfers between Other current assets and Inventory in the accompanying Condensed Consolidated Statements of Cash Flows.
Segment Reporting	Segment Reporting As of June 30, 2022, the Company had two reportable segments: (1) Dealerships and (2) TCA. Prior to the acquisition of TCA as part of the LHM Acquisition, we had one reportable segment as the geographic dealership groups are aggregated into one reportable segment. See Note 12 "Segment Information" for further details.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Effective October 1, 2021, the Company adopted Financial Accounting Standard Board ("FASB") Accounting Standards Update 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquiring entity to apply ASC Topic 606 to recognize and measure contract assets acquired and contract liabilities assumed in a business combination. The Company applied ASC Topic 606 in recording contract assets acquired and contract liabilities assumed in business combinations that occurred in the quarter ended December 31, 2021. We assumed contract liabilities or deferred revenue of $644.3 million in connection with the LHM Acquisition which closed in December 2021. In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). In January 2021, the FASB issued Accounting Standards Update No. 2021-01, Reference Rate Reform (Topic 848): Scope, which clarified the scope and application of the original guidance. The guidance in these standards apply to contract accounting, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, and provides optional expedients and exceptions for a limited time to ease the potential burden in accounting for reference rate reform. The amendments apply only to contracts and hedging relationships that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. ASU 2020-04 is effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. LIBOR benchmarking is utilized in our debt (including mortgages), revolving credit facilities, floorplan facilities, and interest rate swaps. During the quarter ended June 30, 2022, we amended our LIBOR-based debt arrangements and related hedging financial instruments to revise their interest basis from LIBOR to a Secured Overnight Financing Rate ("SOFR"). See Note 9 "Debt" for further details. The impact of these proposed amendments to our debt arrangements and related interest rate swap derivative agreements, along with the adoption of the provisions from this standard, did not have a material impact on our Condensed Consolidated Financial Statements.

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue from contracts with customers for the three and six months ended June 30, 2022 and 2021 consists of the following:


	For the Three Months Ended June 30,
	2022		2021
	(In millions)
Revenue:
New vehicle	$	1,864.5	$	1,368.4
Used vehicle retail	1,272.8		759.4
Used vehicle wholesale	89.7		56.8
New and used vehicle	3,227.0		2,184.6
Sale of vehicle parts and accessories	125.4		49.0
Vehicle repair and maintenance services	394.8		243.4
Parts and services	520.2		292.4
Finance and insurance, net	203.0		107.0
Total revenue	$	3,950.2	$	2,584.0


	For the Six Months Ended June 30,
	2022		2021
	(In millions)
Revenue:
New vehicle	$	3,720.1	$	2,520.1
Used vehicle retail	2,489.7		1,366.9
Used vehicle wholesale	223.7		140.2
New and used vehicle	6,433.5		4,027.2
Sale of vehicle parts and accessories	255.6		91.8
Vehicle repair and maintenance services	766.5		462.6
Parts and service	1,022.1		554.4
Finance and insurance, net	406.4		195.3
Total revenue	$	7,862.0	$	4,776.9

Schedule of Contract with Customer, Assets


	Vehicle Repair and Maintenance Services		Finance and Insurance, net		Deferred Sales Commissions		Total
	(In millions)
Balance as of January 1, 2022	$	12.3	$	13.5	$	1.4	$	27.2
Transferred to receivables from contract assets recognized at the beginning of the period	(12.3)		(5.4)		—		(17.7)
Amortization of costs to obtain a contract with a customer	—		—		(0.5)		(0.5)
Costs incurred to obtain a contract with a customer	—		—		10.0		10.0
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	12.8		5.9		—		18.7
Balance as of March 31, 2022	12.8		14.0		10.9		37.7
Transferred to receivables from contract assets recognized at the beginning of the period	(12.8)		(4.3)		—		(17.1)
Amortization of costs to obtain a contract with a customer	—		—		(0.9)		(0.9)
Costs incurred to obtain a contract with a customer	—		—		10.1		10.1
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	13.4		5.0		—		18.4
Balance as of June 30, 2022	$	13.4	$	14.7	$	20.1	$	48.2

ACQUISITIONS AND DIVESTITURES (Tables)

6 Months Ended

Jun. 30, 2022

Business Combinations and Discontinued Operations and Disposal Groups [Abstract]

Schedule of Preliminary Purchase Consideration

The sources of the preliminary purchase consideration are as follows:


	(In millions)
Cash, net of cash acquired	$	195.0
Common stock offering	666.9
Senior notes	1,578.5
Real estate facility	513.0
New vehicle floor plan facility	183.5
Used vehicle floor plan facility	51.0
Payable to sellers	6.0
Preliminary purchase price, net of cash acquired	$	3,193.9

Schedule of Business Acquisitions

The following table summarizes the amounts recorded based on preliminary estimates of fair value:


	(In millions)
Summary of Assets Acquired and Liabilities Assumed
Assets
Cash and cash equivalents	$	287.4
Investments	133.5
Contracts-in-transit, net	99.5
Accounts receivable, net	110.0
Inventories, net	282.1
Other current assets	25.4
Total current assets	937.9
Property and equipment, net	792.6
Goodwill	1,642.2
Intangible franchise rights	870.0
Operating lease right-of-use assets	34.1
Deferred income taxes	136.5
Other long-term assets	5.6
Total assets acquired	4,418.9

Liabilities
Accounts payable and accrued liabilities	234.0
Operating lease liabilities	34.1
Deferred revenue	644.3
Other long-term liabilities	25.2
Total liabilities assumed	937.6
Net assets acquired	$	3,481.3

ACCOUNTS RECEIVABLE (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consisted of the following:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
Vehicle receivables	$	47.3	$	73.1
Manufacturer receivables	38.4		44.0
Other receivables	92.9		114.3
Total accounts receivable	178.6		231.4
Less—Allowance for credit losses	(2.0)		(1.6)
Accounts receivable, net	$	176.6	$	229.8

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
New vehicles	$	237.5	$	206.5
Used vehicles	424.8		402.0
Parts and accessories	120.9		109.9
Total inventories, net (a)	$	783.2	$	718.4

____________________________

(a) Amounts reflected for inventory as of June 30, 2022 and December 31, 2021, excluded $5.6 million and $24.1 million classified as Assets held for sale, respectively.

ASSETS AND LIABILITIES HELD FOR SALE (Tables)

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Summary of Assets Held for Sale and Liabilities Associated with Assets Held for Sale

A summary of assets held for sale and liabilities associated with assets held for sale is as follows:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
Assets:


Inventory	$	5.6	$	24.1
Loaner vehicles	1.0		4.6

Property and equipment, net	38.8		110.8
Operating lease right-of-use assets	0.2		7.1
Goodwill	8.2		118.5
Intangible franchise rights	6.8		110.0
Total assets held for sale	60.6		375.1
Liabilities:

Floor plan notes payable—non-trade	1.1		9.1
Loaner vehicles payable	0.4		4.6

Current maturities of long-term debt	0.2		—
Current maturities of operating leases	—		2.7
Long-term debt	2.6		—
Operating lease liabilities	0.2		4.4
Total liabilities associated with assets held for sale	4.5		20.8
Net assets held for sale	$	56.1	$	354.3

INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Carrying Amounts of Investment Securities and Fair Values

The amortized cost, gross unrealized gains and losses and estimated fair values of debt securities available-for-sale, equity securities, and other investments measured at net asset value are as follows:


	As of June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In millions)
Short-term investments	$	10.8	$	—	$	—	$	10.8
U.S. Treasury	6.3		—		(0.2)		6.1
Municipal	29.8		—		(0.8)		29.0
Corporate	11.9		—		(0.7)		11.2
Mortgage and other asset-backed securities	4.9		—		(0.2)		4.7
Total debt securities	63.7		—		(1.9)		61.8
Common stock	52.9		—		—		52.9

Other investments measured at net asset value	1.4		—		—		1.4
Total investments	$	118.0	$	—	$	(1.9)	$	116.1


	As of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In millions)
Short-term investments	$	11.0	$	—	$	—	$	11.0
U.S. Treasury	7.5		—		(0.1)		7.4
Municipal	27.9		0.4		(0.1)		28.2
Corporate	9.5		0.1		(0.1)		9.5
Mortgage and other asset-backed securities	8.8		0.1		(0.1)		8.8
Total debt securities	64.7		0.6		(0.4)		64.9
Common stock	65.2		—		—		65.2

Other investments measured at net asset value	4.4		—		—		4.4
Total investments	$	134.3	$	0.6	$	(0.4)	$	134.5

Schedule of Amortized Cost and Fair Value of TCA's Investment

A summary of amortized costs and fair value of investments by time to maturity, is as follows:


	As of June 30, 2022
	Amortized Cost		Fair Value
	(In millions)
Due in 1 year or less	$	10.8	$	10.8
Due in 1-5 years	46.3		44.6
Due in 5-10 years	1.7		1.7
Due after 10 years	—		—
Total by maturity	58.8		57.1
Mortgage and other asset-backed securities	4.9		4.7
Common stock	52.9		52.9
Preferred stock	—		—
Other investments measured at net asset value	1.4		1.4
Total investment securities	$	118.0	$	116.1

Schedule of Unrealized Loss on Investments


	As of June 30, 2022
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In millions)

U.S Treasury	$	6.0	$	(0.2)	$	—	$	—	$	6.0	$	(0.2)
Municipal	20.7		(0.8)		—		—		20.7		(0.8)
Corporate	11.1		(0.7)		—		—		11.1		(0.7)
Mortgage and other asset-backed securities	4.7		(0.2)		—		—		4.7		(0.2)
Total debt securities	$	42.5	$	(1.9)	$	—	$	—	$	42.5	$	(1.9)


	As of December 31, 2021
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In millions)

U.S Treasury	7.1		(0.1)		—		—		7.1		(0.1)
Municipal	10.0		(0.1)		—		—		10.0		(0.1)
Corporate	6.4		(0.1)		—		—		6.4		(0.1)
Mortgage and other asset-backed securities	5.8		(0.1)		—		—		5.8		(0.1)
Total debt securities	$	29.3	$	(0.4)	$	—	$	—	$	29.3	$	(0.4)

FLOOR PLAN NOTES PAYABLE (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Floor Plan Notes Payable

Floor plan notes payable consisted of the following:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
Floor plan notes payable—trade	$	31.7	$	39.3
Floor plan notes payable offset account	(4.0)		(2.0)
Floor plan notes payable—trade, net	$	27.7	$	37.3

Floor plan notes payable—new non-trade (a)	$	317.0	$	314.7
Floor plan notes payable—used non-trade	—		294.0
Floor plan notes payable offset account	(300.3)		(81.5)
Floor plan notes payable—non-trade, net	$	16.7	$	527.2

____________________________

LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
4.50% Senior Notes due 2028	$	405.0	$	405.0
4.625% Senior Notes due 2029	800.0		800.0
4.75% Senior Notes due 2030	445.0		445.0
5.00% Senior Notes due 2032	600.0		600.0
Mortgage notes payable bearing interest at fixed rates (a)	66.2		71.7
2021 Real Estate Facility	677.9		689.7
2021 BofA Real Estate Facility	177.0		180.7
2018 Bank of America Facility	76.1		78.8
2018 Wells Fargo Master Loan Facility	79.4		81.9
2013 BofA Real Estate Facility	29.8		31.1
2015 Wells Fargo Master Loan Facility	50.7		53.2
2019 Syndicated Revolving Credit Facility	—		169.0
Finance lease liability	8.4		8.4
Total debt outstanding	3,415.5		3,614.5
Add—unamortized premium on 4.50% Senior Notes due 2028	0.9		1.0
Add—unamortized premium on 4.75% Senior Notes due 2030	1.7		1.8
Less—debt issuance costs	(33.0)		(34.7)
Long-term debt, including current portion	3,385.1		3,582.6
Less—current portion, net of current portion of debt issuance costs	(69.6)		(62.5)
Long-term debt	$	3,315.5	$	3,520.1

____________________________

(a) Amounts reflected for the Mortgage notes payable as of June 30, 2022, exclude $2.8 million classified as

Liabilities associated with assets held for sale.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

FINANCIAL INSTRUMENTS AND FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Liabilities

A summary of the carrying values and fair values of our Notes and our mortgage notes payable is as follows:


	As of
	June 30, 2022		December 31, 2021
	(In millions)
Carrying Value:
4.50% Senior Notes due 2028	$	401.9	$	401.6
4.625% Senior Notes due 2029	788.4		787.9
4.75% Senior Notes due 2030	441.5		441.2
5.00% Senior Notes due 2032	591.0		590.9
Mortgage notes payable (a)	1,153.9		1,183.6
Total carrying value	$	3,376.7	$	3,405.2

Fair Value:
4.50% Senior Notes due 2028	$	350.3	$	413.6
4.625% Senior Notes due 2029	658.0		815.0
4.75% Senior Notes due 2030	366.0		455.0
5.00% Senior Notes due 2032	487.5		621.8
Mortgage notes payable (a)	1,163.7		1,196.6
Total fair value	$	3,025.5	$	3,502.0

____________________________

(a) Amounts reflected for the Mortgage notes payable as of June 30, 2022, exclude $2.8 million classified as Liabilities associated with assets held for sale.

Schedule of Derivative Instruments

The following table provides information on the attributes of each swap as of June 30, 2022:


Inception Date	Notional Principal at Inception		Notional Value as of June 30, 2022		Notional Principal at Maturity		Maturity Date
	(In millions)
January 2022	$	300.0	$	296.3	$	228.8	December 2026
January 2022	$	250.0	$	250.0	$	250.0	December 2031
May 2021	$	184.4	$	177.0	$	110.6	May 2031
July 2020	$	93.5	$	84.0	$	50.6	December 2028
July 2020	$	85.5	$	76.1	$	57.3	November 2025
June 2015	$	100.0	$	66.7	$	53.1	February 2025
November 2013	$	75.0	$	43.3	$	38.7	September 2023

Schedule of Derivative Instruments Fair Value

The following table provides information regarding the fair value of our interest rate swap agreements and the impact on the Condensed Consolidated Balance Sheets:


	As of
	June 30, 2022		December 31, 2021
	(In millions)

Other current liabilities	$	(14.2)	$	(3.8)
Other long-term assets	84.2		5.5
Other long-term liabilities	—		(2.6)
Total fair value	$	70.0	$	(0.9)

Schedule of Derivative Instruments Effect on Accumulated Other Comprehensive Income

Information about the effect of our interest rate swap agreements in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, is as follows (in millions):


For the Three Months Ended June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2022	$	30.3	Other interest expense, net	$	1.7
2021	$	(7.3)	Other interest expense, net	$	0.9


For the Six Months Ended June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2022	$	75.7	Other interest expense, net	$	4.8
2021	$	(1.9)	Other interest expense, net	$	1.7

Schedule of Fair Value, Assets Measured on Recurring and Nonrecurring Basis


	As of June 30, 2022
	Level 1		Level 2		Level 3		Total
	(In millions)
Cash equivalents	$	12.5	$	—	$	—	$	12.5
Short-term investments	2.7		8.1		—		10.8
U.S Treasury	6.1		—		—		6.1
Municipal	—		29.1		—		29.1
Corporate	—		11.1		—		11.1
Mortgage and other asset-backed securities	—		4.7		—		4.7
Total debt securities	8.8		53.0		—		61.8
Common stock	52.9		—		—		52.9
Preferred stock	—		—		—		—
Total	$	61.7	$	53.0	$	—	$	114.7
Investments measured at net asset value (a)							1.4
Total investments, at fair value							$	116.1


	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
	(In millions)
Cash equivalents	$	6.0	$	—	$	—	$	6.0
Short-term investments	2.9		8.1		—		11.0
U.S Treasury	7.4		—		—		7.4
Municipal	—		28.2		—		28.2
Corporate	—		9.5		—		9.5
Mortgage and other asset-backed securities	—		8.8		—		8.8
Total debt securities	10.3		54.6		—		64.9
Common stock	65.2		—		—		65.2
Preferred stock	—		—		—		—
Total	$	75.5	$	54.6	$	—	$	130.1
Investments measured at net asset value (a)							4.4
Total investments, at fair value							$	134.5

Schedule of Debt Securities, Available-for-Sale

Information about the effect of our available-for-sale debt securities in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, is as follows (in millions):


For the Three Months Ended June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2022	$	(0.4)	Revenue-Finance and Insurance, net	$	(0.4)
2021	$	—	Revenue-Finance and Insurance, net	$	—


For the Six Months Ended June 30,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2022	$	(2.8)	Revenue-Finance and Insurance, net	$	(0.7)
2021	$	—	Revenue-Finance and Insurance, net	$	—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Reportable segment financial information for the three and six months ended June 30, 2022 and 2021, are as follows:


	Three Months Ended June 30, 2022
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	3,930.0	$	51.9	$	(31.7)	$	3,950.2
Gross profit	$	793.7	$	41.8	$	(32.8)	$	802.7


	Three Months Ended June 30, 2021
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	2,584.0	$	—	$	—	$	2,584.0
Gross profit	$	497.2	$	—	$	—	$	497.2


	Six Months Ended June 30, 2022
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	7,824.2	$	109.2	$	(71.4)	$	7,862.0
Gross profit	$	1,575.1	$	98.3	$	(78.7)	$	1,594.7


	Six Months Ended June 30, 2021
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Revenue	$	4,776.9	$	—	$	—	$	4,776.9
Gross profit	$	879.9	$	—	$	—	$	879.9

Total Assets by segment as of June 30, 2022 and as of December 31, 2021 are as follows:


	As of June 30, 2022
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Total Assets	$	6,871.2	$	810.1	$	(42.5)	$	7,638.8


	As of December 31, 2021
	Dealerships		TCA		Eliminations		Total Company
	(In millions)
Total Assets	$	7,289.7	$	762.6	$	(49.7)	$	8,002.6

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions		3 Months Ended			6 Months Ended
	Dec. 17, 2021 USD ($) collision_center numberOfUsedCarsStores	Jun. 30, 2022 USD ($) franchise VehicleBrands dealership_location states CollisionRepairCenters shares	Mar. 31, 2022 USD ($) segment	Jun. 30, 2021 USD ($) shares	Jun. 30, 2022 USD ($) franchise VehicleBrands dealership_location states CollisionRepairCenters segment shares	Jun. 30, 2021 USD ($) shares
Business Organization [Line Items]
Number of franchises (in franchises) \| franchise		198			198
Number of vehicle brands (in vehicle brands) \| VehicleBrands		31			31
Number of dealership locations (in dealership locations) \| dealership_location		148			148
Number of collision repair centers (in collision repair centers) \| CollisionRepairCenters		34			34
Number of stand-alone used vehicle stores \| dealership_location		7			7
Number of states (in states) \| states		15			15
Number of reportable segments \| segment			1		2
Revenues		$ 3,950.2		$ 2,584.0	$ 7,862.0	$ 4,776.9
Restricted cash and cash equivalents		$ 2.7			$ 2.7
Retirement of common stock			$ 0.0
Retirement of common stock (in shares) \| shares					1,069,203
Restricted Share Units
Business Organization [Line Items]
Antidilutive securities excluded from computation of earnings per share \| shares		473		113	1,669	904
Performance Share Units
Business Organization [Line Items]
Antidilutive securities excluded from computation of earnings per share \| shares		18,339		12	89	324
Minimum
Business Organization [Line Items]
Loaner vehicle period of use before sale (in months)					6 months
Maximum
Business Organization [Line Items]
Loaner vehicle period of use before sale (in months)					12 months
LHM
Business Organization [Line Items]
Number of new vehicle dealerships acquired (in dealerships) \| collision_center	54
Number of used cars stores acquired (in stores) \| numberOfUsedCarsStores	7
Number of collision centers acquired (in collision repair centers) \| collision_center	11
Aggregate purchase price	$ 3,480.0
Property and equipment, net	792.6
Revenues					$ 2,820.0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	$ 644.3
Luxury Brands
Business Organization [Line Items]
Weighted brand mix (percent)					30.00%
Mid-line Import Brands
Business Organization [Line Items]
Weighted brand mix (percent)					40.00%
Domestic Brands
Business Organization [Line Items]
Weighted brand mix (percent)					30.00%

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,950.2	$ 2,584.0	$ 7,862.0	$ 4,776.9
New and used vehicle
Disaggregation of Revenue [Line Items]
Total revenue	3,227.0	2,184.6	6,433.5	4,027.2
New and used vehicle \| New vehicle
Disaggregation of Revenue [Line Items]
Total revenue	1,864.5	1,368.4	3,720.1	2,520.1
New and used vehicle \| Used vehicle retail
Disaggregation of Revenue [Line Items]
Total revenue	1,272.8	759.4	2,489.7	1,366.9
New and used vehicle \| Used vehicle wholesale
Disaggregation of Revenue [Line Items]
Total revenue	89.7	56.8	223.7	140.2
Parts and service
Disaggregation of Revenue [Line Items]
Total revenue	520.2	292.4	1,022.1	554.4
Parts and service \| Sale of vehicle parts and accessories
Disaggregation of Revenue [Line Items]
Total revenue	125.4	49.0	255.6	91.8
Parts and service \| Vehicle repair and maintenance services
Disaggregation of Revenue [Line Items]
Total revenue	394.8	243.4	766.5	462.6
Finance and insurance, net
Disaggregation of Revenue [Line Items]
Total revenue	$ 203.0	$ 107.0	$ 406.4	$ 195.3

REVENUE RECOGNITION (Contract Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Change in Contract with Customer, Asset [Roll Forward]
Balance as of January 1, 2022	$ 37.7	$ 27.2
Transferred to receivables from contract assets recognized at the beginning of the period	(17.1)	(17.7)
Amortization of costs to obtain a contract with a customer	(0.9)	(0.5)
Costs incurred to obtain a contract with a customer	10.1	10.0
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	18.4	18.7
Balance as of June 30, 2022	48.2	37.7
Deferred Commissions
Change in Contract with Customer, Asset [Roll Forward]
Balance as of January 1, 2022	10.9	1.4
Transferred to receivables from contract assets recognized at the beginning of the period	0.0	0.0
Amortization of costs to obtain a contract with a customer	(0.9)	(0.5)
Costs incurred to obtain a contract with a customer	10.1	10.0
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	0.0	0.0
Balance as of June 30, 2022	20.1	10.9
Vehicle repair and maintenance services
Change in Contract with Customer, Asset [Roll Forward]
Balance as of January 1, 2022	12.8	12.3
Transferred to receivables from contract assets recognized at the beginning of the period	(12.8)	(12.3)
Amortization of costs to obtain a contract with a customer	0.0	0.0
Costs incurred to obtain a contract with a customer	0.0	0.0
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	13.4	12.8
Balance as of June 30, 2022	13.4	12.8
Finance and Insurance, net
Change in Contract with Customer, Asset [Roll Forward]
Balance as of January 1, 2022	14.0	13.5
Transferred to receivables from contract assets recognized at the beginning of the period	(4.3)	(5.4)
Amortization of costs to obtain a contract with a customer	0.0	0.0
Costs incurred to obtain a contract with a customer	0.0	0.0
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period	5.0	5.9
Balance as of June 30, 2022	$ 14.7	$ 14.0

REVENUE RECOGNITION (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Dec. 17, 2021
Business Acquisition [Line Items]
Deferred revenue	$ 677.2	$ 647.8
Finance and insurance, net
Business Acquisition [Line Items]
Deferred revenue		$ 108.0
LHM
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue			$ 644.3

ACQUISITIONS AND DIVESTITURES (Narrative) (Details) $ in Millions		3 Months Ended		6 Months Ended
	Dec. 17, 2021 USD ($) collision_center numberOfUsedCarsStores	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) franchise dealership_location	Jun. 30, 2021 USD ($)
Business Acquisition [Line Items]
Revenues		$ 3,950.2	$ 2,584.0	$ 7,862.0	$ 4,776.9
Gain on divestitures		$ (28.7)	$ 0.0	$ 4.4	0.0
Holdback release					$ 1.0
Missouri \| Disposed of by sale
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) \| franchise				1
Number of dealership locations, sold (in dealership locations) \| dealership_location				1
Colorado \| Disposed of by sale
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) \| franchise				3
Number of dealership locations, sold (in dealership locations) \| dealership_location				3
Washington \| Disposed of by sale
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) \| franchise				2
Number of dealership locations, sold (in dealership locations) \| dealership_location				2
New Mexico \| Disposed of by sale
Business Acquisition [Line Items]
Number of franchises, sold (in franchises) \| franchise				1
Number of dealership locations, sold (in dealership locations) \| dealership_location				1
LHM
Business Acquisition [Line Items]
Number of new vehicle dealerships acquired (in dealerships) \| collision_center	54
Number of used cars stores acquired (in stores) \| numberOfUsedCarsStores	7
Number of collision centers acquired (in collision repair centers) \| collision_center	11
Aggregate purchase price	$ 3,480.0
Revenues				$ 2,820.0

ACQUISITIONS AND DIVESTITURES (Price Allocation) (Details) - USD ($) $ in Millions	Dec. 17, 2021	Jun. 30, 2022	Dec. 31, 2021
Assets
Goodwill		$ 2,230.8	$ 2,271.7
LHM
Consideration Transferred
Cash, net of cash acquired	$ 195.0
Common stock offering	666.9
Floor plan borrowings for puchase of related inventory	6.0
Preliminary purchase price, net of cash acquired	3,193.9
Assets
Cash and cash equivalents	287.4
Investments	133.5
Contracts-in-transit, net	99.5
Accounts receivable, net	110.0
Inventories, net	282.1
Other current assets	25.4
Total current assets	937.9
Property and equipment, net	792.6
Goodwill	1,642.2
Intangible franchise rights	870.0
Operating lease right-of-use assets	34.1
Deferred income taxes	136.5
Other long-term assets	5.6
Total current assets	4,418.9
Accounts payable and accrued liabilities	234.0
Operating lease liabilities	34.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	644.3
Other long-term liabilities	25.2
Total liabilities assumed	937.6
Net assets acquired	3,481.3
LHM \| Senior Notes
Consideration Transferred
Other	1,578.5
LHM \| 2021 Real Estate Facility
Consideration Transferred
Other	513.0
LHM \| New Vehicle Floor Plan Facility
Consideration Transferred
Other	183.5
LHM \| Used Vehicle Floor Plan Facility
Consideration Transferred
Other	$ 51.0

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 178.6	$ 231.4
Less—Allowance for doubtful accounts	(2.0)	(1.6)
Accounts receivable, net	176.6	229.8
Vehicle receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	47.3	73.1
Manufacturer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	38.4	44.0
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 92.9	$ 114.3

INVENTORIES (Details) - USD ($) $ in Millions	6 Months Ended
INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Components of Inventory [Line Items]
Total inventories	$ 783.2		$ 718.4
Lower of cost or market inventory reserves	8.2		7.7
Held-for-sale
Components of Inventory [Line Items]
Total inventories	5.6		24.1
New vehicles
Components of Inventory [Line Items]
Total inventories	237.5		206.5
Reduction of new vehicle inventory cost by automobile manufacturer incentives	(1.2)		(1.2)
Reduction to cost of sales	48.8	$ 31.3
Used vehicles
Components of Inventory [Line Items]
Total inventories	424.8		402.0
Parts and accessories
Components of Inventory [Line Items]
Total inventories	$ 120.9		$ 109.9

ASSETS HELD FOR SALE (Assets Held for Sale and Liabilities Associated with the Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets:
Inventory	$ 5.6	$ 24.1
Loaner vehicles	1.0	4.6
Property and equipment, net	38.8	110.8
Operating lease right-of-use assets	0.2	7.1
Goodwill	8.2	118.5
Intangible franchise rights	6.8	110.0
Total assets held for sale	60.6	375.1
Liabilities:
Floor plan notes payable—non-trade	1.1	9.1
Loaner vehicles payable	0.4	4.6
Current maturities of long-term debt	0.2	0.0
Current maturities of operating leases	0.0	2.7
Long-term debt	2.6	0.0
Operating lease liabilities	0.2	4.4
Total liabilities associated with assets held for sale	4.5	20.8
Net assets held for sale	$ 56.1	$ 354.3

ASSETS AND LIABILITIES HELD FOR SALE (Narrative) (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022 USD ($)	Mar. 31, 2022 dealership_location	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) dealership_location	Jun. 30, 2021 USD ($)	Jun. 30, 2022 franchise	Jun. 30, 2022 dealership_location	Jun. 30, 2022 property	Dec. 31, 2021 USD ($)	Dec. 31, 2021 franchise	Dec. 31, 2021 property
Long Lived Assets Held-for-sale [Line Items]
Number of dealership locations (in dealership locations) \| dealership_location							148
Assets held-for-sale	$ 56.1			$ 56.1					$ 354.3
Liabilities associated with assets held for sale	4.5			4.5					20.8
Gain on divestitures	(28.7)		$ 0.0	$ 4.4	$ 0.0
Held-for-sale
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties						2		1		8	1
Number of dealership locations acquired (in dealership locations) \| dealership_location		8		2,000,000
Assets held-for-sale	60.6			$ 60.6					375.1
Liabilities associated with assets held for sale	4.5			4.5					$ 20.8
Disposed of by sale
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties \| franchise						7
Number of dealership locations (in dealership locations) \| dealership_location							7
Disposed of by sale \| Vacant property
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties \| franchise										2
Real estate held-for-sale	$ 12.5			$ 12.5

INVESTMENTS - Carrying Amounts of Investments (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 118,000,000.0	$ 134,300,000
Gross Unrealized Gains	0	600,000
Gross Unrealized Losses	(1,900,000)	(400,000)
Fair Value	116,100,000	134,500,000
Interest receivable	700,000	600,000
Allowance for credit losses	0	0
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,800,000	11,000,000.0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	10,800,000	11,000,000.0
U.S. Treasury
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,300,000	7,500,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(200,000)	(100,000)
Fair Value	6,100,000	7,400,000
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	29,800,000	27,900,000
Gross Unrealized Gains	0	400,000
Gross Unrealized Losses	(800,000)	(100,000)
Fair Value	29,000,000.0	28,200,000
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,900,000	9,500,000
Gross Unrealized Gains	0	100,000
Gross Unrealized Losses	(700,000)	(100,000)
Fair Value	11,200,000	9,500,000
Mortgage and other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,900,000	8,800,000
Gross Unrealized Gains	0	100,000
Gross Unrealized Losses	(200,000)	(100,000)
Fair Value	4,700,000	8,800,000
Total debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	63,700,000	64,700,000
Gross Unrealized Gains	0	600,000
Gross Unrealized Losses	(1,900,000)	(400,000)
Fair Value	61,800,000	64,900,000
Common Stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	52,900,000	65,200,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	52,900,000	65,200,000
Other investments measured at net asset value
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,400,000	4,400,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 1,400,000	$ 4,400,000

INVESTMENTS - Amortized Cost and Fair Value of TCA's Investment (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Available-for-Sale, Amortized Cost
Due in 1 year or less	$ 10,800,000	$ 10,800,000
Due in 1-5 years	46,300,000	46,300,000
Due in 5-10 years	1,700,000	1,700,000
Due after 10 years	0	0
Total by maturity	58,800,000	58,800,000
Available-for-Sale, Fair Value
Due in 1 year or less	10,800,000	10,800,000
Due in 1-5 years	44,600,000	44,600,000
Due in 5-10 years	1,700,000	1,700,000
Due after 10 years	0	0
Total by maturity	57,100,000	57,100,000
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	118,000,000.0	118,000,000.0	$ 134,300,000
Fair Value	116,100,000	116,100,000	134,500,000
Debt securities, available-for-sale, realized gain		0
Debt securities, available-for-sale, realized loss	500,000
Equity securities, available-for-sale, realized gain		1,400,000
Equity securities, available-for-sale, realized loss		(1,000,000)
Mortgage and other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,900,000	4,900,000	8,800,000
Fair Value	4,700,000	4,700,000	8,800,000
Common Stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	52,900,000	52,900,000	65,200,000
Fair Value	52,900,000	52,900,000	65,200,000
Preferred Stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	0	0
Fair Value	0	0
Other investments measured at net asset value
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,400,000	1,400,000	4,400,000
Fair Value	$ 1,400,000	$ 1,400,000	$ 4,400,000

INVESTMENTS - Schedule of Gross Realized Gains and Losses (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	$ 42.5	$ 29.3
Less than 12 Months, Gross Unrealized Losses	1.9	0.4
12 Months or Longer, Fair Value	0.0	0.0
12 Months or Longer, Gross Unrealized Losses	0.0	0.0
Total Fair Value	42.5	29.3
Total Gross Unrealized Losses	1.9	0.4
U.S. Treasury
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	6.0	7.1
Less than 12 Months, Gross Unrealized Losses	0.2	0.1
12 Months or Longer, Fair Value	0.0	0.0
12 Months or Longer, Gross Unrealized Losses	0.0	0.0
Total Fair Value	6.0	7.1
Total Gross Unrealized Losses	0.2	0.1
Municipal
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	20.7	10.0
Less than 12 Months, Gross Unrealized Losses	0.8	0.1
12 Months or Longer, Fair Value	0.0	0.0
12 Months or Longer, Gross Unrealized Losses	0.0	0.0
Total Fair Value	20.7	10.0
Total Gross Unrealized Losses	0.8	0.1
Corporate
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	11.1	6.4
Less than 12 Months, Gross Unrealized Losses	0.7	0.1
12 Months or Longer, Fair Value	0.0	0.0
12 Months or Longer, Gross Unrealized Losses	0.0	0.0
Total Fair Value	11.1	6.4
Total Gross Unrealized Losses	0.7	0.1
Mortgage and other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	4.7	5.8
Less than 12 Months, Gross Unrealized Losses	0.2	0.1
12 Months or Longer, Fair Value	0.0	0.0
12 Months or Longer, Gross Unrealized Losses	0.0	0.0
Total Fair Value	4.7	5.8
Total Gross Unrealized Losses	$ 0.2	$ 0.1

FLOOR PLAN NOTES PAYABLE - Schedule of Floor Plan Notes Payable (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Floor plan notes payable—trade	$ 31.7	$ 39.3
Floor plan notes payable offset account	(4.0)	(2.0)
Floor plan notes payable—trade, net	27.7	37.3
Floor plan notes payable—non-trade	317.0	314.7
Floor plan notes payable—used non-trade	0.0	294.0
Floor plan notes payable offset account	(300.3)	(81.5)
Floor plan notes payable—non-trade, net	16.7	527.2
Floor plan notes payable—non-trade, liabilities associated with assets held for sale	$ 1.1	$ 9.1

FLOOR PLAN NOTES PAYABLE - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	May 27, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Floor plan notes payable, offsets	$ (304.3)		$ (83.5)
Amount available under revolving loan credit facility transferred to new vehicle floor plan facility		$ 389.0
Debt instrument, conversion, maximum convertible amount, amount subtracted from contractual total	$ 50.0

LONG-TERM DEBT (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance lease liability	$ 8.4	$ 8.4
Total debt outstanding	3,415.5	3,614.5
Less—debt issuance costs	(33.0)	(34.7)
Long-term debt, including current portion	3,385.1	3,582.6
Less—current portion, net of current portion of debt issuance costs	(69.6)	(62.5)
Long-term debt	3,315.5	3,520.1
Liabilities associated with assets held for sale	2.8
2021 Real Estate Facility \| Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	677.9	689.7
2021 BofA Real Estate Facility \| Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Long-term debt, gross	177.0	180.7
2018 Bank of America Facility \| Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	76.1	78.8
2018 Wells Fargo Master Loan Facility \| Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Long-term debt, gross	79.4	81.9
2013 BofA Real Estate Facility \| Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	29.8	31.1
2013 BofA Real Estate Facility \| Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Long-term debt, gross	50.7	53.2
2019 Syndicated Revolving Credit Facility \| Bank of America, N.A.
Debt Instrument [Line Items]
Long-term debt, gross	$ 0.0	169.0
Senior Notes \| 4.50% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.50%
Long-term debt, gross	$ 405.0	405.0
Add—unamortized premium	$ 0.9	1.0
Senior Notes \| 4.625% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.625%
Long-term debt, gross	$ 800.0	800.0
Senior Notes \| 4.75% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate of debt instrument	4.75%
Long-term debt, gross	$ 445.0	445.0
Add—unamortized premium	$ 1.7	1.8
Senior Notes \| 5.00% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate of debt instrument	5.00%
Long-term debt, gross	$ 600.0	600.0
Mortgage notes payable bearing interest at fixed rates
Debt Instrument [Line Items]
Long-term debt, gross	$ 66.2	$ 71.7

FINANCIAL INSTRUMENTS AND FAIR VALUE (Summary of Carrying Values and Fair Values of Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total carrying value	$ 3,376.7	$ 3,405.2
Total fair value	$ 3,025.5	3,502.0
Senior Notes \| 4.50% Senior Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.50%
Total carrying value	$ 401.9	401.6
Total fair value	$ 350.3	413.6
Senior Notes \| 4.625% Senior Notes due 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.625%
Total carrying value	$ 788.4	787.9
Total fair value	$ 658.0	815.0
Senior Notes \| 4.75% Senior Notes due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	4.75%
Total carrying value	$ 441.5	441.2
Total fair value	$ 366.0	455.0
Senior Notes \| 5.00% Senior Notes due 2032
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate of debt instrument	5.00%
Total carrying value	$ 591.0	590.9
Total fair value	487.5	621.8
Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total carrying value	1,153.9	1,183.6
Total fair value	$ 1,163.7	$ 1,196.6

FINANCIAL INSTRUMENTS AND FAIR VALUE (Narrative) (Details)	Jun. 30, 2022 USD ($) numberOfInstruments	Jan. 31, 2022 USD ($) numberOfInstruments	Dec. 31, 2021 USD ($)
Level 2 \| Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of interest rate swaps	$ (70,000,000)		$ (900,000)
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of instruments held \| numberOfInstruments	7	2
Notional amount		$ 550,000,000
Notional principal amount at maturity		$ 228,800,000
Fair value of interest rate swaps	$ 70,000,000.0		$ (900,000)
Interest rate swap, net loss amount expected to be reclassified in the next twelve months	$ (14,200,000)

FINANCIAL INSTRUMENTS AND FAIR VALUE (Interest Rate Swap Agreements) (Details) - USD ($)	Jun. 30, 2022	Jan. 31, 2022	May 31, 2021	Jul. 31, 2020	Jun. 30, 2015	Nov. 30, 2013
Interest Rate Swap, January 2022
Derivative [Line Items]
Notional Principal at Inception	$ 296,300,000	$ 300,000,000.0
Notional Principal at Maturity		228,800,000
Interest Rate Swap, January 2022
Derivative [Line Items]
Notional Principal at Inception	250,000,000.0	250,000,000.0
Notional Principal at Maturity		$ 250,000,000.0
Interest Rate Swap, May 2021
Derivative [Line Items]
Notional Principal at Inception	177,000,000.0		$ 184,400,000
Notional Principal at Maturity			$ 110,600,000
Interest Rate Swap, July 20
Derivative [Line Items]
Notional Principal at Inception	84,000,000.0			$ 93,500,000
Notional Principal at Maturity				50,600,000
Interest Rate Swap, July 20
Derivative [Line Items]
Notional Principal at Inception	76,100,000			85,500,000
Notional Principal at Maturity				$ 57,300,000
Interest Rate Swap, June 2015
Derivative [Line Items]
Notional Principal at Inception	66,700,000				$ 100,000,000.0
Notional Principal at Maturity					$ 53,100,000
Interest Rate Swap, November 2013
Derivative [Line Items]
Notional Principal at Inception	$ 43,300,000					$ 75,000,000.0
Notional Principal at Maturity						$ 38,700,000

FINANCIAL INSTRUMENTS AND FAIR VALUE (Schedule of Fair value of Interest Rate Swaps) (Details) - Interest Rate Swap - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	$ 70.0	$ (0.9)
Other current liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	(14.2)	(3.8)
Other long-term assets
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	84.2	5.5
Other long-term liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of interest rate swaps	$ 0.0	$ (2.6)

FINANCIAL INSTRUMENTS AND FAIR VALUE (Schedule of Derivative Instruments Effect on the Consolidated Income Statement, Including Accumulated Other Comprehensive Income) (Details) - Interest Rate Swap - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Results Recognized in Accumulated Other Comprehensive Income/(Loss)	$ 30.3	$ (7.3)	$ 75.7	$ (1.9)
Other interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	$ 1.7		$ 4.8
Other interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings		$ 0.9		$ 1.7

Fair Value Measures and Disclosures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Results Recognized in Accumulated Other Comprehensive Income/(Loss)	$ (2.8)	$ 0.0	$ (0.4)	$ 0.0
Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	$ (0.7)	$ 0.0	$ (0.4)	$ 0.0

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental Cash Flow Information [Abstract]
Interest payments made including amounts capitalized	$ 74.4	$ 32.8
Cash paid during the period related to floor plan interest	5.2	5.8
Income taxes paid, net	120.9	74.9
Loaner vehicles transferred from other current assets to inventory	$ 128.7	$ 112.6

SEGMENT INFORMATION (Details) $ in Millions		3 Months Ended			6 Months Ended
SEGMENT INFORMATION (Details) $ in Millions	Dec. 17, 2021 USD ($) collision_center numberOfUsedCarsStores	Jun. 30, 2022 USD ($)	Mar. 31, 2022 segment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			1		2
Business Acquisition [Line Items]
Number of reportable segments \| segment			1		2
Goodwill		$ 2,230.8			$ 2,230.8		$ 2,271.7
Revenues		3,950.2		$ 2,584.0	7,862.0	$ 4,776.9
Gross profit		802.7		497.2	1,594.7	879.9
Assets		7,638.8			7,638.8		8,002.6
Intersegment Eliminations
Business Acquisition [Line Items]
Revenues		(31.7)		0.0	(71.4)	0.0
Gross profit		(32.8)		0.0	(78.7)	0.0
Assets		(42.5)			(42.5)		(49.7)
Dealerships
Business Acquisition [Line Items]
Revenues		3,930.0		2,584.0	7,824.2	4,776.9
Gross profit		793.7		497.2	1,575.1	879.9
Assets		6,871.2			6,871.2		7,289.7
TCA
Business Acquisition [Line Items]
Revenues		51.9		0.0	109.2	0.0
Gross profit		41.8		$ 0.0	98.3	$ 0.0
Assets		$ 810.1			810.1		$ 762.6
LHM
Business Acquisition [Line Items]
Number of new vehicle dealerships acquired (in dealerships) \| collision_center	54
Number of used cars stores acquired (in stores) \| numberOfUsedCarsStores	7
Number of collision centers acquired (in collision repair centers) \| collision_center	11
Goodwill	$ 1,642.2
Revenues					$ 2,820.0
LHM Dealerships \| Dealerships
Business Acquisition [Line Items]
Goodwill	929.0
LHM Dealerships \| TCA
Business Acquisition [Line Items]
Goodwill	$ 710.3

COMMITMENTS AND CONTINGENCIES (Details) - Guarantee Obligations $ in Millions	Jun. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Amount of surety bond line maintained	$ 16.0
Reastated Credit Agreement \| Bank of America, N.A.
Loss Contingencies [Line Items]
Amount of letters of credit outstanding	$ 12.7

LONG-TERM DEBT - Narrative (Details)	Jun. 01, 2022	May 25, 2022
2021 BofA Real Estate Facility
Debt Instrument [Line Items]
Basis spread on variable rate		65.00%
2021 BofA Real Estate Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		100.00%
2018 Bank of America Facility
Debt Instrument [Line Items]
Basis spread on variable rate		50.00%
2013 BofA Real Estate Facility
Debt Instrument [Line Items]
Basis spread on variable rate		50.00%
2013 BofA Real Estate Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		100.00%
Federal Funds Rate \| 2019 Syndicated Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		50.00%
Federal Funds Rate \| 2021 BofA Real Estate Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		50.00%
Federal Funds Rate \| 2018 Bank of America Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		50.00%
Federal Funds Rate \| 2013 BofA Real Estate Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		50.00%
Base rate component, SOFR \| 2019 Syndicated Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		10.00%
Base rate component, SOFR \| 2018 Bank of America Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		10.00%
SOFR plus basis spread \| 2019 Syndicated Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		100.00%
SOFR plus basis spread \| 2019 Bank of America Revolving Credit Facility New Vehicles
Debt Instrument [Line Items]
Basis spread on variable rate		110.00%
SOFR plus basis spread \| 2019 Bank of America Revolving Credit Facility Used Vehicles
Debt Instrument [Line Items]
Basis spread on variable rate		140.00%
SOFR plus basis spread \| 2021 BofA Real Estate Facility
Debt Instrument [Line Items]
Basis spread on variable rate		165.00%
SOFR plus basis spread \| 2018 Wells Fargo Master Loan Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	150.00%
SOFR plus basis spread \| 2018 Wells Fargo Master Loan Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	185.00%
SOFR plus basis spread \| 2018 Bank of America Facility
Debt Instrument [Line Items]
Basis spread on variable rate		150.00%
SOFR plus basis spread \| 2013 BofA Real Estate Facility
Debt Instrument [Line Items]
Basis spread on variable rate	185.00%
SOFR plus basis spread \| 2013 BofA Real Estate Facility
Debt Instrument [Line Items]
Basis spread on variable rate		150.00%
SOFR \| 2019 Syndicated Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		100.00%
SOFR \| 2019 Syndicated Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		200.00%
SOFR \| 2019 Bank of America Revolving Credit Facility New Vehicles
Debt Instrument [Line Items]
Basis spread on variable rate		10.00%
SOFR \| 2019 Bank of America Revolving Credit Facility Used Vehicles
Debt Instrument [Line Items]
Basis spread on variable rate		10.00%
SOFR \| 2021 BofA Real Estate Facility
Debt Instrument [Line Items]
Basis spread on variable rate		10.00%
SOFR \| 2021 BofA Real Estate Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		10.00%
SOFR \| 2018 Wells Fargo Master Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate	10.00%
SOFR \| 2018 Bank of America Facility
Debt Instrument [Line Items]
Basis spread on variable rate		10.00%
SOFR \| 2018 Bank of America Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		100.00%
SOFR \| 2013 BofA Real Estate Facility
Debt Instrument [Line Items]
Basis spread on variable rate	10.00%
SOFR \| 2013 BofA Real Estate Facility
Debt Instrument [Line Items]
Basis spread on variable rate		10.00%
SOFR \| 2013 BofA Real Estate Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		10.00%
Base Rate \| 2019 Syndicated Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Variable Rate, Minimum		1.00
Base Rate \| 2019 Syndicated Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		15.00%
Base Rate \| 2019 Syndicated Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		100.00%
Base Rate \| 2019 Bank of America Revolving Credit Facility New Vehicles
Debt Instrument [Line Items]
Basis spread on variable rate		10.00%
Base Rate \| 2019 Bank of America Revolving Credit Facility Used Vehicles
Debt Instrument [Line Items]
Basis spread on variable rate		40.00%
Base Rate \| 2021 BofA Real Estate Facility
Debt Instrument [Line Items]
Debt Instrument, Variable Rate, Minimum		1.00
Base Rate \| 2018 Bank of America Facility
Debt Instrument [Line Items]
Debt Instrument, Variable Rate, Minimum		1.00
Base Rate \| 2013 BofA Real Estate Facility
Debt Instrument [Line Items]
Debt Instrument, Variable Rate, Minimum		1.00

FINANCIAL INSTRUMENTS AND FAIR VALUE (Schedule of Investments at Fair Value) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 1.4
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	116.1	$ 134.5
Recurring \| Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12.5	6.0
Investments, fair value	114.7	130.1
Recurring \| Total \| Total debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	61.8	64.9
Recurring \| Total \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	10.8	11.0
Recurring \| Total \| U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	6.1	7.4
Recurring \| Total \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	29.1	28.2
Recurring \| Total \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	11.1	9.5
Recurring \| Total \| Mortgage and other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	4.7	8.8
Recurring \| Total \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	52.9	65.2
Recurring \| Total \| Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12.5	6.0
Investments, fair value	61.7	75.5
Recurring \| Level 1 \| Total debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	8.8	10.3
Recurring \| Level 1 \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	2.7	2.9
Recurring \| Level 1 \| U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	6.1	7.4
Recurring \| Level 1 \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 1 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 1 \| Mortgage and other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 1 \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	52.9	65.2
Recurring \| Level 1 \| Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Investments, fair value	53.0	54.6
Recurring \| Level 2 \| Total debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	53.0	54.6
Recurring \| Level 2 \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	8.1	8.1
Recurring \| Level 2 \| U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 2 \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	29.1	28.2
Recurring \| Level 2 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	11.1	9.5
Recurring \| Level 2 \| Mortgage and other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	4.7	8.8
Recurring \| Level 2 \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 2 \| Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Investments, fair value	0.0	0.0
Recurring \| Level 3 \| Total debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 3 \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 3 \| U.S. Treasury
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 3 \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 3 \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 3 \| Mortgage and other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 3 \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Level 3 \| Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	0.0	0.0
Recurring \| Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 1.4	$ 4.4