Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 08, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Transition Report	false
Entity Central Index Key	0000350698
Entity File Number	1-13107
Entity Registrant Name	AUTONATION, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1105145
Entity Address, Address Line One	200 SW 1st Avenue
Entity Address, City or Town	Fort Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33301
Amendment Flag	false
City Area Code	954
Local Phone Number	769-6000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	AN
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		87,215,132

Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Millions

Mar. 31, 2020

Dec. 31, 2019

ASSETS

Cash and cash equivalents

$ 411.0

$ 42.0

Receivables, net

512.9

916.7

Inventory

3,677.0

3,305.8

Other current assets

147.7

146.6

Total Current Assets

4,748.6

4,411.1

PROPERTY AND EQUIPMENT, net of accumulated depreciation of $1.5 billion and $1.5 billion, respectively

3,164.9

3,174.6

OPERATING LEASE ASSETS

333.5

333.1

GOODWILL

^[1]

1,183.6

^[2]

1,501.9

OTHER INTANGIBLE ASSETS, NET

522.3

581.6

OTHER ASSETS

599.5

541.0

Total Assets

10,552.4

10,543.3

LIABILITIES AND SHAREHOLDERS’ EQUITY

Vehicle floorplan payable

3,682.5

3,575.8

Accounts payable

225.5

290.3

Commercial paper

140.0

170.0

Current maturities of long-term debt

305.6

355.6

Other current liabilities

642.2

708.5

Total Current Liabilities

4,995.8

5,100.2

LONG-TERM DEBT, NET OF CURRENT MATURITIES

2,076.4

1,578.5

NONCURRENT OPERATING LEASE LIABILITIES

306.7

305.0

Deferred Income Tax Liabilities, Net

66.5

135.1

OTHER LIABILITIES

260.1

262.4

COMMITMENTS AND CONTINGENCIES (Note 12)

SHAREHOLDERS’ EQUITY:

Preferred stock, par value $0.01 per share; 5,000,000 shares authorized; none issued

0.0

Common stock, par value $0.01 per share; 1,500,000,000 shares authorized; 102,562,149 shares issued at March 31, 2020, and December 31, 2019, including shares held in treasury

1.0

Additional paid-in capital

18.7

35.9

Retained earnings

3,455.5

3,688.3

Treasury stock, at cost; 15,352,097 and 13,212,974 shares held, respectively

(628.3)

(563.1)

Total Shareholders’ Equity

2,846.9

3,162.1

Total Liabilities and Shareholders’ Equity

10,552.4

10,543.3

Trade [Member]

LIABILITIES AND SHAREHOLDERS’ EQUITY

Vehicle floorplan payable

2,197.2

2,120.6

Non-Trade [Member]

LIABILITIES AND SHAREHOLDERS’ EQUITY

Vehicle floorplan payable

$ 1,485.3

$ 1,455.2

[1]	Net of accumulated impairment losses of $1.47 billion associated with our single reporting unit (prior to September 30, 2008, our reporting unit structure was comprised of a single reporting unit) and $140.0 million associated with our Domestic reporting unit, both of which were recorded during the year ended December 31, 2008.
[2]	Net of accumulated impairment losses of $257.4 million associated with our Premium Luxury reporting unit, $41.6 million associated with our Collision Centers reporting unit, and $19.3 million associated with our Parts Centers reporting unit, each of which were recorded during the three months ended March 31, 2020.

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Billions	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
PROPERTY AND EQUIPMENT, accumulated depreciation	$ 1.5	$ 1.5
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	5,000,000	5,000,000
Preferred stock issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	1,500,000,000	1,500,000,000
Common stock issued (in shares)	102,562,149	102,562,149
Treasury stock (in shares)	15,352,097	13,212,974

Unaudited Condensed Consolidated Income Statements - USD ($)
shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

TOTAL REVENUE

$ 4,667.0

$ 4,981.8

TOTAL COST OF SALES (excluding depreciation shown below)

3,853.8

4,132.6

TOTAL GROSS PROFIT

813.2

849.2

Selling, general, and administrative expenses

600.7

623.0

Depreciation and amortization

48.1

44.1

Goodwill impairment

318.3

0.0

Franchise rights impairment

57.5

0.0

Other (income) expense, net

7.9

(8.7)

OPERATING INCOME (LOSS)

(219.3)

190.8

Non-operating income (expense) items:

Floorplan interest expense

(25.5)

(39.0)

Other interest expense

(23.5)

(27.8)

Interest income

0.1

0.2

Other income (loss), net

(3.0)

1.9

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(271.2)

126.1

Income tax provision (benefit)

(39.0)

34.0

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

(232.2)

92.1

Loss from discontinued operations, net of income taxes

(0.1)

NET INCOME (LOSS)

$ (232.3)

$ 92.0

BASIC EARNINGS (LOSS) PER SHARE:

Continuing operations (in dollars per share)

^[1]

$ (2.58)

$ 1.02

Discontinued operations (in dollars per share)

^[1]

0

Net income (loss) (in dollars per share)

^[1]

$ (2.58)

$ 1.02

Weighted average common shares outstanding (in shares)

90.0

90.5

DILUTED EARNINGS (LOSS) PER SHARE:

Continuing operations (in dollars per share)

^[1]

$ (2.58)

$ 1.02

Discontinued operations (in dollars per share)

^[1]

0

Net income (loss) (in dollars per share)

^[1]

$ (2.58)

$ 1.01

Weighted average common shares outstanding (in shares)

90.0

90.7

COMMON SHARES OUTSTANDING, net of treasury stock, at period end (in shares)

87.2

89.2

New Vehicle [Member]

TOTAL REVENUE

$ 2,281.9

$ 2,496.7

TOTAL COST OF SALES (excluding depreciation shown below)

2,185.5

2,374.8

TOTAL GROSS PROFIT

96.4

121.9

Used Vehicle [Member]

TOTAL REVENUE

1,248.7

1,339.6

TOTAL COST OF SALES (excluding depreciation shown below)

1,157.7

1,249.1

TOTAL GROSS PROFIT

91.0

90.5

Parts and Service [Member]

TOTAL REVENUE

876.3

876.7

TOTAL COST OF SALES (excluding depreciation shown below)

487.5

477.8

TOTAL GROSS PROFIT

388.8

398.9

Finance and Insurance, Net [Member]

TOTAL REVENUE

235.8

236.5

TOTAL GROSS PROFIT

235.8

236.5

Product and Service, Other [Member]

TOTAL REVENUE

24.3

32.3

TOTAL COST OF SALES (excluding depreciation shown below)

23.1

30.9

TOTAL GROSS PROFIT

$ 1.2

$ 1.4

[1]	Earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding.

Unaudited Condensed Consolidated Statement Of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]
BALANCE at period start (in shares) at Dec. 31, 2018		102,562,149
BALANCE at period start at Dec. 31, 2018	$ 2,716.0	$ 1.0	$ 20.8	$ 3,238.3	$ (544.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	92.0			92.0
Repurchases of common stock	(33.5)				(33.5)
Stock-based compensation expense	13.7		13.7
Shares awarded under stock-based compensation plans, net of shares withheld for taxes	(2.4)		(9.8)		7.4
BALANCE at period end (in shares) at Mar. 31, 2019		102,562,149
BALANCE at period end at Mar. 31, 2019	2,785.8	$ 1.0	24.7	3,330.3	(570.2)
BALANCE at period start (in shares) at Dec. 31, 2019		102,562,149
BALANCE at period start at Dec. 31, 2019	3,162.1	$ 1.0	35.9	3,688.3	(563.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(232.3)			(232.3)
Repurchases of common stock	(80.0)				(80.0)
Stock-based compensation expense	4.5		4.5
Shares awarded under stock-based compensation plans, net of shares withheld for taxes	(6.9)		(21.7)		14.8
BALANCE at period end (in shares) at Mar. 31, 2020		102,562,149
BALANCE at period end at Mar. 31, 2020	$ 2,846.9	$ 1.0	$ 18.7	$ 3,455.5	$ (628.3)

- Definition

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

+ References + Details

Unaudited Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Net income (loss)	$ (232.3)	$ 92.0
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss from discontinued operations	0.1	0.1
Depreciation and amortization	48.1	44.1
Amortization of debt issuance costs and accretion of debt discounts	1.2	1.3
Stock-based compensation expense	4.5	13.7
Deferred income tax provision (benefit)	(68.6)	0.8
Net gain related to business/property dispositions	0.0	(8.3)
Goodwill impairment	318.3	0.0
Franchise rights impairment	57.5	0.0
Non-cash impairment charges	8.5	0.2
Other	3.6	(2.0)
(Increase) decrease, net of effects from business acquisitions and divestitures:
Receivables	403.4	193.3
Inventory	(371.3)	(141.4)
Other assets	(3.5)	33.2
Increase (decrease), net of effects from business acquisitions and divestitures:
Vehicle floorplan payable - trade, net	76.6	65.7
Accounts payable	(64.1)	(35.2)
Other liabilities	(68.3)	2.2
Net cash provided by continuing operations	113.7	259.7
Net cash provided by discontinued operations	0.0	0.0
Net cash provided by operating activities	113.7	259.7
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Purchases of property and equipment	(42.2)	(60.0)
Insurance recoveries on property and equipment	1.2	0.3
Cash received from business divestitures, net of cash relinquished	0.0	17.4
Cash used in business acquisitions, net of cash acquired	(0.4)	(4.3)
Investment in equity security	(50.0)	0.0
Other	(0.8)	(2.0)
Net cash used in continuing operations	(92.2)	(48.6)
Net cash used in discontinued operations	0.0	0.0
Net cash used in investing activities	(92.2)	(48.6)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Repurchases of common stock	(78.9)	(33.4)
Payment of 5.5% Senior Notes due 2020	(350.0)	0.0
Proceeds from revolving credit facility	790.0	0.0
Net payments of commercial paper	(30.0)	(160.0)
Payment of debt issuance costs	(6.1)	0.0
Net proceeds from (payments of) vehicle floorplan payable - non-trade	30.1	(12.5)
Payments of other debt obligations	(1.1)	(2.6)
Proceeds from the exercise of stock options	1.0	0.3
Payments of tax withholdings for stock-based awards	(7.9)	(2.7)
Net cash received from (used in) continuing operations	347.1	(210.9)
Net cash used in discontinued operations	0.0	0.0
Net cash received from (used in) financing activities	347.1	(210.9)
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	368.6	0.2
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at beginning of period	42.5	49.4
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH at end of period	$ 411.1	$ 49.6

Interim Financial Statements	3 Months Ended
Interim Financial Statements	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	INTERIM FINANCIAL STATEMENTS Business and Basis of Presentation AutoNation, Inc., through its subsidiaries, is the largest automotive retailer in the United States. As of March 31, 2020, we owned and operated 317 new vehicle franchises from 231 stores located in the United States, predominantly in major metropolitan markets in the Sunbelt region. Our stores, which we believe include some of the most recognizable and well-known in our key markets, sell 32 different new vehicle brands. The core brands of new vehicles that we sell, representing approximately 89% of the new vehicles that we sold during the three months ended March 31, 2020, are manufactured by Toyota (including Lexus), Honda, General Motors, Ford, FCA US, Mercedes-Benz, BMW, and Volkswagen (including Audi and Porsche). As of March 31, 2020, we also owned and operated 81 AutoNation-branded collision centers, 5 AutoNation USA stores, 4 automotive auction operations, and 16 parts distribution centers. We offer a diversified range of automotive products and services, including new vehicles, used vehicles, “parts and service,” which includes automotive repair and maintenance services as well as wholesale parts and collision businesses, and automotive “finance and insurance” products, which include vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources. For convenience, the terms “AutoNation,” “Company,” and “we” are used to refer collectively to AutoNation, Inc. and its subsidiaries, unless otherwise required by the context. Our dealership operations are conducted by our subsidiaries. The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of AutoNation, Inc. and its subsidiaries; intercompany accounts and transactions have been eliminated. The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Additionally, operating results for interim periods are not necessarily indicative of the results that can be expected for a full year. The Unaudited Condensed Consolidated Financial Statements herein should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included within our most recent Annual Report on Form 10-K. These Unaudited Condensed Consolidated Financial Statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state, in all material respects, our financial position and results of operations for the periods presented. 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonable. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ materially from these estimates. We periodically evaluate estimates and assumptions used in the preparation of the financial statements and make changes on a prospective basis when adjustments are necessary. Such estimates and assumptions affect, among other things, our goodwill, long-lived asset, and indefinite-lived intangible asset valuation; inventory valuation; equity investment valuation; assets held for sale; accruals for chargebacks against revenue recognized from the sale of finance and insurance products; accruals related to self-insurance programs; certain legal proceedings; assessment of the annual effective tax rate; valuation of deferred income taxes and income tax contingencies; the allowance for expected credit losses; and measurement of performance-based compensation costs.

Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue Recognition [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Disaggregation of Revenue

The significant majority of our revenue is from contracts with customers. Taxes assessed by governmental authorities that are directly imposed on revenue transactions are excluded from revenue. In the following tables, revenue is disaggregated by major lines of goods and services and timing of transfer of goods and services. We have determined that these categories depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. The tables below also include a reconciliation of the disaggregated revenue to reportable segment revenue.



	Three Months Ended March 31, 2020
	Domestic		Import		Premium Luxury		Corporate and other⁽¹⁾		Total
Major Goods/Service Lines
New vehicle	$	738.9	$	733.9	$	809.1	$	—	$	2,281.9
Used vehicle	404.6		334.5		467.3		42.3		1,248.7
Parts and service	235.6		207.5		277.4		155.8		876.3
Finance and insurance, net	83.1		84.0		63.0		5.7		235.8
Other	21.3		2.2		—		0.8		24.3
	$	1,483.5	$	1,362.1	$	1,616.8	$	204.6	$	4,667.0

Timing of Revenue Recognition
Goods and services transferred at a point in time	$	1,311.4	$	1,200.5	$	1,380.2	$	109.4	$	4,001.5
Goods and services transferred over time⁽²⁾	172.1		161.6		236.6		95.2		665.5
	$	1,483.5	$	1,362.1	$	1,616.8	$	204.6	$	4,667.0



	Three Months Ended March 31, 2019
	Domestic		Import		Premium Luxury		Corporate and other⁽¹⁾		Total
Major Goods/Service Lines
New vehicle	$	781.0	$	820.2	$	895.5	$	—	$	2,496.7
Used vehicle	443.4		369.5		496.7		30.0		1,339.6
Parts and service	236.3		220.2		278.2		142.0		876.7
Finance and insurance, net	80.4		84.5		61.6		10.0		236.5
Other	27.7		1.7		2.1		0.8		32.3
	$	1,568.8	$	1,496.1	$	1,734.1	$	182.8	$	4,981.8

Timing of Revenue Recognition
Goods and services transferred at a point in time	$	1,398.1	$	1,324.8	$	1,497.2	$	92.7	$	4,312.8
Goods and services transferred over time⁽²⁾	170.7		171.3		236.9		90.1		669.0
	$	1,568.8	$	1,496.1	$	1,734.1	$	182.8	$	4,981.8

⁽¹⁾ “Corporate and other” is comprised of our other businesses, including collision centers, auction operations, AutoNation USA stand-alone used vehicle sales and service centers, and parts distribution centers.
⁽²⁾ Represents revenue recognized during the period for automotive repair and maintenance services.

Transaction Price Allocated to Remaining Performance Obligations

We sell a vehicle maintenance program (the AutoNation Vehicle Care Program or “VCP”) under which a customer purchases a specific number of maintenance services to be redeemed at an AutoNation location over a five-year term from the

date of purchase. We satisfy our performance obligations related to this program and recognize revenue as the maintenance services are rendered, since the customer benefits when we have completed the maintenance service. The following table includes estimated revenue expected to be recognized in the future related to VCP performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period:



	Revenue Expected to Be Recognized by Period
	Total		Less Than 1 Year		1 - 3 Years		3 - 5 Years
Revenue expected to be recognized on VCP contracts sold as of period end	$	89.4	$	29.6	$	44.5	$	15.3

As a practical expedient, since automotive repair and maintenance services are performed within one year or less, we do not disclose estimated revenue expected to be recognized in the future for automotive repair and maintenance performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period or when we expect to recognize such revenue.

Contract Assets and Liabilities

When the timing of our provision of goods or services is different from the timing of payments made by our customers, we recognize either a contract asset (performance precedes contractual due date) or a contract liability (customer payment precedes performance). Contract assets primarily relate to our right to consideration for work in process not yet billed at the reporting date associated with automotive repair and maintenance services, as well as our estimate of variable consideration that has been included in the transaction price for certain finance and insurance products (retrospective commissions). These contract assets are reclassified to receivables when the right to consideration becomes unconditional. Contract liabilities primarily relate to upfront payments received from customers for the sale of VCP maintenance contracts. Performance obligations are satisfied, and revenue is recognized, for VCP maintenance contracts as each underlying service of the multi-year contract is completed during the contract term.

Our receivables from contracts with customers are included in Receivables, net, our current contract asset is included in Other Current Assets, our long-term contract asset is included in Other Assets, our current contract liability is included in Other Current Liabilities, and our long-term contract liability is included in Other Long-Term Liabilities in our Consolidated Balance Sheets.

The following table provides the balances of our receivables from contracts with customers and our current and long-term contract assets and contract liabilities:



	March 31, 2020		December 31, 2019
Receivables from contracts with customers, net	$	324.5	$	662.0
Contract Asset (Current)	$	21.7	$	26.7
Contract Asset (Long-Term)	$	7.2	$	7.0
Contract Liability (Current)	$	32.8	$	32.6
Contract Liability (Long-Term)	$	57.3	$	57.7

The change in the balances of our contract assets and contract liabilities primarily result from the timing differences between our performance and the customer’s payment, as well as changes in the estimated transaction price related to variable consideration that was constrained for performance obligations satisfied in previous periods. The following table presents revenue recognized during the period from amounts included in the contract liability balance at the beginning of the period and performance obligations satisfied in previous periods:



	Three Months Ended March 31,
	2020		2019
Amounts included in contract liability at the beginning of the period	$	8.5	$	13.0
Performance obligations satisfied in previous periods	$	—	$	4.6

Other significant changes include contract assets reclassified to receivables of $14.5 million for the three months ended March 31, 2020, and $24.4 million for the three months ended March 31, 2019.

Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS (LOSS) PER SHARE

Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are to be included in the computation of earnings (loss) per share under the two-class method. Our restricted stock awards are considered participating securities because they contain non-forfeitable rights to dividends. As the number of shares granted under such awards that have not yet vested is immaterial, all earnings (loss) per share amounts reflect such shares as if they were fully vested shares and the disclosures associated with the two-class method are not presented. Restricted stock unit (“RSU”) awards are not considered participating securities as they do not contain non-forfeitable rights to dividends.

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including outstanding unvested restricted stock awards and vested RSU awards. Diluted earnings per share is computed by dividing net income by the weighted average number of shares outstanding, noted above, adjusted for the dilutive effect of stock options and unvested RSU awards. For the three months ended March 31, 2020, stock options and unvested RSU awards were not included in the computation of diluted loss per share because we reported a net loss from continuing operations for this period, and the effect of their inclusion would be anti-dilutive.

The following table presents the calculation of basic and diluted earnings (loss) per share:



	Three Months Ended
	March 31,
	2020			2019
Net income (loss) from continuing operations	$	(232.2	)	$	92.1
Loss from discontinued operations, net of income taxes	(0.1		)	(0.1		)
Net income (loss)	$	(232.3	)	$	92.0

Basic weighted average common shares outstanding	90.0			90.5
Dilutive effect of stock options and unvested RSUs	—			0.2
Diluted weighted average common shares outstanding	90.0			90.7

Basic earnings (loss) per share amounts⁽¹⁾:
Continuing operations	$	(2.58	)	$	1.02
Discontinued operations	$	—		$	—
Net income (loss)	$	(2.58	)	$	1.02

Diluted earnings (loss) per share amounts⁽¹⁾:
Continuing operations	$	(2.58	)	$	1.02
Discontinued operations	$	—		$	—
Net income (loss)	$	(2.58	)	$	1.01

⁽¹⁾ Earnings (loss) per share amounts are calculated discretely and therefore may not add up to the total due to rounding.

A summary of anti-dilutive equity instruments excluded from the computation of diluted earnings (loss) per share is as follows:



	Three Months Ended
	March 31,
	2020	2019
Anti-dilutive equity instruments excluded from the computation of diluted earnings (loss) per share	3.0	2.8

Receivables, Net

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Receivables, Net

RECEIVABLES, NET

The components of receivables, net of allowances for credit losses, are as follows:



	March 31, 2020			December 31, 2019
Contracts-in-transit and vehicle receivables	$	189.0		$	506.0
Trade receivables	117.0			136.4
Manufacturer receivables	172.3			234.5
Income taxes receivable (see Note 8)	—			1.5
Other	35.3			38.8
	513.6			917.2
Less: allowances for credit losses	(0.7		)	(0.5		)
Receivables, net	$	512.9		$	916.7

Trade receivables represent amounts due for parts and services that have been delivered or sold, excluding amounts due from manufacturers, as well as receivables from finance organizations for commissions on the sale of finance and insurance products. Manufacturer receivables represent amounts due from manufacturers for holdbacks, rebates, incentives, floorplan assistance, and warranty claims. Contracts-in-transit and vehicle receivables primarily represent receivables from financial institutions for the portion of the vehicle sales price financed by our customers. We evaluate our receivables for collectability based on past collection experience, current information, and reasonable and supportable forecasts.

Inventory And Vehicle Floorplan Payable

3 Months Ended

Mar. 31, 2020

Inventory And Vehicle Floorplan Payable [Abstract]

Inventory And Vehicle Floorplan Payable

INVENTORY AND VEHICLE FLOORPLAN PAYABLE

The components of inventory are as follows:



	March 31, 2020		December 31, 2019
New vehicles	$	2,840.9	$	2,490.8
Used vehicles	600.2		570.0
Parts, accessories, and other	235.9		245.0
Inventory	$	3,677.0	$	3,305.8

The components of vehicle floorplan payable are as follows:



	March 31, 2020		December 31, 2019
Vehicle floorplan payable - trade	$	2,197.2	$	2,120.6
Vehicle floorplan payable - non-trade	1,485.3		1,455.2
Vehicle floorplan payable	$	3,682.5	$	3,575.8

Vehicle floorplan payable-trade reflects amounts borrowed to finance the purchase of specific new and, to a lesser extent, used vehicle inventories with the corresponding manufacturers’ captive finance subsidiaries (“trade lenders”). Vehicle floorplan payable-non-trade represents amounts borrowed to finance the purchase of specific new and, to a lesser extent, used vehicle inventories with non-trade lenders, as well as amounts borrowed under our secured used vehicle floorplan facilities. Changes in vehicle floorplan payable-trade are reported as operating cash flows and changes in vehicle floorplan payable-non-trade are reported as financing cash flows in the accompanying Unaudited Condensed Consolidated Statements of Cash Flows.

Our inventory costs are generally reduced by manufacturer holdbacks, incentives, floorplan assistance, and non-reimbursement-based manufacturer advertising rebates, while the related vehicle floorplan payables are reflective of the gross cost of the vehicle. The vehicle floorplan payables, as shown in the above table, will generally also be higher than the inventory cost due to the timing of the sale of a vehicle and payment of the related liability.

Vehicle floorplan facilities are due on demand, but in the case of new vehicle inventories, are generally paid within several business days after the related vehicles are sold. Vehicle floorplan facilities are primarily collateralized by vehicle inventories and related receivables.

Our new vehicle floorplan facilities utilize LIBOR-based interest rates, which averaged 2.8% for the three months ended March 31, 2020, and 4.0% for the three months ended March 31, 2019. At March 31, 2020, the aggregate capacity under our new vehicle floorplan facilities to finance our new vehicle inventory was approximately $4.7 billion, of which $3.3 billion had been borrowed.

Our used vehicle floorplan facilities utilize LIBOR-based interest rates, which averaged 3.1% for the three months ended March 31, 2020, and 3.9% for the three months ended March 31, 2019. At March 31, 2020, the aggregate capacity under our used vehicle floorplan facilities with various lenders to finance a portion of our used vehicle inventory was $482.0 million, of which $383.7 million had been borrowed. The remaining borrowing capacity of $98.3 million was limited to $0.6 million based on the eligible used vehicle inventory that could have been pledged as collateral.

Goodwill And Intangible Assets, Net

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Intangible Assets, Net

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill and intangible assets, net, consist of the following:



	March 31, 2020			December 31, 2019
Goodwill	$	1,183.6		$	1,501.9

Franchise rights - indefinite-lived	$	509.0		$	566.5
Other intangibles	21.2			23.4
	530.2			589.9
Less: accumulated amortization	(7.9		)	(8.3		)
Other intangible assets, net	$	522.3		$	581.6

Goodwill for our reporting units and our franchise rights are tested for impairment annually as of April 30 or more frequently when events or changes in circumstances indicate that impairment may have occurred.

On March 11, 2020, the World Health Organization declared the current novel coronavirus disease 2019 (“COVID-19”) outbreak to be a global pandemic. As a result of the impacts of the COVID-19 pandemic, we had significant declines in new and used vehicle unit sales during the last two weeks of March 2020, and our parts and service business was operating below full capacity. In addition, our stock price, along with the U.S. stock market in general, was adversely impacted by the COVID-19 pandemic. As a result, our market capitalization as of March 31, 2020, decreased significantly compared to our market capitalization as of the date of our last annual impairment test.

In light of the uncertainty surrounding the COVID-19 pandemic and the decrease in our market capitalization as of March 31, 2020, we concluded that a triggering event had occurred potentially indicating that the fair values of our reporting units were less than their carrying values as of March 31, 2020. Therefore, we performed quantitative goodwill impairment tests for each of our reporting units as of March 31, 2020. As a result of these impairment tests, during the three months ended March 31, 2020, we recorded non-cash goodwill impairment charges totaling $318.3 million, of which $257.4 million related to our Premium Luxury reporting unit, $41.6 million related to our Collision Centers reporting unit, and $19.3 million related to our Parts Center reporting unit. The non-cash impairment charges are reflected as Goodwill Impairment in the accompanying Unaudited Condensed Consolidated Statements of Operations. See Note 11 of the Notes to Unaudited Condensed Consolidated Financial Statements for information about our quantitative goodwill impairment test.

Goodwill allocated to our reporting units and changes in the carrying amount of goodwill for the three months ended March 31, 2020, were as follows:



	Domestic		Import			Premium Luxury			Collision Centers			Parts Centers			Consolidated
Goodwill at January 1, 2020 ⁽¹⁾	$	227.3	$	498.9		$	714.9		$	41.7		$	19.1		$	1,501.9
Acquisitions, dispositions, and other adjustments, net ⁽²⁾	—		(0.1		)	—			(0.1		)	0.2			—
Impairment	—		—			(257.4		)	(41.6		)	(19.3		)	(318.3		)
Goodwill at March 31, 2020 ⁽¹⁾⁽³⁾	$	227.3	$	498.8		$	457.5		$	—		$	—		$	1,183.6


⁽¹⁾	Net of accumulated impairment losses of $1.47 billion associated with our single reporting unit (prior to September 30, 2008, our reporting unit structure was comprised of a single reporting unit) and $140.0 million associated with our Domestic reporting unit, both of which were recorded during the year ended December 31, 2008.


⁽²⁾	Includes amounts reclassified to held for sale and related adjustments, which are presented in Other Current Assets in our Consolidated Balance Sheet as of period end.


⁽³⁾	Net of accumulated impairment losses of $257.4 million associated with our Premium Luxury reporting unit, $41.6 million associated with our Collision Centers reporting unit, and $19.3 million associated with our Parts Centers reporting unit, each of which were recorded during the three months ended March 31, 2020.

We also concluded that, as a result of the impacts from the COVID-19 pandemic, a triggering event had occurred that indicated the fair values of our franchise rights may have been less than their carrying values as of March 31, 2020. We performed quantitative impairment tests as of March 31, 2020, and as a result, we identified eight stores with franchise rights carrying values that exceeded their fair values, and we recorded non-cash franchise rights impairment charges of $57.5 million. The non-cash impairment charges are reflected as Franchise Rights Impairment in the accompanying Unaudited Condensed Consolidated Statements of Operations. See Note 11 of the Notes to Unaudited Condensed Consolidated Financial Statements for information about our quantitative franchise rights impairment test.

We are scheduled to perform our annual goodwill and franchise rights impairment tests as of April 30, 2020, during the second quarter of 2020.

Long-Term Debt and Commercial Paper

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt and Commercial Paper

LONG-TERM DEBT AND COMMERCIAL PAPER

Long-term debt consists of the following:



Debt Description	Maturity Date	Interest Payable	March 31, 2020			December 31, 2019
5.5% Senior Notes	February 1, 2020	February 1 and August 1	$	—		$	350.0
3.35% Senior Notes	January 15, 2021	January 15 and July 15	300.0			300.0
3.5% Senior Notes	November 15, 2024	May 15 and November 15	450.0			450.0
4.5% Senior Notes	October 1, 2025	April 1 and October 1	450.0			450.0
3.8% Senior Notes	November 15, 2027	May 15 and November 15	300.0			300.0
Revolving credit facility	March 26, 2025	Monthly	790.0			—
Finance leases and other debt	Various dates through 2039	Monthly	101.2			93.9
			2,391.2			1,943.9
Less: unamortized debt discounts and debt issuance costs			(9.2		)	(9.8		)
Less: current maturities			(305.6		)	(355.6		)
Long-term debt, net of current maturities			$	2,076.4		$	1,578.5

Debt Refinancing Transaction

On March 26, 2020, we amended and restated our existing unsecured credit agreement to, among other things, (1) provide for lower commitment fees and loan margins as set forth in the amended and restated credit agreement, (2) extend the maturity date to March 26, 2025, and (3) provide for customary LIBOR replacement provisions.

Senior Unsecured Notes and Credit Agreement

In February 2020, we repaid the outstanding $350.0 million of 5.5% Senior Notes due 2020. Our 3.35% Senior Notes due 2021 will mature on January 15, 2021, and were therefore reclassified to current maturities during the first quarter of 2020.

The interest rates payable on the 3.35% Senior Notes, 3.5% Senior Notes, 4.5% Senior Notes, and 3.8% Senior Notes are subject to adjustment upon the occurrence of certain credit rating events as provided in the indentures for these senior unsecured notes.

Under our amended and restated credit agreement, we have a $1.8 billion revolving credit facility that matures on March 26, 2025. The credit agreement also contains an accordion feature that allows us, subject to credit availability and certain other conditions, to increase the amount of the revolving credit facility, together with any added term loans, by up to $500.0 million in the aggregate. As of March 31, 2020, we had $790.0 million in borrowings outstanding under our revolving credit facility. We have a $200.0 million letter of credit sublimit as part of our revolving credit facility. The amount available to be borrowed under the revolving credit facility is reduced on a dollar-for-dollar basis by the cumulative amount of any outstanding letters of credit, which was $39.7 million at March 31, 2020, leaving a borrowing capacity under the revolving credit facility of $970.3 million at March 31, 2020. As of March 31, 2020, this borrowing capacity was limited under the applicable maximum consolidated leverage ratio contained in our credit agreement to $822.4 million.

Our revolving credit facility under the amended credit agreement provides for a commitment fee on undrawn amounts ranging from 0.125% to 0.20% and interest on borrowings at LIBOR or the base rate, in each case plus an applicable margin. The applicable margin ranges from 1.125% to 1.50% for LIBOR borrowings and 0.125% to 0.50% for base rate borrowings. The interest rate charged for our revolving credit facility is affected by our leverage ratio. For instance, an increase in our leverage ratio from greater than or equal to 2.0x but less than 3.25x to greater than or equal to 3.25x would result in a 12.5 basis point increase in the applicable margin.

Within the meaning of Regulation S-X, Rule 3-10, AutoNation, Inc. (the parent company) has no independent assets or operations. If the guarantees of our subsidiaries were to be issued under the our existing registration statement, we expect that such guarantees would be full and unconditional and joint and several, and any subsidiaries other than the guarantor subsidiaries would be minor.

Other Long-Term Debt

At March 31, 2020, we had finance leases and other debt obligations of $101.2 million, which are due at various dates through 2039.

Commercial Paper

We have a commercial paper program pursuant to which we may issue short-term, unsecured commercial paper notes on a private placement basis up to a maximum aggregate amount outstanding at any time of $1.0 billion. The interest rate for the commercial paper notes varies based on duration and market conditions. The maturities of the commercial paper notes may vary, but may not exceed 397 days from the date of issuance. Proceeds from the issuance of commercial paper notes are used to repay borrowings under the revolving credit facility, to finance acquisitions and for working capital, capital expenditures, share repurchases, and/or other general corporate purposes. We plan to use the revolving credit facility under our credit agreement as a liquidity backstop for borrowings under the commercial paper program. A downgrade in our credit ratings could negatively impact our ability to issue, or the interest rates for, commercial paper notes.

At March 31, 2020, we had $140.0 million of commercial paper notes outstanding with a weighted-average annual interest rate of 3.30% and a weighted-average remaining term of 1 day. At December 31, 2019, we had $170.0 million of commercial paper notes outstanding with a weighted-average annual interest rate of 2.13% and a weighted-average remaining term of 12 days.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income taxes payable included in Other Current Liabilities totaled $27.3 million at March 31, 2020. Income taxes receivable included in Receivables, net totaled $1.5 million at December 31, 2019. We file income tax returns in the U.S. federal jurisdiction and various states. As a matter of course, various taxing authorities, including the IRS, regularly audit us. Currently, no tax years are under examination by the IRS, and tax years from 2014 to 2017 are under examination by certain U.S. state jurisdictions. These audits may result in proposed assessments where the ultimate resolution may result in our owing additional taxes. It is our policy to account for interest and penalties associated with income tax obligations as a component of Income Tax Provision (Benefit) in the accompanying Unaudited Condensed Consolidated Statements of Operations.

Shareholders' Equity

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

A summary of shares repurchased under our stock repurchase program authorized by our Board of Directors follows:



	Three Months Ended
	March 31,
	2020		2019
Shares repurchased	2.5		1.0
Aggregate purchase price	$	80.0	$	33.5
Average purchase price per share	$	31.95	$	34.34

As of March 31, 2020, $139.0 million remained available for share repurchases under the program.

A summary of shares of common stock issued in connection with the exercise of stock options follows:



	Three Months Ended
	March 31,
	2020		2019
Shares issued (in actual number of shares)	55,000		11,227
Proceeds from the exercise of stock options	$	1.0	$	0.3
Average exercise price per share	$	18.12	$	25.93

The following table presents a summary of shares of common stock issued in connection with the settlement of RSUs, as well as shares surrendered to AutoNation to satisfy tax withholding obligations in connection with the vesting of restricted stock and settlement of RSUs:



	Three Months Ended
	March 31,
	2020	2019
Shares issued	0.5	0.2
Shares surrendered to AutoNation to satisfy tax withholding obligations	0.2	0.1

Cash Flow Information

3 Months Ended

Mar. 31, 2020

Supplemental Cash Flow Information [Abstract]

Cash Flow Information

CASH FLOW INFORMATION

Cash, Cash Equivalents, and Restricted Cash

The total amounts presented on our statements of cash flows include cash, cash equivalents, and restricted cash. The following table provides a reconciliation of cash and cash equivalents reported on our Unaudited Condensed Consolidated Balance Sheets to the total amounts reported on our Unaudited Condensed Consolidated Statements of Cash Flows:



	March 31, 2020		December 31, 2019
Cash and cash equivalents	$	411.0	$	42.0
Restricted cash included in Current Assets	0.1		0.5
Total cash, cash equivalents, and restricted cash	$	411.1	$	42.5

Non-Cash Investing and Financing Activities

We had accrued purchases of property and equipment of $17.2 million at March 31, 2020, and $21.7 million at March 31, 2019. We had non-cash investing and financing activities related to increases in property and equipment acquired under financing arrangements of $0.4 million during the three months ended March 31, 2020, and $0.7 million during the three months ended March 31, 2019.



	Three Months Ended March 31,
	2020		2019
Supplemental noncash information on adjustments to right-of-use assets including right-of-use assets obtained in exchange for new:
Operating lease liabilities	$	11.3	$	9.6
Finance lease liabilities	$	15.7	$	11.9

Interest and Income Taxes Paid

We made interest payments, net of amounts capitalized and including interest on vehicle inventory financing, of $47.6 million during the three months ended March 31, 2020, and $60.7 million during the three months ended March 31, 2019. We made income tax payments, net of income tax refunds, of $0.5 million during the three months ended March 31, 2020, and $1.2 million during the three months ended March 31, 2019.

Financial Instruments And Fair Value Measurements

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The fair value of a financial instrument represents the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of judgment, and therefore cannot be determined with precision.

Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and also establishes the following three levels of inputs that may be used to measure fair value:



Level 1	Quoted prices in active markets for identical assets or liabilities

Level 2	Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted market prices in markets that are not active; or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

Level 3	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities

The following methods and assumptions were used by us in estimating fair value disclosures for financial instruments:

•

Cash and cash equivalents, receivables, other current assets, vehicle floorplan payable, accounts payable, other current liabilities, commercial paper, and variable rate debt: The amounts reported in the accompanying Unaudited Condensed Consolidated Balance Sheets approximate fair value due to their short-term nature or the existence of variable interest rates that approximate prevailing market rates.

•

Investments in Securities: Our investments in securities consist of equity securities that do not have readily determinable fair values. We elected to measure these investments using a measurement alternative as permitted by accounting standards and recorded the equity interests at cost to be subsequently adjusted for observable price changes. As of March 31, 2020, the carrying amount of our investments totaled $125.7 million. The equity interests are reported in Other Assets in the accompanying Unaudited Condensed Consolidated Balance Sheets. We have not recorded any impairments or downward adjustments to the carrying amounts of our investments in securities subsequent to our initial investments. We did not record any upward adjustments to the carrying amounts of our investments during the three months ended March 31, 2020. The cumulative amount of upward adjustments we have recognized related to our investments in securities is $25.7 million.


•	Fixed rate long-term debt: Our fixed rate long-term debt primarily consists of amounts outstanding under our senior unsecured notes. We estimate the fair value of our senior unsecured notes using quoted prices for the identical liability (Level 1). A summary of the aggregate carrying values and fair values of our fixed rate long-term debt is as follows:



	March 31, 2020		December 31, 2019
Carrying value	$	1,592.0	$	1,934.1
Fair value	$	1,527.4	$	2,001.8

Nonfinancial assets such as goodwill, other intangible assets, long-lived assets held and used, and right-of-use assets are measured at fair value when there is an indicator of impairment and recorded at fair value only when impairment is recognized or for a business combination. The fair values less costs to sell of long-lived assets held for sale are assessed each reporting period they remain classified as held for sale. Subsequent changes in the held for sale long-lived asset’s fair value less cost to sell (increase or decrease) is reported as an adjustment to its carrying amount, except that the adjusted carrying amount cannot exceed the carrying amount of the long-lived asset at the time it was initially classified as held for sale.

The following table presents nonfinancial assets measured and recorded at fair value on a nonrecurring basis during the three months ended March 31, 2020 and 2019:



	2020					2019
Description	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)		Gain/(Loss)			Fair Value Measurements Using Significant Unobservable Inputs (Level 3)		Gain/(Loss)
Goodwill	$	457.5	$	(318.3	)	$	—	$	—
Franchise rights and other	$	26.2	$	(59.9	)	$	—	$	—
Right-of-use assets	$	1.4	$	(0.4	)	$	0.1	$	(0.2	)
Long-lived assets held and used	$	1.8	$	(5.7	)	$	—	$	—

Goodwill and Other Intangible Assets

Goodwill for our reporting units is tested for impairment annually as of April 30 or more frequently when events or changes in circumstances indicate that the carrying value of a reporting unit more likely than not exceeds its fair value. In light of the uncertainty surrounding the COVID-19 pandemic and the decrease in our market capitalization as of March 31, 2020, we concluded that a triggering event had occurred potentially indicating that the fair values of our reporting units were less than their carrying values as of March 31, 2020. Therefore, we performed quantitative goodwill impairment tests for each of our

reporting units as of March 31, 2020. As a result of these impairment tests, during the three months ended March 31, 2020, we recorded non-cash goodwill impairment charges totaling $318.3 million, of which $257.4 million related to our Premium Luxury reporting unit, $41.6 million related to our Collision Centers reporting unit, and $19.3 million related to our Parts Center reporting unit. The non-cash impairment charges are reflected as Goodwill Impairment in the accompanying Unaudited Condensed Consolidated Statements of Operations and are reported in the “Corporate and other” category of our segment information.

The quantitative goodwill impairment test requires a determination of whether the fair value of a reporting unit is less than its carrying value. We estimate the fair value of our reporting units using an “income” valuation approach, which discounts projected free cash flows of the reporting unit at a computed weighted average cost of capital as the discount rate. The income valuation approach requires the use of significant estimates and assumptions, which include revenue growth rates and future operating margins used to calculate projected future cash flows, weighted average costs of capital, and future economic and market conditions. In connection with this process, we also reconcile the estimated aggregate fair values of our reporting units to our market capitalization, including consideration of a control premium, based upon our stock price and/or average stock price over a reasonable period as of the measurement date. We base our cash flow forecasts on our knowledge of the automotive industry, our recent performance, our expectations of our future performance, and other assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from those estimates. We also make certain judgments and assumptions in allocating shared assets and liabilities to determine the carrying values for each of our reporting units.

Our principal identifiable intangible assets are individual store rights under franchise agreements with vehicle manufacturers, which have indefinite lives and are tested for impairment annually as of April 30 or more frequently when events or changes in circumstances indicate that impairment may have occurred. We also concluded that, as a result of the impacts from the COVID-19 pandemic, a triggering event had occurred that indicated the fair values of our franchise rights may have been less than their carrying values as of March 31, 2020. Therefore, we performed quantitative franchise rights impairment tests as of March 31, 2020. The quantitative impairment test for franchise rights requires the comparison of the franchise rights’ estimated fair value to carrying value by store. Fair values of rights under franchise agreements are estimated using Level 3 inputs by discounting expected future cash flows of the store. The forecasted cash flows contain inherent uncertainties, including significant estimates and assumptions related to growth rates, margins, working capital requirements, capital expenditures, and cost of capital, for which we utilize certain market participant-based assumptions, using third-party industry projections, economic projections, and other marketplace data we believe to be reasonable.

As a result of the quantitative impairment tests, we identified eight stores with franchise rights carrying values that exceeded their fair values, and we recorded non-cash franchise rights impairment charges of $57.5 million. The non-cash impairment charges are reflected as Franchise Rights Impairment in the accompanying Unaudited Condensed Consolidated Statements of Operations and are reported in the “Corporate and other” category of our segment information. We also recorded non-cash impairment charges of $2.4 million to reduce the carrying value of certain finite-lived intangible assets to fair value during the three months ended March 31, 2020, which are included in Other Income (Expense), Net in our Unaudited Condensed Consolidated Statements of Operations and are reported in the “Corporate and other” category of our segment information.

We are scheduled to complete our annual goodwill and franchise rights impairment tests as of April 30, 2020, during the second quarter of 2020.

Long-Lived Assets and Right-of-Use Assets

Fair value measurements for our long-lived assets and right-of-use assets are based on Level 3 inputs. Changes in fair value measurements are reviewed and assessed each quarter for properties classified as held for sale, or when an indicator of impairment exists for properties classified as held and used or for right-of-use assets. The valuation process is generally based on a combination of the market and replacement cost approaches.

In a market approach, we use transaction prices for comparable properties that have recently been sold. These transaction prices are adjusted for factors related to a specific property. We evaluate changes in local real estate markets, and/or recent market interest or negotiations related to a specific property. In a replacement cost approach, the cost to replace a specific long-lived asset is considered, which is adjusted for depreciation from physical deterioration, as well as functional and economic obsolescence, if present and measurable.

To validate the fair values determined under the valuation process noted above, we also obtain independent third-party appraisals for our properties and/or third-party brokers’ opinions of value, which are generally developed using the same valuation approaches described above, and we evaluate any recent negotiations or discussions with third-party real estate brokers related to a specific long-lived asset or market.

During the three months ended March 31, 2020, we recorded non-cash impairment charges of $5.7 million related to our long-lived assets held and used in continuing operations and $0.4 million related to our right-of-use assets. During the three months ended March 31, 2019, we recorded non-cash impairment charges of $0.2 million related to our right-of-use assets. The non-cash impairment charges are included in Other Income (Expense), Net in our Unaudited Condensed Consolidated Statements of Operations and are reported in the “Corporate and other” category of our segment information.

We had assets held for sale in continuing operations of $36.7 million as of March 31, 2020, and $40.6 million as of December 31, 2019, primarily related to property held for sale, as well as inventory, goodwill, and property of a disposal group held for sale. We had assets held for sale in discontinued operations of $8.0 million as of March 31, 2020, and $8.0 million as of December 31, 2019, primarily related to property held for sale. Assets held for sale are included in Other Current Assets in our Unaudited Condensed Consolidated Balance Sheets.

Quantitative Information about Level 3 Fair Value Measurements



	Fair Value at March 31, 2020		Valuation Technique	Unobservable Input	Range (Average)
Franchise rights	$	24.6	Discounted cash flow	Weighted average cost of capital	7.7% - 8.6% (8.4%)
				Discount rate	11.1% - 14.3% (12.1%)
				Long-term revenue growth rate	2.0%
				Long-term pretax income margin	0.6% - 2.8% (1.4%)
				Contributory asset charges	4.2% - 12.1% (6.2%)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments And Contingencies	3 Months Ended
Commitments And Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	COMMITMENTS AND CONTINGENCIES Legal Proceedings We are involved, and will continue to be involved, in numerous legal proceedings arising out of the conduct of our business, including litigation with customers, wage and hour and other employment-related lawsuits, and actions brought by governmental authorities. Some of these lawsuits purport or may be determined to be class or collective actions and seek substantial damages or injunctive relief, or both, and some may remain unresolved for several years. We establish accruals for specific legal proceedings when it is considered probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Our accruals for loss contingencies are reviewed quarterly and adjusted as additional information becomes available. We disclose the amount accrued if material or if such disclosure is necessary for our financial statements to not be misleading. If a loss is not both probable and reasonably estimable, or if an exposure to loss exists in excess of the amount accrued, we assess whether there is at least a reasonable possibility that a loss, or additional loss, may have been incurred. If there is a reasonable possibility that a loss, or additional loss, may have been incurred, we disclose the estimate of the possible loss or range of loss if it is material or a statement that such an estimate cannot be made. Our evaluation of whether a loss is reasonably possible or probable is based on our assessment and consultation with legal counsel regarding the ultimate outcome of the matter. As of March 31, 2020 and 2019, we have accrued for the potential impact of loss contingencies that are probable and reasonably estimable, and there was no indication of a reasonable possibility that a material loss, or additional material loss, may have been incurred. We do not believe that the ultimate resolution of these matters will have a material adverse effect on our results of operations, financial condition, or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material adverse effect on our results of operations, financial condition, or cash flows. Other Matters AutoNation, acting through its subsidiaries, is the lessee under many real estate leases that provide for the use by our subsidiaries of their respective store premises. Pursuant to these leases, our subsidiaries generally agree to indemnify the lessor and other related parties from certain liabilities arising as a result of the use of the leased premises, including environmental liabilities, or a breach of the lease by the lessee. Additionally, from time to time, we enter into agreements with third parties in connection with the sale of assets or businesses in which we agree to indemnify the purchaser or related parties from certain liabilities or costs arising in connection with the assets or business. Also, in the ordinary course of business in connection with purchases or sales of goods and services, we enter into agreements that may contain indemnification provisions. In the event that an indemnification claim is asserted, our liability would be limited by the terms of the applicable agreement. From time to time, primarily in connection with dispositions of automotive stores, our subsidiaries assign or sublet to the store purchaser the subsidiaries’ interests in any real property leases associated with such stores. In general, our subsidiaries retain responsibility for the performance of certain obligations under such leases to the extent that the assignee or sublessee does not perform, whether such performance is required prior to or following the assignment or subletting of the lease. Additionally, AutoNation and its subsidiaries generally remain subject to the terms of any guarantees made by us and our subsidiaries in connection with such leases. Although we generally have indemnification rights against the assignee or sublessee in the event of non-performance under these leases, as well as certain defenses, we estimate that lessee rental payment obligations during the remaining terms of these leases with expirations ranging from 2022 to 2034 are approximately $13 million at March 31, 2020. We do not have any material known commitments that we or our subsidiaries will be called on to perform under any such assigned leases or subleases at March 31, 2020. There can be no assurance that any performance by AutoNation or its subsidiaries required under these leases would not have a material adverse effect on our business, financial condition, and cash flows. At March 31, 2020, surety bonds, letters of credit, and cash deposits totaled $107.8 million, of which $39.7 million were letters of credit. In the ordinary course of business, we are required to post performance and surety bonds, letters of credit, and/or cash deposits as financial guarantees of our performance. We do not currently provide cash collateral for outstanding letters of credit. In the ordinary course of business, we are subject to numerous laws and regulations, including automotive, environmental, health and safety, and other laws and regulations. We do not anticipate that the costs of compliance with such laws will have a material adverse effect on our business, results of operations, cash flows, or financial condition, although such outcome is possible given the nature of our operations and the extensive legal and regulatory framework applicable to our business. We do not have any material known environmental commitments or contingencies.

Business And Credit Concentrations	3 Months Ended
Business And Credit Concentrations	Mar. 31, 2020
Risks and Uncertainties [Abstract]
Business And Credit Concentrations	BUSINESS AND CREDIT CONCENTRATIONS We own and operate franchised automotive stores in the United States pursuant to franchise agreements with vehicle manufacturers. During the three months ended March 31, 2020, approximately 63% of our total retail new vehicle unit sales was generated by our stores in Florida, Texas, and California. We are subject to a concentration of risk in the event of financial distress of or other adverse event related to a major vehicle manufacturer or related lender or supplier. The core brands of vehicles that we sell, representing approximately 89% of the new vehicles sold during the three months ended March 31, 2020, are manufactured by Toyota (including Lexus), Honda, General Motors, Ford, FCA US, Mercedes-Benz, BMW, and Volkswagen (including Audi and Porsche). Our business could be materially adversely impacted by a bankruptcy of or other adverse event related to a major vehicle manufacturer or related lender or supplier. We had receivables from manufacturers or distributors of $172.3 million at March 31, 2020, and $234.5 million at December 31, 2019. Additionally, a large portion of our contracts-in-transit included in Receivables, net, in the accompanying Unaudited Condensed Consolidated Balance Sheets, are due from automotive manufacturers’ captive finance subsidiaries, which provide financing directly to our new and used vehicle customers. Concentrations of credit risk with respect to non-manufacturer trade receivables are limited due to the wide variety of customers and markets in which our products are sold as well as their dispersion across many different geographic areas in the United States. Consequently, at March 31, 2020, we do not consider AutoNation to have any significant non-manufacturer concentrations of credit risk.

Segment Information

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

At March 31, 2020 and 2019, we had three reportable segments: (1) Domestic, (2) Import, and (3) Premium Luxury. Our Domestic segment is comprised of retail automotive franchises that sell new vehicles manufactured by Ford, General Motors, and FCA US. Our Import segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by Toyota, Honda, Subaru, and Nissan. Our Premium Luxury segment is comprised of retail automotive franchises that sell new vehicles manufactured primarily by Mercedes-Benz, BMW, Audi, Lexus, and Jaguar Land Rover. The franchises in each

segment also sell used vehicles, parts and automotive repair and maintenance services, and automotive finance and insurance products.

Corporate and other is comprised of our other businesses, including collision centers, auction operations, AutoNation USA stand-alone used vehicle sales and service centers, and parts distribution centers, all of which generate revenues but do not meet the quantitative thresholds for determining reportable segments, as well as unallocated corporate overhead expenses and retrospective commissions for certain finance and insurance transactions that we arrange under agreements with third parties.

The reportable segments identified above are the business activities of the Company for which discrete financial information is available and for which operating results are regularly reviewed by our chief operating decision maker to allocate resources and assess performance. Our chief operating decision maker is our Chief Executive Officer.

The following table provides information on revenues from external customers and segment income of our reportable segments.



	Three Months Ended						Three Months Ended
	March 31, 2020						March 31, 2019
	Domestic		Import		Premium Luxury		Domestic		Import		Premium Luxury
Revenues from external customers	$	1,483.5	$	1,362.1	$	1,616.8	$	1,568.8	$	1,496.1	$	1,734.1
Segment income ⁽¹⁾	$	54.1	$	65.9	$	80.2	$	56.2	$	72.6	$	84.3

⁽¹⁾ Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense.

The following is a reconciliation of total segment income for reportable segments to our consolidated income (loss) from continuing operations before income taxes.



	Three Months Ended
	March 31,
	2020			2019
Total segment income for reportable segments	$	200.2		$	213.1
Corporate and other	(445.0		)	(61.3		)
Other interest expense	(23.5		)	(27.8		)
Interest income	0.1			0.2
Other income (loss), net	(3.0		)	1.9
Income (loss) from continuing operations before income taxes	$	(271.2	)	$	126.1

Interim Financial Statements (Policies)	3 Months Ended
Interim Financial Statements (Policies)	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of AutoNation, Inc. and its subsidiaries; intercompany accounts and transactions have been eliminated. The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. Additionally, operating results for interim periods are not necessarily indicative of the results that can be expected for a full year. The Unaudited Condensed Consolidated Financial Statements herein should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included within our most recent Annual Report on Form 10-K. These Unaudited Condensed Consolidated Financial Statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state, in all material respects, our financial position and results of operations for the periods presented.
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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonable. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ materially from these estimates. We periodically evaluate estimates and assumptions used in the preparation of the financial statements and make changes on a prospective basis when adjustments are necessary. Such estimates and assumptions affect, among other things, our goodwill, long-lived asset, and indefinite-lived intangible asset valuation; inventory valuation; equity investment valuation; assets held for sale; accruals for chargebacks against revenue recognized from the sale of finance and insurance products; accruals related to self-insurance programs; certain legal proceedings; assessment of the annual effective tax rate; valuation of deferred income taxes and income tax contingencies; the allowance for expected credit losses; and measurement of performance-based compensation costs.
Earnings Per Share	Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including outstanding unvested restricted stock awards and vested RSU awards. Diluted earnings per share is computed by dividing net income by the weighted average number of shares outstanding, noted above, adjusted for the dilutive effect of stock options and unvested RSU awards.
Impairment Of Long-Lived Assets	Nonfinancial assets such as goodwill, other intangible assets, long-lived assets held and used, and right-of-use assets are measured at fair value when there is an indicator of impairment and recorded at fair value only when impairment is recognized or for a business combination. The fair values less costs to sell of long-lived assets held for sale are assessed each reporting period they remain classified as held for sale. Subsequent changes in the held for sale long-lived asset’s fair value less cost to sell (increase or decrease) is reported as an adjustment to its carrying amount, except that the adjusted carrying amount cannot exceed the carrying amount of the long-lived asset at the time it was initially classified as held for sale.

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

Revenue Recognition [Abstract]

Disaggregation of Revenue

In the following tables, revenue is disaggregated by major lines of goods and services and timing of transfer of goods and services. We have determined that these categories depict how the nature, amount, timing, and uncertainty of our revenue and cash flows are affected by economic factors. The tables below also include a reconciliation of the disaggregated revenue to reportable segment revenue.



	Three Months Ended March 31, 2020
	Domestic		Import		Premium Luxury		Corporate and other⁽¹⁾		Total
Major Goods/Service Lines
New vehicle	$	738.9	$	733.9	$	809.1	$	—	$	2,281.9
Used vehicle	404.6		334.5		467.3		42.3		1,248.7
Parts and service	235.6		207.5		277.4		155.8		876.3
Finance and insurance, net	83.1		84.0		63.0		5.7		235.8
Other	21.3		2.2		—		0.8		24.3
	$	1,483.5	$	1,362.1	$	1,616.8	$	204.6	$	4,667.0

Timing of Revenue Recognition
Goods and services transferred at a point in time	$	1,311.4	$	1,200.5	$	1,380.2	$	109.4	$	4,001.5
Goods and services transferred over time⁽²⁾	172.1		161.6		236.6		95.2		665.5
	$	1,483.5	$	1,362.1	$	1,616.8	$	204.6	$	4,667.0



	Three Months Ended March 31, 2019
	Domestic		Import		Premium Luxury		Corporate and other⁽¹⁾		Total
Major Goods/Service Lines
New vehicle	$	781.0	$	820.2	$	895.5	$	—	$	2,496.7
Used vehicle	443.4		369.5		496.7		30.0		1,339.6
Parts and service	236.3		220.2		278.2		142.0		876.7
Finance and insurance, net	80.4		84.5		61.6		10.0		236.5
Other	27.7		1.7		2.1		0.8		32.3
	$	1,568.8	$	1,496.1	$	1,734.1	$	182.8	$	4,981.8

Timing of Revenue Recognition
Goods and services transferred at a point in time	$	1,398.1	$	1,324.8	$	1,497.2	$	92.7	$	4,312.8
Goods and services transferred over time⁽²⁾	170.7		171.3		236.9		90.1		669.0
	$	1,568.8	$	1,496.1	$	1,734.1	$	182.8	$	4,981.8

⁽¹⁾ “Corporate and other” is comprised of our other businesses, including collision centers, auction operations, AutoNation USA stand-alone used vehicle sales and service centers, and parts distribution centers.
⁽²⁾ Represents revenue recognized during the period for automotive repair and maintenance services.

Receivables from Contracts with Customers, Contract Assets, and Contract Liabilities

The following table provides the balances of our receivables from contracts with customers and our current and long-term contract assets and contract liabilities:



	March 31, 2020		December 31, 2019
Receivables from contracts with customers, net	$	324.5	$	662.0
Contract Asset (Current)	$	21.7	$	26.7
Contract Asset (Long-Term)	$	7.2	$	7.0
Contract Liability (Current)	$	32.8	$	32.6
Contract Liability (Long-Term)	$	57.3	$	57.7

The change in the balances of our contract assets and contract liabilities primarily result from the timing differences between our performance and the customer’s payment, as well as changes in the estimated transaction price related to variable consideration that was constrained for performance obligations satisfied in previous periods. The following table presents revenue recognized during the period from amounts included in the contract liability balance at the beginning of the period and performance obligations satisfied in previous periods:



	Three Months Ended March 31,
	2020		2019
Amounts included in contract liability at the beginning of the period	$	8.5	$	13.0
Performance obligations satisfied in previous periods	$	—	$	4.6

Other significant changes include contract assets reclassified to receivables of $14.5 million for the three months ended March 31, 2020, and $24.4 million for the three months ended March 31, 2019.

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

The following table includes estimated revenue expected to be recognized in the future related to VCP performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period:



	Revenue Expected to Be Recognized by Period
	Total		Less Than 1 Year		1 - 3 Years		3 - 5 Years
Revenue expected to be recognized on VCP contracts sold as of period end	$	89.4	$	29.6	$	44.5	$	15.3

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Basic and Diluted EPS

The following table presents the calculation of basic and diluted earnings (loss) per share:



	Three Months Ended
	March 31,
	2020			2019
Net income (loss) from continuing operations	$	(232.2	)	$	92.1
Loss from discontinued operations, net of income taxes	(0.1		)	(0.1		)
Net income (loss)	$	(232.3	)	$	92.0

Basic weighted average common shares outstanding	90.0			90.5
Dilutive effect of stock options and unvested RSUs	—			0.2
Diluted weighted average common shares outstanding	90.0			90.7

Basic earnings (loss) per share amounts⁽¹⁾:
Continuing operations	$	(2.58	)	$	1.02
Discontinued operations	$	—		$	—
Net income (loss)	$	(2.58	)	$	1.02

Diluted earnings (loss) per share amounts⁽¹⁾:
Continuing operations	$	(2.58	)	$	1.02
Discontinued operations	$	—		$	—
Net income (loss)	$	(2.58	)	$	1.01

⁽¹⁾ Earnings (loss) per share amounts are calculated discretely and therefore may not add up to the total due to rounding.

Anti-Dilutive Equity Instruments Excluded From The Computation Of Diluted Earnings Per Share

A summary of anti-dilutive equity instruments excluded from the computation of diluted earnings (loss) per share is as follows:



	Three Months Ended
	March 31,
	2020	2019
Anti-dilutive equity instruments excluded from the computation of diluted earnings (loss) per share	3.0	2.8

Receivables, Net (Tables)

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Components Of Receivables, Net Of Allowance For Doubtful Accounts

The components of receivables, net of allowances for credit losses, are as follows:



	March 31, 2020			December 31, 2019
Contracts-in-transit and vehicle receivables	$	189.0		$	506.0
Trade receivables	117.0			136.4
Manufacturer receivables	172.3			234.5
Income taxes receivable (see Note 8)	—			1.5
Other	35.3			38.8
	513.6			917.2
Less: allowances for credit losses	(0.7		)	(0.5		)
Receivables, net	$	512.9		$	916.7

Inventory And Vehicle Floorplan Payable (Tables)

3 Months Ended

Mar. 31, 2020

Inventory And Vehicle Floorplan Payable [Abstract]

Components Of Inventory

The components of inventory are as follows:



	March 31, 2020		December 31, 2019
New vehicles	$	2,840.9	$	2,490.8
Used vehicles	600.2		570.0
Parts, accessories, and other	235.9		245.0
Inventory	$	3,677.0	$	3,305.8

Components Of Vehicle Floorplan Payable

The components of vehicle floorplan payable are as follows:



	March 31, 2020		December 31, 2019
Vehicle floorplan payable - trade	$	2,197.2	$	2,120.6
Vehicle floorplan payable - non-trade	1,485.3		1,455.2
Vehicle floorplan payable	$	3,682.5	$	3,575.8

Goodwill And Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Intangible Assets, Net

Goodwill and intangible assets, net, consist of the following:



	March 31, 2020			December 31, 2019
Goodwill	$	1,183.6		$	1,501.9

Franchise rights - indefinite-lived	$	509.0		$	566.5
Other intangibles	21.2			23.4
	530.2			589.9
Less: accumulated amortization	(7.9		)	(8.3		)
Other intangible assets, net	$	522.3		$	581.6

Goodwill Allocated to Reporting Units and Changes in Carrying Amounts

Goodwill allocated to our reporting units and changes in the carrying amount of goodwill for the three months ended March 31, 2020, were as follows:



	Domestic		Import			Premium Luxury			Collision Centers			Parts Centers			Consolidated
Goodwill at January 1, 2020 ⁽¹⁾	$	227.3	$	498.9		$	714.9		$	41.7		$	19.1		$	1,501.9
Acquisitions, dispositions, and other adjustments, net ⁽²⁾	—		(0.1		)	—			(0.1		)	0.2			—
Impairment	—		—			(257.4		)	(41.6		)	(19.3		)	(318.3		)
Goodwill at March 31, 2020 ⁽¹⁾⁽³⁾	$	227.3	$	498.8		$	457.5		$	—		$	—		$	1,183.6


⁽¹⁾	Net of accumulated impairment losses of $1.47 billion associated with our single reporting unit (prior to September 30, 2008, our reporting unit structure was comprised of a single reporting unit) and $140.0 million associated with our Domestic reporting unit, both of which were recorded during the year ended December 31, 2008.


⁽²⁾	Includes amounts reclassified to held for sale and related adjustments, which are presented in Other Current Assets in our Consolidated Balance Sheet as of period end.

⁽³⁾

Net of accumulated impairment losses of $257.4 million associated with our Premium Luxury reporting unit, $41.6 million associated with our Collision Centers reporting unit, and $19.3 million associated with our Parts Centers reporting unit, each of which were recorded during the three months ended March 31, 2020.

Long-Term Debt and Commercial Paper (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consists of the following:



Debt Description	Maturity Date	Interest Payable	March 31, 2020			December 31, 2019
5.5% Senior Notes	February 1, 2020	February 1 and August 1	$	—		$	350.0
3.35% Senior Notes	January 15, 2021	January 15 and July 15	300.0			300.0
3.5% Senior Notes	November 15, 2024	May 15 and November 15	450.0			450.0
4.5% Senior Notes	October 1, 2025	April 1 and October 1	450.0			450.0
3.8% Senior Notes	November 15, 2027	May 15 and November 15	300.0			300.0
Revolving credit facility	March 26, 2025	Monthly	790.0			—
Finance leases and other debt	Various dates through 2039	Monthly	101.2			93.9
			2,391.2			1,943.9
Less: unamortized debt discounts and debt issuance costs			(9.2		)	(9.8		)
Less: current maturities			(305.6		)	(355.6		)
Long-term debt, net of current maturities			$	2,076.4		$	1,578.5

- 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

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

Shares Repurchased Under Share Repurchase Program

A summary of shares repurchased under our stock repurchase program authorized by our Board of Directors follows:



	Three Months Ended
	March 31,
	2020		2019
Shares repurchased	2.5		1.0
Aggregate purchase price	$	80.0	$	33.5
Average purchase price per share	$	31.95	$	34.34

Common Stock Issued With The Exercise Of Stock Options

A summary of shares of common stock issued in connection with the exercise of stock options follows:



	Three Months Ended
	March 31,
	2020		2019
Shares issued (in actual number of shares)	55,000		11,227
Proceeds from the exercise of stock options	$	1.0	$	0.3
Average exercise price per share	$	18.12	$	25.93

Shares Issued And Shares Surrendered To Satisfy Tax Withholdings In Connection With Restricted Stock And Restricted Stock Units

The following table presents a summary of shares of common stock issued in connection with the settlement of RSUs, as well as shares surrendered to AutoNation to satisfy tax withholding obligations in connection with the vesting of restricted stock and settlement of RSUs:



	Three Months Ended
	March 31,
	2020	2019
Shares issued	0.5	0.2
Shares surrendered to AutoNation to satisfy tax withholding obligations	0.2	0.1

Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2020

Supplemental Cash Flow Information [Abstract]

Supplemental noncash information, Lessee



	Three Months Ended March 31,
	2020		2019
Supplemental noncash information on adjustments to right-of-use assets including right-of-use assets obtained in exchange for new:
Operating lease liabilities	$	11.3	$	9.6
Finance lease liabilities	$	15.7	$	11.9

Reconciliation of cash and cash equivalents

The following table provides a reconciliation of cash and cash equivalents reported on our Unaudited Condensed Consolidated Balance Sheets to the total amounts reported on our Unaudited Condensed Consolidated Statements of Cash Flows:



	March 31, 2020		December 31, 2019
Cash and cash equivalents	$	411.0	$	42.0
Restricted cash included in Current Assets	0.1		0.5
Total cash, cash equivalents, and restricted cash	$	411.1	$	42.5

Financial Instruments And Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Summary Of Carrying Values And Fair Values Of Fixed Rate Debt

A summary of the aggregate carrying values and fair values of our fixed rate long-term debt is as follows:



	March 31, 2020		December 31, 2019
Carrying value	$	1,592.0	$	1,934.1
Fair value	$	1,527.4	$	2,001.8

Nonfinancial Assets Measured and Recorded At Fair Value On A Nonrecurring Basis

The following table presents nonfinancial assets measured and recorded at fair value on a nonrecurring basis during the three months ended March 31, 2020 and 2019:



	2020					2019
Description	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)		Gain/(Loss)			Fair Value Measurements Using Significant Unobservable Inputs (Level 3)		Gain/(Loss)
Goodwill	$	457.5	$	(318.3	)	$	—	$	—
Franchise rights and other	$	26.2	$	(59.9	)	$	—	$	—
Right-of-use assets	$	1.4	$	(0.4	)	$	0.1	$	(0.2	)
Long-lived assets held and used	$	1.8	$	(5.7	)	$	—	$	—

Quantitative Information about Level 3 Fair Value Measurements



	Fair Value at March 31, 2020		Valuation Technique	Unobservable Input	Range (Average)
Franchise rights	$	24.6	Discounted cash flow	Weighted average cost of capital	7.7% - 8.6% (8.4%)
				Discount rate	11.1% - 14.3% (12.1%)
				Long-term revenue growth rate	2.0%
				Long-term pretax income margin	0.6% - 2.8% (1.4%)
				Contributory asset charges	4.2% - 12.1% (6.2%)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Reportable Segment Revenues

The following table provides information on revenues from external customers and segment income of our reportable segments.



	Three Months Ended						Three Months Ended
	March 31, 2020						March 31, 2019
	Domestic		Import		Premium Luxury		Domestic		Import		Premium Luxury
Revenues from external customers	$	1,483.5	$	1,362.1	$	1,616.8	$	1,568.8	$	1,496.1	$	1,734.1
Segment income ⁽¹⁾	$	54.1	$	65.9	$	80.2	$	56.2	$	72.6	$	84.3

⁽¹⁾ Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense.

Reportable Segment Income

The following is a reconciliation of total segment income for reportable segments to our consolidated income (loss) from continuing operations before income taxes.



	Three Months Ended
	March 31,
	2020			2019
Total segment income for reportable segments	$	200.2		$	213.1
Corporate and other	(445.0		)	(61.3		)
Other interest expense	(23.5		)	(27.8		)
Interest income	0.1			0.2
Other income (loss), net	(3.0		)	1.9
Income (loss) from continuing operations before income taxes	$	(271.2	)	$	126.1

Interim Financial Statements (Business and Basis of Presentation) (Details)	3 Months Ended
	Mar. 31, 2020 brand store franchises
Product Information [Line Items]
Owned and operated new vehicle franchises \| franchises	317
Number of brands \| brand	32
Percentage of new vehicle sales from core brands (percent)	89.00%
Dealerships [Member]
Product Information [Line Items]
Number of stores (approximate number for total locations)	231
Collision Centers [Member]
Product Information [Line Items]
Number of stores (approximate number for total locations)	81
AutoNation USA Stores [Member]
Product Information [Line Items]
Number of stores (approximate number for total locations)	5
Automotive Auction Operations [Member]
Product Information [Line Items]
Number of stores (approximate number for total locations)	4
Parts Distribution Centers [Member]
Product Information [Line Items]
Number of stores (approximate number for total locations)	16

Revenue Recognition Disaggregation of Revenue (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Revenue Recognition Estimated Revenue Expected to be Recognized In the future (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Revenue Recognition [Abstract]
Revenue expected to be recognized on VCP contracts sold as of period end	$ 89.4
Vehicle maintenance program, contract term	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue Recognition [Abstract]
Revenue expected to be recognized on VCP contracts sold as of period end	$ 29.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue Recognition [Abstract]
Revenue expected to be recognized on VCP contracts sold as of period end	$ 44.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue Recognition [Abstract]
Revenue expected to be recognized on VCP contracts sold as of period end	$ 15.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years

Receivables, Net (Components Of Receivables, Net Of Allowance For Doubtful Accounts) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Contracts-in-transit and vehicle receivables	$ 189.0	$ 506.0
Trade receivables	117.0	136.4
Manufacturer receivables	172.3	234.5
Income taxes receivable (See Note 8)	0.0	1.5
Other	35.3	38.8
Receivables, gross	513.6	917.2
Less: allowances for credit losses	(0.7)	(0.5)
Receivables, net	$ 512.9	$ 916.7

Inventory And Vehicle Floorplan Payable (Components Of Inventory) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Inventory	$ 3,677.0	$ 3,305.8
New Vehicle [Member]
Inventory [Line Items]
Inventory	2,840.9	2,490.8
Used Vehicle [Member]
Inventory [Line Items]
Inventory	600.2	570.0
Parts and Service [Member]
Inventory [Line Items]
Inventory	$ 235.9	$ 245.0

Inventory And Vehicle Floorplan Payable (Components Of Vehicle Floorplan Payable) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Floorplan Payable [Line Items]
Vehicle floorplan payable	$ 3,682.5	$ 3,575.8
Trade [Member]
Floorplan Payable [Line Items]
Vehicle floorplan payable	2,197.2	2,120.6
Non-Trade [Member]
Floorplan Payable [Line Items]
Vehicle floorplan payable	$ 1,485.3	$ 1,455.2

Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income taxes payable	$ 27.3
Income taxes receivable	$ 0.0	$ 1.5

Shareholders' Equity (Shares Repurchased Under Share Repurchase Program) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Class of Stock [Line Items]
Aggregate purchase price	$ 80.0	$ 33.5
Stock Repurchase Program Board Authorized Repurchases [Member]
Class of Stock [Line Items]
Shares repurchased (in shares)	2.5	1.0
Aggregate purchase price	$ 80.0	$ 33.5
Average purchase price per share (in dollars per share)	$ 31.95	$ 34.34
Remaining amount available for share repurchase	$ 139.0

Shareholders' Equity (Shares Issued And Shares Surrendered To Satisfy Tax Withholdings In Connection With Restricted Stock And Restricted Stock Units) (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted Stock And Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares surrendered to AutoNation to satisfy tax withholding obligations (in shares)	0.2	0.1
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	0.5	0.2

Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
Cash Flow Information (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents	$ 411.0		$ 42.0
Restricted cash included in Current Assets	0.1		0.5
Total cash, cash equivalents, and restricted cash	411.1	$ 49.6	$ 42.5	$ 49.4
Accrued purchases of property and equipment	17.2	21.7
Non-cash investing and financing activities related to property acquired under other financing arrangements	0.4	0.7
Adjustments to right-of use assets including right-of-use assets obtained in exchange for new operating lease liabilities	11.3	9.6
Adjustments to right-of use assets including right-of-use assets obtained in exchange for new finance lease liabilities	15.7	11.9
Interest payments, net of amounts capitalized and including interest on vehicle inventory financing	47.6	60.7
Income tax payments, net of income tax refunds	$ 0.5	$ 1.2

Financial Instruments And Fair Value Measurements (Summary Of Carrying Values And Fair Values Of Fixed Rate Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in equity securities without readily determinable fair values	$ 125.7
Investment in equity securities without readily determinable fair values, cumulative amount of upward adjustments	25.7
Fixed Rate Debt [Member] \| Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed rate debt	1,592.0	$ 1,934.1
Fixed Rate Debt [Member] \| Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed rate debt	$ 1,527.4	$ 2,001.8

Financial Instruments And Fair Value Measurements (Nonfinancial Assets Measured on a Nonrecurring Basis) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) store	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain/(loss) on goodwill	$ (318.3)	$ 0.0
Goodwill impairment	$ 318.3	0.0
Franchise rights impairment, number of stores \| store	8
Franchise rights impairment	$ 57.5	0.0
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain/(loss) on goodwill	(318.3)	0.0
Gain/(Loss) on franchise rights and other	(59.9)	0.0
Gain/(Loss) on right-of-use assets	(0.4)	(0.2)
Gain/(Loss) on assets held and used	(5.7)	0.0
Goodwill impairment	318.3	0.0
Impairment of intangible assets	59.9	0.0
Impairment of long-lived assets held and used	5.7	0.0
Impairment charges related to right-of-use assets	0.4	0.2
Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	457.5	0.0
Franchise rights and other	26.2	0.0
Right-of-use assets	1.4	0.1
Long-lived assets held and used	1.8	$ 0.0
Reported Value Measurement [Member] \| Continuing Operations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	36.7		$ 40.6
Reported Value Measurement [Member] \| Discontinued Operations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale in discontinued operations	8.0		$ 8.0
Franchise Rights [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights impairment	57.5
Reporting Unit, Premium Luxury [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain/(loss) on goodwill	(257.4)
Goodwill impairment	257.4
Reporting Unit, Collision Centers [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain/(loss) on goodwill	(41.6)
Goodwill impairment	41.6
Reporting Unit, Parts Centers [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain/(loss) on goodwill	(19.3)
Goodwill impairment	19.3
Other Intangible Assets [Member] \| Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain/(Loss) on franchise rights and other	(2.4)
Impairment of intangible assets	2.4
Valuation Technique, Discounted Cash Flow [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights and other	$ 24.6
Valuation Technique, Discounted Cash Flow [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Long-term Revenue Growth Rate [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights, measurement input	0.020
Valuation Technique, Discounted Cash Flow [Member] \| Minimum [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Weighted Average Cost of Capital [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights, measurement input	0.077
Valuation Technique, Discounted Cash Flow [Member] \| Minimum [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Discount Rate [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights, measurement input	0.111
Valuation Technique, Discounted Cash Flow [Member] \| Minimum [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Long-term Pretax Income Margin [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights, measurement input	0.006
Valuation Technique, Discounted Cash Flow [Member] \| Minimum [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Contributory Asset Charges [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights, measurement input	0.042
Valuation Technique, Discounted Cash Flow [Member] \| Maximum [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Weighted Average Cost of Capital [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights, measurement input	0.086
Valuation Technique, Discounted Cash Flow [Member] \| Maximum [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Discount Rate [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights, measurement input	0.143
Valuation Technique, Discounted Cash Flow [Member] \| Maximum [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Long-term Pretax Income Margin [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights, measurement input	0.028
Valuation Technique, Discounted Cash Flow [Member] \| Maximum [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Contributory Asset Charges [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights, measurement input	0.121
Valuation Technique, Discounted Cash Flow [Member] \| Weighted Average [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Weighted Average Cost of Capital [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights, measurement input	0.084
Valuation Technique, Discounted Cash Flow [Member] \| Weighted Average [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Discount Rate [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights, measurement input	0.121
Valuation Technique, Discounted Cash Flow [Member] \| Weighted Average [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Long-term Pretax Income Margin [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights, measurement input	0.014
Valuation Technique, Discounted Cash Flow [Member] \| Weighted Average [Member] \| Franchise Rights [Member] \| Fair Value, Nonrecurring [Member] \| Measurement Input, Contributory Asset Charges [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Franchise rights, measurement input	0.062

Commitments And Contingencies (Details) $ in Millions	Mar. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Guarantor obligations, maximum exposure	$ 13.0
Total surety bonds, letters of credit, and cash deposits	107.8
Letters of credit, amount outstanding	$ 39.7

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (500,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (500,000)