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This excerpt taken from the AN 10-K filed Feb 17, 2010. Floorplan Interest Expense Floorplan interest expense was $36.1 million in 2009, $81.1 million in 2008, and $118.1 million in 2007. 2009 compared to 2008 The decrease in floorplan interest expense of $45.0 million in 2009, as compared to 2008, is primarily the result of lower short-term LIBOR interest rates and lower average vehicle floorplan payable balances. 2008 compared to 2007 The decrease in floorplan interest expense of $37.0 million in 2008, as compared to 2007, is primarily the result of lower short-term LIBOR interest rates, partially offset by higher average vehicle floorplan balances and the additional floorplan interest expense incurred in connection with the floorplan credit agreements we entered into during the second quarter of 2008 to finance a portion of our used vehicle inventory. These excerpts taken from the AN 10-K filed Feb 17, 2009. Floorplan
Interest Expense
Floorplan interest expense was $87.4 million in 2008,
$129.0 million in 2007, and $132.5 million in 2006.
The decrease in 2008, as compared to 2007, is primarily the
result of lower short-term LIBOR interest rates, partially
offset by higher average vehicle floorplan balances and the
additional floorplan interest expense incurred in connection
with the floorplan credit agreements we entered into during the
second quarter of 2008 to finance a portion of our used vehicle
inventory. The decrease in 2007, as compared to 2006, is
primarily the result of lower inventory levels, partially offset
by higher short-term LIBOR interest rates during 2007.
Floorplan Interest Expense Floorplan interest expense was $87.4 million in 2008, $129.0 million in 2007, and $132.5 million in 2006. The decrease in 2008, as compared to 2007, is primarily the result of lower short-term LIBOR interest rates, partially offset by higher average vehicle floorplan balances and the additional floorplan interest expense incurred in connection with the floorplan credit agreements we entered into during the second quarter of 2008 to finance a portion of our used vehicle inventory. The decrease in 2007, as compared to 2006, is primarily the result of lower inventory levels, partially offset by higher short-term LIBOR interest rates during 2007. These excerpts taken from the AN 10-K filed Feb 28, 2008. Floorplan
Interest Expense
Floorplan interest expense was $133.1 million in 2007,
$138.2 million in 2006, and $102.3 million in 2005.
The decrease in 2007, as compared to 2006, is primarily the
result of lower inventory levels, partially offset by higher
short-term LIBOR interest rates during 2007. The increase in
2006, as compared to 2005, is primarily the result of higher
short-term LIBOR interest rates. In 2008, we anticipate lower
floorplan interest rates resulting from lower short-term LIBOR
interest rates.
Floorplan Interest Expense Floorplan interest expense was $133.1 million in 2007, $138.2 million in 2006, and $102.3 million in 2005. The decrease in 2007, as compared to 2006, is primarily the result of lower inventory levels, partially offset by higher short-term LIBOR interest rates during 2007. The increase in 2006, as compared to 2005, is primarily the result of higher short-term LIBOR interest rates. In 2008, we anticipate lower floorplan interest rates resulting from lower short-term LIBOR interest rates. This excerpt taken from the AN 10-K filed Feb 28, 2007. Floorplan
Interest Expense
Floorplan interest expense was $142.0 million,
$105.5 million and $74.7 million for the years ended
December 31, 2006, 2005 and 2004, respectively. The
increase in 2006 compared to 2005 is primarily the result of
higher short-term LIBOR interest rates. The increase in 2005
compared to 2004 is primarily the result of higher short-term
LIBOR interest rates partially offset by lower average new
vehicle inventory levels.
This excerpt taken from the AN 10-K filed Feb 24, 2005. Floorplan
Interest Expense
Floorplan interest expense was $81.8 million, $68.9 million and $71.8 million for the years ended December 31, 2004, 2003 and 2002, respectively. The increase is primarily the result of higher average inventory levels and higher interest rates during 2004. For the years ended December 31, 2004 and 2003, the income statement impact from interest rate hedges was additional expense of $2.9 million and $.6 million, respectively. There were no interest rate hedges in 2002. See discussion in Item 7A. Quantitative and Qualitative Disclosures About Market Risk. The decrease in floorplan interest expense in 2003 compared to 2002 is primarily the result of lower interest rates partially offset by higher average inventory levels. Other Interest Expense Other interest expense was incurred primarily on borrowings under mortgage facilities and outstanding senior unsecured notes. Other interest expense was $76.9 million, $71.8 million and $50.5 million for the years ended December 31, 2004, 2003 and 2002, respectively. Other interest expense also includes interest related to the IRS settlement totaling $4.8 million and $12.1 million for the years ended December 31, 2004 and 2003, respectively, and represents interest due under the agreement from the date of the settlement. The increase in other interest expense for 2004 compared to 2003, excluding amounts related to the IRS settlement, is primarily due to higher average debt outstanding. During 2004, we repurchased $3.4 million (face value) of our 9.0% senior unsecured notes at an average price of 114.3% of face value or $3.9 million. The $.5 million premium we paid for this repurchase was recognized as Other Interest Expense in the accompanying 2004 Consolidated Income Statement. 29
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The increase in 2003 compared to 2002 is primarily due to higher average debt outstanding and increased amortization expense resulting from payments made by us in connection with the November 2002 amendment to our senior unsecured notes partially offset by lower interest rates. Additionally, as a result of completed capital expenditure projects, there was a lower amount of interest expense capitalized to construction in progress in 2003 compared to 2002.
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