Company: GPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001031203-25-000049
Chunk: 14

Company: GROUP 1 AUTOMOTIVE INC
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 for sale as of December 31, 2024.

4. RESTRUCTURING 

During the fourth quarter of 2024, the Company initiated a U.K.-wide restructuring plan (the “Restructuring Plan”) related to the integration activities of Inchcape Retail with existing U.K. operations. The Restructuring Plan consists of workforce realignment, including certain headcount reductions, strategic closing of certain facilities and dealerships. The Restructuring Plan is expected to continue throughout 2025, and the Company expects to incur $0.8 million in additional restructuring charges. Any changes to the Company’s estimates or timing will be reflected in the Company’s results of operations in future periods.

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The components of total restructuring charges were as follows (in millions): Three Months Ended June 30, 2025Six Months Ended June 30, 2025Contract termination costs$— $4.1 Facility closure costs2.8 3.4 Employee related costs2.3 7.5 Asset impairments2.6 3.7 Systems integration costs— 0.1 Total restructuring charges$7.6 $18.7 Charges associated with the Restructuring Plan are included within Restructuring Charges on the Condensed Consolidated Statements of Operations. As of June 30, 2025, the Company has incurred $31.8 million of restructuring charges related to the Restructuring Plan since the commencement of the plan.The following table presents the changes in restructuring related liabilities (in millions):December 31, 2024$11.9 Charges incurred (1)15.1 Cash payments(18.5)June 30, 2025$8.5 (1) Charges incurred excludes non-cash asset impairments of $3.7 million.

Liabilities associated with restructuring charges are included in Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. 

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Table of Contents GROUP 1 AUTOMOTIVE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) – (Continued)

5. SEGMENT INFORMATION 

As of June 30, 2025, the Company had two operating and reportable segments: the U.S