Company: GPI
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001031203-25-000029
Chunk: 17

Company: GROUP 1 AUTOMOTIVE INC
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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OCI in the Company’s Condensed Consolidated Balance Sheets. The deferred gains or losses are recognized in income in the period in which the related items being hedged are recognized in expense. Monthly contractual settlements of the positions are recognized as Floorplan interest expense or Other interest expense, net, in the Company’s Condensed Consolidated Statements of Operations. Gains or losses for periods where future forecasted hedged transactions are deemed probable of not occurring are reclassified from AOCI into income as Floorplan interest expense or Other interest expense, net.As of March 31, 2025, the Company held 26 interest rate swaps designated as cash flow hedges with a total notional value of $867.5 million that fixed its underlying SOFR at a weighted average rate of 1.24%. As of March 31, 2024, the Company held 35 interest rate swaps designated as cash flow hedges with a total notional value of $941.9 million that fixed its underlying SOFR at a weighted average rate of 1.22%. The maturity dates of the Company’s designated interest rate swaps range between December 31, 2025 and December 31, 2031. The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions):  Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss) Three Months Ended March 31,Derivatives in Cash Flow Hedging Relationship20252024Interest rate swaps$(4.9)$14.3  Amount Reclassified from Other Comprehensive Income (Loss) into Statements of OperationsStatement of Operations ClassificationThree Months Ended March 31,20252024Floorplan interest expense$4.0 $5.3 Other interest expense, net$2.9 $4.6 The amount of gain expected to be reclassified out of AOCI into earnings as an offset to Floorplan interest expense or Other interest expense, net in the next twelve months is $20.4 million.

8. RECEIVABLES, NET AND CONTRACT ASSETS 

The Company’s receivables, net and contract assets consisted of the following (in millions): March 31, 2025December 31, 2024Contracts-in-transit and vehicle receivables, net:Contracts-in-transit$307.4 $250.3 Vehicle receivables127.0 110.6