1 unchanged sentence
Our common stock is traded on the New York Stock Exchange (the "NYSE") under the symbol "ABG."
−Removed: We did not pay any dividends during any of these periods.
+Added: We have not paid any dividends since 2008.
On February 26, 2021, the last reported sale price of our common stock on the NYSE was $169.45 per share, and there were approximately 515 record holders of our common stock.
Our credit agreement with Bank of America, N.A.
−Removed: ("Bank of America"), as administrative agent, and the other agents and lenders party thereto (the "2019 Senior Credit Facility") and the Indenture governing our 6.0% Notes (the "Indenture") and the Indentures governing the New Senior Notes (as defined below) (collectively, the "Indentures") currently allow for us to make certain restricted payments, including payments to repurchase shares of our common stock, among other things, subject to our continued compliance with certain covenants.
+Added: ("Bank of America"), as administrative agent, and the other agents and lenders party thereto (the "2019 Senior Credit Facility") and the Indentures governing the New Senior Notes (as defined below) (collectively, the "Indentures") currently allow for us to make certain restricted payments, including payments to repurchase shares of our common stock, among other things, subject to our continued compliance with certain covenants.
For additional information, see the "Covenants and Defaults" section within "Liquidity and Capital Resources."
1 unchanged sentence
On January 30, 2014, our Board of Directors authorized our current share repurchase program (the "Repurchase Program").
−Removed: On both January 24, 2018 and October 19, 2018, our Board of Directors reset the authorization under our Repurchase Program to $100.0 million in the aggregate, for the repurchase of our common stock in open market transactions or privately negotiated transactions, from time to time.
−Removed: During the year ended December 31, 2019 , we repurchased 202,379 shares of our common stock under the Repurchase Program for a total of $15.3 million and an additional 72,368 shares of our common stock for $5.2 million from employees in connection with a net share settlement feature of employee equity-based awards.
+Added: On October 19, 2018, our Board of Directors reset the authorization under our Repurchase Program to $100.0 million in the aggregate, for the repurchase of our common stock in open market transactions or privately negotiated transactions, from time to time.
+Added: On January 27, 2021, the Board of Directors increased the Company’s share repurchase authorization under our Repurchase Program by $33.7 million to $100.0 million.
+Added: Share repurchases would be implemented through purchases made from time to time in either the open market or private transactions.
+Added: The share repurchases could include purchases pursuant to a written trading plan in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which allows companies to repurchase shares of stock at times when they might otherwise be prevented from doing so by securities laws or under self-imposed trading blackout periods.
+Added: The extent that the Company repurchases its shares, the number of shares and the timing of any repurchases will depend on general market conditions, legal requirements and other corporate considerations.
+Added: The repurchase program may be modified, suspended or terminated at any time without prior notice.
+Added: During the year ended December 31, 2020, we did not repurchase any shares of our common stock under the Repurchase Program.
+Added: We did repurchase 56,607 shares of our common stock for $5.1 million from employees in connection with a net share settlement feature of employee equity-based awards.
As of December 31, 2020, we had remaining authorization to repurchase up to an additional $66.3 million of our common stock.
11 unchanged sentences
Selected Financial Data
−Removed: The following table sets forth selected consolidated financial data as of and for the years ended December 31, 2019 , 2018 , 2017 , 2016 , and 2015 .
+Added: The following table sets forth selected consolidated financial data as of and for the year ended December 31, 2020, 2019, 2018, 2017, and 2016.
Certain reclassifications of amounts previously reported have been made to the accompanying income statement data and balance sheet data in order to conform to current presentation.
The following information should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our Consolidated Financial Statements and the Notes thereto, included elsewhere in this annual report on Form 10-K.
−Removed: For the Years Ended December 31,
+Added: For the Year Ended December 31,
Income Statement Data:
+Added: 2020 2019 2018 2017 2016
(in millions, except per share data)
+Added: New vehicle $ 3,767.4 $ 3,863.3 $ 3,788.7 $ 3,561.1 $ 3,611.9
+Added: Used vehicle 2,169.5 2,131.6 1,972.4 1,834.1 1,876.4
Parts and service 889.8 899.4 821.0 786.1 778.5
2 unchanged sentences
COST OF SALES 5,908.4 6,041.4 5,771.4 5,400.6 5,469.1
+Added: GROSS PROFIT 1,223.4 1,168.9 1,103.0 1,055.9 1,058.7
OPERATING EXPENSES:
−Removed: Selling, general, and administrative expenses
+Added: Selling, general, and administrative 781.9 799.8 755.8 729.7 732.5
Depreciation and amortization 38.5 36.2 33.7 32.1 30.7
6 unchanged sentences
Swap interest expense — — 0.5 2.0 3.1
−Removed: Gain on divestitures
+Added: Loss on extinguishment of long-term debt, net 20.6 — — — —
+Added: Gain on dealership divestitures, net (62.3) (11.7) — — (45.5)
Total other expenses, net 32.7 81.1 86.1 78.6 30.0
−Removed: INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX
+Added: INCOME BEFORE INCOME TAXES 338.1 243.9 224.8 209.1 267.8
Income tax expense 83.7 59.5 56.8 70.0 100.6
−Removed: INCOME FROM CONTINUING OPERATIONS
−Removed: Discontinued operations, net of tax
−Removed: Income from continuing operations per common share:
+Added: NET INCOME $ 254.4 $ 184.4 $ 168.0 $ 139.1 $ 167.2
+Added: EARNINGS PER COMMON SHARE:
+Added: Basic $ 13.25 $ 9.65 $ 8.36 $ 6.69 $ 7.43
+Added: Diluted $ 13.18 $ 9.55 $ 8.28 $ 6.62 $ 7.40
As of December 31,
Balance Sheet Data:
+Added: 2020 2019 2018 2017 2016
(in millions)
1 unchanged sentence
Inventories (a) 875.2 1,052.7 1,067.6 826.0 894.9
+Added: Total assets 3,676.3 2,911.3 2,695.4 2,356.7 2,336.1
Floor plan notes payable (b) 702.2 850.8 966.1 732.1 781.8
1 unchanged sentence
Total shareholders' equity $ 905.5 $ 646.3 $ 473.2 $ 394.2 $ 279.7
−Removed: Includes amounts classified as Assets held for sale on our Consolidated Balance Sheet.
−Removed: Includes amounts classified as Liabilities associated with assets held for sale on our Consolidated Balance Sheet.
+Added: (a) Includes amounts classified as Assets held for sale on our Consolidated Balance Sheet.
+Added: (b) Includes amounts classified as Liabilities associated with assets held for sale on our Consolidated Balance Sheet.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.