AutoNation 2000 Annual Report Download - page 55
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lease residual value guarantee obligation to the lessor, reduced the facility
size to $210.0 million and amended the terms of the facility by exercising its
option to purchase the leased properties at the end of the lease term. As a
result of the lease amendment, the remaining leases were required to be
accounted for as capital leases with the property and related debt reflected on
the balance sheet. As of December 31, 2000, $175.8 million was outstanding
under this facility and is included in Long-Term Debt in the accompanying 2000
Consolidated Balance Sheet. Of the $175.8 million outstanding, $115.2 million
is associated with operating properties and $60.6 million is attributable to
properties held for sale. The facility matures April 2002. Interest payments
are LIBOR based.
During 2000, the Company entered into a sale-leaseback transaction
involving its corporate headquarters facility that resulted in net proceeds of
approximately $52.1 million. This transaction has been accounted for as a
financing lease, wherein the property remains on the books and continues to be
depreciated. The gain on this transaction will be recognized subsequent to the
ten-year lease term. The Company has the option to renew the lease at the end
of the lease term subject to certain conditions.
At December 31, 2000, aggregate maturities of notes payable and long-term
debt were as follows:
2001 ..................................................... $ 2,423.5
2002 ..................................................... 797.7
2003 ..................................................... 4.3
2004 ..................................................... 3.9
2005 ..................................................... 4.2
Thereafter ............................................... 40.3
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$ 3,273.9
==========
4. INCOME TAXES
The Company and its subsidiaries file consolidated federal tax returns.
The Company accounts for income taxes in accordance with SFAS No. 109,
"Accounting for Income Taxes". Accordingly, deferred income taxes have been
provided to show the effect of temporary differences between the recognition of
revenue and expenses for financial and income tax reporting purposes and
between the tax basis of assets and liabilities and their reported amounts in
the financial statements.
54
AUTONATION, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)
4. INCOME TAXES -- (Continued)
The components of the provision for income taxes from continuing
operations for the years ended December 31 are as follows:
2000 1999 1998