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KAR Auction Services, Inc. – ‘10-K’ for 12/31/20 – ‘R10’

On:  Thursday, 2/18/21, at 9:00am ET   ·   For:  12/31/20   ·   Accession #:  1395942-21-6   ·   File #:  1-34568

Previous ‘10-K’:  ‘10-K’ on 2/19/20 for 12/31/19   ·   Next:  ‘10-K’ on 2/23/22 for 12/31/21   ·   Latest:  ‘10-K’ on 2/21/24 for 12/31/23   ·   49 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

 2/18/21  KAR Auction Services, Inc.        10-K       12/31/20  105:14M

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Form 10-K for the Year Ended December 31, 2020      HTML   1.75M 
 2: EX-10.1E    Exhibit 10.1E - Technical Amendment                 HTML     37K 
 5: EX-10.30    Exhibit 10.30 - Form of Nq Stock Option Agreement   HTML     52K 
 6: EX-10.37B   Exhibit 10.37B - Assignment and Assumption          HTML     36K 
                Agreement                                                        
 3: EX-10.6     Exhibit 10.6 - Employment Agreement                 HTML     75K 
 4: EX-10.8     Exhibit 10.8 - Aip Summary of Terms 2021            HTML     39K 
 7: EX-21.1     Exhibit 21.1 - List of Subsidiaries                 HTML     44K 
 8: EX-23.1     Exhibit 23.1 - Consent of Independent Registered    HTML     27K 
                Public Accounting Firm                                           
 9: EX-31.1     Exhibit 31.1 - CEO Sox 302 Certification            HTML     30K 
10: EX-31.2     Exhibit 31.2 - CFO Sox 302 Certification            HTML     30K 
11: EX-32.1     Exhibit 32.1 - CEO Sox 906 Certification            HTML     27K 
12: EX-32.2     Exhibit 32.2 - CFO Sox 906 Certification            HTML     27K 
19: R1          Document and Entity Information Cover               HTML     91K 
20: R2          Consolidated Statements of Income                   HTML    121K 
21: R3          Consolidated Statements of Comprehensive Income     HTML     48K 
                (Loss)                                                           
22: R4          Consolidated Balance Sheets                         HTML    163K 
23: R5          Consolidated Statements of Stockholders' Equity     HTML     99K 
24: R6          Consolidated Statements of Cash Flows               HTML    146K 
25: R7          Organization and Other Matters                      HTML     40K 
26: R8          Summary of Significant Accounting Policies          HTML     93K 
27: R9          Acquisitions                                        HTML     38K 
28: R10         IAA Separation and Discontinued Operations          HTML     65K 
29: R11         Stock and Stock-Based Compensation Plans            HTML     95K 
30: R12         Net Income (Loss) from Continuing Operations Per    HTML     51K 
                Share                                                            
31: R13         Allowance for Credit Losses and Doubtful Accounts   HTML     54K 
32: R14         Finance Receivables and Obligations Collateralized  HTML     64K 
                by Finance Receivables                                           
33: R15         Goodwill and Other Intangible Assets                HTML     80K 
34: R16         Property and Equipment                              HTML     46K 
35: R17         Self Insurance and Retained Loss Reserves           HTML     40K 
36: R18         Long-Term Debt                                      HTML     63K 
37: R19         Financial Instruments                               HTML     50K 
38: R20         Convertible Preferred Stock                         HTML     36K 
39: R21         Leases                                              HTML     79K 
40: R22         Income Taxes                                        HTML    124K 
41: R23         Employee Benefit Plans                              HTML     32K 
42: R24         Commitments and Contingencies                       HTML     32K 
43: R25         Accumulated Other Comprehensive Loss                HTML     35K 
44: R26         Segment Information                                 HTML    133K 
45: R27         Quarterly Financial Data (Unaudited)                HTML     94K 
46: R28         Summary of Significant Accounting Policies          HTML    166K 
                (Policies)                                                       
47: R29         Summary of Significant Accounting Policies          HTML     39K 
                (Tables)                                                         
48: R30         IAA Separation and Discontinued Operations          HTML     66K 
                (Tables)                                                         
49: R31         Stock and Stock-Based Compensation Plans (Tables)   HTML     96K 
50: R32         Net Income (Loss) from Continuing Operations Per    HTML     48K 
                Share (Tables)                                                   
51: R33         Allowance for Credit Losses and Doubtful Accounts   HTML     57K 
                (Tables)                                                         
52: R34         Finance Receivables and Obligations Collateralized  HTML     55K 
                by Finance Receivables (Tables)                                  
53: R35         Goodwill and Other Intangible Assets (Tables)       HTML     80K 
54: R36         Property and Equipment (Tables)                     HTML     45K 
55: R37         Self Insurance and Retained Loss Reserves (Tables)  HTML     38K 
56: R38         Long-Term Debt (Tables)                             HTML     57K 
57: R39         Financial Instruments (Tables)                      HTML     44K 
58: R40         Leases (Tables)                                     HTML     83K 
59: R41         Income Taxes (Tables)                               HTML    125K 
60: R42         Accumulated Other Comprehensive Loss (Tables)       HTML     34K 
61: R43         Segment Information (Tables)                        HTML    128K 
62: R44         Quarterly Financial Data (Unaudited) (Tables)       HTML     94K 
63: R45         Organization and Other Matters (Details)            HTML     71K 
64: R46         Summary of Significant Accounting Policies          HTML    114K 
                (Details)                                                        
65: R47         Acquisitions (Details)                              HTML     74K 
66: R48         IAA Separation and Discontinued Operations          HTML    120K 
                (Details)                                                        
67: R49         Stock and Stock-Based Compensation Plan Summary     HTML     49K 
                (Details)                                                        
68: R50         KAR Auction Services, Inc. Stock-Based              HTML     94K 
                Compensation Plans (Details)                                     
69: R51         Service and Exit Options (Details)                  HTML     96K 
70: R52         Employee Stock Purchase Plan (Details)              HTML     40K 
71: R53         Share Repurchase Plan (Details)                     HTML     43K 
72: R54         Net Income (Loss) from Continuing Operations Per    HTML     76K 
                Share (Details)                                                  
73: R55         Allowance for Credit Losses and Doubtful Accounts   HTML     39K 
                (Details)                                                        
74: R56         Allowance for Credit Losses and Doubtful Accounts   HTML     34K 
                (Details 2)                                                      
75: R57         Finance Receivables and Obligations Collateralized  HTML     85K 
                by Finance Receivables (Details)                                 
76: R58         Goodwill and Other Intangible Assets (Details)      HTML     53K 
77: R59         Goodwill and Other Intangible Assets (Details 2)    HTML     47K 
78: R60         Goodwill and Other Intangible Assets (Details 3)    HTML     67K 
79: R61         Property and Equipment (Details)                    HTML     68K 
80: R62         Self Insurance and Retained Loss Reserves           HTML     46K 
                (Details)                                                        
81: R63         Long-Term Debt Summary and Future Principle         HTML     85K 
                Payments (Details)                                               
82: R64         Credit Facilities (Details)                         HTML    141K 
83: R65         Senior Notes (Details)                              HTML     31K 
84: R66         Other Debt (Details)                                HTML     47K 
85: R67         Financial Instruments (Details)                     HTML     70K 
86: R68         Financial Instruments (Details 2)                   HTML     41K 
87: R69         Convertible Preferred Stock (Details)               HTML     85K 
88: R70         Components of Lease Expense (Details)               HTML     36K 
89: R71         Leases Supplemental Cash Flow Information Related   HTML     40K 
                to Leases (Details)                                              
90: R72         Leases Supplemental Balance Sheet Information       HTML     65K 
                Related to Leases (Details)                                      
91: R73         Leases Maturities of Lease Liabilities (Details)    HTML     67K 
92: R74         Leases Prior Year Leases Under ASC 840 (Details)    HTML     27K 
93: R75         Income Taxes (Details)                              HTML    170K 
94: R76         Income Taxes (Details 2)                            HTML     32K 
95: R77         Income Taxes (Details 3)                            HTML     48K 
96: R78         Employee Benefit Plans (Details)                    HTML     34K 
97: R79         Commitments and Contingencies (Details)             HTML     29K 
98: R80         Accumulated Other Comprehensive Loss (Details)      HTML     36K 
99: R81         Segment Information (Details)                       HTML    124K 
100: R82         Segment Information (Details 2)                     HTML     47K  
101: R83         Quarterly Financial Data (Unaudited) (Details)      HTML     86K  
103: XML         IDEA XML File -- Filing Summary                      XML    184K  
18: XML         XBRL Instance -- kar-20201231_htm                    XML   3.42M 
102: EXCEL       IDEA Workbook of Financial Reports                  XLSX    153K  
14: EX-101.CAL  XBRL Calculations -- kar-20201231_cal                XML    311K 
15: EX-101.DEF  XBRL Definitions -- kar-20201231_def                 XML    979K 
16: EX-101.LAB  XBRL Labels -- kar-20201231_lab                      XML   2.53M 
17: EX-101.PRE  XBRL Presentations -- kar-20201231_pre               XML   1.58M 
13: EX-101.SCH  XBRL Schema -- kar-20201231                          XSD    237K 
104: JSON        XBRL Instance as JSON Data -- MetaLinks              550±   806K  
105: ZIP         XBRL Zipped Folder -- 0001395942-21-000006-xbrl      Zip    672K  


‘R10’   —   IAA Separation and Discontinued Operations


This is an IDEA Financial Report.  [ Alternative Formats ]



 
v3.20.4
IAA Separation and Discontinued Operations
12 Months Ended
Discontinued Operations and Disposal Groups [Abstract]  
IAA Separation and Discontinued Operations IAA Separation and Discontinued Operations
In February 2018, the Company announced that its board of directors had approved a plan to pursue the separation ("Separation") of its salvage auction business, IAA, through a spin-off. On June 28, 2019, the Company completed the spin-off, creating a new independent publicly traded company, IAA, Inc. ("IAA"). The Separation provided KAR stockholders with equity ownership in both KAR and IAA. On June 28, 2019, the Company’s stockholders received one share of IAA common stock for every share of Company common stock they held as of the close of business on June 18, 2019, the record date for the distribution. In addition to the shares of IAA common stock, KAR received a cash distribution of approximately $1,278.0 million from IAA, which was used to prepay a portion of KAR's term loans. In connection with the spin-off, the Company and IAA entered into various agreements to effect the Separation and provide a framework for their relationship after the Separation, including a separation and distribution agreement, a transition services agreement, an employee matters agreement and a tax matters agreement. These agreements provide for the allocation between the Company and IAA of assets, employees, liabilities and obligations (including investments, property, environmental and tax-related assets and liabilities) attributable to periods prior to, at and after IAA's Separation from the Company and will govern certain relationships between IAA and the Company after the Separation.

The financial results of IAA have been accounted for as discontinued operations in the comparable 2019 and 2018 results presented. IAA was formerly presented as one of the Company’s reportable segments. Discontinued operations included one-time transaction costs in "Selling, general and administrative" of approximately $31.3 million and $8.1 million for the year ended December 31, 2019 and 2018, respectively, in connection with the Separation of the two companies. These costs consisted of consulting and professional fees associated with preparing for and executing the spin-off.

The following table presents the results of operations for IAA that have been reclassified to discontinued operations for all periods presented:
Year Ended December 31,
202020192018
Operating revenues$ $723.6 $1,326.8 
Operating expenses
Cost of services (exclusive of depreciation and amortization) 446.1 821.2 
Selling, general and administrative 94.5 124.0 
Depreciation and amortization 43.9 97.4 
Total operating expenses 584.5 1,042.6 
Operating profit 139.1 284.2 
Interest expense 2.7 0.8 
Other income, net — (0.5)
Income from discontinued operations before income taxes 136.4 283.9 
Income taxes 40.3 73.5 
Income from discontinued operations$ $96.1 $210.4 
The following table summarizes the major classes of assets and liabilities immediately preceding the spin-off on June 28, 2019:
June 28,
2019
Assets
Cash and cash equivalents$50.9 
Trade receivables, net284.7 
Other current assets83.6 
Goodwill536.8 
Customer relationships, net62.2 
Other intangible assets, net87.5 
Operating lease right-of-use assets655.2 
Other assets13.3 
Property and equipment, net241.4 
Total assets, discontinued operations$2,015.6 
Liabilities
Accounts payable$115.8 
Accrued employee benefits and compensation expenses19.0 
Other accrued expenses120.9 
Income taxes payable— 
Long-term debt1,274.8 
Deferred income tax liabilities63.7 
Operating lease liabilities633.0 
Other liabilities12.0 
Total liabilities, discontinued operations$2,239.2 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:2/18/21S-3ASR
For Period end:12/31/20
12/31/1910-K,  8-K
6/28/194,  8-K
6/18/19
12/31/1810-K
 List all Filings 


17 Subsequent Filings that Reference this Filing

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 5/02/24  OPENLANE, Inc.                    10-Q        3/31/24   61:5.5M
 2/22/24  OPENLANE, Inc.                    S-3ASR      2/22/24    4:426K
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 5/03/23  OPENLANE, Inc.                    10-Q        3/31/23   60:6.8M
 3/22/23  OPENLANE, Inc.                    10-Q/A      9/30/22   62:7.2M
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 3/09/23  OPENLANE, Inc.                    10-K       12/31/22  111:15M
11/02/22  OPENLANE, Inc.                    10-Q        9/30/22   62:9.3M
 8/03/22  OPENLANE, Inc.                    10-Q        6/30/22   58:7.4M
 5/04/22  OPENLANE, Inc.                    10-Q        3/31/22   59:6.4M
 2/23/22  OPENLANE, Inc.                    10-K       12/31/21  110:15M
11/03/21  OPENLANE, Inc.                    10-Q        9/30/21   57:6.9M
 8/04/21  OPENLANE, Inc.                    10-Q        6/30/21   55:6.8M
 5/05/21  OPENLANE, Inc.                    10-Q        3/31/21   57:5.6M


32 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/04/20  OPENLANE, Inc.                    10-Q        9/30/20   68:9.7M
 9/08/20  OPENLANE, Inc.                    8-K:1,8,9   9/02/20   13:1.2M                                   Toppan Merrill/FA
 8/05/20  OPENLANE, Inc.                    10-Q        6/30/20   67:8.8M
 6/29/20  OPENLANE, Inc.                    8-K:1,3,9   6/29/20   13:498K
 6/10/20  OPENLANE, Inc.                    8-K:1,3,5,9 6/09/20   14:1M
 6/01/20  OPENLANE, Inc.                    8-K:1,9     5/29/20   13:468K
 5/27/20  OPENLANE, Inc.                    8-K:1,3,8,9 5/26/20   13:2M                                     Broadridge Fin’l So… Inc
 5/07/20  OPENLANE, Inc.                    10-Q        3/31/20   62:6.7M
 3/13/20  OPENLANE, Inc.                    8-K:5,9     3/09/20   14:503K
 2/19/20  OPENLANE, Inc.                    10-K       12/31/19  108:15M
11/06/19  OPENLANE, Inc.                    10-Q        9/30/19   68:9.1M
 9/20/19  OPENLANE, Inc.                    8-K:1,2,9   9/19/19   11:2.6M                                   Broadridge Fin’l So… Inc
 8/07/19  OPENLANE, Inc.                    10-Q        6/30/19   65:8.7M
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 2/21/19  OPENLANE, Inc.                    10-K       12/31/18  104:14M
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 2/24/17  OPENLANE, Inc.                    10-K       12/31/16  102:19M
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 4/29/14  OPENLANE, Inc.                    DEF 14A     6/10/14    1:1.3M                                   Toppan Merrill-FA
 3/12/14  OPENLANE, Inc.                    8-K:1,2,9   3/11/14    3:1.7M                                   Donnelley … Solutions/FA
12/17/13  KAR Auction Services, Inc.        8-K:5,9    12/11/13    6:418K                                   Toppan Merrill/FA
 2/28/12  KAR Auction Services, Inc.        10-K       12/31/11   54:7.9M                                   Toppan Merrill-FA
 8/04/10  KAR Auction Services, Inc.        10-Q        6/30/10    9:1.4M                                   Donnelley … Solutions/FA
12/10/09  KAR Auction Services, Inc.        S-1/A                  6:6.4M                                   Donnelley … Solutions/FA
12/04/09  KAR Auction Services, Inc.        S-1/A                 14:883K                                   Donnelley … Solutions/FA
11/13/08  KAR Auction Services, Inc.        10-Q        9/30/08    7:1.5M                                   Donnelley … Solutions/FA
 9/09/08  KAR Auction Services, Inc.        8-K:1,9     9/04/08   20:3.2M                                   Donnelley … Solutions/FA
 1/25/08  IAA Acquisition Corp.             S-4                  167:19M                                    Donnelley … Solutions/FA
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Filing Submission 0001395942-21-000006   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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