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KAR Auction Services, Inc. – ‘10-Q’ for 6/30/20 – ‘R14’

On:  Wednesday, 8/5/20, at 11:40am ET   ·   For:  6/30/20   ·   Accession #:  1395942-20-96   ·   File #:  1-34568

Previous ‘10-Q’:  ‘10-Q’ on 5/7/20 for 3/31/20   ·   Next:  ‘10-Q’ on 11/4/20 for 9/30/20   ·   Latest:  ‘10-Q’ on 5/2/24 for 3/31/24   ·   51 References:   

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

 8/05/20  KAR Auction Services, Inc.        10-Q        6/30/20   67:8.8M

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.35M 
 4: EX-10.15D   Exhibit 10.15D - Amendment No 3 to 8th A&R Rpa      HTML     53K 
 2: EX-10.15E   Exhibit 10.15E - Amendment No 4 to 8th A&R Rpa      HTML     54K 
 5: EX-10.16F   Exhibit 10.16F - Afci Amendment No 5 to 4th A&R     HTML     40K 
                Rpa                                                              
 6: EX-10.16G   Exhibit 10.16G - Afci Amendment No 6 to 4th A&R     HTML     38K 
                Rpa                                                              
 3: EX-10.27    Exhibit 10.27 - Kar A&R Employee Stock Purchase     HTML     47K 
                Plan                                                             
 7: EX-31.1     Exhibit 31.1 - CEO Sox 302 Certification            HTML     25K 
 8: EX-31.2     Exhibit 31.2 - CFO Sox 302 Certification            HTML     25K 
 9: EX-32.1     Exhibit 32.1 - CEO Sox 906 Certification            HTML     20K 
10: EX-32.2     Exhibit 32.2 - CFO Sox 906 Certification            HTML     20K 
17: R1          Document and Entity Information                     HTML     75K 
18: R2          Consolidated Statements of Income                   HTML     92K 
19: R3          Consolidated Statements of Comprehensive Income     HTML     34K 
20: R4          Consolidated Balance Sheets                         HTML    121K 
21: R5          Consolidated Balance Sheets (Parenthetical)         HTML     37K 
22: R6          Consolidated Statements of Stockholders' Equity     HTML     75K 
23: R7          Consolidated Statements of Stockholders' Equity     HTML     19K 
                (Parenthetical)                                                  
24: R8          Consolidated Statements of Cash Flows               HTML    121K 
25: R9          Basis of Presenation and Nature of Operations       HTML     46K 
26: R10         IAA Separation and Discontinued Operations          HTML     60K 
27: R11         Stock and Stock-Based Compensation Plans            HTML     40K 
28: R12         Net Income (loss) from Continuing Operations Per    HTML     59K 
                Share                                                            
29: R13         Finance Receivables and Obligations Collateralized  HTML     75K 
                by Finance Receivables                                           
30: R14         Goodwill and Other Intangible Assets                HTML     35K 
31: R15         Long-Term Debt                                      HTML     59K 
32: R16         Derivatives                                         HTML     51K 
33: R17         Convertible Preferred Stock                         HTML     31K 
34: R18         Commitments and Contingencies                       HTML     22K 
35: R19         Accumulated Other Comprehensive Income (Loss)       HTML     28K 
36: R20         Segment Information                                 HTML    209K 
37: R21         Basis of Presentation and Nature of Operations      HTML     49K 
                Accounting Policies (Policies)                                   
38: R22         IAA Separation and Discontinued Operations          HTML     61K 
                (Tables)                                                         
39: R23         Stock and Stock-Based Compensation Plans (Tables)   HTML     34K 
40: R24         Net Income (Loss) from Continuing Operations Per    HTML     55K 
                Share (Tables)                                                   
41: R25         Finance Receivables and Obligations Collateralized  HTML     76K 
                by Finance Receivables (Tables)                                  
42: R26         Goodwill and Other Intangible Assets (Tables)       HTML     32K 
43: R27         Long-Term Debt (Tables)                             HTML     51K 
44: R28         Derivatives (Tables)                                HTML     49K 
45: R29         Accumulated Other Comprehensive Income (Loss)       HTML     28K 
                (Tables)                                                         
46: R30         Segment Information (Tables)                        HTML    209K 
47: R31         Basis of Presentation and Nature of Operations      HTML     70K 
                (Details)                                                        
48: R32         IAA Separation and Discontinued Operations          HTML     58K 
                (Details)                                                        
49: R33         Stock and Stock-Based Compensation Summary          HTML     42K 
                (Details)                                                        
50: R34         Employee Stock Purchase Plan (Details)              HTML     22K 
51: R35         Share Repurchase Plan (Details)                     HTML     28K 
52: R36         Net Income (Loss) from Continuing Operations Per    HTML     56K 
                Share (Details)                                                  
53: R37         Finance Receivables and Obligations Collateralized  HTML     82K 
                by Finance Receivables (Details)                                 
54: R38         Goodwill and Other Intangible Assets (Details)      HTML     38K 
55: R39         Long-Term Debt Summary (Details)                    HTML     55K 
56: R40         Credit Facilities (Details)                         HTML     74K 
57: R41         Derivatives (Details)                               HTML     46K 
58: R42         Derivatives (Details 2)                             HTML     31K 
59: R43         Convertible Preferred Stock (Details)               HTML     77K 
60: R44         Commitments and Contingencies (Details)             HTML     20K 
61: R45         Accumulated Other Comprehensive Income (Loss)       HTML     28K 
                (Details)                                                        
62: R46         Segment Information (Details 1)                     HTML     92K 
63: R47         Segment Information (Details 2)                     HTML     28K 
65: XML         IDEA XML File -- Filing Summary                      XML    111K 
16: XML         XBRL Instance -- karq2202010-q_htm                   XML   1.84M 
64: EXCEL       IDEA Workbook of Financial Reports                  XLSX     77K 
12: EX-101.CAL  XBRL Calculations -- kar-20200630_cal                XML    183K 
13: EX-101.DEF  XBRL Definitions -- kar-20200630_def                 XML    508K 
14: EX-101.LAB  XBRL Labels -- kar-20200630_lab                      XML   1.36M 
15: EX-101.PRE  XBRL Presentations -- kar-20200630_pre               XML    804K 
11: EX-101.SCH  XBRL Schema -- kar-20200630                          XSD    129K 
66: JSON        XBRL Instance as JSON Data -- MetaLinks              293±   440K 
67: ZIP         XBRL Zipped Folder -- 0001395942-20-000096-xbrl      Zip    341K

‘R14’   —   Goodwill and Other Intangible Assets

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.20.2
Goodwill and Other Intangible Assets
 6 Months Ended
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill consisted of the following at June 30, 2020 (in millions):
 
ADESA
Auctions
 
AFC
 
Total
$
1,558.0

 
$
263.7

 
$
1,821.7

Impairment
(25.5
)
 
—

 
(25.5
)
Other
(5.3
)
 
—

 
(5.3
)
Balance at June 30, 2020
$
1,527.2

 
$
263.7

 
$
1,790.9



Goodwill represents the excess cost over fair value of identifiable net assets of businesses acquired. The Company tests goodwill and tradenames for impairment at the reporting unit level annually in the second quarter, or more frequently as impairment indicators arise. In light of the impact that the COVID-19 pandemic has had on the economy, forecasts for all reporting units were revised. These circumstances contributed to lower sales, operating profits and cash flows at ADESA Remarketing Limited through the first part of 2020 as compared to 2019, and the outlook for the business was significantly reduced. This analysis resulted in the impairment of the goodwill balance totaling $25.5 million in our ADESA Remarketing Limited reporting unit and a non-cash goodwill impairment charge was recorded for this amount in the second quarter of 2020. The fair value of that reporting unit was estimated using the expected present value of future cash flows.

In addition, in the second quarter of 2020, a non-cash customer relationship impairment charge of approximately $4.3 million was also recorded in the ADESA Remarketing Limited reporting unit, representing the impairment in the value of this reporting unit’s customer relationships. The fair value of the customer relationships was estimated using the expected present value of future cash flows.

Goodwill and tradenames were tested for impairment in all of the Company's reporting units in the second quarter of 2020 and no impairment was identified, other than the impairments previously discussed in the ADESA Remarketing Limited reporting unit. Future events and changing market conditions, including the impact of COVID-19, may require us to re-evaluate the estimates used in our fair value measurements, which could result in additional impairment of goodwill and other intangible assets in future periods and could have a material effect on our operating results.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:8/5/20
For Period end:6/30/20
12/31/1910-K,  8-K
 List all Filings 

18 Subsequent Filings that Reference this Filing

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

 5/02/24  OPENLANE, Inc.                    10-Q        3/31/24   61:5.5M
 2/21/24  OPENLANE, Inc.                    10-K       12/31/23  112:14M
11/02/23  OPENLANE, Inc.                    10-Q        9/30/23   68:7.4M
 8/03/23  OPENLANE, Inc.                    10-Q        6/30/23   66:7.3M
 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
 3/22/23  OPENLANE, Inc.                    10-Q/A      6/30/22   61:7M
 3/22/23  OPENLANE, Inc.                    10-Q/A      3/31/22   61:6.1M
 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
 2/18/21  OPENLANE, Inc.                    10-K       12/31/20  105:14M
11/04/20  OPENLANE, Inc.                    10-Q        9/30/20   68:9.7M

33 Previous Filings that this Filing References

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

 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
 6/28/19  OPENLANE, Inc.                    8-K:1,2,5,8 6/28/19    6:1.3M                                   Broadridge Fin’l So… Inc
 2/21/19  OPENLANE, Inc.                    10-K       12/31/18  104:14M
 2/21/18  OPENLANE, Inc.                    10-K       12/31/17  101:14M
 5/31/17  OPENLANE, Inc.                    8-K:1,2,9   5/31/17    3:2.9M                                   Toppan Merrill/FA
 5/10/17  OPENLANE, Inc.                    10-Q        3/31/17   56:5.7M
 2/24/17  OPENLANE, Inc.                    10-K       12/31/16  102:19M
 8/03/16  OPENLANE, Inc.                    10-Q        6/30/16   55:7.1M
 3/09/16  OPENLANE, Inc.                    8-K:1,2,9   3/09/16    2:1.8M                                   Toppan Merrill/FA
 2/18/16  OPENLANE, Inc.                    10-K       12/31/15  106:14M
11/04/14  OPENLANE, Inc.                    8-K:5,9    11/04/14    2:279K
 4/29/14  OPENLANE, Inc.                    DEF 14A     6/10/14    1:1.3M                                   Toppan Merrill-FA
 3/20/14  OPENLANE, Inc.                    8-K:5,9     3/20/14    3:109K
 3/12/14  OPENLANE, Inc.                    8-K:1,2,9   3/11/14    3:1.7M                                   Donnelley … Solutions/FA
 2/19/14  OPENLANE, Inc.                    10-K       12/31/13   99:16M
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
12/24/09  KAR Auction Services, Inc.        S-8        12/24/09    6:271K                                   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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