Accrued income taxes

  


|  |  |  |
| --- | --- | --- |
|  |  |  |
| CONSOLIDATED BALANCE SHEETS |



|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|   | As of February 28 |
| (In thousands except share data) | 2022 |  | 2021 |
| ASSETS |   |  |   |
| CURRENT ASSETS: |   |  |   |
| Cash and cash equivalents | $ | 102,716  |  |  | $ | 132,319  |  |
| Restricted cash from collections on auto loans receivable | 548,099  |  |  | 496,415  |  |
| Accounts receivable, net | 560,984  |  |  | 239,070  |  |
| Inventory | 5,124,569  |  |  | 3,157,159  |  |
| Other current assets | 212,922  |  |  | 91,833  |  |
| TOTAL CURRENT ASSETS  | 6,549,290  |  |  | 4,116,796  |  |
| Auto loans receivable, net of allowance for loan losses of $433,030 and $411,150 as of February 28, 2022 and February 28, 2021, respectively | 15,289,701  |  |  | 13,489,819  |  |
| Property and equipment, net | 3,209,068  |  |  | 3,055,563  |  |
| Deferred income taxes | 120,931  |  |  | 164,261  |  |
| Operating lease assets | 537,357  |  |  | 431,652  |  |
| Goodwill | 141,258  |  |  | 653  |  |
| Other assets | 490,659  |  |  | 282,797  |  |
| TOTAL ASSETS  | $ | 26,338,264  |  |  | $ | 21,541,541  |  |
|  |  |  |  |
| LIABILITIES AND SHAREHOLDERS’ EQUITY |   |  |   |
| CURRENT LIABILITIES: |   |  |   |
| Accounts payable | $ | 937,717  |  |  | $ | 799,333  |  |
| Accrued expenses and other current liabilities | 533,271  |  |  | 415,465  |  |
| Accrued income taxes | —  |  |  | 218  |  |
| Current portion of operating lease liabilities | 44,197  |  |  | 30,953  |  |
|  |  |  |  |
| Current portion of long-term debt | 11,203  |  |  | 9,927  |  |
| Current portion of non-recourse notes payable | 521,069  |  |  | 442,652  |  |
| TOTAL CURRENT LIABILITIES  | 2,047,457  |  |  | 1,698,548  |  |
| Long-term debt, excluding current portion | 3,255,304  |  |  | 1,322,415  |  |
| Non-recourse notes payable, excluding current portion | 14,919,715  |  |  | 13,297,504  |  |
| Operating lease liabilities, excluding current portion | 523,269  |  |  | 423,618  |  |
| Other liabilities | 357,080  |  |  | 434,843  |  |
| TOTAL LIABILITIES  | 21,102,825  |  |  | 17,176,928  |  |
|  |  |  |  |
| Commitments and contingent liabilities |  |  |  |
| SHAREHOLDERS’ EQUITY: |   |  |   |
| Common stock, $0.50 par value; 350,000,000 shares authorized; 161,053,983 and 163,172,333 shares issued and outstanding as of February 28, 2022 and February 28, 2021, respectively | 80,527  |  |  | 81,586  |  |
| Capital in excess of par value | 1,677,268  |  |  | 1,513,821  |  |
| Accumulated other comprehensive loss | (46,422) |  |  | (118,691) |  |
| Retained earnings | 3,524,066  |  |  | 2,887,897  |  |
| TOTAL SHAREHOLDERS’ EQUITY  | 5,235,439  |  |  | 4,364,613  |  |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  | $ | 26,338,264  |  |  | $ | 21,541,541  |  |

   
  
  
  
   
  
See accompanying notes to consolidated financial statements.49
