v3.26.1
INVESTMENTS
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Marketable Securities
As of June 30, 2026 and December 31, 2025, marketable equity securities recorded within other current assets in
the Consolidated Balance Sheets were $8.8 million and $2.4 million, respectively. Net unrealized gains recognized
during the six months ended June 30, 2026 and 2025 on marketable equity securities held at the reporting date
were $0.3 million and $0.3 million, respectively.
Marketable debt securities accounted for as available-for-sale (AFS), and recorded within Other current assets in
the Consolidated Balance Sheets, were as follows:
As of June 30, 2026
Fair Value of Securities with Contractual
Maturities
(In millions)
Amortized
Cost
Total Net
Gains1
Total Net
Losses1
Fair Value
Within 1
Year
After 1 Year
through 5
Years
After 5
Years
U.S. Treasury
$20.1
$—
$(0.1)
$20.0
$3.6
$12.1
$4.3
Municipal securities
10.5
0.1
(0.1)
10.5
1.6
7.5
1.4
Corporate debt
27.6
0.1
(0.1)
27.6
3.4
16.5
7.7
Total
$58.2
$0.2
$(0.3)
$58.1
$8.6
$36.1
$13.4
As of December 31, 2025
Fair Value of Securities with Contractual
Maturities
(In millions)
Amortized
Cost
Total Net
Gains1
Total Net
Losses1
Fair Value
Within 1
Year
After 1 Year
through 5
Years
After 5
Years
U.S. Treasury
$21.4
$0.2
$—
$21.6
$3.7
$14.5
$3.4
Municipal securities
10.4
0.2
—
10.6
0.1
9.0
1.5
Corporate debt
21.5
0.3
—
21.8
4.0
14.3
3.5
Total
$53.3
$0.7
$—
$54.0
$7.8
$37.8
$8.4
1Represents total unrealized gains (losses) for securities with net gains (losses) in Accumulated other comprehensive
income.
Proceeds from the maturity of AFS debt securities were $5.2 million and $6.2 million for the six months ended
June 30, 2026 and 2025. There were no gross realized gains or losses on the maturity of AFS debt securities for the
three and six months ended June 30, 2026 and 2025.
Equity Method Investments
Our common stock voting interests in Pinewood Technologies, PLC (PINE.L), a U.K.-based automotive dealership
management system provider, increased from 25.50% to 31.95% in July 2025. The investment is accounted for as
an equity method investment. The investment is measured at fair value based on quoted market prices, and all fair
market value changes in the investment are recorded as unrealized gains or losses as a component of Other
income (expense), net in the Consolidated Statements of Operations. The fair value of our investment was $129.5
million and $177.2 million as of June 30, 2026 and December 31, 2025, respectively. See Note 11 – Fair Value
Measurements.
Our investment in Wheels, Inc., an automotive fleet management provider, through Lithia Marubeni Mobility
Holdings (LMMH) consists of 26.5% of the common stock voting interests accounted for as an equity method
investment. The investment is measured at cost plus or minus our share of equity method investee income or loss
as a component of Other non-current assets in the Consolidated Balance Sheets. The book value of our investment
was $217.0 million and $222.0 million as of June 30, 2026 and December 31, 2025, respectively. We received a
dividend of $9.8 million during the six months ended June 30, 2026. Using the cumulative earnings approach, this
dividend is classified within Operating Activities in the Consolidated Statements of Cash Flows, as it is less than our
cumulative equity in the investee's earnings.