LKQ Corp 2025年季度报告

ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 5846 Crossings BoulevardAntioch,Tennessee SmallerReportingCompany☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ Unaudited Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30,2025 and 2024Unaudited Condensed Consolidated Statements of Comprehensive Income for theThree and Six Months Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025and 2024 EndedJune 30, 2025 and 2024Notes to Unaudited Condensed Consolidated Financial Statements ——————(73)——(3.5)(156)——— Taxes (Topic 740): Improvements to Income Tax Disclosures." The ASU requires disclosure of disaggregated income taxes paid,prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related In November 2024, the FASB issued Accounting Standards Update 2024-03, “Income Statement-Reporting Comprehensive Income- of specific expense categories within relevant income statement captions. The amendments in this ASU are effective for fiscal yearsbeginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The ASU can be adopted prospectively or retrospectively and early adoption is permitted. We are currently evaluating the impact of adopting this ASUon our consolidated financial statements. Our allowance for credit losses was $52million and $56million as of June30, 2025 and December31, 2024, respectively. Theprovision for credit losses was$2million and $1million for the three months ended June30, 2025 and 2024 and $7million and $4million for the six months ended June30, 2025 and 2024, respectively. during the fourth quarter of 2024, and determined no impairment existed as all of our reporting units had a fair value estimate whichexceeded the carrying value by at least10%. The fair value estimates of our reporting units were established using weightings of the We did not identify any indicators of impairment in the first six months of 2025 that necessitated an interim test of goodwillimpairment or indefinite-lived intangible assets impairment. Disaggregated RevenueWe report revenue in two categories: (i) parts and services and (ii) other. Parts revenue is generated from the sale of vehicle products including replacement parts, components and systems used in the repair and maintenance of vehicles and specialty products and accessories to improve the performance, functionality and appearance ofvehicles. Services revenue includes (i) additional services that are generally billed concurrently with the related product sales, such asthe sale of service-type warranties, (ii) fees for admission to our self service yards, and (iii) diagnostic and repair services. of small mechanical products such as brake pads, discs and sensors; clutches; electrical products such as spark plugs and batteries;steering and suspension products; filters; and oil and automotive fluids. Additionally, in both our Wholesale - North America andEurope segments, we sell paint and paint related consumables for refinishing vehicles. For our Specialty operations, we serve sevenproduct segments: truck and off-road; speed and performance; recreational vehicles ("RV"); towing; wheels, tires and performancehandling; marine; and miscellaneous accessories. from several sources in both our Wholesale - North America and Self Service segments, including vehicles that have been used in ourrecycling operations and vehicles from original equipment manufacturers ("OEMs") and other entities that contract with us for secure disposal of "crush only" vehicles. Revenue from the sale of hulks in our Wholesale - North America and Self Service segments isrecognized based on a price per ton of delivered material when the customer (processor) collects the scrap.The following table sets forth our revenue disaggregated by category and reportable segment (in millions): 2025202420252024Wholesale - North America$1,362$1,398$2,698$1,6011,6333,116464466857Self Service5055101 Variable Consideration Amounts related to variable consideration on our Unaudited Condensed Consolidated Balance Sheets are as follows (in millions): ClassificationReturn assetPrepaid expenses and other current assets Refund liabilityRefund liability128Variable consideration reserveReceivables, net of allowance for credit losses135 Our net sales are attributed to geographic area based on the location of the selling operation.The following table sets forth our revenueby geographic area (in millions):Three Months Ended June 30,Six Months Ended June 30,2025202420252024 Other countries1,0281,0741,967Total revenue$3,642$3,711$7,105$Note 5.Restructuring and Transaction Related Expenses and central back office. This plan is scheduled to be substantially complete by the end of 2027 with an estim