XML 46 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Operating Activities:    
Net income $ 216.9 $ 186.0
Adjustments to reconcile net income to net cash from continuing operating activities:    
Depreciation 51.8 44.4
Earnings of equity method investments (22.9) (18.5)
Loss from discontinued operations, net of tax 7.9 1.4
Deferred income taxes 9.8 47.1
Changes in operating assets and liabilities:    
Accounts receivable (43.1) (16.4)
Inventories 69.2 (153.1)
Floor plan notes payable (79.0) 126.5
Accounts payable and accrued expenses 62.8 66.3
Other 3.9 12.9
Net cash provided by continuing operating activities 277.3 296.6
Investing Activities:    
Purchase of equipment and improvements (119.6) (122.2)
Purchase of car rental vehicles (93.5) (82.3)
Disposal of car rental vehicles 45.1 8.0
Dealership acquisitions net, including repayment of sellers' floor plan notes payable of $23.0 and $1.0, respectively (86.2) (221.2)
Other (25.3) (15.5)
Net cash used in continuing investing activities (279.5) (433.2)
Financing Activities:    
Proceeds from borrowings under U.S. credit agreement revolving credit line 951.1 808.7
Repayments under U.S. credit agreement revolving credit line (867.1) (814.7)
Repayments under U.S. credit agreement term loan   (12.0)
Proceeds from borrowings under car rental revolver 95.7 104.4
Repayments of car rental revolver (72.6) (30.5)
Net borrowings of other long-term debt 42.8 68.0
Net (repayments) borrowings of floor plan notes payable - non-trade (8.0) 78.0
Repurchases of common stock (15.5) (15.8)
Dividends (51.5) (40.7)
Other 0.3 0.2
Net cash provided by continuing financing activities 75.2 145.6
Discontinued operations:    
Net cash (used in)/provided by discontinued operating activities (23.2) 13.0
Net cash provided by discontinued investing activities 54.1 29.2
Net cash used in discontinued financing activities (3.2) (23.7)
Net cash provided by discontinued operations 27.7 18.5
Net change in cash and cash equivalents 100.7 27.5
Cash and cash equivalents, beginning of period 49.8 43.8
Cash and cash equivalents, end of period 150.5 71.3
Cash paid for:    
Interest 67.7 62.0
Income taxes $ 85.6 $ 23.2