XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities:    
Net income $ 343.9 $ 333.8
Adjustments to reconcile net income to net cash from continuing operating activities:    
Depreciation 85.4 81.0
Earnings of equity method investments (88.9) (77.8)
Income from discontinued operations, net of tax (0.3) (0.3)
Deferred income taxes 177.6 48.2
Changes in operating assets and liabilities:    
Accounts receivable 112.2 (38.0)
Inventories 1,043.5 119.9
Floor plan notes payable (925.9) 108.7
Accounts payable and accrued expenses 172.1 128.6
Other (70.1) (43.3)
Net cash provided by continuing operating activities 849.5 660.8
Investing Activities:    
Purchase of equipment and improvements (114.3) (188.8)
Proceeds from sale of dealerships 10.3 7.3
Proceeds from sale-leaseback transactions   7.3
Proceeds from sale of equipment and improvements 19.8 5.1
Acquisitions net, including repayment of sellers' floor plan notes payable of $0 and $138.5, respectively   (326.9)
Other (4.4) (7.4)
Net cash used in continuing investing activities (88.6) (503.4)
Financing Activities:    
Proceeds from borrowings under U.S. credit agreement revolving credit line 956.0 1,458.0
Repayments under U.S. credit agreement revolving credit line (1,001.0) (1,383.0)
Issuance of 3.50% senior subordinated notes 550.0  
Repayment of 3.75% senior subordinated notes (300.0)  
Net (repayments) borrowings of other long-term debt (253.7) 95.3
Net repayments of floor plan notes payable - non-trade (547.6) (18.0)
Payments for contingent consideration (31.6)  
Repurchases of common stock (29.4) (174.1)
Dividends (34.2) (97.3)
Payment of deferred financing fees (7.8)  
Other (5.0) 0.1
Net cash used in continuing financing activities (704.3) (119.0)
Discontinued operations:    
Net cash provided by discontinued operating activities 0.2 0.2
Net cash provided by discontinued investing activities
Net cash provided by discontinued financing activities
Net cash provided by discontinued operations 0.2 0.2
Effect of exchange rate changes on cash and cash equivalents 7.8 (0.5)
Net change in cash and cash equivalents 64.6 38.1
Cash and cash equivalents, beginning of period 28.1 39.4
Cash and cash equivalents, end of period 92.7 77.5
Cash paid for:    
Interest 106.7 139.6
Income taxes $ 32.1 69.8
Non cash activities:    
Contingent consideration   $ 10.6