XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities:    
Net income $ 369.5 $ 183.1
Adjustments to reconcile net income to net cash from continuing operating activities:    
Depreciation 31.9 29.3
Earnings of equity method investments (119.6) (55.4)
Income from discontinued operations, net of tax 0.0 0.0
Deferred income taxes 41.4 41.8
Changes in operating assets and liabilities:    
Accounts receivable (101.1) (54.5)
Inventories 30.8 147.2
Floor plan notes payable (12.9) (93.6)
Accounts payable and accrued expenses 134.6 39.1
Other 6.0 2.3
Net cash provided by continuing operating activities 380.6 239.3
Investing Activities:    
Purchases of property, equipment, and improvements (56.2) (42.4)
Proceeds from sale of dealerships 0.0 4.3
Proceeds from sale of property and equipment 1.8 20.4
Acquisitions net, including repayment of sellers’ floor plan notes payable of $16.5 and $0.0, respectively (93.6) 0.0
Other (1.8) (0.6)
Net cash used in continuing investing activities (149.8) (18.3)
Financing Activities:    
Proceeds from borrowings under U.S. credit agreement revolving credit line 409.0 301.0
Repayments under U.S. credit agreement revolving credit line (409.0) (409.0)
Net repayments of other long-term debt (9.9) (2.3)
Net borrowings (repayments) of floor plan notes payable — non-trade 6.5 (29.1)
Repurchases of common stock (119.2) 0.0
Dividends (36.4) (34.6)
Payment of debt issuance costs (0.1) (0.1)
Other 0.0 0.0
Net cash used in continuing financing activities (159.1) (174.1)
Discontinued operations:    
Net cash provided by discontinued operating activities 0.0 0.0
Net cash provided by discontinued operations 0.0 0.0
Effect of exchange rate changes on cash and cash equivalents (2.1) (1.8)
Net change in cash and cash equivalents 69.6 45.1
Cash and cash equivalents, beginning of period 100.7 49.5
Cash and cash equivalents, end of period 170.3 94.6
Cash paid for:    
Interest 24.7 27.2
Income taxes $ 19.3 $ 11.5