XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities:    
Net income $ 1,086.9 $ 879.8
Adjustments to reconcile net income to net cash from continuing operating activities:    
Depreciation 95.1 89.7
Earnings of equity method investments (266.3) (203.4)
Income from discontinued operations, net of tax 0.0 (0.4)
Deferred income taxes 113.7 126.3
Debt redemption costs 0.0 17.0
Changes in operating assets and liabilities:    
Accounts receivable (137.7) 69.4
Inventories (196.9) 863.6
Floor plan notes payable 337.9 (818.3)
Accounts payable and accrued expenses 145.8 290.5
Other 29.7 16.2
Net cash provided by continuing operating activities 1,208.2 1,330.4
Investing Activities:    
Purchases of property, equipment, and improvements (195.7) (157.5)
Proceeds from sale of dealerships 0.0 4.3
Proceeds from sale of property and equipment 12.3 54.9
Acquisitions net, including repayment of sellers’ floor plan notes payable of $51.3 and $24.3, respectively (393.4) (278.0)
Other (7.5) 0.2
Net cash used in continuing investing activities (584.3) (376.1)
Financing Activities:    
Proceeds from borrowings under U.S. credit agreement revolving credit line 1,514.0 1,487.0
Repayments under U.S. credit agreement revolving credit line (1,514.0) (1,595.0)
Net borrowings (repayments) of other long-term debt 186.0 (152.5)
Net repayments of floor plan notes payable — non-trade (85.5) (288.9)
Repurchases of common stock (584.8) (206.9)
Dividends (113.6) (106.3)
Payment of debt issuance costs (0.3) (6.1)
Other (17.1) (12.8)
Net cash used in continuing financing activities (615.3) (881.5)
Discontinued operations:    
Net cash provided by discontinued operating activities 0.0 0.4
Net cash provided by discontinued operations 0.0 0.4
Effect of exchange rate changes on cash and cash equivalents (17.0) (3.5)
Net change in cash and cash equivalents (8.4) 69.7
Cash and cash equivalents, beginning of period 100.7 49.5
Cash and cash equivalents, end of period 92.3 119.2
Cash paid (received) for:    
Interest 76.8 79.8
Income taxes 253.8 44.5
3.75% senior subordinated notes due 2029    
Financing Activities:    
Issuance of 3.75% senior subordinated notes 0.0 500.0
5.50% senior subordinated notes due 2026    
Financing Activities:    
Repayment of 5.50% senior subordinated notes $ 0.0 $ (500.0)