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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities:    
Net income $ 299.6 $ 369.5
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation 33.9 31.9
Earnings of equity method investments (82.1) (119.6)
Deferred income taxes 13.7 41.4
Changes in operating assets and liabilities:    
Accounts receivable (10.2) (101.1)
Inventories (95.2) 30.8
Floor plan notes payable 8.1 (12.9)
Accounts payable and accrued expenses 131.6 134.6
Other 11.8 6.0
Net cash provided by operating activities 311.2 380.6
Investing Activities:    
Purchases of property, equipment, and improvements (102.4) (56.2)
Proceeds from sale of property and equipment 0.0 1.8
Acquisitions net, including repayment of sellers' floor plan notes payable of $0.0 and $16.5, respectively 0.0 (93.6)
Other (3.1) (1.8)
Net cash used in investing activities (105.5) (149.8)
Financing Activities:    
Proceeds from borrowings under revolving U.S. credit agreement and mortgage facility 611.7 409.0
Repayments under revolving U.S. credit agreement and mortgage facility (512.0) (409.0)
Net repayments of other debt (23.9) (9.9)
Net (repayments) borrowings of floor plan notes payable — non-trade (133.1) 6.5
Repurchases of common stock (110.2) (119.2)
Dividends (42.3) (36.4)
Payment of debt issuance costs (2.0) (0.1)
Net cash used in financing activities (211.8) (159.1)
Effect of exchange rate changes on cash and cash equivalents 0.2 (2.1)
Net change in cash and cash equivalents (5.9) 69.6
Cash and cash equivalents, beginning of period 106.5 100.7
Cash and cash equivalents, end of period 100.6 170.3
Cash paid for:    
Interest 47.7 24.7
Income taxes $ 23.9 $ 19.3