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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities:    
Net income $ 602.2 $ 745.4
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation 68.0 63.6
Earnings of equity method investments (116.2) (198.4)
Deferred income taxes 26.1 74.8
Changes in operating assets and liabilities:    
Accounts receivable 26.5 (58.1)
Inventories (274.2) (15.1)
Floor plan notes payable 112.7 121.0
Accounts payable and accrued expenses 94.4 129.7
Other 65.0 16.3
Net cash provided by operating activities 604.5 879.2
Investing Activities:    
Purchases of property, equipment, and improvements (185.5) (138.1)
Proceeds from sale of property and equipment 9.9 11.4
Acquisitions net, including repayment of sellers' floor plan notes payable of $21.3 and $51.3, respectively (80.5) (225.9)
Other (5.3) (4.4)
Net cash used in investing activities (261.4) (357.0)
Financing Activities:    
Proceeds from borrowings under revolving U.S. credit agreement and mortgage facility 1,355.7 974.0
Repayments under revolving U.S. credit agreement and mortgage facility (1,288.0) (974.0)
Net borrowings of other debt 44.9 23.8
Net repayments of floor plan notes payable — non-trade (2.4) (115.6)
Repurchases of common stock (328.1) (275.4)
Payments of tax withholding for stock-based compensation (22.4) (17.2)
Dividends (87.2) (74.4)
Payment of debt issuance costs (2.0) (0.1)
Other (0.1) (0.1)
Net cash used in financing activities (329.6) (459.0)
Effect of exchange rate changes on cash and cash equivalents (0.4) (9.0)
Net change in cash and cash equivalents 13.1 54.2
Cash and cash equivalents, beginning of period 106.5 100.7
Cash and cash equivalents, end of period 119.6 154.9
Cash paid for:    
Interest 114.3 49.2
Income taxes $ 212.4 $ 158.9