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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities:    
Net income $ 866.6 $ 1,086.9
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation 103.4 95.1
Earnings of equity method investments (164.6) (266.3)
Deferred income taxes 88.3 113.7
Changes in operating assets and liabilities:    
Accounts receivable (55.2) (137.7)
Inventories (162.2) (196.9)
Floor plan notes payable 179.8 337.9
Accounts payable and accrued expenses 102.7 145.8
Other 63.4 29.7
Net cash provided by operating activities 1,022.2 1,208.2
Investing Activities:    
Purchases of property, equipment, and improvements (272.1) (195.7)
Proceeds from sale of property and equipment 30.7 12.3
Acquisitions net, including repayment of sellers' floor plan notes payable of $24.3 and $51.3, respectively (211.3) (393.4)
Other (9.0) (7.5)
Net cash used in investing activities (461.7) (584.3)
Financing Activities:    
Proceeds from borrowings under revolving U.S. credit agreement and mortgage facilities 2,221.8 1,514.0
Repayments under revolving U.S. credit agreement and mortgage facilities (2,196.9) (1,514.0)
Net borrowings of other debt 59.0 186.0
Net repayments of floor plan notes payable — non-trade (142.4) (85.5)
Repurchases of common stock (341.2) (584.8)
Payments of tax withholding for stock-based compensation (23.4) (17.2)
Dividends (135.8) (113.6)
Payment of debt issuance costs (2.0) (0.3)
Other 0.0 0.1
Net cash used in financing activities (560.9) (615.3)
Effect of exchange rate changes on cash and cash equivalents (1.7) (17.0)
Net change in cash and cash equivalents (2.1) (8.4)
Cash and cash equivalents, beginning of period 106.5 100.7
Cash and cash equivalents, end of period 104.4 92.3
Cash paid for:    
Interest 156.8 76.8
Income taxes $ 262.5 $ 253.8