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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities:    
Net income $ 459.1 $ 602.2
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation 76.4 68.0
Earnings of equity method investments, net of distributions (71.1) (116.2)
Deferred income taxes (2.0) 26.1
Changes in operating assets and liabilities:    
Accounts receivable 101.2 26.5
Inventories (305.6) (274.2)
Floor plan notes payable 334.4 112.7
Accounts payable and accrued expenses 133.4 94.4
Other (34.7) 65.0
Net cash provided by operating activities 691.1 604.5
Investing Activities:    
Purchases of property, equipment, and improvements (201.7) (185.5)
Proceeds from sale of property and equipment 0.0 9.9
Acquisitions net, including repayment of sellers' floor plan notes payable of $101.9 and $21.3, respectively (440.8) (80.5)
Other (8.8) (5.3)
Net cash used in investing activities (651.3) (261.4)
Financing Activities:    
Proceeds from borrowings under revolving U.S. credit agreement and mortgage facilities 1,829.2 1,355.7
Repayments under revolving U.S. credit agreement and mortgage facilities (1,760.6) (1,288.0)
Net borrowings of other debt 68.0 44.9
Net borrowings (repayments) of floor plan notes payable — non-trade 51.6 (2.4)
Repurchases of common stock (58.1) (328.1)
Payments of tax withholding for stock-based compensation (18.3) (22.4)
Dividends (123.0) (87.2)
Payment of debt issuance costs (0.7) (2.0)
Other (8.2) (0.1)
Net cash used in financing activities (20.1) (329.6)
Effect of exchange rate changes on cash and cash equivalents (1.0) (0.4)
Net change in cash and cash equivalents 18.7 13.1
Cash and cash equivalents, beginning of period 96.4 106.5
Cash and cash equivalents, end of period 115.1 119.6
Cash paid for:    
Interest 127.4 114.3
Income taxes $ 161.3 $ 212.4