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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities:    
Net income $ 686.1 $ 866.6
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation 117.0 103.4
Earnings of equity method investments, net of distributions (105.3) (164.6)
Deferred income taxes 5.6 88.3
Changes in operating assets and liabilities:    
Accounts receivable 143.3 (55.2)
Inventories (236.9) (162.2)
Floor plan notes payable 369.8 179.8
Accounts payable and accrued expenses 52.9 102.7
Other (70.4) 63.4
Net cash provided by operating activities 962.1 1,022.2
Investing Activities:    
Purchases of property, equipment, and improvements (282.6) (272.1)
Proceeds from sale of dealerships 28.2 0.0
Proceeds from sale of property and equipment 19.2 30.7
Acquisitions net, including repayment of sellers' floor plan notes payable of $179.9 and $24.3, respectively (637.4) (211.3)
Other (10.9) (9.0)
Net cash used in investing activities (883.5) (461.7)
Financing Activities:    
Proceeds from borrowings under revolving U.S. credit agreement and mortgage facilities 3,178.4 2,221.8
Repayments under revolving U.S. credit agreement and mortgage facilities (2,986.1) (2,196.9)
Net cash borrowings of other debt 42.5 59.0
Net repayments of floor plan notes payable — non-trade (38.2) (142.4)
Repurchases of common stock (58.1) (341.2)
Payments of tax withholding for stock-based compensation (18.4) (23.4)
Dividends (194.7) (135.8)
Payment of debt issuance costs (1.0) (2.0)
Other (8.1) 0.0
Net cash used in financing activities (83.7) (560.9)
Effect of exchange rate changes on cash and cash equivalents 0.6 (1.7)
Net change in cash and cash equivalents (4.5) (2.1)
Cash and cash equivalents, beginning of period 96.4 106.5
Cash and cash equivalents, end of period 91.9 104.4
Cash paid for:    
Interest 201.1 156.8
Income taxes $ 256.6 $ 262.5