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Condensed Consolidating Financial Information
 12 Months Ended
Dec. 31, 2013
Condensed Consolidating Financial Information  
Condensed Consolidating Financial Information

19. Condensed Consolidating Financial Information

        The following tables include condensed consolidating financial information as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012, and 2011 for Penske Automotive Group, Inc. (as the issuer of the 5.75% Notes), guarantor subsidiaries and non-guarantor subsidiaries (primarily representing foreign entities). Guarantor subsidiaries are directly or indirectly 100% owned by PAG, and the guarantees are full and unconditional, and joint and several. The condensed consolidating financial information includes certain allocations of balance sheet, income statement and cash flow items which are not necessarily indicative of the financial position, results of operations and cash flows of these entities on a stand-alone basis.

CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2013

 
   Total
Company		   Eliminations   Penske
Automotive
Group		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		  

Cash and cash equivalents

   $ 49.8   $ —   $ —   $ 12.6   $ 37.2  

Accounts receivable, net

     606.2     (392.5 )   392.5     387.5     218.7  

Inventories

     2,538.3     —     —     1,436.1     1,102.2  

Other current assets

     88.5     —     2.9     43.5     42.1  

Assets held for sale

     63.8     —     —     15.6     48.2  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current assets

     3,346.6     (392.5 )   395.4     1,895.3     1,448.4  

Property and equipment, net

     1,241.0     —     4.0     808.8     428.2  

Intangible assets

     1,449.0     —     —     782.7     666.3  

Equity method investments

     346.9     —     295.0     —     51.9  

Other long-term assets

     32.0     (1,686.0 )   1,697.4     5.3     15.3  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 6,415.5   $ (2,078.5 ) $ 2,391.8   $ 3,492.1   $ 2,610.1  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Floor plan notes payable

   $ 1,704.4   $ —   $ —   $ 1,028.7   $ 675.7  

Floor plan notes payable—non-trade

     903.2     —     128.2     447.3     327.7  

Accounts payable

     374.7     —     3.4     143.2     228.1  

Accrued expenses

     264.0     (392.5 )   0.1     123.6     532.8  

Current portion of long-term debt

     50.0     —     —     39.5     10.5  

Liabilities held for sale

     35.5     —     —     6.8     28.7  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current liabilities

     3,331.8     (392.5 )   131.7     1,789.1     1,803.5  

Long-term debt

     1,033.2     (123.5 )   738.0     158.3     260.4  

Deferred tax liabilities

     361.4     —     —     337.6     23.8  

Other long-term liabilities

     167.0     —     —     69.3     97.7  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     4,893.4     (516.0 )   869.7     2,354.3     2,185.4  

Total equity

     1,522.1     (1,562.5 )   1,522.1     1,137.8     424.7  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and equity

   $ 6,415.5   $ (2,078.5 ) $ 2,391.8   $ 3,492.1   $ 2,610.1  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2012

 
   Total
Company		   Eliminations   Penske
Automotive
Group		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		  

Cash and cash equivalents

   $ 43.5   $ —   $ —   $ 34.4   $ 9.1  

Accounts receivable, net

     550.9     (345.5 )   345.5     366.2     184.7  

Inventories

     1,975.7     —     —     1,193.6     782.1  

Other current assets

     90.4     —     3.5     55.8     31.1  

Assets held for sale

     123.4     —     —     42.1     81.3  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current assets

     2,783.9     (345.5 )   349.0     1,692.1     1,088.3  

Property and equipment, net

     1,022.9     —     4.5     640.8     377.6  

Intangible assets

     1,248.3     —     —     720.8     527.5  

Equity method investments

     303.2     —     252.8     —     50.4  

Other long-term assets

     20.7     (1,522.6 )   1,535.9     5.0     2.4  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 5,379.0   $ (1,868.1 ) $ 2,142.2   $ 3,058.7   $ 2,046.2  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Floor plan notes payable

   $ 1,404.9   $ —   $ —   $ 893.8   $ 511.1  

Floor plan notes payable—non-trade

     711.4     —     112.1     344.8     254.5  

Accounts payable

     261.1     —     3.3     122.5     135.3  

Accrued expenses

     222.6     (345.5 )   0.5     113.5     454.1  

Current portion of long-term debt

     19.5     —     —     9.8     9.7  

Liabilities held for sale

     75.6     —     —     21.8     53.8  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current liabilities

     2,695.1     (345.5 )   115.9     1,506.2     1,418.5  

Long-term debt

     917.1     (76.0 )   710.0     121.6     161.5  

Deferred tax liabilities

     287.8     —     —     260.4     27.4  

Other long-term liabilities

     162.7     —     —     85.1     77.6  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     4,062.7     (421.5 )   825.9     1,973.3     1,685.0  

Total equity

     1,316.3     (1,446.6 )   1,316.3     1,085.4     361.2  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and equity

   $ 5,379.0   $ (1,868.1 ) $ 2,142.2   $ 3,058.7   $ 2,046.2  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 2013

 
   Total
Company		   Eliminations   Penske
Automotive
Group		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		  

Revenues

   $ 14,705.4   $ —   $ —   $ 8,761.6   $ 5,943.8  

Cost of sales

     12,445.6     —     —     7,348.4     5,097.2  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     2,259.8     —     —     1,413.2     846.6  

Selling, general, and administrative expenses

     1,761.9     —     21.4     1,077.4     663.1  

Depreciation

     61.7     —     1.8     35.8     24.1  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income (loss)

     436.2     —     (23.2 )   300.0     159.4  

Floor plan interest expense

     (43.6 )   —     (9.6 )   (20.0 )   (14.0 )

Other interest expense

     (47.9 )   —     (26.1 )   (4.5 )   (17.3 )

Equity in earnings of affiliates

     30.7     —     25.5     —     5.2  

Equity in earnings of subsidiaries

     —     (407.3 )   407.3     —     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from continuing operations before income taxes

     375.4     (407.3 )   373.9     275.5     133.3  

Income taxes

     (124.3 )   135.4     (124.3 )   (100.8 )   (34.6 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from continuing operations

     251.1     (271.9 )   249.6     174.7     98.7  

Loss from discontinued operations, net of tax

     (5.4 )   5.4     (5.4 )   0.4     (5.8 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

     245.7     (266.5 )   244.2     175.1     92.9  

Other comprehensive income (loss), net of tax

     18.9     (9.8 )   18.9     4.0     5.8  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

     264.6     (276.3 )   263.1     179.1     98.7  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Less: Comprehensive income attributable to the non-controlling interests

     2.0     (0.5 )   0.5     —     2.0  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income attributable to Penske Automotive Group common stockholders

   $ 262.6   $ (275.8 ) $ 262.6   $ 179.1   $ 96.7  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 2012

 
   Total
Company		   Eliminations   Penske
Automotive
Group		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		  

Revenues

   $ 13,084.3   $ —   $ —   $ 7,783.6   $ 5,300.7  

Cost of sales

     11,078.6     —     —     6,551.9     4,526.7  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     2,005.7     —     —     1,231.7     774.0  

Selling, general, and administrative expenses

     1,586.8     —     19.4     954.8     612.6  

Depreciation

     53.5     —     1.3     29.2     23.0  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income (loss)

     365.4     —     (20.7 )   247.7     138.4  

Floor plan interest expense

     (38.3 )   —     (8.6 )   (16.7 )   (13.0 )

Other interest expense

     (46.8 )   —     (29.5 )   (0.6 )   (16.7 )

Equity in earnings of affiliates

     27.6     —     24.0     —     3.6  

Debt redemption costs

     (17.8 )   —     (17.8 )   —     —  

Equity in earnings of subsidiaries

     —     (341.1 )   341.1     —     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from continuing operations before income taxes

     290.1     (341.1 )   288.5     230.4     112.3  

Income taxes

     (94.3 )   111.6     (94.3 )   (87.3 )   (24.3 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from continuing operations

     195.8     (229.5 )   194.2     143.1     88.0  

Loss from discontinued operations, net of tax

     (8.6 )   8.6     (8.6 )   —     (8.6 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

     187.2     (220.9 )   185.6     143.1     79.4  

Other comprehensive income (loss), net of tax

     17.6     (16.6 )   17.6     1.0     15.6  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

     204.8     (237.5 )   203.2     144.1     95.0  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Less: Comprehensive income attributable to non-controlling interests

     1.9     (0.3 )   0.3     —     1.9  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income attributable to Penske Automotive Group common stockholders

   $ 202.9   $ (237.2 ) $ 202.9   $ 144.1   $ 93.1  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATING STATEMENT OF INCOME
Year Ended December 31, 2011

 
   Total
Company		   Eliminations   Penske
Automotive
Group		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		  

Revenues

   $ 11,039.4   $ —   $ —   $ 6,609.3   $ 4,430.1  

Cost of sales

     9,287.3     —     —     5,507.8     3,779.5  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Gross profit

     1,752.1     —     —     1,101.5     650.6  

Selling, general, and administrative expenses

     1,410.5     —     19.0     879.2     512.3  

Depreciation

     46.4     —     1.3     25.7     19.4  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income (loss)

     295.2     —     (20.3 )   196.6     118.9  

Floor plan interest expense

     (26.8 )   —     (1.4 )   (13.8 )   (11.6 )

Other interest expense

     (44.1 )   —     (25.4 )   (1.0 )   (17.7 )

Debt discount amortization

     (1.7 )   —     (1.7 )   —     —  

Equity in earnings of affiliates

     25.4     —     23.0     —     2.4  

Equity in earnings of subsidiaries

     —     (272.4 )   272.4     —     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from continuing operations before income taxes

     248.0     (272.4 )   246.6     181.8     92.0  

Income taxes

     (71.8 )   79.3     (71.8 )   (53.0 )   (26.3 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income from continuing operations

     176.2     (193.1 )   174.8     128.8     65.7  

Loss from discontinued operations, net of tax

     2.1     (2.0 )   2.1     3.1     (1.1 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

     178.3     (195.1 )   176.9     131.9     64.6  

Other comprehensive income (loss), net of tax

     (24.1 )   21.2     (24.1 )   (9.6 )   (11.6 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income

     154.2     (173.9 )   152.8     122.3     53.0  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Less: Comprehensive income attributable to the non-controlling interests

     1.4     —     —     —     1.4  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Comprehensive income attributable to Penske Automotive Group common stockholders

   $ 152.8   $ (173.9 ) $ 152.8   $ 122.3   $ 51.6  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2013

 
   Total
Company		   Penske
Automotive
Group		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		  

Net cash from (used in) continuing operating activities

   $ 314.8   $ 46.6   $ 31.4   $ 236.8  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investing activities:

                          

Purchase of property and equipment

     (169.9 )   (1.4 )   (111.7 )   (56.8 )

Purchase of car rental vehicles

     (86.4 )   —     (86.4 )   —  

Acquisitions, net

     (338.1 )   —     (127.5 )   (210.6 )

Other

     6.8     (17.5 )   20.0     4.3  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash from (used in) continuing investing activities

     (587.6 )   (18.9 )   (305.6 )   (263.1 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Financing activities:

                          

Net borrowings (repayments) of long-term debt

     144.8     28.0     66.4     50.4  

Net (repayments) borrowings of floor plan notes payable—non-trade

     191.8     16.1     181.8     (6.1 )

Repurchase of common stock

     (15.8 )   (15.8 )   —     —  

Dividends

     (56.0 )   (56.0 )   —     —  

Distributions from (to) parent

     —     —     0.9     (0.9 )

Other

     0.2     —     —     0.2  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash from (used in) continuing financing activities

     265.0     (27.7 )   249.1     43.6  

Net cash from discontinued operations

    
14.1		    
—		    
3.3		    
10.8		  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net change in cash and cash equivalents

     6.3     —     (21.8 )   28.1  

Cash and cash equivalents, beginning of period

     43.5     —     34.4     9.1  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash and cash equivalents, end of period

   $ 49.8   $ —   $ 12.6   $ 37.2  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2012

 
   Total
Company		   Penske
Automotive
Group		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		  

Net cash from (used in) continuing operating activities

   $ 324.6   $ 45.5   $ 126.9   $ 152.2  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investing activities:

                          

Purchase of equipment and improvements

     (152.3 )   (1.1 )   (101.7 )   (49.5 )

Purchase of car rental vehicles

     (9.9 )   —     (9.9 )   —  

Proceeds from sale-leaseback transactions

     1.6     —     —     1.6  

Acquisitions, net

     (250.2 )   —     (115.8 )   (134.4 )

Other

     8.8     (3.3 )   4.8     7.3  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash from (used in) continuing investing activities

     (402.0 )   (4.4 )   (222.6 )   (175.0 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Financing activities:

                          

Repurchase of 3.5% senior subordinated convertible notes

     (62.7 )   (62.7 )   —     —  

Issuance of 5.75% senior subordinated notes

     550.0     550.0     —     —  

Repurchase of 7.75% senior subordinated notes

     (390.8 )   (390.8 )   —     —  

Net borrowings (repayments) of long-term debt

     (28.5 )   (98.9 )   50.9     19.5  

Net borrowings (repayments) of floor plan notes payable—non-trade

     71.6     21.2     42.7     7.7  

Repurchases of common stock

     (9.8 )   (9.8 )   —     —  

Dividends

     (41.5 )   (41.5 )   —     —  

Payment of deferred financing fees

     (8.6 )   (8.6 )   —     —  

Other

     (1.1 )   —     —     (1.1 )

Distributions from (to) parent

     —     —     5.2     (5.2 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash from (used in) continuing financing activities

     78.6     (41.1 )   98.8     20.9  

Net cash from (used in) discontinued operations

    
15.5		    
—		    
5.5		    
10.0		  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net change in cash and cash equivalents

     16.7     —     8.6     8.1  

Cash and cash equivalents, beginning of period

     26.8     —     25.8     1.0  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash and cash equivalents, end of period

   $ 43.5   $ —   $ 34.4   $ 9.1  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2011

 
   Total
Company		   Penske
Automotive
Group		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		  

Net cash from (used in) continuing operating activities

   $ 136.8   $ (39.4 ) $ 188.6   $ (12.4 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investing activities:

                          

Purchase of equipment and improvements

     (131.7 )   (1.3 )   (76.1 )   (54.3 )

Acquisitions, net

     (232.1 )   —     (194.3 )   (37.8 )

Other

     2.9     —     —     2.9  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash from (used in) continuing investing activities

     (360.9 )   (1.3 )   (270.4 )   (89.2 )
                   
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Financing activities:

                          

Repurchase of 3.5% senior subordinated convertible notes

     (87.3 )   (87.3 )   —     —  

Net borrowings (repayments) of long-term debt

     155.2     125.0     18.4     11.8  

Net borrowings (repayments) of floor plan notes payable—non-trade

     197.0     65.9     34.9     96.2  

Proceeds from exercises of options, including excess tax benefit

     3.4     3.4     —     —  

Repurchases of common stock

     (44.3 )   (44.3 )   —     —  

Dividends

     (22.0 )   (22.0 )   —     —  

Distributions from (to) parent

     —     —     6.1     (6.1 )
                   
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Net cash from (used in) continuing financing activities

     202.0     40.7     59.4     101.9  

Net cash from discontinued operations

    
31.0		    
—		    
32.6		    
(1.6
)
                   
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Net change in cash and cash equivalents

     8.9     —     10.2     (1.3 )

Cash and cash equivalents, beginning of period

     17.9     —     15.6     2.3  
                   
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Cash and cash equivalents, end of period

   $ 26.8   $ —   $ 25.8   $ 1.0  
                   
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