XML 43 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Operating Activities:    
Net income $ 58,019 $ 47,006
Adjustments to reconcile net income to net cash from continuing operating activities:    
Depreciation 14,449 12,950
Earnings of equity method investments (2,348) (4,410)
(Income) loss from discontinued operations, net of tax (813) 3,076
Deferred income taxes 11,630 4,880
Changes in operating assets and liabilities:    
Accounts receivable 6,885 (33,678)
Inventories (53,091) (101,396)
Floor plan notes payable 32,119 134,089
Accounts payable and accrued expenses 33,500 74,150
Other 2,725 (11,461)
Net cash from continuing operating activities 103,075 125,206
Investing Activities:    
Purchase of equipment and improvements (68,398) (26,173)
Dealership acquisitions net, including repayment of sellers' floor plan notes payable of $0 and $36,906, respectively (27,180) (108,106)
Other 5,744  
Net cash from continuing investing activities (89,834) (134,279)
Financing Activities:    
Proceeds from borrowings under U.S. credit agreement revolving credit line 247,700 194,300
Repayments under U.S. credit agreement revolving credit line (287,700) (219,300)
Net borrowings (repayments) of car rental revolver 49,779  
Net borrowings (repayments) of other long-term debt (49,368) 34,766
Net borrowings (repayments) of floor plan notes payable - non-trade 33,477 (367)
Repurchases of common stock (12,680) (8,522)
Dividends (12,656) (8,973)
Net cash from continuing financing activities (31,448) (8,096)
Discontinued operations:    
Net cash from discontinued operating activities (2,766) (2,774)
Net cash from discontinued investing activities 989 34,370
Net cash from discontinued financing activities 7,858 (10,491)
Net cash from discontinued operations 6,081 21,105
Net change in cash and cash equivalents (12,126) 3,936
Cash and cash equivalents, beginning of period 43,753 27,201
Cash and cash equivalents, end of period 31,627 31,137
Cash paid for:    
Interest 13,478 14,061
Income taxes $ 3,259 $ 7,740