XML 45 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Operating Activities:    
Net income $ 141.8 $ 120.5
Adjustments to reconcile net income to net cash from continuing operating activities:    
Depreciation 34.0 29.0
Earnings of equity method investments (14.5) (10.2)
Loss from discontinued operations, net of tax 6.0 0.6
Deferred income taxes 6.5 25.8
Changes in operating assets and liabilities:    
Accounts receivable (40.1) 5.6
Inventories (61.9) (139.9)
Floor plan notes payable 32.2 76.5
Accounts payable and accrued expenses 109.0 58.7
Other (1.6) 7.4
Net cash provided by continuing operating activities 211.4 174.0
Investing Activities:    
Purchase of equipment and improvements (72.9) (70.2)
Purchase of car rental vehicles (76.3) (73.2)
Dealership acquisitions net, including repayment of sellers' floor plan notes payable of $23.0 and $1.8, respectively (86.2) (30.7)
Other 24.9 (9.7)
Net cash used in continuing investing activities (210.5) (183.8)
Financing Activities:    
Proceeds from borrowings under U.S. credit agreement revolving credit line 572.6 491.7
Repayments under U.S. credit agreement revolving credit line (562.6) (519.7)
Repayments under U.S. credit agreement term loan   (12.0)
Proceeds from borrowings under car rental revolver 73.5 94.3
Repayments of car rental revolver (39.4) (12.2)
Net borrowings (repayments) of other long-term debt (47.2) (53.3)
Net borrowings (repayments) of floor plan notes payable - non-trade 32.4 37.6
Repurchases of common stock (15.5) (15.8)
Dividends (33.5) (26.2)
Other 0.3 0.2
Net cash used in continuing financing activities (19.4) (15.4)
Discontinued operations:    
Net cash (used in)/provided by discontinued operating activities (22.3) 16.5
Net cash provided by discontinued investing activities 54.0 2.6
Net cash used in discontinued financing activities (1.6) (11.4)
Net cash provided by discontinued operations 30.1 7.7
Net change in cash and cash equivalents 11.6 (17.5)
Cash and cash equivalents, beginning of period 49.8 43.8
Cash and cash equivalents, end of period 61.4 26.3
Cash paid for:    
Interest 50.5 47.0
Income taxes $ 48.3 $ 11.4