XML 32 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating Activities:      
Net income $ 330.4 $ 290.1 $ 245.7
Adjustments to reconcile net income to net cash from continuing operating activities:      
Depreciation 78.0 70.2 59.6
Gain on investment   16.0  
Earnings of equity method investments (28.0) (28.8) (23.0)
Loss from discontinued operations, net of tax 3.5 14.7 2.8
Deferred income taxes 44.6 50.5 77.6
Changes in operating assets and liabilities:      
Accounts receivable (23.5) (41.2) (35.1)
Inventories (428.4) (120.6) (391.0)
Floor plan notes payable 360.8 140.7 290.6
Accounts payable and accrued expenses 66.0 19.6 80.8
Other (11.9) (19.9) (9.1)
Net cash provided by continuing operating activities 391.5 359.3 298.9
Investing Activities:      
Purchase of equipment and improvements (199.5) (176.1) (175.0)
Acquisitions net, including repayment of sellers’ floor plan notes payable of $60.3, $117.8 and $29.6, respectively (156.9) (355.0) (314.0)
Other 4.7 (22.6) (2.6)
Net cash used in continuing investing activities (351.7) (553.7) (491.6)
Financing Activities:      
Proceeds from borrowings under U.S. credit agreement revolving credit line 1,420.4 1,272.6 1,102.8
Repayments under U.S. credit agreement revolving credit line (1,260.4) (1,362.6) (1,062.8)
Repayment of U.S credit agreement term loan (88.0) (10.0) (12.0)
Repayment of U.S. commercial truck capital loan (60.5)    
Net (repayments) borrowings of other long-term debt (73.6) 28.7 53.1
Net borrowings of floor plan notes payable - non-trade 154.2 26.1 191.1
Payment of deferred financing fees (1.8) (4.4)  
Repurchases of common stock (48.9) (15.5) (15.8)
Dividends (84.8) (70.5) (56.0)
Other (5.9) 0.3 0.2
Net cash (used in) provided by continuing financing activities (49.3) 164.7 200.6
Discontinued operations:      
Net cash (used in) provided by discontinued operating activities (5.5) 8.6 20.7
Net cash provided by (used in) discontinued investing activities 129.6 19.8 (66.3)
Net cash (used in) provided by discontinued financing activities (87.1) (11.4) 44.1
Net cash provided by (used in) discontinued operations 37.0 17.0 (1.5)
Effect of exchange rate changes on cash and cash equivalents (1.4) (1.3)  
Net change in cash and cash equivalents 26.1 (14.0) 6.4
Cash and cash equivalents, beginning of period 36.3 50.3 43.9
Cash and cash equivalents, end of period 62.4 36.3 50.3
Cash paid for:      
Interest 110.1 98.4 92.2
Income taxes 114.9 114.3 $ 33.5
Seller financed/assumed debt $ 2.6 136.4  
5.375% Senior Subordinated Notes Due 2024      
Financing Activities:      
Issuance of senior subordinated notes   $ 300.0