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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating Activities:    
Net income $ 175.2 $ 171.6
Adjustments to reconcile net income to net cash from continuing operating activities:    
Depreciation 45.3 37.9
Earnings of equity method investments (15.7) (16.1)
Loss from discontinued operations, net of tax 1.2 1.0
Deferred income taxes 19.0 (18.4)
Changes in operating assets and liabilities:    
Accounts receivable (41.2) (36.5)
Inventories 156.5 (186.1)
Floor plan notes payable (185.4) 192.3
Accounts payable and accrued expenses 80.6 99.0
Other 29.0 25.9
Net cash provided by continuing operating activities 264.5 270.6
Investing Activities:    
Purchase of equipment and improvements (136.7) (83.5)
Acquisitions net, including repayment of sellers’ floor plan notes payable of $44.7 and $41.2, respectively (65.4) (86.4)
Other (25.0)  
Net cash used in continuing investing activities (227.1) (169.9)
Financing Activities:    
Proceeds from borrowings under U.S. credit agreement revolving credit line 629.5 780.4
Repayments under U.S. credit agreement revolving credit line (789.5) (702.4)
Repayment of U.S. credit agreement term loan   (88.0)
Repayment of U.S. commercial truck capital loan   (60.5)
Issuance of 5.50% senior subordinated notes 500.0  
Net borrowings (repayments) of other long-term debt 60.9 (123.7)
Net (repayments) borrowings of floor plan notes payable — non-trade (163.0) 120.3
Payment of debt issuance costs (6.6) (1.7)
Repurchases of common stock (173.6) (22.0)
Dividends (46.4) (40.7)
Other (9.8) 0.2
Net cash provided by (used in) continuing financing activities 1.5 (138.1)
Discontinued operations:    
Net cash provided by discontinued operating activities 1.3 (1.3)
Net cash provided by discontinued investing activities 1.7 129.5
Net cash used in discontinued financing activities (0.1) (87.3)
Net cash provided by discontinued operations 2.9 40.9
Effect of exchange rate changes on cash and cash equivalents (6.7) (0.4)
Net change in cash and cash equivalents 35.1 3.1
Cash and cash equivalents, beginning of period 62.4 36.3
Cash and cash equivalents, end of period 97.5 39.4
Cash paid for:    
Interest 60.5 52.1
Income taxes $ 26.9 64.7
Seller financed/assumed debt   $ 2.6