CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating Activities:
Net income	$ 284.2	$ 263.7
Adjustments to reconcile net income to net cash from continuing operating activities:
Depreciation	70.0	66.8
Earnings of equity method investments	(53.1)	(37.3)
Loss from discontinued operations, net of tax	0.3	1.1
Deferred income taxes	204.9	96.4
Changes in operating assets and liabilities:
Accounts receivable	(48.7)	(67.1)
Inventories	(226.7)	246.6
Floor plan notes payable	137.8	(174.1)
Accounts payable and accrued expenses	98.4	15.5
Other	(0.3)	51.7
Net cash provided by continuing operating activities	466.8	463.3
Investing Activities:
Purchase of equipment and improvements	(180.1)	(171.7)
Acquisition of additional ownership interest in Penske Truck Leasing	(239.1)	(498.5)
Acquisitions net, including repayment of sellers’ floor plan notes payable of $101.6 and $59.1, respectively	(449.7)	(106.0)
Other	13.3	(9.5)
Net cash used in continuing investing activities	(855.6)	(785.7)
Financing Activities:
Proceeds from borrowings under U.S. credit agreement revolving credit line	1,621.0	1,172.5
Repayments under U.S. credit agreement revolving credit line	(1,645.0)	(1,127.5)
Net borrowings of other long-term debt	74.3	74.3
Net borrowings of floor plan notes payable — non-trade	155.2	12.8
Payment of debt issuance costs	(4.0)	(6.7)
Repurchases of common stock	(18.5)	(173.6)
Dividends	(80.1)	(70.3)
Other	(5.8)	(15.8)
Net cash provided by continuing financing activities	397.1	365.7
Discontinued operations:
Net cash provided by discontinued operating activities	0.5	1.3
Net cash provided by discontinued investing activities	2.4	1.7
Net cash used in discontinued financing activities	(0.2)	0.0
Net cash provided by discontinued operations	2.7	3.0
Effect of exchange rate changes on cash and cash equivalents	2.2	(19.3)
Net change in cash and cash equivalents	13.2	27.0
Cash and cash equivalents, beginning of period	24.0	62.4
Cash and cash equivalents, end of period	37.2	89.4
Cash paid for:
Interest	102.2	76.2
Income taxes	21.3	37.2
Seller financed/assumed debt	3.8
Non cash activities:
Consideration transferred through common stock issuance	32.4
Contingent consideration	20.0
3.75% senior subordinated notes due 2020
Financing Activities:
Issuance of senior subordinated notes	$ 300.0
5.50% senior subordinated notes due 2026
Financing Activities:
Issuance of senior subordinated notes		$ 500.0