CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities:
Net income	$ 373.1	$ 284.2
Adjustments to reconcile net income to net cash from continuing operating activities:
Depreciation	77.2	70.0
Earnings of equity method investments	(69.5)	(53.1)
(Income) loss from discontinued operations, net of tax	(0.2)	0.3
Deferred income taxes	64.3	204.9
Changes in operating assets and liabilities:
Accounts receivable	6.1	(48.7)
Inventories	205.2	(226.7)
Floor plan notes payable	(165.2)	137.8
Accounts payable and accrued expenses	26.2	98.4
Other	18.7	(0.3)
Net cash provided by continuing operating activities	535.9	466.8
Investing Activities:
Purchase of equipment and improvements	(188.5)	(180.1)
Proceeds from sale of dealerships	58.4	9.0
Proceeds from sale-leaseback transactions	10.7
Acquisition of additional ownership interest in Penske Truck Leasing		(239.1)
Acquisitions net, including repayment of sellers’ floor plan notes payable of $25.8 and $101.6, respectively	(168.6)	(449.7)
Other	(3.5)	4.3
Net cash used in continuing investing activities	(291.5)	(855.6)
Financing Activities:
Proceeds from borrowings under U.S. credit agreement revolving credit line	1,163.0	1,621.0
Repayments under U.S. credit agreement revolving credit line	(1,335.0)	(1,645.0)
Issuance of 3.75% senior subordinated notes		300.0
Net borrowings of other long-term debt	131.0	74.3
Net (repayments) borrowings of floor plan notes payable — non-trade	(59.6)	155.2
Payment of debt issuance costs		(4.0)
Repurchases of common stock	(55.8)	(18.5)
Dividends	(89.7)	(80.1)
Other	(6.2)	(5.8)
Net cash (used in) provided by continuing financing activities	(252.3)	397.1
Discontinued operations:
Net cash provided by discontinued operating activities	0.3	0.5
Net cash provided by discontinued investing activities		2.4
Net cash used in discontinued financing activities		(0.2)
Net cash provided by discontinued operations	0.3	2.7
Effect of exchange rate changes on cash and cash equivalents	(0.5)	2.2
Net change in cash and cash equivalents	(8.1)	13.2
Cash and cash equivalents, beginning of period	45.7	24.0
Cash and cash equivalents, end of period	37.6	37.2
Cash paid (received) for:
Interest	127.4	102.2
Income taxes	36.5	21.3
Seller financed/assumed debt		3.8
Non cash activities:
Deferred consideration	$ 6.8
Consideration transferred through common stock issuance		32.4
Contingent consideration		$ 20.0