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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating Activities:    
Net income $ 217.7 $ 243.0
Adjustments to reconcile net income to net cash from continuing operating activities:    
Depreciation 53.5 51.3
Earnings of equity method investments (53.4) (45.3)
Income from discontinued operations, net of tax (0.2) (0.1)
Deferred income taxes 29.7 48.5
Changes in operating assets and liabilities:    
Accounts receivable (15.2) 39.8
Inventories 35.5 93.3
Floor plan notes payable 15.0 (56.7)
Accounts payable and accrued expenses 55.3 28.7
Other (33.3) 14.5
Net cash provided by continuing operating activities 304.6 417.0
Investing Activities:    
Purchase of equipment and improvements (134.5) (118.8)
Proceeds from sale of dealerships 7.2 58.4
Proceeds from sale-leaseback transactions 7.3 5.8
Acquisitions net, including repayment of sellers' floor plan notes payable of $0 and $25.8, respectively (1.1) (168.6)
Other (0.9) (3.0)
Net cash used in continuing investing activities (122.0) (226.2)
Financing Activities:    
Proceeds from borrowings under U.S. credit agreement revolving credit line 821.0 797.0
Repayments under U.S. credit agreement revolving credit line (851.0) (870.0)
Net borrowings of other long-term debt 39.8 96.1
Net borrowings (repayments) of floor plan notes payable - non-trade 6.8 (92.9)
Repurchases of common stock (130.6) (55.8)
Dividends (64.5) (59.0)
Other 0.4 (6.1)
Net cash used in by continuing financing activities (178.1) (190.7)
Discontinued operations:    
Net cash provided by discontinued operating activities 0.2
Net cash provided by discontinued investing activities
Net cash provided by discontinued financing activities
Net cash provided by discontinued operations   0.2
Effect of exchange rate changes on cash and cash equivalents (0.1) (0.2)
Net change in cash and cash equivalents 4.4 0.1
Cash and cash equivalents, beginning of period 39.4 45.7
Cash and cash equivalents, end of period 43.8 45.8
Cash paid for:    
Interest 102.6 95.9
Income taxes $ 47.2 24.1
Non cash activities:    
Deferred consideration   $ 6.8