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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities:    
Net income $ 333.8 $ 373.1
Adjustments to reconcile net income to net cash from continuing operating activities:    
Depreciation 81.0 77.2
Earnings of equity method investments (77.8) (69.5)
Income from discontinued operations, net of tax (0.3) (0.2)
Deferred income taxes 48.2 64.3
Changes in operating assets and liabilities:    
Accounts receivable (38.0) 6.1
Inventories 119.9 205.2
Floor plan notes payable 108.7 (165.2)
Accounts payable and accrued expenses 128.6 26.2
Other (43.3) 18.7
Net cash provided by continuing operating activities 660.8 535.9
Investing Activities:    
Purchase of equipment and improvements (188.8) (188.5)
Proceeds from sale of dealerships 7.3 58.4
Proceeds from sale-leaseback transactions 7.3 10.7
Acquisitions net, including repayment of sellers' floor plan notes payable of $138.5 and $25.8, respectively (326.9) (168.6)
Other (2.3) (3.5)
Net cash used in continuing investing activities (503.4) (291.5)
Financing Activities:    
Proceeds from borrowings under U.S. credit agreement revolving credit line 1,458.0 1,163.0
Repayments under U.S. credit agreement revolving credit line (1,383.0) (1,335.0)
Net borrowings of other long-term debt 95.3 131.0
Net borrowings (repayments) of floor plan notes payable - non-trade (18.0) (59.6)
Repurchases of common stock (174.1) (55.8)
Dividends (97.3) (89.7)
Other 0.1 (6.2)
Net cash used in by continuing financing activities (119.0) (252.3)
Discontinued operations:    
Net cash provided by discontinued operating activities 0.2 0.3
Net cash provided by discontinued investing activities
Net cash provided by discontinued financing activities
Net cash provided by discontinued operations 0.2 0.3
Effect of exchange rate changes on cash and cash equivalents (0.5) (0.5)
Net change in cash and cash equivalents 38.1 (8.1)
Cash and cash equivalents, beginning of period 39.4 45.7
Cash and cash equivalents, end of period 77.5 37.6
Cash paid for:    
Interest 139.6 127.4
Income taxes 69.8 36.5
Non cash activities:    
Deferred consideration   $ 6.8
Contingent consideration $ 10.6