XML 19 R7.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities:    
Net income $ 523.5 $ 96.3
Adjustments to reconcile net income to net cash from continuing operating activities:    
Depreciation 59.5 56.4
Earnings of equity method investments (134.2) (37.6)
Income from discontinued operations, net of tax (0.1) (0.2)
Deferred income taxes 100.1 20.8
Debt redemption costs 17.0  
Changes in operating assets and liabilities:    
Accounts receivable (106.2) 203.9
Inventories 525.1 827.3
Floor plan notes payable (396.9) (452.6)
Accounts payable and accrued expenses 315.3 35.5
Other 13.6 34.6
Net cash provided by continuing operating activities 916.7 784.4
Investing Activities:    
Purchase of equipment and improvements (90.8) (76.8)
Proceeds from sale of dealerships 4.3 10.3
Proceeds from sale of equipment and improvements 31.7 19.8
Acquisitions net, including repayment of sellers' floor plan notes payable of $24.3 and $0, respectively (278.0)  
Other 1.2 (1.1)
Net cash used in continuing investing activities (331.6) (47.8)
Financing Activities:    
Proceeds from borrowings under U.S. credit agreement revolving credit line 1,087.0 580.0
Repayments under U.S. credit agreement revolving credit line (1,195.0) (625.0)
Issuance of 3.75% senior subordinated notes 500.0  
Repayment of 5.50% senior subordinated notes (500.0)  
Net repayments of other long-term debt (63.1) (160.8)
Net repayments of floor plan notes payable - non-trade (181.9) (309.9)
Payments for contingent consideration   (21.1)
Repurchases of common stock (28.1) (29.4)
Dividends (70.2) (34.2)
Payment of debt issuance costs (6.1)  
Other (12.7) (4.8)
Net cash used in continuing financing activities (470.1) (605.2)
Discontinued operations:    
Net cash provided by discontinued operating activities 0.1 0.1
Net cash provided by discontinued investing activities
Net cash provided by discontinued financing activities
Net cash provided by discontinued operations 0.1 0.1
Effect of exchange rate changes on cash and cash equivalents 0.6 (0.3)
Net change in cash and cash equivalents 115.7 131.2
Cash and cash equivalents, beginning of period 49.5 28.1
Cash and cash equivalents, end of period 165.2 159.3
Cash paid for:    
Interest 58.3 81.9
Income taxes $ (14.1) $ 5.1