XML 42 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Operating Activities:    
Net income $ 67.9 $ 58.0
Adjustments to reconcile net income to net cash from continuing operating activities:    
Depreciation 16.5 14.3
Earnings of equity method investments (5.1) (2.3)
(Income) loss from discontinued operations, net of tax (1.4) (0.4)
Deferred income taxes (0.1) 11.6
Changes in operating assets and liabilities:    
Accounts receivable (77.5) 10.7
Inventories (0.4) (58.1)
Floor plan notes payable 36.5 29.4
Accounts payable and accrued expenses 87.4 30.0
Other 8.7 4.7
Net cash from continuing operating activities 132.5 97.9
Investing Activities:    
Purchase of equipment and improvements (34.5) (32.8)
Purchase of car rental vehicles (28.5) (35.9)
Dealership acquisitions net, including repayment of sellers' floor plan notes payable of $22.4 and $0, respectively (81.8) (27.2)
Other 8.3 5.7
Net cash from continuing investing activities (136.5) (90.2)
Financing Activities:    
Proceeds from borrowings under U.S. credit agreement revolving credit line 323.0 247.7
Repayments under U.S. credit agreement revolving credit line (313.0) (287.7)
Proceeds from borrowings under car rental revolver 28.0 49.8
Repayments of car rental revolver (13.7)  
Net borrowings (repayments) of other long-term debt (36.3) (49.3)
Net borrowings (repayments) of floor plan notes payable - non-trade 7.1 41.7
Repurchases of common stock   (12.7)
Dividends (16.2) (12.6)
Net cash from continuing financing activities (21.1) (23.1)
Discontinued operations:    
Net cash from discontinued operating activities (23.1) 3.2
Net cash from discontinued investing activities 54.0 0.8
Net cash from discontinued financing activities (0.7) (0.4)
Net cash from discontinued operations 30.2 3.6
Net change in cash and cash equivalents 5.1 (11.8)
Cash and cash equivalents, beginning of period 49.8 43.8
Cash and cash equivalents, end of period 54.9 32.0
Cash paid for:    
Interest 17.6 13.5
Income taxes $ 9.2 $ 3.3