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Condensed Consolidating Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2015
Condensed Consolidating Financial Information |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Cash and cash equivalents |  | $ | 62.4 |  | $ | — |  | $ | — |  | $ | — |  | $ | 62.4 |
Accounts receivable, net |  |  | 782.3 |  |  | (430.4) |  |  | 430.4 |  |  | 400.8 |  |  | 381.5 |
Inventories |  |  | 3,463.5 |  |  | — |  |  | — |  |  | 1,650.5 |  |  | 1,813.0 |
Other current assets |  |  | 86.8 |  |  | — |  |  | 3.9 |  |  | 29.5 |  |  | 53.4 |
Assets held for sale |  |  | 13.1 |  |  | — |  |  | — |  |  | 8.9 |  |  | 4.2 |
Total current assets |  |  | 4,408.1 |  |  | (430.4) |  |  | 434.3 |  |  | 2,089.7 |  |  | 2,314.5 |
Property and equipment, net |  |  | 1,520.1 |  |  | — |  |  | 4.0 |  |  | 822.0 |  |  | 694.1 |
Intangible assets |  |  | 1,730.8 |  |  | — |  |  | — |  |  | 878.5 |  |  | 852.3 |
Equity method investments |  |  | 336.4 |  |  | — |  |  | 298.2 |  |  | — |  |  | 38.2 |
Other long-term assets |  |  | 27.3 |  |  | (2,253.4) |  |  | 2,268.0 |  |  | 7.2 |  |  | 5.5 |
Total assets |  | $ | 8,022.7 |  | $ | (2,683.8) |  | $ | 3,004.5 |  | $ | 3,797.4 |  | $ | 3,904.6 |
Floor plan notes payable |  | $ | 2,247.2 |  | $ | — |  | $ | — |  | $ | 1,295.0 |  | $ | 952.2 |
Floor plan notes payable—non-trade |  |  | 1,132.4 |  |  | — |  |  | 154.7 |  |  | 339.8 |  |  | 637.9 |
Accounts payable |  |  | 493.8 |  |  | — |  |  | 4.8 |  |  | 143.3 |  |  | 345.7 |
Accrued expenses |  |  | 378.1 |  |  | (430.4) |  |  | 0.1 |  |  | 112.3 |  |  | 696.1 |
Current portion of long-term debt |  |  | 29.2 |  |  | — |  |  | — |  |  | 6.9 |  |  | 22.3 |
Liabilities held for sale |  |  | 6.2 |  |  | — |  |  | — |  |  | 4.4 |  |  | 1.8 |
Total current liabilities |  |  | 4,286.9 |  |  | (430.4) |  |  | 159.6 |  |  | 1,901.7 |  |  | 2,656.0 |
Long-term debt |  |  | 1,255.1 |  |  | (256.4) |  |  | 1,010.0 |  |  | 109.2 |  |  | 392.3 |
Deferred tax liabilities |  |  | 433.4 |  |  | — |  |  | — |  |  | 413.4 |  |  | 20.0 |
Other long-term liabilities |  |  | 212.4 |  |  | — |  |  | — |  |  | 68.9 |  |  | 143.5 |
Total liabilities |  |  | 6,187.8 |  |  | (686.8) |  |  | 1,169.6 |  |  | 2,493.2 |  |  | 3,211.8 |
Total equity |  |  | 1,834.9 |  |  | (1,997.0) |  |  | 1,834.9 |  |  | 1,304.2 |  |  | 692.8 |
Total liabilities and equity |  | $ | 8,022.7 |  | $ | (2,683.8) |  | $ | 3,004.5 |  | $ | 3,797.4 |  | $ | 3,904.6 |
CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Cash and cash equivalents |  | $ | 36.3 |  | $ | — |  | $ | — |  | $ | — |  | $ | 36.3 |
Accounts receivable, net |  |  | 707.1 |  |  | (409.6) |  |  | 409.6 |  |  | 392.6 |  |  | 314.5 |
Inventories |  |  | 2,836.4 |  |  | — |  |  | — |  |  | 1,481.5 |  |  | 1,354.9 |
Other current assets |  |  | 124.8 |  |  | — |  |  | 4.5 |  |  | 58.3 |  |  | 62.0 |
Assets held for sale |  |  | 155.6 |  |  | — |  |  | — |  |  | 150.9 |  |  | 4.7 |
Total current assets |  |  | 3,860.2 |  |  | (409.6) |  |  | 414.1 |  |  | 2,083.3 |  |  | 1,772.4 |
Property and equipment, net |  |  | 1,331.6 |  |  | — |  |  | 4.3 |  |  | 754.6 |  |  | 572.7 |
Intangible assets |  |  | 1,657.0 |  |  | — |  |  | — |  |  | 817.9 |  |  | 839.1 |
Equity method investments |  |  | 352.8 |  |  | — |  |  | 285.5 |  |  | — |  |  | 67.3 |
Other long-term assets |  |  | 26.6 |  |  | (1,990.8) |  |  | 2,005.0 |  |  | 4.4 |  |  | 8.0 |
Total assets |  | $ | 7,228.2 |  | $ | (2,400.4) |  | $ | 2,708.9 |  | $ | 3,660.2 |  | $ | 3,259.5 |
Floor plan notes payable |  | $ | 1,812.6 |  | $ | — |  | $ | — |  | $ | 1,102.0 |  | $ | 710.6 |
Floor plan notes payable—non-trade |  |  | 933.8 |  |  | — |  |  | 86.8 |  |  | 398.1 |  |  | 448.9 |
Accounts payable |  |  | 422.5 |  |  | — |  |  | 2.9 |  |  | 208.3 |  |  | 211.3 |
Accrued expenses |  |  | 316.0 |  |  | (409.6) |  |  | — |  |  | 123.3 |  |  | 602.3 |
Current portion of long-term debt |  |  | 37.2 |  |  | — |  |  | — |  |  | 4.6 |  |  | 32.6 |
Liabilities held for sale |  |  | 108.2 |  |  | — |  |  | — |  |  | 105.9 |  |  | 2.3 |
Total current liabilities |  |  | 3,630.3 |  |  | (409.6) |  |  | 89.7 |  |  | 1,942.2 |  |  | 2,008.0 |
Long-term debt |  |  | 1,316.0 |  |  | (247.0) |  |  | 938.0 |  |  | 116.1 |  |  | 508.9 |
Deferred tax liabilities |  |  | 409.9 |  |  | — |  |  | — |  |  | 385.6 |  |  | 24.3 |
Other long-term liabilities |  |  | 190.8 |  |  | — |  |  | — |  |  | 66.9 |  |  | 123.9 |
Total liabilities |  |  | 5,547.0 |  |  | (656.6) |  |  | 1,027.7 |  |  | 2,510.8 |  |  | 2,665.1 |
Total equity |  |  | 1,681.2 |  |  | (1,743.8) |  |  | 1,681.2 |  |  | 1,149.4 |  |  | 594.4 |
Total liabilities and equity |  | $ | 7,228.2 |  | $ | (2,400.4) |  | $ | 2,708.9 |  | $ | 3,660.2 |  | $ | 3,259.5 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME | CONDENSED CONSOLIDATING STATEMENT OF INCOME Year Ended December 31, 2015
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 19,284.9 |  | $ | — |  | $ | — |  | $ | 10,152.4 |  | $ | 9,132.5 |
Cost of sales |  |  | 16,417.4 |  |  | — |  |  | — |  |  | 8,582.4 |  |  | 7,835.0 |
Gross profit |  |  | 2,867.5 |  |  | — |  |  | — |  |  | 1,570.0 |  |  | 1,297.5 |
Selling, general and administrative expenses |  |  | 2,223.0 |  |  | — |  |  | 23.6 |  |  | 1,193.0 |  |  | 1,006.4 |
Depreciation |  |  | 78.0 |  |  | — |  |  | 1.6 |  |  | 42.0 |  |  | 34.4 |
Operating income |  |  | 566.5 |  |  | — |  |  | (25.2) |  |  | 335.0 |  |  | 256.7 |
Floor plan interest expense |  |  | (44.5) |  |  | — |  |  | (2.8) |  |  | (22.0) |  |  | (19.7) |
Other interest expense |  |  | (69.4) |  |  | — |  |  | (45.6) |  |  | (5.3) |  |  | (18.5) |
Equity in earnings of affiliates |  |  | 39.3 |  |  | — |  |  | 34.8 |  |  | — |  |  | 4.5 |
Equity in earnings of subsidiaries |  |  | — |  |  | (527.0) |  |  | 527.0 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 491.9 |  |  | (527.0) |  |  | 488.2 |  |  | 307.7 |  |  | 223.0 |
Income taxes |  |  | (158.0) |  |  | 170.5 |  |  | (158.0) |  |  | (117.4) |  |  | (53.1) |
Income from continuing operations |  |  | 333.9 |  |  | (356.5) |  |  | 330.2 |  |  | 190.3 |  |  | 169.9 |
(Loss) income from discontinued operations, net of tax |  |  | (3.5) |  |  | 4.0 |  |  | (4.0) |  |  | (1.4) |  |  | (2.1) |
Net income |  |  | 330.4 |  |  | (352.5) |  |  | 326.2 |  |  | 188.9 |  |  | 167.8 |
Other comprehensive income (loss), net of tax |  |  | (70.3) |  |  | 62.9 |  |  | (70.3) |  |  | — |  |  | (62.9) |
Comprehensive income |  |  | 260.1 |  |  | (289.6) |  |  | 255.9 |  |  | 188.9 |  |  | 104.9 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 3.2 |  |  | 1.1 |  |  | (1.1) |  |  | — |  |  | 3.2 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 256.9 |  | $ | (290.7) |  | $ | 257.0 |  | $ | 188.9 |  | $ | 101.7 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Year Ended December 31, 2014
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 17,232.0 |  | $ | — |  | $ | — |  | $ | 9,589.0 |  | $ | 7,643.0 |
Cost of sales |  |  | 14,652.8 |  |  | — |  |  | — |  |  | 8,092.5 |  |  | 6,560.3 |
Gross profit |  |  | 2,579.2 |  |  | — |  |  | — |  |  | 1,496.5 |  |  | 1,082.7 |
Selling, general and administrative expenses |  |  | 2,008.6 |  |  | — |  |  | 28.7 |  |  | 1,133.9 |  |  | 846.0 |
Depreciation |  |  | 70.2 |  |  | — |  |  | 1.3 |  |  | 37.8 |  |  | 31.1 |
Operating income |  |  | 500.4 |  |  | — |  |  | (30.0) |  |  | 324.8 |  |  | 205.6 |
Floor plan interest expense |  |  | (46.5) |  |  | — |  |  | (10.4) |  |  | (20.7) |  |  | (15.4) |
Other interest expense |  |  | (52.8) |  |  | — |  |  | (29.8) |  |  | (5.0) |  |  | (18.0) |
Gain on investment |  |  | 16.0 |  |  | — |  |  | 16.0 |  |  | — |  |  | — |
Equity in earnings of affiliates |  |  | 40.8 |  |  | — |  |  | 36.5 |  |  | — |  |  | 4.3 |
Equity in earnings of subsidiaries |  |  | — |  |  | (473.2) |  |  | 473.2 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 457.9 |  |  | (473.2) |  |  | 455.5 |  |  | 299.1 |  |  | 176.5 |
Income taxes |  |  | (153.1) |  |  | 157.9 |  |  | (152.0) |  |  | (110.3) |  |  | (48.7) |
Income from continuing operations |  |  | 304.8 |  |  | (315.3) |  |  | 303.5 |  |  | 188.8 |  |  | 127.8 |
(Loss) income from discontinued operations, net of tax |  |  | (14.7) |  |  | 16.8 |  |  | (16.8) |  |  | (2.4) |  |  | (12.3) |
Net income |  |  | 290.1 |  |  | (298.5) |  |  | 286.7 |  |  | 186.4 |  |  | 115.5 |
Other comprehensive income (loss), net of tax |  |  | (66.2) |  |  | 62.5 |  |  | (66.2) |  |  | 4.7 |  |  | (67.2) |
Comprehensive income |  |  | 223.9 |  |  | (236.0) |  |  | 220.5 |  |  | 191.1 |  |  | 48.3 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 2.1 |  |  | 1.4 |  |  | (1.4) |  |  | — |  |  | 2.1 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 221.8 |  | $ | (237.4) |  | $ | 221.9 |  | $ | 191.1 |  | $ | 46.2 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Year Ended December 31, 2013
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 14,482.5 |  | $ | — |  | $ | — |  | $ | 8,534.2 |  | $ | 5,948.3 |
Cost of sales |  |  | 12,281.5 |  |  | — |  |  | — |  |  | 7,178.5 |  |  | 5,103.0 |
Gross profit |  |  | 2,201.0 |  |  | — |  |  | — |  |  | 1,355.7 |  |  | 845.3 |
Selling, general and administrative expenses |  |  | 1,711.6 |  |  | — |  |  | 21.4 |  |  | 1,025.9 |  |  | 664.3 |
Depreciation |  |  | 59.6 |  |  | — |  |  | 1.8 |  |  | 33.8 |  |  | 24.0 |
Operating income |  |  | 429.8 |  |  | — |  |  | (23.2) |  |  | 296.0 |  |  | 157.0 |
Floor plan interest expense |  |  | (43.4) |  |  | — |  |  | (9.6) |  |  | (19.5) |  |  | (14.3) |
Other interest expense |  |  | (45.3) |  |  | — |  |  | (26.1) |  |  | (1.9) |  |  | (17.3) |
Equity in earnings of affiliates |  |  | 30.7 |  |  | — |  |  | 25.5 |  |  | — |  |  | 5.2 |
Equity in earnings of subsidiaries |  |  | — |  |  | (406.1) |  |  | 406.1 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 371.8 |  |  | (406.1) |  |  | 372.7 |  |  | 274.6 |  |  | 130.6 |
Income taxes |  |  | (123.3) |  |  | 135.0 |  |  | (123.9) |  |  | (100.4) |  |  | (34.0) |
Income from continuing operations |  |  | 248.5 |  |  | (271.1) |  |  | 248.8 |  |  | 174.2 |  |  | 96.6 |
(Loss) income from discontinued operations, net of tax |  |  | (2.8) |  |  | 4.6 |  |  | (4.6) |  |  | 0.9 |  |  | (3.7) |
Net income |  |  | 245.7 |  |  | (266.5) |  |  | 244.2 |  |  | 175.1 |  |  | 92.9 |
Other comprehensive income (loss), net of tax |  |  | 18.9 |  |  | (9.8) |  |  | 18.9 |  |  | 4.0 |  |  | 5.8 |
Comprehensive income |  |  | 264.6 |  |  | (276.3) |  |  | 263.1 |  |  | 179.1 |  |  | 98.7 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 2.0 |  |  | (0.5) |  |  | 0.5 |  |  | — |  |  | 2.0 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 262.6 |  | $ | (275.8) |  | $ | 262.6 |  | $ | 179.1 |  | $ | 96.7 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2015
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Net cash provided by (used in) continuing operating activities |  | $ | 391.5 |  | $ | (4.9) |  | $ | 230.3 |  | $ | 166.1 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (199.5) |  |  | (1.3) |  |  | (119.7) |  |  | (78.5) |
Acquisitions, net |  |  | (156.9) |  |  | — |  |  | (93.2) |  |  | (63.7) |
Other |  |  | 4.7 |  |  | — |  |  | — |  |  | 4.7 |
Net cash used in continuing investing activities |  |  | (351.7) |  |  | (1.3) |  |  | (212.9) |  |  | (137.5) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net (repayments) borrowings of long-term debt |  |  | (62.1) |  |  | 72.0 |  |  | (4.9) |  |  | (129.2) |
Net borrowings (repayments) of floor plan notes payable—non-trade |  |  | 154.2 |  |  | 67.9 |  |  | (58.3) |  |  | 144.6 |
Payment of deferred financing fees |  |  | (1.8) |  |  | — |  |  | — |  |  | (1.8) |
Repurchases of common stock |  |  | (48.9) |  |  | (48.9) |  |  | — |  |  | — |
Dividends |  |  | (84.8) |  |  | (84.8) |  |  | — |  |  | — |
Other |  |  | (5.9) |  |  | — |  |  | — |  |  | (5.9) |
Distributions from (to) parent |  |  | — |  |  | — |  |  | 8.8 |  |  | (8.8) |
Net cash (used in) provided by continuing financing activities |  |  | (49.3) |  |  | 6.2 |  |  | (54.4) |  |  | (1.1) |
Net cash provided by discontinued operations |  |  | 37.0 |  |  | — |  |  | 37.0 |  |  | — |
Effect of exchange rate changes on cash and cash equivalents |  |  | (1.4) |  |  | — |  |  | — |  |  | (1.4) |
Net change in cash and cash equivalents |  |  | 26.1 |  |  | — |  |  | — |  |  | 26.1 |
Cash and cash equivalents, beginning of period |  |  | 36.3 |  |  | — |  |  | — |  |  | 36.3 |
Cash and cash equivalents, end of period |  | $ | 62.4 |  | $ | — |  | $ | — |  | $ | 62.4 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2014
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Net cash provided by (used in) continuing operating activities |  | $ | 359.3 |  | $ | (70.7) |  | $ | 209.7 |  | $ | 220.3 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (176.1) |  |  | (1.7) |  |  | (101.2) |  |  | (73.2) |
Acquisitions, net |  |  | (355.0) |  |  | — |  |  | (175.3) |  |  | (179.7) |
Other |  |  | (22.6) |  |  | 4.2 |  |  | — |  |  | (26.8) |
Net cash (used in) provided by continuing investing activities |  |  | (553.7) |  |  | 2.5 |  |  | (276.5) |  |  | (279.7) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of 5.375% senior subordinated notes |  |  | 300.0 |  |  | 300.0 |  |  | — |  |  | — |
Net (repayments) borrowings of long-term debt |  |  | (71.3) |  |  | (100.0) |  |  | 9.0 |  |  | 19.7 |
Net borrowings (repayments) of floor plan notes payable—non-trade |  |  | 26.1 |  |  | (41.4) |  |  | 35.9 |  |  | 31.6 |
Payment of deferred financing fees |  |  | (4.4) |  |  | (4.4) |  |  | — |  |  | — |
Repurchases of common stock |  |  | (15.5) |  |  | (15.5) |  |  | — |  |  | — |
Dividends |  |  | (70.5) |  |  | (70.5) |  |  | — |  |  | — |
Other |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
Distributions from (to) parent |  |  | — |  |  | — |  |  | 5.5 |  |  | (5.5) |
Net cash provided by continuing financing activities |  |  | 164.7 |  |  | 68.2 |  |  | 50.4 |  |  | 46.1 |
Net cash provided by discontinued operations |  |  | 17.0 |  |  | — |  |  | 3.3 |  |  | 13.7 |
Effect of exchange rate changes on cash and cash equivalents |  |  | (1.3) |  |  | — |  |  | — |  |  | (1.3) |
Net change in cash and cash equivalents |  |  | (14.0) |  |  | — |  |  | (13.1) |  |  | (0.9) |
Cash and cash equivalents, beginning of period |  |  | 50.3 |  |  | — |  |  | 13.1 |  |  | 37.2 |
Cash and cash equivalents, end of period |  | $ | 36.3 |  | $ | — |  | $ | — |  | $ | 36.3 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2013
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Net cash provided by continuing operating activities |  | $ | 298.9 |  | $ | 46.5 |  | $ | 18.4 |  | $ | 234.0 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (175.0) |  |  | (1.3) |  |  | (116.7) |  |  | (57.0) |
Acquisitions, net |  |  | (314.0) |  |  | — |  |  | (103.4) |  |  | (210.6) |
Other |  |  | (2.6) |  |  | (17.5) |  |  | 10.7 |  |  | 4.2 |
Net cash used in continuing investing activities |  |  | (491.6) |  |  | (18.8) |  |  | (209.4) |  |  | (263.4) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net borrowings of long-term debt |  |  | 81.1 |  |  | 28.0 |  |  | 2.7 |  |  | 50.4 |
Net borrowings (repayments) of floor plan notes payable—non-trade |  |  | 191.1 |  |  | 16.1 |  |  | 181.1 |  |  | (6.1) |
Repurchases of common stock |  |  | (15.8) |  |  | (15.8) |  |  | — |  |  | — |
Dividends |  |  | (56.0) |  |  | (56.0) |  |  | — |  |  | — |
Other |  |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Distributions from (to) parent |  |  | — |  |  | — |  |  | 0.9 |  |  | (0.9) |
Net cash provided by (used in) continuing financing activities |  |  | 200.6 |  |  | (27.7) |  |  | 184.7 |  |  | 43.6 |
Net cash (used in) provided by discontinued operations |  |  | (1.5) |  |  | — |  |  | (15.4) |  |  | 13.9 |
Net change in cash and cash equivalents |  |  | 6.4 |  |  | — |  |  | (21.7) |  |  | 28.1 |
Cash and cash equivalents, beginning of period |  |  | 43.9 |  |  | — |  |  | 34.8 |  |  | 9.1 |
Cash and cash equivalents, end of period |  | $ | 50.3 |  | $ | — |  | $ | 13.1 |  | $ | 37.2 |

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