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Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2016
Condensed Consolidating Financial Information |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2016
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Cash and cash equivalents |  | $ | 97.5 |  | $ | — |  | $ | — |  | $ | 11.2 |  | $ | 86.3 |
Accounts receivable, net |  |  | 827.8 |  |  | (439.7) |  |  | 439.7 |  |  | 414.8 |  |  | 413.0 |
Inventories |  |  | 3,351.8 |  |  | — |  |  | — |  |  | 1,911.5 |  |  | 1,440.3 |
Other current assets |  |  | 101.7 |  |  | — |  |  | 3.2 |  |  | 33.5 |  |  | 65.0 |
Assets held for sale |  |  | 6.8 |  |  | — |  |  | — |  |  | 6.8 |  |  | — |
Total current assets |  |  | 4,385.6 |  |  | (439.7) |  |  | 442.9 |  |  | 2,377.8 |  |  | 2,004.6 |
Property and equipment, net |  |  | 1,576.7 |  |  | — |  |  | 3.6 |  |  | 950.9 |  |  | 622.2 |
Intangible assets |  |  | 1,722.2 |  |  | — |  |  | — |  |  | 1,099.9 |  |  | 622.3 |
Equity method investments |  |  | 371.1 |  |  | — |  |  | 309.6 |  |  | — |  |  | 61.5 |
Other long-term assets |  |  | 19.6 |  |  | (2,316.0) |  |  | 2,322.1 |  |  | 7.6 |  |  | 5.9 |
Total assets |  | $ | 8,075.2 |  | $ | (2,755.7) |  | $ | 3,078.2 |  | $ | 4,436.2 |  | $ | 3,316.5 |
Floor plan notes payable |  | $ | 2,061.8 |  | $ | — |  | $ | — |  | $ | 1,213.7 |  | $ | 848.1 |
Floor plan notes payable—non-trade |  |  | 969.4 |  |  | — |  |  | 5.0 |  |  | 549.1 |  |  | 415.3 |
Accounts payable |  |  | 554.8 |  |  | — |  |  | 2.6 |  |  | 176.2 |  |  | 376.0 |
Accrued expenses |  |  | 403.3 |  |  | (439.7) |  |  | 0.9 |  |  | 171.1 |  |  | 671.0 |
Current portion of long-term debt |  |  | 47.7 |  |  | — |  |  | — |  |  | 11.2 |  |  | 36.5 |
Liabilities held for sale |  |  | 4.6 |  |  | — |  |  | — |  |  | 4.4 |  |  | 0.2 |
Total current liabilities |  |  | 4,041.6 |  |  | (439.7) |  |  | 8.5 |  |  | 2,125.7 |  |  | 2,347.1 |
Long-term debt |  |  | 1,613.1 |  |  | (160.7) |  |  | 1,336.8 |  |  | 196.1 |  |  | 240.9 |
Deferred tax liabilities |  |  | 449.4 |  |  | — |  |  | — |  |  | 433.7 |  |  | 15.7 |
Other long-term liabilities |  |  | 238.2 |  |  | — |  |  | — |  |  | 64.5 |  |  | 173.7 |
Total liabilities |  |  | 6,342.3 |  |  | (600.4) |  |  | 1,345.3 |  |  | 2,820.0 |  |  | 2,777.4 |
Total equity |  |  | 1,732.9 |  |  | (2,155.3) |  |  | 1,732.9 |  |  | 1,616.2 |  |  | 539.1 |
Total liabilities and equity |  | $ | 8,075.2 |  | $ | (2,755.7) |  | $ | 3,078.2 |  | $ | 4,436.2 |  | $ | 3,316.5 |
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 |  |  | 85.6 |  |  | — |  |  | 3.9 |  |  | 28.3 |  |  | 53.4 |
Assets held for sale |  |  | 12.7 |  |  | — |  |  | — |  |  | 8.5 |  |  | 4.2 |
Total current assets |  |  | 4,406.5 |  |  | (430.4) |  |  | 434.3 |  |  | 2,088.1 |  |  | 2,314.5 |
Property and equipment, net |  |  | 1,520.1 |  |  | — |  |  | 4.0 |  |  | 822.0 |  |  | 694.1 |
Intangible assets |  |  | 1,731.2 |  |  | — |  |  | — |  |  | 878.9 |  |  | 852.3 |
Equity method investments |  |  | 336.4 |  |  | — |  |  | 298.2 |  |  | — |  |  | 38.2 |
Other long-term assets |  |  | 19.2 |  |  | (2,253.4) |  |  | 2,259.9 |  |  | 7.2 |  |  | 5.5 |
Total assets |  | $ | 8,013.4 |  | $ | (2,683.8) |  | $ | 2,996.4 |  | $ | 3,796.2 |  | $ | 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 |  |  | 28.0 |  |  | — |  |  | — |  |  | 5.7 |  |  | 22.3 |
Liabilities held for sale |  |  | 6.2 |  |  | — |  |  | — |  |  | 4.4 |  |  | 1.8 |
Total current liabilities |  |  | 4,285.7 |  |  | (430.4) |  |  | 159.6 |  |  | 1,900.5 |  |  | 2,656.0 |
Long-term debt |  |  | 1,247.0 |  |  | (256.4) |  |  | 1,001.9 |  |  | 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 |  |  | 6,178.5 |  |  | (686.8) |  |  | 1,161.5 |  |  | 2,492.0 |  |  | 3,211.8 |
Total equity |  |  | 1,834.9 |  |  | (1,997.0) |  |  | 1,834.9 |  |  | 1,304.2 |  |  | 692.8 |
Total liabilities and equity |  | $ | 8,013.4 |  | $ | (2,683.8) |  | $ | 2,996.4 |  | $ | 3,796.2 |  | $ | 3,904.6 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME | CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended June 30, 2016
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 5,254.1 |  | $ | — |  | $ | — |  | $ | 2,868.6 |  | $ | 2,385.5 |
Cost of sales |  |  | 4,482.8 |  |  | — |  |  | — |  |  | 2,429.3 |  |  | 2,053.5 |
Gross profit |  |  | 771.3 |  |  | — |  |  | — |  |  | 439.3 |  |  | 332.0 |
Selling, general and administrative expenses |  |  | 582.7 |  |  | — |  |  | 5.2 |  |  | 326.3 |  |  | 251.2 |
Depreciation |  |  | 24.5 |  |  | — |  |  | 0.4 |  |  | 11.7 |  |  | 12.4 |
Operating income |  |  | 164.1 |  |  | — |  |  | (5.6) |  |  | 101.3 |  |  | 68.4 |
Floor plan interest expense |  |  | (13.1) |  |  | — |  |  | (0.5) |  |  | (7.7) |  |  | (4.9) |
Other interest expense |  |  | (19.5) |  |  | — |  |  | (12.3) |  |  | (1.9) |  |  | (5.3) |
Equity in earnings of affiliates |  |  | 12.0 |  |  | — |  |  | 10.5 |  |  | — |  |  | 1.5 |
Equity in earnings of subsidiaries |  |  | — |  |  | (149.9) |  |  | 149.9 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 143.5 |  |  | (149.9) |  |  | 142.0 |  |  | 91.7 |  |  | 59.7 |
Income taxes |  |  | (47.3) |  |  | 49.9 |  |  | (47.3) |  |  | (36.7) |  |  | (13.2) |
Income from continuing operations |  |  | 96.2 |  |  | (100.0) |  |  | 94.7 |  |  | 55.0 |  |  | 46.5 |
(Loss) income from discontinued operations, net of tax |  |  | (1.2) |  |  | 1.2 |  |  | (1.2) |  |  | (1.2) |  |  | — |
Net income |  |  | 95.0 |  |  | (98.8) |  |  | 93.5 |  |  | 53.8 |  |  | 46.5 |
Other comprehensive income (loss), net of tax |  |  | (55.5) |  |  | 55.7 |  |  | (55.5) |  |  | — |  |  | (55.7) |
Comprehensive income |  |  | 39.5 |  |  | (43.1) |  |  | 38.0 |  |  | 53.8 |  |  | (9.2) |
Less: Comprehensive income attributable to non-controlling interests |  |  | 0.8 |  |  | 0.7 |  |  | (0.7) |  |  | 0.1 |  |  | 0.7 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 38.7 |  | $ | (43.8) |  | $ | 38.7 |  | $ | 53.7 |  | $ | (9.9) |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended June 30, 2015
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 4,920.6 |  | $ | — |  | $ | — |  | $ | 2,609.0 |  | $ | 2,311.6 |
Cost of sales |  |  | 4,189.3 |  |  | — |  |  | — |  |  | 2,203.6 |  |  | 1,985.7 |
Gross profit |  |  | 731.3 |  |  | — |  |  | — |  |  | 405.4 |  |  | 325.9 |
Selling, general and administrative expenses |  |  | 553.1 |  |  | — |  |  | 5.6 |  |  | 300.1 |  |  | 247.4 |
Depreciation |  |  | 19.3 |  |  | — |  |  | 0.4 |  |  | 10.4 |  |  | 8.5 |
Operating income |  |  | 158.9 |  |  | — |  |  | (6.0) |  |  | 94.9 |  |  | 70.0 |
Floor plan interest expense |  |  | (11.0) |  |  | — |  |  | (0.7) |  |  | (5.6) |  |  | (4.7) |
Other interest expense |  |  | (16.4) |  |  | — |  |  | (10.2) |  |  | (1.4) |  |  | (4.8) |
Equity in earnings of affiliates |  |  | 12.0 |  |  | — |  |  | 10.5 |  |  | — |  |  | 1.5 |
Equity in earnings of subsidiaries |  |  | — |  |  | (148.4) |  |  | 148.4 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 143.5 |  |  | (148.4) |  |  | 142.0 |  |  | 87.9 |  |  | 62.0 |
Income taxes |  |  | (47.7) |  |  | 49.7 |  |  | (47.7) |  |  | (34.1) |  |  | (15.6) |
Income from continuing operations |  |  | 95.8 |  |  | (98.7) |  |  | 94.3 |  |  | 53.8 |  |  | 46.4 |
(Loss) income from discontinued operations, net of tax |  |  | (0.1) |  |  | 0.4 |  |  | (0.4) |  |  | (0.1) |  |  | — |
Net income |  |  | 95.7 |  |  | (98.3) |  |  | 93.9 |  |  | 53.7 |  |  | 46.4 |
Other comprehensive income (loss), net of tax |  |  | 38.3 |  |  | (37.5) |  |  | 38.3 |  |  | — |  |  | 37.5 |
Comprehensive income |  |  | 134.0 |  |  | (135.8) |  |  | 132.2 |  |  | 53.7 |  |  | 83.9 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 1.5 |  |  | 0.2 |  |  | (0.2) |  |  | — |  |  | 1.5 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 132.5 |  | $ | (136.0) |  | $ | 132.4 |  | $ | 53.7 |  | $ | 82.4 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Six Months Ended June 30, 2016
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 10,078.7 |  | $ | — |  | $ | — |  | $ | 5,257.8 |  | $ | 4,820.9 |
Cost of sales |  |  | 8,583.6 |  |  | — |  |  | — |  |  | 4,435.5 |  |  | 4,148.1 |
Gross profit |  |  | 1,495.1 |  |  | — |  |  | — |  |  | 822.3 |  |  | 672.8 |
Selling, general and administrative expenses |  |  | 1,141.6 |  |  | — |  |  | 11.3 |  |  | 622.1 |  |  | 508.2 |
Depreciation |  |  | 45.3 |  |  | — |  |  | 0.8 |  |  | 22.5 |  |  | 22.0 |
Operating income |  |  | 308.2 |  |  | — |  |  | (12.1) |  |  | 177.7 |  |  | 142.6 |
Floor plan interest expense |  |  | (25.9) |  |  | — |  |  | (1.3) |  |  | (14.4) |  |  | (10.2) |
Other interest expense |  |  | (36.7) |  |  | — |  |  | (25.6) |  |  | (0.6) |  |  | (10.5) |
Equity in earnings of affiliates |  |  | 17.5 |  |  | — |  |  | 14.7 |  |  | — |  |  | 2.8 |
Equity in earnings of subsidiaries |  |  | — |  |  | (285.0) |  |  | 285.0 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 263.1 |  |  | (285.0) |  |  | 260.7 |  |  | 162.7 |  |  | 124.7 |
Income taxes |  |  | (86.7) |  |  | 94.7 |  |  | (86.7) |  |  | (65.9) |  |  | (28.8) |
Income from continuing operations |  |  | 176.4 |  |  | (190.3) |  |  | 174.0 |  |  | 96.8 |  |  | 95.9 |
(Loss) income from discontinued operations, net of tax |  |  | (1.2) |  |  | 1.3 |  |  | (1.3) |  |  | (1.1) |  |  | (0.1) |
Net income |  |  | 175.2 |  |  | (189.0) |  |  | 172.7 |  |  | 95.7 |  |  | 95.8 |
Other comprehensive income (loss), net of tax |  |  | (54.3) |  |  | 56.0 |  |  | (54.3) |  |  | — |  |  | (56.0) |
Comprehensive income |  |  | 120.9 |  |  | (133.0) |  |  | 118.4 |  |  | 95.7 |  |  | 39.8 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 3.2 |  |  | (0.8) |  |  | 0.8 |  |  | 0.1 |  |  | 3.1 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 117.7 |  | $ | (132.2) |  | $ | 117.6 |  | $ | 95.6 |  | $ | 36.7 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Six Months Ended June 30, 2015
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 9,403.5 |  | $ | — |  | $ | — |  | $ | 4,957.3 |  | $ | 4,446.2 |
Cost of sales |  |  | 7,982.3 |  |  | — |  |  | — |  |  | 4,175.2 |  |  | 3,807.1 |
Gross profit |  |  | 1,421.2 |  |  | — |  |  | — |  |  | 782.1 |  |  | 639.1 |
Selling, general and administrative expenses |  |  | 1,088.9 |  |  | — |  |  | 12.3 |  |  | 593.3 |  |  | 483.3 |
Depreciation |  |  | 37.9 |  |  | — |  |  | 0.8 |  |  | 20.6 |  |  | 16.5 |
Operating income |  |  | 294.4 |  |  | — |  |  | (13.1) |  |  | 168.2 |  |  | 139.3 |
Floor plan interest expense |  |  | (21.3) |  |  | — |  |  | (1.4) |  |  | (10.8) |  |  | (9.1) |
Other interest expense |  |  | (32.7) |  |  | — |  |  | (20.0) |  |  | (2.7) |  |  | (10.0) |
Equity in earnings of affiliates |  |  | 18.7 |  |  | — |  |  | 16.3 |  |  | — |  |  | 2.4 |
Equity in earnings of subsidiaries |  |  | — |  |  | (275.4) |  |  | 275.4 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 259.1 |  |  | (275.4) |  |  | 257.2 |  |  | 154.7 |  |  | 122.6 |
Income taxes |  |  | (86.5) |  |  | 92.5 |  |  | (86.5) |  |  | (62.4) |  |  | (30.1) |
Income from continuing operations |  |  | 172.6 |  |  | (182.9) |  |  | 170.7 |  |  | 92.3 |  |  | 92.5 |
(Loss) income from discontinued operations, net of tax |  |  | (1.0) |  |  | 1.6 |  |  | (1.6) |  |  | (1.2) |  |  | 0.2 |
Net income |  |  | 171.6 |  |  | (181.3) |  |  | 169.1 |  |  | 91.1 |  |  | 92.7 |
Other comprehensive income (loss), net of tax |  |  | (16.8) |  |  | 14.8 |  |  | (16.8) |  |  | — |  |  | (14.8) |
Comprehensive income |  |  | 154.8 |  |  | (166.5) |  |  | 152.3 |  |  | 91.1 |  |  | 77.9 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 1.6 |  |  | 0.8 |  |  | (0.8) |  |  | — |  |  | 1.6 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 153.2 |  | $ | (167.3) |  | $ | 153.1 |  | $ | 91.1 |  | $ | 76.3 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2016
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Net cash provided by (used in) continuing operating activities |  | $ | 264.5 |  | $ | (90.1) |  | $ | 109.5 |  | $ | 245.1 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (136.7) |  |  | (0.4) |  |  | (149.9) |  |  | 13.6 |
Acquisitions, net |  |  | (65.4) |  |  | — |  |  | (65.1) |  |  | (0.3) |
Other |  |  | (25.0) |  |  | — |  |  | 0.4 |  |  | (25.4) |
Net cash used in continuing investing activities |  |  | (227.1) |  |  | (0.4) |  |  | (214.6) |  |  | (12.1) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net (repayments) borrowings of long-term debt |  |  | (99.1) |  |  | (160.0) |  |  | 36.9 |  |  | 24.0 |
Net (repayments) borrowings of floor plan notes payable—non-trade |  |  | (163.0) |  |  | (149.7) |  |  | 209.3 |  |  | (222.6) |
Issuance of 5.50% senior subordinated notes |  |  | 500.0 |  |  | 500.0 |  |  | — |  |  | — |
Payment of debt issuance costs |  |  | (6.6) |  |  | (6.6) |  |  | — |  |  | — |
Repurchases of common stock |  |  | (173.6) |  |  | (173.6) |  |  | — |  |  | — |
Dividends |  |  | (46.4) |  |  | (46.4) |  |  | — |  |  | — |
Other |  |  | (9.8) |  |  | — |  |  | (5.2) |  |  | (4.6) |
Distributions from (to) parent |  |  | — |  |  | 126.8 |  |  | (125.0) |  |  | (1.8) |
Net cash provided by (used in) continuing financing activities |  |  | 1.5 |  |  | 90.5 |  |  | 116.0 |  |  | (205.0) |
Net cash provided by discontinued operations |  |  | 2.9 |  |  | — |  |  | 0.3 |  |  | 2.6 |
Effect of exchange rate changes on cash and cash equivalents |  |  | (6.7) |  |  | — |  |  | — |  |  | (6.7) |
Net change in cash and cash equivalents |  |  | 35.1 |  |  | — |  |  | 11.2 |  |  | 23.9 |
Cash and cash equivalents, beginning of period |  |  | 62.4 |  |  | — |  |  | — |  |  | 62.4 |
Cash and cash equivalents, end of period |  | $ | 97.5 |  | $ | — |  | $ | 11.2 |  | $ | 86.3 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2015
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Net cash provided by continuing operating activities |  | $ | 270.6 |  | $ | 9.4 |  | $ | 73.8 |  | $ | 187.4 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (83.5) |  |  | (0.7) |  |  | (40.0) |  |  | (42.8) |
Acquisitions, net |  |  | (86.4) |  |  | — |  |  | (21.7) |  |  | (64.7) |
Net cash used in continuing investing activities |  |  | (169.9) |  |  | (0.7) |  |  | (61.7) |  |  | (107.5) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net repayments of long-term debt |  |  | (194.2) |  |  | (10.0) |  |  | (5.1) |  |  | (179.1) |
Net borrowings (repayments) of floor plan notes payable—non-trade |  |  | 120.3 |  |  | 64.0 |  |  | (54.7) |  |  | 111.0 |
Payment of debt issuance costs |  |  | (1.7) |  |  | — |  |  | — |  |  | (1.7) |
Repurchases of common stock |  |  | (22.0) |  |  | (22.0) |  |  | — |  |  | — |
Dividends |  |  | (40.7) |  |  | (40.7) |  |  | — |  |  | — |
Other |  |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Distributions from (to) parent |  |  | — |  |  | — |  |  | 7.4 |  |  | (7.4) |
Net cash used in continuing financing activities |  |  | (138.1) |  |  | (8.7) |  |  | (52.4) |  |  | (77.0) |
Net cash provided by discontinued operations |  |  | 40.9 |  |  | — |  |  | 40.3 |  |  | 0.6 |
Effect of exchange rate changes on cash and cash equivalents |  |  | (0.4) |  |  | — |  |  | — |  |  | (0.4) |
Net change in cash and cash equivalents |  |  | 3.1 |  |  | — |  |  | — |  |  | 3.1 |
Cash and cash equivalents, beginning of period |  |  | 36.3 |  |  | — |  |  | — |  |  | 36.3 |
Cash and cash equivalents, end of period |  | $ | 39.4 |  | $ | — |  | $ | — |  | $ | 39.4 |

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