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Condensed Consolidating Financial Information (Tables) | 9 Months Ended
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Sep. 30, 2016
Condensed Consolidating Financial Information |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2016
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Cash and cash equivalents |  | $ | 89.4 |  | $ | — |  | $ | — |  | $ | 1.3 |  | $ | 88.1 |
Accounts receivable, net |  |  | 853.9 |  |  | (441.8) |  |  | 441.8 |  |  | 360.0 |  |  | 493.9 |
Inventories |  |  | 3,279.7 |  |  | — |  |  | — |  |  | 1,736.6 |  |  | 1,543.1 |
Other current assets |  |  | 105.3 |  |  | — |  |  | 4.5 |  |  | 32.7 |  |  | 68.1 |
Assets held for sale |  |  | 7.5 |  |  | — |  |  | — |  |  | 7.5 |  |  | — |
Total current assets |  |  | 4,335.8 |  |  | (441.8) |  |  | 446.3 |  |  | 2,138.1 |  |  | 2,193.2 |
Property and equipment, net |  |  | 1,587.8 |  |  | — |  |  | 3.5 |  |  | 946.7 |  |  | 637.6 |
Intangible assets |  |  | 1,725.2 |  |  | — |  |  | — |  |  | 1,079.7 |  |  | 645.5 |
Equity method investments |  |  | 891.3 |  |  | — |  |  | 828.2 |  |  | — |  |  | 63.1 |
Other long-term assets |  |  | 19.3 |  |  | (2,209.2) |  |  | 2,215.1 |  |  | 4.3 |  |  | 9.1 |
Total assets |  | $ | 8,559.4 |  | $ | (2,651.0) |  | $ | 3,493.1 |  | $ | 4,168.8 |  | $ | 3,548.5 |
Floor plan notes payable |  | $ | 2,073.2 |  | $ | — |  | $ | — |  | $ | 1,063.9 |  | $ | 1,009.3 |
Floor plan notes payable—non-trade |  |  | 1,145.1 |  |  | — |  |  | 158.9 |  |  | 568.0 |  |  | 418.2 |
Accounts payable |  |  | 506.1 |  |  | — |  |  | 3.4 |  |  | 159.2 |  |  | 343.5 |
Accrued expenses |  |  | 389.2 |  |  | (441.8) |  |  | — |  |  | 146.5 |  |  | 684.5 |
Current portion of long-term debt |  |  | 44.1 |  |  | — |  |  | — |  |  | 5.9 |  |  | 38.2 |
Liabilities held for sale |  |  | 5.1 |  |  | — |  |  | — |  |  | 5.1 |  |  | — |
Total current liabilities |  |  | 4,162.8 |  |  | (441.8) |  |  | 162.3 |  |  | 1,948.6 |  |  | 2,493.7 |
Long-term debt |  |  | 1,833.5 |  |  | (177.5) |  |  | 1,542.1 |  |  | 187.9 |  |  | 281.0 |
Deferred tax liabilities |  |  | 525.6 |  |  | — |  |  | — |  |  | 512.7 |  |  | 12.9 |
Other long-term liabilities |  |  | 248.8 |  |  | — |  |  | — |  |  | 62.7 |  |  | 186.1 |
Total liabilities |  |  | 6,770.7 |  |  | (619.3) |  |  | 1,704.4 |  |  | 2,711.9 |  |  | 2,973.7 |
Total equity |  |  | 1,788.7 |  |  | (2,031.7) |  |  | 1,788.7 |  |  | 1,456.9 |  |  | 574.8 |
Total liabilities and equity |  | $ | 8,559.4 |  | $ | (2,651.0) |  | $ | 3,493.1 |  | $ | 4,168.8 |  | $ | 3,548.5 |
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 September 30, 2016
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 5,152.0 |  | $ | — |  | $ | — |  | $ | 2,896.9 |  | $ | 2,255.1 |
Cost of sales |  |  | 4,407.8 |  |  | — |  |  | — |  |  | 2,457.1 |  |  | 1,950.7 |
Gross profit |  |  | 744.2 |  |  | — |  |  | — |  |  | 439.8 |  |  | 304.4 |
Selling, general and administrative expenses |  |  | 581.2 |  |  | — |  |  | 3.9 |  |  | 337.3 |  |  | 240.0 |
Depreciation |  |  | 21.5 |  |  | — |  |  | 0.5 |  |  | 12.4 |  |  | 8.6 |
Operating income |  |  | 141.5 |  |  | — |  |  | (4.4) |  |  | 90.1 |  |  | 55.8 |
Floor plan interest expense |  |  | (11.9) |  |  | — |  |  | (0.7) |  |  | (7.1) |  |  | (4.1) |
Other interest expense |  |  | (25.1) |  |  | — |  |  | (18.0) |  |  | (2.2) |  |  | (4.9) |
Equity in earnings of affiliates |  |  | 25.6 |  |  | — |  |  | 24.4 |  |  | — |  |  | 1.2 |
Equity in earnings of subsidiaries |  |  | — |  |  | (127.8) |  |  | 127.8 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 130.1 |  |  | (127.8) |  |  | 129.1 |  |  | 80.8 |  |  | 48.0 |
Income taxes |  |  | (41.7) |  |  | 41.4 |  |  | (41.7) |  |  | (32.2) |  |  | (9.2) |
Income from continuing operations |  |  | 88.4 |  |  | (86.4) |  |  | 87.4 |  |  | 48.6 |  |  | 38.8 |
Income (loss) from discontinued operations, net of tax |  |  | 0.1 |  |  | (0.1) |  |  | 0.1 |  |  | 0.1 |  |  | — |
Net income |  |  | 88.5 |  |  | (86.5) |  |  | 87.5 |  |  | 48.7 |  |  | 38.8 |
Other comprehensive income (loss), net of tax |  |  | (10.8) |  |  | 10.2 |  |  | (10.8) |  |  | — |  |  | (10.2) |
Comprehensive income |  |  | 77.7 |  |  | (76.3) |  |  | 76.7 |  |  | 48.7 |  |  | 28.6 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 1.3 |  |  | (0.3) |  |  | 0.3 |  |  | — |  |  | 1.3 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 76.4 |  | $ | (76.0) |  | $ | 76.4 |  | $ | 48.7 |  | $ | 27.3 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2015
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 4,960.1 |  | $ | — |  | $ | — |  | $ | 2,591.2 |  | $ | 2,368.9 |
Cost of sales |  |  | 4,230.9 |  |  | — |  |  | — |  |  | 2,197.2 |  |  | 2,033.7 |
Gross profit |  |  | 729.2 |  |  | — |  |  | — |  |  | 394.0 |  |  | 335.2 |
Selling, general and administrative expenses |  |  | 563.4 |  |  | — |  |  | 5.7 |  |  | 302.6 |  |  | 255.1 |
Depreciation |  |  | 19.8 |  |  | — |  |  | 0.4 |  |  | 10.6 |  |  | 8.8 |
Operating income |  |  | 146.0 |  |  | — |  |  | (6.1) |  |  | 80.8 |  |  | 71.3 |
Floor plan interest expense |  |  | (11.4) |  |  | — |  |  | (0.7) |  |  | (5.6) |  |  | (5.1) |
Other interest expense |  |  | (16.3) |  |  | — |  |  | (10.6) |  |  | (1.3) |  |  | (4.4) |
Equity in earnings of affiliates |  |  | 11.0 |  |  | — |  |  | 11.0 |  |  | — |  |  | — |
Equity in earnings of subsidiaries |  |  | — |  |  | (134.8) |  |  | 134.8 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 129.3 |  |  | (134.8) |  |  | 128.4 |  |  | 73.9 |  |  | 61.8 |
Income taxes |  |  | (41.7) |  |  | 43.8 |  |  | (41.7) |  |  | (29.4) |  |  | (14.4) |
Income from continuing operations |  |  | 87.6 |  |  | (91.0) |  |  | 86.7 |  |  | 44.5 |  |  | 47.4 |
(Loss) income from discontinued operations, net of tax |  |  | (0.1) |  |  | 0.1 |  |  | (0.1) |  |  | (0.1) |  |  | — |
Net income |  |  | 87.5 |  |  | (90.9) |  |  | 86.6 |  |  | 44.4 |  |  | 47.4 |
Other comprehensive income (loss), net of tax |  |  | (42.5) |  |  | 40.8 |  |  | (42.5) |  |  | — |  |  | (40.8) |
Comprehensive income |  |  | 45.0 |  |  | (50.1) |  |  | 44.1 |  |  | 44.4 |  |  | 6.6 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 1.5 |  |  | (0.6) |  |  | 0.6 |  |  | — |  |  | 1.5 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 43.5 |  | $ | (49.5) |  | $ | 43.5 |  | $ | 44.4 |  | $ | 5.1 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2016
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 15,230.7 |  | $ | — |  | $ | — |  | $ | 8,113.9 |  | $ | 7,116.8 |
Cost of sales |  |  | 12,991.4 |  |  | — |  |  | — |  |  | 6,856.0 |  |  | 6,135.4 |
Gross profit |  |  | 2,239.3 |  |  | — |  |  | — |  |  | 1,257.9 |  |  | 981.4 |
Selling, general and administrative expenses |  |  | 1,722.8 |  |  | — |  |  | 15.2 |  |  | 955.8 |  |  | 751.8 |
Depreciation |  |  | 66.8 |  |  | — |  |  | 1.3 |  |  | 34.8 |  |  | 30.7 |
Operating income |  |  | 449.7 |  |  | — |  |  | (16.5) |  |  | 267.3 |  |  | 198.9 |
Floor plan interest expense |  |  | (37.8) |  |  | — |  |  | (2.0) |  |  | (21.3) |  |  | (14.5) |
Other interest expense |  |  | (61.8) |  |  | — |  |  | (43.6) |  |  | (2.8) |  |  | (15.4) |
Equity in earnings of affiliates |  |  | 43.1 |  |  | — |  |  | 39.1 |  |  | — |  |  | 4.0 |
Equity in earnings of subsidiaries |  |  | — |  |  | (412.8) |  |  | 412.8 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 393.2 |  |  | (412.8) |  |  | 389.8 |  |  | 243.2 |  |  | 173.0 |
Income taxes |  |  | (128.4) |  |  | 136.1 |  |  | (128.4) |  |  | (97.9) |  |  | (38.2) |
Income from continuing operations |  |  | 264.8 |  |  | (276.7) |  |  | 261.4 |  |  | 145.3 |  |  | 134.8 |
(Loss) income from discontinued operations, net of tax |  |  | (1.1) |  |  | 1.1 |  |  | (1.1) |  |  | (1.0) |  |  | (0.1) |
Net income |  |  | 263.7 |  |  | (275.6) |  |  | 260.3 |  |  | 144.3 |  |  | 134.7 |
Other comprehensive income (loss), net of tax |  |  | (65.1) |  |  | 66.2 |  |  | (65.1) |  |  | — |  |  | (66.2) |
Comprehensive income |  |  | 198.6 |  |  | (209.4) |  |  | 195.2 |  |  | 144.3 |  |  | 68.5 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 4.5 |  |  | (1.1) |  |  | 1.1 |  |  | — |  |  | 4.5 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 194.1 |  | $ | (208.3) |  | $ | 194.1 |  | $ | 144.3 |  | $ | 64.0 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2015
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Revenues |  | $ | 14,363.6 |  | $ | — |  | $ | — |  | $ | 7,548.5 |  | $ | 6,815.1 |
Cost of sales |  |  | 12,213.2 |  |  | — |  |  | — |  |  | 6,372.4 |  |  | 5,840.8 |
Gross profit |  |  | 2,150.4 |  |  | — |  |  | — |  |  | 1,176.1 |  |  | 974.3 |
Selling, general and administrative expenses |  |  | 1,652.3 |  |  | — |  |  | 18.0 |  |  | 895.9 |  |  | 738.4 |
Depreciation |  |  | 57.7 |  |  | — |  |  | 1.2 |  |  | 31.2 |  |  | 25.3 |
Operating income |  |  | 440.4 |  |  | — |  |  | (19.2) |  |  | 249.0 |  |  | 210.6 |
Floor plan interest expense |  |  | (32.7) |  |  | — |  |  | (2.1) |  |  | (16.4) |  |  | (14.2) |
Other interest expense |  |  | (49.0) |  |  | — |  |  | (30.6) |  |  | (4.0) |  |  | (14.4) |
Equity in earnings of affiliates |  |  | 29.7 |  |  | — |  |  | 27.3 |  |  | — |  |  | 2.4 |
Equity in earnings of subsidiaries |  |  | — |  |  | (410.2) |  |  | 410.2 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 388.4 |  |  | (410.2) |  |  | 385.6 |  |  | 228.6 |  |  | 184.4 |
Income taxes |  |  | (128.2) |  |  | 136.3 |  |  | (128.2) |  |  | (91.8) |  |  | (44.5) |
Income from continuing operations |  |  | 260.2 |  |  | (273.9) |  |  | 257.4 |  |  | 136.8 |  |  | 139.9 |
(Loss) income from discontinued operations, net of tax |  |  | (1.1) |  |  | 1.7 |  |  | (1.7) |  |  | (1.3) |  |  | 0.2 |
Net income |  |  | 259.1 |  |  | (272.2) |  |  | 255.7 |  |  | 135.5 |  |  | 140.1 |
Other comprehensive income (loss), net of tax |  |  | (59.3) |  |  | 55.6 |  |  | (59.3) |  |  | — |  |  | (55.6) |
Comprehensive income |  |  | 199.8 |  |  | (216.6) |  |  | 196.4 |  |  | 135.5 |  |  | 84.5 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 3.1 |  |  | 0.2 |  |  | (0.2) |  |  | — |  |  | 3.1 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 196.7 |  | $ | (216.8) |  | $ | 196.6 |  | $ | 135.5 |  | $ | 81.4 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2016
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Net cash provided by (used in) continuing operating activities |  | $ | 457.2 |  | $ | (30.2) |  | $ | 90.7 |  | $ | 396.7 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (171.7) |  |  | (0.8) |  |  | (103.5) |  |  | (67.4) |
Acquisition of additional ownership interest in Penske Truck Leasing |  |  | (498.5) |  |  | (498.5) |  |  | — |  |  | — |
Acquisitions, net |  |  | (106.0) |  |  | — |  |  | — |  |  | (106.0) |
Other |  |  | (9.5) |  |  | — |  |  | 17.0 |  |  | (26.5) |
Net cash used in continuing investing activities |  |  | (785.7) |  |  | (499.3) |  |  | (86.5) |  |  | (199.9) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net borrowings of long-term debt |  |  | 119.3 |  |  | 45.0 |  |  | 8.4 |  |  | 65.9 |
Net borrowings (repayments) of floor plan notes payable—non-trade |  |  | 12.8 |  |  | 4.2 |  |  | 215.5 |  |  | (206.9) |
Issuance of 5.50% senior subordinated notes |  |  | 500.0 |  |  | 500.0 |  |  | — |  |  | — |
Payment of debt issuance costs |  |  | (6.7) |  |  | (6.7) |  |  | — |  |  | — |
Repurchases of common stock |  |  | (173.6) |  |  | (173.6) |  |  | — |  |  | — |
Dividends |  |  | (70.3) |  |  | (70.3) |  |  | — |  |  | — |
Other |  |  | (9.7) |  |  | — |  |  | — |  |  | (9.7) |
Distributions from (to) parent |  |  | — |  |  | 230.9 |  |  | (227.4) |  |  | (3.5) |
Net cash provided by (used in) continuing financing activities |  |  | 371.8 |  |  | 529.5 |  |  | (3.5) |  |  | (154.2) |
Net cash provided by discontinued operations |  |  | 3.0 |  |  | — |  |  | 0.6 |  |  | 2.4 |
Effect of exchange rate changes on cash and cash equivalents |  |  | (19.3) |  |  | — |  |  | — |  |  | (19.3) |
Net change in cash and cash equivalents |  |  | 27.0 |  |  | — |  |  | 1.3 |  |  | 25.7 |
Cash and cash equivalents, beginning of period |  |  | 62.4 |  |  | — |  |  | — |  |  | 62.4 |
Cash and cash equivalents, end of period |  | $ | 89.4 |  | $ | — |  | $ | 1.3 |  | $ | 88.1 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2015
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non‑Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
|  | (In millions) |
Net cash provided by continuing operating activities |  | $ | 373.4 |  | $ | 28.4 |  | $ | 154.3 |  | $ | 190.7 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (151.1) |  |  | (1.0) |  |  | (74.0) |  |  | (76.1) |
Acquisitions, net |  |  | (85.4) |  |  | — |  |  | (21.7) |  |  | (63.7) |
Other |  |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Net cash used in continuing investing activities |  |  | (236.3) |  |  | (1.0) |  |  | (95.7) |  |  | (139.6) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net (repayments) borrowings of long-term debt |  |  | (165.7) |  |  | (10.0) |  |  | 24.0 |  |  | (179.7) |
Net borrowings (repayments) of floor plan notes payable—non-trade |  |  | 94.6 |  |  | 66.9 |  |  | (130.1) |  |  | 157.8 |
Payment of debt issuance costs |  |  | (1.8) |  |  | — |  |  | — |  |  | (1.8) |
Repurchases of common stock |  |  | (22.0) |  |  | (22.0) |  |  | — |  |  | — |
Dividends |  |  | (62.3) |  |  | (62.3) |  |  | — |  |  | — |
Other |  |  | (5.9) |  |  | — |  |  | — |  |  | (5.9) |
Distributions from (to) parent |  |  | — |  |  | — |  |  | 8.3 |  |  | (8.3) |
Net cash used in continuing financing activities |  |  | (163.1) |  |  | (27.4) |  |  | (97.8) |  |  | (37.9) |
Net cash provided by discontinued operations |  |  | 39.7 |  |  | — |  |  | 39.2 |  |  | 0.5 |
Effect of exchange rate changes on cash and cash equivalents |  |  | (0.3) |  |  | — |  |  | — |  |  | (0.3) |
Net change in cash and cash equivalents |  |  | 13.4 |  |  | — |  |  | — |  |  | 13.4 |
Cash and cash equivalents, beginning of period |  |  | 36.3 |  |  | — |  |  | — |  |  | 36.3 |
Cash and cash equivalents, end of period |  | $ | 49.7 |  | $ | — |  | $ | — |  | $ | 49.7 |

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