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Condensed Consolidating Financial Information (Tables) | 9 Months Ended
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Sep. 30, 2017
Condensed Consolidating Financial Information |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2017
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Cash and cash equivalents |  | $ | 37.2 |  | $ | — |  | $ | — |  | $ | — |  | $ | 37.2 |
Accounts receivable, net |  |  | 938.8 |  |  | (458.9) |  |  | 458.9 |  |  | 420.8 |  |  | 518.0 |
Inventories |  |  | 3,770.3 |  |  | — |  |  | — |  |  | 1,876.7 |  |  | 1,893.6 |
Other current assets |  |  | 96.5 |  |  | — |  |  | 6.3 |  |  | 18.7 |  |  | 71.5 |
Assets held for sale |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total current assets |  |  | 4,842.8 |  |  | (458.9) |  |  | 465.2 |  |  | 2,316.2 |  |  | 2,520.3 |
Property and equipment, net |  |  | 2,091.4 |  |  | — |  |  | 3.6 |  |  | 1,007.6 |  |  | 1,080.2 |
Intangible assets |  |  | 2,133.7 |  |  | — |  |  | — |  |  | 1,334.8 |  |  | 798.9 |
Equity method investments |  |  | 1,184.9 |  |  | — |  |  | 1,118.8 |  |  | — |  |  | 66.1 |
Other long-term assets |  |  | 29.5 |  |  | (2,596.4) |  |  | 2,601.8 |  |  | 4.5 |  |  | 19.6 |
Total assets |  | $ | 10,282.3 |  | $ | (3,055.3) |  | $ | 4,189.4 |  | $ | 4,663.1 |  | $ | 4,485.1 |
Floor plan notes payable |  | $ | 2,222.3 |  | $ | — |  | $ | — |  | $ | 1,104.7 |  | $ | 1,117.6 |
Floor plan notes payable — non-trade |  |  | 1,388.5 |  |  | — |  |  | 219.7 |  |  | 634.0 |  |  | 534.8 |
Accounts payable |  |  | 609.0 |  |  | — |  |  | 4.1 |  |  | 161.2 |  |  | 443.7 |
Accrued expenses |  |  | 388.5 |  |  | (458.9) |  |  | 1.0 |  |  | 43.3 |  |  | 803.1 |
Current portion of long-term debt |  |  | 67.6 |  |  | — |  |  | — |  |  | 5.4 |  |  | 62.2 |
Liabilities held for sale |  |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |  |  | — |
Total current liabilities |  |  | 4,676.6 |  |  | (458.9) |  |  | 224.8 |  |  | 1,949.3 |  |  | 2,961.4 |
Long-term debt |  |  | 2,170.5 |  |  | (182.1) |  |  | 1,852.6 |  |  | 193.8 |  |  | 306.2 |
Deferred tax liabilities |  |  | 771.6 |  |  | — |  |  | — |  |  | 765.9 |  |  | 5.7 |
Other long-term liabilities |  |  | 551.6 |  |  | — |  |  | — |  |  | 59.0 |  |  | 492.6 |
Total liabilities |  |  | 8,170.3 |  |  | (641.0) |  |  | 2,077.4 |  |  | 2,968.0 |  |  | 3,765.9 |
Total equity |  |  | 2,112.0 |  |  | (2,414.3) |  |  | 2,112.0 |  |  | 1,695.1 |  |  | 719.2 |
Total liabilities and equity |  | $ | 10,282.3 |  | $ | (3,055.3) |  | $ | 4,189.4 |  | $ | 4,663.1 |  | $ | 4,485.1 |
CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Cash and cash equivalents |  | $ | 24.0 |  | $ | — |  | $ | — |  | $ | 9.4 |  | $ | 14.6 |
Accounts receivable, net |  |  | 879.0 |  |  | (447.0) |  |  | 447.0 |  |  | 483.6 |  |  | 395.4 |
Inventories |  |  | 3,408.2 |  |  | — |  |  | — |  |  | 1,830.5 |  |  | 1,577.7 |
Other current assets |  |  | 73.9 |  |  | — |  |  | 14.3 |  |  | 14.6 |  |  | 45.0 |
Assets held for sale |  |  | 8.4 |  |  | — |  |  | — |  |  | 8.4 |  |  | — |
Total current assets |  |  | 4,393.5 |  |  | (447.0) |  |  | 461.3 |  |  | 2,346.5 |  |  | 2,032.7 |
Property and equipment, net |  |  | 1,806.5 |  |  | — |  |  | 3.3 |  |  | 961.0 |  |  | 842.2 |
Intangible assets |  |  | 1,711.3 |  |  | — |  |  | — |  |  | 1,079.6 |  |  | 631.7 |
Equity method investments |  |  | 893.4 |  |  | — |  |  | 833.7 |  |  | — |  |  | 59.7 |
Other long-term assets |  |  | 28.3 |  |  | (2,215.0) |  |  | 2,220.6 |  |  | 4.1 |  |  | 18.6 |
Total assets |  | $ | 8,833.0 |  | $ | (2,662.0) |  | $ | 3,518.9 |  | $ | 4,391.2 |  | $ | 3,584.9 |
Floor plan notes payable |  | $ | 2,084.5 |  | $ | — |  | $ | — |  | $ | 1,178.0 |  | $ | 906.5 |
Floor plan notes payable — non-trade |  |  | 1,233.3 |  |  | — |  |  | 156.0 |  |  | 623.2 |  |  | 454.1 |
Accounts payable |  |  | 497.4 |  |  | — |  |  | 4.9 |  |  | 171.9 |  |  | 320.6 |
Accrued expenses |  |  | 360.0 |  |  | (447.0) |  |  | 0.9 |  |  | 77.2 |  |  | 728.9 |
Current portion of long-term debt |  |  | 48.3 |  |  | — |  |  | — |  |  | 6.0 |  |  | 42.3 |
Liabilities held for sale |  |  | 6.1 |  |  | — |  |  | — |  |  | 6.1 |  |  | — |
Total current liabilities |  |  | 4,229.6 |  |  | (447.0) |  |  | 161.8 |  |  | 2,062.4 |  |  | 2,452.4 |
Long-term debt |  |  | 1,828.8 |  |  | (175.8) |  |  | 1,577.6 |  |  | 186.0 |  |  | 241.0 |
Deferred tax liabilities |  |  | 564.6 |  |  | — |  |  | — |  |  | 560.9 |  |  | 3.7 |
Other long-term liabilities |  |  | 430.5 |  |  | — |  |  | — |  |  | 65.2 |  |  | 365.3 |
Total liabilities |  |  | 7,053.5 |  |  | (622.8) |  |  | 1,739.4 |  |  | 2,874.5 |  |  | 3,062.4 |
Total equity |  |  | 1,779.5 |  |  | (2,039.2) |  |  | 1,779.5 |  |  | 1,516.7 |  |  | 522.5 |
Total liabilities and equity |  | $ | 8,833.0 |  | $ | (2,662.0) |  | $ | 3,518.9 |  | $ | 4,391.2 |  | $ | 3,584.9 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME | CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2017
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 5,524.4 |  | $ | — |  | $ | — |  | $ | 3,047.0 |  | $ | 2,477.4 |
Cost of sales |  |  | 4,701.8 |  |  | — |  |  | — |  |  | 2,570.2 |  |  | 2,131.6 |
Gross profit |  |  | 822.6 |  |  | — |  |  | — |  |  | 476.8 |  |  | 345.8 |
Selling, general and administrative expenses |  |  | 646.1 |  |  | — |  |  | 6.3 |  |  | 354.4 |  |  | 285.4 |
Depreciation |  |  | 24.3 |  |  | — |  |  | 0.4 |  |  | 13.4 |  |  | 10.5 |
Operating income |  |  | 152.2 |  |  | — |  |  | (6.7) |  |  | 109.0 |  |  | 49.9 |
Floor plan interest expense |  |  | (16.4) |  |  | — |  |  | (1.3) |  |  | (9.8) |  |  | (5.3) |
Other interest expense |  |  | (27.8) |  |  | — |  |  | (19.8) |  |  | (2.3) |  |  | (5.7) |
Equity in earnings of affiliates |  |  | 30.9 |  |  | — |  |  | 30.5 |  |  | — |  |  | 0.4 |
Equity in earnings of subsidiaries |  |  | — |  |  | (136.3) |  |  | 136.3 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 138.9 |  |  | (136.3) |  |  | 139.0 |  |  | 96.9 |  |  | 39.3 |
Income taxes |  |  | (44.7) |  |  | 43.8 |  |  | (44.7) |  |  | (36.0) |  |  | (7.8) |
Income from continuing operations |  |  | 94.2 |  |  | (92.5) |  |  | 94.3 |  |  | 60.9 |  |  | 31.5 |
Income from discontinued operations, net of tax |  |  | 0.1 |  |  | (0.1) |  |  | 0.1 |  |  | 0.1 |  |  | — |
Net income |  |  | 94.3 |  |  | (92.6) |  |  | 94.4 |  |  | 61.0 |  |  | 31.5 |
Other comprehensive income (loss), net of tax |  |  | 35.3 |  |  | (31.9) |  |  | 35.3 |  |  | — |  |  | 31.9 |
Comprehensive income |  |  | 129.6 |  |  | (124.5) |  |  | 129.7 |  |  | 61.0 |  |  | 63.4 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 0.6 |  |  | (0.8) |  |  | 0.8 |  |  | — |  |  | 0.6 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 129.0 |  | $ | (123.7) |  | $ | 128.9 |  | $ | 61.0 |  | $ | 62.8 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended September 30, 2016
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
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 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 Nine Months Ended September 30, 2017
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 15,988.9 |  | $ | — |  | $ | — |  | $ | 8,749.7 |  | $ | 7,239.2 |
Cost of sales |  |  | 13,574.7 |  |  | — |  |  | — |  |  | 7,351.8 |  |  | 6,222.9 |
Gross profit |  |  | 2,414.2 |  |  | — |  |  | — |  |  | 1,397.9 |  |  | 1,016.3 |
Selling, general and administrative expenses |  |  | 1,869.8 |  |  | — |  |  | 18.5 |  |  | 1,037.3 |  |  | 814.0 |
Depreciation |  |  | 70.0 |  |  | — |  |  | 1.2 |  |  | 39.3 |  |  | 29.5 |
Operating income |  |  | 474.4 |  |  | — |  |  | (19.7) |  |  | 321.3 |  |  | 172.8 |
Floor plan interest expense |  |  | (45.6) |  |  | — |  |  | (3.4) |  |  | (27.9) |  |  | (14.3) |
Other interest expense |  |  | (79.2) |  |  | — |  |  | (54.1) |  |  | (6.6) |  |  | (18.5) |
Equity in earnings of affiliates |  |  | 70.9 |  |  | — |  |  | 68.2 |  |  | — |  |  | 2.7 |
Equity in earnings of subsidiaries |  |  | — |  |  | (428.6) |  |  | 428.6 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 420.5 |  |  | (428.6) |  |  | 419.6 |  |  | 286.8 |  |  | 142.7 |
Income taxes |  |  | (136.0) |  |  | 139.0 |  |  | (136.0) |  |  | (109.8) |  |  | (29.2) |
Income from continuing operations |  |  | 284.5 |  |  | (289.6) |  |  | 283.6 |  |  | 177.0 |  |  | 113.5 |
Loss from discontinued operations, net of tax |  |  | (0.3) |  |  | 0.3 |  |  | (0.3) |  |  | (0.3) |  |  | — |
Net income |  |  | 284.2 |  |  | (289.3) |  |  | 283.3 |  |  | 176.7 |  |  | 113.5 |
Other comprehensive income (loss), net of tax |  |  | 101.9 |  |  | (93.0) |  |  | 101.9 |  |  | — |  |  | 93.0 |
Comprehensive income |  |  | 386.1 |  |  | (382.3) |  |  | 385.2 |  |  | 176.7 |  |  | 206.5 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 3.8 |  |  | (2.8) |  |  | 2.8 |  |  | — |  |  | 3.8 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 382.3 |  | $ | (379.5) |  | $ | 382.4 |  | $ | 176.7 |  | $ | 202.7 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Nine Months Ended September 30, 2016
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
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 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 CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2017
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
Net cash provided by (used in) continuing operating activities |  | $ | 466.8 |  | $ | (34.5) |  | $ | 359.5 |  | $ | 141.8 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (180.1) |  |  | (2.4) |  |  | (80.0) |  |  | (97.7) |
Acquisition of additional ownership interest in Penske Truck Leasing |  |  | (239.1) |  |  | (239.1) |  |  | — |  |  | — |
Acquisitions, net |  |  | (449.7) |  |  | — |  |  | (316.9) |  |  | (132.8) |
Other |  |  | 13.3 |  |  | 4.6 |  |  | 9.0 |  |  | (0.3) |
Net cash used in continuing investing activities |  |  | (855.6) |  |  | (236.9) |  |  | (387.9) |  |  | (230.8) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of 3.75% senior subordinated notes |  |  | 300.0 |  |  | 300.0 |  |  | — |  |  | — |
Net borrowings (repayments) of long-term debt |  |  | 50.3 |  |  | (24.0) |  |  | 8.6 |  |  | 65.7 |
Net borrowings of floor plan notes payable — non-trade |  |  | 155.2 |  |  | 63.7 |  |  | 43.2 |  |  | 48.3 |
Payment of debt issuance costs |  |  | (4.0) |  |  | (4.0) |  |  | — |  |  | — |
Repurchases of common stock |  |  | (18.5) |  |  | (18.5) |  |  | — |  |  | — |
Dividends |  |  | (80.1) |  |  | (80.1) |  |  | — |  |  | — |
Other |  |  | (5.8) |  |  | (5.8) |  |  | — |  |  | — |
Distributions from (to) parent |  |  | — |  |  | 40.1 |  |  | (35.5) |  |  | (4.6) |
Net cash provided by continuing financing activities |  |  | 397.1 |  |  | 271.4 |  |  | 16.3 |  |  | 109.4 |
Net cash provided by discontinued operations |  |  | 2.7 |  |  | — |  |  | 2.7 |  |  | — |
Effect of exchange rate changes on cash and cash equivalents |  |  | 2.2 |  |  | — |  |  | — |  |  | 2.2 |
Net change in cash and cash equivalents |  |  | 13.2 |  |  | — |  |  | (9.4) |  |  | 22.6 |
Cash and cash equivalents, beginning of period |  |  | 24.0 |  |  | — |  |  | 9.4 |  |  | 14.6 |
Cash and cash equivalents, end of period |  | $ | 37.2 |  | $ | — |  | $ | — |  | $ | 37.2 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2016
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
Net cash provided by (used in) continuing operating activities |  | $ | 463.3 |  | $ | (24.1) |  | $ | 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: |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of 5.50% senior subordinated notes |  |  | 500.0 |  |  | 500.0 |  |  | — |  |  | — |
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) |
Payment of debt issuance costs |  |  | (6.7) |  |  | (6.7) |  |  | — |  |  | — |
Repurchases of common stock |  |  | (173.6) |  |  | (173.6) |  |  | — |  |  | — |
Dividends |  |  | (70.3) |  |  | (70.3) |  |  | — |  |  | — |
Other |  |  | (15.8) |  |  | (6.1) |  |  | — |  |  | (9.7) |
Distributions from (to) parent |  |  | — |  |  | 230.9 |  |  | (227.4) |  |  | (3.5) |
Net cash provided by (used in) continuing financing activities |  |  | 365.7 |  |  | 523.4 |  |  | (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 |

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