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Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2018
Condensed Consolidating Financial Information |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2018
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Cash and cash equivalents |  | $ | 45.8 |  | $ | — |  | $ | — |  | $ | 0.4 |  | $ | 45.4 |
Accounts receivable, net |  |  | 919.6 |  |  | (472.2) |  |  | 472.2 |  |  | 421.5 |  |  | 498.1 |
Inventories |  |  | 3,895.1 |  |  | — |  |  | — |  |  | 1,893.0 |  |  | 2,002.1 |
Other current assets |  |  | 97.5 |  |  | — |  |  | 6.0 |  |  | 20.4 |  |  | 71.1 |
Total current assets |  |  | 4,958.0 |  |  | (472.2) |  |  | 478.2 |  |  | 2,335.3 |  |  | 2,616.7 |
Property and equipment, net |  |  | 2,144.9 |  |  | — |  |  | 2.7 |  |  | 1,019.3 |  |  | 1,122.9 |
Intangible assets |  |  | 2,174.8 |  |  | — |  |  | — |  |  | 1,328.7 |  |  | 846.1 |
Equity method investments |  |  | 1,279.2 |  |  | — |  |  | 1,209.9 |  |  | — |  |  | 69.3 |
Other long-term assets |  |  | 13.6 |  |  | (2,784.9) |  |  | 2,789.8 |  |  | 4.3 |  |  | 4.4 |
Total assets |  | $ | 10,570.5 |  | $ | (3,257.1) |  | $ | 4,480.6 |  | $ | 4,687.6 |  | $ | 4,659.4 |
Floor plan notes payable |  | $ | 2,278.0 |  | $ | — |  | $ | — |  | $ | 1,221.5 |  | $ | 1,056.5 |
Floor plan notes payable — non-trade |  |  | 1,325.7 |  |  | — |  |  | 198.4 |  |  | 503.2 |  |  | 624.1 |
Accounts payable |  |  | 680.0 |  |  | — |  |  | 4.2 |  |  | 163.5 |  |  | 512.3 |
Accrued expenses |  |  | 529.7 |  |  | (472.2) |  |  | 1.1 |  |  | 163.9 |  |  | 836.9 |
Current portion of long-term debt |  |  | 92.3 |  |  | — |  |  | — |  |  | 5.0 |  |  | 87.3 |
Liabilities held for sale |  |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |  |  | — |
Total current liabilities |  |  | 4,906.4 |  |  | (472.2) |  |  | 203.7 |  |  | 2,057.8 |  |  | 3,117.1 |
Long-term debt |  |  | 2,059.6 |  |  | (148.0) |  |  | 1,751.1 |  |  | 191.2 |  |  | 265.3 |
Deferred tax liabilities |  |  | 530.8 |  |  | — |  |  | — |  |  | 529.8 |  |  | 1.0 |
Other long-term liabilities |  |  | 547.9 |  |  | — |  |  | — |  |  | 64.4 |  |  | 483.5 |
Total liabilities |  |  | 8,044.7 |  |  | (620.2) |  |  | 1,954.8 |  |  | 2,843.2 |  |  | 3,866.9 |
Total equity |  |  | 2,525.8 |  |  | (2,636.9) |  |  | 2,525.8 |  |  | 1,844.4 |  |  | 792.5 |
Total liabilities and equity |  | $ | 10,570.5 |  | $ | (3,257.1) |  | $ | 4,480.6 |  | $ | 4,687.6 |  | $ | 4,659.4 |
CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2017
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Cash and cash equivalents |  | $ | 45.7 |  | $ | — |  | $ | — |  | $ | 14.8 |  | $ | 30.9 |
Accounts receivable, net |  |  | 954.9 |  |  | (463.6) |  |  | 463.6 |  |  | 523.8 |  |  | 431.1 |
Inventories |  |  | 3,944.1 |  |  | — |  |  | — |  |  | 1,935.0 |  |  | 2,009.1 |
Other current assets |  |  | 81.8 |  |  | — |  |  | 7.3 |  |  | 16.8 |  |  | 57.7 |
Total current assets |  |  | 5,026.5 |  |  | (463.6) |  |  | 470.9 |  |  | 2,490.4 |  |  | 2,528.8 |
Property and equipment, net |  |  | 2,108.6 |  |  | — |  |  | 3.3 |  |  | 1,032.9 |  |  | 1,072.4 |
Intangible assets |  |  | 2,134.5 |  |  | — |  |  | — |  |  | 1,334.6 |  |  | 799.9 |
Equity method investments |  |  | 1,256.6 |  |  | — |  |  | 1,186.9 |  |  | — |  |  | 69.7 |
Other long-term assets |  |  | 14.4 |  |  | (2,772.7) |  |  | 2,777.8 |  |  | 4.6 |  |  | 4.7 |
Total assets |  | $ | 10,540.6 |  | $ | (3,236.3) |  | $ | 4,438.9 |  | $ | 4,862.5 |  | $ | 4,475.5 |
Floor plan notes payable |  | $ | 2,343.2 |  | $ | — |  | $ | — |  | $ | 1,272.4 |  | $ | 1,070.8 |
Floor plan notes payable — non-trade |  |  | 1,418.6 |  |  | — |  |  | 196.6 |  |  | 601.9 |  |  | 620.1 |
Accounts payable |  |  | 641.6 |  |  | — |  |  | 3.9 |  |  | 194.4 |  |  | 443.3 |
Accrued expenses |  |  | 523.5 |  |  | (463.6) |  |  | 1.0 |  |  | 165.2 |  |  | 820.9 |
Current portion of long-term debt |  |  | 72.8 |  |  | — |  |  | — |  |  | 5.5 |  |  | 67.3 |
Liabilities held for sale |  |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |  |  | — |
Total current liabilities |  |  | 5,000.4 |  |  | (463.6) |  |  | 201.5 |  |  | 2,240.1 |  |  | 3,022.4 |
Long-term debt |  |  | 2,090.4 |  |  | (150.2) |  |  | 1,809.4 |  |  | 191.6 |  |  | 239.6 |
Deferred tax liabilities |  |  | 481.5 |  |  | — |  |  | — |  |  | 480.1 |  |  | 1.4 |
Other long-term liabilities |  |  | 540.3 |  |  | — |  |  | — |  |  | 64.7 |  |  | 475.6 |
Total liabilities |  |  | 8,112.6 |  |  | (613.8) |  |  | 2,010.9 |  |  | 2,976.5 |  |  | 3,739.0 |
Total equity |  |  | 2,428.0 |  |  | (2,622.5) |  |  | 2,428.0 |  |  | 1,886.0 |  |  | 736.5 |
Total liabilities and equity |  | $ | 10,540.6 |  | $ | (3,236.3) |  | $ | 4,438.9 |  | $ | 4,862.5 |  | $ | 4,475.5 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME | CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended June 30, 2018
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 5,940.3 |  | $ | — |  | $ | — |  | $ | 3,071.8 |  | $ | 2,868.5 |
Cost of sales |  |  | 5,050.5 |  |  | — |  |  | — |  |  | 2,582.3 |  |  | 2,468.2 |
Gross profit |  |  | 889.8 |  |  | — |  |  | — |  |  | 489.5 |  |  | 400.3 |
Selling, general and administrative expenses |  |  | 675.4 |  |  | — |  |  | 6.6 |  |  | 359.7 |  |  | 309.1 |
Depreciation |  |  | 25.7 |  |  | — |  |  | 0.4 |  |  | 13.7 |  |  | 11.6 |
Operating income |  |  | 188.7 |  |  | — |  |  | (7.0) |  |  | 116.1 |  |  | 79.6 |
Floor plan interest expense |  |  | (19.9) |  |  | — |  |  | (1.8) |  |  | (12.3) |  |  | (5.8) |
Other interest expense |  |  | (28.6) |  |  | — |  |  | (18.9) |  |  | (2.0) |  |  | (7.7) |
Equity in earnings of affiliates |  |  | 36.0 |  |  | — |  |  | 35.0 |  |  | — |  |  | 1.0 |
Equity in earnings of subsidiaries |  |  | — |  |  | (168.3) |  |  | 168.3 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 176.2 |  |  | (168.3) |  |  | 175.6 |  |  | 101.8 |  |  | 67.1 |
Income taxes |  |  | (41.0) |  |  | 39.4 |  |  | (41.0) |  |  | (27.4) |  |  | (12.0) |
Income from continuing operations |  |  | 135.2 |  |  | (128.9) |  |  | 134.6 |  |  | 74.4 |  |  | 55.1 |
Income from discontinued operations, net of tax |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income |  |  | 135.2 |  |  | (128.9) |  |  | 134.6 |  |  | 74.4 |  |  | 55.1 |
Other comprehensive (loss) income, net of tax |  |  | (72.8) |  |  | 68.1 |  |  | (72.8) |  |  | — |  |  | (68.1) |
Comprehensive income |  |  | 62.4 |  |  | (60.8) |  |  | 61.8 |  |  | 74.4 |  |  | (13.0) |
Less: Comprehensive (loss) income attributable to non-controlling interests |  |  | (0.5) |  |  | 1.1 |  |  | (1.1) |  |  | — |  |  | (0.5) |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 62.9 |  | $ | (61.9) |  | $ | 62.9 |  | $ | 74.4 |  | $ | (12.5) |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended June 30, 2017
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 5,383.4 |  | $ | — |  | $ | — |  | $ | 3,034.8 |  | $ | 2,348.6 |
Cost of sales |  |  | 4,566.1 |  |  | — |  |  | — |  |  | 2,550.4 |  |  | 2,015.7 |
Gross profit |  |  | 817.3 |  |  | — |  |  | — |  |  | 484.4 |  |  | 332.9 |
Selling, general and administrative expenses |  |  | 622.0 |  |  | — |  |  | 6.2 |  |  | 344.5 |  |  | 271.3 |
Depreciation |  |  | 23.3 |  |  | — |  |  | 0.4 |  |  | 13.2 |  |  | 9.7 |
Operating income |  |  | 172.0 |  |  | — |  |  | (6.6) |  |  | 126.7 |  |  | 51.9 |
Floor plan interest expense |  |  | (15.5) |  |  | — |  |  | (1.1) |  |  | (9.7) |  |  | (4.7) |
Other interest expense |  |  | (26.4) |  |  | — |  |  | (17.8) |  |  | (2.2) |  |  | (6.4) |
Equity in earnings of affiliates |  |  | 26.8 |  |  | — |  |  | 25.2 |  |  | — |  |  | 1.6 |
Equity in earnings of subsidiaries |  |  | — |  |  | (156.6) |  |  | 156.6 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 156.9 |  |  | (156.6) |  |  | 156.3 |  |  | 114.8 |  |  | 42.4 |
Income taxes |  |  | (50.2) |  |  | 50.3 |  |  | (50.2) |  |  | (41.2) |  |  | (9.1) |
Income from continuing operations |  |  | 106.7 |  |  | (106.3) |  |  | 106.1 |  |  | 73.6 |  |  | 33.3 |
Income from discontinued operations, net of tax |  |  | 0.2 |  |  | (0.2) |  |  | 0.2 |  |  | 0.2 |  |  | — |
Net income |  |  | 106.9 |  |  | (106.5) |  |  | 106.3 |  |  | 73.8 |  |  | 33.3 |
Other comprehensive income, net of tax |  |  | 40.5 |  |  | (37.6) |  |  | 40.5 |  |  | — |  |  | 37.6 |
Comprehensive income |  |  | 147.4 |  |  | (144.1) |  |  | 146.8 |  |  | 73.8 |  |  | 70.9 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 2.4 |  |  | (1.6) |  |  | 1.6 |  |  | — |  |  | 2.4 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 145.0 |  | $ | (142.5) |  | $ | 145.2 |  | $ | 73.8 |  | $ | 68.5 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Six Months Ended June 30, 2018
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 11,687.2 |  | $ | — |  | $ | — |  | $ | 5,928.3 |  | $ | 5,758.9 |
Cost of sales |  |  | 9,933.0 |  |  | — |  |  | — |  |  | 4,977.5 |  |  | 4,955.5 |
Gross profit |  |  | 1,754.2 |  |  | — |  |  | — |  |  | 950.8 |  |  | 803.4 |
Selling, general and administrative expenses |  |  | 1,338.5 |  |  | — |  |  | 12.8 |  |  | 703.0 |  |  | 622.7 |
Depreciation |  |  | 51.3 |  |  | — |  |  | 0.8 |  |  | 27.3 |  |  | 23.2 |
Operating income |  |  | 364.4 |  |  | — |  |  | (13.6) |  |  | 220.5 |  |  | 157.5 |
Floor plan interest expense |  |  | (38.8) |  |  | — |  |  | (3.4) |  |  | (23.6) |  |  | (11.8) |
Other interest expense |  |  | (58.4) |  |  | — |  |  | (39.7) |  |  | (3.9) |  |  | (14.8) |
Equity in earnings of affiliates |  |  | 53.3 |  |  | — |  |  | 51.0 |  |  | — |  |  | 2.3 |
Equity in earnings of subsidiaries |  |  | — |  |  | (325.9) |  |  | 325.9 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 320.5 |  |  | (325.9) |  |  | 320.2 |  |  | 193.0 |  |  | 133.2 |
Income taxes |  |  | (77.6) |  |  | 79.2 |  |  | (77.6) |  |  | (52.4) |  |  | (26.8) |
Income from continuing operations |  |  | 242.9 |  |  | (246.7) |  |  | 242.6 |  |  | 140.6 |  |  | 106.4 |
Income from discontinued operations, net of tax |  |  | 0.1 |  |  | (0.1) |  |  | 0.1 |  |  | 0.1 |  |  | — |
Net income |  |  | 243.0 |  |  | (246.8) |  |  | 242.7 |  |  | 140.7 |  |  | 106.4 |
Other comprehensive (loss) income, net of tax |  |  | (41.0) |  |  | 36.6 |  |  | (41.0) |  |  | — |  |  | (36.6) |
Comprehensive income |  |  | 202.0 |  |  | (210.2) |  |  | 201.7 |  |  | 140.7 |  |  | 69.8 |
Less: Comprehensive (loss) income attributable to non-controlling interests |  |  | (0.8) |  |  | 1.1 |  |  | (1.1) |  |  | — |  |  | (0.8) |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 202.8 |  | $ | (211.3) |  | $ | 202.8 |  | $ | 140.7 |  | $ | 70.6 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Six Months Ended June 30, 2017
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 10,464.5 |  | $ | — |  | $ | — |  | $ | 5,702.7 |  | $ | 4,761.8 |
Cost of sales |  |  | 8,872.9 |  |  | — |  |  | — |  |  | 4,781.6 |  |  | 4,091.3 |
Gross profit |  |  | 1,591.6 |  |  | — |  |  | — |  |  | 921.1 |  |  | 670.5 |
Selling, general and administrative expenses |  |  | 1,223.7 |  |  | — |  |  | 12.2 |  |  | 682.9 |  |  | 528.6 |
Depreciation |  |  | 45.7 |  |  | — |  |  | 0.8 |  |  | 25.9 |  |  | 19.0 |
Operating income |  |  | 322.2 |  |  | — |  |  | (13.0) |  |  | 212.3 |  |  | 122.9 |
Floor plan interest expense |  |  | (29.2) |  |  | — |  |  | (2.1) |  |  | (18.1) |  |  | (9.0) |
Other interest expense |  |  | (51.4) |  |  | — |  |  | (34.3) |  |  | (4.3) |  |  | (12.8) |
Equity in earnings of affiliates |  |  | 40.0 |  |  | — |  |  | 37.7 |  |  | — |  |  | 2.3 |
Equity in earnings of subsidiaries |  |  | — |  |  | (292.3) |  |  | 292.3 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 281.6 |  |  | (292.3) |  |  | 280.6 |  |  | 189.9 |  |  | 103.4 |
Income taxes |  |  | (91.3) |  |  | 95.2 |  |  | (91.3) |  |  | (73.8) |  |  | (21.4) |
Income from continuing operations |  |  | 190.3 |  |  | (197.1) |  |  | 189.3 |  |  | 116.1 |  |  | 82.0 |
Loss from discontinued operations, net of tax |  |  | (0.4) |  |  | 0.4 |  |  | (0.4) |  |  | (0.4) |  |  | — |
Net income |  |  | 189.9 |  |  | (196.7) |  |  | 188.9 |  |  | 115.7 |  |  | 82.0 |
Other comprehensive income, net of tax |  |  | 66.6 |  |  | (61.1) |  |  | 66.6 |  |  | — |  |  | 61.1 |
Comprehensive income |  |  | 256.5 |  |  | (257.8) |  |  | 255.5 |  |  | 115.7 |  |  | 143.1 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 3.2 |  |  | (2.0) |  |  | 2.0 |  |  | — |  |  | 3.2 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 253.3 |  | $ | (255.8) |  | $ | 253.5 |  | $ | 115.7 |  | $ | 139.9 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2018
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
Net cash provided by (used in) continuing operating activities |  | $ | 417.0 |  | $ | (24.5) |  | $ | 357.2 |  | $ | 84.3 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (118.8) |  |  | (0.4) |  |  | (68.4) |  |  | (50.0) |
Proceeds from sale of dealerships |  |  | 58.4 |  |  | — |  |  | 55.9 |  |  | 2.5 |
Proceeds from sale-leaseback transactions |  |  | 5.8 |  |  | — |  |  | — |  |  | 5.8 |
Acquisitions, net |  |  | (168.6) |  |  | — |  |  | — |  |  | (168.6) |
Other |  |  | (3.0) |  |  | (1.9) |  |  | — |  |  | (1.1) |
Net cash (used in) provided by continuing investing activities |  |  | (226.2) |  |  | (2.3) |  |  | (12.5) |  |  | (211.4) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net borrowings (repayments) of long-term debt |  |  | 23.1 |  |  | (73.0) |  |  | (56.5) |  |  | 152.6 |
Net (repayments) borrowings of floor plan notes payable — non-trade |  |  | (92.9) |  |  | 1.8 |  |  | (98.8) |  |  | 4.1 |
Repurchases of common stock |  |  | (55.8) |  |  | (55.8) |  |  | — |  |  | — |
Dividends |  |  | (59.0) |  |  | (59.0) |  |  | — |  |  | — |
Other |  |  | (6.1) |  |  | (0.3) |  |  | (5.8) |  |  | — |
Distributions from (to) parent |  |  | — |  |  | 213.1 |  |  | (198.2) |  |  | (14.9) |
Net cash (used in) provided by continuing financing activities |  |  | (190.7) |  |  | 26.8 |  |  | (359.3) |  |  | 141.8 |
Net cash provided by discontinued operations |  |  | 0.2 |  |  | — |  |  | 0.2 |  |  | — |
Effect of exchange rate changes on cash and cash equivalents |  |  | (0.2) |  |  | — |  |  | — |  |  | (0.2) |
Net change in cash and cash equivalents |  |  | 0.1 |  |  | — |  |  | (14.4) |  |  | 14.5 |
Cash and cash equivalents, beginning of period |  |  | 45.7 |  |  | — |  |  | 14.8 |  |  | 30.9 |
Cash and cash equivalents, end of period |  | $ | 45.8 |  | $ | — |  | $ | 0.4 |  | $ | 45.4 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2017
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
Net cash provided by (used in) continuing operating activities |  | $ | 320.5 |  | $ | (50.5) |  | $ | 252.6 |  | $ | 118.4 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (113.4) |  |  | (1.4) |  |  | (49.4) |  |  | (62.6) |
Proceeds from sale of dealerships |  |  | 9.0 |  |  | — |  |  | 9.0 |  |  | — |
Acquisitions, net |  |  | (431.9) |  |  | — |  |  | (316.9) |  |  | (115.0) |
Other |  |  | 6.0 |  |  | 6.0 |  |  | — |  |  | — |
Net cash (used in) provided by continuing investing activities |  |  | (530.3) |  |  | 4.6 |  |  | (357.3) |  |  | (177.6) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net borrowings of long-term debt |  |  | 137.9 |  |  | 83.0 |  |  | 10.8 |  |  | 44.1 |
Net borrowings of floor plan notes payable — non-trade |  |  | 131.3 |  |  | 29.6 |  |  | 80.2 |  |  | 21.5 |
Repurchases of common stock |  |  | (8.5) |  |  | (8.5) |  |  | — |  |  | — |
Dividends |  |  | (52.4) |  |  | (52.4) |  |  | — |  |  | — |
Other |  |  | (5.8) |  |  | (5.8) |  |  | — |  |  | — |
Distributions from (to) parent |  |  | — |  |  | — |  |  | 3.7 |  |  | (3.7) |
Net cash provided by continuing financing activities |  |  | 202.5 |  |  | 45.9 |  |  | 94.7 |  |  | 61.9 |
Net cash provided by discontinued operations |  |  | 2.5 |  |  | — |  |  | 2.5 |  |  | — |
Effect of exchange rate changes on cash and cash equivalents |  |  | 1.5 |  |  | — |  |  | — |  |  | 1.5 |
Net change in cash and cash equivalents |  |  | (3.3) |  |  | — |  |  | (7.5) |  |  | 4.2 |
Cash and cash equivalents, beginning of period |  |  | 24.0 |  |  | — |  |  | 9.4 |  |  | 14.6 |
Cash and cash equivalents, end of period |  | $ | 20.7 |  | $ | — |  | $ | 1.9 |  | $ | 18.8 |

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