XML 45 R32.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Condensed Consolidating Financial Information (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2018
Condensed Consolidating Financial Information |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2018
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Cash and cash equivalents |  | $ | 37.6 |  | $ | — |  | $ | — |  | $ | 3.4 |  | $ | 34.2 |
Accounts receivable, net |  |  | 953.4 |  |  | (477.0) |  |  | 477.0 |  |  | 435.1 |  |  | 518.3 |
Inventories |  |  | 3,783.4 |  |  | — |  |  | — |  |  | 1,897.7 |  |  | 1,885.7 |
Other current assets |  |  | 91.8 |  |  | — |  |  | 5.0 |  |  | 17.2 |  |  | 69.6 |
Total current assets |  |  | 4,866.2 |  |  | (477.0) |  |  | 482.0 |  |  | 2,353.4 |  |  | 2,507.8 |
Property and equipment, net |  |  | 2,178.2 |  |  | — |  |  | 2.7 |  |  | 1,034.5 |  |  | 1,141.0 |
Intangible assets |  |  | 2,164.5 |  |  | — |  |  | — |  |  | 1,328.7 |  |  | 835.8 |
Equity method investments |  |  | 1,299.7 |  |  | — |  |  | 1,235.3 |  |  | — |  |  | 64.4 |
Other long-term assets |  |  | 18.3 |  |  | (2,719.5) |  |  | 2,724.9 |  |  | 4.2 |  |  | 8.7 |
Total assets |  | $ | 10,526.9 |  | $ | (3,196.5) |  | $ | 4,444.9 |  | $ | 4,720.8 |  | $ | 4,557.7 |
Floor plan notes payable |  | $ | 2,169.5 |  | $ | — |  | $ | — |  | $ | 1,193.7 |  | $ | 975.8 |
Floor plan notes payable — non-trade |  |  | 1,359.0 |  |  | — |  |  | 173.3 |  |  | 551.8 |  |  | 633.9 |
Accounts payable |  |  | 633.8 |  |  | — |  |  | 5.5 |  |  | 173.7 |  |  | 454.6 |
Accrued expenses |  |  | 570.2 |  |  | (477.0) |  |  | 1.2 |  |  | 187.1 |  |  | 858.9 |
Current portion of long-term debt |  |  | 92.7 |  |  | — |  |  | — |  |  | 5.0 |  |  | 87.7 |
Liabilities held for sale |  |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |  |  | — |
Total current liabilities |  |  | 4,825.9 |  |  | (477.0) |  |  | 180.0 |  |  | 2,112.0 |  |  | 3,010.9 |
Long-term debt |  |  | 1,993.3 |  |  | (92.5) |  |  | 1,652.9 |  |  | 189.0 |  |  | 243.9 |
Deferred tax liabilities |  |  | 547.9 |  |  | — |  |  | — |  |  | 545.0 |  |  | 2.9 |
Other long-term liabilities |  |  | 547.8 |  |  | — |  |  | — |  |  | 64.5 |  |  | 483.3 |
Total liabilities |  |  | 7,914.9 |  |  | (569.5) |  |  | 1,832.9 |  |  | 2,910.5 |  |  | 3,741.0 |
Total equity |  |  | 2,612.0 |  |  | (2,627.0) |  |  | 2,612.0 |  |  | 1,810.3 |  |  | 816.7 |
Total liabilities and equity |  | $ | 10,526.9 |  | $ | (3,196.5) |  | $ | 4,444.9 |  | $ | 4,720.8 |  | $ | 4,557.7 |
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 September 30, 2018
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 5,658.6 |  | $ | — |  | $ | — |  | $ | 3,061.9 |  | $ | 2,596.7 |
Cost of sales |  |  | 4,806.0 |  |  | — |  |  | — |  |  | 2,584.1 |  |  | 2,221.9 |
Gross profit |  |  | 852.6 |  |  | — |  |  | — |  |  | 477.8 |  |  | 374.8 |
Selling, general and administrative expenses |  |  | 662.8 |  |  | — |  |  | 6.3 |  |  | 356.6 |  |  | 299.9 |
Depreciation |  |  | 25.9 |  |  | — |  |  | 0.4 |  |  | 14.0 |  |  | 11.5 |
Operating income |  |  | 163.9 |  |  | — |  |  | (6.7) |  |  | 107.2 |  |  | 63.4 |
Floor plan interest expense |  |  | (20.2) |  |  | — |  |  | (1.9) |  |  | (12.7) |  |  | (5.6) |
Other interest expense |  |  | (28.3) |  |  | — |  |  | (19.1) |  |  | (2.3) |  |  | (6.9) |
Equity in earnings of affiliates |  |  | 41.7 |  |  | — |  |  | 40.7 |  |  | — |  |  | 1.0 |
Equity in earnings of subsidiaries |  |  | — |  |  | (144.2) |  |  | 144.2 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 157.1 |  |  | (144.2) |  |  | 157.2 |  |  | 92.2 |  |  | 51.9 |
Income taxes |  |  | (27.1) |  |  | 24.8 |  |  | (27.1) |  |  | (14.6) |  |  | (10.2) |
Income from continuing operations |  |  | 130.0 |  |  | (119.4) |  |  | 130.1 |  |  | 77.6 |  |  | 41.7 |
Income from discontinued operations, net of tax |  |  | 0.1 |  |  | (0.1) |  |  | 0.1 |  |  | 0.1 |  |  | — |
Net income |  |  | 130.1 |  |  | (119.5) |  |  | 130.2 |  |  | 77.7 |  |  | 41.7 |
Other comprehensive (loss) income, net of tax |  |  | (17.5) |  |  | 19.8 |  |  | (17.5) |  |  | — |  |  | (19.8) |
Comprehensive income |  |  | 112.6 |  |  | (99.7) |  |  | 112.7 |  |  | 77.7 |  |  | 21.9 |
Less: Comprehensive (loss) income attributable to non-controlling interests |  |  | (0.2) |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | (0.2) |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 112.8 |  | $ | (99.8) |  | $ | 112.8 |  | $ | 77.7 |  | $ | 22.1 |
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, 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 Nine Months Ended September 30, 2018
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 17,345.8 |  | $ | — |  | $ | — |  | $ | 8,990.2 |  | $ | 8,355.6 |
Cost of sales |  |  | 14,739.0 |  |  | — |  |  | — |  |  | 7,561.6 |  |  | 7,177.4 |
Gross profit |  |  | 2,606.8 |  |  | — |  |  | — |  |  | 1,428.6 |  |  | 1,178.2 |
Selling, general and administrative expenses |  |  | 2,001.3 |  |  | — |  |  | 19.1 |  |  | 1,059.6 |  |  | 922.6 |
Depreciation |  |  | 77.2 |  |  | — |  |  | 1.2 |  |  | 41.3 |  |  | 34.7 |
Operating income |  |  | 528.3 |  |  | — |  |  | (20.3) |  |  | 327.7 |  |  | 220.9 |
Floor plan interest expense |  |  | (59.0) |  |  | — |  |  | (5.3) |  |  | (36.3) |  |  | (17.4) |
Other interest expense |  |  | (86.7) |  |  | — |  |  | (58.8) |  |  | (6.2) |  |  | (21.7) |
Equity in earnings of affiliates |  |  | 95.0 |  |  | — |  |  | 91.7 |  |  | — |  |  | 3.3 |
Equity in earnings of subsidiaries |  |  | — |  |  | (470.1) |  |  | 470.1 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 477.6 |  |  | (470.1) |  |  | 477.4 |  |  | 285.2 |  |  | 185.1 |
Income taxes |  |  | (104.7) |  |  | 104.0 |  |  | (104.7) |  |  | (67.0) |  |  | (37.0) |
Income from continuing operations |  |  | 372.9 |  |  | (366.1) |  |  | 372.7 |  |  | 218.2 |  |  | 148.1 |
Income from discontinued operations, net of tax |  |  | 0.2 |  |  | (0.2) |  |  | 0.2 |  |  | 0.2 |  |  | — |
Net income |  |  | 373.1 |  |  | (366.3) |  |  | 372.9 |  |  | 218.4 |  |  | 148.1 |
Other comprehensive (loss) income, net of tax |  |  | (58.5) |  |  | 56.4 |  |  | (58.5) |  |  | — |  |  | (56.4) |
Comprehensive income |  |  | 314.6 |  |  | (309.9) |  |  | 314.4 |  |  | 218.4 |  |  | 91.7 |
Less: Comprehensive (loss) income attributable to non-controlling interests |  |  | (1.0) |  |  | 1.2 |  |  | (1.2) |  |  | — |  |  | (1.0) |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 315.6 |  | $ | (311.1) |  | $ | 315.6 |  | $ | 218.4 |  | $ | 92.7 |
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, 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 CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2018
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
Net cash provided by (used in) continuing operating activities |  | $ | 535.9 |  | $ | 16.1 |  | $ | 356.2 |  | $ | 163.6 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (188.5) |  |  | (2.3) |  |  | (95.1) |  |  | (91.1) |
Proceeds from sale of dealerships |  |  | 58.4 |  |  | — |  |  | 55.9 |  |  | 2.5 |
Proceeds from sale-leaseback transactions |  |  | 10.7 |  |  | — |  |  | — |  |  | 10.7 |
Acquisitions, net |  |  | (168.6) |  |  | — |  |  | — |  |  | (168.6) |
Other |  |  | (3.5) |  |  | (2.4) |  |  | — |  |  | (1.1) |
Net cash (used in) provided by continuing investing activities |  |  | (291.5) |  |  | (4.7) |  |  | (39.2) |  |  | (247.6) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net borrowings (repayments) of long-term debt |  |  | (41.0) |  |  | (172.0) |  |  | 41.6 |  |  | 89.4 |
Net (repayments) borrowings of floor plan notes payable — non-trade |  |  | (59.6) |  |  | (23.3) |  |  | (50.1) |  |  | 13.8 |
Repurchases of common stock |  |  | (55.8) |  |  | (55.8) |  |  | — |  |  | — |
Dividends |  |  | (89.7) |  |  | (89.7) |  |  | — |  |  | — |
Other |  |  | (6.2) |  |  | (0.3) |  |  | (5.9) |  |  | — |
Distributions from (to) parent |  |  | — |  |  | 329.7 |  |  | (314.3) |  |  | (15.4) |
Net cash (used in) provided by continuing financing activities |  |  | (252.3) |  |  | (11.4) |  |  | (328.7) |  |  | 87.8 |
Net cash provided by discontinued operations |  |  | 0.3 |  |  | — |  |  | 0.3 |  |  | — |
Effect of exchange rate changes on cash and cash equivalents |  |  | (0.5) |  |  | — |  |  | — |  |  | (0.5) |
Net change in cash and cash equivalents |  |  | (8.1) |  |  | (0.0) |  |  | (11.4) |  |  | 3.3 |
Cash and cash equivalents, beginning of period |  |  | 45.7 |  |  | — |  |  | 14.8 |  |  | 30.9 |
Cash and cash equivalents, end of period |  | $ | 37.6 |  | $ | (0.0) |  | $ | 3.4 |  | $ | 34.2 |
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) |
Proceeds from sale of dealerships |  |  | 9.0 |  |  | — |  |  | 9.0 |  |  | — |
Acquisition of additional ownership interest in Penske Truck Leasing |  |  | (239.1) |  |  | (239.1) |  |  | — |  |  | — |
Acquisitions, net |  |  | (449.7) |  |  | — |  |  | (316.9) |  |  | (132.8) |
Other |  |  | 4.3 |  |  | 4.6 |  |  | — |  |  | (0.3) |
Net cash (used in) provided by 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 |

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration