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Condensed Consolidating Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2018
Condensed Consolidating Financial Information |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Cash and cash equivalents |  | $ | 39.4 |  | $ | — |  | $ | — |  | $ | 12.9 |  | $ | 26.5 |
Accounts receivable, net |  |  | 929.1 |  |  | (481.7) |  |  | 481.7 |  |  | 507.1 |  |  | 422.0 |
Inventories |  |  | 4,040.1 |  |  | — |  |  | — |  |  | 1,961.6 |  |  | 2,078.5 |
Other current assets |  |  | 86.6 |  |  | — |  |  | 10.6 |  |  | 17.8 |  |  | 58.2 |
Total current assets |  |  | 5,095.2 |  |  | (481.7) |  |  | 492.3 |  |  | 2,499.4 |  |  | 2,585.2 |
Property and equipment, net |  |  | 2,250.0 |  |  | — |  |  | 3.9 |  |  | 1,077.7 |  |  | 1,168.4 |
Intangible assets |  |  | 2,238.2 |  |  | — |  |  | — |  |  | 1,422.6 |  |  | 815.6 |
Equity method investments |  |  | 1,305.2 |  |  | — |  |  | 1,239.9 |  |  | — |  |  | 65.3 |
Other long-term assets |  |  | 15.9 |  |  | (2,814.3) |  |  | 2,821.0 |  |  | 2.9 |  |  | 6.3 |
Total assets |  | $ | 10,904.5 |  | $ | (3,296.0) |  | $ | 4,557.1 |  | $ | 5,002.6 |  | $ | 4,640.8 |
Floor plan notes payable |  | $ | 2,362.2 |  | $ | — |  | $ | — |  | $ | 1,348.3 |  | $ | 1,013.9 |
Floor plan notes payable — non-trade |  |  | 1,428.6 |  |  | — |  |  | 232.3 |  |  | 505.9 |  |  | 690.4 |
Accounts payable |  |  | 598.2 |  |  | — |  |  | 4.9 |  |  | 196.6 |  |  | 396.7 |
Accrued expenses |  |  | 566.6 |  |  | (481.7) |  |  | 1.4 |  |  | 160.2 |  |  | 886.7 |
Current portion of long-term debt |  |  | 92.0 |  |  | — |  |  | — |  |  | 6.3 |  |  | 85.7 |
Liabilities held for sale |  |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |  |  | — |
Total current liabilities |  |  | 5,048.3 |  |  | (481.7) |  |  | 238.6 |  |  | 2,218.0 |  |  | 3,073.4 |
Long-term debt |  |  | 2,124.7 |  |  | (88.6) |  |  | 1,683.8 |  |  | 225.7 |  |  | 303.8 |
Deferred tax liabilities |  |  | 577.8 |  |  | — |  |  | — |  |  | 570.5 |  |  | 7.3 |
Other long-term liabilities |  |  | 519.0 |  |  | — |  |  | — |  |  | 57.6 |  |  | 461.4 |
Total liabilities |  |  | 8,269.8 |  |  | (570.3) |  |  | 1,922.4 |  |  | 3,071.8 |  |  | 3,845.9 |
Total equity |  |  | 2,634.7 |  |  | (2,725.7) |  |  | 2,634.7 |  |  | 1,930.8 |  |  | 794.9 |
Total liabilities and equity |  | $ | 10,904.5 |  | $ | (3,296.0) |  | $ | 4,557.1 |  | $ | 5,002.6 |  | $ | 4,640.8 |
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 Year Ended December 31, 2018
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 22,785.1 |  | $ | — |  | $ | — |  | $ | 12,036.6 |  | $ | 10,748.5 |
Cost of sales |  |  | 19,370.2 |  |  | — |  |  | — |  |  | 10,130.4 |  |  | 9,239.8 |
Gross profit |  |  | 3,414.9 |  |  | — |  |  | — |  |  | 1,906.2 |  |  | 1,508.7 |
Selling, general and administrative expenses |  |  | 2,646.3 |  |  | — |  |  | 24.9 |  |  | 1,403.7 |  |  | 1,217.7 |
Depreciation |  |  | 103.7 |  |  | — |  |  | 1.5 |  |  | 56.1 |  |  | 46.1 |
Operating income |  |  | 664.9 |  |  | — |  |  | (26.4) |  |  | 446.4 |  |  | 244.9 |
Floor plan interest expense |  |  | (80.9) |  |  | — |  |  | (7.2) |  |  | (50.7) |  |  | (23.0) |
Other interest expense |  |  | (114.7) |  |  | — |  |  | (77.8) |  |  | (8.8) |  |  | (28.1) |
Equity in earnings of affiliates |  |  | 134.8 |  |  | — |  |  | 129.5 |  |  | — |  |  | 5.3 |
Equity in earnings of subsidiaries |  |  | — |  |  | (586.8) |  |  | 586.8 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 604.1 |  |  | (586.8) |  |  | 604.9 |  |  | 386.9 |  |  | 199.1 |
Income taxes |  |  | (134.3) |  |  | 130.3 |  |  | (134.3) |  |  | (88.6) |  |  | (41.7) |
Income from continuing operations |  |  | 469.8 |  |  | (456.5) |  |  | 470.6 |  |  | 298.3 |  |  | 157.4 |
Income (loss) from discontinued operations, net of tax |  |  | 0.5 |  |  | (0.5) |  |  | 0.5 |  |  | 0.5 |  |  | — |
Net income |  |  | 470.3 |  |  | (457.0) |  |  | 471.1 |  |  | 298.8 |  |  | 157.4 |
Other comprehensive (loss) income, net of tax |  |  | (89.5) |  |  | 74.9 |  |  | (89.5) |  |  | — |  |  | (74.9) |
Comprehensive income |  |  | 380.8 |  |  | (382.1) |  |  | 381.6 |  |  | 298.8 |  |  | 82.5 |
Less: Comprehensive income attributable to non-controlling interests |  |  | (2.2) |  |  | 1.5 |  |  | (1.5) |  |  | — |  |  | (2.2) |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 383.0 |  | $ | (383.6) |  | $ | 383.1 |  | $ | 298.8 |  | $ | 84.7 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Year Ended December 31, 2017
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 21,386.9 |  | $ | — |  | $ | — |  | $ | 11,825.9 |  | $ | 9,561.0 |
Cost of sales |  |  | 18,164.4 |  |  | — |  |  | — |  |  | 9,945.0 |  |  | 8,219.4 |
Gross profit |  |  | 3,222.5 |  |  | — |  |  | — |  |  | 1,880.9 |  |  | 1,341.6 |
Selling, general and administrative expenses |  |  | 2,516.0 |  |  | — |  |  | 24.5 |  |  | 1,393.3 |  |  | 1,098.2 |
Depreciation |  |  | 95.1 |  |  | — |  |  | 1.6 |  |  | 53.1 |  |  | 40.4 |
Operating income |  |  | 611.4 |  |  | — |  |  | (26.1) |  |  | 434.5 |  |  | 203.0 |
Floor plan interest expense |  |  | (63.4) |  |  | — |  |  | (4.9) |  |  | (38.5) |  |  | (20.0) |
Other interest expense |  |  | (107.4) |  |  | — |  |  | (73.5) |  |  | (8.9) |  |  | (25.0) |
Equity in earnings of affiliates |  |  | 107.6 |  |  | — |  |  | 102.8 |  |  | — |  |  | 4.8 |
Equity in earnings of subsidiaries |  |  | — |  |  | (550.6) |  |  | 550.6 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 548.2 |  |  | (550.6) |  |  | 548.9 |  |  | 387.1 |  |  | 162.8 |
Income taxes |  |  | 64.8 |  |  | (64.8) |  |  | 64.8 |  |  | 95.5 |  |  | (30.7) |
Income from continuing operations |  |  | 613.0 |  |  | (615.4) |  |  | 613.7 |  |  | 482.6 |  |  | 132.1 |
(Loss) income from discontinued operations, net of tax |  |  | (0.2) |  |  | 0.2 |  |  | (0.2) |  |  | (0.2) |  |  | — |
Net income |  |  | 612.8 |  |  | (615.2) |  |  | 613.5 |  |  | 482.4 |  |  | 132.1 |
Other comprehensive income (loss), net of tax |  |  | 107.4 |  |  | (97.5) |  |  | 107.4 |  |  | — |  |  | 97.5 |
Comprehensive income |  |  | 720.2 |  |  | (712.7) |  |  | 720.9 |  |  | 482.4 |  |  | 229.6 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 2.7 |  |  | (3.2) |  |  | 3.2 |  |  | — |  |  | 2.7 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 717.5 |  | $ | (709.5) |  | $ | 717.7 |  | $ | 482.4 |  | $ | 226.9 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Year Ended December 31, 2016
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 20,118.5 |  | $ | — |  | $ | — |  | $ | 10,946.2 |  | $ | 9,172.3 |
Cost of sales |  |  | 17,151.9 |  |  | — |  |  | — |  |  | 9,251.8 |  |  | 7,900.1 |
Gross profit |  |  | 2,966.6 |  |  | — |  |  | — |  |  | 1,694.4 |  |  | 1,272.2 |
Selling, general and administrative expenses |  |  | 2,302.0 |  |  | — |  |  | 19.2 |  |  | 1,284.4 |  |  | 998.4 |
Depreciation |  |  | 89.7 |  |  | — |  |  | 1.7 |  |  | 47.3 |  |  | 40.7 |
Operating income |  |  | 574.9 |  |  | — |  |  | (20.9) |  |  | 362.7 |  |  | 233.1 |
Floor plan interest expense |  |  | (50.9) |  |  | — |  |  | (3.0) |  |  | (29.1) |  |  | (18.8) |
Other interest expense |  |  | (85.4) |  |  | — |  |  | (59.2) |  |  | (5.1) |  |  | (21.1) |
Equity in earnings of affiliates |  |  | 69.5 |  |  | — |  |  | 64.6 |  |  | — |  |  | 4.9 |
Equity in earnings of subsidiaries |  |  | — |  |  | (523.3) |  |  | 523.3 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 508.1 |  |  | (523.3) |  |  | 504.8 |  |  | 328.5 |  |  | 198.1 |
Income taxes |  |  | (160.7) |  |  | 166.6 |  |  | (160.7) |  |  | (124.4) |  |  | (42.2) |
Income from continuing operations |  |  | 347.4 |  |  | (356.7) |  |  | 344.1 |  |  | 204.1 |  |  | 155.9 |
(Loss) income from discontinued operations, net of tax |  |  | (1.0) |  |  | 1.0 |  |  | (1.0) |  |  | (0.9) |  |  | (0.1) |
Net income |  |  | 346.4 |  |  | (355.7) |  |  | 343.1 |  |  | 203.2 |  |  | 155.8 |
Other comprehensive (loss) income, net of tax |  |  | (129.0) |  |  | 123.9 |  |  | (129.0) |  |  | — |  |  | (123.9) |
Comprehensive income |  |  | 217.4 |  |  | (231.8) |  |  | 214.1 |  |  | 203.2 |  |  | 31.9 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 2.7 |  |  | 0.8 |  |  | (0.8) |  |  | — |  |  | 2.7 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 214.7 |  | $ | (232.6) |  | $ | 214.9 |  | $ | 203.2 |  | $ | 29.2 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2018
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
Net cash provided by continuing operating activities |  | $ | 614.2 |  | $ | 3.4 |  | $ | 535.2 |  | $ | 75.6 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (305.6) |  |  | (1.2) |  |  | (173.9) |  |  | (130.5) |
Proceeds from sale of dealerships |  |  | 84.5 |  |  | — |  |  | 82.0 |  |  | 2.5 |
Proceeds from sale-leaseback transactions |  |  | 10.7 |  |  | — |  |  | — |  |  | 10.7 |
Acquisitions, net |  |  | (309.1) |  |  | — |  |  | (140.5) |  |  | (168.6) |
Other |  |  | (5.7) |  |  | (3.8) |  |  | — |  |  | (1.9) |
Net cash used in continuing investing activities |  |  | (525.2) |  |  | (5.0) |  |  | (232.4) |  |  | (287.8) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net borrowings (repayments) of long-term debt |  |  | 93.5 |  |  | (142.0) |  |  | 81.1 |  |  | 154.4 |
Net borrowings (repayments) of floor plan notes payable — non-trade |  |  | 10.0 |  |  | 35.6 |  |  | (96.0) |  |  | 70.4 |
Payment of debt issuance costs |  |  | (1.9) |  |  | (1.9) |  |  | — |  |  | — |
Repurchases of common stock |  |  | (68.9) |  |  | (68.9) |  |  | — |  |  | — |
Dividends |  |  | (121.2) |  |  | (121.2) |  |  | — |  |  | — |
Other |  |  | (5.8) |  |  | (5.8) |  |  | — |  |  | — |
Distributions from (to) parent |  |  | — |  |  | 305.8 |  |  | (290.3) |  |  | (15.5) |
Net cash (used in) provided by continuing financing activities |  |  | (94.3) |  |  | 1.6 |  |  | (305.2) |  |  | 209.3 |
Net cash provided by discontinued operations |  |  | 0.5 |  |  | — |  |  | 0.5 |  |  | — |
Effect of exchange rate changes on cash and cash equivalents |  |  | (1.5) |  |  | — |  |  | — |  |  | (1.5) |
Net change in cash and cash equivalents |  |  | (6.3) |  |  | — |  |  | (1.9) |  |  | (4.4) |
Cash and cash equivalents, beginning of period |  |  | 45.7 |  |  | — |  |  | 14.8 |  |  | 30.9 |
Cash and cash equivalents, end of period |  | $ | 39.4 |  | $ | — |  | $ | 12.9 |  | $ | 26.5 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2017
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
Net cash provided by (used in) continuing operating activities |  | $ | 623.0 |  | $ | (46.8) |  | $ | 643.3 |  | $ | 26.5 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (247.0) |  |  | (3.2) |  |  | (138.0) |  |  | (105.8) |
Proceeds from sale of dealerships |  |  | 25.1 |  |  | — |  |  | 9.0 |  |  | 16.1 |
Proceeds from sale-leaseback transactions |  |  | 22.2 |  |  | — |  |  | — |  |  | 22.2 |
Acquisition of additional ownership interest in Penske Truck Leasing |  |  | (239.1) |  |  | (239.1) |  |  | — |  |  | — |
Acquisitions, net |  |  | (449.7) |  |  | — |  |  | (334.5) |  |  | (115.2) |
Other |  |  | (40.2) |  |  | (40.0) |  |  | — |  |  | (0.2) |
Net cash used in continuing investing activities |  |  | (928.7) |  |  | (282.3) |  |  | (463.5) |  |  | (182.9) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of 3.75% senior subordinated notes |  |  | 300.0 |  |  | 300.0 |  |  | — |  |  | — |
Net (repayments) borrowings of long-term debt |  |  | (26.0) |  |  | (68.0) |  |  | 6.4 |  |  | 35.6 |
Net borrowings of floor plan notes payable — non-trade |  |  | 185.3 |  |  | 40.6 |  |  | 4.8 |  |  | 139.9 |
Payment of debt issuance costs |  |  | (4.0) |  |  | (4.0) |  |  | — |  |  | — |
Repurchases of common stock |  |  | (18.5) |  |  | (18.5) |  |  | — |  |  | — |
Dividends |  |  | (108.4) |  |  | (108.4) |  |  | — |  |  | — |
Other |  |  | (5.8) |  |  | (5.8) |  |  | — |  |  | — |
Distributions from (to) parent |  |  | — |  |  | 193.2 |  |  | (188.3) |  |  | (4.9) |
Net cash provided by (used in) continuing financing activities |  |  | 322.6 |  |  | 329.1 |  |  | (177.1) |  |  | 170.6 |
Net cash provided by discontinued operations |  |  | 2.7 |  |  | — |  |  | 2.7 |  |  | — |
Effect of exchange rate changes on cash and cash equivalents |  |  | 2.1 |  |  | — |  |  | — |  |  | 2.1 |
Net change in cash and cash equivalents |  |  | 21.7 |  |  | — |  |  | 5.4 |  |  | 16.3 |
Cash and cash equivalents, beginning of period |  |  | 24.0 |  |  | — |  |  | 9.4 |  |  | 14.6 |
Cash and cash equivalents, end of period |  | $ | 45.7 |  | $ | — |  | $ | 14.8 |  | $ | 30.9 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Year Ended December 31, 2016
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
Net cash provided by (used in) continuing operating activities |  | $ | 371.3 |  | $ | (31.6) |  | $ | 52.1 |  | $ | 350.8 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (203.1) |  |  | (1.0) |  |  | (126.6) |  |  | (75.5) |
Proceeds from sale of dealerships |  |  | 4.2 |  |  | — |  |  | 4.2 |  |  | — |
Acquisition of additional ownership interest in Penske Truck Leasing |  |  | (498.5) |  |  | (498.5) |  |  | — |  |  | — |
Acquisitions, net |  |  | (140.8) |  |  | — |  |  | — |  |  | (140.8) |
Other |  |  | 1.5 |  |  | — |  |  | 12.8 |  |  | (11.3) |
Net cash used in continuing investing activities |  |  | (836.7) |  |  | (499.5) |  |  | (109.6) |  |  | (227.6) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of 5.50% senior subordinated notes |  |  | 500.0 |  |  | 500.0 |  |  | — |  |  | — |
Net borrowings of long-term debt |  |  | 122.9 |  |  | 80.0 |  |  | 21.6 |  |  | 21.3 |
Net borrowings (repayments) of floor plan notes payable — non-trade |  |  | 101.0 |  |  | 1.3 |  |  | 270.8 |  |  | (171.1) |
Payment of debt issuance costs |  |  | (6.7) |  |  | (6.7) |  |  | — |  |  | — |
Repurchases of common stock |  |  | (173.6) |  |  | (173.6) |  |  | — |  |  | — |
Dividends |  |  | (95.1) |  |  | (95.1) |  |  | — |  |  | — |
Other |  |  | (15.5) |  |  | (5.8) |  |  | — |  |  | (9.7) |
Distributions from (to) parent |  |  | — |  |  | 231.0 |  |  | (226.2) |  |  | (4.8) |
Net cash provided by (used in) continuing financing activities |  |  | 433.0 |  |  | 531.1 |  |  | 66.2 |  |  | (164.3) |
Net cash provided by discontinued operations |  |  | 3.1 |  |  | — |  |  | 0.7 |  |  | 2.4 |
Effect of exchange rate changes on cash and cash equivalents |  |  | (9.1) |  |  | — |  |  | — |  |  | (9.1) |
Net change in cash and cash equivalents |  |  | (38.4) |  |  | — |  |  | 9.4 |  |  | (47.8) |
Cash and cash equivalents, beginning of period |  |  | 62.4 |  |  | — |  |  | — |  |  | 62.4 |
Cash and cash equivalents, end of period |  | $ | 24.0 |  | $ | — |  | $ | 9.4 |  | $ | 14.6 |

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