XML 31 R7.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities:      
Net income $ 545.3 $ 435.1 $ 470.3
Adjustments to reconcile net income to net cash from continuing operating activities:      
Depreciation 115.5 109.6 103.7
Earnings of equity method investments (115.0) (94.6) (89.0)
Income from discontinued operations, net of tax (0.4) (0.3) (0.5)
Deferred income taxes 194.3 92.0 105.9
Changes in operating assets and liabilities:      
Accounts receivable 152.7 (30.9) 30.4
Inventories 805.4 (117.8) (12.6)
Floor plan notes payable (611.0) 83.9 27.4
Accounts payable and accrued expenses 125.0 71.4 (17.1)
Other (10.3) (30.1) (4.3)
Net cash provided by continuing operating activities 1,201.5 518.3 614.2
Investing Activities:      
Purchase of equipment and improvements (185.9) (245.3) (305.6)
Proceeds from sale of dealerships 40.6 22.8 84.5
Proceeds from sale-leaseback transactions   18.9 10.7
Proceeds from sale of equipment and improvements 19.8 8.6 5.1
Acquisitions net, including repayment of sellers' floor plan notes payable of $0.0, $138.5, and 58.2, respectively   (326.9) (309.1)
Other (11.0) (10.8) (10.8)
Net cash used in continuing investing activities (136.5) (532.7) (525.2)
Financing Activities:      
Proceeds from borrowings under U.S. credit agreement revolving credit line 1,797.0 1,808.0 1,642.0
Repayments under U.S. credit agreement revolving credit line (1,734.0) (1,793.0) (1,784.0)
Issuance of 3.50% senior subordinated notes 550.0    
Net (repayments) borrowings of other long-term debt (144.4) 115.4 235.5
Net (repayments) borrowings of floor plan notes payable - non-trade (230.2) 177.5 10.0
Payments for contingent consideration (31.6)    
Repurchases of common stock (29.4) (169.2) (68.9)
Dividends (68.1) (130.8) (121.2)
Payment of debt issuance costs (8.1) (0.4) (1.9)
Other (5.1) (4.9) (5.8)
Net cash (used in) provided by continuing financing activities (1,053.9) 2.6 (94.3)
Discontinued operations:      
Net cash provided by discontinued operating activities 0.3 0.3 0.5
Net cash provided by discontinued investing activities
Net cash provided by discontinued financing activities
Net cash provided by discontinued operations 0.3 0.3 0.5
Effect of exchange rate changes on cash and cash equivalents 10.0 0.2 (1.5)
Net change in cash and cash equivalents 21.4 (11.3) (6.3)
Cash and cash equivalents, beginning of period 28.1 39.4 45.7
Cash and cash equivalents, end of period 49.5 28.1 39.4
Cash paid for:      
Interest 168.5 204.9 190.2
Income taxes 17.9 92.4 39.6
Non cash activities:      
Deferred consideration     $ 6.8
Contingent consideration   $ 10.6  
3.75% senior subordinated notes redeemed August 15, 2020      
Financing Activities:      
Repayment of senior subordinated notes (300.0)    
5.375% senior subordinated notes due 2024      
Financing Activities:      
Repayment of senior subordinated notes (300.0)    
5.75% senior subordinated notes due 2022      
Financing Activities:      
Repayment of senior subordinated notes $ (550.0)