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v3.21.2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended
--- | ---
Sep. 30, 2021 | Sep. 30, 2020
Operating Activities: |  |
Net income | $ 879.8 | $ 343.9
Adjustments to reconcile net income to net cash from continuing operating activities: |  |
Depreciation | 89.7 | 85.4
Earnings of equity method investments | (203.4) | (88.9)
Income from discontinued operations, net of tax | (0.4) | (0.3)
Deferred income taxes | 126.3 | 177.6
Debt redemption costs | 17.0 | 1.7
Changes in operating assets and liabilities: |  |
Accounts receivable | 69.4 | 112.2
Inventories | 863.6 | 1,043.5
Floor plan notes payable | (818.3) | (925.9)
Accounts payable and accrued expenses | 290.5 | 172.1
Other | 16.2 | (71.8)
Net cash provided by continuing operating activities | 1,330.4 | 849.5
Investing Activities: |  |
Purchase of equipment and improvements | (157.5) | (114.3)
Proceeds from sale of dealerships | 4.3 | 10.3
Proceeds from sale of equipment and improvements | 54.9 | 19.8
Acquisitions net, including repayment of sellers' floor plan notes payable of $24.3 and $0, respectively | (278.0) |
Other | 0.2 | (4.4)
Net cash used in continuing investing activities | (376.1) | (88.6)
Financing Activities: |  |
Proceeds from borrowings under U.S. credit agreement revolving credit line | 1,487.0 | 956.0
Repayments under U.S. credit agreement revolving credit line | (1,595.0) | (1,001.0)
Net repayments of other long-term debt | (152.5) | (253.7)
Net repayments of floor plan notes payable - non-trade | (288.9) | (547.6)
Payments for contingent consideration |  | (31.6)
Repurchases of common stock | (206.9) | (29.4)
Dividends | (106.3) | (34.2)
Payment of debt issuance costs | (6.1) | (7.8)
Other | (12.8) | (5.0)
Net cash used in continuing financing activities | (881.5) | (704.3)
Discontinued operations: |  |
Net cash provided by discontinued operating activities | 0.4 | 0.2
Net cash provided by discontinued investing activities |  |
Net cash provided by discontinued financing activities |  |
Net cash provided by discontinued operations | 0.4 | 0.2
Effect of exchange rate changes on cash and cash equivalents | (3.5) | 7.8
Net change in cash and cash equivalents | 69.7 | 64.6
Cash and cash equivalents, beginning of period | 49.5 | 28.1
Cash and cash equivalents, end of period | 119.2 | 92.7
Cash paid for: |  |
Interest | 79.8 | 106.7
Income taxes | 44.5 | 32.1
3.50% senior subordinated notes due 2025 |  |
Financing Activities: |  |
Issuance of senior subordinated notes |  | 550.0
3.75% senior subordinated notes due 2029 |  |
Financing Activities: |  |
Issuance of senior subordinated notes | 500.0 |
3.75% senior subordinated notes redeemed August 15, 2020 |  |
Financing Activities: |  |
Repayment of senior subordinated notes |  | $ (300.0)
5.50% senior subordinated notes due 2026 |  |
Financing Activities: |  |
Repayment of senior subordinated notes | $ (500.0) |

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- Definition Amount of cash (inflow) outflow from investing activities classified as other. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3213-108585 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3179-108585 + Details
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