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Condensed Consolidating Financial Information (Tables) | 9 Months Ended
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Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed consolidating balance sheet | CONDENSED CONSOLIDATED BALANCE SHEET As of September 30, 2019 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
ASSETS
CURRENT ASSETS: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 4.0 |  |  | $ | 37.0 |  |  | $ | — |  |  | $ | 41.0 |
Contracts-in-transit and vehicle receivables, net | — |  |  | 185.9 |  |  | 70.3 |  |  | — |  |  | 256.2 |
Accounts and notes receivable, net | 0.1 |  |  | 173.8 |  |  | 48.3 |  |  | — |  |  | 222.2 |
Intercompany accounts receivable | 49.2 |  |  | 10.3 |  |  | — |  |  | (59.5 | ) |  | — |
Inventories, net | — |  |  | 1,466.9 |  |  | 325.8 |  |  | — |  |  | 1,792.7 |
Prepaid expenses and other current assets | 0.6 |  |  | 20.6 |  |  | 53.2 |  |  | — |  |  | 74.4 |
TOTAL CURRENT ASSETS | 49.9 |  |  | 1,861.5 |  |  | 534.6 |  |  | (59.5 | ) |  | 2,386.5 |
Property and equipment, net of accumulated depreciation of $380.5 | — |  |  | 1,233.2 |  |  | 251.6 |  |  | — |  |  | 1,484.8 |
Operating lease assets | — |  |  | 118.5 |  |  | 86.2 |  |  | — |  |  | 204.7 |
Goodwill | — |  |  | 879.7 |  |  | 99.3 |  |  | — |  |  | 979.0 |
Intangible franchise rights | — |  |  | 224.5 |  |  | 28.4 |  |  | — |  |  | 252.9 |
Investment in subsidiaries | 3,282.7 |  |  | — |  |  | — |  |  | (3,282.7 | ) |  | — |
Other assets | — |  |  | 11.9 |  |  | 9.2 |  |  | — |  |  | 21.1 |
TOTAL ASSETS | $ | 3,332.6 |  |  | $ | 4,329.3 |  |  | $ | 1,009.3 |  |  | $ | (3,342.2 | ) |  | $ | 5,329.0 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
Floorplan notes payable — credit facility and other, net of offset account of $25.0 | $ | — |  |  | $ | 1,164.7 |  |  | $ | 35.1 |  |  | $ | — |  |  | $ | 1,199.8 |
Floorplan notes payable — manufacturer affiliates, net of offset account of $0.2 | — |  |  | 279.3 |  |  | 131.2 |  |  | — |  |  | 410.5 |
Current maturities of long-term debt | — |  |  | 38.0 |  |  | 28.0 |  |  | — |  |  | 66.0 |
Current operating lease liabilities | — |  |  | 17.2 |  |  | 6.7 |  |  | — |  |  | 23.9 |
Accounts payable | — |  |  | 211.6 |  |  | 271.7 |  |  | — |  |  | 483.3 |
Intercompany accounts payable | 1,253.5 |  |  | — |  |  | 75.9 |  |  | (1,329.4 | ) |  | — |
Accrued expenses and other current liabilities | — |  |  | 182.0 |  |  | 31.8 |  |  | — |  |  | 213.8 |
TOTAL CURRENT LIABILITIES | 1,253.5 |  |  | 1,892.8 |  |  | 580.4 |  |  | (1,329.4 | ) |  | 2,397.3 |
Long-term debt, net of current maturities | 891.4 |  |  | 306.7 |  |  | 109.9 |  |  | — |  |  | 1,308.0 |
Operating lease liabilities, net of current portion | — |  |  | 109.1 |  |  | 86.4 |  |  | — |  |  | 195.5 |
Deferred income taxes and other liabilities | 1.4 |  |  | 236.4 |  |  | 4.1 |  |  | — |  |  | 241.9 |
STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
Group 1 stockholders’ equity | 1,186.3 |  |  | 3,054.2 |  |  | 228.5 |  |  | (3,282.7 | ) |  | 1,186.3 |
Intercompany note receivable | — |  |  | (1,269.9 | ) |  | — |  |  | 1,269.9 |  |  | — |
TOTAL STOCKHOLDERS’ EQUITY | 1,186.3 |  |  | 1,784.3 |  |  | 228.5 |  |  | (2,012.8 | ) |  | 1,186.3 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,332.6 |  |  | $ | 4,329.3 |  |  | $ | 1,009.3 |  |  | $ | (3,342.2 | ) |  | $ | 5,329.0 |
CONDENSED CONSOLIDATED BALANCE SHEET As of December 31, 2018 (In millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
ASSETS
CURRENT ASSETS: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 4.6 |  |  | $ | 11.3 |  |  | $ | — |  |  | $ | 15.9 |
Contracts-in-transit and vehicle receivables, net | — |  |  | 232.1 |  |  | 33.6 |  |  | — |  |  | 265.7 |
Accounts and notes receivable, net | — |  |  | 153.9 |  |  | 40.1 |  |  | — |  |  | 194.0 |
Intercompany accounts receivable | 31.9 |  |  | 21.6 |  |  | — |  |  | (53.5 | ) |  | — |
Inventories, net | — |  |  | 1,468.5 |  |  | 375.6 |  |  | — |  |  | 1,844.1 |
Prepaid expenses and other current assets | 1.0 |  |  | 32.1 |  |  | 49.6 |  |  | — |  |  | 82.7 |
TOTAL CURRENT ASSETS | 32.9 |  |  | 1,912.8 |  |  | 510.2 |  |  | (53.5 | ) |  | 2,402.4 |
Property and equipment, net of accumulated depreciation of $347.3 | — |  |  | 1,124.5 |  |  | 223.3 |  |  | — |  |  | 1,347.8 |
Goodwill | — |  |  | 861.6 |  |  | 102.3 |  |  | — |  |  | 963.9 |
Intangible franchise rights | — |  |  | 224.4 |  |  | 35.2 |  |  | — |  |  | 259.6 |
Investment in subsidiaries | 3,100.9 |  |  | — |  |  | — |  |  | (3,100.9 | ) |  | — |
Other assets | — |  |  | 16.2 |  |  | 11.2 |  |  | — |  |  | 27.4 |
TOTAL ASSETS | $ | 3,133.8 |  |  | $ | 4,139.5 |  |  | $ | 882.2 |  |  | $ | (3,154.4 | ) |  | $ | 5,001.1 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |
Floorplan notes payable — credit facility and other, net of offset account of $33.6 | $ | — |  |  | $ | 1,217.8 |  |  | $ | 41.1 |  |  | $ | — |  |  | $ | 1,258.9 |
Floorplan notes payable — manufacturer affiliates, net of offset account of $0.1 | — |  |  | 276.7 |  |  | 141.1 |  |  | — |  |  | 417.8 |
Current maturities of long-term debt | — |  |  | 73.9 |  |  | 19.1 |  |  | — |  |  | 93.0 |
Accounts payable | — |  |  | 201.0 |  |  | 218.4 |  |  | — |  |  | 419.4 |
Intercompany accounts payable | 1,165.0 |  |  | — |  |  | 53.4 |  |  | (1,218.4 | ) |  | — |
Accrued expenses and other current liabilities | — |  |  | 165.0 |  |  | 32.6 |  |  | — |  |  | 197.6 |
TOTAL CURRENT LIABILITIES | 1,165.0 |  |  | 1,934.4 |  |  | 505.7 |  |  | (1,218.4 | ) |  | 2,386.7 |
Long-term debt, net of current maturities | 872.3 |  |  | 294.3 |  |  | 114.8 |  |  | — |  |  | 1,281.4 |
Deferred income taxes and other liabilities | 0.8 |  |  | 224.7 |  |  | 11.8 |  |  | — |  |  | 237.3 |
STOCKHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |
Group 1 stockholders’ equity | 1,095.7 |  |  | 2,851.0 |  |  | 249.9 |  |  | (3,100.9 | ) |  | 1,095.7 |
Intercompany note receivable | — |  |  | (1,164.9 | ) |  | — |  |  | 1,164.9 |  |  | — |
TOTAL STOCKHOLDERS’ EQUITY | 1,095.7 |  |  | 1,686.1 |  |  | 249.9 |  |  | (1,936.0 | ) |  | 1,095.7 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,133.8 |  |  | $ | 4,139.5 |  |  | $ | 882.2 |  |  | $ | (3,154.4 | ) |  | $ | 5,001.1 |
Condensed consolidating statements of income | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2019 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
Revenues | $ | — |  |  | $ | 2,422.8 |  |  | $ | 695.5 |  |  | $ | — |  |  | $ | 3,118.3 |
Cost of sales | — |  |  | 2,035.9 |  |  | 616.8 |  |  | — |  |  | 2,652.7 |
Gross profit | — |  |  | 386.9 |  |  | 78.7 |  |  | — |  |  | 465.6 |
Selling, general and administrative expenses | 0.4 |  |  | 283.7 |  |  | 69.9 |  |  | — |  |  | 354.0 |
Depreciation and amortization expense | — |  |  | 13.8 |  |  | 4.2 |  |  | — |  |  | 18.0 |
Asset impairments | — |  |  | 3.3 |  |  | 7.0 |  |  | — |  |  | 10.3 |
Income (loss) from operations | (0.4 | ) |  | 86.1 |  |  | (2.4 | ) |  | — |  |  | 83.3 |
Interest expense: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | 13.3 |  |  | 2.1 |  |  | — |  |  | 15.4 |
Other interest expense, net | — |  |  | 16.6 |  |  | 2.3 |  |  | — |  |  | 18.9 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (0.4 | ) |  | 56.2 |  |  | (6.8 | ) |  | — |  |  | 49.0 |
(Benefit) provision for income taxes | (0.1 | ) |  | 12.8 |  |  | (1.7 | ) |  | — |  |  | 11.0 |
Equity in earnings of subsidiaries | 38.4 |  |  | — |  |  | — |  |  | (38.4 | ) |  | — |
Net income (loss) | $ | 38.1 |  |  | $ | 43.4 |  |  | $ | (5.1 | ) |  | $ | (38.4 | ) |  | $ | 38.0 |
Comprehensive income (loss) | (17.0 | ) |  | (5.4 | ) |  | (11.6 | ) |  | 17.0 |  |  | (17.0 | )
Comprehensive income (loss) attributable to parent | $ | 21.1 |  |  | $ | 38.0 |  |  | $ | (16.7 | ) |  | $ | (21.4 | ) |  | $ | 21.0 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2019 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
Revenues | $ | — |  |  | $ | 6,764.3 |  |  | $ | 2,168.1 |  |  | $ | — |  |  | $ | 8,932.4 |
Cost of sales | — |  |  | 5,653.8 |  |  | 1,927.2 |  |  | — |  |  | 7,581.0 |
Gross profit | — |  |  | 1,110.5 |  |  | 240.9 |  |  | — |  |  | 1,351.4 |
Selling, general and administrative expenses | 3.4 |  |  | 801.3 |  |  | 215.7 |  |  | — |  |  | 1,020.4 |
Depreciation and amortization expense | — |  |  | 41.3 |  |  | 11.7 |  |  | — |  |  | 53.0 |
Asset impairments | — |  |  | 3.2 |  |  | 7.6 |  |  | — |  |  | 10.8 |
Income (loss) from operations | (3.4 | ) |  | 264.7 |  |  | 5.9 |  |  | — |  |  | 267.2 |
Interest expense: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | 41.3 |  |  | 5.7 |  |  | — |  |  | 47.0 |
Other interest expense, net | — |  |  | 50.4 |  |  | 5.4 |  |  | — |  |  | 55.8 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (3.4 | ) |  | 173.0 |  |  | (5.2 | ) |  | — |  |  | 164.4 |
(Benefit) provision for income taxes | (0.8 | ) |  | 41.0 |  |  | (1.7 | ) |  | — |  |  | 38.5 |
Equity in earnings of subsidiaries | 128.5 |  |  | — |  |  | — |  |  | (128.5 | ) |  | — |
Net income (loss) | $ | 125.9 |  |  | $ | 132.0 |  |  | $ | (3.5 | ) |  | $ | (128.5 | ) |  | $ | 125.9 |
Comprehensive income (loss) | (31.7 | ) |  | (19.8 | ) |  | (12.0 | ) |  | 31.8 |  |  | (31.7 | )
Comprehensive income (loss) attributable to parent | $ | 94.2 |  |  | $ | 112.2 |  |  | $ | (15.5 | ) |  | $ | (96.7 | ) |  | $ | 94.2 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2018 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
Revenues | $ | — |  |  | $ | 2,200.3 |  |  | $ | 688.8 |  |  | $ | — |  |  | $ | 2,889.1 |
Cost of sales | — |  |  | 1,847.8 |  |  | 606.2 |  |  | — |  |  | 2,454.0 |
Gross profit | — |  |  | 352.5 |  |  | 82.6 |  |  | — |  |  | 435.1 |
Selling, general and administrative expenses | 0.3 |  |  | 240.2 |  |  | 76.3 |  |  | — |  |  | 316.8 |
Depreciation and amortization expense | — |  |  | 13.5 |  |  | 3.4 |  |  | — |  |  | 16.9 |
Asset impairments | — |  |  | 23.2 |  |  | — |  |  | — |  |  | 23.2 |
Income (loss) from operations | (0.3 | ) |  | 75.6 |  |  | 2.9 |  |  | — |  |  | 78.2 |
Interest expense: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | 12.9 |  |  | 1.8 |  |  | — |  |  | 14.7 |
Other interest (income) expense, net | — |  |  | 17.2 |  |  | 1.9 |  |  | — |  |  | 19.1 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (0.3 | ) |  | 45.5 |  |  | (0.8 | ) |  | — |  |  | 44.4 |
(Benefit) provision for income taxes | (0.1 | ) |  | 9.2 |  |  | 0.5 |  |  | — |  |  | 9.6 |
Equity in earnings of subsidiaries | 35.0 |  |  | — |  |  | — |  |  | (35.0 | ) |  | — |
Net income (loss) | $ | 34.8 |  |  | $ | 36.3 |  |  | $ | (1.3 | ) |  | $ | (35.0 | ) |  | $ | 34.8 |
Comprehensive income (loss) | — |  |  | 3.5 |  |  | (5.9 | ) |  | — |  |  | (2.4 | )
Comprehensive income (loss) attributable to parent | $ | 34.8 |  |  | $ | 39.8 |  |  | $ | (7.2 | ) |  | $ | (35.0 | ) |  | $ | 32.4 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2018 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Elimination |  | Total Company
Revenues | $ | — |  |  | $ | 6,456.7 |  |  | $ | 2,235.8 |  |  | $ | — |  |  | $ | 8,692.5 |
Cost of sales | — |  |  | 5,417.9 |  |  | 1,981.6 |  |  | — |  |  | 7,399.5 |
Gross profit | — |  |  | 1,038.8 |  |  | 254.2 |  |  | — |  |  | 1,293.0 |
Selling, general and administrative expenses | 2.7 |  |  | 721.3 |  |  | 225.2 |  |  | — |  |  | 949.2 |
Depreciation and amortization expense | — |  |  | 39.4 |  |  | 10.6 |  |  | — |  |  | 50.0 |
Asset impairments | — |  |  | 27.4 |  |  | — |  |  | — |  |  | 27.4 |
Income (loss) from operations | (2.7 | ) |  | 250.7 |  |  | 18.4 |  |  | — |  |  | 266.4 |
Interest expense: |  |  |  |  |  |  |  |  |
Floorplan interest expense | — |  |  | 38.0 |  |  | 5.3 |  |  | — |  |  | 43.3 |
Other interest expense, net | — |  |  | 51.6 |  |  | 5.8 |  |  | — |  |  | 57.4 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (2.7 | ) |  | 161.1 |  |  | 7.3 |  |  | — |  |  | 165.7 |
(Benefit) provision for income taxes | (0.6 | ) |  | 36.5 |  |  | 2.8 |  |  | — |  |  | 38.6 |
Equity in earnings of subsidiaries | 129.1 |  |  | — |  |  | — |  |  | (129.1 | ) |  | — |
Net income (loss) | $ | 127.1 |  |  | $ | 124.6 |  |  | $ | 4.5 |  |  | $ | (129.1 | ) |  | $ | 127.1 |
Comprehensive income (loss) | — |  |  | 16.7 |  |  | (22.2 | ) |  | — |  |  | (5.5 | )
Comprehensive income (loss) attributable to parent | $ | 127.1 |  |  | $ | 141.3 |  |  | $ | (17.7 | ) |  | $ | (129.1 | ) |  | $ | 121.6 |
Condensed consolidating statement of cash flows | CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2019 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Total Company
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 125.9 |  |  | $ | 123.8 |  |  | $ | 61.1 |  |  | $ | 310.8 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |
Cash paid in acquisitions, net of cash received | — |  |  | (67.7 | ) |  | (29.3 | ) |  | (97.0 | )
Proceeds from disposition of franchises, property and equipment | — |  |  | 37.2 |  |  | 5.9 |  |  | 43.1 |
Purchases of property and equipment, including real estate | — |  |  | (114.0 | ) |  | (25.5 | ) |  | (139.5 | )
Other | (0.1 | ) |  | — |  |  | — |  |  | (0.1 | )
Net cash provided by (used in) investing activities | (0.1 | ) |  | (144.5 | ) |  | (48.9 | ) |  | (193.5 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |
Borrowings on credit facility - floorplan line and other | — |  |  | 5,274.6 |  |  | 36.6 |  |  | 5,311.2 |
Repayments on credit facility - floorplan line and other | — |  |  | (5,322.6 | ) |  | (41.7 | ) |  | (5,364.3 | )
Borrowings on credit facility - acquisition line | 230.5 |  |  | — |  |  | — |  |  | 230.5 |
Repayments on credit facility - acquisition line | (211.4 | ) |  | — |  |  | — |  |  | (211.4 | )
Debt issue costs | — |  |  | (3.2 | ) |  | — |  |  | (3.2 | )
Borrowings on other debt | — |  |  | 36.6 |  |  | 94.2 |  |  | 130.8 |
Principal payments on other debt | — |  |  | (42.2 | ) |  | (91.5 | ) |  | (133.7 | )
Borrowings on debt related to real estate, net of debt issue costs | — |  |  | 74.8 |  |  | — |  |  | 74.8 |
Principal payments on debt related to real estate | — |  |  | (106.5 | ) |  | (6.3 | ) |  | (112.8 | )
Employee stock purchase plan purchases, net of employee tax withholdings | 2.8 |  |  | — |  |  | — |  |  | 2.8 |
Dividends paid | (14.8 | ) |  | — |  |  | — |  |  | (14.8 | )
Borrowings (repayments) with subsidiaries | 86.7 |  |  | (111.4 | ) |  | 24.7 |  |  | — |
Investment in subsidiaries | (219.6 | ) |  | 220.0 |  |  | (0.4 | ) |  | — |
Net cash provided by (used in) financing activities | (125.8 | ) |  | 20.1 |  |  | 15.6 |  |  | (90.1 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (1.3 | ) |  | (1.3 | )
Net increase (decrease) in cash, cash equivalents and restricted cash | — |  |  | (0.6 | ) |  | 26.5 |  |  | 25.9 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | — |  |  | 4.6 |  |  | 14.1 |  |  | 18.7 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | — |  |  | $ | 4.0 |  |  | $ | 40.6 |  |  | $ | 44.6 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2018 (Unaudited, in millions)
| Group 1 Automotive, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Total Company
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 127.1 |  |  | $ | 192.9 |  |  | $ | 37.4 |  |  | $ | 357.4 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |
Cash paid in acquisitions, net of cash received | — |  |  | (91.9 | ) |  | (43.5 | ) |  | (135.3 | )
Proceeds from disposition of franchises, property and equipment | — |  |  | 101.4 |  |  | 6.3 |  |  | 107.7 |
Purchases of property and equipment, including real estate | — |  |  | (79.5 | ) |  | (38.7 | ) |  | (118.3 | )
Other | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Net cash provided by (used in) investing activities | 0.4 |  |  | (70.0 | ) |  | (75.8 | ) |  | (145.5 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |
Borrowings on credit facility - floorplan line and other | — |  |  | 5,036.1 |  |  | 70.7 |  |  | 5,106.8 |
Repayments on credit facility - floorplan line and other | — |  |  | (5,124.9 | ) |  | (60.4 | ) |  | (5,185.2 | )
Borrowings on credit facility - acquisition line | 98.6 |  |  | — |  |  | — |  |  | 98.6 |
Repayments on credit facility - acquisition line | (91.4 | ) |  | — |  |  | — |  |  | (91.4 | )
Borrowings on other debt | — |  |  | 70.7 |  |  | 52.6 |  |  | 123.3 |
Principal payments on other debt | (24.7 | ) |  | (36.2 | ) |  | (44.6 | ) |  | (105.6 | )
Borrowings on debt related to real estate, net of debt issue costs | — |  |  | 42.7 |  |  | 12.1 |  |  | 54.7 |
Principal payments on debt related to real estate | — |  |  | (71.8 | ) |  | (11.5 | ) |  | (83.2 | )
Employee stock purchase plan purchases, net of employee tax withholdings | 1.5 |  |  | — |  |  | — |  |  | 1.5 |
Repurchases of common stock, amounts based on settlement date | (108.6 | ) |  | — |  |  | — |  |  | (108.6 | )
Proceeds from termination of mortgage swap | — |  |  | 0.9 |  |  | — |  |  | 0.9 |
Dividends paid | (16.0 | ) |  | — |  |  | — |  |  | (16.0 | )
Borrowings (repayments) with subsidiaries | 208.7 |  |  | (219.2 | ) |  | 10.5 |  |  | — |
Investment in subsidiaries | (195.4 | ) |  | 177.6 |  |  | 17.8 |  |  | — |
Net cash provided by (used in) financing activities | (127.4 | ) |  | (124.0 | ) |  | 47.2 |  |  | (204.2 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (2.9 | ) |  | (2.9 | )
Net increase (decrease) in cash, cash equivalents and restricted cash | — |  |  | (1.0 | ) |  | 5.8 |  |  | 4.8 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | — |  |  | 10.1 |  |  | 19.5 |  |  | 29.6 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | — |  |  | $ | 9.1 |  |  | $ | 25.3 |  |  | $ | 34.4 |

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