XML 117 R9.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 174.0 $ 157.8 $ 213.4
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 71.6 67.1 57.9
Change in operating lease assets 28.2    
Deferred income taxes 16.2 3.5 (46.1)
Asset impairments 22.2 43.9 19.5
Stock-based compensation 18.8 18.7 18.9
Amortization of debt discount and issue costs 4.0 3.4 3.7
(Gain) loss on disposition of assets (5.9) (26.8) (0.8)
Other 1.1 0.9 (0.4)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:      
Accounts payable and accrued expenses 123.1 18.4 35.6
Accounts and notes receivable (32.5) 2.9 (10.7)
Inventories (28.8) (80.6) (44.0)
Contracts-in-transit and vehicle receivables 12.7 39.5 (33.5)
Prepaid expenses and other assets (44.0) (16.3) (9.3)
Floorplan notes payable — manufacturer affiliates 38.9 38.4 (8.3)
Deferred revenues (0.5) (0.8) 0.5
Operating lease liabilities (28.3)    
Net cash provided by (used in) operating activities 370.9 270.0 196.5
CASH FLOWS FROM INVESTING ACTIVITIES:      
Cash paid for acquisitions, net of cash received (143.2) (135.3) (109.1)
Proceeds from disposition of franchises, property and equipment 43.4 107.9 10.7
Purchases of property and equipment (191.8) (141.0) (215.8)
Other 0.0 0.5 1.6
Net cash provided by (used in) investing activities (291.6) (168.0) (312.6)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings on credit facility — floorplan line and other 7,304.6 6,954.3 7,019.1
Repayments on credit facility — floorplan line and other (7,423.2) (6,870.1) (6,957.9)
Borrowings on credit facility — acquisition line 319.0 165.3 68.1
Repayments on credit facility — acquisition line (281.4) (158.5) (42.3)
Debt issue costs (5.4) 0.0 0.0
Borrowings on other debt 177.4 156.0 165.7
Principal payments on other debt (166.7) (118.8) (121.2)
Borrowings on debt related to real estate 173.5 54.7 75.3
Principal payments on debt related to real estate (147.3) (91.5) (29.4)
Proceeds from employee stock purchase plan 8.6 7.6 7.1
Payment of tax withholding for stock-based awards (4.4) (4.9) (2.5)
Proceeds from termination of mortgage swap 0.0 0.9 0.0
Repurchases of common stock, amounts based on settlement date (1.4) (183.9) (40.1)
Dividends paid (20.3) (20.9) (20.5)
Net cash provided by (used in) financing activities (67.0) (109.5) 121.5
Effect of exchange rate changes on cash (2.9) (3.3) 0.0
Net increase (decrease) in cash, cash equivalents and restricted cash 9.3 (10.9) 5.4
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 18.7 29.6 24.2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 28.1 $ 18.7 $ 29.6