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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 465.0 $ 186.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 57.9 56.5
Change in operating lease assets 18.1 18.1
Deferred income taxes 7.7 (2.8)
Asset impairments 1.7 23.8
Stock-based compensation 19.0 27.0
Amortization of debt discount and issuance costs 1.8 2.6
Gain on disposition of assets (2.1) 0.0
Loss on extinguishment of debt 3.8 13.7
Unrealized loss on derivative instruments 1.4 0.0
Other 2.0 1.9
Changes in assets and liabilities, net of acquisitions and dispositions:    
Accounts payable and accrued expenses (21.6) (58.8)
Accounts and notes receivable 19.2 25.2
Inventories 643.0 499.6
Contracts-in-transit and vehicle receivables 43.1 33.0
Prepaid expenses and other assets (10.0) 41.1
Floorplan notes payable — manufacturer affiliates (112.5) (137.9)
Deferred revenues (1.1) (0.4)
Operating lease liabilities (18.9) (16.3)
Net cash provided by operating activities 1,117.5 712.7
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $5.3 and $—, respectively (74.6) (1.3)
Proceeds from disposition of franchises, property and equipment 19.8 1.3
Purchases of property and equipment (88.4) (78.8)
Other (20.4) 0.0
Net cash used in investing activities (163.5) (78.8)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on credit facility — floorplan line and other 5,796.1 7,590.5
Repayments on credit facility — floorplan line and other (6,479.2) (7,960.7)
Borrowings on credit facility — acquisition line 67.3 284.0
Repayments on credit facility — acquisition line (59.9) (296.5)
Debt issuance costs 0.0 (9.0)
Borrowings of senior notes 0.0 550.0
Repayments of senior notes 0.0 (857.9)
Borrowings on other debt 110.0 252.9
Principal payments on other debt (143.7) (90.8)
Proceeds from employee stock purchase plan 11.9 7.0
Payments of tax withholding for stock-based compensation (8.3) (5.5)
Repurchases of common stock, amounts based on settlement date (18.6) (48.9)
Dividends paid (17.9) (5.5)
Net cash used in financing activities (742.2) (590.4)
Effect of exchange rate changes on cash (2.1) (5.4)
Net increase in cash and cash equivalents 209.7 38.1
CASH AND CASH EQUIVALENTS, beginning of period 87.3 28.1
CASH AND CASH EQUIVALENTS, end of period $ 296.9 $ 66.2