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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 398.9 $ 292.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 45.1 38.3
Change in operating lease assets 15.6 11.8
Deferred income taxes 11.3 4.4
Asset impairments 7.1 0.0
Stock-based compensation 15.0 13.2
Amortization of debt discount and issuance costs 1.5 1.2
Gain on disposition of assets (24.6) (2.1)
Unrealized loss on derivative instruments 0.0 2.3
Other 2.5 0.3
Changes in assets and liabilities, net of acquisitions and dispositions:    
Accounts payable and accrued expenses 10.1 28.9
Accounts and notes receivable (0.1) 3.7
Inventories (83.5) 444.4
Contracts-in-transit and vehicle receivables (7.2) (10.7)
Prepaid expenses and other assets 10.8 (7.2)
Floorplan notes payable — manufacturer affiliates (27.5) (56.6)
Deferred revenues (0.1) (1.0)
Operating lease liabilities (14.9) (11.8)
Net cash provided by operating activities 360.2 752.1
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $2.4 and $5.3, respectively (318.1) (49.9)
Proceeds from disposition of franchises, property and equipment 96.2 19.8
Purchases of property and equipment (63.0) (63.8)
Other (10.7) 0.1
Net cash used in investing activities (295.6) (93.8)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on credit facility — floorplan line and other 5,307.0 4,207.3
Repayments on credit facility — floorplan line and other (5,022.9) (4,750.8)
Borrowings on credit facility — acquisition line 268.0 60.4
Repayments on credit facility — acquisition line (346.3) (32.2)
Debt issuance costs (4.0) 0.0
Borrowings on other debt 223.2 89.9
Principal payments on other debt (206.3) (91.9)
Proceeds from employee stock purchase plan 11.4 8.0
Payments of tax withholding for stock-based compensation (7.6) (7.5)
Repurchases of common stock, amounts based on settlement date (254.1) (18.6)
Dividends paid (12.1) (11.7)
Net cash used in financing activities (43.9) (547.1)
Effect of exchange rate changes on cash (2.7) 0.2
Net increase in cash and cash equivalents 18.0 111.4
CASH AND CASH EQUIVALENTS, beginning of period 18.7 87.3
CASH AND CASH EQUIVALENTS, end of period $ 36.7 $ 198.7