Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 348,900,000 $ (51,400,000) $ 144,100,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization of property and equipment 93,800,000 87,600,000 89,900,000
Debt issuance cost amortization 3,300,000 2,900,000 2,500,000
Stock-based compensation expense 15,000,000.0 11,700,000 10,800,000
Deferred income taxes 12,300,000 (33,700,000) (20,800,000)
Asset impairment charges 100,000 270,000,000.0 20,800,000
Increase (Decrease) in Other Current Assets 12,400,000 (6,400,000) (68,600,000)
Changes in assets and liabilities that relate to operations:      
Receivables 500,000 64,800,000 4,700,000
Inventories 252,400,000 278,100,000 (78,500,000)
Other assets 55,700,000 (11,400,000) 47,500,000
Notes payable - floor plan - trade (495,400,000) (275,600,000) 39,800,000
Trade accounts payable and other liabilities 7,300,000 (55,500,000) (21,400,000)
Total adjustments (42,600,000) 332,500,000 26,700,000
Net cash provided by operating activities 306,300,000 281,100,000 170,800,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of businesses, net of cash acquired (1,018,900,000) (19,700,000) 0
Purchases of land, property and equipment (298,200,000) (127,200,000) (125,600,000)
Proceeds from sales of property and equipment 13,100,000 37,100,000 10,900,000
Proceeds from sales of dealerships 6,600,000 9,600,000 250,700,000
Proceeds from Life Insurance Policy 0 0 800,000
Net cash provided by (used in) investing activities (1,297,400,000) (100,200,000) 136,800,000
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net (repayments) borrowings on notes payable - floor plan - non-trade 439,600,000 60,800,000 (34,700,000)
Borrowings on revolving credit facilities 4,900,000 460,900,000 482,500,000
Repayments on revolving credit facilities (4,900,000) (460,900,000) (482,500,000)
Proceeds from issuance of long-term debt 1,166,500,000 57,900,000 109,100,000
Debt issuance costs (23,100,000) (2,700,000) (1,400,000)
Principal payments of long-term debt (58,300,000) (44,900,000) (40,300,000)
Repurchase of debt securities (262,900,000) 0 (294,100,000)
Purchases of treasury stock (93,300,000) (71,700,000) (2,400,000)
Issuance of shares under stock compensation plans 7,700,000 (100,000) 100,000
Dividends paid (18,300,000) (17,100,000) (15,500,000)
Net cash provided by (used in) financing activities 1,120,200,000 (39,700,000) (284,400,000)
Reduction of Finance Lease Liabilities (37,700,000) (21,900,000) (5,200,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 129,100,000 141,200,000 23,200,000
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 170,300,000 29,100,000 5,900,000
CASH AND CASH EQUIVALENTS, END OF YEAR 299,400,000 170,300,000 29,100,000
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:      
Change in fair value of interest rate swap and rate cap agreements (net of tax expense of $460, $2,351 and $2,178 in the years ended December 31, 2018, 2017 and 2016, respectively) 1,000,000.0 (200,000) (4,400,000)
Cash paid (received) during the period for:      
Income taxes 98,800,000 56,800,000 72,800,000
Interest, including amount capitalized $ 57,400,000 $ 69,300,000 $ 104,200,000