Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 53,535 $ 58,719
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization of property, plant and equipment 39,048 34,017
Provision for bad debt expense 125 347
Other amortization 1,170 1,170
Debt issuance cost amortization 2,189 2,279
Debt discount amortization, net of premium amortization (110) 2,812
Stock - based compensation expense 5,559 3,947
Deferred income taxes 16,256 14,414
Equity interest in earnings of investee (311) (369)
Asset impairment charges 69 57
Loss (gain) on disposal of dealerships and property and equipment 291 (6,855)
Loss on exit of leased dealerships 2,331 3,462
(Gain) loss on retirement of debt 28,238 19,898
Changes in assets and liabilities that relate to operations:    
Receivables 82,708 62,642
Inventories (25,002) (195,212)
Other assets 15,485 (9,550)
Notes payable - floor plan - trade (2,839) 87,543
Trade accounts payable and other liabilities (38,099) (43,971)
Total adjustments 127,108 (23,369)
Net cash provided by (used in) operating activities 180,643 35,350
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of businesses, net of cash acquired (88,184)  
Purchases of land, property and equipment (127,538) (55,224)
Proceeds from sales of property and equipment 673 (873)
Proceeds from sales of dealerships   51,853
Distributions from equity investee 500 700
Net cash provided by (used in) investing activities (214,549) (3,544)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable floor plan - non-trade (37,821) 13,970
Borrowings on revolving credit facilities 156,079 105,894
Repayments on revolving credit facilities (162,255) (105,894)
Proceeds from issuance of long-term debt 353,693 208,920
Debt issuance costs (5,394) (4,472)
Principal payments on long-term debt (15,725) (7,831)
Repurchase of debt securities (233,574) (164,896)
Purchases of treasury stock (14,480) (16,371)
Income tax benefit (expense) associated with stock compensation plans 612 1,939
Issuance of shares under stock compensation plans 1,066 1,488
Dividends paid (2,673) (3,989)
Net cash provided by (used in) financing activities 39,528 28,758
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,622 60,564
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,371 1,913
CASH AND CASH EQUIVALENTS, END OF YEAR 8,993 62,477
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow hedging instruments (net of tax expense of $5,083 and tax benefit of $50 in the nine-month periods ended September 30, 2013 and 2012, respectively) 8,294 (83)
Issuance of common stock as consideration for extinguishment of debt securities   (67,869)
Cash paid (received) during the year for:    
Interest, including amount capitalized 66,549 64,542
Income taxes $ 29,758 $ 25,749