v3.26.1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities:    
Net income $ 496.1 $ 525.9
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation 90.2 83.7
Earnings of equity method investments, net of distributions (77.6) (70.2)
Deferred income taxes 7.5 (43.9)
Stock-based compensation 15.8 16.9
Gain on sale of dealerships (90.9) (52.3)
Changes in operating assets and liabilities:    
Accounts receivable 10.8 (7.1)
Inventories (335.0) (16.9)
Other current assets (26.7) (14.4)
Floor plan notes payable 207.9 18.9
Accounts payable and accrued expenses 94.4 40.9
Other 26.6 18.7
Net cash provided by operating activities 419.1 500.2
Investing Activities:    
Purchases of property, equipment, and improvements (134.9) (157.6)
Proceeds from sale of dealerships 150.7 79.2
Proceeds from sale of property and equipment 24.2 20.5
Proceeds from sale of equity method investment 0.0 16.0
Acquisitions net, including repayment of sellers' floor plan notes payable of $15.0 and $0.0, respectively (669.7) 0.0
Other (1.4) (3.2)
Net cash used in investing activities (631.1) (45.1)
Financing Activities:    
Proceeds from borrowings under revolving U.S. credit agreement and mortgage facilities 2,651.3 2,354.5
Repayments under revolving U.S. credit agreement and mortgage facilities (2,299.6) (2,450.1)
Net cash borrowings (repayments) of other debt 8.3 (15.0)
Repayments of related party promissory note (26.0) 0.0
Net borrowings of floor plan notes payable — non-trade 114.4 43.9
Repurchases of common stock (26.3) (111.2)
Payments of tax withholding for stock-based compensation (16.2) (22.1)
Dividends (186.2) (165.4)
PMG distributions to partners 0.0 (20.1)
Payment of debt issuance costs (1.0) (0.6)
Other (1.3) 0.0
Net cash provided by (used in) financing activities 217.4 (386.1)
Effect of exchange rate changes on cash and cash equivalents (0.6) 6.6
Net change in cash and cash equivalents 4.8 75.6
Cash and cash equivalents, beginning of period 64.7 83.6
Cash and cash equivalents, end of period 69.5 159.2
Cash paid for:    
Interest 139.3 132.5
Income taxes $ 157.2 $ 181.3