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SEC Filings

10-K
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-K on 02/24/2017
Entire Document
 

PENSKE AUTOMOTIVE GROUP, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2016

 

2015

 

2014

 

 

 

(In millions)

 

Operating Activities:

 

 

    

    

 

    

    

 

    

 

Net income

 

$

346.4

 

$

330.4

 

$

290.1

 

Adjustments to reconcile net income to net cash from continuing operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

89.7

 

 

78.0

 

 

70.2

 

Gain on investment

 

 

 —

 

 

 —

 

 

(16.0)

 

Earnings of equity method investments

 

 

(50.0)

 

 

(28.0)

 

 

(28.8)

 

Loss from discontinued operations, net of tax

 

 

1.0

 

 

3.5

 

 

14.7

 

Deferred income taxes

 

 

162.2

 

 

44.6

 

 

50.5

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(92.5)

 

 

(23.5)

 

 

(41.2)

 

Inventories

 

 

130.4

 

 

(428.4)

 

 

(120.6)

 

Floor plan notes payable

 

 

(162.8)

 

 

360.8

 

 

140.7

 

Accounts payable and accrued expenses

 

 

(17.8)

 

 

66.0

 

 

19.6

 

Other

 

 

(41.1)

 

 

(11.9)

 

 

(19.9)

 

Net cash provided by continuing operating activities

 

 

365.5

 

 

391.5

 

 

359.3

 

Investing Activities:

 

 

 

 

 

 

 

 

 

 

Purchase of equipment and improvements

 

 

(203.1)

 

 

(199.5)

 

 

(176.1)

 

Acquisition of additional ownership interest in Penske Truck Leasing

 

 

(498.5)

 

 

 —

 

 

 —

 

Acquisitions net, including repayment of sellers’ floor plan notes payable of $62.2,  $60.3 and $117.8, respectively

 

 

(140.8)

 

 

(156.9)

 

 

(355.0)

 

Other

 

 

5.7

 

 

4.7

 

 

(22.6)

 

Net cash used in continuing investing activities

 

 

(836.7)

 

 

(351.7)

 

 

(553.7)

 

Financing Activities:

 

 

 

 

 

 

 

 

 

 

Proceeds from borrowings under U.S. credit agreement revolving credit line

 

 

1,476.5

 

 

1,420.4

 

 

1,272.6

 

Repayments under U.S. credit agreement revolving credit line

 

 

(1,396.5)

 

 

(1,260.4)

 

 

(1,362.6)

 

Repayments under U.S. credit agreement term loan

 

 

 —

 

 

(88.0)

 

 

(10.0)

 

Repayment of U.S. commercial truck capital loan

 

 

 —

 

 

(60.5)

 

 

 —

 

Issuance of 5.50% senior subordinated notes

 

 

500.0

 

 

 —

 

 

 —

 

Issuance of 5.375% senior subordinated notes

 

 

 —

 

 

 —

 

 

300.0

 

Net borrowings (repayments) of other long-term debt

 

 

42.9

 

 

(73.6)

 

 

28.7

 

Net borrowings of floor plan notes payable — non-trade

 

 

101.0

 

 

154.2

 

 

26.1

 

Payment of debt issuance costs

 

 

(6.7)

 

 

(1.8)

 

 

(4.4)

 

Repurchases of common stock

 

 

(173.6)

 

 

(48.9)

 

 

(15.5)

 

Dividends

 

 

(95.1)

 

 

(84.8)

 

 

(70.5)

 

Other

 

 

(9.7)

 

 

(5.9)

 

 

0.3

 

Net cash provided by (used in) continuing financing activities

 

 

438.8

 

 

(49.3)

 

 

164.7

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) discontinued operating activities

 

 

1.6

 

 

(5.5)

 

 

8.6

 

Net cash provided by discontinued investing activities

 

 

1.7

 

 

129.6

 

 

19.8

 

Net cash used in discontinued financing activities

 

 

(0.2)

 

 

(87.1)

 

 

(11.4)

 

Net cash provided by discontinued operations

 

 

3.1

 

 

37.0

 

 

17.0

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(9.1)

 

 

(1.4)

 

 

(1.3)

 

Net change in cash and cash equivalents

 

 

(38.4)

 

 

26.1

 

 

(14.0)

 

Cash and cash equivalents, beginning of period

 

 

62.4

 

 

36.3

 

 

50.3

 

Cash and cash equivalents, end of period

 

$

24.0

 

$

62.4

 

$

36.3

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

 

 

Cash paid for:

 

 

 

 

 

 

 

 

 

 

Interest

 

$

129.8

 

$

110.1

 

$

98.4

 

Income taxes

 

 

48.6

 

 

114.9

 

 

114.3

 

Seller financed/assumed debt

 

 

 —

 

 

2.6

 

 

136.4

 

 

See Notes to Consolidated Financial Statements.

 

 

F-13