Business Combinations

9 Months Ended

Sep. 30, 2020

Business Combinations

Business Combinations

6. Business Combinations

During the nine months ended September 30, 2020, we made no acquisitions. During the nine months ended September 30, 2019, we acquired one dealership related to our Commercial Vehicle Distribution business in New Zealand and six retail commercial truck locations. Our financial statements include the results of operations of the acquired entity from the date of acquisition. The fair value of the assets acquired and liabilities assumed have been recorded in our consolidated condensed financial statements and may be subject to adjustment pending completion of final valuation. A summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the nine months ended September 30, 2019, follows:

	September 30,
	2019
Accounts receivable	$	—
Inventories		150.7
Other current assets		0.6
Property and equipment		2.6
Indefinite-lived intangibles		214.0
Other noncurrent assets		—
Current liabilities		(16.8)
Noncurrent liabilities		(13.6)
Total consideration		337.5
Contingent consideration		(10.6)
Total cash used in acquisitions	$	326.9

The following unaudited consolidated pro forma results of operations of PAG for the three and nine months ended September 30, 2019, give effect to acquisitions consummated during 2019 as if they had occurred effective at the beginning of the period:

	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Revenues	$	6,017.1	$	17,899.2
Income from continuing operations		115.5		320.0
Net income		115.7		320.4
Income from continuing operations per diluted common share	$	1.41	$	3.86
Net income per diluted common share	$	1.42	$	3.86