Acquisitions (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Revenue and Operating Income from Acquisitions

Revenue and operating income contributed by the 2020 acquisitions subsequent to the date of acquisition were as follows (in millions):

Nine Months Ended September 30,	2020
Revenue	$	261.3
Operating income	9.2

Summary of Acquisitions

The following tables summarize the consideration paid for the 2020 acquisitions and the amount of identified assets acquired and liabilities assumed as of the acquisition date (in millions):

	Consideration
Cash paid, net of cash acquired	$	609.5

Assets Acquired and Liabilities Assumed

The following table details the preliminary purchase price allocations for the 2020 acquisitions (in millions):

	Assets Acquired and Liabilities Assumed
Accounts receivable	$	0.2
Inventories, net	189.3
Property and equipment, net	125.8
Other non-current assets	416.5
Floor plan notes payable	(13.1		)
Debt and finance lease obligations	(103.1		)
Other long-term liabilities	(6.1		)
	$	609.5

Pro Forma Summary of All Acquisitions

The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three and nine-month periods ended September 30, 2020 and 2019, had occurred on January 1, 2019 (in millions, except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenue	$	3,745.3	$	3,738.3	$	10,000.7	$	10,548.8
Net income	160.1		92.3		291.9		220.4
Basic net income per share	7.01		3.97		12.71		9.50
Diluted net income per share	6.92		3.94		12.58		9.44