ACQUISITIONS AND DIVESTITURES (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of Business Acquisitions

The sources of the preliminary purchase consideration are as follows:

	(In millions)
Cash	$	936.8
New vehicle floor plan facility	256.1
Used vehicle floor plan facility	307.1
Preliminary purchase price	$	1,500.0

The sources of the purchase consideration are as follows:

	(In millions)
Cash, net of cash acquired	$	195.0
Common stock offering	666.9
Senior notes	1,378.5
Revolving credit facility	200.0
Real estate facility	513.0
New vehicle floor plan facility	183.5
Used vehicle floor plan facility	51.0
Payable to sellers	6.0
Purchase price, net of cash acquired	$	3,193.9

The following table summarizes the amounts recorded based on final estimates of fair value:

Summary of Assets Acquired and Liabilities Assumed
	(In millions)
Assets
Cash and cash equivalents	$	287.4
Investments	133.5
Contracts-in-transit, net	99.5
Accounts receivable, net	110.0
Inventories, net	282.1
Other current assets	25.0
Total current assets	937.5
Property and equipment, net	805.6
Goodwill	1,205.3
Intangible franchise rights	1,309.7
Operating lease right-of-use assets	34.1
Deferred income taxes	139.7
Other long-term assets	5.6
Total assets acquired	$	4,437.6
Liabilities
Accounts payable and accrued liabilities	$	229.5
Operating lease liabilities	34.1
Deferred revenue	667.6
Other long-term liabilities	25.2
Total liabilities assumed	956.4
Net assets acquired	$	3,481.2

Below is the allocation of the purchase price for the acquisitions (other than the LHM acquisition) for the year ended December 31, 2021. The estimated fair values of the assets acquired and liabilities assumed and the related acquisition accounting are based on management’s estimates and assumptions, as well as other information compiled by management.

	As of December 31,
	2021
	(In millions)
Inventory	$	37.5
Real estate	99.9
Property and equipment	4.2
Goodwill	110.5
Manufacturer franchise rights	228.2
Loaner vehicles	8.9
Other	(3.5)
Total purchase price	$	485.7

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the amounts recorded based on preliminary estimates of fair value:

Summary of Assets Acquired and Liabilities Assumed
	(In millions)
Assets
Inventories, net	$	311.6
Other current assets	10.3
Assets held for sale	103.8
Total current assets	425.7
Property and equipment, net	420.0
Goodwill	231.7
Intangible franchise rights	429.0
Operating lease right-of-use assets	11.2
Total assets acquired	$	1,517.6
Liabilities
Operating lease liabilities	$	11.2
Other liabilities	6.4
Total liabilities assumed	17.6
Net assets acquired	$	1,500.0

Schedule of Pro Forma Information

The following represents the unaudited pro forma information as if the Koons acquisition had been included in the consolidated results of the Company since January 1, 2022:

	For the Year Ended December 31,
	2023		2022
	(In millions)
	(Unaudited)
Pro forma revenue	$	17,540.4	$	18,516.1
Pro forma net income	$	660.8	$	1,092.9

The following represents the unaudited pro forma information as if the LHM acquisition had been included in the consolidated results of the Company since January 1, 2020:

	For the Year Ended December 31,
	2021		2020
	(In millions)
	(Unaudited)
Pro forma revenue	$	15,431.5	$	12,927.3
Pro forma net income	$	777.3	$	359.9