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Business Combinations | 12 Months Ended
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Dec. 31, 2015
Business Combinations |
Business Combinations | 3. Business Combinations During 2015, we acquired five retail automotive franchises and two retail commercial truck dealerships, and made an additional investment to gain control of an automotive joint venture previously accounted for under the equity method. The companies acquired in 2015 generated $553.9 million of revenue and $12.5 million of pre-tax income from our date of acquisition through December 31, 2015. During 2014, in addition to acquiring two automotive retail franchises, we acquired a distributor of diesel and gas engines and power systems to complement our commercial vehicle distribution business, acquired a controlling interest in a commercial truck dealership group in the U.S., as well as made an additional investment in an entity previously accounted under the equity method. Our financial statements include the results of operations of the acquired entities from the date of acquisition. The fair value of the assets acquired and liabilities assumed have been recorded in our consolidated 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 years ended December 31, 2015 and 2014 follows:
|  | December 31, |
|  | 2015 |  | 2014 |
Accounts receivable |  | $ | 52.0 |  | $ | 66.2 |
Inventory |  |  | 198.6 |  |  | 197.9 |
Other current assets |  |  | 3.2 |  |  | 5.9 |
Property and equipment |  |  | 98.1 |  |  | 95.2 |
Indefinite-lived intangibles |  |  | 115.6 |  |  | 266.4 |
Other non-current assets |  |  | 2.3 |  |  | 10.7 |
Current liabilities |  |  | (66.0) |  |  | (83.4) |
Non-current liabilities |  |  | (75.5) |  |  | (12.1) |
Total consideration |  | $ | 328.3 |  | $ | 546.8 |
Seller financed/assumed debt |  |  | (2.6) |  |  | (134.4) |
Seller assumed floorplan |  |  | (118.3) |  |  | — |
Fair value of previously held interest |  |  | (28.0) |  |  | (47.4) |
Fair value of non-controlling interest |  |  | (22.5) |  |  | (10.0) |
Total cash used in acquisitions |  | $ | 156.9 |  | $ | 355.0 |
The following unaudited consolidated pro forma results of operations of PAG for the years ended December 31, 2015 and 2014 give effect to acquisitions consummated during 2015 and 2014 as if they had occurred on January 1, 2014:
|  | Year Ended December 31, |
|  | 2015 |  | 2014 |
Revenues |  | $ | 19,905.7 |  | $ | 19,128.7 |
Income from continuing operations |  |  | 331.4 |  |  | 311.9 |
Net income |  |  | 328.0 |  |  | 297.2 |
Income from continuing operations per diluted common share |  | $ | 3.69 |  | $ | 3.45 |
Net income per diluted common share |  | $ | 3.65 |  | $ | 3.29 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4934-128472 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479 + Details
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