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Business Combinations | 9 Months Ended
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Sep. 30, 2016
Business Combinations |
Business Combinations | 3. Business Combinations We acquired thirteen retail automotive franchises and five retail commercial truck dealerships during the nine months ended September 30, 2016. During the nine months ended September 30, 2015, we acquired one retail automotive franchise and two retail commercial truck dealerships and made an additional investment in the Jacobs Group, discussed above, to gain control of that joint venture which was previously accounted for 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 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, 2016 and 2015 follows:
|  | September 30, |
|  | 2016 |  | 2015 |
Accounts receivable |  | $ | 3.9 |  | $ | 52.0 |
Inventory |  |  | 63.4 |  |  | 171.7 |
Other current assets |  |  | 0.2 |  |  | 1.3 |
Property and equipment |  |  | 12.1 |  |  | 72.1 |
Indefinite-lived intangibles |  |  | 32.9 |  |  | 68.2 |
Other non-current assets |  |  | 2.7 |  |  | 1.3 |
Current liabilities |  |  | (4.4) |  |  | (42.1) |
Non-current liabilities |  |  | (4.8) |  |  | (67.8) |
Total consideration |  |  | 106.0 |  |  | 256.7 |
Seller financed/assumed debt |  |  | — |  |  | (2.6) |
Seller assumed floor plan |  |  | — |  |  | (118.3) |
Fair value of previously held interest |  |  | — |  |  | (28.0) |
Fair value of non-controlling interest |  |  | — |  |  | (22.4) |
Total cash used in acquisitions |  | $ | 106.0 |  | $ | 85.4 |
The following unaudited consolidated pro forma results of operations of PAG for the three and nine months ended September 30, 2016 and 2015 give effect to acquisitions consummated during 2016 and 2015 as if they had occurred effective at the beginning of the periods:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Revenues |  | $ | 5,152.0 |  | $ | 5,232.2 |  | $ | 15,425.8 |  | $ | 15,314.0 |
Income from continuing operations |  |  | 87.4 |  |  | 88.1 |  |  | 262.4 |  |  | 262.1 |
Net income |  |  | 87.5 |  |  | 88.1 |  |  | 261.3 |  |  | 261.0 |
Income from continuing operations per diluted common share |  | $ | 1.03 |  | $ | 0.98 |  | $ | 3.04 |  | $ | 2.90 |
Net income per diluted common share |  | $ | 1.03 |  | $ | 0.98 |  | $ | 3.03 |  | $ | 2.89 |

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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=65885119&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=65885119&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=65885119&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=65885119&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=73530397&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 7 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1524-128463 Reference 9: 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 10: 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=73530397&loc=d3e4922-128472 Reference 11: 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=73530397&loc=d3e4934-128472 Reference 12: 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=73530397&loc=d3e4926-128472 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=73530397&loc=SL65897772-128472 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=65885119&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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