XML 61 R14.htm IDEA: XBRL DOCUMENT
v3.19.3

Business Combinations | 9 Months Ended
--- | ---
Sep. 30, 2019
Business Combinations |
Business Combinations | 6. Business Combinations ​ 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. During the nine months ended September 30, 2018, we acquired The Car People, a stand-alone specialty retailer of used vehicles in the U.K. representing four locations; acquired four retail automotive franchises; and acquired one retail commercial truck dealership. 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, 2019 and 2018 follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​
​ |  | 2019 |  | 2018 |
Accounts receivable | ​ | $ | — | ​ | $ | 3.6 | ​
Inventories | ​ | ​ | 150.7 | ​ | ​ | 62.8 | ​
Other current assets | ​ |  | 0.6 | ​ |  | — | ​
Property and equipment | ​ |  | 2.6 | ​ |  | 52.6 | ​
Indefinite-lived intangibles | ​ |  | 214.0 | ​ |  | 73.9 | ​
Current liabilities | ​ |  | (16.8) | ​ |  | (16.9) | ​
Noncurrent liabilities | ​ |  | (13.6) | ​ |  | (0.6) | ​
Total consideration | ​ |  | 337.5 | ​ |  | 175.4 | ​
Deferred consideration | ​ |  | — | ​ |  | (6.8) | ​
Contingent consideration | ​ |  | (10.6) | ​ |  | — | ​
Total cash used in acquisitions | ​ | $ | 326.9 | ​ | $ | 168.6 | ​
​ The following unaudited consolidated pro forma results of operations of PAG for the three and nine months ended September 30, 2019 and 2018 give effect to acquisitions consummated during 2019 and 2018 as if they had occurred effective at the beginning of the periods: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30, | ​
​ |  | 2019 |  | 2018 | ​ | 2019 |  | 2018 |
Revenues | ​ | $ | 6,013.7 | ​ | $ | 5,996.3 |  | $ | 17,888.9 | ​ | $ | 18,384.2 | ​
Income from continuing operations | ​ |  | 115.5 | ​ |  | 117.9 | ​ |  | 319.7 | ​ |  | 338.0 | ​
Net income | ​ |  | 115.7 | ​ |  | 118.0 | ​ |  | 320.4 | ​ |  | 338.0 | ​
Income from continuing operations per diluted common share | ​ | $ | 1.41 | ​ | $ | 1.39 | ​ | $ | 3.86 | ​ | $ | 3.96 | ​
Net income per diluted common share | ​ | $ | 1.42 | ​ | $ | 1.39 | ​ | $ | 3.86 | ​ | $ | 3.96 | ​
​

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration