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Business Combinations

12 Months Ended

Dec. 31, 2020

Business Combinations

Business Combinations

5. Business Combinations

During 2020, we made no acquisitions. During 2019, we acquired one dealership related to our Commercial Vehicle Distribution business in New Zealand and six retail commercial truck locations. 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. A summary of the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the year ended December 31, 2019, follows:


		December 31,
		2019
Accounts receivable		$	—
Inventories			150.7
Other current assets			0.6
Property and equipment			2.6
Indefinite-lived intangibles			214.0
Other noncurrent assets			—
Current liabilities			(16.8)
Noncurrent liabilities			(13.6)
Total consideration			337.5
Contingent consideration			(10.6)
Total cash used in acquisitions		$	326.9

The following unaudited consolidated pro forma results of operations of PAG for the year ended December 31, 2019, give effect to acquisitions consummated during 2019 as if they had occurred on January 1, 2019:



			Year Ended December 31,
		2019
Revenues		$	23,780.6
Income from continuing operations			443.7
Net income			444.2
Income from continuing operations per diluted common share		$	5.38
Net income per diluted common share		$	5.38