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Business Combinations | 12 Months Ended
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Dec. 31, 2021
Business Combinations [Abstract] |
Business Combinations | Business CombinationsDuring 2021, we acquired three retail automotive franchises in the U.S. and ten retail automotive franchises relating to our purchase of the remaining 51% interest in the Nicole Group, our former retail automotive joint venture in the greater Tokyo area of Japan representing BMW, MINI, Rolls-Royce, Ferrari, and ALPINA dealerships. We also acquired Kansas City Freightliner (“KCFL”), a retailer of heavy- and medium-duty commercial trucks in Kansas and Missouri. KCFL added four full-service dealerships, four parts and service centers, and two collision centers to PTG’s operations. In addition, we acquired McCoy Freightliner ("McCoy"), a retailer of heavy- and medium-duty commercial trucks in Oregon. McCoy adds two full-service dealerships and a remarketing center to PTG's existing operations. The companies acquired in 2021 generated $473.4 million of revenue and $27.5 million of pre-tax income from our date of acquisition through December 31, 2021. We made no acquisitions during 2020. Our financial statements include the results of operations of the acquired entity 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. The following table summarizes the aggregate consideration paid and the aggregate amounts of the assets acquired and liabilities assumed for the year ended December 31, 2021, follows:
| December 31, 2021
Accounts receivable | $ | 2.4 |
Inventories | 106.6 |
Other current assets | 5.8 |
Property and equipment | 102.7 |
Indefinite-lived intangibles | 294.4 |
Other noncurrent assets | 14.9 |
Current liabilities | (56.4) |
Noncurrent liabilities | (15.7) |
Total consideration | 454.7 |
Fair value of previously held interest | (22.9) |
Total cash used in acquisitions | $ | 431.8 |
The following unaudited consolidated pro forma results of operations of PAG for the year ended December 31, 2021, give effect to acquisitions consummated during 2021 as if they had occurred on January 1, 2020:
| Year Ended December 31,
| 2021 |  | 2020
Revenues | $ | 26,219.8 |  |  | $ | 21,542.6 |
Income from continuing operations | 1,203.6 |  |  | 574.0 |
Net income | 1,204.9 |  |  | 574.3 |
Income from continuing operations per diluted common share | $ | 15.09 |  |  | $ | 7.12 |
Net income per diluted common share | $ | 15.11 |  |  | $ | 7.13 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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