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Business Combinations | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Business Combinations | Business Combinations During the nine months ended September 30, 2023, we acquired three full-service commercial truck dealerships and two service and parts centers in Canada adding to PTG's operations. We also acquired two retail automotive franchises in the U.S. During the nine months ended September 30, 2022, we acquired 19 retail automotive franchises, consisting of 15 franchises in the U.K. and four franchises in the U.S. During the nine months ended September 30, 2022, we also acquired four full-service commercial truck dealerships in Canada adding to PTG's operations. 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 condensed 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 nine months ended September 30, 2023 and 2022:
| September 30,
| 2023 |  | 2022
Accounts receivable | $ | — |  |  | $ | 8.3 |
Inventories | 33.8 |  |  | 111.4 |
Other current assets | 0.2 |  |  | 3.2 |
Property and equipment | 38.4 |  |  | 134.1 |
Indefinite-lived intangibles | 141.4 |  |  | 160.3 |
Other noncurrent assets | — |  |  | — |
Current liabilities | (2.5) |  |  | (14.2) |
Noncurrent liabilities | — |  |  | (9.7) |
Total cash used in acquisitions | $ | 211.3 |  |  | $ | 393.4 |
Our following unaudited consolidated pro forma results of operations for the three and nine months ended September 30, 2023 and 2022 give effect to acquisitions consummated during 2023 and 2022 as if they had occurred effective at the beginning of the period:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenues | $ | 7,465.1 |  |  | $ | 7,069.9 |  |  | $ | 22,418.6 |  |  | $ | 21,484.8 |
Net income attributable to Penske Automotive Group common stockholders | 263.7 |  |  | 342.4 |  |  | 866.0 |  |  | 1,094.0 |
Net income per diluted common share | $ | 3.92 |  |  | $ | 4.64 |  |  | $ | 12.69 |  |  | $ | 14.47 |

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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/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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