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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
Pro Forma Summary | Revenue and operating income contributed by the 2019 acquisitions subsequent to the date of acquisition were as follows (in millions):
Year Ended December 31, |  | 2019
Revenue |  | $ | 232.3 |
Operating income |  | 3.1 |
The following unaudited pro forma summary presents consolidated information as if the acquisitions had occurred on January 1 of the previous year (in millions, except for per share amounts):
Year Ended December 31, |  | 2019 |  | 2018
Revenue |  | $ | 13,193.4 |  |  | $ | 12,831.9 |
Net income |  | 280.2 |  |  | 275.6 |
Basic net income per share |  | 12.07 |  |  | 11.31 |
Diluted net income per share |  | 11.98 |  |  | 11.26 |
Summary of Consideration Paid for Acquisitions | The following tables summarize the consideration paid in cash and equity securities for the acquisitions and the preliminary amount of identified assets acquired and liabilities assumed as of the acquisition date (in millions):
Consideration paid for the Year Ended December 31, | 2019 |  | 2018
Cash paid, net of cash acquired | $ | 366.6 |  |  | $ | 373.8 |
Debt issued | 26.4 |  |  | 125.1 |
| $ | 393.0 |  |  | $ | 498.9 |
Assets acquired and liabilities assumed for the Year Ended December 31, | 2019 |  | 2018
Trade receivables, net | $ | — |  |  | $ | 0.7 |
Inventories | 105.2 |  |  | 180.0 |
Franchise value | — |  |  | 29.8 |
Property and equipment | 124.0 |  |  | 179.7 |
Other assets | 193.1 |  |  | 48.6 |
Floor plan notes payable | — |  |  | (10.8 | )
Other liabilities | (29.3 | ) |  | (2.3 | )
| 393.0 |  |  | 425.7 |
Goodwill | — |  |  | 73.2 |
| $ | 393.0 |  |  | $ | 498.9 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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