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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2020
Business Combinations [Abstract] |
Revenue and Operating Income from Acquisitions | Revenue and operating income contributed by the 2020 acquisitions subsequent to the date of acquisition were as follows (in millions):
Three Months Ended March 31, |  | 2020
Revenue |  | $ | 12.7 |
Operating income |  | — |
Summary of Acquisitions | The following tables summarize the consideration paid for the 2020 acquisitions and the amount of identified assets acquired and liabilities assumed as of the acquisition date (in millions):
|  | Consideration
Cash paid, net of cash acquired |  | $ | 72.3 |
Assets Acquired and Liabilities Assumed | The following table details the preliminary purchase price allocations for the 2020 acquisitions (in millions):
|  | Assets Acquired and Liabilities Assumed
Inventories, net |  | $ | 24.7 |
Property and equipment, net |  | 0.5 |
Other non-current assets |  | 55.7 |
Floor plan notes payable |  | (7.3 | )
Other long-term liabilities |  | (1.3 | )
|  | $ | 72.3 |
Pro Forma Summary of All Acquisitions | The following unaudited proforma summary presents consolidated information as if all acquisitions in the three-month periods ended March 31, 2020 and 2019, had occurred on January 1, 2019 (in millions, except per share amounts):
|  | Three Months Ended March 31,
|  | 2020 |  | 2019
Revenue |  | $ | 2,805.5 |  |  | $ | 2,871.8 |
Net income |  | 46.3 |  |  | 56.8 |
Basic net income per share |  | 1.99 |  |  | 2.45 |
Diluted net income per share |  | 1.97 |  |  | 2.44 |

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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 a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -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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