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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 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):
Nine Months Ended September 30, |  | 2020
Revenue |  | $ | 261.3 |
Operating income |  | 9.2 |
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 |  | $ | 609.5 |
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
Accounts receivable |  | $ | 0.2 |
Inventories, net |  | 189.3 |
Property and equipment, net |  | 125.8 |
Other non-current assets |  | 416.5 |
Floor plan notes payable |  | (13.1 | )
Debt and finance lease obligations |  | (103.1 | )
Other long-term liabilities |  | (6.1 | )
|  | $ | 609.5 |
Pro Forma Summary of All Acquisitions | The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three and nine-month periods ended September 30, 2020 and 2019, had occurred on January 1, 2019 (in millions, except per share amounts):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Revenue |  | $ | 3,745.3 |  |  | $ | 3,738.3 |  |  | $ | 10,000.7 |  |  | $ | 10,548.8 |
Net income |  | 160.1 |  |  | 92.3 |  |  | 291.9 |  |  | 220.4 |
Basic net income per share |  | 7.01 |  |  | 3.97 |  |  | 12.71 |  |  | 9.50 |
Diluted net income per share |  | 6.92 |  |  | 3.94 |  |  | 12.58 |  |  | 9.44 |

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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=121647850&loc=d3e4845-128472 + Details
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