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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Schedule of Pro Forma Summary | Revenue and operating income contributed by the 2020 acquisitions subsequent to the date of acquisition were as follows:
|  | Year Ended December 31,
(Dollars in millions) |  | 2020
Revenue |  | $ | 866.1 |
Operating income |  | 28.9 |
The following unaudited pro forma summary presents consolidated information as if the acquisitions had occurred on January 1 of the previous year:
|  | Year Ended December 31,
(Dollars in millions, except for per share amounts) |  | 2020 |  | 2019
Revenue |  | $ | 15,500.9 |  |  | $ | 16,043.4 |
Net income |  | 502.6 |  |  | 321.1 |
Basic net income per share |  | 21.10 |  |  | 13.83 |
Diluted net income per share |  | 20.87 |  |  | 13.73 |
Summary of Consideration Paid for Acquisitions | The following tables summarize the consideration paid for the acquisitions and the preliminary amount of identified assets acquired and liabilities assumed as of the acquisition date:
| Year Ended December 31,
(Dollars in millions) | 2020 |  | 2019
Cash paid, net of cash acquired | $ | 1,503.1 |  |  | $ | 366.6 |
Contingent consideration | 4.6 |  |  | — |
Debt and finance lease obligations | 218.9 |  |  | 26.4 |
Total consideration paid | $ | 1,726.6 |  |  | $ | 393.0 |
| Year Ended December 31,
(Dollars in millions) | 2020 |  | 2019
Trade receivables, net | $ | 0.2 |  |  | $ | — |
Inventories | 358.9 |  |  | 105.2 |
Property and equipment | 529.9 |  |  | 124.0 |
Other assets | 858.4 |  |  | 193.1 |
Floor plan notes payable | (13.1) |  |  | — |
Other liabilities | (8.5) |  |  | (29.3) |
| 1,725.8 |  |  | 393.0 |
Goodwill | 0.8 |  |  | — |
Total net assets acquired and liabilities assumed | $ | 1,726.6 |  |  | $ | 393.0 |

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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=121647850&loc=d3e4845-128472 + Details
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