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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Pro Forma Summary of All Acquisitions | Revenue and operating income contributed by the 2021 acquisitions subsequent to the date of acquisition were as follows (in millions):
Nine Months Ended September 30, |  | 2021
Revenue |  | $ | 2,385.9 |
Operating income |  | 121.9 |
The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three and nine-month periods ended September 30, 2021 and 2020, had occurred on January 1, 2020:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions, except per share amounts) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Revenue |  | $ | 6,483.3 |  |  | $ | 5,840.4 |  |  | $ | 18,699.8 |  |  | $ | 15,455.9 |
Net income attributable to Lithia Motors, Inc. |  | 317.8 |  |  | 216.9 |  |  | 825.4 |  |  | 400.5 |
Basic earnings attributable to Lithia Motors, Inc. per share |  | 10.50 |  |  | 9.49 |  |  | 29.10 |  |  | 17.43 |
Diluted earnings attributable to Lithia Motors, Inc. per share |  | 10.44 |  |  | 9.37 |  |  | 28.88 |  |  | 17.26 |
Summary of Acquisitions | The following tables summarize the consideration paid for the 2021 acquisitions and the preliminary purchase price allocations for identified assets acquired and liabilities assumed as of the acquisition date:
(in millions) |  | Consideration
Cash paid, net of cash acquired |  | $ | 2,376.4 |
Debt issued |  | 355.4 |
Preliminary fair value of redeemable non-controlling interest |  | 33.0 |
Total consideration transferred |  | $ | 2,764.8 |
Assets Acquired and Liabilities Assumed |
(in millions) |  | Assets Acquired and Liabilities Assumed
Accounts receivable |  | $ | 1.1 |
Inventories, net |  | 565.6 |
Property and equipment, net |  | 112.6 |
Other non-current assets |  | 2,117.4 |
Floor plan notes payable |  | (3.9) |
Other long-term liabilities |  | (28.0) |
|  | $ | 2,764.8 |

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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=123413009&loc=d3e4845-128472 + Details
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