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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Pro Forma Summary of All Acquisitions | Revenue and operating income contributed by the 2022 acquisitions subsequent to the date of acquisition were as follows (in millions):
Six Months Ended June 30, |  | 2022
Revenue |  | $ | 341.2 |
Operating income |  | 17.6 |
The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three and six-month periods ended June 30, 2022 and 2021 had occurred on January 1, 2021:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions, except per share amounts) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Revenue |  | $ | 7,562.4 |  |  | $ | 6,579.9 |  |  | $ | 14,588.3 |  |  | $ | 11,331.5 |
Net income attributable to Lithia Motors, Inc. |  | 356.2 |  |  | 337.4 |  |  | 712.5 |  |  | 510.2 |
Basic earnings attributable to Lithia Motors, Inc. per share |  | 12.54 |  |  | 11.99 |  |  | 24.60 |  |  | 18.62 |
Diluted earnings attributable to Lithia Motors, Inc. per share |  | 12.46 |  |  | 11.89 |  |  | 24.48 |  |  | 18.47 |
Summary of Acquisitions | The following tables summarize the consideration paid for the 2022 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 |  | $ | 698.3 |
Assets Acquired and Liabilities Assumed |
(in millions) |  | Assets Acquired and Liabilities Assumed
Inventories |  | $ | 131.9 |
Property and equipment |  | 236.5 |
Other non-current assets |  | 393.8 |
Debt and finance lease obligations |  | (59.0) |
Other long-term liabilities |  | (4.9) |
|  | $ | 698.3 |

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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 https://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 https://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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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