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GOODWILL AND FRANCHISE VALUE (Tables)
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amounts of goodwill are as follows:
(in millions)Vehicle OperationsFinancing OperationsConsolidated
Balance as of December 31, 2021 ¹$977.3 $— $977.3 
Additions through acquisitions 2
483.4 17.0 500.4 
Reductions through divestitures(17.9)— (17.9)
Currency translation0.7 0.2 0.9 
Balance as of December 31, 2022 ¹1,443.5 17.2 1,460.7 
Additions through acquisitions 3
56.5 — 56.5 
Reductions through divestitures(1.1)— (1.1)
Currency translation0.1 — 0.1 
Balance as of March 31, 2023 ¹$1,499.0 $17.2 $1,516.2 
1Net of accumulated impairment losses of $299.3 million recorded during the year ended December 31, 2008.
2Our purchase price allocation for the 2021 acquisitions were finalized in 2022. As a result, we added $500.4 million of goodwill.
3Our purchase price allocation for a portion of the 2022 acquisitions were finalized in 2023. As a result, we added $56.5 million of goodwill. Our purchase price allocation for the remaining 2022 and 2023 acquisitions are preliminary and goodwill is not yet allocated to our segments. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 11 – Acquisitions.
Schedule of Franchise Value
The changes in the carrying amounts of franchise value are as follows:
(in millions)Franchise Value
Balance as of December 31, 2021$799.1 
Additions through acquisitions 1
1,088.4 
Reductions through divestitures(33.6)
Currency translation2.3 
Balance as of December 31, 20221,856.2 
Additions through acquisitions 2
81.1 
Reductions through divestitures(8.5)
Currency translation0.2 
Balance as of March 31, 2023$1,929.0 
1Our purchase price allocation for the 2021 acquisitions were finalized in 2022. As a result, we added $1.1 billion of franchise value.
2Our purchase price allocations for a portion of the 2022 acquisitions were finalized in 2023. As a result, we added $81.1 million of franchise value. Our purchase price allocation for the remaining 2022 and 2023 acquisitions are preliminary and franchise value is not yet allocated to our reporting units. These amounts are included in other non-current assets until we finalize our purchase accounting. See Note 11 – Acquisitions.