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GOODWILL AND FRANCHISE VALUE (Tables) | 6 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | The changes in the carrying amounts of goodwill are as follows:
(in millions) | Vehicle Operations |  | Financing Operations |  |  |  | Consolidated
Balance as of December 31, 2021 | $ | 977.3 |  |  | $ | — |  |  |  |  | $ | 977.3 |
Additions through acquisitions 1 | 483.4 |  |  | 17.0 |  |  |  |  | 500.4 |
Reductions through divestitures | (17.9) |  |  | — |  |  |  |  | (17.9) |
Currency translation | 0.7 |  |  | 0.2 |  |  |  |  | 0.9 |
Balance as of December 31, 2022 | 1,443.5 |  |  | 17.2 |  |  |  |  | 1,460.7 |
Additions through acquisitions 2 | 157.3 |  |  | — |  |  |  |  | 157.3 |
Reductions through divestitures | (9.3) |  |  | — |  |  |  |  | (9.3) |
Currency translation | 1.1 |  |  | 0.4 |  |  |  |  | 1.5 |
Balance as of June 30, 2023 | $ | 1,592.6 |  |  | $ | 17.6 |  |  |  |  | $ | 1,610.2 |
1 Our purchase price allocation for the 2021 acquisitions were finalized in 2022. As a result, we added $500.4 million of goodwill. 2 Our purchase price allocation for a portion of the 2022 acquisitions were finalized in 2023. As a result, we added $157.3 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 translation | 2.3 |
Balance as of December 31, 2022 | 1,856.2 |
Additions through acquisitions 2 | 169.8 |
Reductions through divestitures | (13.4) |
Currency translation | 3.6 |
Balance as of June 30, 2023 | $ | 2,016.2 |
1 Our purchase price allocation for the 2021 acquisitions were finalized in 2022. As a result, we added $1.1 billion of franchise value. 2 Our purchase price allocations for a portion of the 2022 acquisitions were finalized in 2023. As a result, we added $169.8 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.

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