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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Pro Forma Summary of All Acquisitions | Revenue and operating income contributed by the 2023 acquisitions subsequent to the date of acquisition were as follows (in millions):
Six Months Ended June 30, |  | 2023
Revenue |  | $ | 791.8 |
Operating income |  | 28.8 |
The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three and six-month periods ended June 30, 2023 and 2022 had occurred on January 1, 2022:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions, except per share amounts) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenue |  | $ | 8,400.0 |  |  | $ | 8,147.1 |  |  | $ | 16,116.9 |  |  | $ | 15,695.7 |
Net income attributable to Lithia Motors, Inc. |  | 314.5 |  |  | 363.2 |  |  | 567.9 |  |  | 732.7 |
Basic earnings attributable to Lithia Motors, Inc. per share |  | 11.42 |  |  | 12.79 |  |  | 20.64 |  |  | 25.29 |
Diluted earnings attributable to Lithia Motors, Inc. per share |  | 11.41 |  |  | 12.71 |  |  | 20.60 |  |  | 25.17 |
Summary of Acquisitions | The following tables summarize the consideration paid for the 2023 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 |  | $ | 978.5 |
Contingent consideration |  | 7.3 |
Total consideration transferred |  | $ | 985.8 |
Assets Acquired and Liabilities Assumed |
(in millions) |  | Assets Acquired and Liabilities Assumed
Trade receivables, net |  | $ | 66.7 |
Inventories |  | 540.5 |
Goodwill |  | 30.5 |
Property and equipment |  | 348.9 |
Operating lease right-of-use assets |  | 86.7 |
Finance receivables, net |  | 8.0 |
Other assets |  | 645.1 |
Floor plan notes payable |  | (439.8) |
Borrowings on lines of credit |  | (36.4) |
Debt and finance lease obligations |  | (45.0) |
Deferred taxes, net |  | 10.0 |
Other liabilities |  | (229.4) |
Total net assets acquired and liabilities assumed |  | $ | 985.8 |

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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 -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + 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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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