Goodwill and Franchise Value

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND FRANCHISE VALUE

The following is a roll-forward of goodwill:


($ 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	519.1		—		519.1
Reductions through divestitures	(51.1)		—		(51.1)

Currency translation	1.5		0.4		1.9
Balance as of December 31, 2023	$	1,913.0	$	17.6	$	1,930.6

(1)Our purchase price allocations for the 2021 acquisitions were finalized in 2022. As a result, we added $500.4 million of goodwill.

(2)Our purchase price allocations for the 2022 acquisitions were finalized in 2023. As a result, we added $285.9 million of goodwill. Preliminary purchase price allocation for a portion of our 2023 acquisitions resulted in adding $233.2 million of goodwill. Our purchase price allocation for the remainder of the 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 16 – Acquisitions.

The following is a roll-forward of franchise value:


($ in millions)	Franchise Value
Balance as of December 31, 2021	$	799.1

Additions through acquisitions1	1,088.4
Reductions through divestitures	(33.6)

Currency translation	2.3
Balance as of December 31, 2022	1,856.2

Additions through acquisitions2	556.5
Reductions through divestitures	(14.5)

Currency translation	4.0
Balance as of December 31, 2023	$	2,402.2

(1)Our purchase price allocations 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 the 2022 acquisitions were finalized in 2023. As a result, we added $363.1 million of franchise value. Preliminary purchase price allocations for a portion of our 2023 acquisitions resulted in adding $193.4 million of franchise value. Our purchase price allocations for the remainder of the 2023 acquisitions are preliminary and is not yet allocated to our segments. See Note 16 – Acquisitions.