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ACQUISITIONS (Tables) | 3 Months Ended
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Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract] |
Schedule of Pro Forma Summary | Revenue and operating income contributed by the 2024 acquisitions subsequent to the date of acquisition were as follows (in millions):
Three Months Ended March 31, |  | 2024
Revenue |  | $ | 985.4 |
Operating income |  | 13.6 |
The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three-month periods ended March 31, 2024 and 2023 had occurred on January 1, 2023:
|  | Three Months Ended March 31, |  |
(in millions, except per share amounts) |  | 2024 |  | 2023 |  |  |  |
Revenue |  | $ | 9,024.4 |  |  | $ | 8,197.2 |  |  |  |  |
Net income attributable to Lithia Motors, Inc. |  | 170.8 |  |  | 245.7 |  |  |  |  |
Basic earnings per share attributable to Lithia Motors, Inc. |  | 6.20 |  |  | 8.94 |  |  |  |  |
Diluted earnings per share attributable to Lithia Motors, Inc. |  | 6.19 |  |  | 8.92 |  |  |  |  |
Schedule of Assets Acquired and Liabilities Assumed | The following tables summarize the consideration paid for the 2024 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 |  | $ | 1,074.4 |
(in millions) |  | Assets Acquired and Liabilities Assumed
Trade receivables, net |  | $ | 119.0 |
Inventories |  | 972.1 |
Property and equipment |  | 499.6 |
Operating lease right-of-use assets |  | 289.7 |
Net investment in operating leases |  | 181.5 |
Deferred taxes, net |  | 20.5 |
Other assets |  | 494.1 |
Trade payables |  | (39.6) |
Floor plan notes payable |  | (868.1) |
Operating lease liability |  | (283.9) |
Other liabilities and deferred revenue |  | (310.5) |
Total net assets acquired and liabilities assumed |  | $ | 1,074.4 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -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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