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GOODWILL AND FRANCHISE VALUE (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2022$1,443.5 $17.2 $1,460.7 
Additions through acquisitions 1
519.1 — 519.1 
Reductions through divestitures(51.1)— (51.1)
Currency translation1.5 0.4 1.9 
Balance as of December 31, 20231,913.0 17.6 1,930.6 
Adjustments to purchase price allocations2
47.6 — 47.6 
Additions through acquisitions3
105.5 — 105.5 
Reductions through divestitures(0.2)— (0.2)
Currency translation(1.8)— (1.8)
Balance as of March 31, 2024$2,064.1 $17.6 $2,081.7 
1Our purchase price allocation 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 remaining 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 12 – Acquisitions.
2Our purchase price allocation for a portion of the 2023 acquisitions recognized in 2023 was adjusted and finalized in 2024 upon the completion of our fair value adjustments for assumed contract liabilities, acquired loan portfolio, and contingent consideration, adding $47.6 million of goodwill.
3Our purchase price allocation for a portion of the 2023 acquisitions were finalized in 2024. As a result, we added $105.5 million of goodwill. Our purchase price allocation for the remaining 2023 and 2024 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 12 – 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, 2022$1,856.2 
Additions through acquisitions 1
556.5 
Reductions through divestitures(14.5)
Currency translation4.0 
Balance as of December 31, 20232,402.2 
Additions through acquisitions 2
140.8 
Reductions through divestitures(1.2)
Currency translation(3.8)
Balance as of March 31, 2024$2,538.0 
1Our purchase price allocation for the 2022 acquisitions were finalized in 2023. As a result, we added $363.1 million of franchise value. Preliminary purchase price allocation for a portion of our 2023 acquisitions resulted in adding $193.4 million of franchise value. Our purchase price allocation for the remaining 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 12 – Acquisitions.
2Our purchase price allocations for a portion of the 2023 acquisitions were finalized in 2024. As a result, we added $140.8 million of franchise value. Our purchase price allocation for the remaining 2023 and 2024 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 12 – Acquisitions.