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ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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):
Six Months Ended June 30, | 2024
Revenue | $ | 2,393.0 |
Operating income | 19.9 |
The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three and six-month periods ended June 30, 2024 and 2023 had occurred on January 1, 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions, except per share amounts) | 2024 |  | 2023 |  | 2024 |  | 2023
Revenue | $ | 9,276.3 |  |  | $ | 9,496.4 |  |  | $ | 18,361.9 |  |  | $ | 17,753.0 |
Net income attributable to Lithia Motors, Inc. | 218.4 |  |  | 324.6 |  |  | 391.1 |  |  | 572.2 |
Basic earnings per share attributable to Lithia Motors, Inc. | 8.03 |  |  | 11.79 |  |  | 14.29 |  |  | 20.80 |
Diluted earnings per share attributable to Lithia Motors, Inc. | 8.02 |  |  | 11.77 |  |  | 14.27 |  |  | 20.76 |
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 | $ | 1,169.5 |
Total consideration transferred | $ | 1,169.5 |
(in millions) | Assets Acquired and Liabilities Assumed
Accounts receivables, net | $ | 119.0 |
Inventories, net | 999.5 |
Property and equipment | 535.7 |
Operating lease right-of-use assets | 289.8 |
Net investment in operating leases | 181.5 |
Deferred taxes, net | 20.5 |
Other assets | 526.4 |
Floor plan notes payable assumed | (868.1) |
Trade payables | (39.6) |
Operating lease liabilities | (283.9) |
Other liabilities and deferred revenue | (311.3) |
Total net assets acquired and liabilities assumed | $ | 1,169.5 |

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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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