XML 180 R40.htm IDEA: XBRL DOCUMENT v3.24.2.u1

ACQUISITIONS (Tables)

6 Months Ended

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

X

- 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

Name:	us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration