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GOODWILL AND FRANCHISE VALUE (Tables) | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | The changes in the carrying amounts of goodwill are as follows:
(in millions) | Vehicle Operations |  | Financing Operations |  | Consolidated
Balance as of December 31, 2023 | $1,913.0 |  | $17.6 |  | $1,930.6
Adjustments to purchase price allocations 2 | 47.7 |  | — |  | 47.7
Additions through acquisitions 1 | 167.0 |  | — |  | 167.0
Reductions through disposals | (22.1) |  | — |  | (22.1)
Currency translation | (6.3) |  | (1.4) |  | (7.7)
Balance as of December 31, 2024 | 2,099.3 |  | 16.2 |  | 2,115.5
Additions through acquisitions 3 | 281.5 |  | — |  | 281.5
Reductions through disposals | (3.9) |  | — |  | (3.9)
Currency translation | 4.1 |  | — |  | 4.1
Balance as of March 31, 2025 | $2,381.0 |  | $16.2 |  | $2,397.2
1 Our purchase price allocations (PPA) for the 2023 acquisitions were finalized in 2024. As a result, we added $146.6 million of goodwill. Preliminary PPA for a portion of our 2024 acquisitions resulted in adding $20.4 million of goodwill. Our PPA for the remaining 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. 2 Our PPA 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 $47.7 million of goodwill. 3 Our PPA for a portion of the 2024 acquisitions were finalized in 2025. As a result, we added $281.5 million of goodwill. Our PPA for the remainder of the 2024 acquisitions and 2025 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, 2023 | $2,402.2
Additions through acquisitions 1 | 172.5
Reductions through divestitures | (9.5)
Currency translation | (14.9)
Balance as of December 31, 2024 | 2,550.3
Additions through acquisitions 2 | 192.0
Reductions through divestitures | (5.0)
Currency translation | 5.1
Balance as of March 31, 2025 | $2,742.4
1 Our PPA for the 2023 acquisitions were finalized in 2024. As a result, we added $172.5 million of franchise value. Our PPA for 2024 acquisitions is 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. 2 Our PPA for a portion of the 2024 acquisitions were finalized in 2025. As a result, we added $192.0 million of franchise value. Our PPA for the remainder of the 2024 acquisitions and 2025 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.

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