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INTERIM FINANCIAL STATEMENTS | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
INTERIM FINANCIAL STATEMENTS | INTERIM FINANCIAL STATEMENTS Basis of Presentation These Consolidated Financial Statements contain unaudited information as of June 30, 2025, and for the three and six months ended June 30, 2025 and 2024. The unaudited interim financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q. Accordingly, certain disclosures required by accounting principles generally accepted in the United States of America for annual financial statements are not included herein. In management’s opinion, these unaudited financial statements reflect all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the information when read in conjunction with our 2024 audited Consolidated Financial Statements and the related notes thereto. The financial information as of December 31, 2024, is derived from our Annual Report on Form 10-K filed with the SEC on February 24, 2025. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. Reclassifications Certain reclassifications of amounts previously reported have been made to the accompanying Consolidated Financial Statements to maintain consistency and comparability between periods presented. Within our financing operations income, we disaggregated our lease income out of our previously reported interest, fee, and lease income to be its own separately presented line item, as well as revised the related lease depreciation and amortization to now be reported as lease costs, reclassifying amounts previously reported net within lease income. Correction of an Error In the three months ended March 31, 2025, we identified an immaterial error related to interest and fee income recognition in our previously issued financial statements for the year ended December 31, 2024. As a result, retained earnings and finance receivables were overstated, and prepaid income taxes were understated. In accordance with ASC 250, Accounting Changes and Error Corrections, we corrected this error by retrospectively restating the affected prior periods in this Form 10-Q. The following tables summarize the impact of the correction on our Consolidated Financial Statements:
| December 31, 2024
(In millions) | As Previously Reported | Adjustment | As Restated
Consolidated Balance Sheet |  |  |
Other current assets | $221.3 | $1.7 | $223.0
Total current assets | 7,772.2 | 1.7 | 7,773.9
Finance receivables, net | 3,875.2 | (7.0) | 3,868.2
Total assets | 23,127.9 | (5.3) | 23,122.6
Retained earnings | 5,758.8 | (5.3) | 5,753.5
Total stockholders’ equity - Lithia Motors, Inc. | 6,655.5 | (5.3) | 6,650.2
Total equity | 6,679.4 | (5.3) | 6,674.1
Total liabilities, non-controlling interest, and equity | 23,127.9 | (5.3) | 23,122.6

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