XML 29 R10.htm IDEA: XBRL DOCUMENT
v3.25.3

INTERIM FINANCIAL STATEMENTS | 9 Months Ended
--- | ---
Sep. 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 September 30, 2025, and for the three and nine months ended September 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. In accordance with FASB 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 Balance Sheet and Consolidated Statement of Operations.
| 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
| For the Three Months Ended September 30, 2024
(in millions, except per share amounts) | As Previously Reported | Adjustment | As Restated
Consolidated Statement of Operations |  |  |
Financing operations income (loss) | $0.9 | $(2.3) | $(1.4)
Operating profit | 424.2 | (2.3) | 421.9
Income before income taxes | 288.2 | (2.3) | 285.9
Income tax provision | (65.3) | 0.5 | (64.8)
Net income | 222.9 | (1.8) | 221.1
Net income attributable to Lithia Motors, Inc. | 209.1 | (1.8) | 207.3
Basic earnings per share attributable to Lithia Motors, Inc. | $7.82 | $(0.07) | $7.75
Diluted earnings per share attributable to Lithia Motors, Inc. | $7.80 | $(0.07) | $7.73
| For the Nine Months Ended September 30, 2024
(in millions, except per share amounts) | As Previously Reported | Adjustment | As Restated
Consolidated Statement of Operations |  |  |
Financing operations income | $6.4 | $(2.3) | $4.1
Operating profit | 1,159.3 | (2.3) | 1,157.0
Income before income taxes | 791.4 | (2.3) | 789.1
Income tax provision | (187.0) | 0.5 | (186.5)
Net income | 604.4 | (1.8) | 602.6
Net income attributable to Lithia Motors, Inc. | 585.8 | (1.8) | 584.0
Basic earnings per share attributable to Lithia Motors, Inc. | $21.57 | $(0.07) | $21.50
Diluted earnings per share attributable to Lithia Motors, Inc. | $21.54 | $(0.07) | $21.47

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480424/946-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480424/946-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480922/205-10-S99-3 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481034/205-10-S45-5 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205/tableOfContent + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration