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GOODWILL AND FRANCHISE VALUE
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND FRANCHISE VALUE GOODWILL AND FRANCHISE VALUE
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 acquisitions3
347.9
—
347.9
Reductions through disposals
(39.2)
—
(39.2)
Currency translation
15.4
0.5
15.9
Balance as of September 30, 2025
$2,423.4
$16.7
$2,440.1
1Our 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.
2Our 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.
3Our PPA for a portion of the 2024 acquisitions were finalized in 2025. As a result, we added $347.9 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.
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
218.0
Reductions through divestitures
(16.3)
Currency translation
19.8
Balance as of September 30, 2025
$2,771.8
1Our 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. These amounts are included in other non-current
assets until we finalize our purchase accounting. See Note 12 – Acquisitions.
2Our PPA for a portion of the 2024 acquisitions were finalized in 2025. As a result, we added $218.0 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. These amounts are included in other non-current assets until we finalize our purchase accounting. See
Note 12 – Acquisitions.