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ACQUISITIONS | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
ACQUISITIONS | ACQUISITIONS Prime Acquisition In November 2021, the Company completed the Prime Acquisition, for aggregate consideration of approximately $934.2 million. The purchase price was financed through a combination of cash, available lines of credit and debt financing. The accounting for the Prime Acquisition is considered to be preliminary. The Company is continuing to analyze and assess relevant information related to certain property and equipment and property lease contracts. Due to the recent timing and complexity of the Acquisition, these amounts are provisional and subject to change as the Company’s fair value assessments are finalized. The Company will reflect any such adjustments in subsequent filings. The results of the Prime Acquisition are included in the U.S. segment. The goodwil l is deductible for i ncome tax purposes. The following table summarizes the consideration paid and aggregate amounts of the assets acquired and liabilities assumed as of the acquisition date (in millions):
Total consideration |  | $ | 934.2 |
Identifiable assets acquired and liabilities assumed |  |
Inventories |  | $ | 136.7 |
Property and equipment |  | 267.4 |
Intangible franchise rights |  | 135.3 |
Operating lease assets |  | 58.3 |
Other assets (1) |  | 63.1 |
Total assets acquired |  | 660.8 |
Operating lease liabilities |  | 56.6 |
Other liabilities (2) |  | 38.3 |
Total liabilities assumed |  | 94.9 |
Total identifiable net assets |  | 565.9 |
Goodwill |  | $ | 368.3 |
(1) Other assets acquired in connection with the Prime Acquisition include $55.3 million of assets classified as held for sale as of the acquisition date. See the table below for additional details. (2) Other liabilities assumed in connection with the Prime Acquisition include $1.7 million of liabilities classified as held for sale as of the acquisition date. See the table below for additional details.
Prime assets classified as held for sale (in millions) |  |
Inventories |  | $ | 10.4 |
Property and equipment |  | 28.1 |
Operating lease assets |  | 1.7 |
Goodwill |  | 15.1 |
Total other assets classified as held for sale |  | $ | 55.3 |
Prime liabilities classified as held for sale (in millions) |  |
Operating lease liabilities |  | $ | 1.7 |
The Company recorded $12.9 million of acquisition related costs during the year ended December 31, 2021. These costs are included in Selling, general and administrative expenses in the Consolidated Statements of Operations. The Company’s Consolidated Statements of Operations included revenues and net income attributable to Prime from the acquisition date through December 31, 2021, of $199.9 million and $14.3 million, res pectively. The following unaudited pro forma financial information presents consolidated information of the Company as if the Prime Acquisition had occurred January 1, 2020 (in millions):
|  | Years Ended December 31,
|  | 2021 |  | 2020
|  | (unaudited)
Revenues |  | $ | 15,243.5 |  |  | $ | 12,469.8 |
Net income |  | $ | 594.7 |  |  | $ | 290.0 |
Pro forma data may not be indicative of the results that would have been obtained had these events actually occurred at the beginning of the period presented and is not intended to be a projection of future results. Other Acquisitions During the year ended December 31, 2021, the Company also acquired five dealerships, representing eight franchises, in the U.S. and seven dealerships, representing nine franchises, in the U.K. Aggregate consideration paid for these dealerships, which were accounted for as business combinations, totaled $166.8 million, net of cash acquired. Goodwill associated with these acquisitions totaled $70.1 million. During the year ended December 31, 2020, the Company acquired a collision center in the U.S., which was integrated into an existing dealership. Aggregate consideration paid was $1.3 million. Goodwill associated with this acquisition was not material.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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