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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the consideration paid and aggregate amounts of the assets acquired and liabilities assumed as of December 31, 2022 (in millions):
Total consideration |  | $ | 967.6 |
Identifiable assets acquired and liabilities assumed |  |
Inventories |  | $ | 136.7 |
Property and equipment |  | 266.8 |
Intangible franchise rights |  | 135.3 |
Operating lease assets |  | 58.3 |
Other assets (1) |  | 62.2 |
Total assets acquired |  | 659.3 |
Operating lease liabilities |  | 56.6 |
Other liabilities (2) |  | 38.3 |
Total liabilities assumed |  | 94.9 |
Total identifiable net assets |  | 564.4 |
Goodwill (3) |  | $ | 403.2 |
(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. (3) Goodwill as of December 31, 2022 has not been adjusted for the impact of the remaining Prime dealership acquired in October 2023 as described above.
Prime assets classified as held for sale as of the acquisition date (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 as of the acquisition date (in millions) |  |
Operating lease liabilities |  | $ | 1.7 |
Pro forma information | The following represents the unaudited pro forma financial information as if Prime had been included in the Company’s consolidated results since January 1, 2021 (in millions):
|  | Year Ended December 31,
|  | 2021 |  |
Revenues |  | $ | 15,243.5 |  |  |
Net income |  | $ | 594.7 |  |  |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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