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ACQUISITIONS AND DIVESTITURES (Tables) | 6 Months Ended
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Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Business Acquisitions | The sources of the preliminary purchase consideration are as follows:
| (In millions)
Cash | $ | 941.3 |
New vehicle floor plan facility | 256.1 |
Used vehicle floor plan facility | 307.1 |
Preliminary purchase price | $ | 1,504.5 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the amounts recorded based on preliminary estimates of fair value:
Summary of Assets Acquired and Liabilities Assumed |
| (In millions)
Assets |
Inventories, net | $ | 310.6 |
Other current assets | 13.7 |
Assets held for sale | 100.9 |
Total current assets | 425.2 |
Property and equipment, net | 418.3 |
Goodwill | 238.9 |
Intangible franchise rights | 430.3 |
Operating lease right-of-use assets | 11.2 |
Total assets acquired | $ | 1,523.9 |
Liabilities |
Operating lease liabilities | $ | 11.2 |
Other liabilities | 8.2 |
Total liabilities assumed | 19.4 |
Net assets acquired | $ | 1,504.5 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -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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