Acquisitions and Dispositions of Businesses (Tables)

9 Months Ended

Sep. 30, 2019

Acquisitions And Dispositions [Abstract]

Schedule of assets acquired and liabilities assumed

The aggregate purchase price of the 2019 and 2018 acquisitions was allocated as follows (2019 on a preliminary basis), based on acquisition date fair values to the following assets and liabilities:

	Purchase Price Allocation
	Nine Months Ended			Year Ended
(in thousands)	September 30, 2019			December 31, 2018
Accounts receivable	$	4,697		$	2,344
Inventory	31,750			1,268
Property, plant and equipment	52,577			1,518
Lease Right-of-Use Assets	100,933			—
Goodwill	63,387			41,840
Indefinite-lived intangible assets	46,900			—
Amortized intangible assets	21,291			78,427
Other assets	8,352			5,198
Floor plan payables	(25,755		)	—
Other liabilities	(38,828		)	(7,678		)
Deferred income taxes	(2,191		)	(4,900		)
Current and noncurrent lease liabilities	(97,996		)	—
Noncontrolling interest	(530		)	—
Aggregate purchase price, net of cash acquired	$	164,587		$	118,017

Acquisition Pro Forma Financial Information

The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2018. The unaudited pro forma information also includes the 2018 acquisitions as if they occurred at the beginning of 2017:

	Three Months Ended   September 30				Nine Months Ended   September 30
(in thousands)	2019		2018		2019		2018
Operating revenues	$	750,076	$	787,808	$	2,267,502	$	2,349,342
Net income	43,849		125,761		178,551		217,589

Information related to Disposal Group

The revenue and operating income related to the KU business disposed of are as follows:

(in thousands)	Three Months Ended September 30, 2018		Nine Months Ended September 30, 2018
Revenue	$	—	$	91,526
Operating income	—		213