XML 36 R23.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Interim Financial Statements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2018
Interim Financial Statements |
Summary of carrying values and fair values of senior subordinated notes and fixed rate mortgage facilities |
|  | June 30, 2018 |  | December 31, 2017 |
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |
3.75% senior subordinated notes due 2020 |  | $ | 297.2 |  | $ | 294.0 |  | $ | 296.5 |  | $ | 301.7 |
5.75% senior subordinated notes due 2022 |  |  | 546.4 |  |  | 559.6 |  |  | 545.9 |  |  | 562.3 |
5.375% senior subordinated notes due 2024 |  |  | 297.4 |  |  | 292.8 |  |  | 297.2 |  |  | 300.2 |
5.50% senior subordinated notes due 2026 |  |  | 494.7 |  |  | 484.9 |  |  | 494.4 |  |  | 505.0 |
Mortgage facilities |  |  | 245.8 |  |  | 243.2 |  |  | 235.5 |  |  | 233.4 |
ASC 606 |
Interim Financial Statements |
Schedule of impacts of adopting ASC 606 |
|  | Balance at |  | Adjustments Due |  | Balance at |
|  | December 31, 2017 |  | to ASC 606 |  | January 1, 2018 |
Assets |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 954.9 |  | $ | 22.4 |  | $ | 977.3 |
Inventories |  |  | 3,944.1 |  |  | (13.4) |  |  | 3,930.7 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 523.5 |  | $ | 0.1 |  | $ | 523.6 |
Deferred tax liabilities |  |  | 481.5 |  |  | 2.3 |  |  | 483.8 |
Retained earnings |  |  | 2,009.4 |  |  | 6.6 |  |  | 2,016.0 |
The following tables summarize the impact of the adoption of ASC 606 on our consolidated condensed statement of income and consolidated condensed balance sheet for the three and six months ended and as of June 30, 2018:
|  | For the Three Months Ended June 30, 2018 |
Statement of Income |  | As |  | Without Adoption |  | Impact of Adoption |
|  | Reported |  | of ASC 606 |  | of ASC 606 |
Revenue: |  |  |  |  |  |  |  |  |  |
Retail automotive dealership |  | $ | 5,455.5 |  | $ | 5,453.3 |  | $ | 2.2 |
Retail commercial truck dealership |  |  | 338.8 |  |  | 339.6 |  |  | (0.8) |
Commercial vehicle distribution and other |  |  | 146.0 |  |  | 143.7 |  |  | 2.3 |
Cost of sales: |  |  |  |  |  |  |  |  |  |
Retail automotive dealership |  |  | 4,657.5 |  |  | 4,656.3 |  |  | 1.2 |
Retail commercial truck dealership |  |  | 286.4 |  |  | 286.8 |  |  | (0.4) |
Commercial vehicle distribution and other |  |  | 106.6 |  |  | 106.1 |  |  | 0.5 |
Gross profit |  |  | 889.8 |  |  | 887.4 |  |  | 2.4 |
Income taxes |  |  | (41.0) |  |  | (40.3) |  |  | 0.7 |
Net income |  |  | 135.2 |  |  | 133.5 |  |  | 1.7 |
|  | For the Six Months Ended June 30, 2018 |
Statement of Income |  | As |  | Without Adoption |  | Impact of Adoption |
|  | Reported |  | of ASC 606 |  | of ASC 606 |
Revenue: |  |  |  |  |  |  |  |  |  |
Retail automotive dealership |  | $ | 10,751.5 |  | $ | 10,748.8 |  | $ | 2.7 |
Retail commercial truck dealership |  |  | 631.2 |  |  | 631.1 |  |  | 0.1 |
Commercial vehicle distribution and other |  |  | 304.5 |  |  | 300.7 |  |  | 3.8 |
Cost of sales: |  |  |  |  |  |  |  |  |  |
Retail automotive dealership |  |  | 9,175.2 |  |  | 9,173.4 |  |  | 1.8 |
Retail commercial truck dealership |  |  | 532.2 |  |  | 532.1 |  |  | 0.1 |
Commercial vehicle distribution and other |  |  | 225.6 |  |  | 223.9 |  |  | 1.7 |
Gross profit |  |  | 1,754.2 |  |  | 1,751.2 |  |  | 3.0 |
Income taxes |  |  | (77.6) |  |  | (76.7) |  |  | 0.9 |
Net income |  |  | 243.0 |  |  | 240.9 |  |  | 2.1 |
|  | June 30, 2018 |
Balance Sheet |  | As |  | Without Adoption |  | Impact of ASC 606 |
|  | Reported |  | of ASC 606 |  | Adoption |
Assets |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 919.6 |  | $ | 890.6 |  | $ | 29.0 |
Inventories |  |  | 3,895.1 |  |  | 3,912.0 |  |  | (16.9) |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 529.7 |  | $ | 529.5 |  | $ | 0.2 |
Deferred tax liabilities |  |  | 530.8 |  |  | 527.7 |  |  | 3.1 |
Retained earnings |  |  | 2,199.7 |  |  | 2,190.9 |  |  | 8.8 |

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=75026489&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |