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Interim Financial Statements (Tables) | 9 Months Ended
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Sep. 30, 2018
Interim Financial Statements |
Summary of carrying values and fair values of senior subordinated notes and fixed rate mortgage facilities |
|  | September 30, 2018 |  | December 31, 2017 |
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |
3.75% senior subordinated notes due 2020 |  | $ | 297.5 |  | $ | 296.8 |  | $ | 296.5 |  | $ | 301.7 |
5.75% senior subordinated notes due 2022 |  |  | 546.6 |  |  | 557.5 |  |  | 545.9 |  |  | 562.3 |
5.375% senior subordinated notes due 2024 |  |  | 297.5 |  |  | 294.2 |  |  | 297.2 |  |  | 300.2 |
5.50% senior subordinated notes due 2026 |  |  | 494.9 |  |  | 491.4 |  |  | 494.4 |  |  | 505.0 |
Mortgage facilities |  |  | 243.0 |  |  | 238.5 |  |  | 235.5 |  |  | 233.4 |
Schedule of adjustments to provisional estimates recorded to current tax expense or deferred tax expense, as applicable | The following adjustments to our provisional estimates have been recorded to current tax expense or deferred tax expense, as applicable, in the third quarter of 2018:
(In millions) |  |
Federal and State Changes Due to Repatriation |  | $ | 12.5
Other Adjustments |  |  | (0.9)
Total SAB 118 Benefit |  | $ | 11.6
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 nine months ended and as of September 30, 2018:
|  | For the Three Months Ended September 30, 2018 |
Statement of Income |  | As |  | Without Adoption |  | Impact of Adoption |
|  | Reported |  | of ASC 606 |  | of ASC 606 |
Revenue: |  |  |  |  |  |  |  |  |  |
Retail automotive dealership |  | $ | 5,148.5 |  | $ | 5,149.4 |  | $ | (0.9) |
Retail commercial truck dealership |  |  | 385.3 |  |  | 384.3 |  |  | 1.0 |
Commercial vehicle distribution and other |  |  | 124.8 |  |  | 126.2 |  |  | (1.4) |
Cost of sales: |  |  |  |  |  |  |  |  |  |
Retail automotive dealership |  |  | 4,386.3 |  |  | 4,387.0 |  |  | (0.7) |
Retail commercial truck dealership |  |  | 327.5 |  |  | 327.0 |  |  | 0.5 |
Commercial vehicle distribution and other |  |  | 92.2 |  |  | 92.9 |  |  | (0.7) |
Gross profit |  |  | 852.6 |  |  | 853.0 |  |  | (0.4) |
Income taxes |  |  | (27.1) |  |  | (27.2) |  |  | (0.1) |
Net income |  |  | 130.1 |  |  | 130.4 |  |  | (0.3) |
|  | For the Nine Months Ended September 30, 2018 |
Statement of Income |  | As |  | Without Adoption |  | Impact of Adoption |
|  | Reported |  | of ASC 606 |  | of ASC 606 |
Revenue: |  |  |  |  |  |  |  |  |  |
Retail automotive dealership |  | $ | 15,900.0 |  | $ | 15,898.2 |  | $ | 1.8 |
Retail commercial truck dealership |  |  | 1,016.5 |  |  | 1,015.4 |  |  | 1.1 |
Commercial vehicle distribution and other |  |  | 429.3 |  |  | 426.9 |  |  | 2.4 |
Cost of sales: |  |  |  |  |  |  |  |  |  |
Retail automotive dealership |  |  | 13,561.5 |  |  | 13,560.4 |  |  | 1.1 |
Retail commercial truck dealership |  |  | 859.7 |  |  | 859.1 |  |  | 0.6 |
Commercial vehicle distribution and other |  |  | 317.8 |  |  | 316.8 |  |  | 1.0 |
Gross profit |  |  | 2,606.8 |  |  | 2,604.2 |  |  | 2.6 |
Income taxes |  |  | (104.7) |  |  | (103.9) |  |  | 0.8 |
Net income |  |  | 373.1 |  |  | 371.3 |  |  | 1.8 |
|  | September 30, 2018 |
Balance Sheet |  | As |  | Without Adoption |  | Impact of ASC 606 |
|  | Reported |  | of ASC 606 |  | Adoption |
Assets |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 953.4 |  | $ | 925.7 |  | $ | 27.7 |
Inventories |  |  | 3,783.4 |  |  | 3,799.2 |  |  | (15.8) |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 570.2 |  | $ | 569.8 |  | $ | 0.4 |
Deferred tax liabilities |  |  | 547.9 |  |  | 544.9 |  |  | 3.0 |
Retained earnings |  |  | 2,299.2 |  |  | 2,290.7 |  |  | 8.5 |

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