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Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2018
Organization and Summary of Significant Accounting Policies |
Summary of carrying values and fair values of senior subordinated notes and fixed rate mortgage facilities |
|  | December 31, 2018 |  | December 31, 2017 |
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |
3.75% senior subordinated notes due 2020 |  | $ | 297.9 |  | $ | 291.9 |  | $ | 296.5 |  | $ | 301.7 |
5.75% senior subordinated notes due 2022 |  |  | 546.8 |  |  | 537.6 |  |  | 545.9 |  |  | 562.3 |
5.375% senior subordinated notes due 2024 |  |  | 297.6 |  |  | 278.7 |  |  | 297.2 |  |  | 300.2 |
5.50% senior subordinated notes due 2026 |  |  | 495.1 |  |  | 465.2 |  |  | 494.4 |  |  | 505.0 |
Mortgage facilities |  |  | 289.6 |  |  | 290.2 |  |  | 235.5 |  |  | 233.4 |
Reconciliation of number of shares used in calculation of basic and diluted earning per share |
|  | Year Ended December 31, |
|  | 2018 |  | 2017 |  | 2016 |
Weighted average number of common shares outstanding |  | 85,165,367 |  | 85,877,227 |  | 86,000,754 |
Effect of non-participatory equity compensation |  | — |  | — |  | — |
Weighted average number of common shares outstanding, including effect of dilutive securities |  | 85,165,367 |  | 85,877,227 |  | 86,000,754 |
ASC 606 |
Organization and Summary of Significant Accounting Policies |
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 year ended and as of December 31, 2018:
|  | For the Year Ended December 31, 2018 |
Statement of Income |  | As |  | Without Adoption |  | Impact of Adoption |
|  | Reported |  | of ASC 606 |  | of ASC 606 |
Revenue: |  |  |  |  |  |  |  |  |  |
Retail automotive dealership |  | $ | 20,849.2 |  | $ | 20,846.0 |  | $ | 3.2 |
Retail commercial truck dealership |  |  | 1,374.5 |  |  | 1,373.9 |  |  | 0.6 |
Commercial vehicle distribution and other |  |  | 561.4 |  |  | 558.5 |  |  | 2.9 |
Cost of sales: |  |  |  |  |  |  |  |  |  |
Retail automotive dealership |  |  | 17,790.6 |  |  | 17,788.5 |  |  | 2.1 |
Retail commercial truck dealership |  |  | 1,163.0 |  |  | 1,162.7 |  |  | 0.3 |
Commercial vehicle distribution and other |  |  | 416.6 |  |  | 415.1 |  |  | 1.5 |
Gross profit |  |  | 3,414.9 |  |  | 3,412.1 |  |  | 2.8 |
Income taxes |  |  | (134.3) |  |  | (133.5) |  |  | 0.8 |
Net income |  |  | 470.3 |  |  | 468.3 |  |  | 2.0 |
|  | December 31, 2018 |
Balance Sheet |  | As |  | Without Adoption |  | Impact of ASC 606 |
|  | Reported |  | of ASC 606 |  | Adoption |
Assets |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 929.1 |  | $ | 899.9 |  | $ | 29.2 |
Inventories |  |  | 4,040.1 |  |  | 4,057.2 |  |  | (17.1) |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 566.6 |  | $ | 566.2 |  | $ | 0.4 |
Deferred tax liabilities |  |  | 577.8 |  |  | 574.8 |  |  | 3.0 |
Retained earnings |  |  | 2,365.8 |  |  | 2,357.1 |  |  | 8.7 |

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