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Discontinued Operations and Divestitures | 12 Months Ended
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Dec. 31, 2018
Discontinued Operations and Divestitures |
Discontinued Operations and Divestitures | 5. Discontinued Operations and Divestitures Assets Held for Sale and Discontinued Operations We classify an entity as held for sale in the period in which all of the following criteria are met:  management, having the authority to approve the action, commits to a plan to sell the entity;  the entity is available for immediate sale in its present condition;  an active program to locate a buyer and other actions required to complete the plan to sell have been initiated;  the sale is probable and transfer is expected to be completed within one year;  the entity is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and  actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. In April 2014, the FASB issued ASU No. 2014-08 that changed the definition of a discontinued operation to include only those disposals of components of an entity or components of an entity that are classified as held for sale that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. We adopted this accounting standard update effective January 1, 2015. Prior to the adoption of ASU No. 2014-08, we accounted for dispositions as discontinued operations when it was evident that the operations and cash flows of an entity being disposed of would be eliminated from ongoing operations and we would not have any significant continuing involvement in its operations. The results of operations for those entities that were classified as discontinued operations prior to adoption of ASU No. 2014-08 are included in “Loss from discontinued operations” in the accompanying Consolidated Statements of Income for all periods presented and will continue to be reported within discontinued operations in the future. Beginning with disposals or entities classified as held for sale subsequent to January 1, 2015, only those that represent a strategic shift that has, or will have, a major impact on our operations and financial results will be included in discontinued operations. We had no entities newly classified as held for sale in 2018, 2017, or 2016 that met the criteria to be classified as discontinued operations. As such, the combined financial information presented below represents only retail automotive dealerships and our car rental business that were classified as discontinued operations prior to adoption of ASU No. 2014-08:
|  | Year Ended December 31, |
|  | 2018 |  | 2017 |  | 2016 |
Revenues |  | $ | — |  | $ | 2.1 |  | $ | 24.8 |
Pre-tax loss |  |  | 0.6 |  |  | (0.4) |  |  | (1.7) |
Pre-tax gain on disposal |  |  | — |  |  | — |  |  | — |
|  | December 31, |
|  | 2018 |  | 2017 |
Inventories |  | $ | — |  | $ | — |
Other assets |  |  | — |  |  | — |
Total assets |  | $ | — |  | $ | — |
Floor plan notes payable (including non-trade) |  | $ | — |  | $ | — |
Other liabilities |  |  | 0.7 |  |  | 0.7 |
Total liabilities |  | $ | 0.7 |  | $ | 0.7 |
Divestitures In 2018, we disposed of seven retail automotive franchises and one retail commercial truck dealership. These divestitures did not meet the criteria to be classified as held for sale and treated as discontinued operations; therefore, the results of operations for these businesses are included within continuing operations for the years ended December 31, 2018, 2017, and 2016. In 2017, we disposed of twenty-five retail automotive franchises. The results of operations for one of the retail automotive franchises is included in discontinued operations for the years ended December 31, 2017 and 2016. The remaining twenty-four retail automotive franchises did not meet the criteria to be classified as held for sale and treated as discontinued operations; therefore, the results of operations for these businesses are included within continuing operations for the years ended December 31, 2017 and 2016. In 2016, we disposed of ten retail automotive franchises, closed one retail commercial truck dealership and one retail commercial truck parts location, and transitioned seventeen retail automotive franchises which represented the Scion brand to our existing Toyota franchises. The results of operations for two of the retail automotive franchises are included in discontinued operations for the year ended December 31, 2016. In December 2016, we sold our 90% ownership interest in i.M. Branded, a provider of dealership graphics and millwork, which we previously consolidated in our financial statements. The results of operations for this business are included within continuing operations for the year ended December 31, 2016 as this business did not meet the criteria to be classified as held for sale and treated as discontinued operations.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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