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Receivables and Contract Assets, Net | 6 Months Ended
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Jun. 30, 2020
Receivables [Abstract] |
RECEIVABLE AND CONTRACT ASSETS, NET | RECEIVABLES AND CONTRACT ASSETS, NET The Company’s financial assets measured at amortized cost and the associated allowance for doubtful accounts consisted of the following (in millions):
|  | June 30, 2020 |  | December 31, 2019
Contracts-in-transit and vehicle receivables, net |  |  |  |
Contracts-in-transit |  | $ | 114.5 |  |  | $ | 169.9 |
Vehicle receivables |  | 59.2 |  |  | 84.3 |
Total contracts-in-transit and vehicle receivables |  | 173.7 |  |  | 254.1 |
Less: allowance for doubtful accounts (1) |  | 0.4 |  |  | 0.3 |
Total contracts-in-transit and vehicle receivables, net |  | $ | 173.3 |  |  | $ | 253.8 |
Accounts and notes receivables, net |  |  |  |
Manufacturer receivables |  | $ | 74.4 |  |  | $ | 124.0 |
Parts and service receivables |  | 45.6 |  |  | 57.0 |
F&I receivables |  | 20.3 |  |  | 28.3 |
Other |  | 15.7 |  |  | 18.6 |
Total accounts and notes receivables |  | 156.0 |  |  | 227.9 |
Less: allowance for doubtful accounts (1) |  | 3.5 |  |  | 2.8 |
Total accounts and notes receivables, net |  | $ | 152.5 |  |  | $ | 225.1 |
Within Other current assets and Other long-term assets |  |  |  |
Total contract assets, net (1), (2) |  | $ | 25.3 |  |  | $ | 21.6 |
(1) The allowance for doubtful accounts as of June 30, 2020 is calculated under the current expected credit loss (“CECL”) model described below, which was introduced under ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), that became effective for the Company on January 1, 2020. The adoption of ASC 326 did not materially change the calculation of the allowance for doubtful accounts. (2) No allowance for doubtful accounts was recorded for Contract assets, net as of June 30, 2020 or December 31, 2019. No past due balances existed as of either date, and there were no expected credit losses as of June 30, 2020. The CECL model applies to financial assets measured at amortized cost, as shown in the table above, and requires the Company to reflect expected credit losses over the remaining contractual term of the asset. As the large majority of the Company’s receivables settle within 30 days, the forecast period under the CECL model is a relatively short horizon. The Company uses an aging method to estimate allowances for doubtful accounts under the CECL model as the Company has determined that the aging method adequately reflects expected credit losses, as corroborated by historical loss-rates. However, the Company will apply adjustments for asset-specific factors and current economic conditions as needed at each reporting date.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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