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Subsequent Event | 6 Months Ended
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Jun. 30, 2018
Subsequent Events [Abstract] |
SUBSEQUENT EVENT | SUBSEQUENT EVENT On April 16, 2018, we announced an agreement to form a 50/50 joint venture with Bridgestone Americas, Inc. (“Bridgestone”) that will combine our Company-Owned Wholesale Distribution (“COWD”) business and Bridgestone’s tire wholesale warehouse business to create TireHub, a national tire distributor in the United States. On July 1, 2018, TireHub commenced operations. Upon commencement, we transferred certain assets and liabilities of the COWD business to TireHub and expect to recognize a non-cash gain of approximately $285 million on the transaction in Other (Income) Expense in the third quarter of 2018. We also expect to record the fair value of the Company’s equity investment in TireHub of approximately $292 million in Other Assets in the third quarter of 2018. No cash was exchanged between the parties as part of the transaction.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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