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Organization and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
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