Interim Financial Information (Tables)

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reconciliation of cash, cash equivalents, and restricted cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the Consolidated Balance Sheets to the total of the same amounts shown in the Consolidated Statements of Cash Flows. See Note 11, “Fair Value Measurements”, for additional details regarding the Company's restricted cash balances.

	June 30, 2018		December 31, 2017
	(In thousands)
Cash and cash equivalents	$	41,575	$	28,787
Restricted cash, included in other assets	2,057		844
Total cash, cash equivalents, and restricted cash	$	43,632	$	29,631

Cumulative effect of changes made and the impact of applying Topic 606

The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of January 1, 2018 for the adoption of Topic 606 were as follows:

	January 1, 2018
	Balance at December 31, 2017		Adjustment due to Topic 606			Balance at January 1, 2018
Balance Sheet	(In thousands)
Assets
Accounts and notes receivable, net	$	188,611	$	11,623		$	200,234
Inventories, net	1,763,293		(3,660		)	1,759,633
Prepaid expense and other current assets	42,062		8,683			50,745
Liabilities
Accounts payable	$	412,981	$	1,756		$	414,737
Deferred income taxes	124,404		3,493			127,897
Stockholders' equity
Retained earnings	$	1,246,323	$	11,397		$	1,257,720

The impact of applying Topic 606 for the three and six months ended June 30, 2018 was as follows:

	Three Months Ended June 30, 2018							Six Months Ended June 30, 2018
	As Reported		Balances Without Adoption of Topic 606		Effect of Change Higher / (Lower)			As Reported		Balances Without Adoption of Topic 606		Effect of Change Higher / (Lower)
Income Statement	(In thousands)							(In thousands)
Revenues
Parts and service sales	$	358,129	$	356,580	$	1,549		$	707,644	$	707,572	$	72
Finance, insurance and other, net	115,056		116,074		(1,018		)	227,378		228,196		(818		)
Cost of sales
Parts and service sales	$	163,059	$	162,695	$	364		$	325,710	$	325,811	$	(101	)
Selling, general and administrative expenses	308,092		307,808		284			632,439		632,351		88
Provision for income taxes	18,725		18,776		(51		)	29,078		29,280		(202		)
Net income	$	56,463	$	56,529	$	(66	)	$	92,277	$	92,808	$	(531	)

The impact of applying Topic 606 at June 30, 2018 was as follows:

	June 30, 2018
	As Reported		Balances Without Adoption of Topic 606		Effect of Change Higher / (Lower)
Balance Sheet	(In thousands)
Assets
Accounts and notes receivable, net	$	178,339	$	166,795	$	11,544
Inventories, net	1,721,249		1,724,761		(3,512		)
Prepaid expense and other current assets	80,957		73,091		7,866
Liabilities
Accounts payable	$	442,577	$	440,763	$	1,814
Deferred income taxes	138,478		135,199		3,279
Stockholders' equity
Retained earnings and accumulated other comprehensive income	$	1,339,185	$	1,328,380	$	10,805