Interim Financial Information (Tables)

9 Months Ended

Sep. 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.

	September 30, 2018		December 31, 2017
	(In thousands)
Cash and cash equivalents	$	32,027	$	28,787
Restricted cash, included in other assets	2,364		844
Total cash, cash equivalents, and restricted cash	$	34,391	$	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 nine months ended September 30, 2018 was as follows:

	Three Months Ended September 30, 2018						Nine Months Ended September 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	$	354,501	$	353,588	$	913	$	1,062,145	$	1,061,160	$	985
Finance, insurance and other, net	116,084		111,943		4,141		343,462		340,139		3,323
Cost of sales
Parts and service sales	$	162,927	$	162,601	$	326	$	488,637	$	488,412	$	225
Selling, general and administrative expenses	316,771		316,640		131		949,210		948,991		219
Provision for income taxes	9,587		8,490		1,097		38,666		37,771		895
Net income	$	34,778	$	31,278	$	3,500	$	127,054	$	124,085	$	2,969

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

	September 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	$	169,318	$	156,900	$	12,418
Inventories, net	1,733,756		1,737,582		(3,826		)
Prepaid expense and other current assets	77,996		65,989		12,007
Liabilities
Accounts payable	$	428,441	$	426,505	$	1,936
Deferred income taxes	137,826		133,453		4,373
Stockholders' equity
Retained earnings and accumulated other comprehensive loss	$	1,240,052	$	1,225,762	$	14,290