Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Cumulative Effect of Adjustments

The cumulative effect of the adjustments to our December 31, 2018 consolidated statements of income and January 1, 2018 consolidated balance sheet for the adoption of ASC 606 was as follows:


Income Statement	Pre-ASC 606 Results Year Ended December 31, 2018		Effects of Adoption of ASC 606		As Reported Year Ended December 31, 2018
	(In thousands)
Revenues:
Parts, service and collision repair	$	1,380,506	$	381	$	1,380,887
Finance, insurance and other, net	$	396,905	$	8,618	$	405,523


Cost of Sales:
Parts, service and collision repair	$	(713,259)	$	(267)	$	(713,526)

Selling, general and administrative expenses:	$	(1,145,294)	$	(31)	$	(1,145,325)

Operating income (loss):	$	168,962	$	8,701	$	177,663


Balance Sheet	December 31, 2017		Effects of Adoption of ASC 606		January 1, 2018
	(In thousands)
Assets:
Receivables, net	$	482,126	$	4,590	$	486,716
Contract assets (1)	$	—	$	2,082	$	2,082
Liabilities:
Other accrued liabilities	$	237,963	$	1,286	$	239,249
Deferred income taxes	$	51,619	$	1,468	$	53,087
Stockholders' Equity:
Retained earnings	$	625,356	$	3,918	$	629,274

Range of Estimated Useful Lives

The range of estimated useful lives is as follows:


Leasehold and land improvements			10-30 years
Buildings			10-30 years
Parts and service equipment			7-10 years
Office equipment and fixtures			3-10 years
Company vehicles			3-5 years