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Interim Financial Statements (Tables)
 3 Months Ended
Mar. 31, 2018
Interim Financial Statements  
Summary of carrying values and fair values of senior subordinated notes and fixed rate mortgage facilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2018

 

December 31, 2017

 

 

  

Carrying Value

  

Fair Value

  

Carrying Value

  

Fair Value

 

5.75% senior subordinated notes due 2022

 

$

546.2

 

$

561.2

 

$

545.9

 

$

562.3

 

5.375% senior subordinated notes due 2024

 

 

297.3

 

 

298.1

 

 

297.2

 

 

300.2

 

5.50% senior subordinated notes due 2026

 

 

494.6

 

 

484.6

 

 

494.4

 

 

505.0

 

3.75% senior subordinated notes due 2020

 

 

296.8

 

 

295.1

 

 

296.5

 

 

301.7

 

Mortgage facilities

 

 

214.4

 

 

210.0

 

 

235.5

 

 

233.4

 

 

ASC 606  
Interim Financial Statements  
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 three months ended and as of March 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2018

 

Statement of Income

 

As

 

Without Adoption

 

Impact of Adoption

 

 

  

Reported

    

of ASC 606

    

of ASC 606

 

Revenue:

 

 

 

 

 

 

 

 

 

 

Retail automotive dealership

 

$

5,296.0

 

$

5,295.5

 

$

0.5

 

Retail commercial truck dealership

 

 

292.4

 

 

291.5

 

 

0.9

 

Commercial vehicle distribution and other

 

 

158.5

 

 

157.0

 

 

1.5

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales:

 

 

 

 

 

 

 

 

 

 

Retail automotive dealership

 

 

4,517.7

 

 

4,517.1

 

 

0.6

 

Retail commercial truck dealership

 

 

245.8

 

 

245.3

 

 

0.5

 

Commercial vehicle distribution and other

 

 

119.0

 

 

117.8

 

 

1.2

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

864.4

 

 

863.8

 

 

0.6

 

Income taxes

 

 

(36.6)

 

 

(36.4)

 

 

0.2

 

Net income

 

 

107.8

 

 

107.4

 

 

0.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2018

 

Balance Sheet

 

As

 

Without Adoption

 

Impact of ASC 606

 

 

  

Reported

    

of ASC 606

    

Adoption

 

Assets

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

$

1,035.4

 

$

1,010.1

 

$

25.3

 

Inventories

 

 

3,972.2

 

 

3,987.9

 

 

(15.7)

 

 

 

 

 

 

 

 

 

 

 

  

Liabilities and Equity

 

 

 

 

 

 

 

 

 

 

Accrued expenses

 

$

563.9

 

$

563.8

 

$

0.1

 

Deferred tax liabilities

 

 

505.5

 

 

503.0

 

 

2.5

 

Retained earnings

 

 

2,094.9

 

 

2,087.9

 

 

7.0