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REVENUE RECOGNITION (Tables)
 12 Months Ended
Dec. 31, 2018
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table summarizes revenue from contracts with customers for the twelve months ended December 31, 2018:
 
For the Year Ended December 31, 2018
Revenue:
 
   New vehicle
$
3,788.7

   Used vehicle retail
1,783.3

   Used vehicle wholesale
189.1

New and used vehicle
5,761.1

  Sale of vehicle parts and accessories
139.2

  Vehicle repair and maintenance services
681.8

Parts and services
821.0

Finance and insurance, net
292.3

Total revenue
$
6,874.4
Schedule of New Accounting Pronouncements
In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our Consolidated Balance Sheets and Statements of Income was as follows:
 
As of December 31, 2018
 
As Reported
 
Amounts Under ASC 605
 
Effect of Change Increase/(Decrease)
 
(In millions)
Balance Sheet:
 
 
 
 
 
Assets:
 
 
 
 
 
Accounts receivable
$
130.3

 
$
143.6

 
$
(13.3
)
Inventories
1,067.6

 
1,070.2

 
(2.6
)
Other current assets
122.2

 
107.5

 
14.7

Liabilities:
 
 
 
 
 
Accounts payable and accrued liabilities
$
298.4

 
$
298.5

 
$
(0.1
)
Deferred income taxes
21.7

 
18.6

 
3.1

Equity:
 
 
 
 
 
Retained earnings
$
922.7

 
$
926.9

 
$
(4.2
)
 
For the Year Ended December 31, 2018
 
As Reported
 
Amounts Under ASC 605
 
Effect of Change Increase/(Decrease)
 
(In millions, except per share data)
Statement of Income:
 
 
 
 
 
Revenue:
 
 
 
 
 
Parts and service
$
821.0

 
$
823.3

 
$
(2.3
)
Finance and insurance, net
292.3

 
291.7

 
0.6

Cost of Sales:
 
 
 
 
 
Parts and service
305.2

 
306.7

 
(1.5
)
Income before income taxes
224.8

 
225.0

 
(0.2
)
Income tax expense
56.8

 
56.9

 
(0.1
)
Net income
$
168.0

 
$
168.1

 
$
(0.1
)
Earnings Per Common Share:
 
 
 
 
 
Basic
$
8.36

 
$
8.36

 
$
—

Diluted
$
8.28

 
$
8.28

 
$
—

The Company adopted ASC 606 using the modified retrospective method. The cumulative effect of applying the new guidance to all contracts with customers that were not completed as of January 1, 2018 was recorded as an adjustment to retained earnings as of the adoption date. As a result of applying the modified retrospective method to adopt the new revenue guidance, the following adjustments were made to accounts on the Company's Condensed Consolidated Balance Sheet as of January 1, 2018:
 
As Reported
 
Adjustments
 
Balance at
 
December 31, 2017
 
Vehicle Repair and Maintenance Services
 
Finance and Insurance, net
 
January 1, 2018
 
(In millions)
Assets:
 
 
 
 
 
 
 
Inventories
$
826.0

 
$
(4.1
)
 
$
—

 
$
821.9

Other current assets
119.3

 
6.4

 
10.0

 
135.7

Liabilities:
 
 
 
 
 
 
 
Deferred income taxes
$
12.5

 
$
0.6

 
$
2.5

 
$
15.6

Equity:
 
 
 
 
 
 
 
Retained earnings
$
750.3

 
$
1.7

 
$
7.5

 
$
759.5
Schedule of Contract with Customer, Assets
Changes in contract assets during the period are reflected in the table below. Contract assets related to vehicle repair and maintenance services are transferred to receivables when a repair order is completed and invoiced to the customer.
 
Vehicle Repair and Maintenance Services
 
Finance and Insurance, net
 
Total
 
(In millions)
Contract Assets (Current), January 1, 2018
$
6.4

 
$
10.0

 
$
16.4

Transferred to receivables from contract assets recognized at the beginning of the period
(6.4
)
 
(3.2
)
 
(9.6
)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period
5.1

 
2.6

 
7.7

Contract Assets (Current), March 31, 2018
5.1

 
9.4

 
14.5

Transferred to receivables from contract assets recognized at the beginning of the period
(5.1
)
 
(3.2
)
 
(8.3
)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period
4.0

 
2.7

 
6.7

Contract Assets (Current), June 30, 2018
4.0

 
8.9

 
12.9

Transferred to receivables from contract assets recognized at the beginning of the period
(4.0
)
 
(3.0
)
 
(7.0
)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period
4.3

 
3.1

 
7.4

Contract Assets (Current), September 30, 2018
4.3

 
9.0

 
13.3

Transferred to receivables from contract assets recognized at the beginning of the period
$
(4.3
)
 
$
(3.9
)
 
$
(8.2
)
Increases related to revenue recognized, inclusive of adjustments to constraint, during the period
$
4.1

 
$
5.5

 
$
9.6

Contract Assets (Current), December 31, 2018
$
4.1

 
$
10.6

 
$
14.7