XML 113 R53.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONDENSED QUARTERLY REVENUES AND EARNINGS (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
 
For the Three Months Ended
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
(In millions, except per share data)
2018:
 
 
 
 
 
 
 
Revenues
$
1,609.2

 
$
1,723.6

 
$
1,757.4

 
$
1,784.2

Gross profit
$
265.4

 
$
277.8

 
$
278.0

 
$
281.8

Net income (2)(3)(4)
$
40.1

 
$
43.2

 
$
44.3

 
$
40.4

Net income per common share:
 
 
 
 
 
 
 
Basic (1)(2)(3)(4)
$
1.95

 
$
2.13

 
$
2.22

 
$
2.09

Diluted (1)(2)(3)(4)
$
1.93

 
$
2.11

 
$
2.18

 
$
2.06

2019:
 
 
 
 
 
 
 
Revenues
$
1,670.8

 
$
1,803.5

 
$
1,842.0

 
$
1,894.0

Gross profit
$
279.2

 
$
295.0

 
$
293.1

 
$
301.6

Net income (5)(6)(7)
$
40.9

 
$
54.9

 
$
45.0

 
$
43.6

Net income per common share:
 
 
 
 
 
 
 
Basic (1)(5)(6)(7)
$
2.13

 
$
2.87

 
$
2.36

 
$
2.28

Diluted (1)(5)(6)(7)
$
2.11

 
$
2.84

 
$
2.33

 
$
2.26

____________________________
(1)
The sum of income per common share for the four quarters does not equal total income per common share due to changes in the average number of shares outstanding during the respective periods.
(2)
Results for the three months ended June 30, 2018 were increased by $0.5 million as a result of gains from legal settlements, net of tax, or $0.03 per basic and diluted share.
(3)
Results for the three months ended September 30, 2018 were decreased by $0.6 million as a result of an adjustment to the deferred tax asset related to certain components of share-based compensation, net of tax, or $0.03 per basic and diluted share.
(4)
Results for the three months ended December 31, 2018 were decreased by a $2.8 million franchise rights impairment, net of tax, or $0.14 per basic and diluted share, respectively, in the aggregate.
(5)
Results for the three months ended March 30, 2019 were decreased by $1.8 million as a result of fixed assets write-off, net of tax, or $0.09 per basic and diluted share.
(6)
Results for the three months ended June 30, 2019 were increased by $9.0 million as a result of a gain on a divested dealership and real estate, net of tax, or $0.46 per basic and diluted share.
(7)
Results for the three months ended December 31, 2019 were decreased by $5.3 million franchise rights impairment, net of tax, or $0.27 per basic and diluted share.