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Asset Impairments

8 Months Ended

May 04, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Note K – Asset Impairments

During the second quarter of fiscal 2018, the Company determined that the approximate fair value less costs to sell two owned businesses, Interamerican Motor Corporation (IMC) and AutoAnything, was significantly lower than the carrying value of the net assets based on recent offers received and, therefore, recorded impairment charges totaling $193.2 million within Operating, selling, general and administrative expenses in its Condensed Consolidated Statements of Income.

The

Company recorded an impairment charge of

$93.6 million

for its IMC business, which was reflected as a component of Auto Parts Locations in our segment reporting. Impairment charges for AutoAnything, which were reflected as a component of the Other category in our segment reporting, totaled

$99.6 million.

During the third quarter of fiscal 2018, the Company completed the IMC and AutoAnything

sales

for total consideration that approximated the remaining net book value at the closing date.