Goodwill and Intangible Assets |
6 Months Ended |
|---|---|
Jun. 30, 2018 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Goodwill and Intangible Assets |
Goodwill and Intangible Assets
The carrying amount of goodwill was approximately $510.2 million and $525.8 million as of June 30, 2018 and December 31, 2017, respectively. The carrying amount of goodwill is net of accumulated impairment losses of approximately $797.6 million as of June 30, 2018 and December 31, 2017. The carrying amount of franchise assets was approximately $67.8 million and $69.9 million as of June 30, 2018 and December 31, 2017, respectively. Changes in the carrying amount of both goodwill and franchise assets are related to the disposition of several franchised dealerships during the six months ended June 30, 2018. At December 31, 2017, Sonic had approximately $4.7 million of definite life intangibles related to favorable lease agreements. After the effect of amortization of the definite life intangibles, the balance recorded at June 30, 2018 was approximately $4.3 million. Both franchise assets and favorable lease agreement assets are included in other intangible assets, net in the accompanying condensed consolidated balance sheets.
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