| Cumulative Effect of Adjustments for Adoption of ASC 606 |
The cumulative effect of the adjustments to our September 30, 2018 condensed consolidated statements of income and January 1, 2018 condensed consolidated balance sheet for the adoption of ASC 606 were as follows:
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Pre-ASC 606 Results |
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Effects of Adoption of ASC 606 |
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As Reported |
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Three Months Ended |
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Three Months Ended |
| Income Statement |
September 30, 2018 |
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September 30, 2018 |
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(In thousands) |
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| Revenues: |
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| Parts, service and collision repair |
$ |
340,600 |
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$ |
2,518 |
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$ |
343,118 |
| Finance, insurance and other, net |
96,031 |
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2,030 |
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98,061 |
| Total revenues |
$ |
436,631 |
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$ |
4,548 |
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$ |
441,179 |
| Cost of Sales: |
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| Parts, service and collision repair |
$ |
(175,153) |
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$ |
(1,149) |
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$ |
(176,302) |
| Selling, general and administrative expenses |
$ |
(288,639) |
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$ |
(383) |
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$ |
(289,022) |
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| Operating income (loss): |
$ |
45,121 |
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$ |
3,016 |
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$ |
48,137 |
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Pre-ASC 606 Results |
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Effects of Adoption of ASC 606 |
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As Reported |
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Nine Months Ended |
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Nine Months Ended |
| Income Statement |
September 30, 2018 |
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September 30, 2018 |
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(In thousands) |
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| Revenues: |
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| Parts, service and collision repair |
$ |
1,041,424 |
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$ |
206 |
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$ |
1,041,630 |
| Finance, insurance and other, net |
289,937 |
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5,953 |
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295,890 |
| Total revenues |
$ |
1,331,361 |
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$ |
6,159 |
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$ |
1,337,520 |
| Cost of Sales: |
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| Parts, service and collision repair |
$ |
(537,990) |
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$ |
(145) |
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$ |
(538,135) |
| Selling, general and administrative expenses |
$ |
(871,394) |
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$ |
(16) |
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$ |
(871,410) |
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| Operating income (loss): |
$ |
112,974 |
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$ |
5,998 |
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$ |
118,972 |
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| Balance Sheet |
December 31, 2017 |
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Effects of Adoption of ASC 606 |
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January 1, 2018 |
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(In thousands) |
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| Assets: |
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| Receivables, net |
$ |
482,126 |
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$ |
4,590 |
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$ |
486,716 |
| Contract assets (1) |
— |
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2,082 |
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2,082 |
| Liabilities: |
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| Other accrued liabilities |
$ |
237,963 |
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$ |
1,286 |
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$ |
239,249 |
| Deferred income taxes |
51,619 |
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1,468 |
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53,087 |
| Stockholders’ Equity: |
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| Retained earnings |
$ |
625,356 |
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$ |
3,918 |
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$ |
629,274 |
(1) Contract assets are included in receivables, net in the accompanying condensed consolidated balance sheets.
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