Cars.com (CARS) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Trading Symbol	CARS
Document Fiscal Period Focus	Q3
Entity Registrant Name	Cars.com Inc.
Entity Central Index Key	0001683606
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-37869
Entity Tax Identification Number	81-3693660
Entity Address, Address Line One	300 S. Riverside Plaza
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	601-5000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock Shares Outstanding		67,386,226

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 43,769	$ 13,549
Accounts receivable, net	89,094	101,762
Prepaid expenses	10,615	6,526
Other current assets	10,571	603
Total current assets	154,049	122,440
Property and equipment, net	41,072	43,696
Goodwill	0	505,885
Intangible assets, net	857,055	1,329,499
Investments and other assets	16,274	26,471
Total assets	1,068,450	2,027,991
Current liabilities:
Accounts payable	19,896	12,431
Accrued compensation	16,949	16,738
Current portion of long-term debt	32,654	31,391
Other accrued liabilities	43,377	38,246
Total current liabilities	112,876	98,806
Noncurrent liabilities:
Long-term debt	558,720	611,277
Deferred tax liability	30,865	132,996
Other noncurrent liabilities	43,616	43,844
Total noncurrent liabilities	633,201	788,117
Total liabilities	746,077	886,923
Commitments and contingencies
Stockholders' equity:
Preferred Stock at par, $0.01 par value; 5,000 shares authorized; no shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
Common Stock at par, $0.01 par value; 300,000 shares authorized; 67,206 and 66,764 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	672	668
Additional paid-in capital	1,525,114	1,515,109
Accumulated deficit	(1,191,406)	(367,067)
Accumulated other comprehensive loss	(12,007)	(7,642)
Total stockholders' equity	322,373	1,141,068
Total liabilities and stockholders' equity	$ 1,068,450	$ 2,027,991

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	67,206,000	66,764,000
Common stock, shares outstanding	67,206,000	66,764,000

Consolidated Statements of Loss

Consolidated Statements of Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue:
Total revenue	$ 144,392	$ 152,090	$ 394,495	$ 454,495
Operating expenses:
Cost of revenue and operations	25,434	25,089	74,376	74,987
Product and technology	15,455	14,923	42,359	48,125
Marketing and sales	45,776	50,789	132,734	164,872
General and administrative	13,289	13,414	43,866	59,265
Affiliate revenue share	0	5,158	10,970	9,788
Depreciation and amortization	25,375	28,970	87,529	86,761
Goodwill and intangible asset impairment	0	461,463	905,885	461,463
Total operating expenses	125,329	599,806	1,297,719	905,261
Operating income (loss)	19,063	(447,716)	(903,224)	(450,766)
Nonoperating expense:
Interest expense, net	(10,779)	(7,712)	(26,229)	(22,989)
Other income (expense), net	1,957	1,402	(6,987)	1,530
Total nonoperating expense, net	(8,822)	(6,310)	(33,216)	(21,459)
Income (loss) before income taxes	10,241	(454,026)	(936,440)	(472,225)
Income tax expense (benefit)	22,502	(27,869)	(112,101)	(31,011)
Net loss	$ (12,261)	$ (426,157)	$ (824,339)	$ (441,214)
Weighted-average common shares outstanding:
Basic	67,295	66,769	67,163	67,043
Diluted	67,295	66,769	67,163	67,043
Loss per share:
Basic	$ (0.18)	$ (6.38)	$ (12.27)	$ (6.58)
Diluted	$ (0.18)	$ (6.38)	$ (12.27)	$ (6.58)
Retail
Revenue:
Total revenue	$ 144,392	$ 146,681	$ 394,495	$ 420,129
Wholesale
Revenue:
Total revenue	$ 0	$ 5,409	$ 0	$ 34,366

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (12,261)	$ (426,157)	$ (824,339)	$ (441,214)
Other comprehensive income (loss), net of tax:
Interest rate swap	690	(367)	(6,466)	(8,938)
Amortization of interest rate swap into Net loss	2,401	0	2,101	0
Total other comprehensive income (loss)	3,091	(367)	(4,365)	(8,938)
Comprehensive loss	$ (9,170)	$ (426,524)	$ (828,704)	$ (450,152)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2018	$ 1,626,923	$ 0	$ 683	$ 1,508,001	$ 118,239	$ 0
Balance, Shares at Dec. 31, 2018		0	68,262
Net loss	(9,031)	$ 0	$ 0	0	(9,031)	0
Other comprehensive loss, net of tax	(7,279)	0	0	0	0	(7,279)
Repurchases of common stock	(20,000)	0	$ (9)	0	(19,991)	0
Repurchases of common stock, Shares			(881)
Shares issued in connection with stock-based compensation plans, net	(743)	0	$ 1	(744)	0	0
Shares issued in connection with stock-based compensation plans, net, Shares			62
Stock-based compensation	2,981	0	$ 0	2,981	0	0
Other	(181)	0	$ 0	(181)	0	0
Other, Shares			12
Balance at Mar. 31, 2019	1,592,670	$ 0	$ 675	1,510,057	89,217	(7,279)
Balance, Shares at Mar. 31, 2019		0	67,455
Balance at Dec. 31, 2018	1,626,923	$ 0	$ 683	1,508,001	118,239	0
Balance, Shares at Dec. 31, 2018		0	68,262
Net loss	(441,214)
Balance at Sep. 30, 2019	1,141,485	$ 0	$ 667	1,512,713	(362,957)	(8,938)
Balance, Shares at Sep. 30, 2019		0	66,678
Balance at Mar. 31, 2019	1,592,670	$ 0	$ 675	1,510,057	89,217	(7,279)
Balance, Shares at Mar. 31, 2019		0	67,455
Net loss	(6,026)	$ 0	$ 0	0	(6,026)	0
Other comprehensive loss, net of tax	(1,292)	0	0	0	0	(1,292)
Repurchases of common stock	(20,000)	0	$ (9)	0	(19,991)	0
Repurchases of common stock, Shares			(869)
Shares issued in connection with stock-based compensation plans, net	448	0	$ 1	447	0	0
Shares issued in connection with stock-based compensation plans, net, Shares			84
Stock-based compensation	3,348	0	$ 0	3,348	0	0
Other	0	0	$ 0	0	0	0
Other, Shares			2
Balance at Jun. 30, 2019	1,569,148	$ 0	$ 667	1,513,852	63,200	(8,571)
Balance, Shares at Jun. 30, 2019		0	66,672
Net loss	(426,157)	$ 0	$ 0	0	(426,157)	0
Other comprehensive loss, net of tax	(367)	0	0	0	0	(367)
Repurchases of common stock	0	0	$ 0	0	0	0
Repurchases of common stock, Shares			0
Shares issued in connection with stock-based compensation plans, net	(57)	0	$ 0	(57)	0	0
Shares issued in connection with stock-based compensation plans, net, Shares			6
Stock-based compensation	(1,071)	0	$ 0	(1,071)	0	0
Other	(11)	0	0	(11)	0	0
Balance at Sep. 30, 2019	1,141,485	$ 0	$ 667	1,512,713	(362,957)	(8,938)
Balance, Shares at Sep. 30, 2019		0	66,678
Balance at Dec. 31, 2019	$ 1,141,068	$ 0	$ 668	1,515,109	(367,067)	(7,642)
Balance, Shares at Dec. 31, 2019	66,764	0	66,764
Net loss	$ (787,434)	$ 0	$ 0	0	(787,434)	0
Other comprehensive loss, net of tax	(6,811)	0	0	0	0	(6,811)
Shares issued in connection with stock-based compensation plans, net	(904)	0	$ 2	(906)	0	0
Shares issued in connection with stock-based compensation plans, net, Shares			197
Stock-based compensation	1,971	0	$ 0	1,971	0	0
Balance at Mar. 31, 2020	347,890	$ 0	$ 670	1,516,174	(1,154,501)	(14,453)
Balance, Shares at Mar. 31, 2020		0	66,961
Balance at Dec. 31, 2019	$ 1,141,068	$ 0	$ 668	1,515,109	(367,067)	(7,642)
Balance, Shares at Dec. 31, 2019	66,764	0	66,764
Net loss	$ (824,339)
Balance at Sep. 30, 2020	$ 322,373	$ 0	$ 672	1,525,114	(1,191,406)	(12,007)
Balance, Shares at Sep. 30, 2020	67,206	0	67,206
Balance at Mar. 31, 2020	$ 347,890	$ 0	$ 670	1,516,174	(1,154,501)	(14,453)
Balance, Shares at Mar. 31, 2020		0	66,961
Net loss	(24,644)	$ 0	$ 0	0	(24,644)	0
Other comprehensive loss, net of tax	645	0	0	0	0	645
Shares issued in connection with stock-based compensation plans, net	595	0	$ 2	593	0	0
Shares issued in connection with stock-based compensation plans, net, Shares			239
Stock-based compensation	4,295	0	$ 0	4,295	0	0
Balance at Jun. 30, 2020	328,781	$ 0	$ 672	1,521,062	(1,179,145)	(13,808)
Balance, Shares at Jun. 30, 2020		0	67,200
Net loss	(12,261)	$ 0	$ 0	0	(12,261)	0
Other comprehensive loss, net of tax	1,801	0	0	0	0	1,801
Shares issued in connection with stock-based compensation plans, net	(20)	0	$ 0	(20)	0	0
Shares issued in connection with stock-based compensation plans, net, Shares			6
Stock-based compensation	4,072	0	$ 0	4,072	0	0
Balance at Sep. 30, 2020	$ 322,373	$ 0	$ 672	$ 1,525,114	$ (1,191,406)	$ (12,007)
Balance, Shares at Sep. 30, 2020	67,206	0	67,206

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (824,339)	$ (441,214)
Adjustments to reconcile Net loss to Net cash provided by operating activities:
Depreciation	15,085	13,427
Amortization of intangible assets	72,444	73,334
Amortization of unfavorable contracts liability	0	(18,885)
Goodwill and intangible asset impairment	905,885	461,463
Impairment of non-marketable security	9,447	0
Unrealized gain on interest rate swap	(2,482)	0
Amortization of accumulated other comprehensive loss on interest rate swap	2,101	0
Stock-based compensation	10,338	5,258
Deferred income taxes	(102,199)	(52,741)
Provision for doubtful accounts	3,854	3,844
Amortization of debt issuance costs	2,420	959
Other, net	121	411
Changes in operating assets and liabilities:
Accounts receivable	8,814	3,295
Prepaid expenses	(4,089)	1,672
Other current assets	(9,968)	9,992
Other assets	819	(16,517)
Accounts payable	7,465	(5,363)
Accrued compensation	211	(2,233)
Other accrued liabilities	4,349	28,627
Other noncurrent liabilities	(3,410)	15,221
Net cash provided by operating activities	96,866	80,550
Cash flows from investing activities:
Purchase of property and equipment	(12,603)	(15,409)
Other, net	0	(599)
Net cash used in investing activities	(12,603)	(16,008)
Cash flows from financing activities:
Proceeds from revolving loan borrowings	165,000	10,000
Payments of debt issuance costs and other fees	(3,402)	0
Payments of long-term debt	(215,312)	(39,688)
Stock-based compensation plans, net	(329)	(352)
Repurchases of common stock	0	(40,000)
Other	0	(192)
Net cash used in financing activities	(54,043)	(70,232)
Net increase (decrease) in cash and cash equivalents	30,220	(5,690)
Cash and cash equivalents at beginning of period	13,549	25,463
Cash and cash equivalents at end of period	43,769	19,773
Supplemental cash flow information:
Cash paid for income taxes, net of refunds	478	168
Cash paid for interest	$ 21,512	$ 22,413

Description of Business, Compan

Description of Business, Company History and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Description of Business, Company History and Summary of Significant Accounting Policies	NOTE 1. Description of Business, Company History and Summary of Significant Accounting Policies Description of Business. Cars.com Inc., (the “Company” or CARS) is a leading digital marketplace, media and solutions provider for the automotive industry, connecting car shoppers with sellers. Through the Company’s marketplace, dealer websites and other digital solutions, the Company showcases dealer inventory, elevates and amplifies dealer and automobile original equipment manufacturer (“OEM”) brands, connects with its ready-to-buy audience and empowers shoppers and sellers with the resources and information needed to make confident car-buying and selling decisions. The Company’s digital solutions strategy builds on the rich data and audience of its digital marketplace to offer solutions to drive growth and efficiency for the automotive industry. The Company’s portfolio of brands now includes Cars.com, Dealer Inspire, DealerRater, FUEL, Auto.com, PickupTrucks.com and NewCars.com. Company History. In May 2017, the Company separated from its former parent company, TEGNA Inc. (“TEGNA”) by means of a spin-off of a newly formed company, Cars.com Inc., which now owns TEGNA’s former digital automotive marketplace business (the “Separation”). The Company’s common stock began trading “regular way” on the New York Stock Exchange on June 1, 2017. In February 2018, the Company acquired all of the outstanding stock of Dealer Inspire, Inc. and substantially all of the net assets of Launch Digital Marketing LLC (the “DI Acquisition”). The post-DI Acquisition business related to Dealer Inspire, Inc. and Launch Digital Marketing LLC is referred to collectively as “Dealer Inspire”. Basis of Presentation . These accompanying unaudited interim Consolidated Financial Statements (“Consolidated Financial Statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2019, which are included in the Company's Annual Report on Form 10-K dated February 26, 2020 (the “December 31, 2019 Financial Statements”). The significant accounting policies used in preparing these Consolidated Financial Statements were applied on a basis consistent with those reflected in the December 31, 2019 Financial Statements, except for those disclosed in Note 2 (New Accounting Pronouncements). In the opinion of management, the Consolidated Financial Statements contain all adjustments (consisting of a normal, recurring nature) necessary to present fairly the Company's financial position, results of operations, cash flows and changes in stockholders' equity as of the dates and for the periods indicated. The unaudited results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 2020. Use of Estimates. The preparation of the accompanying Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. Principles of Consolidation . The accompanying Consolidated Financial Statements include the accounts of Cars.com Inc. and its 100% owned subsidiaries. All intercompany transactions and accounts are eliminated in consolidation.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements	NOTE 2. New Accounting Pronouncements Recently Adopted Accounting Pronouncements Cloud Computing Arrangements. In August 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , aligning the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. The Company adopted this new guidance as of January 1, 2020. The adoption did not have a material impact on its Consolidated Financial Statements and related disclosures. Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses changing the way credit losses on accounts receivable are estimated. Under current U.S. GAAP, credit losses on trade accounts receivable are recognized once it is probable that such losses will occur. Under this new guidance, the Company is required to estimate credit losses based on the expected amount of future collections which may result in earlier recognition of allowance for doubtful accounts. The Company adopted this new guidance as of January 1, 2020. The adoption did not have a material impact on its Consolidated Financial Statements and related disclosures. Reference Rate Reform. In March 2020, the FASB concluded its reference rate reform project and issued ASU 2020-04. The Board undertook the reference rate reform project to address constituents’ concerns about the anticipated transition away from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Company adopted this new guidance as of January 1, 2020. The adoption did not have a material impact on its Consolidated Financial Statements and related disclosures.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue	NOTE 3. Revenue Revenue Summary . In the table below (in thousands), revenue is disaggregated by sales channel and major products and services. The Company only has one reportable segment; therefore, further disaggregation is not applicable at this time. Three Months Ended September 30, Nine Months Ended September 30, Sales channel 2020 2019 2020 2019 Direct $ 123,955 $ 122,878 $ 332,558 $ 349,162 National advertising 17,753 20,161 53,167 59,752 Other 2,684 3,642 8,770 11,215 Retail 144,392 146,681 394,495 420,129 Wholesale — 5,409 — 34,366 Total revenue $ 144,392 $ 152,090 $ 394,495 $ 454,495 Major products and services Subscription advertising and digital solutions $ 116,933 $ 119,495 $ 313,645 $ 357,256 Display advertising 20,643 23,048 60,560 67,755 Pay per lead 4,310 6,720 14,822 21,267 Other 2,506 2,827 5,468 8,217 Total revenue $ 144,392 $ 152,090 $ 394,495 $ 454,495

Goodwill and Indefinite-lived I

Goodwill and Indefinite-lived Intangible Asset	9 Months Ended
	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Indefinite-lived Intangible Asset	NOTE 4. Goodwill and Indefinite-lived Intangible Asset The changes in the carrying amount of goodwill and indefinite-lived intangible asset are as follows (in thousands): December 31, 2019 Additions Impairment September 30, 2020 Goodwill $ 505,885 $ — $ (505,885 ) $ — Indefinite-lived intangible asset 790,020 — (400,000 ) 390,020 Goodwill. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed. Goodwill is tested for impairment on an annual basis or between annual tests if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company’s goodwill is tested for impairment at a level referred to as the reporting unit. The level at which the Company tests goodwill for impairment requires us to determine whether the operations below the business segment level constitute a business for which discrete financial information is available and segment management regularly reviews the operating results. The Company has determined that it operates as a single reporting unit. The process of estimating the fair value of goodwill is subjective and requires us to make estimates that may significantly impact the outcome of the analysis. A qualitative assessment considers events and circumstances such as macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, as well as company specifications. If after performing this assessment, the Company concludes it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then the Company performs the quantitative test. Under the quantitative test, a goodwill impairment is identified by comparing the fair value of the reporting unit to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, goodwill is considered impaired and an impairment charge is recognized in an amount equal to the excess, not to exceed the carrying amount of goodwill. The Company estimated the fair value of the reporting unit with an income approach using the discounted cash flow (“DCF”) analysis and the Company also considered a market-based valuation methodology using comparable public company trading values. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, the discount rate and relevant comparable public company earnings multiples. The cash flows employed in the DCF analysis are based on the Company’s best estimate of future sales, earnings and cash flows after considering factors such as general market conditions and recent operating performance. The discount rate utilized in the DCF analysis is based on the reporting unit’s weighted-average cost of capital, which takes into account the relative weights of each component of capital structure (equity and debt) and represents the expected cost of new capital, adjusted as appropriate to consider the risk inherent in future cash flows of the Company’s reporting unit. Impairment assessment inherently involves management judgments regarding a number of assumptions described above. The reporting unit fair value also depends on the future strength of the U.S. economy. New and developing competition as well as technological change could also adversely affect future fair value estimates. Due to the many variables inherent in the estimation of a reporting unit’s fair value and the relative size of the Company’s recorded goodwill, differences in assumptions could have a material effect on the estimated fair values. Indefinite-lived Intangible Asset. The Company’s indefinite-lived intangible asset relates to the Cars.com trade name and resulted from TEGNA’s 2014 acquisition of Cars.com. Intangible assets with indefinite lives are tested for impairment annually, or more often if circumstances dictate, such as in the quarter ended March 31, 2020, and written down to fair value as required. The estimates of fair value are determined using the “relief from royalty” methodology, which is a variation of the income approach. The discount rate assumption is based on an assessment of the risk inherent in the projected future cash flows generated by the trade name intangible asset. First Quarter 2020 Triggering Event and Impairment Assessment. In March 2020, the Company determined there was a triggering event, caused by the economic impacts of the novel coronavirus disease 2019 (“COVID-19”) pandemic and related restrictions. In March 2020, the World Health Organization categorized COVID-19 as a pandemic, and it has since spread throughout the United States and the rest of the world with different geographical locations impacted more than others. The pandemic has resulted in governmental authorities around the country implementing numerous measures to contain the virus, such as quarantines, shelter-in-place orders and business shutdowns (the “related restrictions”). The related restrictions have had, and the Company expects they will continue to have, a negative impact on regional and national economies and the automotive industry for an uncertain duration. While certain jurisdictions have relaxed some of these related restrictions, any resurgences of the pandemic may lead to a reimplementation of such restrictions. The COVID-19 pandemic and related restrictions have caused a widespread increase in unemployment and have resulted in reduced consumer spending and an economic slowdown. As a result of overall uncertainty related to the automotive industry, in the second half of March 2020, the Company’s customers began to adjust, reduce or suspend their operating and marketing activities. This resulted and may continue to result in decreased subscription revenue and reduced demand for the Company’s services. Moreover, depending upon the progress of the pandemic and the government and societal responses thereto, the Company’s customers may implement further cost-savings measures, including additional reductions of their advertising spend. In an effort to assist its dealer customers impacted by the COVID-19 pandemic and related restrictions, the Company provided, among other measures, financial relief in the form of certain invoice credits of 50% for April 2020 and 30% for May and June 2020. With respect to managing our expenses, the Company implemented several initiatives, including both permanent and temporary measures, to adjust expenses with changes in revenue. The effects of the COVID-19 pandemic and related restrictions, particularly reduced consumer spending and the discounts that the Company provided our dealer customers in the second quarter of 2020, have negatively impacted our results of operations, cash flows and financial position. In addition, the extent of the impact will vary depending on the duration and severity of the economic and operational impacts of the pandemic and related restrictions. Thus, the amount and timing of future cash flows, used in the valuation models to estimate the fair value of the Company’s assets, has been significantly and negatively impacted by the COVID-19 pandemic and related restrictions. The Company performed interim quantitative impairment tests as of March 31, 2020. The results of the goodwill and indefinite-lived intangible asset impairment tests indicated that the carrying values exceeded the estimated fair values and thus, the Company recorded an impairment of $505.9 million and $400.0 million related to its goodwill and indefinite-lived intangible asset, respectively. Third Quarter 2019 Triggering Event and Impairment Assessment. As of September 1, 2019, the Company determined there was a triggering event, primarily caused by a sustained decrease in its stock price after the completion of the strategic alternatives review process, and performed an interim quantitative impairment test. The results of the goodwill and indefinite-lived intangible asset impairment tests indicated that the carrying values exceeded the estimated fair values and thus, the Company recorded an impairment of $379.2 million and $82.3 million related to its goodwill and indefinite-lived intangible asset, respectively in the third quarter of 2019.

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	NOTE 5. Debt As of September 30, 2020, the Company was in compliance with the covenants under its Credit Agreement. Term Loan. As of September 30, 2020, the outstanding principal amount under the Term Loan was $362.8 million and the interest rate in effect was 5.5%, including the impact of the interest rate swap discussed below. During the nine months ended September 30, 2020, the Company made $25.3 million in mandatory quarterly Term Loan payments. Revolving Loan. As of September 30, 2020, the outstanding borrowings under the Revolving Loan were $235.0 million and the interest rate in effect was 3.3%. During the nine months ended September 30, 2020, the Company borrowed $165.0 million and made $190.0 million in Revolving Loan payments. As of September 30, 2020, $215.0 million was available to borrow under the Revolving Loan. Fair Value. The Company's debt is classified as Level 2 in the fair value hierarchy and the fair value is measured based on comparable trading prices, ratings, sectors, coupons and maturities of similar instruments. As of September 30, 2020, the fair value of the outstanding indebtedness was approximately $581.2 million, compared to the carrying value of $597.8 million. As of December 31, 2019, the fair value approximated the carrying value. Credit Agreement. In October 2019, the Company entered into an amendment to its Credit Agreement (the “First Amendment”) to increase the total net leverage covenant during the remaining term of the Credit Agreement while preserving the favorable pricing structure from the original agreement. The First Amendment increased the Company’s maximum total net leverage ratio from 3.75x to 4.50x with incremental step downs through the maturities of the Term Loan and the Revolving Loan on May 31, 2022. In June 2020, the Company entered into the second amendment to its Credit Agreement (the “Second Amendment”) that provides for a waiver with respect to the Total Net Leverage Ratio and Consolidated Interest Coverage Ratio (each as defined in the Credit Agreement) financial covenants for the covenant testing periods through December 31, 2020 (the “Covenant Adjustment Period”). The Second Amendment also includes the following: • A revised maximum permitted “Total Net Leverage Ratio” beginning March 31, 2021 (after the Covenant Adjustment Period) of 6.50x, with step downs thereafter. • A revised minimum permitted “Consolidated Interest Coverage Ratio” beginning March 31, 2021 (after the Covenant Adjustment Period) of 2.75x and 3.00x beginning June 30, 2020. • Includes a minimum liquidity requirement of $75.0 million; and adds an anti-cash hoarding covenant, which requires, during the Covenant Adjustment Period, mandatory prepayments of the revolving credit loans with the amount of any unrestricted cash located in the Company’s deposit accounts in excess of $75.0 million Subsequent Event - Bond Offering. On October 30, 2020, the Company issued $400.0 million aggregate principal amount of 6.375% senior unsecured notes due 2028. The Company used the net proceeds from the offering, together with cash on hand, to repay $235.0 million of borrowings under its revolving facility, repay $162.8 million of borrowings under its term loan and pay fees associated with the offering. Subsequent Event - Credit Agreement Amendment. On October 30, 2020, the Company entered into an amendment (the “Third Amendment”) to its Credit Agreement, in which the Company refinanced an aggregate principal amount of $430.0 million, comprised of a $230.0 million senior secured revolving credit facility and a $200.0 million senior secured term loan facility, with a revised maturity date of May 31, 2025. The Third Amendment also includes the following: • A maximum senior secured leverage ratio of 3.50x, with a step up for material permitted acquisitions; • A minimum interest coverage ratio of 2.75x, with a step up to 3.00x on June 30, 2023; • A revised interest rate grid updated to reflect a maximum alternate base rate margin of 1.75% and a maximum Eurodollar margin of 2.75%. • Certain modifications to negative covenants restricting additional indebtedness, investments, acquisitions, debt repayments and certain dividends and distribution; • Provisions to accommodate the replacement of the existing LIBOR Rate with a successor benchmark interest rate; and • Ended the Covenant Adjustment Period that was implemented pursuant to the Second Amendment and removed the related minimum liquidity requirement and anti-cash hoarding covenant.

Interest Rate Swap

Interest Rate Swap	9 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swap	NOTE 6. Interest Rate Swap The interest rate on borrowings under the Company’s Term Loan is floating and, therefore, subject to fluctuations. In order to manage the risk associated with changes in interest rates on its borrowing under the Term Loan, the Company entered into an interest rate swap (the “Swap”) effective December 31, 2018. Under the terms of the Swap, the Company is locked into a fixed rate of interest of 2.96% plus an applicable margin, as defined in the Company’s Credit Agreement, on a notional amount of $300 million. The Swap was designated as a cash flow hedge of interest rate risk. The Second Amendment triggered a quantitative hedge effectiveness test, which resulted in the loss of hedge accounting. As a result, as of the date of the Second Amendment, the unrealized loss included within Accumulated other comprehensive loss is ratably reclassified into Net loss over the remaining life of the Term Loan. Each period, a portion of the unrealized loss is recorded to Interest expense, net and Income tax expense (benefit) within the Consolidated Statements of Loss. Subsequent to the Second Amendment, any changes in the fair value of the Swap are recorded within Other income (expense), net on the Consolidated Statements of Loss. As of September 30, 2020, the fair value of the Swap was an unrealized loss of $14.2 million, of which $8.5 million and $5.7 million is recorded in Other accrued liabilities and Other noncurrent liabilities, respectively, on the Consolidated Balance Sheets. During the nine months ended September 30, 2020 and September 30, 2019, $7.4 million and $1.2 million was recorded in Interest expense, net, of which $2.5 million and zero was reclassified from Accumulated other comprehensive loss, respectively. During the nine months ended September 30, 2020, $0.4 million was reclassified as a tax benefit from Accumulated other comprehensive loss into Income tax expense (benefit) on the Consolidated Statements of Loss. Additionally, $2.5 million of income was included within Other income (expense), net on the Consolidated Statements of Loss related to the change in the fair value of the Swap from the date of the Second Amendment to September 30, 2020.

Unfavorable Contracts Liability

Unfavorable Contracts Liability	9 Months Ended
	Sep. 30, 2020
Unfavorable Contracts Liability [Abstract]
Unfavorable Contracts Liability	NOTE 7. Unfavorable Contracts Liability In connection with the October 2014 acquisition of Cars.com by TEGNA, the Company entered into affiliate agreements with the former owners of Cars.com (Belo Corporation (“Belo”), The McClatchy Company (“McClatchy”), tronc, inc. (“tronc”), and the Washington Post). Under the affiliate agreements, affiliates had the exclusive right to sell and price Cars.com’s products in their local territories, paying Cars.com a wholesale rate for the Cars.com product. The Company charged the affiliates 60% of the corresponding Cars.com retail rate for products sold to affiliate dealers and recognized revenue generated from these agreements as Wholesale revenue in the Consolidated Statements of Loss. The Unfavorable contracts liability was established as a result of these unfavorable affiliate agreements that the Company entered into as part of TEGNA’s acquisition of the Company in 2014. The Unfavorable contracts liability was amortized on a straight-line basis over the five-year Prior to the affiliate conversions discussed below, the Company recognized $25.2 million of Wholesale revenue with a corresponding reduction of the Unfavorable contracts liability on an annual basis. After the affiliate conversions, the amortization of the Unfavorable contracts liability was recorded as a reduction of Affiliate revenue share within Operating expenses in the Consolidated Statements of Loss. As of September 30, 2019, the Unfavorable contracts liability was fully amortized. The Company amended five of its affiliate agreements (Gannett, McClatchy, TEGNA, tronc, and the Washington Post As part of the amendments to the affiliate agreements, Gannett, McClatchy, TEGNA, tronc, and the Washington Post Therefore, during the nine months ended September 30, 2020 and September 30, 2019, the Company recorded zero and $17.5 million of unfavorable contracts liability amortization as a reduction to Affiliate revenue share expense, rather than Wholesale revenue, in the Consolidated Statements of Loss, respective The Company now has direct relationships with all of its dealer customers and no longer is incurring affiliate revenue share expense, effective June 30, 2020.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 8. Commitments and Contingencies The Company and its subsidiaries are parties from time to time in legal and administrative proceedings involving matters incidental to its business. These matters, whether pending, threatened or unasserted, if decided adversely to the Company or settled, may result in liabilities material to its financial position, results of operations or cash flows. The Company records a liability when it believes that it is both probable that a loss will be incurred and the amount of loss can be reasonably estimated. The Company evaluates, at least quarterly, developments in its legal matters that could affect the amount of liability that has been previously accrued and makes adjustments as appropriate. Significant judgment is required to determine both the probability and the estimated amount.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity	NOTE 9. Stockholders’ Equity In March 2018, the Company’s Board of Directors authorized a stock repurchase program to acquire up to $200 million of the Company’s common stock. The Company was allowed to repurchase stock from time to time in open market transactions or through privately negotiated transactions in accordance with applicable federal securities laws. The timing and amounts of any purchases under the stock repurchase program was based on market conditions and other factors including price. The repurchase program had a two-year 1.7

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	NOTE 10. Stock-Based Compensation Restricted Stock Units (“RSUs”) and Restricted Stock. RSUs represent the right to receive unrestricted shares of the Company’s common stock at the time of vesting, subject to any restrictions as specified in the individual holder’s award agreement. RSUs are subject to graded vesting, generally ranging between one and four years and the fair value of RSUs is equal to the Company’s common stock price on the date of grant. Restricted Stock represents RSUs that have been delivered to certain non-employee directors who have elected to receive shares underlying RSUs before they vest. Restricted Stock is subject to vesting over one year and the fair value of the Restricted Stock is equal to the Company’s common stock price on the date of grant. RSU and Restricted Stock activity for the nine months ended September 30, 2020 is as follows (in thousands, except for weighted-average grant date fair value): Number of RSUs and Restricted Stock Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2019 943 $ 24.68 Granted (1) 3,686 5.65 Vested and delivered (273 ) 24.63 Forfeited (359 ) 11.45 Outstanding as of September 30, 2020 (1)(2) 3,997 8.32 (1) Included in “Granted” and “Outstanding as of September 30, 2020” are 108 shares of Restricted Stock that were delivered, but not yet vested. (2) Included in “Outstanding as of September 30, 2020” are 91 RSUs that were vested, but not yet delivered. Performance Stock Units (“PSUs”). PSUs represent the right to receive unrestricted shares of the Company’s common stock at the time of vesting. The fair value of the PSUs is equal to the Company’s common stock price on the date of grant. The percentage of PSUs that may vest ranges from 0% to 200% of the number of PSUs granted based on the Company’s future performance related to certain revenue targets; adjusted earnings before interest, income taxes, depreciation and amortization targets; margin targets; and/or share price over a one to three-year performance period. PSU activity for the nine months ended September 30, 2020 is as follows (in thousands, except for weighted-average grant date fair value): Number of PSUs Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2019 953 $ 26.60 Granted (1) 715 5.40 Vested and delivered — — Forfeited or cancelled (1) (821 ) 26.38 Outstanding as of September 30, 2020 847 8.75 (1) Included in "Forfeited or cancelled" are 558 PSUs that were cancelled and replaced by new grants during the nine months ended September 30, 2020. Stock Options. Stock options represent the right to purchase shares of the Company’s common stock at the time of vesting, subject to any restrictions as specified in the individual holder’s award agreement. Stock options are subject to three-year Number of Options Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2019 — $ — Granted 513 2.80 Vested and delivered — — Forfeited — — Outstanding as of September 30, 2020 513 2.80 The fair value of the stock options granted during the nine months ended September 30, 2020 are estimated on the grant date using the Black-Scholes option pricing model, using the following assumptions: Risk-free interest rate 1.01 % Weighted-average volatility 53.08 % Dividend yield 0 % Expected years until exercise 6.5

Loss Per Share

Loss Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Loss Per Share	NOTE 11. Loss Per Share Basic loss per share is calculated by dividing Net loss by the weighted-average number of shares of common stock outstanding. Diluted loss per share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares under stock-based compensation plans, unless the inclusion of such shares would have an anti-dilutive impact. The computation of Loss per share is as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net loss $ (12,261 ) $ (426,157 ) $ (824,339 ) $ (441,214 ) Basic weighted-average common shares outstanding 67,295 66,769 67,163 67,043 Effect of dilutive stock-based compensation awards (1) — — — — Diluted weighted-average common shares outstanding 67,295 66,769 67,163 67,043 Loss per share, basic $ (0.18 ) $ (6.38 ) $ (12.27 ) $ (6.58 ) Loss per share, diluted (0.18 ) (6.38 ) (12.27 ) (6.58 ) (1) There were 2,776 and 875 potential common shares excluded from diluted weighted-average shares outstanding for the three months ended September 30, 2020 and September 30, 2019, respectively, and 2,195 and 795 potential common shares for the nine months ended September 30, 2020 and September 30, 2019, respectively, as their inclusion would have had an anti-dilutive effect.

Other Income (Expense), net

Other Income (Expense), net	9 Months Ended
	Sep. 30, 2020
Other Income And Expenses [Abstract]
Other (Expense) Income, net	NOTE 12. Other Income (Expense), net Included in Other income (expense), net in the nine months ended September 30, 2020 was a full impairment of $9.4 million of a non-marketable investment, triggered by the COVID-19 pandemic and the related restrictions and was recorded in the three months ended March 31, 2020.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 13. Income Taxes Deferred Tax Asset and Valuation Allowance. As a result of the goodwill and indefinite-lived intangible asset impairments recorded during the nine months ended September 30, 2020, the Company had a valuation allowance of $129.9 million against the deferred tax assets recorded as of September 30, 2020, which represents the balance of deferred tax assets that the Company has concluded that it is not more likely than not to realize. In reaching this conclusion, in accordance with U.S. GAAP, the Company has evaluated all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized in future periods. As of September 30, 2020, the Company determined, based upon the evaluation of all available evidence, that there was sufficient significant negative evidence presented by the Company’s history of recent losses to conclude it was more likely than not that its deferred tax assets would not be realized. Therefore, as of September 30, 2020, the Company has recorded a full valuation allowance against its deferred tax assets. At each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. Correction of an Error. During the three months ended September 30, 2020, the Company recorded an additional $30.9 million valuation allowance related to the correction of an error from the calculation of the valuation allowance for income taxes established in connection with an impairment recorded at March 31, 2020. The adjustment is not material in the context of the Company’s net loss of $787.4 million for the three months ended March 31, 2020, which was primarily attributed to the goodwill and intangible asset impairment, of $905.9 million or $757.1 million, net of tax Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). As a result of the regulations issued in July 2020 by the Department of the Treasury and the Internal Revenue Service which provide additional guidance as to the carryback of federal net operating losses (“NOL”) generated in 2019 and 2020 to prior years under the CARES Act, the Company recorded a net $8.5 million tax benefit related to its ability to carryback 2019 and 2020 federal taxable losses to the applicable prior years to claim refunds of federal income taxes paid in those years. Effective Tax Rate. The effective income tax rate, expressed by calculating the income tax expense as a percentage of Income (loss) before income tax, was 12% for the nine months ended September 30, 2020, which varied from the statutory federal income tax rate of 21%, primarily due to the tax impact of the goodwill and intangible asset impairments and the recording of the full valuation allowance on the Company’s net deferred tax asset position recorded during the nine months ended September 30, 2020. Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Income tax provision at statutory rate $ 2,151 21 % $ (196,652 ) 21 % State income taxes, net of federal income tax benefit — — (36,613 ) 4 NOL carrybacks (8,483 ) (83 ) (8,483 ) 1 Valuation allowance (1) 30,508 298 129,852 (14 ) Other, net (1,674 ) (16 ) (205 ) — Income tax expense (benefit) $ 22,502 220 % $ (112,101 ) 12 % (1) This item includes the recording of an additional $30.9 million related to the correction of an error, as discussed above.

Description of Business, Comp_2

Description of Business, Company History and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation . These accompanying unaudited interim Consolidated Financial Statements (“Consolidated Financial Statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto for the year ended December 31, 2019, which are included in the Company's Annual Report on Form 10-K dated February 26, 2020 (the “December 31, 2019 Financial Statements”). The significant accounting policies used in preparing these Consolidated Financial Statements were applied on a basis consistent with those reflected in the December 31, 2019 Financial Statements, except for those disclosed in Note 2 (New Accounting Pronouncements). In the opinion of management, the Consolidated Financial Statements contain all adjustments (consisting of a normal, recurring nature) necessary to present fairly the Company's financial position, results of operations, cash flows and changes in stockholders' equity as of the dates and for the periods indicated. The unaudited results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 2020.
Use of Estimates	Use of Estimates. The preparation of the accompanying Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates.
Principles of Consolidation	Principles of Consolidation . The accompanying Consolidated Financial Statements include the accounts of Cars.com Inc. and its 100% owned subsidiaries. All intercompany transactions and accounts are eliminated in consolidation.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Cloud Computing Arrangements. In August 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , aligning the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. The Company adopted this new guidance as of January 1, 2020. The adoption did not have a material impact on its Consolidated Financial Statements and related disclosures. Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses changing the way credit losses on accounts receivable are estimated. Under current U.S. GAAP, credit losses on trade accounts receivable are recognized once it is probable that such losses will occur. Under this new guidance, the Company is required to estimate credit losses based on the expected amount of future collections which may result in earlier recognition of allowance for doubtful accounts. The Company adopted this new guidance as of January 1, 2020. The adoption did not have a material impact on its Consolidated Financial Statements and related disclosures. Reference Rate Reform. In March 2020, the FASB concluded its reference rate reform project and issued ASU 2020-04. The Board undertook the reference rate reform project to address constituents’ concerns about the anticipated transition away from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The Company adopted this new guidance as of January 1, 2020. The adoption did not have a material impact on its Consolidated Financial Statements and related disclosures.
Goodwill	Goodwill. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed. Goodwill is tested for impairment on an annual basis or between annual tests if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company’s goodwill is tested for impairment at a level referred to as the reporting unit. The level at which the Company tests goodwill for impairment requires us to determine whether the operations below the business segment level constitute a business for which discrete financial information is available and segment management regularly reviews the operating results. The Company has determined that it operates as a single reporting unit. The process of estimating the fair value of goodwill is subjective and requires us to make estimates that may significantly impact the outcome of the analysis. A qualitative assessment considers events and circumstances such as macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, as well as company specifications. If after performing this assessment, the Company concludes it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then the Company performs the quantitative test. Under the quantitative test, a goodwill impairment is identified by comparing the fair value of the reporting unit to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, goodwill is considered impaired and an impairment charge is recognized in an amount equal to the excess, not to exceed the carrying amount of goodwill. The Company estimated the fair value of the reporting unit with an income approach using the discounted cash flow (“DCF”) analysis and the Company also considered a market-based valuation methodology using comparable public company trading values. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, the discount rate and relevant comparable public company earnings multiples. The cash flows employed in the DCF analysis are based on the Company’s best estimate of future sales, earnings and cash flows after considering factors such as general market conditions and recent operating performance. The discount rate utilized in the DCF analysis is based on the reporting unit’s weighted-average cost of capital, which takes into account the relative weights of each component of capital structure (equity and debt) and represents the expected cost of new capital, adjusted as appropriate to consider the risk inherent in future cash flows of the Company’s reporting unit. Impairment assessment inherently involves management judgments regarding a number of assumptions described above. The reporting unit fair value also depends on the future strength of the U.S. economy. New and developing competition as well as technological change could also adversely affect future fair value estimates. Due to the many variables inherent in the estimation of a reporting unit’s fair value and the relative size of the Company’s recorded goodwill, differences in assumptions could have a material effect on the estimated fair values.
Indefinite-lived Intangible Asset	Indefinite-lived Intangible Asset. The Company’s indefinite-lived intangible asset relates to the Cars.com trade name and resulted from TEGNA’s 2014 acquisition of Cars.com. Intangible assets with indefinite lives are tested for impairment annually, or more often if circumstances dictate, such as in the quarter ended March 31, 2020, and written down to fair value as required. The estimates of fair value are determined using the “relief from royalty” methodology, which is a variation of the income approach. The discount rate assumption is based on an assessment of the risk inherent in the projected future cash flows generated by the trade name intangible asset.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Revenue Disaggregated by Sales Channel and Major Products and Services	Three Months Ended September 30, Nine Months Ended September 30, Sales channel 2020 2019 2020 2019 Direct $ 123,955 $ 122,878 $ 332,558 $ 349,162 National advertising 17,753 20,161 53,167 59,752 Other 2,684 3,642 8,770 11,215 Retail 144,392 146,681 394,495 420,129 Wholesale — 5,409 — 34,366 Total revenue $ 144,392 $ 152,090 $ 394,495 $ 454,495 Major products and services Subscription advertising and digital solutions $ 116,933 $ 119,495 $ 313,645 $ 357,256 Display advertising 20,643 23,048 60,560 67,755 Pay per lead 4,310 6,720 14,822 21,267 Other 2,506 2,827 5,468 8,217 Total revenue $ 144,392 $ 152,090 $ 394,495 $ 454,495

Goodwill and Indefinite-lived_2

Goodwill and Indefinite-lived Intangible Asset (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Changes in the Carrying Amount of Goodwill and Indefinite-lived Intangible Asset	The changes in the carrying amount of goodwill and indefinite-lived intangible asset are as follows (in thousands): December 31, 2019 Additions Impairment September 30, 2020 Goodwill $ 505,885 $ — $ (505,885 ) $ — Indefinite-lived intangible asset 790,020 — (400,000 ) 390,020

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of RSU Activity	Number of RSUs and Restricted Stock Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2019 943 $ 24.68 Granted (1) 3,686 5.65 Vested and delivered (273 ) 24.63 Forfeited (359 ) 11.45 Outstanding as of September 30, 2020 (1)(2) 3,997 8.32 (1) Included in “Granted” and “Outstanding as of September 30, 2020” are 108 shares of Restricted Stock that were delivered, but not yet vested. (2) Included in “Outstanding as of September 30, 2020” are 91 RSUs that were vested, but not yet delivered.
Summary of PSU Activity	PSU activity for the nine months ended September 30, 2020 is as follows (in thousands, except for weighted-average grant date fair value): Number of PSUs Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2019 953 $ 26.60 Granted (1) 715 5.40 Vested and delivered — — Forfeited or cancelled (1) (821 ) 26.38 Outstanding as of September 30, 2020 847 8.75 (1) Included in "Forfeited or cancelled" are 558 PSUs that were cancelled and replaced by new grants during the nine months ended September 30, 2020.
Summary of Stock Option Activity	Stock option activity for the nine months ended September 30, 2020 is as follows (in thousands, except for weighted-average grant date fair value): Number of Options Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2019 — $ — Granted 513 2.80 Vested and delivered — — Forfeited — — Outstanding as of September 30, 2020 513 2.80
Summary of Fair Value of Stock Options Granted are Estimated Using Black Scholes Option Pricing Model	The fair value of the stock options granted during the nine months ended September 30, 2020 are estimated on the grant date using the Black-Scholes option pricing model, using the following assumptions: Risk-free interest rate 1.01 % Weighted-average volatility 53.08 % Dividend yield 0 % Expected years until exercise 6.5

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Computation of Loss Per Share	The computation of Loss per share is as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net loss $ (12,261 ) $ (426,157 ) $ (824,339 ) $ (441,214 ) Basic weighted-average common shares outstanding 67,295 66,769 67,163 67,043 Effect of dilutive stock-based compensation awards (1) — — — — Diluted weighted-average common shares outstanding 67,295 66,769 67,163 67,043 Loss per share, basic $ (0.18 ) $ (6.38 ) $ (12.27 ) $ (6.58 ) Loss per share, diluted (0.18 ) (6.38 ) (12.27 ) (6.58 ) (1) There were 2,776 and 875 potential common shares excluded from diluted weighted-average shares outstanding for the three months ended September 30, 2020 and September 30, 2019, respectively, and 2,195 and 795 potential common shares for the nine months ended September 30, 2020 and September 30, 2019, respectively, as their inclusion would have had an anti-dilutive effect.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Varied from Statutory Federal Income Tax Rate	The effective income tax rate was 220% for the three months ended September 30, 2020, and varied from the statutory federal income tax rate of 21%, as follows (in thousands, except percentages): Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Income tax provision at statutory rate $ 2,151 21 % $ (196,652 ) 21 % State income taxes, net of federal income tax benefit — — (36,613 ) 4 NOL carrybacks (8,483 ) (83 ) (8,483 ) 1 Valuation allowance (1) 30,508 298 129,852 (14 ) Other, net (1,674 ) (16 ) (205 ) — Income tax expense (benefit) $ 22,502 220 % $ (112,101 ) 12 % (1) This item includes the recording of an additional $30.9 million related to the correction of an error, as discussed above.

Description of Business, Comp_3

Description of Business, Company History and Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Percentage of ownership by the company	100.00%

Revenue - Additional Informatio

Revenue - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020Segment
Revenue From Contract With Customer [Abstract]
Number of reportable segment	1

Revenue - Summary of Revenue Di

Revenue - Summary of Revenue Disaggregated by Sales Channel and Major Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Total revenue	$ 144,392	$ 152,090	$ 394,495	$ 454,495
Direct
Disaggregation Of Revenue [Line Items]
Total revenue	123,955	122,878	332,558	349,162
National Advertising
Disaggregation Of Revenue [Line Items]
Total revenue	17,753	20,161	53,167	59,752
Other
Disaggregation Of Revenue [Line Items]
Total revenue	2,684	3,642	8,770	11,215
Retail
Disaggregation Of Revenue [Line Items]
Total revenue	144,392	146,681	394,495	420,129
Wholesale
Disaggregation Of Revenue [Line Items]
Total revenue	0	5,409	0	34,366
Subscription Advertising and Digital Solutions
Disaggregation Of Revenue [Line Items]
Total revenue	116,933	119,495	313,645	357,256
Display Advertising
Disaggregation Of Revenue [Line Items]
Total revenue	20,643	23,048	60,560	67,755
Pay Per Lead
Disaggregation Of Revenue [Line Items]
Total revenue	4,310	6,720	14,822	21,267
Other
Disaggregation Of Revenue [Line Items]
Total revenue	$ 2,506	$ 2,827	$ 5,468	$ 8,217

Goodwill and Indefinite-lived_3

Goodwill and Indefinite-lived Intangible Asset - Changes in the Carrying Amount of Goodwill and Indefinite-lived Intangible Asset (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill, Beginning balance	$ 505,885
Goodwill, Additions	0
Goodwill, Impairment	(505,885)	$ (379,200)
Goodwill, Ending balance	0
Indefinite-lived intangible asset, Beginning balance	790,020
Indefinite-lived intangible asset, Additions	0
Indefinite-lived intangible asset, Impairment	(400,000)	$ (82,300)
Indefinite-lived intangible asset, Ending balance	$ 390,020

Goodwill and Indefinite-lived_4

Goodwill and Indefinite-lived Intangible Asset - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended			9 Months Ended
	Jun. 30, 2020	May 31, 2020	Apr. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Discounted rates for financial relief	30.00%	30.00%	50.00%
Goodwill, impairment				$ 505,885	$ 379,200
Indefinite-lived intangibles asset, impairment				$ 400,000	$ 82,300

Debt - Additional Information (

Debt - Additional Information (Details) $ in Thousands	Oct. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Jul. 01, 2020	Dec. 31, 2019USD ($)	Oct. 31, 2019
Line Of Credit Facility [Line Items]
Borrowings		$ 165,000	$ 10,000
Outstanding indebtedness, carrying value		558,720			$ 611,277
Cash and cash equivalents		43,769			$ 13,549
Repayment of borrowings		215,312	$ 39,688
Subsequent Event
Line Of Credit Facility [Line Items]
Senior secured leverage ratio	3.50%
Margin added to alternate base rate	1.75%
Subsequent Event | January 1, 2021 through Maturity June 30, 2023
Line Of Credit Facility [Line Items]
Interest coverage ratio	0.0300
Subsequent Event | Minimum
Line Of Credit Facility [Line Items]
Interest coverage ratio	0.0275
Subsequent Event | Maximum
Line Of Credit Facility [Line Items]
Euro dollar rate margin	2.75%
Subsequent Event | 6.375% Senior Unsecured Notes Due 2028
Line Of Credit Facility [Line Items]
Proceeds from issuance initial public offering	$ 400,000
Subsequent Event | Credit Agreement Amendment (Third Amendment)
Line Of Credit Facility [Line Items]
Aggregate principal amount of debt refinanced	$ 430,000
Revised debt instrument, maturity date	May 31, 2025
Level 2
Line Of Credit Facility [Line Items]
Outstanding indebtedness, fair value		581,200
Outstanding indebtedness, carrying value		597,800
Term Loan
Line Of Credit Facility [Line Items]
Outstanding principal amount		$ 362,800
Effective interest rate		5.50%
Repayment of loan		$ 25,300
Term Loan | Subsequent Event | 6.375% Senior Unsecured Notes Due 2028
Line Of Credit Facility [Line Items]
Repayment of term loan	$ 162,800
Term Loan | Subsequent Event | Credit Agreement Amendment (Third Amendment)
Line Of Credit Facility [Line Items]
Outstanding principal amount	200,000
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Outstanding principal amount		$ 235,000
Effective interest rate		3.30%
Repayment of loan		$ 190,000
Borrowings		165,000
Amount available to borrow		$ 215,000
Net leverage ratio		6.50%
Consolidated interest coverage ratio		0.0275		0.0300
Cash and cash equivalents		$ 75,000
Mandatory prepayment with unrestricted cash in excess of specified amount		$ 75,000
Revolving Credit Facility | Subsequent Event | 6.375% Senior Unsecured Notes Due 2028
Line Of Credit Facility [Line Items]
Repayment of borrowings	235,000
Revolving Credit Facility | Subsequent Event | Credit Agreement Amendment (Third Amendment)
Line Of Credit Facility [Line Items]
Outstanding principal amount	$ 230,000
Term Loan And Revolving Credit Facility
Line Of Credit Facility [Line Items]
Net leverage ratio		3.75%				4.50%
Credit agreement maturity date		May 31, 2022

Interest Rate Swap - Additional

Interest Rate Swap - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Reclassified from accumulated other comprehensive (loss) into Interest expense, net	$ 7,400,000	$ 1,200,000
Reclassified from accumulated other comprehensive (loss) into Interest expense, net	2,500,000	$ 0
Reclassified from accumulated other comprehensive (loss) into income tax expenses (benefit)	400,000
Loss related to the change in the fair value	$ 2,500,000
Swap | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Fixed rate of interest	2.96%
Notional amount	$ 300,000,000
Unrealized loss of fair value	14,200,000
Swap | Other Accrued Liabilities | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Unrealized loss of fair value	8,500,000
Swap | Other Noncurrent Liabilities | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Unrealized loss of fair value	$ 5,700,000

Unfavorable Contracts Liabili_2

Unfavorable Contracts Liability - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Unfavorable Contracts Liability [Abstract]
Percentage of retail rate charged to affiliates		60.00%
Unfavorable contract liability amortization period		5 years
Amortization into Wholesale revenue		$ 25.2
Amortization into Affiliate revenue share		$ 0	$ 17.5
Incurring affiliate revenue share expense	$ 0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - Common Stock - USD ($) shares in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Stockholders' Equity [Line Items]
Stock repurchase program, authorized amount	$ 200,000,000
Stock repurchase program, duration	2 years
Stock purchased and retired		0	1.7
Stock purchased and retired, amount			$ 40,000,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
Options expiration period	10 years
Minimum | RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	1 year
Minimum | PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share units vesting percentage	0.00%
Share units performance period	1 year
Maximum [Member] | RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years
Maximum [Member] | PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share units vesting percentage	200.00%
Share units performance period	3 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of RSU Activity (Details) - RSUs shares in Thousands	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Number of Share Units
Share Units, Outstanding as of December 31,2019 | shares	943
Share Units, Granted | shares	3,686
Share Units, Vested and delivered | shares	(273)
Share Units, Forfeited or cancelled | shares	(359)
Share Units, Outstanding as of March 31,2020 | shares	3,997
Weighted- Average Grant Date Fair Value
Weighted- Average Grant Date Fair Value, Outstanding as of December 31, 2019 | $ / shares	$ 24.68
Weighted-?Average Grant?Date Fair Value, Granted | $ / shares	5.65
Weighted-?Average Grant?Date Fair Value, Vested and delivered | $ / shares	24.63
Weighted-?Average Grant?Date Fair Value, Forfeited or cancelled | $ / shares	11.45
Weighted- Average Grant Date Fair Value, Outstanding as of March 31,2020 | $ / shares	$ 8.32

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSU Activity (Parenthetical) (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2020shares
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs vested but not yet delivered	91

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of PSU Activity (Details) - PSUs shares in Thousands	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Number of Share Units
Share Units, Outstanding as of December 31,2019 | shares	953
Share Units, Granted | shares	715
Share Units, Vested and delivered | shares	0
Share Units, Forfeited or cancelled | shares	(821)
Share Units, Outstanding as of March 31,2020 | shares	847
Weighted- Average Grant Date Fair Value
Weighted- Average Grant Date Fair Value, Outstanding as of December 31, 2019 | $ / shares	$ 26.60
Weighted-?Average Grant?Date Fair Value, Granted | $ / shares	5.40
Weighted-?Average Grant?Date Fair Value, Vested and delivered | $ / shares	0
Weighted-?Average Grant?Date Fair Value, Forfeited or cancelled | $ / shares	26.38
Weighted- Average Grant Date Fair Value, Outstanding as of March 31,2020 | $ / shares	$ 8.75

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of PSU Activity (Parenthetical) (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2020shares
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
PSU cancelled and replaced by new grants	558

Stock-Based Compensation - Su_5

Stock-Based Compensation - Summary of Stock Option Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Number of Share Units
Share Units, Outstanding as of December 31,2019 | shares	0
Share Units, Granted | shares	513
Share Units, Vested and delivered | shares	0
Share Units, Forfeited | shares	0
Share Units, Outstanding as of March 31,2020 | shares	513
Weighted- Average Grant Date Fair Value
Weighted- Average Grant Date Fair Value, Outstanding as of December 31, 2019 | $ / shares	$ 0
Weighted- Average Grant Date Fair Value, Granted | $ / shares	2.80
Weighted- Average Grant Date Fair Value, Vested and delivered | $ / shares	0
Weighted- Average Grant Date Fair Value, Forfeited | $ / shares	0
Weighted- Average Grant Date Fair Value, Outstanding as of March 31, 2020 | $ / shares	$ 2.80

Stock-Based Compensation - Su_6

Stock-Based Compensation - Summary of Fair Value of Stock Options Granted are Estimated Using Black Scholes Option Pricing Model (Details)	9 Months Ended
	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Risk-free interest rate	1.01%
Weighted-average volatility	53.08%
Dividend yield	0.00%
Expected years until exercise	6 years 6 months

Loss Per Share - Computation of

Loss Per Share - Computation of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net loss	$ (12,261)	$ (24,644)	$ (787,434)	$ (426,157)	$ (6,026)	$ (9,031)	$ (824,339)	$ (441,214)
Basic weighted-average common shares outstanding	67,295			66,769			67,163	67,043
Effect of dilutive stock-based compensation awards (1)	0			0			0	0
Diluted weighted-average common shares outstanding	67,295			66,769			67,163	67,043
Loss per share, basic	$ (0.18)			$ (6.38)			$ (12.27)	$ (6.58)
Loss per share, diluted	$ (0.18)			$ (6.38)			$ (12.27)	$ (6.58)

Loss Per Share - Computation _2

Loss Per Share - Computation of Loss Per Share (Parenthetical) (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Potential common shares excluded from diluted weighted-average shares outstanding	2,776	875	2,195	795

Other Income (Expense), net (De

Other Income (Expense), net (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Other Income And Expenses [Abstract]
Impairment of non-marketable investments	$ 9.4

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Line Items]
Valuation allowance	$ 129,900						$ 129,900
Net loss	(12,261)	$ (24,644)	$ (787,434)	$ (426,157)	$ (6,026)	$ (9,031)	(824,339)	$ (441,214)
Goodwill and intangible asset impairment	$ 0			$ 461,463			905,885	$ 461,463
Deferred federal income tax expense (benefit)							$ (8,500)
Effective income tax rate, income tax expense percentage	220.00%						12.00%
Federal statutory rate	21.00%						21.00%
Error Correction, Other
Income Tax Disclosure [Line Items]
Valuation allowance	$ 30,900						$ 30,900
Net loss			787,400
Goodwill and intangible asset impairment			905,900
Goodwill and intangible asset, net of tax			$ 757,100

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Varied from Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax provision at statutory rate		$ 2,151		$ (196,652)
State income taxes, net of federal income tax benefit		0		(36,613)
NOL carrybacks		(8,483)		(8,483)
Valuation allowance	[1]	30,508		129,852
Other, net		(1,674)		(205)
Income tax expense (benefit)		$ 22,502	$ (27,869)	$ (112,101)	$ (31,011)
Income tax provision at statutory rate, percent		21.00%		21.00%
State income taxes, net of federal income tax benefit, percent		0.00%		4.00%
NOL carrybacks, percent		(83.00%)		1.00%
Valuation allowance, percent	[1]	298.00%		(14.00%)
Other, net, percent		(16.00%)		0.00%
Income tax expense (benefit), percent		220.00%		12.00%
[1]	This item includes the recording of an additional $30.9 million related to the correction of an error, as discussed above

Income Taxes - Schedule of Ef_2

Income Taxes - Schedule of Effective Income Tax Rate Varied from Statutory Federal Income Tax Rate (Parenthetical) (Details) $ in Millions	Sep. 30, 2020USD ($)
Valuation Allowance [Line Items]
Additional valuation allowance recorded	$ 129.9
Error Correction, Other
Valuation Allowance [Line Items]
Additional valuation allowance recorded	$ 30.9