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Equity Method Investees

12 Months Ended

Dec. 31, 2014

Equity Method Investees

Equity Method Investees

2. Equity Method Investees

        As of December 31, 2014, we have investments in the following companies that are accounted for under the equity method: the Jacobs Group (50%), the Nix Group (50%), Ibericar Keldinich SL (50%), Penske Wynn Ferrari Maserati (50%), Max Cycles (50%), Penske Commercial Leasing Australia (45%), Penske Vehicle Services (31%), and National Powersport Auctions (7%). Jacobs Group, Nix Group, Ibericar Keldinich SL, and Penske Wynn Ferrari Maserati are engaged in the sale and servicing of automobiles. Penske Commercial Leasing Australia rents heavy-duty commercial vehicles in Australia, Max Cycles is engaged in the sale and servicing of BMW motorcycles, Penske Vehicle Services is an automotive fleet management company, and National Powersport Auctions is an auctioneer of powersport vehicles. These investments in entities accounted for under the equity method amounted to $73.3 million and $78.1 million at December 31, 2014 and 2013, respectively.

        We also have a 9.0% limited partnership interest in PTL, a leading provider of transportation and supply chain services. Our investment in PTL, which is accounted for under the equity method, amounted to $279.5 million and $268.8 million at December 31, 2014 and 2013, respectively.

        The combined results of operations and financial position of our equity method investees as of December 31 for each of the years presented are summarized as follows:

        Condensed income statement information:

		Year Ended December 31,
		2014			2013			2012
Revenues		$	6,620.1		$	6,177.0		$	6,043.4
Gross margin			2,181.4			2,043.5			1,897.3
Net income			357.2			304.0			284.2
Equity in net income of affiliates			40.8			30.7			27.6

        Condensed balance sheet information:

		December 31,
		2014			2013
Current assets		$	1,242.0		$	1,194.2
Noncurrent assets			9,230.8			8,377.8
​	​	​	​	​	​	​	​
Total assets		$	10,472.8		$	9,572.0
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Current liabilities		$	958.1		$	888.8
Noncurrent liabilities			7,276.8			6,517.5
Equity			2,237.9			2,165.7
​	​	​	​	​	​	​	​
Total liabilities and equity		$	10,472.8		$	9,572.0
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

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- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.12)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 35

-Paragraph 32

-URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32787-111569



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 35

-Paragraph 35

-URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32847-111569

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