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Significant Equity Method Investees | 9 Months Ended
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Sep. 30, 2019
Significant Equity Method Investees |
Significant Equity Method Investees | 4. Significant Equity Method Investees ​ We hold a 28.9% ownership interest in Penske Truck Leasing Co., L.P. (“PTL”), a leading provider of transportation and supply chain services. Our investment in PTL is accounted for using the equity method of accounting. For the nine months ended September 30, 2019, PTL equity earnings represented a significant portion of our consolidated pre-tax income. We recorded $106.0 million and $91.7 million during the nine months ended September 30, 2019 and 2018, respectively, on our statements of income under the caption “Equity in earnings of affiliates” related to earnings from PTL investment. ​ Rule 10-01(b)(1) of Regulation S-X requires separate interim period summarized income statement information for each 50-percent-or-less-owned subsidiary not consolidated that would have been a significant subsidiary for annual periods in accordance with Rule 3-09 of Regulation S-X. ​ Pursuant to this requirement, unaudited summarized income statement information for PTL for the nine months ended September 30, 2019 and 2018 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, | ​
​ |  | 2019 |  | 2018 | ​
Revenues | ​ | $ | 6,701 | ​ | $ | 6,158 | ​
Gross profit | ​ |  | 1,397 | ​ |  | 1,272 | ​
Income from continuing operations | ​ | ​ | 367 | ​ |  | 317 | ​
Net income | ​ |  | 367 | ​ |  | 317 | ​
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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SX 210.3A-04) -URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355119-122828 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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