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Significant Equity Method Investees | 6 Months Ended
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Jun. 30, 2020
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. Penske Transportation Solutions (“PTS”) is the universal brand name for PTL’s various business lines. Our investment in PTS is accounted for using the equity method of accounting. PTS equity earnings represent a significant portion of our consolidated pre-tax income. We recorded $43.5 million and $63.8 million during the six months ended June 30, 2020 and 2019, respectively, on our statements of income under the caption “Equity in earnings of affiliates” related to earnings from PTS investment. ​ Unaudited summarized income statement information for PTS for the six months ended June 30, 2020 and 2019 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, | ​
​ |  | 2020 |  | 2019 | ​
Revenues | ​ | $ | 4,227 | ​ | $ | 4,390 | ​
Gross profit | ​ |  | 858 | ​ |  | 896 | ​
Income from continuing operations | ​ | ​ | 151 | ​ |  | 221 | ​
Net income | ​ |  | 151 | ​ |  | 221 | ​
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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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