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Equity Method Investees | 12 Months Ended
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Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investees | Equity Method Investees As of December 31, 2022, we had investments in the following companies that are accounted for under the equity method: the Nix Group (50%) operating automotive dealerships in Germany, Barcelona Premium SL (50%) operating automotive dealerships in Spain, and Penske Commercial Leasing Australia (28%). We also have a 28.9% ownership interest in PTS, a leading provider of transportation and supply chain services. Our investment in PTS, which is accounted for under the equity method, amounted to $1,590.9 million and $1,643.1 million at December 31, 2022, and 2021, respectively. The net book value of our equity method investments was $1,636.9 million and $1,688.1 million as of December 31, 2022, and 2021, respectively. We recorded $494.2 million, $374.5 million, and $169.0 million during the years ended December 31, 2022, 2021, and 2020, respectively, on our statements of income under the caption “Equity in earnings of affiliates” related to earnings from our equity method investments. 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,
| 2022 |  | 2021 |  | 2020
Revenues | $ | 13,587.3 |  |  | $ | 11,526.9 |  |  | $ | 9,613.8 |
Gross profit | 3,025.5 |  |  | 2,736.2 |  |  | 2,101.5 |
Net income | 1,701.3 |  |  | 1,272.0 |  |  | 584.3 |
Condensed balance sheet information:
| December 31,
| 2022 |  | 2021
Current assets | $ | 2,126.5 |  |  | $ | 1,564.7 |
Noncurrent assets | 17,867.9 |  |  | 15,203.2 |
Total assets | $ | 19,994.4 |  |  | $ | 16,767.9 |
Current liabilities | $ | 4,110.2 |  |  | $ | 1,642.0 |
Noncurrent liabilities | 11,719.0 |  |  | 10,785.6 |
Equity | 4,165.2 |  |  | 4,340.3 |
Total liabilities and equity | $ | 19,994.4 |  |  | $ | 16,767.9 |

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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 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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