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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information Our operations are organized by management into operating segments by line of business and geography. We have determined that we have four reportable segments as defined in generally accepted accounting principles for segment reporting: (i) Retail Automotive, consisting of our retail automotive dealership operations; (ii) Retail Commercial Truck, consisting of our retail commercial truck dealership operations in the U.S. and Canada; (iii) Other, consisting of our commercial vehicle and power systems distribution operations; and (iv) Non-Automotive Investments, consisting of our equity method investments in non-automotive operations which includes our investment in PTS and other various investments. The Retail Automotive reportable segment includes all automotive dealerships and all departments relevant to the operation of the dealerships and our retail automotive joint ventures. The individual dealership operations included in the Retail Automotive reportable segment now represent two operating segments as previously discussed in Note 1: United States Retail Automotive and International Retail Automotive. These operating segments have been aggregated into one reportable segment as their operations (A) have similar economic characteristics (all are automotive dealerships having similar margins), (B) offer similar products and services (all sell new and/or used vehicles, service, parts, and third-party finance and insurance products), (C) have similar target markets and customers (generally individuals), and (D) have similar distribution and marketing practices (all distribute products and services through dealership facilities that market to customers in similar fashions). The accounting policies of the segments are the same and are described in Note 1. The following table summarizes revenues, gross profit, selling, general, and administrative expenses, floor plan interest expense, other interest expense, depreciation, equity in earnings of affiliates, and income from continuing operations before income taxes, which is the measure of segment performance by which management allocates resources to its segments and which we refer to as segment income, for each of our reportable segments.
| Retail Automotive |  | Retail Commercial Truck |  | Other |  | Non-Automotive Investments |  |  |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |
2023 | $ | 25,209.1 |  |  | $ | 3,684.3 |  |  | $ | 634.0 |  |  | $ | — |  |  |  |  | $ | 29,527.4 |
2022 | 23,694.7 |  |  | 3,541.3 |  |  | 578.8 |  |  | — |  |  |  |  | 27,814.8 |
2021 | 22,513.3 |  |  | 2,465.7 |  |  | 575.7 |  |  | — |  |  |  |  | 25,554.7 |
Gross profit |  |  |  |  |  |  |  |  |  |  |
2023 | $ | 4,176.2 |  |  | $ | 592.4 |  |  | $ | 165.2 |  |  | $ | — |  |  |  |  | $ | 4,933.8 |
2022 | 4,126.4 |  |  | 555.1 |  |  | 157.3 |  |  | — |  |  |  |  | 4,838.8 |
2021 | 3,870.2 |  |  | 416.9 |  |  | 153.7 |  |  | — |  |  |  |  | 4,440.8 |
Selling, general, and administrative expenses |  |  |  |  |  |  |  |  |  |  |
2023 | $ | 2,948.8 |  |  | $ | 339.2 |  |  | $ | 112.6 |  |  | $ | — |  |  |  |  | $ | 3,400.6 |
2022 | 2,790.4 |  |  | 318.3 |  |  | 115.0 |  |  | — |  |  |  |  | 3,223.7 |
2021 | 2,607.3 |  |  | 243.3 |  |  | 112.3 |  |  | — |  |  |  |  | 2,962.9 |
Floor plan interest expense |  |  |  |  |  |  |  |  |  |  |
2023 | $ | 116.0 |  |  | $ | 14.5 |  |  | $ | 2.6 |  |  | $ | — |  |  |  |  | $ | 133.1 |
2022 | 44.5 |  |  | 7.5 |  |  | 0.4 |  |  | — |  |  |  |  | 52.4 |
2021 | 23.9 |  |  | 1.9 |  |  | 0.4 |  |  | — |  |  |  |  | 26.2 |
Other interest expense |  |  |  |  |  |  |  |  |  |  |
2023 | $ | 90.3 |  |  | $ | 1.3 |  |  | $ | 1.0 |  |  | $ | — |  |  |  |  | $ | 92.6 |
2022 | 65.1 |  |  | 3.9 |  |  | 1.4 |  |  | — |  |  |  |  | 70.4 |
2021 | 63.8 |  |  | 3.3 |  |  | 1.5 |  |  | — |  |  |  |  | 68.6 |
Depreciation |  |  |  |  |  |  |  |  |  |  |
2023 | $ | 124.7 |  |  | $ | 11.6 |  |  | $ | 4.7 |  |  | $ | — |  |  |  |  | $ | 141.0 |
2022 | 112.7 |  |  | 10.0 |  |  | 4.6 |  |  | — |  |  |  |  | 127.3 |
2021 | 108.7 |  |  | 7.9 |  |  | 4.9 |  |  | — |  |  |  |  | 121.5 |
Equity in earnings of affiliates |  |  |  |  |  |  |  |  |  |  |
2023 | $ | 3.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 289.8 |  |  |  |  | $ | 293.7 |
2022 | 3.5 |  |  | — |  |  | — |  |  | 490.7 |  |  |  |  | 494.2 |
2021 | 8.2 |  |  | — |  |  | — |  |  | 366.3 |  |  |  |  | 374.5 |
Segment income |  |  |  |  |  |  |  |  |  |  |
2023 (1) | $ | 860.5 |  |  | $ | 225.0 |  |  | $ | 44.2 |  |  | $ | 289.8 |  |  |  |  | $ | 1,419.5 |
2022 | 1,118.0 |  |  | 214.7 |  |  | 35.8 |  |  | 490.7 |  |  |  |  | 1,859.2 |
2021 | 1,046.6 |  |  | 160.3 |  |  | 34.5 |  |  | 366.3 |  |  |  |  | 1,607.7 |
__________________________
(1)Retail automotive segment income includes $40.7 million of impairment charges in 2023 related to our Used Vehicle Dealerships International reporting unit.
Total assets, equity method investments, and capital expenditures by reportable segment are as set forth in the table below:
| Retail Automotive |  | Retail Commercial Truck |  | Other |  | Non-Automotive Investments |  |  |  | Total
Total assets |  |  |  |  |  |  |  |  |  |  |
2023 | $ | 11,408.3 |  |  | $ | 1,690.8 |  |  | $ | 842.0 |  |  | $ | 1,730.4 |  |  |  |  | $ | 15,671.5 |
2022 | 10,483.3 |  |  | 1,471.9 |  |  | 563.6 |  |  | 1,595.8 |  |  |  |  | 14,114.6 |
Equity method investments |  |  |  |  |  |  |  |  |  |  |
2023 | $ | 44.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,730.4 |  |  |  |  | $ | 1,774.9 |
2022 | 41.1 |  |  | — |  |  | — |  |  | 1,595.8 |  |  |  |  | 1,636.9 |
Capital expenditures |  |  |  |  |  |  |  |  |  |  |
2023 | $ | 306.9 |  |  | $ | 60.1 |  |  | $ | 8.3 |  |  | $ | — |  |  |  |  | $ | 375.3 |
2022 | 245.6 |  |  | 31.2 |  |  | 5.7 |  |  | — |  |  |  |  | 282.5 |
2021 | 239.4 |  |  | 6.3 |  |  | 3.2 |  |  | — |  |  |  |  | 248.9 |
The following table presents revenue and long-lived assets (all non-current assets except goodwill, other indefinite-lived intangible assets, and operating lease right-of-use assets) by geographic area:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Revenue from external customers: |  |  |  |  |
U.S. | $ | 17,186.5 |  |  | $ | 16,801.7 |  |  | $ | 15,275.9 |
Non-U.S. | 12,340.9 |  |  | 11,013.1 |  |  | 10,278.8 |
Total revenue from external customers | $ | 29,527.4 |  |  | $ | 27,814.8 |  |  | $ | 25,554.7 |
Long-lived assets, net: |  |  |  |  |
U.S. | $ | 3,255.4 |  |  | $ | 3,001.8 |  |  |
Non-U.S. | 1,347.8 |  |  | 1,186.9 |  |  |
Total long-lived assets | $ | 4,603.2 |  |  | $ | 4,188.7 |  |  |
The Company's non-U.S. operations are predominantly based in the U.K.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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