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Segment Information | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION As of December 31, 2020, the Company had three reportable segments: the U.S., U.K. and Brazil. The U.S. and Brazil segments are led by the President, U.S. and Brazilian Operations, and the U.K. segment is led by an Operations Director, each reporting directly to the Company's Chief Executive Officer, who is the CODM. The President, U.S. and Brazilian Operations, and the U.K. Operations Director are responsible for the overall performance of their respective regions, as well as for overseeing field level management. Each region engages in business activities and their respective operating results are regularly reviewed by the CODM to make decisions about resources to be allocated to the region and to assess performance. Each segment is comprised of retail automotive franchises that sell new and used cars and light trucks; arrange related vehicle financing; sell service and insurance contracts; provide automotive maintenance and repair services; and sell vehicle parts. Selected reportable segment data is as follows (in millions):
| Year Ended December 31, 2020
| U.S. |  | U.K. |  | Brazil |  | Total
Total revenues | $ | 8,503.4 |  |  | $ | 2,096.8 |  |  | $ | 251.6 |  |  | $ | 10,851.8 |
Gross profit | $ | 1,486.0 |  |  | $ | 248.1 |  |  | $ | 34.8 |  |  | $ | 1,769.0 |
SG&A expenses (1) | $ | 947.0 |  |  | $ | 191.2 |  |  | $ | 31.1 |  |  | $ | 1,169.3 |
Depreciation and amortization expense | $ | 57.7 |  |  | $ | 15.8 |  |  | $ | 2.3 |  |  | $ | 75.8 |
Floorplan interest expense | $ | 32.2 |  |  | $ | 7.1 |  |  | $ | 0.3 |  |  | $ | 39.5 |
Other interest expense, net | $ | 55.0 |  |  | $ | 6.9 |  |  | $ | 0.7 |  |  | $ | 62.6 |
Income (loss) before income taxes (2) | $ | 366.6 |  |  | $ | 14.2 |  |  | $ | (10.5) |  |  | $ | 370.3 |
Capital expenditures: |  |  |  |  |  |  |
Real estate related capital expenditures | $ | 12.9 |  |  | $ | 11.2 |  |  | $ | — |  |  | $ | 24.1 |
Non-real estate related capital expenditures (3) | 60.9 |  |  | 10.6 |  |  | 7.6 |  |  | 79.1 |
Total capital expenditures | $ | 73.8 |  |  | $ | 21.8 |  |  | $ | 7.6 |  |  | $ | 103.2 |
| Year Ended December 31, 2019
| U.S. |  | U.K. |  | Brazil |  | Total
Total revenues | $ | 9,184.2 |  |  | $ | 2,413.7 |  |  | $ | 445.9 |  |  | $ | 12,043.8 |
Gross profit | $ | 1,494.8 |  |  | $ | 267.7 |  |  | $ | 53.5 |  |  | $ | 1,816.0 |
SG&A expenses (4) | $ | 1,075.6 |  |  | $ | 236.9 |  |  | $ | 46.0 |  |  | $ | 1,358.4 |
Depreciation and amortization expense | $ | 55.4 |  |  | $ | 14.6 |  |  | $ | 1.6 |  |  | $ | 71.6 |
Floorplan interest expense | $ | 53.7 |  |  | $ | 7.2 |  |  | $ | 0.7 |  |  | $ | 61.6 |
Other interest expense, net | $ | 67.5 |  |  | $ | 7.3 |  |  | $ | 0.1 |  |  | $ | 74.9 |
Income (loss) before income taxes (5) | $ | 227.9 |  |  | $ | (5.3) |  |  | $ | 4.6 |  |  | $ | 227.3 |
Capital expenditures: |  |  |  |  |  |  |
Real estate related capital expenditures | $ | 63.8 |  |  | $ | 25.7 |  |  | $ | 3.1 |  |  | $ | 92.5 |
Non-real estate related capital expenditures (3) | 70.7 |  |  | 25.9 |  |  | 2.6 |  |  | 99.3 |
Total capital expenditures | $ | 134.5 |  |  | $ | 51.6 |  |  | $ | 5.7 |  |  | $ | 191.8 |
| Year Ended December 31, 2018
| U.S. |  | U.K. |  | Brazil |  | Total
Total revenues | $ | 8,723.3 |  |  | $ | 2,437.4 |  |  | $ | 440.7 |  |  | $ | 11,601.4 |
Gross profit | $ | 1,391.3 |  |  | $ | 279.9 |  |  | $ | 53.9 |  |  | $ | 1,725.1 |
SG&A expenses (6) | $ | 982.1 |  |  | $ | 240.4 |  |  | $ | 50.6 |  |  | $ | 1,273.1 |
Depreciation and amortization expense | $ | 52.9 |  |  | $ | 12.6 |  |  | $ | 1.6 |  |  | $ | 67.1 |
Floorplan interest expense | $ | 52.8 |  |  | $ | 6.3 |  |  | $ | 0.8 |  |  | $ | 59.9 |
Other interest expense, net | $ | 68.1 |  |  | $ | 6.8 |  |  | $ | 0.9 |  |  | $ | 75.8 |
Income (loss) before income taxes (7) | $ | 192.1 |  |  | $ | 13.3 |  |  | $ | — |  |  | $ | 205.4 |
Capital expenditures: |  |  |  |  |  |  |
Real estate related capital expenditures | $ | 20.5 |  |  | $ | 5.0 |  |  | $ | 5.8 |  |  | $ | 31.4 |
Non-real estate related capital expenditures (3) | 80.2 |  |  | 27.5 |  |  | 2.0 |  |  | 109.6 |
Total capital expenditures | $ | 100.7 |  |  | $ | 32.5 |  |  | $ | 7.8 |  |  | $ | 141.0 |
(1) SG&A expenses for the year ended December 31, 2020 includes the following: in the U.S. segment, $10.6 million in stock-based compensation expense related to an out-of-period adjustment, $3.1 million net gain on disposition of real estate and dealership transactions and $2.7 million net gain on legal matters; in the U.K. segment, $2.2 million net gain on disposition of real estate and dealership transactions and $1.2 million in severance expense; and in the Brazil segment, $0.9 million in severance expense. (2) Income (loss) before taxes for the year ended December 31, 2020 includes the SG&A expenses described in note 1 above and additionally includes the following: in the U.S. segment, $13.8 million in asset impairments and $13.7 million loss on debt extinguishment; in the U.K. segment, $12.8 million in asset impairments; and in the Brazil segment, $11.1 million in asset impairments. (3) Non-real estate related capital expenditures exclude the net decrease (increase) in the accrual for capital expenditures from year-end of $1.7 million, $4.1 million and ($0.5 million) for the years ended December 31, 2020, 2019 and 2018, respectively. (4) SG&A expenses for the year ended December 31, 2019 includes the following: in the U.S. segment, $17.8 million in expenses related to flood damage from Tropical Storm Imelda and hail storm damages primarily in Texas. (5) Income (loss) before taxes for the year ended December 31, 2019 includes the SG&A expenses described in note 4 above and additionally includes the following: in the U.S. segment, $14.7 million in asset impairments; in the U.K. segment, $7.0 million in asset impairments; and in the Brazil segment, $0.5 million in asset impairments. (6) SG&A expenses for the year ended December 31, 2018 includes the following: in the U.S. segment, $25.2 million net gain on disposition of real estate and dealership transactions and $6.4 million of expenses related to catastrophic events mainly as a result of hail storms. (7) Income (loss) before taxes for the year ended December 31, 2018 includes the SG&A expenses described in note 6 above and additionally includes the following: in the U.S. segment, $43.4 million in asset impairments; in the U.K. segment, $0.5 million in asset impairments.
|  | December 31, 2020
|  | U.S. |  | U.K. |  | Brazil |  | Total
Property and equipment, net |  | $ | 1,303.1 |  |  | $ | 281.3 |  |  | $ | 23.9 |  |  | $ | 1,608.2 |
Operating lease assets |  | $ | 117.4 |  |  | $ | 89.6 |  |  | $ | 2.8 |  |  | $ | 209.9 |
Total assets |  | $ | 3,942.8 |  |  | $ | 1,116.8 |  |  | $ | 29.9 |  |  | $ | 5,089.4 |
|  | December 31, 2019
|  | U.S. |  | U.K. |  | Brazil |  | Total
Property and equipment, net |  | $ | 1,251.4 |  |  | $ | 271.0 |  |  | $ | 24.7 |  |  | $ | 1,547.1 |
Operating lease assets |  | $ | 114.8 |  |  | $ | 100.1 |  |  | $ | 5.2 |  |  | $ | 220.1 |
Total assets |  | $ | 4,256.1 |  |  | $ | 1,225.6 |  |  | $ | 88.6 |  |  | $ | 5,570.2 |
Refer to Note 11. Intangible Franchise Rights and Goodwill for further discussion of the Company’s intangible franchise rights and goodwill by segment.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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