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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Reportable Segment Information | 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.
Goodwill and Intangible Franchise Rights and Total Assets by Reportable Segment |
|  | 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 |

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