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Equity Method Investees
 12 Months Ended
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,
202220212020
Revenues$13,587.3 $11,526.9 $9,613.8 
Gross profit3,025.5 2,736.2 2,101.5 
Net income1,701.3 1,272.0 584.3 
Condensed balance sheet information:
December 31,
20222021
Current assets$2,126.5 $1,564.7 
Noncurrent assets17,867.9 15,203.2 
Total assets$19,994.4 $16,767.9 
Current liabilities$4,110.2 $1,642.0 
Noncurrent liabilities11,719.0 10,785.6 
Equity4,165.2 4,340.3 
Total liabilities and equity$19,994.4 $16,767.9