Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of carrying value and fair value of the Company’s fixed rate long-term debt

The carrying value and fair value of the Company’s 5.00% Senior Notes and fixed rate mortgages were as follows (in millions):

	June 30, 2020				December 31, 2019
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
5.00% Senior Notes	$	547.1	$	549.9	$	546.4	$	559.5
Real estate related	89.8		81.2		40.7		41.1
Total	$	636.9	$	631.1	$	587.1	$	600.6

(1)Carrying value includes unamortized discount and excludes debt issuance costs.

Asset and liabilities recorded at fair value

Assets and liabilities associated with the Company’s interest rate swaps as reflected in the Condensed Consolidated Balance Sheets were as follows (in millions):

	June 30, 2020		December 31, 2019
Assets:
Other long-term assets	$	—	$	1.9
Total assets	$	—	$	1.9
Liabilities:
Accrued expenses and other current liabilities	$	3.2	$	2.8
Long-term interest rate swap liabilities	49.3		4.4
Total liabilities	$	52.5	$	7.2

Impact of interest rate derivative instruments

The following tables present the impact of the Company’s interest rate swaps (in millions):

	Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss)
	Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationship	2020			2019
Interest rate swaps	$	(38.6	)	$	(13.7	)
	Amount of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
Location of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations	Six Months Ended June 30,
	2020			2019
Floorplan interest expense	$	(2.7	)	$	0.6
Other interest expense, net	$	(0.8	)	$	0.2