XML 45 R29.htm IDEA: XBRL DOCUMENT v3.24.1.u1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
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 4.00% Senior Notes and fixed rate mortgages were as follows (in millions):
March 31, 2024December 31, 2023
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
4.00% Senior Notes
$750.0 $691.7 $750.0 $697.5 
Real estate related129.2 116.6 90.9 83.1 
Total$879.2 $808.3 $840.9 $780.6 
(1) Carrying value excludes unamortized debt issuance costs.
Schedule of Asset and Liabilities Recorded at Fair Value
Assets and liabilities associated with the Company’s interest rate swaps, as reflected gross in the Condensed Consolidated Balance Sheets, were as follows (in millions):
 March 31, 2024December 31, 2023
Assets:
Other current assets (1)
$1.8 $1.2 
Other long-term assets (2)
96.7 88.1 
Total assets$98.5 $89.3 
Liabilities:
Accrued expenses and other current liabilities$— $— 
Other long-term liabilities— — 
Total liabilities$— $— 
(1) As of March 31, 2024, the balance included gross fair value of $0.2 million related to the de-designated swap as described below.
(2) As of March 31, 2024 and December 31, 2023, the balance included gross fair value of $4.0 million and $3.7 million, respectively, related to the de-designated swap as described below.
Schedule of Impact of Interest Rate Derivative Instruments
The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions):
 Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss)
Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationship20242023
Interest rate swaps$14.3 $(6.7)
 Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
Statement of Operations ClassificationThree Months Ended March 31,
20242023
Floorplan interest expense$5.3 $3.3 
Other interest expense, net$4.6 $4.2