FINANCIAL INSTRUMENTS AND FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Liabilities

A summary of the carrying values and fair values of our Notes and our mortgage notes payable is as follows: 

	As of
	March 31, 2022		December 31, 2021
	(In millions)
Carrying Value:
4.50% Senior Notes due 2028	$	401.8	$	401.6
4.625% Senior Notes due 2029	788.1		787.9
4.75% Senior Notes due 2030	441.4		441.2
5.00% Senior Notes due 2032	590.9		590.9
Mortgage notes payable (a)	1,172.7		1,183.6
Total carrying value	$	3,394.9	$	3,405.2
Fair Value:
4.50% Senior Notes due 2028	$	386.8	$	413.6
4.625% Senior Notes due 2029	746.0		815.0
4.75% Senior Notes due 2030	418.3		455.0
5.00% Senior Notes due 2032	555.0		621.8
Mortgage notes payable (a)	1,184.9		1,196.6
Total fair value	$	3,291.0	$	3,502.0

____________________________

(a) The balances as of March 31, 2022, exclude amounts classified as Liabilities associated with assets held for sale.

Schedule of Derivative Instruments

The following table provides information on the attributes of each swap as of March 31, 2022:

Inception Date	Notional Principal at Inception		Notional Value as of March 31, 2022		Notional Principal at Maturity		Maturity Date
	(In millions)
January 2022	$	300.0	$	300.0	$	228.8	December 2026
January 2022	$	250.0	$	250.0	$	250.0	December 2031
May 2021	$	184.4	$	178.8	$	110.6	May 2031
July 2020	$	93.5	$	85.3	$	50.6	December 2028
July 2020	$	85.5	$	77.4	$	57.3	November 2025
June 2015	$	100.0	$	68.0	$	53.1	February 2025
November 2013	$	75.0	$	44.3	$	38.7	September 2023

Schedule of Derivative Instruments Fair Value

The following table provides information regarding the fair value of our interest rate swap agreements and the impact on the Condensed Consolidated Balance Sheets:

	As of
	March 31, 2022		December 31, 2021
	(In millions)
Other current assets	$	0.7	$	—
Other current liabilities	(3.1)		(3.8)
Other long-term assets	44.5		5.5
Other long-term liabilities	(0.7)		(2.6)
Total fair value	$	41.4	$	(0.9)

Schedule of Derivative Instruments Effect on Accumulated Other Comprehensive Income

Information about the effect of our interest rate swap agreements in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, is as follows (in millions):

For the Three Months Ended March 31,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2022	$	45.4	Other interest expense, net	$	(3.1)
2021	$	7.0	Other interest expense, net	$	(0.8)

Schedule of Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The table below presents the Company’s investment securities that are measured at fair value on a recurring basis aggregated by the level in the fair value hierarchy within which those measurements fall:

	As of March 31, 2022
	Level 1		Level 2		Level 3		Total
	(In millions)
Cash equivalents	$	7.4	$	—	$	—	$	7.4
Short-term investments	3.9		8.6		—		12.5
U.S Treasury	6.8		—		—		6.8
Municipal	—		24.8		—		24.8
Corporate	—		11.3		—		11.3
Mortgage and other asset-backed securities	—		6.3		—		6.3
Total debt securities	10.7		51.0		—		61.7
Common stock	61.7		—		—		61.7
Preferred stock	—		—		—		—
Total	$	72.4	$	51.0	$	—	$	123.4
Investments measured at net asset value (a)							4.5
Total investments, at fair value							$	127.9

	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
	(In millions)
Cash equivalents	$	6.0	$	—	$	—	$	6.0
Short-term investments	2.9		8.1		—		11.0
U.S Treasury	7.4		—		—		7.4
Municipal	—		28.2		—		28.2
Corporate	—		9.5		—		9.5
Mortgage and other asset-backed securities	—		8.8		—		8.8
Total debt securities	10.3		54.6		—		64.9
Common stock	65.2		—		—		65.2
Total	$	75.5	$	54.6	$	—	$	130.1
Investments measured at net asset value (a)							4.4
Total investments, at fair value							$	134.5

(a) In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities, divided by the number of units outstanding and is determined by the fund investment manager or custodian.

Schedule of Debt Securities, Available-for-Sale

Information about the effect of our available-for-sale debt securities in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, is as follows (in millions):

For the Three Months Ended March 31,	Results Recognized in Accumulated Other Comprehensive Income/(Loss)		Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2022	$	2.5	Revenue-Finance and Insurance, net	$	(0.3)
2021	$	—	Revenue-Finance and Insurance, net	$	—