Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term debt

Non-vehicle long-term debt at December 31 consisted of the following:

Debt Description	Maturity Date	Interest Payable	2023		2022
3.5% Senior Notes	November 15, 2024	May 15 and November 15	$	450.0	$	450.0
4.5% Senior Notes	October 1, 2025	April 1 and October 1	450.0		450.0
3.8% Senior Notes	November 15, 2027	May 15 and November 15	300.0		300.0
1.95% Senior Notes	August 1, 2028	February 1 and August 1	400.0		400.0
4.75% Senior Notes	June 1, 2030	June 1 and December 1	500.0		500.0
2.4% Senior Notes	August 1, 2031	February 1 and August 1	450.0		450.0
3.85% Senior Notes	March 1, 2032	March 1 and September 1	700.0		700.0
Revolving credit facility	July 18, 2028	Monthly	—		—
Finance leases and other debt	Various dates through 2041		362.2		375.5
			3,612.2		3,625.5
Less: unamortized debt discounts and debt issuance costs			(21.9)		(26.0)
Less: current maturities			(462.4)		(12.6)
Long-term debt, net of current maturities			$	3,127.9	$	3,586.9

Aggregate maturities of non-vehicle long-term debt

At December 31, 2023, aggregate maturities of non-vehicle long-term debt were as follows:

Year Ending December 31:
2024	$	462.1
2025	518.9
2026	13.9
2027	315.8
2028	416.2
Thereafter	1,885.3
	$	3,612.2

Debt Refinancing Transaction

On July 18, 2023, we amended and restated our unsecured credit agreement to, among other things, (1) increase the revolving credit facility (the “facility”) commitment from $1.8 billion to $1.9 billion, (2) extend the maturity date of the facility to July 18, 2028, (3) allow for the maximum leverage ratio covenant to increase from 3.75x to 4.25x for four fiscal quarters in the event that we complete a material acquisition, and (4) replace the maximum capitalization ratio covenant with a minimum interest coverage ratio covenant.

Schedule of non-recourse debt

Non-recourse debt outstanding at December 31, 2023, and December 31, 2022 consisted of the following:

	2023		2022
Warehouse facilities	$	209.4	$	181.8
Term securitization debt of consolidated VIEs	50.5		146.9
	259.9		328.7
Less: unamortized debt discounts and debt issuance costs	(1.5)		(5.1)
Less: current maturities	(8.8)		(10.7)
Non-recourse debt, net of current maturities	$	249.6	$	312.9