Credit Facilities and Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Outstanding Balances on Credit Facilities and Long-term Debt

Below is a summary of our outstanding balances on credit facilities and long-term debt (in millions):


	December 31,
(Dollars in millions)	2020		2019
Floor plan notes payable: non-trade	$	1,563.0	$	1,642.4
Floor plan notes payable	234.2		425.2
Total floor plan debt	$	1,797.2	$	2,067.6

Used and service loaner vehicle inventory financing commitments	$	—	$	149.0
Revolving lines of credit	39.0		—
Real estate mortgages	611.5		597.7
Finance lease obligations	246.4		30.5
5.250% Senior notes due 2025	300.0		300.0
4.625% Senior notes due 2027	400.0		400.0
4.375% Senior notes due 2031	550.0		—
Other debt	2.4		3.1
Total long-term debt outstanding	2,149.3		1,480.3
Less: unamortized debt issuance costs	(18.6)		(10.4)
Less: current maturities (net of current debt issuance costs)	(66.0)		(39.3)
Long-term debt	$	2,064.7	$	1,430.6

Schedule of Debt Covenant Terms

Under our credit facility, we are required to maintain the ratios detailed in the following table:

Debt Covenant Ratio

Requirement

As of December 31, 2020

Current ratio

Not less than 1.10 to 1

1.48 to 1

Fixed charge coverage ratio

Not less than 1.20 to 1

3.91 to 1

Leverage ratio

Not more than 5.75 to 1

2.74 to 1

Schedule of Maturities of Long-term Debt

The schedule of future principal payments associated with real estate mortgages, finance lease liabilities, our senior notes and other debt as of December 31, 2020 was as follows:


Year Ending December 31,	(Dollars in millions)
2021	$	69.4
2022	78.9
2023	148.0
2024	87.5
2025	448.3
Thereafter	1,278.2
Total principal payments	$	2,110.3