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Credit Facilities and Long-term Debt (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Instrument [Line Items] |
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) |  | 2021 |  | 2020
Floor plan notes payable: non-trade |  | $ | 835.9 |  |  | $ | 1,563.0 |
Floor plan notes payable |  | 354.2 |  |  | 234.2 |
Total floor plan debt |  | $ | 1,190.1 |  |  | $ | 1,797.2 |
Used and service loaner vehicle inventory financing commitments |  | $ | 500.0 |  |  | $ | — |
Revolving lines of credit |  | 219.9 |  |  | 39.0 |
Real estate mortgages |  | 592.9 |  |  | 611.5 |
Finance lease obligations |  | 53.6 |  |  | 246.4 |
Non-recourse notes payable |  | 317.6 |  |  | — |
5.250% Senior notes due 2025 |  | — |  |  | 300.0 |
4.625% Senior notes due 2027 |  | 400.0 |  |  | 400.0 |
4.375% Senior notes due 2031 |  | 550.0 |  |  | 550.0 |
3.875% Senior notes due 2029 |  | 800.0 |  |  | — |
Other debt |  | 1.9 |  |  | 2.4 |
Total long-term debt outstanding |  | 3,435.9 |  |  | 2,149.3 |
Less: unamortized debt issuance costs |  | (26.5) |  |  | (18.6) |
Less: current maturities (net of current debt issuance costs) |  | (223.7) |  |  | (66.0) |
Long-term debt |  | $ | 3,185.7 |  |  | $ | 2,064.7 |
Schedule of Line of Credit Facilities | The annual interest rates associated with our floor plan commitments are as follows:
Commitment | Annual Interest Rate at December 31, 2021
New vehicle floor plan | 1.20%
Used vehicle floor plan | 1.50%
Service loaner floor plan | 1.30%
Revolving line of credit | 1.10%
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, 2021 was as follows:
Year Ending December 31, |  | (Dollars in millions)
2022 |  | $ | 97.6 |
2023 |  | 62.8 |
2024 |  | 86.0 |
2025 |  | 53.5 |
2026 |  | 64.7 |
Thereafter |  | 2,033.8 |
Total principal payments |  | $ | 2,398.4 |
Schedule of Long-term Debt Instruments | Below is a summary of outstanding senior notes issued:
Description | Maturity Date | Interest Payment Dates | Principal Amount
4.625% Senior notes due 2027 | December 15, 2027 | June 15, December 15 | $400 million
4.375% Senior notes due 2031 | January 15, 2031 | January 15, July 15 | $550 million
3.875% Senior notes due 2029 | June 1, 2029 | June 1, December 1 | $800 million
Credit Facility | Line of Credit |
Debt Instrument [Line Items] |
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, 2021
Current ratio |  | Not less than 1.10 to 1 |  | 1.82 to 1
Fixed charge coverage ratio |  | Not less than 1.20 to 1 |  | 5.53 to 1
Leverage ratio |  | Not more than 5.75 to 1 |  | 1.48 to 1

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