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Credit Facilities and Long-term Debt (Tables)

12 Months Ended

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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